Notice2021-18674
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Director “Business Relationships” Provision and Definition of “Family Member” for Purposes of LTSE Rule 14.405(a)(2) and Supplementary Material .01 (Definition of Independence)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 31, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 86 Issue 166 (Tuesday, August 31, 2021)</title>
</head>
<body><pre>
[Federal Register Volume 86, Number 166 (Tuesday, August 31, 2021)]
[Notices]
[Pages 48782-48785]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18674]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92752; File No. SR-LTSE-2021-04]
Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Director ``Business Relationships'' Provision and Definition
of ``Family Member'' for Purposes of LTSE Rule 14.405(a)(2) and
Supplementary Material .01 (Definition of Independence)
August 25, 2021.
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 August 19, 2021, Long-Term Stock Exchange, Inc. (``LTSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II 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
LTSE proposes to amend LTSE Rule 14.405(a)(2) and Supplementary
Material .01 (Definition of Independence) under LTSE Rule 14.405(a)
(``Supplementary Material'') to (i) adopt provisions conforming LTSE's
independence standards with respect to listed company (``Company'') \4\
directors' ``business relationships'' with the corresponding standards
of the New York Stock Exchange (``NYSE'') Rule 303.A.02(b)(v) and
relevant parts of the related NYSE Commentary and Disclosure
Requirement for NYSE-listed Companies seeking to dually list on LTSE,
and (ii) amend the definition of ``Family Member'' solely for purposes
of director independence determinations under LTSE Rule 14.405(a)(2).
LTSE has filed the proposed rule change pursuant to Section 19(b)(3)(A)
of the Act,\5\ and Rule 19b4(f)(6) thereunder,\6\ which renders the
proposed rule change effective upon filing with the Commission.
---------------------------------------------------------------------------
\4\ ``Company'' means the issuer of a security listed or
applying to list on the Exchange. See LTSE Rule 14.002(a)(5).
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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 these 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 aspects 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 Rule 14.405(a)(2) and related
Supplementary Material to adopt a provision conforming LTSE's
independence standards with respect to directors' business
relationships with the corresponding standard of NYSE Rule
303.A.02(b)(v) and related Commentary and Disclosure Requirement, in
order to accommodate NYSE-listed Companies seeking to dually list \7\
their securities on LTSE. The Exchange also proposes to amend the
definition of ``Family Member'' solely for purposes of director
independence under LTSE Rule 14.405(a)(2) \8\ to conform it to the
corresponding definitions of the NYSE \9\ and the Nasdaq Stock Market
LLC (``Nasdaq'').\10\
---------------------------------------------------------------------------
\7\ See LTSE Rule 14.210(a) (permitting a Company to have a
class of securities that has been approved for listing on another
national securities exchange).
\8\ This definition of Family Member is not applicable to LTSE
Rule 5.110 (Supervision), which pertains to Member supervision and
aligns with a corresponding FINRA rule.
\9\ See General Commentary to Section 303A.02(b) of NYSE Listed
Company Manual (defining ``immediate family member'').
\10\ See Nasdaq Rule 5605(a)(2) (defining ``Family Member'').
---------------------------------------------------------------------------
LTSE rules require Companies to meet certain standards related to
director independence, including that a majority of the board of the
directors of the Company be independent directors,\11\ and that the
Company's audit, compensation, and nominating \12\ committees be
comprised solely of independent directors.\13\ LTSE Rule 14.405(a)(2)
defines ``Independent Director'' as ``a person other than an Executive
Officer or employee of the Company or any other individual having a
relationship which, in the opinion of the Company's board of directors,
would interfere with the exercise of independent judgment in carrying
out the responsibilities of a director.''
---------------------------------------------------------------------------
\11\ LTSE Rule 14.405(b)(1).
\12\ If the Company does not have a nominating committee, under
LTSE Rule 14.405(e), nominees for directors must be selected or
recommended by independent directors constituting a majority of the
board's independent directors in a vote in which only independent
directors participate.
