80 FR 27220 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Adopt FINRA Rule 2272 To Govern Sales or Offers of Sales of Securities on the Premises of Any Military Installation to Members of the U.S. Armed Forces or Their Dependents
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 91 (May 12, 2015)
Federal Register Volume 80, Issue 91 (May 12, 2015)
| Page Range | 27220-27222 | |
| FR Document | 2015-11381 |
[Federal Register Volume 80, Number 91 (Tuesday, May 12, 2015)] [Notices] [Pages 27220-27222] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-11381] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74890; File No. SR-FINRA-2015-009] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Adopt FINRA Rule 2272 To Govern Sales or Offers of Sales of Securities on the Premises of Any Military Installation to Members of the U.S. Armed Forces or Their Dependents May 6, 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 23, 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 substantially prepared by FINRA. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to adopt FINRA Rule 2272, which would govern sales or offers of sales of securities on the premises of any military installation to members of the U.S. Armed Forces or their dependents. 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 in Item IV below. FINRA has prepared summaries, set forth in sections A, B, [[Page 27221]] 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 Background The proposed rule change would adopt FINRA Rule 2272, which would govern sales or offers of sales of securities on the premises of any military installation to members of the U.S. Armed Forces or their dependents. Statutory Requirement The Military Personnel Financial Services Protection Act (``Military Act'') was enacted to protect members of the U.S. Armed Forces from unscrupulous practices regarding sales of insurance, financial and investment products.\3\ Congress amended Section 15A(b) of the Exchange Act with the enactment of the Military Act to require FINRA, as a registered securities association, to adopt rules governing the sales or offers of sales of securities on the premises of any military installation to members of the U.S. Armed Forces or their dependents.\4\ Such rules must require: (1) The broker-dealer performing brokerage services to clearly and conspicuously disclose to potential investors (a) that the securities offered are not being offered or provided by the broker-dealer on behalf of the federal government, and that its offer is not sanctioned, recommended, or encouraged by the federal government and (b) the identity of the registered broker-dealer offering the securities; (2) such broker- dealer to perform an appropriate suitability determination, including consideration of costs and knowledge about securities, prior to making a recommendation of a security to a member of the U.S. Armed Forces or a dependent thereof; and (3) that no person receive any referral fee or incentive compensation in connection with a sale or offer of sale of securities, unless such person is an associated person of a registered broker-dealer and is qualified pursuant to the rules of a self- regulatory organization.\5\ --------------------------------------------------------------------------- \3\ Public Law 109-290, 120 Stat. 1317. \4\ 15 U.S.C. 78o-3(b). \5\ 15 U.S.C. 78o-3(b)(14). --------------------------------------------------------------------------- Proposal FINRA, as a registered securities association, is proposing to adopt Rule 2272 to comply with the statutory requirements of the Military Act. Proposed Rule 2272 would require that any member engaging in sales or offers of sales of securities on the premises of a military installation to any member of the U.S. Armed Forces or a dependent thereof shall clearly and conspicuously disclose in writing, which may be electronic, to such potential investor prior to engaging in sales or offers of sales of securities to such investor: (1) The identity of the member offering the securities; and (2) that the securities offered are not being offered or provided by the member on behalf of the federal government, and that the offer of such securities is not sanctioned, recommended or encouraged by the federal government.\6\ Electronic delivery of the disclosures required by proposed Rule 2272 must be consistent with SEC guidance on the use of electronic media to satisfy delivery obligations which, among other things, requires affirmative consent of the customer for delivery of certain documents.\7\ --------------------------------------------------------------------------- \6\ See proposed Rule 2272(b). \7\ See Securities Exchange Act Release No. 37182 (May 6, 1996); 61 FR 24644 (May 15, 1996). See also Securities Exchange Act Release No. 42728 (April 28, 2000); 65 FR 25843 (May 4, 2000). --------------------------------------------------------------------------- Proposed Rule 2272 also would incorporate the suitability obligations under FINRA Rule 2111. Specifically, the proposed rule would explicitly provide that a member must satisfy the suitability obligations imposed by Rule 2111 when making a recommendation on the premises of a military installation to any member of the U.S. Armed Forces or a dependent thereof.\8\ FINRA believes that the suitability obligations imposed by Rule 2111 satisfy the statutory requirement that FINRA adopt rules requiring its members to perform an appropriate suitability determination, including consideration of costs and knowledge about securities, prior to making a recommendation to a member of the U.S. Armed Forces or a dependent thereof. FINRA has previously stated that the cost associated with a recommendation is one factor for a member or an associated person to consider when determining whether a security or investment strategy is suitable for a customer pursuant to Rule 2111.