83 FR 64391 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain of Its Listing Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 240 (December 14, 2018)
Federal Register Volume 83, Issue 240 (December 14, 2018)
| Page Range | 64391-64393 | |
| FR Document | 2018-27084 |
[Federal Register Volume 83, Number 240 (Friday, December 14, 2018)] [Notices] [Pages 64391-64393] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-27084] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84775; File No. SR-NYSE-2018-57] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain of Its Listing Fees December 10, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on November 29, 2018, New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self- regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend certain of its listing fees. The proposed rule change is available on the Exchange's website at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend certain of its listing fees set forth in Chapter 9 of the Manual, in each case with effect from the beginning of the calendar year commencing on January 1, 2019. The annual fee set forth in Section 902.03 of the Manual will increase from $0.00108 per share to $0.0011 per share for each of the following: A primary class of common shares (including Equity Investment Tracking Stocks); each additional class of common shares (including tracking stock), a primary class of preferred stock (if no class of common shares is listed); each additional class of preferred stock (whether the primary class is common or preferred stock); and each class of warrants. In addition, the minimum annual fee will be increased from $65,000 to $68,000 for each of (i) a primary class of common shares (including Equity Investment Tracking Stocks) and (ii) a primary class of preferred stock (if no class of common shares is listed). The Exchange proposes to amend the annual fee schedule for structured products set forth in Section 902.05 of the Manual and for short term securities set forth in Section 902.06. In each case, the annual fee per share will increase from $0.00108 to $0.0011 per share. The minimum annual fee will increase from $25,000 to $35,000 for securities listed under Sections 902.05 and 902.06 (except for warrants to purchase equity securities, which will remain $5,000). In addition, the Exchange proposes to amend the provision in Section 902.02 relating to the $500,000 Total Maximum Fee by including annual fees paid for all structured products in calculating the Total Maximum Fee. The Exchange notes that retail debt securities are already included in the Total Maximum Fee calculation. Historically many listed structured products were financial products issued by banks and other financial institutions so there was a reasonable basis for excluding them from the benefits of the Total Maximum Fee provision. Today, however, most structured products listed on the Exchange are issued by listed companies for similar financing reasons to those for which they issue retail debt, so it is reasonable to treat them the same for purposes of the Total Maximum Fee calculation. The Exchange proposes to make an adjustment to the Investment Management Entity Group Fee Discount set forth in Section 902.02 of the Manual. The Investment Management Entity Group Fee Discount is currently based on all annual and listing fees paid by the Investment Management Entity and its Eligible Portfolio Companies in the applicable calendar year. The Exchange proposes to amend the [[Page 64392]] discount by applying it only to annual fees incurred as of January 1 of the applicable year.\4\ The current approach is logistically difficult for Exchange staff and the benefitting companies, as the size and proportionate share of the discount received by each company cannot be calculated until year-end, as it must reflect the effect of supplemental listing fees incurred for issuances of new shares during the course of the year in addition to annual fees. A discount based on annual fee bills incurred on January 1 will be more transparent and predictable and will enable the Exchange to reduce the benefiting companies' bills at the beginning of the year rather than charging them in full and giving them a credit for the discount at year-end. In connection with this modification, the Exchange also proposes to modify the manner in which a company qualifies as an Eligible Portfolio Company to reflect the fact that the benefits--and therefore Eligible Portfolio Company Status--will be determined at the beginning of the applicable year. As such, for calendar 2019 and subsequent years, a company will be an Eligible Portfolio Company if it was listed on the Exchange as of the first trading day of such calendar year. In order to qualify for the Investment Management Entity Group Fee Discount in calendar 2019 or any subsequent year, an issuer must submit satisfactory proof to the Exchange no later than the first trading day of such calendar year that it meets the ownership requirements specified above.