\13\ See LTSE Rule 14.405(c)(3)(A) (regarding audit committee
composition); LTSE Rule 14.405(d)(2)(A) (regarding compensation
committee composition); LTSE Rule 14.405(e)(1) (regarding nominating
committee composition).
---------------------------------------------------------------------------
LTSE Rule 14.405(a)(2) also provides a list of certain
relationships that preclude a board finding of director independence
\14\ (the ``Bright-Line Independence Tests''), including a director who
is, or has a Family Member who is, a partner in, or a controlling
Shareholder or an Executive Officer of, any organization to which the
Company made, or from which the Company received, payments for property
or services in the current or any of the past three fiscal years that
exceed 5% of the recipient's (i.e., that of the organization or the
Company) consolidated gross revenues for that year, or $200,000,
whichever is more (with certain exceptions).\15\ This rule is referred
to as
[[Page 48783]]
the ``business relationships'' provision.\16\ Related Supplementary
Material provides further guidance to Companies regarding the
significance of director independence and application of the
independence standards.
---------------------------------------------------------------------------
\14\ See Supplementary Material, LTSE Rule 14.405(a)(2).01
(noting that ``[t]hese objective measures provide transparency to
investors and Companies, facilitate uniform application of the
rules, and ease administration'').
\15\ See LTSE Rule 14.405(a)(2)(D) (exceptions to this rule
apply for (i) payments arising solely from investments in the
Company's securities; or (ii) payments under non-discretionary
charitable contribution matching programs).
\16\ LTSE's ``business relationships'' provision in Rule
14.405(a)(2)(D) is identical to Nasdaq Rule 5605(a)(2)(D).
---------------------------------------------------------------------------
The proposed rule change would establish an alternative business
relationships provision based on the corresponding provisions of the
NYSE Rule 303.A.02(b)(v) \17\ and adopt relevant parts of the related
NYSE Commentary and Disclosure Requirement, solely applicable to NYSE-
listed Companies seeking to dually list on LTSE. While NYSE's and
LTSE's respective business relationship provisions are similar, the
NYSE standard employs different percentages and minimums. Specifically,
NYSE uses a threshold of 2% of the recipient's consolidated gross
revenues or $1 million, whichever is more. In many situations, the NYSE
provision will be more restrictive with a threshold of 2% versus 5%.
However, at the lowest levels, the LTSE standard is more restrictive
with a minimum of $200,000 versus $1 million.\18\ The Commentary and
Disclosure Requirement noted under NYSE Rule 303.A.02(b)(v) clarify
application of the rule and call for disclosure of Company
contributions to tax exempt organizations in which any independent
director serves as an executive officer provided that the same
financial thresholds of Rule 303.A.02(b)(v) are met.
---------------------------------------------------------------------------
\17\ NYSE Rule 303.A.02(b)(v) precludes situations where ``[t]he
director is a current employee, or an immediate family member is a
current executive officer, of a company that has made payments to,
or received payments from, the listed company for property or
services in an amount which, in any of the last three fiscal years,
exceeds the greater of $1 million, or 2% of such other company's
consolidated gross revenues.''
\18\ In addition, the NYSE standard only covers the prior three
fiscal years (not including current year as per the LTSE standard)
and does not include Family Members who are partners or controlling
shareholders of the subject organization. The LTSE standard uses the
term ``organizations'' instead of ``companies'' and thus may be
interpreted to be broader in scope in that respect.
---------------------------------------------------------------------------
As a result of the differences discussed above, a NYSE-listed
Company seeking to dually list on LTSE may have to reassess the
independence of its directors notwithstanding the fact that the Company
is already listed on the NYSE. Differences in comparable listing
standards based on the same general principles (e.g., ensuring
directors exercise independent judgment) may be burdensome for
Companies needing to conduct duplicative analyses of director
independence.\19\ To better accommodate dual listings of NYSE-listed
companies, the proposed rule change would provide an alternative
business relationships provision in a new paragraph (H) to LTSE Rule
14.405(a)(2) substantially identical to NYSE Rule 303.A.02(b)(v) and
add relevant parts of NYSE's related Commentary and Disclosure
Requirement to LTSE Supplemental Material, solely for NYSE-listed
Companies.