\9\ Further, Rule 2111 requires a member or associated person to use reasonable diligence to obtain and consider, among other things, the customer's investment experience.\10\ --------------------------------------------------------------------------- \8\ See proposed Rule 2272(c). \9\ See Regulatory Notice 12-25 (May 2012). FINRA stated that the cost associated with a recommendation is one of many important factors to consider when determining whether the subject security or investment strategy involving a security or securities is suitable. \10\ See Rule 2111(a) (requiring that a member or associated person use reasonable diligence to obtain and consider a customer's investment profile, which includes the customer's investment experience). See also Regulatory Notice 12-25. --------------------------------------------------------------------------- Proposed Rule 2272 also would provide that no member shall cause a person to receive a referral fee or incentive compensation in connection with sales or offers of sales of securities on the premises of a military installation with any member of the U.S. Armed Forces or a dependent thereof, unless such person is an associated person of a registered broker-dealer who is appropriately qualified consistent with FINRA rules, and the payment complies with applicable federal securities laws and FINRA rules.\11\ --------------------------------------------------------------------------- \11\ See proposed Rule 2272(d). --------------------------------------------------------------------------- For purposes of the proposed rule change, FINRA proposes to define ``military installation'' to include ``any federally owned, leased or operated base, reservation, post, camp, building or other facility to which members of the U.S. Armed Forces are assigned for duty, including barracks, transient housing and family quarters.'' \12\ FINRA will read with interest comments as to whether proposed Rule 2272 should be broadened to apply to sales or offers of sales of securities both on and off the premises of a military installation to any member of the U.S. Armed Forces or a dependent thereof. In this regard, FINRA reminds members that any such sales or offers of sales of securities off the premises of a military installation must comply with applicable FINRA rules, including suitability requirements, and that any misleading representation made to a member of the U.S. Armed Forces or a dependent thereof off the premises of a military installation that the securities are being offered or provided on behalf of, or sanctioned, recommended, or encouraged by the federal government would be otherwise prohibited by FINRA rules.\13\ --------------------------------------------------------------------------- \12\ See proposed Rule 2272(a). The proposed definition is consistent with the definition included in the Military Sales Practices Model Regulation adopted by the National Association of Insurance Commissioners. See http://www.naic.org/store/free/MDL-568.pdf. \13\ See, e.g., Rules 2010, 2020, and 2210. --------------------------------------------------------------------------- FINRA will announce the effective date of the proposed rule change in a Regulatory Notice to be published no later than 60 days following Commission approval. The effective date will be no later than 180 days following publication of the Regulatory Notice announcing Commission approval. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions [[Page 27222]] of Section 15A(b)(6) of the Act,\14\ 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 that the proposed rule change will further the purposes of the Act by providing members of the U.S. Armed Forces and their dependents on the premises of military installations with clear disclosure that the securities offered are not being offered or provided by the member on behalf of the federal government, and that the offer of such securities is not sanctioned, recommended or encouraged by the federal government. The proposed rule change also would require persons receiving referral fees or other incentive compensation in connection with such sales to be appropriately qualified associated persons of a broker-dealer so as to mitigate potentially abusive and unscrupulous sales practices. --------------------------------------------------------------------------- \14\ 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. Proposed Rule 2272 is intended to benefit members of the U.S. Armed Forces and their dependents on the premises of military installations by providing enhanced disclosure about securities investments and limiting compensation for referrals. According to the 2012 National Financial Capability Study's Military Report,\15\ approximately half of the survey respondents hold non-retirement investments and approximately 65% have self-directed retirement plans. In addition, approximately two-thirds of respondents indicated that they have consulted with a financial professional outside the military over the past five years. --------------------------------------------------------------------------- \15\ The report and related materials can be found at: http://www.usfinancialcapability.org/resultsm.php. The report is based on a survey of 1,000 members of the U.S. Armed Forces, including active duty personnel, activated Reserve and National Guard personnel, and Reserve and National Guard personnel not currently on active duty. --------------------------------------------------------------------------- The Department of Defense has separately imposed requirements for personal commercial solicitations, including offers and sales of securities, on the premises of military installations. Among other things, the Department of Defense has required: (i) Registering persons seeking to solicit on the premises of military installations with the installation's commander prior to soliciting on the premises; (ii) checking the person's license status and complaint history prior to granting permission for soliciting on the premises; (iii) permitting only previously scheduled meetings in a location designated by the commander or in family quarters; and (iv) maintaining a list of persons and companies who have had their commercial solicitation privileges withdrawn.