[Federal Register Volume 84, Number 177 (Thursday, September 12, 2019)]
[Notices]
[Pages 48187-48191]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19704]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86897; File No. SR-DTC-2019-007]


Self-Regulatory Organizations; The Depository Trust Company; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Amend the DTC Deposits Service Guide Relating to Procedures for the 
Deposit of Nontransferable Securities

September 6, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on August 30, 2019, The Depository Trust Company (``DTC'') filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I, II and III below, which Items have 
been prepared by the clearing agency. DTC filed the proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(1) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(1).
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I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The proposed rule change \5\ would incorporate (a) DTC's existing 
Procedures \6\ for the Deposit of Nontransferable Securities \7\ at 
DTC, with certain technical and clarifying updates, as described below, 
and (b) the

[[Page 48188]]

DTC form of Blanket Indemnification for Losses Related to Non-
Transferable Certificates Deposited with DTC (``Blanket 
Indemnification'') into the DTC Deposits Service Guide \8\ (``Deposits 
Guide''), with certain technical and clarifying updates, as described 
below.
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    \5\ Capitalized terms not defined herein are defined in the 
Rules, By-Laws and Organization Certificate of DTC (``Rules''), 
available at http://www.dtcc.com/~/media/Files/Downloads/legal/
rules/dtc_rules.pdf.
    \6\ Pursuant to the Rules, the term ``Procedures'' means the 
Procedures, service guides, and regulations of DTC adopted pursuant 
to Rule 27, as amended from time to time. See Rule 1, supra note 5.
    \7\ In 1992, the Commission approved a DTC rule filing (``1992 
Rule Filing'') that established Procedures for the Deposit of 
Nontransferable Securities at DTC. See Securities Exchange Act 
Release No. 31673 (December 30, 1992), 58 FR 3046 (January 7, 1993) 
(File No. SR-DTC-92-16).
    \8\ Available at http://www.dtcc.com/~/media/Files/Downloads/
legal/service-guides/Deposits.pdf.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, the clearing agency 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 these statements may be examined at the places 
specified in Item IV below. The clearing agency has prepared summaries, 
set forth in sections A, B, and C below, of the most significant 
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

