80 FR 22243 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Waive Trade Reporting Fees Under Rule 7710 Due to an OTC Reporting Facility Systems Issue

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 76 (April 21, 2015)

Page Range		22243-22245
FR Document		2015-09070

Federal Register, Volume 80 Issue 76 (Tuesday, April 21, 2015)

[Federal Register Volume 80, Number 76 (Tuesday, April 21, 2015)]
[Notices]
[Pages 22243-22245]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-09070]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74734; File No. SR-FINRA-2015-007]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Waive Trade Reporting Fees Under Rule 7710 Due
to an OTC Reporting Facility Systems Issue

April 15, 2015.
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 April 10, 2015, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been

[[Page 22244]]

prepared by FINRA. FINRA has designated the proposed rule change as
``establishing or changing a due, fee or other charge'' under Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposal effective upon receipt of this filing by the
Commission. 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

FINRA is proposing to waive fees under Rule 7710 for trade
reporting to the OTC Reporting Facility (``ORF'') due to an ORF systems
issue on March 24, 2015. The proposed rule change does not make any
changes to the text of FINRA rules.
The text of the proposed rule change is available on FINRA's Web
site at http://www.finra.org, at the principal office of FINRA and at
the Commission's Public Reference Room. [sic]

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, FINRA 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. FINRA 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
FINRA rules require that members report trades in OTC equity
securities, as defined under Rule 6420, to the ORF for public
dissemination purposes. Members also may be required or may choose to
submit one or more ``non-tape'' reports in connection with the trade
(i.e., the transaction is not reported to the tape for publication but
is reported for clearing or regulatory purposes). Pursuant to Rule
7710, FINRA charges members various fees for using the ORF, including,
e.g., for reporting trades and cancelling or correcting previously
reported trades, as set forth below:

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

------------------------------------------------------------------------
Reporting of transactions not subject $0.029/side.
to comparison through the OTC
Reporting Facility.
Submission of non-tape, non-clearing No fee.
(regulatory) reports.
Clearing report to transfer a $0.03/side.
transaction fee charged by one member
to another member pursuant to Rule
7330(i).
Comparison............................. $0.0144/side per 100 shares
(minimum 400 shares; maximum
7,500 shares).
Late Report--T+N....................... $0.288/trade (charged to the
Executing Party).
Corrective Transaction Charge.......... $0.25/Cancel, Correct
transaction, paid by reporting
side; $0.25/Break, Decline
transaction, paid by each
party.
------------------------------------------------------------------------

On March 24, 2015, the ORF experienced a systems issue that
impacted trade reporting. Specifically, following a server failover,
the ORF system erroneously reprocessed and resubmitted trades that had
previously been processed and sent to FINRA's Trade Data Dissemination
Service for public dissemination.\5\ FINRA staff identified
approximately 70,000 duplicate trades and worked with members to cancel
them. FINRA also determined that, following the server failover, some
timely reported trades were incorrectly processed and marked as
``late,'' and for some trades that were designated for submission to
clearing, the system erroneously cancelled the clearing information
that had been submitted to the National Securities Clearing
Corporation. FINRA continues to work with firms to identify trades that
were erroneously marked late and clearing submissions that were
inadvertently cancelled by the system. Approximately 322 firms reported
trades to the ORF from 2:20 p.m. (the time of the server failover)
until the close of the system on March 24, 2015 and thus potentially
were impacted by the ORF systems issue on that date. During this time
frame, there were over 120,000 trade submissions, which include
original and duplicate trade reports and cancellations.
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\5\ See ORF Technical Notices dated March 24, 2015 and March 25,
2015, available at www.finra.org/industry/orf/orf-technical-notices.
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As a result of the ORF systems issue, some members were required to
take corrective action by making additional submissions to the ORF to
cancel duplicate trades or resubmit cancelled clearing transactions. To
ensure that members are not charged for such additional submissions,
and in recognition that members have had to expend resources to take
corrective action as a result of the ORF systems issue, FINRA is
proposing to waive all ORF trade reporting fees under Rule 7710 for
March 24, 2015, the date the ORF systems issues occurred. As such, fees
under Rule 7710 will be waived for all submissions to the ORF made on
March 24, 2015, including fees for ``as/of'' reports submitted on March
24, 2015 for trades that were executed prior to that date.
In addition, FINRA recognizes that some members may have been
unable to take the necessary corrective steps on March 24, 2015, i.e.,
some members may not have cancelled the duplicate trades or resubmitted
trades for clearing until T+1 or later. Accordingly, FINRA also is
proposing to waive the trade reporting fees under Rule 7710 for trades
submitted to the ORF with a trade execution date of March 24, 2015 or
an original report date of March 24, 2015, provided that such trades
were submitted by March 31, 2015. Because the pertinent billing cycle
ended on March 31, 2015, trades submitted on or after April 1, 2015
would not be entitled to the fee relief proposed herein, even if they
were executed or originally reported on March 24, 2015.\6\ FINRA
believes that it is most equitable to provide such additional relief to
members.
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\6\ FINRA believes that only a small number of trades were not
cancelled or resubmitted, as necessary, by March 31, 2015.
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FINRA has filed the proposed rule change for immediate
effectiveness. The operative date will be the date of filing.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(5) of the Act,\7\ which requires, among
other things, that