\16\ The Department of Defense's requirements have the practical effect of limiting access to the premises of military installations for the purpose of commercial solicitations. --------------------------------------------------------------------------- \16\ See Department of Defense Instruction No. 1344.07 (March 30, 2006). --------------------------------------------------------------------------- The proposed rule change would impose additional costs on members that offer to sell securities on the premises of U.S. military installations to members of the U.S. Armed Forces and their dependents. Specifically, members would be required to provide additional disclosure and to adopt supervisory policies and procedures reasonably designed to ensure that the disclosure is provided where required. FINRA anticipates that the disclosure required by proposed Rule 2272 would be provided with other materials and disclosures typically provided to potential investors. 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 Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be 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 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-2015-009 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-2015-009. 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-2015-009 and should be submitted on or before June 2, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-11381 Filed 5-11-15; 8:45 am] BILLING CODE 8011-01-P
![27220 Federal Register / Vol. 80, No. 91 / Tuesday, May 12, 2015 / Notices
100 F Street NE., Washington, DC implied consent to send a notice to each Dated: May 6, 2015.
20549–2736. applicable investor stating that the Robert W. Errett,
Extension: investors in the household will receive Deputy Secretary.
Rule 30e–2, SEC File No. 270–437, OMB one report in the future unless the [FR Doc. 2015–11370 Filed 5–11–15; 8:45 am]
Control No. 3235–0494. investors provide contrary instructions. BILLING CODE 8011–01–P
Notice is hereby given that, under the In addition, at least once a year, UITs
Paperwork Reduction Act of 1995 (44 relying on the rule for householding
U.S.C. 3501 et seq.), (‘‘Paperwork must explain to investors who have SECURITIES AND EXCHANGE
Reduction Act’’) the Securities and provided written or implied consent COMMISSION
Exchange Commission (the how they can revoke their consent. The
[Release No. 34–74890; File No. SR–FINRA–
‘‘Commission’’) has submitted to the purpose of the notice and annual 2015–009]
Office of Management and Budget explanation requirements associated
(‘‘OMB’’) a request for extension of the with the householding provisions of the Self-Regulatory Organizations;
previously approved collection of rule is to ensure that investors who wish Financial Industry Regulatory
information discussed below. to receive individual copies of Authority, Inc.; Notice of Filing of a
Rule 30e–2 (17 CFR 270.30e–2) under shareholder reports are able to do so. Proposed Rule Change To Adopt
the Investment Company Act of 1940 The Commission estimates that the FINRA Rule 2272 To Govern Sales or
(15 U.S.C. 80a–1 et seq.) (‘‘Investment annual burden associated with rule 30e– Offers of Sales of Securities on the
Company Act’’) requires registered unit 2 is 121 hours per respondent, including Premises of Any Military Installation to
investment trusts (‘‘UITs’’) that invest an estimated 20 hours associated with Members of the U.S. Armed Forces or
substantially all of their assets in shares the notice requirement for householding Their Dependents
of a management investment company and an estimated 1 hour associated with
the explanation of the right to revoke May 6, 2015.
(‘‘fund’’) to send their unitholders
consent to householding. The Pursuant to Section 19(b)(1) of the
annual and semiannual reports
Commission estimates that there are Securities Exchange Act of 1934
containing financial information on the
currently approximately 700 UITs. (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
underlying company. Specifically, rule
Therefore, the Commission estimates notice is hereby given that on April 23,
30e–2 requires that the report contain
that the total hour burden is 2015, Financial Industry Regulatory
all the applicable information and
approximately 84,700 hours. In addition Authority, Inc. (‘‘FINRA’’) filed with the
financial statements or their equivalent,
to the burden hours, the Commission Securities and Exchange Commission
required by rule 30e–1 under the
estimates that the annual cost of (‘‘SEC’’ or ‘‘Commission’’) the proposed
Investment Company Act (17 CFR
contracting for outside services rule change as described in Items I, II,
270.30e–1) to be included in reports of
associated with rule 30e–2 is $20,000 and III below, which Items have been
the underlying fund for the same fiscal
per respondent, for a total cost of substantially prepared by FINRA. The
period. Rule 30e–1 requires that the
approximately $14,000,000. Commission is publishing this notice to
underlying fund’s report contain, among
Estimates of average burden hours are solicit comments on the proposed rule
other things, the information that is
made solely for the purposes of the change from interested persons.
required to be included in such reports
by the fund’s registration statement form Paperwork Reduction Act and are not I. Self-Regulatory Organization’s
under the Investment Company Act. derived from a comprehensive or even Statement of the Terms of Substance of
The purpose of this requirement is to representative survey or study of the the Proposed Rule Change
apprise current shareholders of the costs of Commission rules and forms.
