Reg SHO Exemptive Relief

Effective August 25, 2020 — due to delays of physical securities processing by DTCC — NFS is relying on exemptive relief granted by the Securities and Exchange Commission for the locate requirement of SEC Rule 203(b) and delivery requirement of SEC Rule 203(b)(2)(ii) for owned physical securities. Additionally, NFS is also relying on relief for the closeout requirement of SEC Rule 204(a) and the penalty box provision of SEC Rule 204(b) for owned physical securities. For the complete notice issued by the SEC, please visit