1. Purpose
    The proposed rule change would incorporate (a) DTC's existing 
Procedures for the Deposit of Nontransferable Securities at DTC, with 
certain technical and clarifying updates, as described below, and (b) 
the text of the existing DTC form of Blanket Indemnification into the 
Deposits Guide, with certain technical and clarifying updates, as 
described below.
Background
Eligibility and Deposit of Securities at DTC
    DTC plays a critical function in the national clearance and 
settlement system. It is the nation's central securities depository, 
registered as a clearing agency under Section 17A of the Act,\9\ and 
its deposit and book-entry transfer services help facilitate the 
operation of the nation's securities markets.\10\
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    \9\ 15 U.S.C. 78s(b)(1).
    \10\ See Securities Exchange Act Release No. 20221 (September 
23, 1983), 48 FR 45167 (October 3, 1983) (600-1).
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    DTC's participants (``Participants'') are primarily broker-dealers 
and banks. Participants agree to be bound by the Rules and Procedures. 
DTC performs various services for Participants to promote the prompt 
and accurate clearance and settlement of Securities, including 
maintaining Accounts that list a Participant's Securities holding at 
DTC and allowing Participants to present Securities to be made eligible 
for DTC's depository and book-entry services. If a Security is accepted 
by DTC as meeting DTC's eligibility requirements for services and is 
Deposited with DTC for credit to the Securities Account of a 
Participant, it becomes an ``Eligible Security.'' \11\ Other issues of 
Securities may be added through corporate actions with respect to 
Eligible Securities, including events such as name changes, mergers and 
spinoffs, that are reviewed by DTC for continuing eligibility.\12\ 
Thereafter, Participants may Deposit shares of that Eligible Security 
(``Deposited Securities'') into their respective DTC Accounts.\13\
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    \11\ See Rule 5, supra note 5; DTC Operational Arrangements 
(Necessary for Securities to Become and Remain Eligible for DTC 
Services) (``Operational Arrangements''), Section 1, available at 
http://www.dtcc.com/~/media/Files/Downloads/legal/issue-eligibility/
eligibility/operational-arrangements.pdf.
    \12\ See Operational Arrangements, Section 1, supra note 11.
    \13\ Rule 6, supra note 5.
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    To facilitate book-entry transfers and other services that DTC 
provides for its Participants, Deposited Securities are generally 
registered on the books of the respective issuer (typically, in a 
register maintained by a transfer agent) in DTC's nominee name, Cede & 
Co. Certain Securities for which transfer services for a Security are 
not available (``Nontransferable Securities''), as described below, may 
also become eligible for DTC services. DTC maintains Deposited 
Securities that are eligible for book-entry services in ``fungible 
bulk,'' meaning that each Participant whose Securities of an issue have 
been credited to its Securities Account has a pro rata interest in 
DTC's entire inventory of that issue, but none of the securities on 
Deposit are identifiable to or ``owned'' by any Participant.\14\
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    \14\ See Securities Exchange Act Release No. 19678 (April 15, 
1983), 48 FR 17603, 17605, n.5 (April 25, 1983) (describing fungible 
bulk); See also N.Y. Uniform Commercial Code (``NYUCC''), 8-503, 
Off. Cmt 1 (``. . . all entitlement holders have a pro rata interest 
in whatever positions in that financial asset the [financial] 
intermediary holds'').
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    Security certificates are eligible for Deposit at DTC when they are 
delivered to DTC in accordance with the Rules and Procedures and 
pursuant to Article 8 (``Article 8'') \15\ of the NYUCC. Under Article 
8, a registered owner may transfer a Securities certificate, and the 
Securities the certificate represents, to a ``purchaser'' (in this 
case, DTC) by means of indorsement and Delivery.\16\ DTC's Rules and 
Procedures require that the indorsement be made in favor of DTC's 
nominee, Cede & Co.\17\ Having thereby ``acquired'' the indorsed 
Security certificate as the purchaser, DTC comes into possession of the 
rights that the registered owner of the Security would have.\18\ 
Ordinarily, under the DTC Rules and Procedures, the indorsed 
certificate is presented to the issuer or transfer agent for 
registration in the name of Cede & Co., so that, in addition to 
physical possession of the negotiable certificate, Cede & Co. is 
reflected as the registered holder on the books and records of the 
issuer maintained by its transfer agent.\19\
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    \15\ NYUCC 8-101--8-602.
    \16\ NYUCC 8-301, 8-304, 8-102 and Official Comment 11 thereto.
    \17\ Rule 6, supra note 5.
    \18\ NYUCC 8-302.
    \19\ See Deposits Guide, supra note 8 at 13.
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    In the case of Nontransferable Securities, the issuer of the 
Security could not or would not cause re-registration of the Security 
certificate because there is no transfer agent or for other reasons. 
Circumstances that may underlie this nontransferable status of a 
Security certificate may include the bankruptcy or insolvency of the 
issuer, the failure of the issuer to pay fees to a transfer agent, a 
final or complete liquidation of the issuer, the filing of a 
certificate of dissolution, the placement of the issuer in receivership 
and the revocation of the issuer's charter. In such cases, pursuant to 
the 1992 Rule Filing, DTC, as the legal owner of the Nontransferable 
Security (i) holds in custody the certificate indorsed to Cede & Co. 
(ii) adds the amount of the Nontransferable Security represented by the 
certificate to the inventory DTC holds for that issue, and (iii) 
credits the position to the Securities Account of the Depositing 
Participant, as described below.
1992 Rule Filing
    Prior to the establishment of Procedures implemented pursuant to 
the 1992 Rule Filing (``Nontransferable Securities Procedures''), the 
holding and trading of Nontransferable Securities presented issues for 
Participants that would be addressed if the Nontransferable Securities 
could be Deposited at DTC and eligible for book-entry services. In this 
regard, failed Deliveries in Nontransferable Securities occurred 
regularly and remained outstanding because of ongoing trading activity 
in Nontransferable Securities where the underlying Securities were not 
on Deposit and available for Delivery at DTC. Also, Participants 
holding nontransferable certificates outside of DTC were burdened with 
the expense of safekeeping certificates.
    The Nontransferable Securities Procedures reduce the burdens