[[Page 22245]]

FINRA rules provide for the equitable allocation of reasonable dues,
fees and other charges among members and issuers and other persons
using any facility or system that FINRA operates or controls. FINRA
believes that the proposed rule change to waive trade reporting fees
under Rule 7710, as described herein, is appropriate in light of the
ORF systems issue on March 24, 2015. FINRA does not believe that
members should incur fees for the corrective action they were required
to take following the ORF systems issue. FINRA believes that this
limited waiver results in reasonable fees and financial benefits that
are equitably allocated. The financial benefit of the trade reporting
fee waiver is available to all firms that reported to the ORF on March
24, 2015 and to all firms that reported trades with an execution date
or original report date of March 24, 2015, provided that such reports
were received by March 31, 2015. The proposed rule change is reasonable
because the waiver of ORF trade reporting fees--and the financial
benefit from such waiver--is of limited amount, duration and
application, as noted above. Finally, the proposed trade reporting fee
waiver does not unfairly discriminate between or among members in that
the waiver is available to any such member that reported transactions
to the ORF on the relevant dates.
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\7\ 15 U.S.C. 78o-3(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. FINRA believes that the
proposed rule change to waive the trade reporting fees is appropriate
in light of the ORF systems issue, which required members to take
corrective action and make additional submissions to the ORF. FINRA
believes that the limited trade reporting fee waiver would not place an
unreasonable fee burden on members, nor confer an uncompetitive benefit
to members that have their trade reporting fees waived, in that such
waiver would be available for a very limited period and the financial
impact of such a waiver would be de minimis.

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

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and paragraph (f)(2) of Rule 19b-4
thereunder.\9\ 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 should be approved or disapproved.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(2).
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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 rule-comments@sec.gov. Please include
File Number SR-FINRA-2015-007 on the subject line.

Paper Comments

Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-FINRA-2015-007. 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 Web site (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 Web site 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 such filing also will be available
for inspection and copying at the principal offices of the Exchange.
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 SR-FINRA-2015-
007, and should be submitted on or before May 12, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09070 Filed 4-20-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices 22243

