Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Order Approving a Proposed Rule Change To Amend BATS Y-Exchange, Inc. Rule 2.12 to Make Permanent the Pilot Program That Permits BATS Y-Exchange, Inc. To Receive Inbound Routes of Equities Orders Through BATS Trading, Inc., BATS Y-Exchange's Routing Broker-Dealer, From BATS Exchange, Inc., 23300-23301 [2012-9341]

Download as PDF 23300 Federal Register / Vol. 77, No. 75 / Wednesday, April 18, 2012 / Notices Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR- NYSEAmex–2012–21. 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 Web site (https://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 Web site viewing and printing in the Commission’s Public Reference Room on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the New York Stock Exchange LLC’s principal office and on its Internet Web site at www.nyse.com. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRNYSEAmex–2012–21, and should be submitted on or before May 9, 2012. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–9287 Filed 4–17–12; 8:45 am] mstockstill on DSK4VPTVN1PROD with NOTICES BILLING CODE 8011–01–P 18 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 17:42 Apr 17, 2012 Jkt 226001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66807; File No. SR–BYX– 2012–006] Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Order Approving a Proposed Rule Change To Amend BATS Y-Exchange, Inc. Rule 2.12 to Make Permanent the Pilot Program That Permits BATS Y-Exchange, Inc. To Receive Inbound Routes of Equities Orders Through BATS Trading, Inc., BATS Y-Exchange’s Routing BrokerDealer, From BATS Exchange, Inc. April 13, 2012. I. Introduction On March 8, 2012, BATS Y-Exchange, Inc. (‘‘BYX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change requesting permanent approval of the Exchange’s pilot program that permits the Exchange to receive inbound routes of equities orders through BATS Trading, Inc. (‘‘BATS Trading’’), the Exchange’s routing broker-dealer, from BATS Exchange, Inc. (‘‘BATS’’). The proposed rule change was published for comment in the Federal Register on March 14, 2012.3 The Commission received no comment letters regarding the proposed rule change. This order approves the proposed rule change. II. Background BATS Trading is a broker-dealer that is a member of the Exchange and is permitted to provide members of BATS optional routing services to other market centers.4 BATS Trading is owned by BATS Global Markets (‘‘Corporation’’). The Corporation also owns two registered securities exchanges—the Exchange5 and BATS.6 Thus, BATS 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 66572 (March 12, 2012), 77 FR 15152 (‘‘Notice’’). 4 BATS Trading operates as a facility of BATS that provides outbound routing from BATS to other market centers, subject to certain conditions. See Securities Exchange Act Release No. 62901 (September 13, 2010), 75 FR 57097 (September 17, 2010) (SR–BATS–2010–024). 5 See Securities Exchange Act Release No. 62716 (August 13, 2010), 75 FR 51295 (August 19, 2010) (File No. 10–198) (order granting the exchange registration of BATS Y–Exchange, Inc.) (‘‘BYX Approval Order’’). 6 See Securities Exchange Act Release No. 58375 (August 18, 2008), 73 FR 49498 (August 21, 2008) (File No. 10–182) (order granting the exchange registration of BATS Exchange, Inc.). 2 17 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 Trading is an affiliate of the Exchange and BATS. On August 13, 2010, the Commission approved the Exchange’s application for registration as a national securities exchange.7 As part of that approval, the Exchange was approved to receive inbound routes of orders by BATS Trading in its capacity as an order routing facility of BATS on a pilot period of twelve months.8 On September 29, 2011, the Exchange filed an immediately effective proposed rule change to extend the pilot period six months ending April 15, 2012.9 The Exchange now seeks permanent approval of this inbound routing pilot.10 III. Discussion and Commission Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.11 Specifically, the Commission finds that the proposed rule change is consistent with Section 6(b)(1) of the Act,12 which requires, among other things, that a national securities exchange be so organized and have the capacity to carry out the purposes of the Act, and to comply and enforce compliance by its members and persons associated with its members, with the provisions of the Act, the rules and regulation thereunder, and the rules of the Exchange. Further, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,13 which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices; to promote just and equitable principles of trade; to foster cooperation and coordination with persons engaged in regulating, clearing, settling, and 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. Section 6(b)(5) also requires that the 7 See generally BYX Approval Order, supra note 5. 8 See BYX Approval Order, 75 FR at 51304. Securities Exchange Act Release No. 65515 (October 7, 2011), 76 FR 63979 (October 14, 2011) (SR–BYX–2011–026). 10 See Notice, supra note 3. 11 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 12 15 U.S.C. 78f(b)(1). 13 15 U.S.C. 78f(b)(5). 