---------------------------------------------------------------------------
\19\ See Amendment No. 3 to SR-NASDAQ 2019-049 at 8 (noting that
``Nasdaq has heard from its listed companies and their legal counsel
that the current situation, where each market has a different
definition [of ``Family Member''], complicates the preparation by
listed companies of director and officer questionnaires that the
companies need in order to analyze director independence. In
particular, this creates an added and unnecessary burden when a
company transfers its listing from one national securities exchange
to another. In such case, a director may have already filled out an
annual questionnaire based on the prior listing exchange's
definition of a family member, but need[s] to answer additional
questions because the definition of the exchange the listing is
transferred to is phrased differently'').
---------------------------------------------------------------------------
The Exchange is also proposing to amend the definition of ``Family
Member'' solely for purposes of director independence under LTSE Rule
14.405(a)(2) to mean ``a person's spouse, parents, children, siblings,
mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and
sisters-in-law, and anyone (other than domestic employees) who shares
such person's home.'' Under the current LTSE Rule 14.405(a)(2),
``Family Member'' means ``a person's spouse, parents, children and
siblings, whether by blood, marriage or adoption, or anyone residing in
such person's home.'' \20\ The purpose of this rule change is to
exclude domestic employees who share the director's home (given that
the definition is not meant to cover commercial relationships), and
stepchildren who do not share the director's home (in which case,
depending on facts and circumstances, such relationships may be
attenuated in nature), from the type of relationships that always
preclude a board from finding that a director is independent, as
described below.\21\
---------------------------------------------------------------------------
\20\ See LTSE Rule 14.405(a)(2).
\21\ For the avoidance of doubt, a stepchild who shares the same
home with a director would continue to be considered a Family Member
under the Bright-Line Independence Tests, because the definition of
a Family Member will include anyone (other than domestic employees)
who shares the director's home.
---------------------------------------------------------------------------
The proposed rule change would also conform LTSE's definition of a
``Family Member'' for purposes of Rule 14.405(a)(2) to the
corresponding definition of ``Family Member'' applicable to Companies
listed on the NYSE and Nasdaq. Depending on the facts and
circumstances, minor variations \22\ between LTSE's current definition
and that of NYSE or Nasdaq could create need for interpretation and
require additional independence assessments for NYSE or Nasdaq-primary
listed Companies seeking to dually list securities on LTSE or transfer
their listing to LTSE. To reduce this additional compliance burden on
such Companies, the Exchange's proposed definition of ``Family Member''
would be identical to NYSE and Nasdaq's corresponding definitions for
purposes of determining director independence.\23\ This revision will
not affect the additional independence criteria for audit committee
members set forth in LTSE Rule 14.405(c)(2), which incorporate the
independence requirements of SEC Rule 10A-3 promulgated under the
Act.\24\
---------------------------------------------------------------------------
\22\ For example, the current LTSE definition of ``Family
Member'' in Rule 14.405(a)(2) does not exclude domestic employees
residing in the director's home.
\23\ Section 303A.02 of the NYSE Listed Company Manual states
that ``[a]n `immediate family member' includes a person's spouse,
parents, children, siblings, mothers and fathers-in-law, sons and
daughters-in-law, brothers and sisters-in-law, and anyone (other
than domestic employees) who shares such person's home.'' The
definition of ``Family Member'' for purposes of Nasdaq Listing Rule
5605(a)(2) was modified to be identical to that of NYSE. See
Securities Exchange Act Release No. 88210 (February 13, 2020), 85 FR
9816 (February 20, 2020).
\24\ 15 U.S.C. 78f.
