80 FR 24302 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of Trade Reporting Amendments Approved Pursuant to SR-FINRA-2013-050
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 83 (April 30, 2015)
Federal Register Volume 80, Issue 83 (April 30, 2015)
| Page Range | 24302-24304 | |
| FR Document | 2015-10039 |
[Federal Register Volume 80, Number 83 (Thursday, April 30, 2015)] [Notices] [Pages 24302-24304] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-10039] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74807; File No. SR-FINRA-2015-008] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of Trade Reporting Amendments Approved Pursuant to SR-FINRA-2013-050 April 24, 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 21, 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 and II below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as constituting a ``non-controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under the Act,\3\ 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change FINRA is proposing to delay the implementation date of amendments to the trade reporting rules relating to the Alternative Display Facility (``ADF'') and the Trade Reporting Facilities (``TRFs'') approved pursuant to SR-FINRA-2013-050. The proposed rule change would not make any changes to 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. 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 [[Page 24303]] 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 On November 12, 2013, FINRA filed proposed rule change SR-FINRA- 2013-050 to On November 12, 2013, FINRA filed proposed rule change SR- FINRA-2013-050, which among other things, proposed to amend FINRA rules governing the reporting of over-the-counter (``OTC'') transactions in NMS stocks to the ADF and TRFs. The proposed rule change was approved by the Commission on February 27, 2014.\4\ The amendments to the ADF and TRF rules relating to millisecond reporting that were approved pursuant to SR-FINRA-2013-050 became effective on November 10, 2014.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 71623 (February 27, 2014), 79 FR 12558 (March 5, 2014) (Order Approving File No. SR- FINRA-2013-050). \5\ The amendments to other rule sets approved pursuant to SR- FINRA-2013-050 are also effective. Specifically, the amendments to the Order Audit Trail System rules became effective on April 7, 2014, and the amendments to the OTC Reporting Facility rules became effective on November 17, 2014. --------------------------------------------------------------------------- Pursuant to proposed rule change SR-FINRA-2014-039,\6\ FINRA proposed to implement the remaining amendments to the ADF and TRF trade reporting rules no later than April 30, 2015, and announced an effective date of April 20, 2015.\7\ Specifically, the amendments to the ADF and TRF rules (i) require firms to report an additional time field for Stop Stock transactions \8\ and transactions that reflect an execution price that is based on a prior reference point in time,\9\ and when reporting block transactions using the exception for Intermarket Sweep Orders (ISOs) (outbound) under SEC Rule 611 of Regulation NMS, if the time the firm routed the ISOs is different from the execution time; \10\ (ii) require firms to identify the original trade when reporting a reversal by including the control number and report date for the original trade report; \11\ (iii) require firms to report trades executed on non-business days and trades reported more than 365 days after trade date (T+365) to the ADF or a TRF (and not on ``Form T'' through FINRA's Firm Gateway) and further to report non- business day trades on an ``as/of'' basis by 8:15 a.m. the next business day with the unique trade report modifier to denote their execution outside normal market hours; \12\ (iv) provide that where both sides are submitting a clearing-only report to effectuate a step- out, the member transferring out of the position must report a step-out and the member receiving the position must report a ``step-in''; \13\ and (v) address the processing of trades that are submitted for clearing.\14\ In addition, SR-FINRA-2013-050 made a number of non- substantive technical and conforming changes to the ADF and TRF rules that were otherwise being amended. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 73289 (October 2, 2014), 79 FR 60874 (October 8, 2014) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2014-039). \7\ See Regulatory Notice 14-21 (May 2014). \8\ See paragraph (F) of Rules 6282(a)(4), 6380A(a)(5) and 6380B(a)(5). ``Stop stock transaction'' means a transaction resulting from an order in which a firm and another party agree that the order will be executed at a stop stock price or better, which price is based upon the prices at which the security is trading at the time the firm receives the order. See Rules 6220, 6320A and 6320B. \9\ See paragraph (G) of Rules 6282(a)(4), 6380A(a)(5) and 6380B(a)(5). \10\ See Rules 6282.03, 6380A.03 and 6380B.03. \11\ See Rules 6282(g), 6380A(g) and 6380B(f). \12\ See Rules 6282(a)(2), 6380A(a)(2) and 6380B(a)(2). \13\ See Rules 7130(g), 7230A(i) and 7230B(h). \14\ See Rules 7140, 7240A and 7240B. --------------------------------------------------------------------------- Firms have requested additional time to make the systems changes necessary to comply with the new reporting requirements, and in particular, have indicated they need additional time to test the systems changes.