9 See E:\FR\FM\18APN1.SGM 18APN1 mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 77, No. 75 / Wednesday, April 18, 2012 / Notices rules of an exchange not be designed to permit unfair discrimination among customers, issuers, brokers, or dealers. Recognizing that the Commission has previously expressed concern regarding the potential for conflicts of interest in instances where a member firm is affiliated with an exchange to which it is routing orders, the Exchange previously implemented limitations and conditions to BATS Trading’s affiliation with the Exchange to permit the Exchange to accept inbound orders that BATS Trading routes in its capacity as a facility of BATS, on a pilot basis.14 The Exchange now seeks to make this pilot permanent. Specifically, the Exchange states it is in compliance with the following limitations and conditions: 15 • The Exchange shall enter into a plan pursuant to Rule 17d-2 under the Exchange Act with a non-affiliated selfregulatory organization (‘‘SRO’’) to relieve the Exchange of regulatory responsibilities for BATS Trading with respect to rules that are common rules between the Exchange and the nonaffiliated SRO, and enter into a regulatory contract (‘‘Regulatory Contract’’) with a non-affiliated SRO to perform regulatory responsibilities for BATS Trading for unique Exchange rules. • The Regulatory Contract shall require the Exchange to provide the non-affiliated SRO with information, in an easily accessible manner, regarding all exception reports, alerts, complaints, trading errors, cancellations, investigations, and enforcement matters (collectively ‘‘Exceptions’’) in which BATS Trading is identified as a participant that has potentially violated Exchange or Commission Rules, and shall require that the non-affiliated SRO provide a report, at least quarterly, to the Exchange quantifying all Exceptions in which BATS Trading is identified as a participant that has potentially violated Exchange or Commission Rules. • The Exchange, on behalf of the Corporation, shall establish and maintain procedures and internal controls reasonably designed to ensure that BATS Trading does not develop or implement changes to its system on the basis of non-public information regarding planned changes to Exchange systems, obtained as a result of its affiliation with the Exchange, until such information is available generally to similarly situated member organizations of the Exchange in connection with the 14 See 15 See BYX Approval Order, 75 FR at 51304. Notice, 77 FR at 15154. VerDate Mar<15>2010 16:25 Apr 17, 2012 Jkt 226001 provision of inbound order routing to the Exchange. • The Exchange may furnish to BATS Trading the same information on the same terms that the Exchange makes available in the normal course of business to any other member organization. The Exchange believes that by meeting the above-listed conditions it has set up mechanisms that protect the independence of the Exchange’s regulatory responsibility with respect to BATS Trading, and has demonstrated that BATS Trading cannot use any information that it may have because of its affiliation with the Exchange to its advantage.16 In the past, the Commission has expressed concern that the affiliation of an exchange with one of its members raises potential conflicts of interest, and the potential for unfair competitive advantage.17 Although the Commission continues to be concerned about potential unfair competition and conflicts of interest between an exchange’s self-regulatory obligations and its commercial interest when the exchange is affiliated with one of its members, for the reasons discussed below, the Commission believes that it is consistent with the Act to permit BATS Trading, in its capacity as a facility of BATS, to provide inbound routing to the Exchange on a permanent basis instead of a pilot basis, subject to the other conditions described above. The Exchange has proposed four ongoing conditions applicable to BATS Trading’s inbound routing activities in its capacity as a facility of BATS, which are enumerated above. The Commission believes that these conditions mitigate its concerns about potential conflicts of interest and unfair competitive advantage. In particular, the Commission believes that a nonaffiliated SRO’s oversight of BATS 16 See id. e.g., Securities Exchange Act Release Nos. 54170 (July 18, 2006), 71 FR 42149 (July 25, 2006) (SR–NASDAQ–2006–006) (order approving Nasdaq’s proposal to adopt Nasdaq Rule 2140, restricting affiliations between Nasdaq and its members); 53382 (February 27, 2006), 71 FR 11251 (March 6, 2006) (SR–NYSE–2005–77) (order approving the combination of the New York Stock Exchange, Inc. and Archipelago Holdings, Inc.); 58673 (September 29, 2008), 73 FR 57707 (October 8, 2008) (SR–Amex–2008–62) (order approving the combination of NYSE Euronext and the American Stock Exchange LLC); 59135 (December 22, 2008), 73 FR 79954 (December 30, 2008) (SR–ISE–2009– 85) (order approving the purchase by ISE Holdings of an ownership interest in DirectEdge Holdings LLC); and 59281 (January 22, 2009), 74 FR 5014 (January 28, 2009) (SR–NYSE–2008–120) (order approving a joint venture between NYSE and BIDS Holdings L.P.). 17 See, PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 23301 Trading,18 combined with a nonaffiliated SRO’s monitoring of BATS Trading’s compliance with the Exchange’s rules and quarterly reporting to the Exchange, will help to protect the independence of the Exchange’s regulatory responsibilities with respect to BATS Trading. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,19 that the proposed rule change (SR–BYX–2012– 006) be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–9341 Filed 4–17–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–66799; File No. SR–Phlx– 2012–38] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to FINRA Fees April 12, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1, and Rule 19b–4 2 thereunder, notice is hereby given that on April 11, 2012, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange’s Pricing Schedule at Section VII, C to update FINRA fees to mirror the text of The NASDAQ Stock Market LLC (‘‘NASDAQ Stock Market’’) and NASDAQ OMX BX, Inc. (‘‘BX’’). The text of the proposed rule change is available on the Exchange’s Web site 18 This oversight will be accomplished through a 17d–2 Agreement. See BYX Approval Order, 75 FR at 51304. 19 15 U.S.C. 78s(b)(2). 20 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. E:\FR\FM\18APN1.SGM 18APN1