\5\ --------------------------------------------------------------------------- \4\ The Investment Management Entity Group Fee Discount is limited to $500,000 per year for any Investment Management Entity and its Eligible Portfolio Companies and, in the Exchange's experience, each group of companies utilizing the discount has benefited from the maximum $500,000 amount. The Exchange expects that all groups of companies utilizing the discount will continue to benefit from the maximum discount in the future based solely on their annual fee obligations. \5\ Under the current rule, a company qualifies for the Investment Management Entity Group Fee Discount in any calendar year by submitting satisfactory proof to the Exchange no later than December 31 that it has met the ownership requirements specified above for the entire period between January 1 and September 30 of that year. --------------------------------------------------------------------------- As described below, the Exchange proposes to make the aforementioned fee increases to better reflect the Exchange's costs related to listing equity securities and the corresponding value of such listing to issuers. The Exchange also proposes to remove a number of references in Chapter 9 to fees that are no longer applicable as they were superseded by new fee rates specified in the rule text or refer to fees that are no longer applicable. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\6\ in general, and furthers the objectives of Section 6(b)(4) \7\ of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges. The Exchange also believes that the proposed rule change is consistent with Section 6(b)(5) of the Act,\8\ in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(4). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that it is not unfairly discriminatory and represents an equitable allocation of reasonable fees to amend Chapter Nine of the Manual to increase the various listing fees as set forth above because of the increased costs incurred by the Exchange since it established the current rates. In that regard, the Exchange notes that its general costs have increased since its most recent fee adjustments, including due to price inflation. In addition, the Exchange continues to improve and increase the services it provides to listed companies. These improvements include the continued development and enhancement of an interactive web-based platform designed to improve communication between the Exchange and listed companies, the availability to listed companies of the Exchange's new state-of-the-art conference facilities at 11 Wall Street, and continued development of an investor relations tool available to all listed companies which provides companies with information enabling them to better understand the trading and ownership of their securities and the cost of providing content for inclusion in that tool. The inclusion of all structured products in the Total Maximum Fee calculation is not unfairly discriminatory and represents an equitable allocation of reasonable fees, as retail debt securities are already included in the Total Maximum Fee calculation. Most listed structured products are issued by listed companies for similar financing reasons to those for which they issue retail debt, so it is reasonable, equitable and not unfairly discriminatory to treat them the same for purposes of the Total Maximum Fee calculation. The adjustments to the Investment Management Entity Group Fee Discount are not unfairly discriminatory and represent an equitable allocation of reasonable fees, because a discount based on annual fee bills incurred on January 1 will be more transparent and predictable and will enable the Exchange to reduce the benefitting companies' bills at the beginning of the year rather than charging them in full and giving them a credit for the discount at year-end. The proposed amendment is not unfairly discriminatory because the eligible fees and the test for receiving the benefits of the discount will be the same for all listed companies. The above fee changes are not unfairly discriminatory because the same fee schedule will apply to all listed issuers. Further, the Exchange operates in a competitive environment and its fees are constrained by competition in the marketplace. Other venues currently list all of the categories of securities covered by the proposed fees and if a company believes that the Exchange's fees are unreasonable it can decide either not to list its securities or to list them on an alternative venue. The proposed removal of text relating to fees that are no longer applicable is ministerial in nature and has no substantive effect. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to ensure that the fees charged by the Exchange accurately reflect the services provided and benefits realized by listed companies. The market for listing services is extremely competitive. Each listing exchange has a different fee schedule that applies to issuers seeking to list securities on its exchange. Issuers have the option to list their securities on these alternative venues based on the fees charged and the value provided by each listing. Because issuers have a choice to list their securities on a different national securities exchange, the Exchange does not believe that the proposed fee changes impose a burden on competition. [[Page 64393]] C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b- 4 \10\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSE-2018-57 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSE-2018-57. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission's Public Reference Room, 100 F Street NE, Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSE-2018-57 and should be submitted on or before January 4, 2019. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2018-27084 Filed 12-13-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices 64391
The purchase of Creation Units by a SECURITIES AND EXCHANGE with effect from the beginning of the
Fund of Funds directly from a Fund will COMMISSION calendar year commencing on January 1,
be accomplished in accordance with the 2019.