\15\ Given the scope of the changes, FINRA believes that it is appropriate to extend the implementation date and is proposing to implement the changes to the ADF and TRF rules approved pursuant to SR-FINRA-2013-050 on July 13, 2015. FINRA believes that this will provide firms ample time to implement and test the changes, as it will afford firms approximately seven months from the date of updated technical specifications (technical specifications for the FINRA/NYSE TRF were published on December 17, 2014 and for the FINRA/ NASDAQ TRF on December 23, 2014) \16\ and more than three months of testing (testing became available on March 16, 2015 for the FINRA/NYSE TRF and April 1, 2015 for the FINRA/NASDAQ TRF).\17\ --------------------------------------------------------------------------- \15\ See, e.g., email dated February 12, 2015 from Manisha Kimmel, Managing Director, Financial Information Forum (``FIF''), requesting a delay of implementation of the amendments to the ADF and TRF rules approved pursuant to SR-FINRA-2013-050. \16\ Updated technical specifications have not yet been published for the ADF; however, we note that currently no member firms use the ADF for trade reporting to FINRA. FINRA anticipates publishing updated technical specifications for the ADF shortly. \17\ FINRA notes that this implementation schedule is consistent with FIF's recommendation in its comment letter on SR-FINRA-2013-050 that FINRA release TRF technical specifications within seven months, and make available a robust test environment within three months, of the implementation date. See Letter from Manisha Kimmel, Executive Director, Financial Information Forum, to Elizabeth M. Murphy, Secretary, SEC, dated December 20, 2013. --------------------------------------------------------------------------- Some firms also have requested that they be permitted to report in accordance with the amendments to the ADF and TRF rules prior to the implementation date. The TRFs and the ADF are unable to make the necessary systems changes available in production prior to July 13, 2015 to accommodate voluntary reporting in accordance with the new reporting requirements by some firms, while other firms continue to report under the current reporting requirements. Therefore, all firms must begin reporting in accordance with the amendments on July 13, 2015. As noted above, however, firms will have ample opportunity to test their systems changes and new reporting processes prior to July 13, 2015. FINRA has filed the proposed rule change for immediate effectiveness and has requested that the Commission waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing. The operative date will be the date of filing of the proposed rule change. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of section 15A(b)(6) of the Act,\18\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA believes the proposed rule change is consistent with the Act in that it provides firms additional time to complete the systems changes necessary to comply with SR-FINRA-2013-050, which amendments will, among other things, ensure a more accurate and complete audit trail, enable FINRA to recreate more accurately members' market activity and enhance FINRA's ability to surveil on an automated basis for compliance with FINRA trade reporting and other rules. --------------------------------------------------------------------------- \18\ 15 U.S.C. 78o-3(b)(6). --------------------------------------------------------------------------- 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 providing adequate time [[Page 24304]] for firms to make and test the systems changes necessary to comply with SR-FINRA-2013-050 will benefit all interested parties. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others A copy of the request for a delay from FIF is attached to the filing submitted by the Exchange but not attached to the published notice of this filing. In response to FIF's request, as discussed above, FINRA is proposing to delay implementation of the amendments to the ADF and TRF rules approved under SR-FINRA-2013-050 to July 13, 2015. FINRA believes that the revised implementation date will provide members additional time to make the necessary system changes while balancing the need to implement the amendments without undue delay. 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 19(b)(3)(A) of the Act \19\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\20\ --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(3)(A). \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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) normally does not become operative for 30 days after the date of filing.