81 FR 45328 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Application of FINRA Rule 2210 (“Communications With the Public”) to Debt Research Reports
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 134 (July 13, 2016)
Federal Register Volume 81, Issue 134 (July 13, 2016)
| Page Range | 45328-45330 | |
| FR Document | 2016-16478 |
[Federal Register Volume 81, Number 134 (Wednesday, July 13, 2016)] [Notices] [Pages 45328-45330] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-16478] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78237; File No. SR-FINRA-2016-021] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Application of FINRA Rule 2210 (``Communications With the Public'') to Debt Research Reports July 7, 2016. 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 June 24, 2016, 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 Substance of the Proposed Rule Change FINRA is proposing to clarify the application of FINRA Rule 2210 (``Communications with the Public'') to debt research reports as the result of approval of a new FINRA debt research conflict of interest rule. 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 45329]] and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose FINRA is proposing to make several conforming changes to FINRA Rule 2210 to expressly address its application to debt research reports in light of the Commission's approval of a dedicated debt research conflict of interest rule. On July 16, 2015, the SEC approved a proposed rule change to adopt FINRA Rule 2242 to address conflicts of interest relating to the publication and distribution of debt research reports.\4\ Rule 2242 will be implemented on July 16, 2016.\5\ Until that rule becomes effective, FINRA's research conflict of interest rules apply only to equity research as set forth in FINRA Rule 2241 (``Research Analysts and Research Reports''). --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 75472 (July 16, 2015), 80 FR 43528 (July 22, 2015) (Order Approving File No. SR- FINRA-2014-048). See also Regulatory Notice 15-31 (August 2015). \5\ See Securities Exchange Act Release No. 77158 (February 17, 2016), 81 FR 9065 (February 23, 2016) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2016-008), see also Securities Exchange Act Release No. 77726 (April 27, 2016), 81 FR 26593 (May 3, 2016) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2016-013). --------------------------------------------------------------------------- First, Rule 2210(b)(1)(A) requires an appropriately qualified registered principal to approve each ``retail communication'' before the earlier of its use or filing with FINRA's Advertising Regulation Department. Both a debt and equity research report constitutes a ``retail communication,'' unless it is distributed or made available only to ``institutional investors'' as defined in Rule 2210(a)(4), in which case it would be considered an ``institutional communication'' not subject to the pre-use approval requirement. Rule 2210(b)(1)(B) states that the pre-use approval requirement may be satisfied by a Supervisory Analyst approved pursuant to NYSE Rule 344 with respect to: (i) Research reports on debt and equity securities; (ii) retail communications as described in Rule 2241(a)(11)(A); and (iii) other research that does not meet the definition of ``research report'' under Rule 2241(a)(11), provided that the Supervisory Analyst has technical expertise in the particular product areas. For dual FINRA and New York Stock Exchange members, this provision therefore broadly allows a Series 16 qualified Supervisory Analyst to satisfy the pre-use approval requirement with respect to any research-related communication, including those expressly excepted by the definition of ``research report'' under Rule 2241(a)(11)(A) or not otherwise captured by that definition of ``research report'' under the equity research rule. The proposed rule change would clarify and streamline the scope of approval permitted by Supervisory Analysts to specifically reference the definitions of ``research report'' and ``debt research report'' in Rules 2241(a)(11) and 2242(a)(3), respectively. It also would add a specific reference to the exceptions under Rule 2242(a)(3)(A), thereby making express the references to debt research-related retail communications consistent with the references to equity research- related retail communications. The proposal maintains the ability for a Supervisory Analyst to approve other research communications--e.g., research on options--provided that the Supervisory Analyst has technical expertise in the product area and any other required registrations for such product. Second, Rule 2210(b)(1)(D)(i) excepts from the pre-use approval requirement any retail communication that is excepted from the definition of ``research report'' under Rule 2241(a)(11)(A), unless the communication makes any financial or investment recommendation. Those communications still must be supervised and reviewed in the same manner as correspondence pursuant to FINRA's supervision rules.\6\ FINRA adopted this exception due to concerns that the pre-use approval requirements for these types of research communications in some circumstances may have inhibited the flow of information to traders and other investors who base their investment decisions on timely market analysis.\7\ The proposed change would make this exception from the pre-use approval requirements consistent for debt and equity research communications. --------------------------------------------------------------------------- \6\ See FINRA Rules 3110(b) and 3110.06 through .09. \7\ See Regulatory Notice 09-10 (February 2009). --------------------------------------------------------------------------- Third, Rule 2210(d)(7) requires specific applicable disclosures in retail communications that include a recommendation of securities; however, the requirements do not apply to communications that meet the definition of an equity research report under Rule 2241(a), as long as the research report includes all the required disclosures under that rule. Similarly, Rule 2210(f)(2) requires specific applicable disclosures where an associated person recommends a security in a public appearance, but Rule 2210(f)(5) excepts from those disclosure requirements public appearances by an equity ``research analyst'' as defined in Rule 2241(a)(8), provided the research analyst makes all of the disclosures required under that rule. The basis for these exceptions is that the equity research rule has more extensive required disclosures in both research reports and public appearances than Rule 2210(d)(7) and (f)(2), respectively. New Rule 2242 requires similarly extensive corresponding disclosures in debt research reports and public appearances by debt research analysts. As such, FINRA believes it appropriate to similarly except debt research reports from the disclosure requirements of Rule 2210(d)(7) and except public appearances by debt research analysts from the disclosure requirements of Rule 2210(f)(2) for consistency purposes. Finally, the proposed rule change would also make technical changes to FINRA Rules 2210(d)(7) and (f)(5) to make the rule language more readable.