Finally, Amendment No. 1 deletes the (a) deletes the statement in the original Internet Web site (http://www.sec.gov/
section in the Notice titled ‘‘Information filing that pricing information regarding rules/sro.shtml). Copies of the
Sharing Procedures,’’ in which the each asset class in which the Fund or submission, all subsequent
Exchange stated that its ability to Portfolio will invest will generally be amendments, all written statements
monitor trading in the Fund would not available through nationally recognized with respect to the proposed rule
be affected by the listing and trading of data service providers through change that are filed with the
Actively-Traded Securities on non-ISG- subscription arrangements, and (b) Commission, and all written
member markets, or by the absence of replaces the deleted language described communications relating to the
CSSAs with markets on which in (a) above with a statement clarifying proposed rule change between the
‘‘Actively-Traded Securities’’ are listed that pricing information regarding each Commission and any person, other than
or traded.16 asset class in which the Fund or those that may be withheld from the
In all other material respects, the Portfolio will invest, including Rule public in accordance with the
proposed rule change as set forth in 144A securities, repurchase agreements, provisions of 5 U.S.C. 552, will be
Amendment No. 1 is otherwise identical reverse repurchase agreements, and available for Web site viewing and
to the original proposed rule change set securities of investment companies printing in the Commission’s Public
forth in the Notice.17 (other than ETFs registered under the Reference Room, 100 F Street NE.,
II. Description of Amendment 2 to the 1940 Act), will generally be available Washington, DC 20549, on official
Proposed Rule Change through nationally recognized data business days between the hours of
service providers through subscription 10:00 a.m. and 3:00 p.m. Copies of such
As noted above, the Exchange filed arrangements. filing will also be available for
Amendment No. 2 to the proposed rule Additional information regarding the inspection and copying at the principal
change on April 7, 2015. The specific Trust, Fund, Portfolio, and the Shares, office of the Exchange. All comments
changes effected by Amendment No. 2 received will be posted without change;
including investment strategies, risks,
are described below. the Commission does not edit personal
creation and redemption procedures,
First, Amendment No. 2 adds a identifying information from
statement to the proposed rule change fees, portfolio holdings disclosure
policies, trading halts, dissemination submissions. You should submit only
requiring, under normal circumstances, information that you wish to make
the Portfolio 18 to include a minimum of and availability of information,
distributions, and taxes can be found in available publicly. All submissions
20 exchange-listed and -traded equity should refer to File Number SR–
securities. Second, Amendment No. 2 Amendment No.1 to the proposed rule
change and the Registration Statement, NYSEArca–2014–100 and should be
as applicable.19 submitted on or before May 12, 2015.
company, which evidence ownership of underlying
securities issued by a foreign corporation. For For the Commission, by the Division of
ADRs, the depository is typically a U.S. financial
III. Solicitation of Comments Trading and Markets, pursuant to delegated
institution and the underlying securities are issued Interested persons are invited to authority.20
by a foreign issuer. For other Depositary Receipts, Brent J. Fields,
the depository may be a foreign or a U.S. entity, and
submit written data, views, and
the underlying securities may have a foreign or a arguments concerning the foregoing, Secretary.
U.S. issuer. Depositary Receipts will not necessarily including whether the filing, as [FR Doc. 2015–09065 Filed 4–20–15; 8:45 am]
be denominated in the same currency as their modified by Amendment Nos. 1 and 2, BILLING CODE 8011–01–P
underlying securities. Generally, ADRs, in
registered form, are designed for use in the U.S. is consistent with the Act. Comments
securities market, and EDRs, in bearer form, are may be submitted by any of the
designated for use in European securities markets. following methods: SECURITIES AND EXCHANGE
GDRs are tradable both in the United States and in COMMISSION
Europe and are designed for use throughout the Electronic Comments
world. The Fund’s portfolio may invest in [Release No. 34–74734; File No. SR–FINRA–
unsponsored Depositary Receipts. The issuers of • Use the Commission’s Internet 2015–007]
unsponsored Depositary Receipts are not obligated comment form (http://www.sec.gov/
to disclose material information in the United rules/sro.shtml); or
States, and, therefore, there may be less information
Self-Regulatory Organizations;
available regarding such issuers and there may not • Send an email to rule-comments@ Financial Industry Regulatory
be a correlation between such information and the sec.gov. Please include File Number SR– Authority, Inc.; Notice of Filing and
market value of the Depositary Receipts. NYSEArca–2014–100 on the subject Immediate Effectiveness of a Proposed
Unsponsored Depositary Receipts will not exceed line.
10% of the Fund’s net assets. See Notice, supra note
Rule Change To Waive Trade
3, at 57162, n.10. Paper Comments Reporting Fees Under Rule 7710 Due
16 See Notice, supra note 3, at 57167–57169. to an OTC Reporting Facility Systems
17 See Notice, supra note 3. • Send paper comments in triplicate Issue
18 The ‘‘Portfolio’’ is defined as SSgA Global to Secretary, Securities and Exchange
Managed Volatility Portfolio, a separate series of the Commission, 100 F Street NE., April 15, 2015.
SSgA Master Trust with an identical investment Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
objective as the Fund. See Notice, supra note 3, at Securities Exchange Act of 1934
57162. In general, the Portfolio (i.e., the master All submissions should refer to File
fund) will be where investments will be held, Number SR–NYSEArca–2014–100. This (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
which investments will primarily consist of equity file number should be included on the notice is hereby given that on April 10,
securities, and may, to a lesser extent, include other
subject line if email is used. To help the 2015, Financial Industry Regulatory
investments as described under ‘‘Non-Principal Authority, Inc. (‘‘FINRA’’) filed with the
Investment Policies.’’ The Fund (i.e., the feeder Commission process and review your
fund) will invest in shares of the Portfolio and will comments more efficiently, please use Securities and Exchange Commission
tkelley on DSK3SPTVN1PROD with NOTICES