[[Page 48189]]

presented by nontransferable certificates for Participants by 
facilitating the Deposit of Nontransferable Securities at DTC to make 
them available for book-entry Delivery, thus facilitating a reduction 
of fails in ongoing trading activity in Nontransferable Securities, as 
described above, and by allowing the Participants to no longer provide 
their own custody services with respect to certificates for DTC-
eligible Nontransferable Securities.
    The 1992 Rule Filing also introduced a loss sharing allocation 
method to be used if a certificate that represents a Nontransferable 
Security is Deposited at DTC and later, most likely after the 
reinstatement of transfer services and presentation of the certificate 
for transfer, is found to be stolen, counterfeit, or otherwise 
defective.
    The Nontransferable Securities Procedures, as implemented pursuant 
to the 1992 Rule Filing are as set forth under the headings ``Deposit 
Procedures'' and ``Procedures for Sharing Loss Related to Deposit of 
Nontransferable Certificates,'' immediately below:
A. Deposit Procedures
    ``When DTC announces to Participants that an issue is 
``nontransferable,'' DTC will change the transfer agent number on DTC's 
records, which may be viewed by Participants via DTC's Participant 
Terminal System, to reflect the fact that the issue is nontransferable. 
Participants will be permitted to deposit their DTC-eligible 
nontransferable securities by adhering to several procedures. 
Specifically, Participants will be asked to:
    1. Send to their Participant Services representative a copy of the 
Blanket Indemnification executed by an authorized officer. Procedures 
set forth in the Indemnification will, among other things, require the 
Participant to verify with the Securities Information Center (``SIC'') 
that the certificate has not been reported to SIC as lost, stolen, 
missing, or counterfeit; \20\
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    \20\ SIC operates the Lost & Stolen Securities Program 
(``LSSP'') on behalf of the Commission. Rule 17f-1 under the Act, 
governs LSSP operations. See 17 CFR 240.17f-1. LSSP consists mainly 
of a database of securities that have been reported lost, stolen, 
missing, or counterfeit. Securities Exchange Act Release No. 48931 
(December 16, 2003), 68 FR 74390 (December 23, 2003) at 74393. This 
note is provided for descriptive purposes only with respect to this 
Item 1 and is not included in the Deposit Procedures.
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    2. Use a Legal deposit ticket clearly market ``N/T.'' No more than 
ten certificates may be included in each individual deposit. 
Participants will also be asked not to commingle different types of 
registrations on a single deposit ticket (i.e., all nominee-name and 
street-name registrations will be deposited under separate tickets); 
and
    3. Check the certificates for assignment to Cede & Co., New York 
State tax waiver, endorsements, and other requirements, and provide the 
appropriate signature guarantees.''
B. Procedures for Sharing of Loss Related to Deposit of Nontransferable 
Securities
    ``DTC has developed a loss allocation method in the event that a 
certificate the represents a nontransferable security is deposited at 
DTC and later, most likely after the reinstatement of transfer services 
and presentation of the certificate for transfer, is found to be 
stolen, counterfeit or otherwise defective. If the depositing/
indemnifying participant is still in business or if DTC is holding the 
participant's Participants Fund deposit in an amount sufficient to 
cover the loss, DTC will first seek to charge the Participant or its 
deposit. In the event, however, in which at the time that DTC becomes 
aware of the loss: (1) The depositing participant has transferred the 
underlying securities by book-entry; (2) the participant does not 
itself cover the loss because it is not in business or for some other 
reason; and (3) the participant's deposit to the Participants Fund is 
insufficient to cover the loss, then the loss will be allocated as 
follows:
    The loss will be shared pro rata among all participants that have a 
position in such issue on the date that DTC determines that the 
certificate is defective, excluding participants' positions, however, 
to the extent that positions existed on the day that DTC first 
announced to participants that the issue was ``nontransferable.'' For 
example, if a participant already held a position of 1,000 shares in an 
issue at the time that the issue was identified by DTC as being 
nontransferable and then acquires 500 additional shares later, any 
proportionate loss calculation would be only against the additional 500 
shares and not against the 1,500 share total position. DTC will first 
seek to charge the participant's Participants Fund deposit in an amount 
sufficient to cover the loss. If the deposit will not cover the total 
amount of the loss, DTC will then charge the participant directly for 
the remaining amount. In the event, however, that the loss allocation 
method as described above does not cover the total amount of the loss 
related to the deposit of the nontransferable securities, DTC will then 
charge the loss in accordance with its current loss allocation 
scheme.''
    The Blanket Indemnification, the form that was filed as an exhibit 
to the 1992 Rule Filing states the following: \21\
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    \21\ The footnotes shown below, with respect to the Blanket 
Indemnification provisions, infra notes 22 and 23, are included for 
descriptive purposes only and are not included in the form of 
Blanket Indemnification.
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    ``The undersigned (``Participant''), a participant in The 
Depository Trust Company (``DTC''), intends to deposit with DTC from 
time to time certain certificates (the ``Certificates'') representing 
securities for which transfer services are not available (the 
``Securities'').
    Participant wishes to deposit the Securities with DTC and to 
receive credit for the Securities in its DTC Participant account. To 
induce DTC to so credit the Securities and to make DTC's book-entry 
services available for transactions in the Securities, Participant 
represents, warrants, and covenants to DTC as follows:
    1. Other than the unavailability of transfer services, Participant, 
after due investigation, is not aware of any impediments to transfer of 
the Certificates.
    2. It is understood that DTC cannot provide its normal certificate 
withdrawal services in the Securities, including CODs and W/Ts. 
Participant will comply fully with applicable industry practice and 
rules respecting the need for it to advise other participants to which 
it makes book-entry deliveries of the Securities, if any, of this 
limitation.
    3. If Participant publishes or submits for publication a quotation 
for the Securities where the applicable information requirements of 
Securities Exchange Act Rule 15c2-11 \22\ are not satisfied, 
Participant shall not use DTC's book-entry services to effect 
contemporaneous deliveries in any such Securities.
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    \22\ See 17 CFR 240.15c2-11. Rule 15c2-11 under the Act, governs 
the publication of quotations for securities in a quotation medium 
other than a national securities exchange. See Securities Exchange 
Act Release No. 29094 (April 17, 1991), 56 FR 19148 (1991 Adopting 
Release); Securities Exchange Act Release No. 27247 (September 14, 
1989), 54 FR 39194 (September 25, 1989) (1989 Proposing Release).
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    4. The indemnification set forth in DTC Rule 2(k) \23\ shall apply 
with