[Release No. 34–84775; File No. SR–NYSE– The annual fee set forth in Section
policies of the Fund of Funds and will 2018–57]
be based on the NAVs of the Funds. 902.03 of the Manual will increase from
Self-Regulatory Organizations; New $0.00108 per share to $0.0011 per share
9. Applicants also request relief to for each of the following: A primary
permit a Feeder Fund to acquire shares York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of class of common shares (including
of another registered investment Equity Investment Tracking Stocks);
company managed by the Adviser Proposed Rule Change To Amend
Certain of Its Listing Fees each additional class of common shares
having substantially the same (including tracking stock), a primary
investment objectives as the Feeder December 10, 2018. class of preferred stock (if no class of
Fund (‘‘Master Fund’’) beyond the Pursuant to Section 19(b)(1) 1 of the common shares is listed); each
limitations in section 12(d)(1)(A) and Securities Exchange Act of 1934 (the additional class of preferred stock
permit the Master Fund, and any ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 (whether the primary class is common
principal underwriter for the Master notice is hereby given that, on or preferred stock); and each class of
Fund, to sell shares of the Master Fund November 29, 2018, New York Stock warrants. In addition, the minimum
to the Feeder Fund beyond the Exchange LLC (‘‘NYSE’’ or the annual fee will be increased from
limitations in section 12(d)(1)(B). ‘‘Exchange’’) filed with the Securities $65,000 to $68,000 for each of (i) a
and Exchange Commission (the primary class of common shares
10. Section 6(c) of the Act permits the ‘‘Commission’’) the proposed rule (including Equity Investment Tracking
Commission to exempt any persons or change as described in Items I, II, and Stocks) and (ii) a primary class of
transactions from any provision of the III below, which Items have been preferred stock (if no class of common
Act if such exemption is necessary or prepared by the self-regulatory shares is listed).
appropriate in the public interest and organization. The Commission is The Exchange proposes to amend the
consistent with the protection of publishing this notice to solicit annual fee schedule for structured
investors and the purposes fairly comments on the proposed rule change products set forth in Section 902.05 of
intended by the policy and provisions of from interested persons. the Manual and for short term securities
the Act. Section 12(d)(1)(J) of the Act set forth in Section 902.06. In each case,
I. Self-Regulatory Organization’s
provides that the Commission may the annual fee per share will increase
Statement of the Terms of Substance of
exempt any person, security, or from $0.00108 to $0.0011 per share. The
the Proposed Rule Change
transaction, or any class or classes of minimum annual fee will increase from
persons, securities, or transactions, from The Exchange proposes to amend $25,000 to $35,000 for securities listed
any provision of section 12(d)(1) if the certain of its listing fees. The proposed under Sections 902.05 and 902.06
rule change is available on the (except for warrants to purchase equity
exemption is consistent with the public
Exchange’s website at www.nyse.com, at securities, which will remain $5,000). In
interest and the protection of investors.
the principal office of the Exchange, and addition, the Exchange proposes to
Section 17(b) of the Act authorizes the at the Commission’s Public Reference amend the provision in Section 902.02
Commission to grant an order Room. relating to the $500,000 Total Maximum
permitting a transaction otherwise
II. Self-Regulatory Organization’s Fee by including annual fees paid for all
prohibited by section 17(a) if it finds structured products in calculating the
that (a) the terms of the proposed Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Total Maximum Fee. The Exchange
transaction are fair and reasonable and notes that retail debt securities are
do not involve overreaching on the part Change
already included in the Total Maximum
of any person concerned; (b) the In its filing with the Commission, the Fee calculation. Historically many listed
proposed transaction is consistent with self-regulatory organization included structured products were financial
the policies of each registered statements concerning the purpose of, products issued by banks and other
investment company involved; and (c) and basis for, the proposed rule change financial institutions so there was a
the proposed transaction is consistent and discussed any comments it received reasonable basis for excluding them
with the general purposes of the Act. on the proposed rule change. The text from the benefits of the Total Maximum
of those statements may be examined at Fee provision. Today, however, most
For the Commission, by the Division of the places specified in Item IV below.