Agencies

[Federal Register Volume 77, Number 75 (Wednesday, April 18, 2012)]
[Notices]
[Pages 23300-23301]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-9341]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66807; File No. SR-BYX-2012-006]


Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Order 
Approving a Proposed Rule Change To Amend BATS Y-Exchange, Inc. Rule 
2.12 to Make Permanent the Pilot Program That Permits BATS Y-Exchange, 
Inc. To Receive Inbound Routes of Equities Orders Through BATS Trading, 
Inc., BATS Y-Exchange's Routing Broker-Dealer, From BATS Exchange, Inc.

April 13, 2012.

I. Introduction

    On March 8, 2012, BATS Y-Exchange, Inc. (``BYX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change 
requesting permanent approval of the Exchange's pilot program that 
permits the Exchange to receive inbound routes of equities orders 
through BATS Trading, Inc. (``BATS Trading''), the Exchange's routing 
broker-dealer, from BATS Exchange, Inc. (``BATS''). The proposed rule 
change was published for comment in the Federal Register on March 14, 
2012.\3\ The Commission received no comment letters regarding the 
proposed rule change. This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 66572 (March 12, 
2012), 77 FR 15152 (``Notice'').
---------------------------------------------------------------------------

II. Background

    BATS Trading is a broker-dealer that is a member of the Exchange 
and is permitted to provide members of BATS optional routing services 
to other market centers.\4\ BATS Trading is owned by BATS Global 
Markets (``Corporation''). The Corporation also owns two registered 
securities exchanges--the Exchange\5\ and BATS.\6\ Thus, BATS Trading 
is an affiliate of the Exchange and BATS.
---------------------------------------------------------------------------