FINRA is proposing to adopt FINRA
operational and financial condition of The collection of information under rule
Rule 2272, which would govern sales or
the UIT. Absent the requirement to 30e–2 is mandatory. The information
offers of sales of securities on the
disclose all material information in provided under rule 30e–2 will not be
premises of any military installation to
reports, investors would be unable to kept confidential. An agency may not
members of the U.S. Armed Forces or
obtain accurate information upon which conduct or sponsor, and a person is not
their dependents.
to base investment decisions and required to respond to, a collection of The text of the proposed rule change
consumer confidence in the securities information unless it displays a is available on FINRA’s Web site at
industry might be adversely affected. currently valid OMB control number. http://www.finra.org, at the principal
Requiring the submission of these The public may view the background office of FINRA and at the
reports to the Commission permits us to documentation for this information Commission’s Public Reference Room.
verify compliance with securities law collection at the following Web site,
requirements. www.reginfo.gov. Comments should be II. Self-Regulatory Organization’s
Rule 30e–2, however, permits, under directed to: (i) Desk Officer for the Statement of the Purpose of, and
certain conditions, delivery of a single Securities and Exchange Commission, Statutory Basis for, the Proposed Rule
shareholder report to investors who Office of Information and Regulatory Change
share an address (‘‘householding’’). Affairs, Office of Management and In its filing with the Commission,
Specifically, rule 30e–2 permits Budget, Room 10102, New Executive FINRA included statements concerning
householding of annual and semi- Office Building, Washington, DC 20503, the purpose of and basis for the
annual reports by UITs to satisfy the or by sending an email to: Shagufta_ proposed rule change and discussed any
mstockstill on DSK4VPTVN1PROD with NOTICES
delivery requirements of rule 30e–2 if, Ahmed@omb.eop.gov; and (ii) Pamela comments it received on the proposed
in addition to the other conditions set Dyson, Director/Chief Information rule change. The text of these statements
forth in the rule, the UIT has obtained Officer, Securities and Exchange may be examined at the places specified
from each applicable investor written or Commission, c/o Remi Pavlik-Simon, in Item IV below. FINRA has prepared
implied consent to the householding of 100 F Street NE., Washington, DC 20549 summaries, set forth in sections A, B,
shareholder reports at such address. The or send an email to: PRA_Mailbox@
rule requires UITs that wish to sec.gov. Comments must be submitted to 1 15 U.S.C. 78s(b)(1).
household shareholder reports with OMB within 30 days of this notice. 2 17 CFR 240.19b–4.
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![27222 Federal Register / Vol. 80, No. 91 / Tuesday, May 12, 2015 / Notices
of Section 15A(b)(6) of the Act,14 which persons seeking to solicit on the including whether the proposed rule
requires, among other things, that premises of military installations with change is consistent with the Act.
FINRA rules must be designed to the installation’s commander prior to Comments may be submitted by any of
prevent fraudulent and manipulative soliciting on the premises; (ii) checking the following methods:
acts and practices, to promote just and the person’s license status and
Electronic Comments
equitable principles of trade, and, in complaint history prior to granting
general, to protect investors and the permission for soliciting on the • Use the Commission’s Internet
public interest. FINRA believes that the premises; (iii) permitting only comment form (http://www.sec.gov/
proposed rule change will further the previously scheduled meetings in a rules/sro.shtml); or
purposes of the Act by providing location designated by the commander
members of the U.S. Armed Forces and or in family quarters; and (iv) • Send an email to rule-comments@
their dependents on the premises of maintaining a list of persons and sec.gov. Please include File Number SR–
military installations with clear companies who have had their FINRA–2015–009 on the subject line.
