▁roy alt ies ▁to ▁copy right ▁own ers ▁and ▁perform ers ▁entitled ▁under ▁and ▁purs u ant ▁to ▁ 1 7 ▁U . S . C . ▁§ ▁ 1 1 4 ( g )( 2 ). ▁In cor por ated ▁in ▁the ▁State ▁of ▁Del aware , ▁Sound Ex change ▁is ▁ex empt ▁from ▁tax ation ▁under ▁Section ▁ 5 0 1 ( c )( 6 ) ▁of ▁the ▁In ternal ▁Re venue ▁Code . ▁It ▁oper ates , ▁in ▁part , ▁purs u ant ▁to ▁Copy right ▁Office ▁reg ulations ▁set ▁forth ▁in ▁ 3 7 ▁C . F . R . ▁Part s ▁ 3 7 0 , ▁ 3 8 0 , ▁ 3 8 2 , ▁ 3 8 3 ▁and ▁ 3 8 4 . ▁ ▁Sound Ex change ▁is ▁controlled ▁by ▁a ▁Board ▁of ▁Direct ors ▁composed ▁of ▁recording ▁artists , ▁represent atives ▁of ▁recording ▁artists ▁and ▁sound ▁recording ▁copy right ▁own ers . ▁As ▁of ▁ 2 0 1 7 , ▁the ▁board ▁was ▁composed ▁of ▁Dun can ▁Cra bt ree - I reland ▁( SA G - AF T RA ), ▁Jay ▁L . ▁Cooper ▁( att orney ), ▁Andrea ▁F inkel stein ▁( S ony ▁Music ▁Entertainment , ▁Inc .), ▁Ray ▁H air ▁( American ▁Federation ▁of ▁Mus icians ), ▁Jeff ▁Har l eston ▁( Univers al ▁Music ▁Group ), ▁Michael ▁Haus man ▁( art ist ▁manager ), ▁Steve ▁Mark s ▁( RI AA ), ▁David ▁By r ne ▁( art ist ),