Investment Management, under delegated
structured products listed on the
The Exchange has prepared summaries, Exchange are issued by listed
authority.
set forth in sections A, B, and C below, companies for similar financing reasons
Eduardo A. Aleman, of the most significant parts of such to those for which they issue retail debt,
Deputy Secretary. statements. so it is reasonable to treat them the same
[FR Doc. 2018–27128 Filed 12–13–18; 8:45 am]
A. Self-Regulatory Organization’s for purposes of the Total Maximum Fee
BILLING CODE 8011–01–P Statement of the Purpose of, and the calculation.
Statutory Basis for, the Proposed Rule The Exchange proposes to make an
adjustment to the Investment
Change
Management Entity Group Fee Discount
1. Purpose set forth in Section 902.02 of the
amozie on DSK3GDR082PROD with NOTICES1
The Exchange proposes to amend Manual. The Investment Management
certain of its listing fees set forth in Entity Group Fee Discount is currently
for, and the requested relief will not apply to,
Chapter 9 of the Manual, in each case based on all annual and listing fees paid
transactions where a Fund could be deemed an
Affiliated Person, or a Second-Tier Affiliate, of a
by the Investment Management Entity
Fund of Funds because an investment adviser to the 1 15 U.S.C. 78s(b)(1). and its Eligible Portfolio Companies in
Funds is also an investment adviser to a Fund of 2 15 U.S.C. 78a. the applicable calendar year. The
Funds. 3 17 CFR 240.19b–4. Exchange proposes to amend the
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![Federal Register / Vol. 83, No. 240 / Friday, December 14, 2018 / Notices 64393
C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the below, which Items have been prepared
Statement on Comments on the submission, all subsequent by the clearing agency. NSCC filed the
Proposed Rule Change Received From amendments, all written statements proposed rule change pursuant to
Members, Participants, or Others with respect to the proposed rule Section 19(b)(3)(A) of the Act 3 and
No written comments were solicited change that are filed with the Rules 19b–4(f)(2) and (f)(4) thereunder.4
or received with respect to the proposed Commission, and all written The Commission is publishing this
rule change. communications relating to the notice to solicit comments on the
proposed rule change between the proposed rule change from interested
III. Date of Effectiveness of the Commission and any person, other than persons.
Proposed Rule Change and Timing for those that may be withheld from the
Commission Action public in accordance with the I. Clearing Agency’s Statement of the
provisions of 5 U.S.C. 552, will be Terms of Substance of the Proposed
The foregoing rule change is effective Rule Change
upon filing pursuant to Section available for website viewing and
19(b)(3)(A) 9 of the Act and printing in the Commission’s Public The proposed rule change consists of
subparagraph (f)(2) of Rule 19b–4 10 Reference Room, 100 F Street NE, modifications to Addendum A (Fee
thereunder, because it establishes a due, Washington, DC 20549 on official Structure) (‘‘Addendum A’’) of NSCC’s
fee, or other charge imposed by the business days between the hours of Rules & Procedures (‘‘Rules’’) in order to
Exchange. 10:00 a.m. and 3:00 p.m. Copies of the make certain adjustments and
At any time within 60 days of the filing also will be available for clarifications in the fee provisions for
filing of such proposed rule change, the inspection and copying at the principal NSCC’s Mutual Fund Services (‘‘MFS’’)
Commission summarily may office of the Exchange. All comments and Insurance and Retirement
temporarily suspend such rule change if received will be posted without change. Processing Services (‘‘I&RS’’), as
it appears to the Commission that such Persons submitting comments are described below.5
action is necessary or appropriate in the cautioned that we do not redact or edit
personal identifying information from II. Clearing Agency’s Statement of the
public interest, for the protection of Purpose of, and Statutory Basis for, the
investors, or otherwise in furtherance of comment submissions. You should
submit only information that you wish Proposed Rule Change
