80 FR 53369 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change To Establish the Securities Trader and Securities Trader Principal Registration Categories

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 171 (September 3, 2015)

Page Range		53369-53370
FR Document		2015-21869
Federal Register, Volume 80 Issue 171 (Thursday, September 3, 2015)
[Federal Register Volume 80, Number 171 (Thursday, September 3, 2015)]
[Notices]
[Pages 53369-53370]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21869]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75783; File No. SR-FINRA-2015-017]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Order Approving a Proposed Rule Change To Establish 
the Securities Trader and Securities Trader Principal Registration 
Categories

August 28, 2015.

I. Introduction

    On June 29, 2015, the Financial Industry Regulatory Authority, Inc. 
(``FINRA'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to establish the Securities Trader and Securities 
Trader Principal registration categories. The proposed rule change was 
published for comment in the Federal Register on July 14, 2015.\3\ The 
Commission received two comment letters on the proposed rule change.\4\ 
This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 75394 (July 8, 
2015), 80 FR 41119 (``Notice'').
    \4\ See letters to Robert W. Errett, Deputy Secretary, 
Commission, from Kevin Zambrowicz, Associate General Counsel & 
Managing Director, Securities Industry and Financial Markets 
Association, dated July 10, 2015 (``SIFMA Letter'') and Michele Van 
Tassel, President, Association of Registration Management, dated 
July 19, 2015 (``ARM Letter'').
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II. Description of the Proposed Rule Change

A. Securities Trader Registration Category

    Pursuant to NASD Rule 1032(f), each person associated with a FINRA 
member who is included within the definition of ``representative'' in 
NASD Rule 1031 must register with FINRA as an Equity Trader if, with 
respect to transactions in equity (including equity options), preferred 
or convertible debt securities effected otherwise than on a national 
securities exchange, the person is engaged in proprietary trading, the 
execution of transactions on an agency basis, or the direct supervision 
of such activities.\5\ Currently, before registering as an Equity 
Trader and taking the Series 55 examination, the associated person must 
be registered as either a General Securities Representative (Series 7) 
or a Corporate Securities Representative (Series 62) and have passed 
either of the exams.
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    \5\ There is an exception to this requirement for any person 
associated with a FINRA member whose trading activities are 
conducted principally on behalf of an investment company that is 
registered with the Commission pursuant to the Investment Company 
Act of 1940 and that controls, is controlled by, or is under common 
control with the member.
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    The exchanges, however, currently use the Series 56 examination as 
a qualification standard for several registration categories relating 
to securities trading, including the Proprietary Trader registration 
category, and only NASDAQ recognizes the Series 55 examination as an 
acceptable qualification standard under its registration rules. Unlike 
the Series 55 examination, there is no prerequisite registration 
requirement for individuals taking the Series 56 examination. The 
Series 56 examination is administered by FINRA, however FINRA does not 
recognize the exam as an acceptable qualification examination. 
Associated persons of FINRA members are required to pass the Series 55 
examination to engage in over-the-counter securities trading. 
Consequently, individuals engaged in trading activities at broker-
dealers may be subject to varying qualification requirements, depending 
on whether their activities take place on a securities exchange or 
over-the-counter.\6\
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    \6\ FINRA notes that there is significant overlap in the content 
of the Series 55 and 56 examinations.
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    In its proposal, FINRA amends NASD Rule 1032(f) to replace the 
Equity Trader registration category and qualification examination 
(Series 55) with a Securities Trader registration category and 
qualification examination (Series 57).\7\ FINRA also amends NASD Rule 
1032(f) to eliminate the prerequisite registration requirement. In 
addition, FINRA amends NASD Rule 1032(f) to provide that a person 
solely registered as a Securities Trader will not be qualified to 
function in any other registration category.
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    \7\ FINRA will develop the Series 57 examination and will file 
the examination with the Commission as part of a separate proposed 
rule change. According to FINRA, while the Series 57 examination 
will include the core knowledge portion of the Series 7 examination, 
the Series 57 examination will also be based on the current job 
functions of securities traders and include elements of the Series 
55 and 56 examination programs. In addition, FINRA will file a 
separate proposed rule change to establish the fee for the Series 57 
examination.
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    As proposed, a person registered as an Equity Trader in the Central 
Registration Depository (``CRD'') system on the effective date of the 
proposed rule change \8\ will be grandfathered as a Securities Trader 
without having to take any additional examinations and without having 
to take any other actions.\9\
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    \8\ The exchanges have indicated that they will replace the 
Series 56 examination with the Series 57 examination for those 
registration categories, such as the Proprietary Trader registration 
category, where the Series 56 is currently an acceptable 
qualification standard. The Commission expects the exchanges to file 
their proposed rule changes to effectuate this change before FINRA's 
expected effective date for the Series 57--January 4, 2016.
    \9\ A person who was registered as an Equity Trader in the CRD 
system before the effective date of the proposed rule change will be 
eligible to register as a Securities Trader without having to take 
any additional examinations, provided that no more than two years 
has passed between the date the person was last registered as a 
representative and the date the person registers as a Securities 
Trader.
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B. Securities Trader Principal Registration Category