\21\ However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.\22\ FINRA has requested that the Commission waive the 30-day operative delay so that FINRA can immediately delay the implementation dates, as provided in this proposal. --------------------------------------------------------------------------- \21\ 17 CFR 240.19b-4(f)(6)(iii). \22\ Id. --------------------------------------------------------------------------- The Commission believes that the waiver of the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow FINRA to extend the implementation dates of certain changes approved pursuant to SR-FINRA-2013-050 in a timely manner. Therefore, the Commission designates the proposal operative upon filing.\23\ --------------------------------------------------------------------------- \23\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act.\24\ If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved.\25\ --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(3)(C). \25\ Id. --------------------------------------------------------------------------- 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 CommentsUse 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-FINRA-2015-008 on the subject line. Paper Comments 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-FINRA-2015-008. 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 office of FINRA. 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-2015-008, and should be submitted on or before May 21, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-10039 Filed 4-29-15; 8:45 am] BILLING CODE 8011-01-P
![24302 Federal Register / Vol. 80, No. 83 / Thursday, April 30, 2015 / Notices
intramarket competition that is not Electronic Comments SECURITIES AND EXCHANGE
necessary or appropriate in furtherance COMMISSION
of the purposes of the Act. The • Use the Commission’s Internet
comment form (http://www.sec.gov/ [Release No. 34–74807; File No. SR–FINRA–
Exchange believes that the proposed 2015–008]
fees and rebates are competitive with rules/sro.shtml); or
fees and rebates offered to orders • Send an email to rule-comments@ Self-Regulatory Organizations;
executed on other options exchanges. sec.gov. Please include File No. SR–ISE– Financial Industry Regulatory
The Exchange operates in a highly 2015–15 on the subject line. Authority, Inc.; Notice of Filing and
competitive market in which market Immediate Effectiveness of a Proposed
participants can readily direct their Paper Comments
Rule Change To Delay the
order flow to competing venues. In such • Send paper comments in triplicate Implementation Date of Trade
an environment, the Exchange must to Secretary, Securities and Exchange Reporting Amendments Approved
continually review, and consider Commission, 100 F Street NE., Pursuant to SR–FINRA–2013–050
adjusting, its fees and rebates to remain Washington, DC 20549. April 24, 2015.
competitive with other exchanges. For
the reasons described above, the All submissions should refer to File No. Pursuant to section 19(b)(1) of the
SR–ISE–2015–15. This file number Securities Exchange Act of 1934
Exchange believes that the proposed fee
should be included on the subject line (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
changes reflect this competitive
if email is used. To help the notice is hereby given that on April 21,
environment.
Commission process and review your 2015, Financial Industry Regulatory
C. Self-Regulatory Organization’s Authority, Inc. (‘‘FINRA’’) filed with the
comments more efficiently, please use
Statement on Comments on the Securities and Exchange Commission
only one method. The Commission will
Proposed Rule Change Received From (‘‘SEC’’ or ‘‘Commission’’) the proposed
post all comments on the Commission’s rule change as described in Items I and
Members, Participants, or Others
Internet Web site (http://www.sec.gov/ II below, which Items have been
The Exchange has not solicited, and rules/sro.shtml). Copies of the prepared by FINRA. FINRA has
does not intend to solicit, comments on submission, all subsequent designated the proposed rule change as
this proposed rule change. The amendments, all written statements constituting a ‘‘non-controversial’’ rule
Exchange has not received any with respect to the proposed rule change under paragraph (f)(6) of Rule
unsolicited written comments from change that are filed with the 19b–4 under the Act,3 which renders
members or other interested parties. Commission, and all written the proposal effective upon receipt of
communications relating to the this filing by the Commission. The
III. Date of Effectiveness of the proposed rule changes between the Commission is publishing this notice to
Proposed Rule Change and Timing for Commission and any person, other than solicit comments on the proposed rule
Commission Action those that may be withheld from the change from interested persons.