not invest in investments described under ‘‘Non- only one method. The Commission will (‘‘SEC’’ or ‘‘Commission’’) the proposed
Principal Investment Policies,’’ but may be exposed
post all comments on the Commission’s rule change as described in Items I, II,
to such investments by means of the Fund’s and III below, which Items have been
investment in shares of the Portfolio. In
extraordinary instances, the Fund reserves the right 19 See supra note 9; see also Notice, supra note
20 17 CFR 200.30–3(a)(57).
to make direct investments in equity securities and 3, at 57161 n.6 (referring to the Registration
1 15 U.S.C. 78s(b)(1).
other investments. See Notice, supra note 3, at id., Statement on Form N–1A relating to the Fund (File
n.11. Nos. 333–173276 and 811–22542)). 2 17 CFR 240.19b–4.

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Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices 22245

FINRA rules provide for the equitable III. Date of Effectiveness of the Washington, DC 20549 on official
allocation of reasonable dues, fees and Proposed Rule Change and Timing for business days between the hours of
other charges among members and Commission Action 10:00 a.m. and 3:00 p.m. Copies of such
issuers and other persons using any The foregoing rule change has become filing also will be available for
facility or system that FINRA operates effective pursuant to Section 19(b)(3)(A) inspection and copying at the principal
or controls. FINRA believes that the of the Act 8 and paragraph (f)(2) of Rule offices of the Exchange. All comments
proposed rule change to waive trade 19b–4 thereunder.9 At any time within received will be posted without change;
reporting fees under Rule 7710, as 60 days of the filing of the proposed rule the Commission does not edit personal
described herein, is appropriate in light change, the Commission summarily may identifying information from
of the ORF systems issue on March 24, temporarily suspend such rule change if submissions. You should submit only
2015. FINRA does not believe that it appears to the Commission that such information that you wish to make
members should incur fees for the action is necessary or appropriate in the available publicly. All submissions
corrective action they were required to public interest, for the protection of should refer to File Number SR–FINRA–
take following the ORF systems issue. investors, or otherwise in furtherance of 2015–007, and should be submitted on
FINRA believes that this limited waiver the purposes of the Act. If the or before May 12, 2015.
results in reasonable fees and financial Commission takes such action, the For the Commission, by the Division of
benefits that are equitably allocated. The Commission shall institute proceedings Trading and Markets, pursuant to delegated
financial benefit of the trade reporting to determine whether the proposed rule authority.10
fee waiver is available to all firms that should be approved or disapproved. Brent J. Fields,
reported to the ORF on March 24, 2015 IV. Solicitation of Comments Secretary.
and to all firms that reported trades with [FR Doc. 2015–09070 Filed 4–20–15; 8:45 am]
Interested persons are invited to
an execution date or original report date submit written data, views, and BILLING CODE 8011–01–P
of March 24, 2015, provided that such arguments concerning the foregoing,
reports were received by March 31, including whether the proposed rule
2015. The proposed rule change is SECURITIES AND EXCHANGE
change is consistent with the Act. COMMISSION
reasonable because the waiver of ORF Comments may be submitted by any of
trade reporting fees—and the financial the following methods: [Investment Company Act Release No.
benefit from such waiver—is of limited 31552; File No. 812–14302]
Electronic Comments
amount, duration and application, as