    Currently, an associated person with direct supervisory 
responsibility over

[[Page 53370]]

the securities trading activities set forth in NASD Rule 1032(f)(1) is 
required to qualify and register as an Equity Trader. FINRA rules do 
not expressly require such person to register in a specific principal 
registration category. On the other hand, most national securities 
exchanges expressly require that an individual associated with an 
exchange member who has supervisory responsibility over proprietary 
trading activities qualify and register as a Proprietary Trader 
Principal.
    In its proposal, FINRA amends NASD Rule 1022(a) to require each 
person associated with a FINRA member who is included within the 
definition of ``principal'' in NASD Rule 1021 and who has supervisory 
responsibility over the securities trading activities described in NASD 
Rule 1032(f)(1) to qualify and register as a Securities Trader 
Principal. To qualify for registration as a Securities Trader 
Principal, a person must first qualify and register as a Securities 
Trader and then pass the General Securities Principal qualification 
examination (Series 24).\10\ As proposed, a person who is qualified and 
registered only as a Securities Trader Principal may only have 
supervisory responsibility over the activities specified in NASD Rule 
1032(f)(1). Moreover, a person who is registered as a General 
Securities Principal will not be qualified to supervise the trading 
activities described in NASD Rule 1032(f)(1), unless the person 
qualifies and registers as a Securities Trader by passing the Series 57 
examination and affirmatively registers as a Securities Trader 
Principal.
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    \10\ The exchanges have indicated that they plan to replace the 
Series 56 examination with the Series 57 examination under their 
respective registration rules, thus the Series 57 examination will 
also replace the Series 56 examination for those registration 
categories, such as the Proprietary Trader Principal registration 
category, where the Series 56 examination is currently an acceptable 
prerequisite.
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    As proposed, a person registered as a General Securities Principal 
and an Equity Trader in the CRD system on the effective date of the 
proposed rule change will be eligible to register as a Securities 
Trader Principal without having to take any additional 
examinations.\11\ FINRA members, however, will be required to 
affirmatively register persons who transition to Securities Trader 
Principals on or after the effective date of the proposed rule 
change.\12\
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    \11\ An individual who was registered as a General Securities 
Principal and an Equity Trader in the CRD system before the 
effective date of the proposed rule change will also be eligible to 
register as a Securities Trader Principal without having to take any 
additional examinations, provided that no more than two years has 
passed between the date that person was last registered as a 
principal and the date that person registers as a Securities Trader 
Principal. Moreover, on the effective date of the proposed rule 
change, FINRA will convert Proprietary Trader Principal 
registrations in the CRD system into Securities Trader Principal 
registrations.
    \12\ In connection with the proposals discussed above, and in 
anticipation of the national securities exchanges filing similar 
proposed rule changes to replace the Series 56 examination with the 
Series 57 examination in their respective registration rules, FINRA 
proposes to amend the Form U4 to replace: (1) the Equity Trader 
registration category with the Securities Trader registration 
category as well as references to the Series 55 examination with the 
Series 57 examination; (2) references to the Series 56 examination 
with the Series 57 examination; and (3) the Proprietary Trader 
Principal registration category with the Securities Trader Principal 
registration category.
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III. Comment Letters