The foregoing rule change has become public in accordance with the
I. Self-Regulatory Organization’s
effective pursuant to Section provisions of 5 U.S.C. 552, will be Statement of the Terms of the Substance
19(b)(3)(A)(ii) of the Act 19 and available for Web site viewing and of the Proposed Rule Change
subparagraph (f)(2) of Rule 19b–4 printing in the Commission’s Public
Reference Room, 100 F Street NE., FINRA is proposing to delay the
thereunder,20 because it establishes a
Washington, DC 20549 on official implementation date of amendments to
due, fee, or other charge imposed by the trade reporting rules relating to the
ISE. business days between the hours of
Alternative Display Facility (‘‘ADF’’)
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the
and the Trade Reporting Facilities
filing of such proposed rule change, the filing also will be available for
(‘‘TRFs’’) approved pursuant to SR–
Commission summarily may inspection and copying at the principal FINRA–2013–050. The proposed rule
temporarily suspend such rule change if office of the ISE. All comments received change would not make any changes to
it appears to the Commission that such will be posted without change; the FINRA rules.
action is necessary or appropriate in the Commission does not edit personal The text of the proposed rule change
public interest, for the protection of identifying information from is available on FINRA’s Web site at
investors, or otherwise in furtherance of submissions. You should submit only http://www.finra.org, at the principal
the purposes of the Act. If the information that you wish to make office of FINRA and at the
Commission takes such action, the available publicly. All submissions Commission’s Public Reference Room.
Commission shall institute proceedings should refer to File No. SR–ISE–2015–
II. Self-Regulatory Organization’s
to determine whether the proposed rule 15 and should be submitted on or before
Statement of the Purpose of, and
should be approved or disapproved. May 21, 2015. Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments For the Commission, by the Division of Change
Trading and Markets, pursuant to delegated
In its filing with the Commission,
Interested persons are invited to authority.21
FINRA included statements concerning
submit written data, views and Brent J. Fields, the purpose of and basis for the
mstockstill on DSK4VPTVN1PROD with NOTICES
arguments concerning the foregoing, Secretary. proposed rule change and discussed any
including whether the proposal is [FR Doc. 2015–10038 Filed 4–29–15; 8:45 am] comments it received on the proposed
consistent with the Act. Comments may rule change. The text of these statements
BILLING CODE 8011–01–P
be submitted by any of the following may be examined at the places specified
methods:
1 15 U.S.C. 78s(b)(1).
19 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4.
20 17 CFR 240.19b–4(f)(2). 21 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4(f)(6).
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![24304 Federal Register / Vol. 80, No. 83 / Thursday, April 30, 2015 / Notices
for firms to make and test the systems approved pursuant to SR–FINRA–2013– printing in the Commission’s Public
changes necessary to comply with SR– 050 in a timely manner. Therefore, the Reference Room, 100 F Street NE.,
FINRA–2013–050 will benefit all Commission designates the proposal Washington, DC 20549, on official
interested parties. operative upon filing.23 business days between the hours of
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such
C. Self-Regulatory Organization’s filing of the proposed rule change, the
Statement on Comments on the filing also will be available for
Commission summarily may inspection and copying at the principal
Proposed Rule Change Received From temporarily suspend such rule change if
Members, Participants, or Others office of FINRA. All comments received
it appears to the Commission that such will be posted without change; the
A copy of the request for a delay from action is: (i) Necessary or appropriate in Commission does not edit personal
FIF is attached to the filing submitted by the public interest; (ii) for the protection identifying information from
the Exchange but not attached to the of investors; or (iii) otherwise in submissions. You should submit only
published notice of this filing. In furtherance of the purposes of the Act.24 information that you wish to make
response to FIF’s request, as discussed If the Commission takes such action, the available publicly. All submissions
above, FINRA is proposing to delay Commission shall institute proceedings should refer to File Number SR–FINRA–
implementation of the amendments to to determine whether the proposed rule 2015–008, and should be submitted on
the ADF and TRF rules approved under change should be approved or or before May 21, 2015.