disclosure that the securities offered are commercial solicitation privileges Paper Comments
not being offered or provided by the withdrawn.16 The Department of
member on behalf of the federal Defense’s requirements have the • Send paper comments in triplicate
government, and that the offer of such practical effect of limiting access to the to Brent J. Fields, Secretary, Securities
securities is not sanctioned, premises of military installations for the and Exchange Commission, 100 F Street
recommended or encouraged by the purpose of commercial solicitations. NE., Washington, DC 20549–1090.
federal government. The proposed rule The proposed rule change would All submissions should refer to File
change also would require persons impose additional costs on members Number SR–FINRA–2015–009. This file
receiving referral fees or other incentive that offer to sell securities on the number should be included on the
compensation in connection with such premises of U.S. military installations to subject line if email is used. To help the
sales to be appropriately qualified members of the U.S. Armed Forces and Commission process and review your
associated persons of a broker-dealer so their dependents. Specifically, members comments more efficiently, please use
as to mitigate potentially abusive and would be required to provide additional only one method. The Commission will
unscrupulous sales practices. disclosure and to adopt supervisory post all comments on the Commission’s
policies and procedures reasonably Internet Web site (http://www.sec.gov/
B. Self-Regulatory Organization’s
designed to ensure that the disclosure is rules/sro.shtml). Copies of the
Statement on Burden on Competition
provided where required. FINRA submission, all subsequent
FINRA does not believe that the anticipates that the disclosure required amendments, all written statements
proposed rule change will result in any by proposed Rule 2272 would be with respect to the proposed rule
burden on competition that is not provided with other materials and change that are filed with the
necessary or appropriate in furtherance disclosures typically provided to Commission, and all written
of the purposes of the Act. Proposed potential investors. communications relating to the
Rule 2272 is intended to benefit
C. Self-Regulatory Organization’s proposed rule change between the
members of the U.S. Armed Forces and
Statement on Comments on the Commission and any person, other than
their dependents on the premises of
Proposed Rule Change Received From those that may be withheld from the
military installations by providing
Members, Participants, or Others public in accordance with the
enhanced disclosure about securities
provisions of 5 U.S.C. 552, will be
investments and limiting compensation Written comments were neither
available for Web site viewing and
for referrals. solicited nor received.
According to the 2012 National printing in the Commission’s Public
III. Date of Effectiveness of the Reference Room, 100 F Street NE.,
Financial Capability Study’s Military
Proposed Rule Change and Timing for Washington, DC 20549, on official
Report,15 approximately half of the
Commission Action business days between the hours of
survey respondents hold non-retirement
investments and approximately 65% Within 45 days of the date of 10:00 a.m. and 3:00 p.m. Copies of such
have self-directed retirement plans. In publication of this notice in the Federal filing also will be available for
addition, approximately two-thirds of Register or within such longer period (i) inspection and copying at the principal
respondents indicated that they have as the Commission may designate up to office of FINRA. All comments received
consulted with a financial professional 90 days of such date if it finds such will be posted without change; the
outside the military over the past five longer period to be appropriate and Commission does not edit personal
years. publishes its reasons for so finding or identifying information from
The Department of Defense has (ii) as to which the self-regulatory submissions. You should submit only
separately imposed requirements for organization consents, the Commission information that you wish to make
personal commercial solicitations, will: available publicly. All submissions
including offers and sales of securities, (A) By order approve or disapprove should refer to File Number SR–FINRA–
on the premises of military installations. such proposed rule change, or 2015–009 and should be submitted on
Among other things, the Department of (B) institute proceedings to determine or before June 2, 2015.
Defense has required: (i) Registering whether the proposed rule change For the Commission, by the Division of
should be disapproved. Trading and Markets, pursuant to delegated
mstockstill on DSK4VPTVN1PROD with NOTICES
14 15 U.S.C. 78o–3(b)(6). authority.17
15 The
IV. Solicitation of Comments
report and related materials can be found Robert W. Errett,
at: http://www.usfinancialcapability.org/ Interested persons are invited to Deputy Secretary.
resultsm.php. The report is based on a survey of submit written data, views and
1,000 members of the U.S. Armed Forces, including [FR Doc. 2015–11381 Filed 5–11–15; 8:45 am]
active duty personnel, activated Reserve and arguments concerning the foregoing,
BILLING CODE 8011–01–P
National Guard personnel, and Reserve and
National Guard personnel not currently on active 16 SeeDepartment of Defense Instruction No.
duty. 1344.07 (March 30, 2006). 17 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-16 07:55:01
Document Modified: 2015-12-16 07:55:01
| 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 27220 |
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