    The Commission received two comment letters that support the 
proposed rule change.\13\ These commenters note that the proposal would 
eliminate or reduce redundancies and inefficiencies that exist in the 
current qualification regime.\14\ These commenters also support the 
timeline for implementing the proposed rule change.\15\
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    \13\ See supra note 4.
    \14\ See SIFMA Letter at 3-4 and ARM Letter at 2.
    \15\ See SIFMA Letter at 4 and ARM Letter at 2. However, one 
commenter requests that FINRA provide some flexibility in the 
timeline given the other initiatives that member firms are currently 
undertaking or will undertake in the near future. See SIFMA Letter 
at 4. See also ARM Letter at 2. This commenter also encourages FINRA 
to coordinate the current proposal and the Algorithmic Trading 
proposal that was set forth in FINRA Regulatory Notice 15-06, and to 
implement the Series 57 regime before implementing the Algorithmic 
Trading proposal (assuming the Algorithmic Trading proposal moves 
forward). See SIFMA Letter at 5. Moreover, this commenter encourages 
FINRA to solicit comment on the Series 57 examination content 
through a Regulatory Notice. See id. The Commission notes that FINRA 
will file a proposed rule change to implement the new exam. See 
Notice, supra note 3, at n. 6.
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IV. Discussion and Commission Findings

    After careful review of the proposed rule change and the comment 
letters, the Commission finds that the proposed rule change is 
consistent with the requirements of the Act and the rules and 
regulations thereunder that are applicable to a national securities 
association.\16\ Specifically, the Commission finds that the proposed 
rule change is consistent with Section 15A(b)(6) of the Act,\17\ which 
requires, among other things, that FINRA rules 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. The Commission also finds that the proposed 
rule change is consistent with Section 15A(g)(3) of the Act,\18\ which 
requires FINRA to prescribe standards of training, experience, and 
competence for persons associated with FINRA members. The proposed rule 
change should harmonize the qualification and registration requirements 
for individuals engaged in securities trading activities across 
different markets and for principals responsible for supervising such 
activities. In addition, by explicitly requiring the registration of 
Securities Trader Principals, as such, the proposal will help FINRA to 
identify and contact principals with supervisory responsibility over 
the securities trading activities described in NASD Rule 1032(f)(1).
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    \16\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \17\ 15 U.S.C. 78o-3(b)(6).
    \18\ 15 U.S.C. 78o-3(g)(3).
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V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\19\ that the proposed rule change (SR-FINRA-2015-017) be, and 
hereby is, approved.
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    \19\ 15 U.S.C. 78s(b)(2).
    \20\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\20\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21869 Filed 9-2-15; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices 53369