noted above. Finally, the proposed trade • Use the Commission’s Internet Voya Retirement Insurance and
reporting fee waiver does not unfairly comment form (http://www.sec.gov/ Annuity Company et al.; Notice of
discriminate between or among rules/sro.shtml); or Application
members in that the waiver is available • Send an email to rule-comments@
April 15, 2015.
to any such member that reported sec.gov. Please include File Number SR–
FINRA–2015–007 on the subject line. AGENCY: Securities and Exchange
transactions to the ORF on the relevant Commission (‘‘SEC’’ or ‘‘Commission’’).
dates. Paper Comments
ACTION: Notice of application for an
B. Self-Regulatory Organization’s • Send paper comments in triplicate order approving the substitution of
Statement on Burden on Competition to Brent J. Fields, Secretary, Securities certain securities pursuant to section
and Exchange Commission, 100 F Street 26(c) of the Investment Company Act of
FINRA does not believe that the NE., Washington, DC 20549–1090. 1940, as amended (the ‘‘1940 Act’’ or
proposed rule change will result in any All submissions should refer to File ‘‘Act’’).
burden on competition that is not Number SR–FINRA–2015–007. This file
necessary or appropriate in furtherance number should be included on the Applicants: Voya Retirement
of the purposes of the Act. FINRA subject line if email is used. To help the Insurance and Annuity Company
believes that the proposed rule change Commission process and review your (‘‘Voya Retirement’’), Voya Insurance
to waive the trade reporting fees is comments more efficiently, please use and Annuity Company (‘‘Voya
appropriate in light of the ORF systems only one method. The Commission will Insurance’’), ReliaStar Life Insurance
issue, which required members to take post all comments on the Commission’s Company of New York (‘‘ReliaStar
corrective action and make additional Internet Web site (http://www.sec.gov/ NY’’), and Security Life of Denver
submissions to the ORF. FINRA believes rules/sro.shtml). Copies of the Insurance Company (‘‘Security Life’’)
that the limited trade reporting fee submission, all subsequent (each a ‘‘Company’’ and together, the
waiver would not place an unreasonable amendments, all written statements ‘‘Companies’’), Variable Annuity
fee burden on members, nor confer an with respect to the proposed rule Account B of Voya Retirement (‘‘Voya
change that are filed with the Retirement B’’), Variable Annuity
uncompetitive benefit to members that
Commission, and all written Account I of Voya Retirement (‘‘Voya
have their trade reporting fees waived,
communications relating to the Retirement I’’), Separate Account B of
in that such waiver would be available
proposed rule change between the Voya Insurance (‘‘Voya Insurance B’’),
for a very limited period and the
Commission and any person, other than Separate Account EQ of Voya Insurance
financial impact of such a waiver would
those that may be withheld from the (‘‘Voya Insurance EQ’’), ReliaStar Life
be de minimis. Insurance Company of New York
public in accordance with the
tkelley on DSK3SPTVN1PROD with NOTICES

C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Separate Account NY–B (‘‘ReliaStar
Statement on Comments on the available for Web site viewing and NY–B’’), Security Life Separate Account
Proposed Rule Change Received From printing in the Commission’s Public A1 (‘‘Security Life A1’’), Security Life
Members, Participants, or Others Reference Room, 100 F Street NE., Separate Accounts S–A1 (‘‘Security Life
S–A1’’) (each, an ‘‘Account’’ and
Written comments were neither 8 15 U.S.C. 78s(b)(3)(A).
solicited nor received. 9 17 CFR 240.19b–4(f)(2). 10 17 CFR 200.30–3(a)(12).

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Document Created: 2015-12-16 08:33:35
Document Modified: 2015-12-16 08:33:35

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 22243