---------------------------------------------------------------------------
Notwithstanding these changes, LTSE notes that Company boards must
affirmatively determine that directors do not have relationships that
would interfere with the exercise of independent judgment in carrying
out the responsibilities of a director pursuant to LTSE rules
14.405(a)(2) and 14.405(a)(2).01. To comply with LTSE's rules, LTSE
will expect the boards of listed Companies to continue to elicit
through director questionnaires the information necessary to make
independence determinations, which will need to include questions about
stepchild relationships. LTSE believes that it is appropriate for the
board to review a relationship between a director and a stepchild who
does not share a home with the director or a relationship between a
director and a domestic employee under such facts and circumstances
test. The board's assessment goes beyond applying the Bright-Line
Independence Tests to ensure that any individual serving as an
independent director has no relationship that would impair his or her
independence.
[[Page 48784]]
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\25\ in general, and
furthers the objectives of Section 6(b)(5) of the Act,\26\ in
particular, because it is 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 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. Further, the Exchange believes that the proposal is
not designed to permit unfair discrimination between issuers or to
regulate by virtue of any authority conferred by the Act matters not
related to the purposes of the Act or the administration of the
Exchange, for the reasons set forth below.
---------------------------------------------------------------------------
\25\ Id.
\26\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
By aligning certain of the Exchange's corporate governance
requirements more closely with those of the NYSE and Nasdaq, as
explained above, the proposed rule change is designed to remove
impediments to and perfect the mechanism of a free and open market. The
proposed rule change with respect to director business relationships
and the definition of Family Member is consistent with the Act in that
it adopts a definition of director independence that has already been
approved by the Commission and has been in force for nearly 20
years.\27\
---------------------------------------------------------------------------
\27\ See Securities Exchange Act Release No. 48745 (November 4,
2003), 68 FR 64154 (November 12, 2003), available at <a href="https://www.sec.gov/rules/sro/34-48745.htm#P83_24538">https://www.sec.gov/rules/sro/34-48745.htm#P83_24538</a> (noting that ``the
Commission believes that these proposed rule changes, as amended,
are reasonable and appropriate and serve the interests of the
investing public'').
---------------------------------------------------------------------------
LTSE's current business relationships provision set forth in LTSE
Rule 14.405(a)(2)(D) is identical to that of Nasdaq Rule 5605(a)(2)(D).
Companies that utilize Nasdaq as their primary listing exchange and
seek to dually list on LTSE do not currently have any added compliance
burden with respect to this rule. As drafted, the proposed rule change
would apply only to NYSE-primary listed Companies seeking to dually
list on LTSE and remove their additional compliance burden of having to
assess director independence in accordance with disparate Bright-Line
Independence Tests regarding director business relationships. A Company
seeking a primary listing on LTSE or a Company with a primary listing
exchange other than NYSE would be required to satisfy the current
business relationships provision in Rule 14.405(a)(2)(D).
The Exchange also believes that its proposed rule change is fair
and not unfairly discriminatory because it alleviates the additional
compliance burdens currently faced by NYSE-primary listed Companies
that seek to dually list on LTSE. Given that LTSE Rule 14.405(a)(2)(D)
currently in effect is identical to the corresponding provision of
Nasdaq Rule 5605(a)(2)(D), the proposed rule change brings NYSE-primary
listed Companies in parity with Nasdaq-primary listed Companies if they
seek to dually list their securities on LTSE.