All submissions should refer to File No. Exchange Commission (‘‘Commission’’), Series 56 examination is administered
SR–EDGX–2015–38. This file number pursuant to Section 19(b)(1) of the by FINRA, however FINRA does not
should be included on the subject line Securities Exchange Act of 1934 recognize the exam as an acceptable
if email is used. To help the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a qualification examination. Associated
Commission process and review your proposed rule change to establish the persons of FINRA members are required
comments more efficiently, please use Securities Trader and Securities Trader to pass the Series 55 examination to
only one method. The Commission will Principal registration categories. The engage in over-the-counter securities
post all comments on the Commission’s proposed rule change was published for trading. Consequently, individuals
Internet Web site (http://www.sec.gov/ comment in the Federal Register on July engaged in trading activities at broker-
rules/sro.shtml). Copies of the 14, 2015.3 The Commission received dealers may be subject to varying
submission, all subsequent two comment letters on the proposed qualification requirements, depending
amendments, all written statements rule change.4 This order approves the on whether their activities take place on
with respect to the proposed rule proposed rule change. a securities exchange or over-the-
change that are filed with the counter.6
II. Description of the Proposed Rule In its proposal, FINRA amends NASD
Commission, and all written
Change Rule 1032(f) to replace the Equity
communications relating to the
proposed rule change between the A. Securities Trader Registration Trader registration category and
Commission and any person, other than Category qualification examination (Series 55)
those that may be withheld from the Pursuant to NASD Rule 1032(f), each with a Securities Trader registration
public in accordance with the person associated with a FINRA category and qualification examination
provisions of 5 U.S.C. 552, will be member who is included within the (Series 57).7 FINRA also amends NASD
available for Web site viewing and definition of ‘‘representative’’ in NASD Rule 1032(f) to eliminate the
printing in the Commission’s Public Rule 1031 must register with FINRA as prerequisite registration requirement. In
Reference Room, 100 F Street NE., an Equity Trader if, with respect to addition, FINRA amends NASD Rule
Washington, DC 20549, on official transactions in equity (including equity 1032(f) to provide that a person solely
business days between the hours of options), preferred or convertible debt registered as a Securities Trader will not
10:00 a.m. and 3:00 p.m. Copies of such securities effected otherwise than on a be qualified to function in any other
filing will also be available for national securities exchange, the person registration category.
inspection and copying at the principal As proposed, a person registered as an
is engaged in proprietary trading, the
office of the Exchange. All comments Equity Trader in the Central Registration
execution of transactions on an agency
received will be posted without change; Depository (‘‘CRD’’) system on the
basis, or the direct supervision of such
the Commission does not edit personal effective date of the proposed rule
activities.5 Currently, before registering
identifying information from change 8 will be grandfathered as a
as an Equity Trader and taking the
submissions. You should submit only Securities Trader without having to take
Series 55 examination, the associated
information that you wish to make any additional examinations and
person must be registered as either a
available publicly. All submissions without having to take any other
General Securities Representative
should refer to File No. SR–EDGX– actions.9
(Series 7) or a Corporate Securities
2015–38 and should be submitted on or Representative (Series 62) and have B. Securities Trader Principal
before September 24,2015. passed either of the exams. Registration Category
For the Commission, by the Division of The exchanges, however, currently Currently, an associated person with
Trading and Markets, pursuant to delegated use the Series 56 examination as a direct supervisory responsibility over
authority.28 qualification standard for several
Robert W. Errett, registration categories relating to 6 FINRA notes that there is significant overlap in
Deputy Secretary. securities trading, including the the content of the Series 55 and 56 examinations.
[FR Doc. 2015–21873 Filed 9–2–15; 8:45 am] Proprietary Trader registration category, 7 FINRA will develop the Series 57 examination

BILLING CODE 8011–01–P and only NASDAQ recognizes the Series and will file the examination with the Commission
55 examination as an acceptable as part of a separate proposed rule change.
According to FINRA, while the Series 57
qualification standard under its examination will include the core knowledge
SECURITIES AND EXCHANGE registration rules. Unlike the Series 55 portion of the Series 7 examination, the Series 57
COMMISSION examination, there is no prerequisite examination will also be based on the current job
registration requirement for individuals functions of securities traders and include elements
[Release No. 34–75783; File No. SR–FINRA– of the Series 55 and 56 examination programs. In
2015–017] taking the Series 56 examination. The addition, FINRA will file a separate proposed rule
change to establish the fee for the Series 57
Self-Regulatory Organizations; 1 15 U.S.C. 78s(b)(1). examination.
2 17 8 The exchanges have indicated that they will
Financial Industry Regulatory CFR 240.19b–4.
3 See Securities Exchange Act Release No. 75394 replace the Series 56 examination with the Series
Authority, Inc.; Order Approving a (July 8, 2015), 80 FR 41119 (‘‘Notice’’). 57 examination for those registration categories,
Proposed Rule Change To Establish 4 See letters to Robert W. Errett, Deputy Secretary, such as the Proprietary Trader registration category,
the Securities Trader and Securities Commission, from Kevin Zambrowicz, Associate where the Series 56 is currently an acceptable
General Counsel & Managing Director, Securities qualification standard. The Commission expects the
Trader Principal Registration exchanges to file their proposed rule changes to
Industry and Financial Markets Association, dated
Categories July 10, 2015 (‘‘SIFMA Letter’’) and Michele Van effectuate this change before FINRA’s expected
Tassel, President, Association of Registration effective date for the Series 57—January 4, 2016.
August 28, 2015. Management, dated July 19, 2015 (‘‘ARM Letter’’). 9 A person who was registered as an Equity
tkelley on DSK3SPTVN1PROD with NOTICES