[[Page 48190]]

respect to the Securities notwithstanding the absence of transfer 
services for the Securities at the time that they are first credited to 
Participant's DTC account.
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    \23\ This provision states: ``Each Security delivered for the 
Participant's account to the Corporation for Deposit with the 
Corporation may be transferred into the name of any nominee 
designated by the Corporation or by such Custodian as the 
Corporation may select, if it is Delivered to such Custodian, and 
retained by the Corporation or Delivered to such Custodian as the 
Corporation may select, and the Participant shall indemnify the 
Corporation, and any nominee of the Corporation in the name of which 
Securities credited to the Participant's Account are registered, 
against all loss, liability and expense which they may sustain, 
without fault on the Corporation's part, as a result of Securities 
credited to the Participant's Account being registered in the name 
of any such nominee, including (i) assessments, (ii) losses, 
liabilities and expenses arising from claims of third parties and 
from taxes and other governmental charges, and (iii) related 
expenses with respect to any such Securities.'' See Rule 2, supra 
note 5. Pursuant to Rule 1, the term ``Corporation'' means DTC. See 
Rule 1, supra note 5.
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    5. Participant shall inquire with SIC, and as of the date of 
deposit with DTC the Certificates shall not have been reported to SIC 
as lost, stolen, missing, or counterfeit.
    6. If DTC incurs any loss or liability because any of the 
Certificates are counterfeit, are reported stolen, or are or become, 
for any reason, not in good deliverable form, Participant agrees that 
DTC may charge such loss or liability to Participant.
    7. Participant agrees that DTC may charge any future distribution 
of rights, including voting rights, or other property (a 
``Distribution'') involving the Securities to Participant's account if 
DTC does not receive the Distribution on the Distribution date.''
Proposed Rule Change
    Pursuant to the proposed rule change, DTC would incorporate the 
Nontransferable Securities Procedures, which contain two subsets of 
Procedures, namely ``Deposit Procedures'' and ``Procedures for Sharing 
of Loss Related to Deposit of Nontransferable Securities,'' as it was 
set forth in the 1992 Rule Filing, with certain technical and 
clarifying changes, as follows:
    1. The provision set forth in the first sentence of A.1. above 
would be revised to replace the words ``Send to their Participant 
Services representative'' with the words ``Provide DTC Account 
Administration with''. This change would conform this text with DTC's 
general Participant account documentation process through which DTC's 
Account Administration area collects and maintains Participant Account 
documentation. This provision would also be revised to (i) add the full 
name of the Blanket Indemnification, as defined above, where it is 
referenced in the first sentence and (ii) add ``Blanket 
Indemnification'' as a defined term for the Blanket Indemnification.
    2. The provision set forth in A.2. above would be revised to 
replace the sentence that states ``Use a Legal deposit ticket clearly 
marked ``N/T'' with ``Use a DAM deposit ticket, whereby the certificate 
details on the deposit ticket match the corresponding certificates 
(e.g., CUSIP, certificate #, certificate denomination, total 
quantity).'' The Legal Deposits service is a function within the 
Deposits Service and is not descriptive of the method used to generate 
a deposit ticket.\24\ A deposit ticket is generated using DTC's Deposit 
Automation Management System (DAM) \25\ and DTC believes that using the 
applicable system name would clarify for Participants the method by 
which the necessary deposit ticket is generated. In addition, the 
requirement to include the text ``N/T'' on a deposit ticket was 
intended for the Participant to indicate that a Security is 
nontransferable. Pursuant to the proposed rule change, the ``N/T'' 
designation would not be required to be included on a deposit ticket 
because DTC's own records reflect whether a given Security that is 
eligible for Deposit is nontransferable.
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    \24\ See Deposits Guide, supra note 8 at 16.
    \25\ See Deposits Guide, supra note 8.
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    3. The text of the Nontransferable Securities Procedures would be 