The proposed rule change with respect to modification of the
definition of ``Family Member'' in LTSE Rule 14.405(a)(2) to conform to
the corresponding definition of Nasdaq Rule 5605(a)(2) and NYSE Rule
303.A.02 also alleviates the compliance burden on LTSE dually-listed
Companies. In the recent past, the Commission has approved Nasdaq's
proposed modification of Rule 5605(a)(2)'s definition of ``Family
Member'' for purposes of director independence determinations.\28\
Prior to such modification, the Nasdaq definition in Rule 5605(a)(2)
was identical to that of LTSE Rule 14.405(a)(2). Nasdaq also noted in
Amendment No. 3 to its related rule filing proposal that its purpose
was to alleviate unnecessary burdens posed on listed companies due to
differences in phrasing of corresponding rules across exchanges.\29\
Specifically, LTSE Rule 14.405(a)(2) includes directors' domestic
employees and stepchildren in the definition of ``Family Member,'' as
described above, even though based on facts and circumstances,
relationships with stepchildren may be attenuated and those with
domestic employees are generally commercial in nature. The Commission
has previously approved the proposed definition as consistent with
Section 6(b)(5) of the Act.\30\ As such, LTSE believes that Commission
approval of this proposed rule change would be consistent with its
prior decision and promote competition.
---------------------------------------------------------------------------
\28\ See Securities Exchange Act Release No. 88210 (February 13,
2020), 85 FR 9816 (February 20, 2020).
\29\ See SR-NASDAQ 2019-049 Amendment No. 3 at 11. Amendment No.
3 replaces and supersedes the original proposal in its entirety and
is available at <a href="https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2019-049_Amendment_3.pdf">https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2019-049_Amendment_3.pdf</a>.
\30\ See Securities Exchange Act Release No. 88210 (February 13,
2020), 85 FR 9816 (February 20, 2020).
---------------------------------------------------------------------------
LTSE holds that it is important for investors to have confidence
that individuals serving as independent directors do not have a
relationship with the Company that would impair their independence. The
Company's board has a responsibility to make an affirmative
determination that no such relationships exist. The proposed rule
change furthers the Exchange's objective to support Companies in long-
term value creation by removing the need for burdensome and duplicative
independence assessments while retaining effective and longstanding
mechanisms for ensuring director independence.
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 not necessary or appropriate in
furtherance of the purposes of the Act. These changes are intended to
alleviate compliance burdens on dually-listed Companies by conforming
LTSE rules with those of two other exchanges in the case of the
definition of ``Family Member,'' and one other exchange with respect to
the business relationships provision regarding director independence
determinations where such Company is seeking to dually list its
securities. Thus, the proposed rule change would eliminate requirements
that burden issuers without an offsetting benefit in protecting
shareholders. As such, these changes are neither intended to, nor
expected to, impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section
[[Page 48785]]
19(b)(3)(A)(iii) of the Act \31\ and Rule 19b-4(f)(6)(iii)
thereunder.\32\
---------------------------------------------------------------------------
\31\ 15 U.S.C. 78s(b)(3)(A)(iii).
\32\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \33\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\34\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative upon filing. The Exchange states that it does not
believe that the proposal raises any new or novel issues not previously
considered by the Commission in that the provisions at issue have been
approved by the Commission and in effect at other exchanges for a
considerable period. In addition, the Exchange has represented that it
anticipates that its first dual listings will take effect by the end of
August 2021 and that the proposed rule change will be helpful for the
companies that plan to list on this timeline. The Commission believes
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest because the proposed
rule change does not raise any new or novel issues and is consistent
with adopted rules on other exchanges. Accordingly, the Commission
hereby waives the 30-day operative delay and designates the proposal
operative upon filing.\35\
---------------------------------------------------------------------------
\33\ 17 CFR 240.19b-4(f)(6).
\34\ 17 CFR 240.19b-4(f)(6)(iii).
\35\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0b797e676e26686466666e657f784b786e68256c647d"><span class="__cf_email__" data-cfemail="6c1e190009410f0301010902181f2c1f090f420b031a">[email protected]</span></a>. Please include
File Number SR-LTSE-2021-04 on the subject line.
Paper Comments
<bullet> 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-LTSE-2021-04. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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-LTSE-2021-04 and should be submitted on
or before September 21, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
---------------------------------------------------------------------------
\36\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-18674 Filed 8-30-21; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on August 31, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.