I. Introduction
5 There is an exception to this requirement for Trader in the CRD system before the effective date
any person associated with a FINRA member whose of the proposed rule change will be eligible to
On June 29, 2015, the Financial trading activities are conducted principally on register as a Securities Trader without having to
Industry Regulatory Authority, Inc. behalf of an investment company that is registered take any additional examinations, provided that no
with the Commission pursuant to the Investment more than two years has passed between the date
(‘‘FINRA’’) filed with the Securities and Company Act of 1940 and that controls, is the person was last registered as a representative
controlled by, or is under common control with the and the date the person registers as a Securities
28 17 CFR 200.30–3(a)(12). member. Trader.

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53370 Federal Register / Vol. 80, No. 171 / Thursday, September 3, 2015 / Notices

the securities trading activities set forth however, will be required to manipulative acts and practices, to
in NASD Rule 1032(f)(1) is required to affirmatively register persons who promote just and equitable principles of
qualify and register as an Equity Trader. transition to Securities Trader trade, and, in general, to protect
FINRA rules do not expressly require Principals on or after the effective date investors and the public interest. The
such person to register in a specific of the proposed rule change.12 Commission also finds that the
principal registration category. On the proposed rule change is consistent with
III. Comment Letters
other hand, most national securities Section 15A(g)(3) of the Act,18 which
exchanges expressly require that an The Commission received two requires FINRA to prescribe standards
individual associated with an exchange comment letters that support the of training, experience, and competence
member who has supervisory proposed rule change.13 These for persons associated with FINRA
responsibility over proprietary trading commenters note that the proposal members. The proposed rule change
activities qualify and register as a would eliminate or reduce redundancies should harmonize the qualification and
Proprietary Trader Principal. and inefficiencies that exist in the registration requirements for individuals
In its proposal, FINRA amends NASD current qualification regime.14 These engaged in securities trading activities
Rule 1022(a) to require each person commenters also support the timeline across different markets and for
associated with a FINRA member who for implementing the proposed rule principals responsible for supervising
is included within the definition of change.15 such activities. In addition, by explicitly
‘‘principal’’ in NASD Rule 1021 and IV. Discussion and Commission requiring the registration of Securities
who has supervisory responsibility over Findings Trader Principals, as such, the proposal
the securities trading activities will help FINRA to identify and contact
After careful review of the proposed
described in NASD Rule 1032(f)(1) to principals with supervisory
rule change and the comment letters,
qualify and register as a Securities responsibility over the securities trading
the Commission finds that the proposed
Trader Principal. To qualify for activities described in NASD Rule
rule change is consistent with the
registration as a Securities Trader 1032(f)(1).
requirements of the Act and the rules
Principal, a person must first qualify and regulations thereunder that are V. Conclusion
and register as a Securities Trader and applicable to a national securities
then pass the General Securities It is therefore ordered, pursuant to
association.16 Specifically, the Section 19(b)(2) of the Act,19 that the
Principal qualification examination Commission finds that the proposed
(Series 24).10 As proposed, a person proposed rule change (SR–FINRA–
rule change is consistent with Section 2015–017) be, and hereby is,approved.
who is qualified and registered only as 15A(b)(6) of the Act,17 which requires,
a Securities Trader Principal may only among other things, that FINRA rules be For the Commission, by the Division of
have supervisory responsibility over the Trading and Markets, pursuant to delegated
designed to prevent fraudulent and
activities specified in NASD Rule authority.20
1032(f)(1). Moreover, a person who is Robert W. Errett,
Proprietary Trader Principal registrations in the
registered as a General Securities CRD system into Securities Trader Principal Deputy Secretary.