    \4\ BATS Trading operates as a facility of BATS that provides 
outbound routing from BATS to other market centers, subject to 
certain conditions. See Securities Exchange Act Release No. 62901 
(September 13, 2010), 75 FR 57097 (September 17, 2010) (SR-BATS-
2010-024).
    \5\ See Securities Exchange Act Release No. 62716 (August 13, 
2010), 75 FR 51295 (August 19, 2010) (File No. 10-198) (order 
granting the exchange registration of BATS Y-Exchange, Inc.) (``BYX 
Approval Order'').
    \6\ See Securities Exchange Act Release No. 58375 (August 18, 
2008), 73 FR 49498 (August 21, 2008) (File No. 10-182) (order 
granting the exchange registration of BATS Exchange, Inc.).
---------------------------------------------------------------------------

    On August 13, 2010, the Commission approved the Exchange's 
application for registration as a national securities exchange.\7\ As 
part of that approval, the Exchange was approved to receive inbound 
routes of orders by BATS Trading in its capacity as an order routing 
facility of BATS on a pilot period of twelve months.\8\ On September 
29, 2011, the Exchange filed an immediately effective proposed rule 
change to extend the pilot period six months ending April 15, 2012.\9\ 
The Exchange now seeks permanent approval of this inbound routing 
pilot.\10\
---------------------------------------------------------------------------

    \7\ See generally BYX Approval Order, supra note 5.
    \8\ See BYX Approval Order, 75 FR at 51304.
    \9\ See Securities Exchange Act Release No. 65515 (October 7, 
2011), 76 FR 63979 (October 14, 2011) (SR-BYX-2011-026).
    \10\ See Notice, supra note 3.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities 
exchange.\11\ Specifically, the Commission finds that the proposed rule 
change is consistent with Section 6(b)(1) of the Act,\12\ which 
requires, among other things, that a national securities exchange be so 
organized and have the capacity to carry out the purposes of the Act, 
and to comply and enforce compliance by its members and persons 
associated with its members, with the provisions of the Act, the rules 
and regulation thereunder, and the rules of the Exchange. Further, the 
Commission finds that the proposed rule change is consistent with 
Section 6(b)(5) of the Act,\13\ which requires, among other things, 
that the rules of a national securities exchange be designed to prevent 
fraudulent and manipulative acts and practices; to promote just and 
equitable principles of trade; to foster cooperation and coordination 
with persons engaged in regulating, clearing, settling, and 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. Section 6(b)(5) also 
requires that the

[[Page 23301]]

rules of an exchange not be designed to permit unfair discrimination 
among customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \11\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition and 
capital formation. 15 U.S.C. 78c(f).
    \12\ 15 U.S.C. 78f(b)(1).
    \13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Recognizing that the Commission has previously expressed concern 
regarding the potential for conflicts of interest in instances where a 
member firm is affiliated with an exchange to which it is routing 
orders, the Exchange previously implemented limitations and conditions 
to BATS Trading's affiliation with the Exchange to permit the Exchange 
to accept inbound orders that BATS Trading routes in its capacity as a 
facility of BATS, on a pilot basis.\14\ The Exchange now seeks to make 
this pilot permanent. Specifically, the Exchange states it is in 
compliance with the following limitations and conditions: \15\
---------------------------------------------------------------------------

    \14\ See BYX Approval Order, 75 FR at 51304.
    \15\ See Notice, 77 FR at 15154.
---------------------------------------------------------------------------