revised to conform to capitalization of the term Participant as set 
forth in the Deposits Guide.
    In addition, DTC would incorporate the text of the Blanket 
Indemnification set forth above into the Deposits Guide. The text of 
the Blanket Indemnification would be added under a new heading titled 
``Blanket Indemnification for Losses Related to Non-Transferable 
Certificates Deposited with DTC.'' Directly under this heading, and 
just prior to the text of the Blanket Indemnification text set forth 
above, the proposed rule change would include a technical change to add 
the following text: ``Any application to become a Participant shall 
include a blanket indemnification for losses related to non-
transferable certificates deposited with DTC in the form set forth 
below:''
Effective Date
    The proposed rule change would become effective upon filing with 
the Commission.
2. Statutory Basis
    Section 17A(b)(3)(F) \26\ of the Act, requires that the rules of 
the clearing agency be designed, inter alia, to promote the prompt and 
accurate clearance and settlement of securities transactions. DTC 
believes that the proposed rule change is consistent with this 
provision of the Act for the reasons described below. As described 
above, the proposed rule change would allow Participants to more 
readily understand their rights and obligations in connection with the 
Deposit of Nontransferable Securities by providing enhanced 
transparency for Participants by (i) adding the text of the Procedures 
implemented pursuant to the 1992 Rule Filing into the Deposits Service 
Guide, which is publicly available on the DTCC website, and (ii) 
updating the provisions set forth in the Procedures to clearly disclose 
to Participants the operation of the applicable services. By improving 
the Rules in these ways and allowing Participants to more readily 
understand their rights and obligations in connection with the use of 
DTC's services relating to Nontransferable Securities, DTC believes 
that the proposed changes would facilitate Participants use of these 
services, including their ability to Deposit Nontransferable 
Securities. The ability to maintain Deposits in Nontransferable 
Securities would facilitate Participants' ability to Deliver Securities 
by book-entry at DTC for trading activity that might otherwise result 
in a failure to deliver due to the unavailability of transfer services 
for the Security. Therefore, by facilitating the ability of 
Participants to manage and resolve failures to deliver, DTC believes 
the proposed rule change would promote the prompt and accurate 
clearance and settlement of securities transactions, consistent with 
Section 17(A)(b)(3)(f) of the Act.\27\
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    \26\ 15 U.S.C. 78q-1(b)(3)(F).
    \27\ Id.
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(B) Clearing Agency's Statement on Burden on Competition

    DTC does not believe that the proposed rule changes would have any 
impact, or impose any burden, on competition. The proposed rule changes 
are designed to improve Participants' understanding of their rights and 
obligations with respect to the use of DTC's services relating to the 
Deposit of Nontransferable Securities. These proposed changes would be 
applicable to all Participants and would not alter Participants' rights 
or obligations.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received From Members, Participants, or Others

    Written comments relating to this proposed rule change have not 
been solicited or received. DTC will notify the Commission of any 
written comments received by DTC.

[[Page 48191]]

III. Date of Effectiveness of the Proposed Rule Change, and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \28\ and paragraph (f) of Rule 19b-4 
thereunder.\29\ At any time within 60 days of the filing of the 
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.
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    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f).
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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 Comments

     Use 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-DTC-2019-007 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549.

All submissions should refer to File Number SR-DTC-2019-007. 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 DTC and on DTCC's website 
(http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2019-007 and should be submitted on 
or before October 3, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19704 Filed 9-11-19; 8:45 am]
 BILLING CODE 8011-01-P