Principal will not be qualified to registrations. [FR Doc. 2015–21869 Filed 9–2–15; 8:45 am]
12 In connection with the proposals discussed
supervise the trading activities BILLING CODE 8011–01–P
above, and in anticipation of the national securities
described in NASD Rule 1032(f)(1), exchanges filing similar proposed rule changes to
unless the person qualifies and registers replace the Series 56 examination with the Series
as a Securities Trader by passing the 57 examination in their respective registration SECURITIES AND EXCHANGE
Series 57 examination and affirmatively rules, FINRA proposes to amend the Form U4 to COMMISSION
replace: (1) the Equity Trader registration category
registers as a Securities Trader with the Securities Trader registration category as [Release No. 34–75787; File No. SR–EDGA–
Principal. well as references to the Series 55 examination with 2015–34]
As proposed, a person registered as a the Series 57 examination; (2) references to the
General Securities Principal and an Series 56 examination with the Series 57
examination; and (3) the Proprietary Trader
Self-Regulatory Organizations; EDGA
Equity Trader in the CRD system on the Principal registration category with the Securities Exchange, Inc.; Notice of Filing and
effective date of the proposed rule Trader Principal registration category. Immediate Effectiveness of a Proposed
change will be eligible to register as a 13 See supra note 4.
Rule Change Related to Fees for a
14 See SIFMA Letter at 3–4 and ARM Letter at 2.
Securities Trader Principal without Market Data Product Known as EDGA
15 See SIFMA Letter at 4 and ARM Letter at 2.
having to take any additional Book Viewer
However, one commenter requests that FINRA
examinations.11 FINRA members, provide some flexibility in the timeline given the
August 28, 2015.
other initiatives that member firms are currently
10 The exchanges have indicated that they plan to undertaking or will undertake in the near future. Pursuant to Section 19(b)(1) of the
replace the Series 56 examination with the Series See SIFMA Letter at 4. See also ARM Letter at 2. Securities Exchange Act of 1934 (the
57 examination under their respective registration This commenter also encourages FINRA to ‘‘Act’’),1 and Rule 19b–4 thereunder,2
rules, thus the Series 57 examination will also coordinate the current proposal and the
replace the Series 56 examination for those Algorithmic Trading proposal that was set forth in
notice is hereby given that on August
registration categories, such as the Proprietary FINRA Regulatory Notice 15–06, and to implement 24, 2015, EDGA Exchange, Inc. (the
Trader Principal registration category, where the the Series 57 regime before implementing the ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
Series 56 examination is currently an acceptable Algorithmic Trading proposal (assuming the Securities and Exchange Commission
prerequisite. Algorithmic Trading proposal moves forward). See
11 An individual who was registered as a General SIFMA Letter at 5. Moreover, this commenter (‘‘Commission’’) the proposed rule
Securities Principal and an Equity Trader in the encourages FINRA to solicit comment on the Series change as described in Items I, II and III
CRD system before the effective date of the 57 examination content through a Regulatory below, which Items have been prepared
tkelley on DSK3SPTVN1PROD with NOTICES

proposed rule change will also be eligible to register Notice. See id. The Commission notes that FINRA by the Exchange. The Exchange has
as a Securities Trader Principal without having to will file a proposed rule change to implement the
take any additional examinations, provided that no new exam. See Notice, supra note 3, at n. 6.
18 15 U.S.C. 78o–3(g)(3).
16 In approving this proposed rule change, the
more than two years has passed between the date 19 15
that person was last registered as a principal and Commission has considered the proposed rule’s U.S.C. 78s(b)(2).
20 17 CFR 200.30–3(a)(12).
the date that person registers as a Securities Trader impact on efficiency, competition, and capital
Principal. Moreover, on the effective date of the formation. See 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).

proposed rule change, FINRA will convert 17 15 U.S.C. 78o–3(b)(6). 2 17 CFR 240.19b–4.

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Document Created: 2015-12-15 09:56:58
Document Modified: 2015-12-15 09:56:58
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 53369