     The Exchange shall enter into a plan pursuant to Rule 17d-
2 under the Exchange Act with a non-affiliated self-regulatory 
organization (``SRO'') to relieve the Exchange of regulatory 
responsibilities for BATS Trading with respect to rules that are common 
rules between the Exchange and the non-affiliated SRO, and enter into a 
regulatory contract (``Regulatory Contract'') with a non-affiliated SRO 
to perform regulatory responsibilities for BATS Trading for unique 
Exchange rules.
     The Regulatory Contract shall require the Exchange to 
provide the non-affiliated SRO with information, in an easily 
accessible manner, regarding all exception reports, alerts, complaints, 
trading errors, cancellations, investigations, and enforcement matters 
(collectively ``Exceptions'') in which BATS Trading is identified as a 
participant that has potentially violated Exchange or Commission Rules, 
and shall require that the non-affiliated SRO provide a report, at 
least quarterly, to the Exchange quantifying all Exceptions in which 
BATS Trading is identified as a participant that has potentially 
violated Exchange or Commission Rules.
     The Exchange, on behalf of the Corporation, shall 
establish and maintain procedures and internal controls reasonably 
designed to ensure that BATS Trading does not develop or implement 
changes to its system on the basis of non-public information regarding 
planned changes to Exchange systems, obtained as a result of its 
affiliation with the Exchange, until such information is available 
generally to similarly situated member organizations of the Exchange in 
connection with the provision of inbound order routing to the Exchange.
     The Exchange may furnish to BATS Trading the same 
information on the same terms that the Exchange makes available in the 
normal course of business to any other member organization.
The Exchange believes that by meeting the above-listed conditions it 
has set up mechanisms that protect the independence of the Exchange's 
regulatory responsibility with respect to BATS Trading, and has 
demonstrated that BATS Trading cannot use any information that it may 
have because of its affiliation with the Exchange to its advantage.\16\
---------------------------------------------------------------------------

    \16\ See id.
---------------------------------------------------------------------------

    In the past, the Commission has expressed concern that the 
affiliation of an exchange with one of its members raises potential 
conflicts of interest, and the potential for unfair competitive 
advantage.\17\ Although the Commission continues to be concerned about 
potential unfair competition and conflicts of interest between an 
exchange's self-regulatory obligations and its commercial interest when 
the exchange is affiliated with one of its members, for the reasons 
discussed below, the Commission believes that it is consistent with the 
Act to permit BATS Trading, in its capacity as a facility of BATS, to 
provide inbound routing to the Exchange on a permanent basis instead of 
a pilot basis, subject to the other conditions described above.
---------------------------------------------------------------------------

    \17\ See, e.g., Securities Exchange Act Release Nos. 54170 (July 
18, 2006), 71 FR 42149 (July 25, 2006) (SR-NASDAQ-2006-006) (order 
approving Nasdaq's proposal to adopt Nasdaq Rule 2140, restricting 
affiliations between Nasdaq and its members); 53382 (February 27, 
2006), 71 FR 11251 (March 6, 2006) (SR-NYSE-2005-77) (order 
approving the combination of the New York Stock Exchange, Inc. and 
Archipelago Holdings, Inc.); 58673 (September 29, 2008), 73 FR 57707 
(October 8, 2008) (SR-Amex-2008-62) (order approving the combination 
of NYSE Euronext and the American Stock Exchange LLC); 59135 
(December 22, 2008), 73 FR 79954 (December 30, 2008) (SR-ISE-2009-
85) (order approving the purchase by ISE Holdings of an ownership 
interest in DirectEdge Holdings LLC); and 59281 (January 22, 2009), 
74 FR 5014 (January 28, 2009) (SR-NYSE-2008-120) (order approving a 
joint venture between NYSE and BIDS Holdings L.P.).
---------------------------------------------------------------------------

    The Exchange has proposed four ongoing conditions applicable to 
BATS Trading's inbound routing activities in its capacity as a facility 
of BATS, which are enumerated above. The Commission believes that these 
conditions mitigate its concerns about potential conflicts of interest 
and unfair competitive advantage. In particular, the Commission 
believes that a non-affiliated SRO's oversight of BATS Trading,\18\ 
combined with a non-affiliated SRO's monitoring of BATS Trading's 
compliance with the Exchange's rules and quarterly reporting to the 
Exchange, will help to protect the independence of the Exchange's 
regulatory responsibilities with respect to BATS Trading.
---------------------------------------------------------------------------

    \18\ This oversight will be accomplished through a 17d-2 
Agreement. See BYX Approval Order, 75 FR at 51304.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\19\ that the proposed rule change (SR-BYX-2012-006) be, and hereby 
is, approved.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2012-9341 Filed 4-17-12; 8:45 am]
BILLING CODE 8011-01-P
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