the purposes of the Act. If the
Commission takes such action, the to make available publicly. All In its filing with the Commission, the
Commission shall institute proceedings submissions should refer to File clearing agency included statements
under Section 19(b)(2)(B) 11 of the Act to Number SR–NYSE–2018–57 and should concerning the purpose of and basis for
determine whether the proposed rule be submitted on or before January 4, the proposed rule change and discussed
change should be approved or 2019. any comments it received on the
disapproved. For the Commission, by the Division of proposed rule change. The text of these
Trading and Markets, pursuant to delegated statements may be examined at the
IV. Solicitation of Comments authority.12 places specified in Item IV below. The
Interested persons are invited to Eduardo A. Aleman, clearing agency has prepared
submit written data, views, and Deputy Secretary. summaries, set forth in sections A, B,
arguments concerning the foregoing, [FR Doc. 2018–27084 Filed 12–13–18; 8:45 am] and C below, of the most significant
including whether the proposed rule BILLING CODE 8011–01–P
aspects of such statements.
change is consistent with the Act. (A) Clearing Agency’s Statement of the
Comments may be submitted by any of Purpose of, and Statutory Basis for, the
the following methods: SECURITIES AND EXCHANGE Proposed Rule Change
Electronic Comments COMMISSION
1. Purpose
• Use the Commission’s internet [Release No 34–84771; File No. SR–NSCC–
The purpose of this proposed rule
2018–012]
comment form (http://www.sec.gov/ change is to reduce certain fees for MFS
rules/sro.shtml); or Self-Regulatory Organizations; and I&RS set forth in Addendum A as
• Send an email to rule-comments@ National Securities Clearing described below, in order to better align
sec.gov. Please include File Number SR– Corporation; Notice of Filing and fees with the costs of services provided
NYSE–2018–57 on the subject line. Immediate Effectiveness of a Proposed by NSCC by reducing the fees so that the
Paper Comments Rule Change To Amend Certain Fees revenue received by NSCC would be
• Send paper comments in triplicate Relating to Mutual Fund Services, and closer to the costs of providing the
to Secretary, Securities and Exchange Insurance and Retirement Processing services. In addition, certain fee
Commission, 100 F Street NE, Services reductions as described below are also
Washington, DC 20549–1090. December 10, 2018.
intended to incentivize greater use of
All submissions should refer to File certain MFS and I&RS products. The
Pursuant to Section 19(b)(1) of the
Number SR–NYSE–2018–57. This file Securities Exchange Act of 1934 proposed rule change would also clarify
number should be included on the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 the description of certain fees as
subject line if email is used. To help the notice is hereby given that on November described below to improve clarity and
Commission process and review your 26, 2018, National Securities Clearing transparency of the Rules. NSCC expects
comments more efficiently, please use Corporation (‘‘NSCC’’) filed with the the proposed rule change would result
amozie on DSK3GDR082PROD with NOTICES1
only one method. The Commission will Securities and Exchange Commission in a decrease in revenue of
post all comments on the Commission’s (‘‘Commission’’) the proposed rule 3 15U.S.C. 78s(b)(3)(A).
internet website (http://www.sec.gov/ change as described in Items I, II and III 4 17CFR 240.19b–4(f)(2) and (f)(4).
5 Capitalized terms used herein and not otherwise
9 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 200.30–3(a)(12). defined shall have the meaning assigned to such
10 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1). terms in the Rules, available at http://dtcc.com/∼/
11 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. media/Files/Downloads/legal/rules/nscc_rules.pdf.
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Document Created: 2018-12-14 03:49:48
Document Modified: 2018-12-14 03:49:48
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 64391 |
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