SR–FINRA–2013–050 to July 13, 2015. disapproved.25
FINRA believes that the revised For the Commission, by the Division of
implementation date will provide IV. Solicitation of Comments Trading and Markets, pursuant to delegated
authority.26
members additional time to make the Interested persons are invited to
submit written data, views, and Brent J. Fields,
necessary system changes while
balancing the need to implement the arguments concerning the foregoing, Secretary.
amendments without undue delay. including whether the proposed rule [FR Doc. 2015–10039 Filed 4–29–15; 8:45 am]
change is consistent with the Act. BILLING CODE 8011–01–P
III. Date of Effectiveness of the Comments may be submitted by any of
Proposed Rule Change and Timing for the following methods:
Commission Action SECURITIES AND EXCHANGE
Because the foregoing proposed rule Electronic Comments COMMISSION
change does not: (i) Significantly affect • Use the Commission’s Internet
[File No. 500–1]
the protection of investors or the public comment form (http://www.sec.gov/
interest; (ii) impose any significant rules/sro.shtml); or In the Matter of Jet Neko, Inc., Order
burden on competition; and (iii) become • Send an email to rule-comments@ of Suspension of Trading
operative for 30 days from the date on sec.gov. Please include File Number SR–
which it was filed, or such shorter time FINRA–2015–008 on the subject line. April 28, 2015.
as the Commission may designate, it has Paper Comments It appears to the Securities and
become effective pursuant to section Exchange Commission that there is a
19(b)(3)(A) of the Act 19 and • Send paper comments in triplicate lack of current and accurate information
subparagraph (f)(6) of Rule 19b–4 to Secretary, Securities and Exchange concerning the securities of Jet Neko,
thereunder.20 Commission, 100 F Street NE., Inc. (CIK No. 1541371), a void Delaware
A proposed rule change filed under Washington, DC 20549–1090. corporation with its principal place of
Rule 19b–4(f)(6) normally does not All submissions should refer to File business listed as Miyazaki, Japan with
become operative for 30 days after the Number SR–FINRA–2015–008. This file stock quoted on OTC Link (previously,
date of filing.21 However, Rule 19b– number should be included on the ‘‘Pink Sheets’’) operated by OTC
4(f)(6)(iii) permits the Commission to subject line if email is used. To help the Markets Group, Inc. (‘‘OTC Link’’) under
designate a shorter time if such action Commission process and review your the ticker symbol NEKO, because it has
is consistent with the protection of comments more efficiently, please use not filed any periodic reports since it
investors and the public interest.22 only one method. The Commission will filed a Form 10 registration statement on
FINRA has requested that the post all comments on the Commission’s February 9, 2012. On February 5, 2015,
Commission waive the 30-day operative Internet Web site (http://www.sec.gov/ a delinquency letter was sent by the
delay so that FINRA can immediately rules/sro.shtml). Copies of the Division of Corporation Finance to Jet
delay the implementation dates, as submission, all subsequent Neko, Inc. requesting compliance with
provided in this proposal. amendments, all written statements their periodic filing obligations, but Jet
The Commission believes that the with respect to the proposed rule Neko, Inc. did not receive the
waiver of the 30-day operative delay is change that are filed with the delinquency letter due to its failure to
consistent with the protection of Commission, and all written maintain a valid address on file with the
investors and the public interest as it communications relating to the Commission as required by Commission
will allow FINRA to extend the proposed rule change between the rules (Rule 301 of Regulation S–T, 17
implementation dates of certain changes Commission and any person, other than CFR 232.301 and Section 5.4 of EDGAR
those that may be withheld from the Filer Manual).
19 15 U.S.C. 78s(b)(3)(A). public in accordance with the The Commission is of the opinion that
20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– provisions of 5 U.S.C. 552, will be
mstockstill on DSK4VPTVN1PROD with NOTICES
4(f)(6) requires a self-regulatory organization to give the public interest and the protection of
the Commission written notice of its intent to file available for Web site viewing and investors require a suspension of trading
the proposed rule change at least five business days in the securities of Jet Neko, Inc.
prior to the date of filing of the proposed rule 23 For purposes only of waiving the 30-day
Therefore, it is ordered, pursuant to
change, or such shorter time as designated by the operative delay, the Commission has considered the
Commission. The Exchange has satisfied this proposed rule’s impact on efficiency, competition, Section 12(k) of the Securities Exchange
requirement. and capital formation. See 15 U.S.C. 78c(f). Act of 1934, that trading in the
21 17 CFR 240.19b–4(f)(6)(iii). 24 15 U.S.C. 78s(b)(3)(C).
22 Id. 25 Id. 26 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-21 10:15:06
Document Modified: 2018-02-21 10:15:06
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 24302 |
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