\8\ --------------------------------------------------------------------------- \8\ FINRA notes that in 2014 the Commission approved a proposed rule change to exclude from the filing requirements in Rule 2210(c) equity research reports as defined in Rule 2241 that concern only securities that are listed on a national securities exchange, other than research reports required to be filed with the Commission pursuant to Section 24(b) of the Investment Company Act. See Securities Exchange Act Release No. 72480 (June 26, 2014), 79 FR 37796 (July 2, 2014) (Order Approving File No. SR-FINRA-2014-012). In connection with that filing, FINRA indicated that it would consider a similar exclusion for debt research reports if and when a debt research rule was approved. FINRA has not yet made a determination whether to propose such an exclusion. --------------------------------------------------------------------------- FINRA has filed the proposed rule change for immediate effectiveness and has requested that the SEC waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing. The implementation date for the proposed rule change will be July 16, 2016, to coincide with the effective date of FINRA Rule 2242.\9\ --------------------------------------------------------------------------- \9\ See supra notes 4 and 5 for additional detail. --------------------------------------------------------------------------- 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of section 15A(b)(6) of the Act,\10\ 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 will promote [[Page 45330]] consistent application of the communications with the public rules and provide greater clarity to members and the public regarding FINRA's rules. --------------------------------------------------------------------------- \10\ 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. The proposed rule change brings clarity and consistency to FINRA rules without adding any burden on firms. 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 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 \11\ and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) under the Act \13\ normally does not become operative before 30 days from the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. FINRA has asked the Commission to waiver the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. The proposed rule change is designed to clarify the application of FINRA Rule 2210 to debt research reports as the result of the Commission's approval of a new FINRA debt research conflict of interest rule (Rule 2242).\15\ A waiver of the 30-day operative delay will allow the proposed rule change to become operative on July 16, 2016, the same date on which Rule 2242 will be implemented.\16\ Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative on July 16, 2016.\17\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See note 4 supra. \16\ See note 5 supra. \17\ For purposes of waiving the operative delay for this proposal, 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 necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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-2016-021 on the subject line. Paper Comments Send paper comments in triplicate to Robert W. Errett, Deputy Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2016-021. 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 a.m. and 3 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-2016-021 and should be submitted on or before August 3, 2016. --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Brent J. Fields, Secretary. [FR Doc. 2016-16478 Filed 7-12-16; 8:45 am] BILLING CODE 8011-01-P
![45328 Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices
must be provided when an order, ECRP Paper Comments SECURITIES AND EXCHANGE
transaction, or Block Trade is submitted COMMISSION
to CFE’s system. Second, the proposed • Send paper comments in triplicate
rule change would contribute to to Secretary, Securities and Exchange [Release No. 34–78237; File No. SR–FINRA–
enhancing the effectiveness of CFE’s Commission, 100 F Street NE., 2016–021]
audit trail program by helping to assure Washington, DC 20549–1090.
that required information is included as Self-Regulatory Organizations;
All submissions should refer to File Financial Industry Regulatory
part of each order. Number SR–CFE–2016–003. This file Authority, Inc.; Notice of Filing and
B. Self-Regulatory Organization’s number should be included on the Immediate Effectiveness of a Proposed
Statement on Burden on Competition subject line if email is used. To help the Rule Change To Clarify the Application
Commission process and review your of FINRA Rule 2210 (‘‘Communications
CFE does not believe that the
proposed rule change will impose any comments more efficiently, please use With the Public’’) to Debt Research
burden on competition not necessary or only one method. The Commission will Reports
appropriate in furtherance of the post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ July 7, 2016.
purposes of the Act, in that the rule
rules/sro.shtml). Copies of the Pursuant to section 19(b)(1) of the
change will enhance CFE’s ability to
submission, all subsequent Securities Exchange Act of 1934
carry out its responsibilities as a self-
amendments, all written statements (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
regulatory organization. The Exchange
with respect to the proposed rule notice is hereby given that on June 24,
believes that the proposed rule change
change that are filed with the 2016, Financial Industry Regulatory
is equitable and not unfairly
Commission, and all written Authority, Inc. (‘‘FINRA’’) filed with the
discriminatory because the amendments
Securities and Exchange Commission
regarding account and order ticket communications relating to the
(‘‘SEC’’ or ‘‘Commission’’) the proposed
information apply equally to all market proposed rule change between the
rule change as described in Items I, and
participants. Commission and any person, other than
II below, which Items have been
C. Self-Regulatory Organization’s those that may be withheld from the prepared by FINRA. FINRA has
Statement on Comments on the public in accordance with the designated the proposed rule change as
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be constituting a ‘‘non-controversial’’ rule
Members, Participants, or Others available for Web site viewing and change under paragraph (f)(6) of Rule
printing in the Commission’s Public 19b–4 under the Act,3 which renders
No written comments were solicited Reference Room, 100 F Street NE., the proposal effective upon receipt of
or received with respect to the proposed Washington, DC 20549, on official this filing by the Commission. The
rule change. business days between the hours of Commission is publishing this notice to
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such solicit comments on the proposed rule
Proposed Rule Change and Timing for filing also will be available for change from interested persons.
Commission Action inspection and copying at the principal
I. Self-Regulatory Organization’s
office of the Exchange. All comments
The proposed rule change will Statement of the Terms of Substance of
become effective on June 23, 2016. At received will be posted without change; the Proposed Rule Change
any time within 60 days of the date of the Commission does not edit personal
identifying information from FINRA is proposing to clarify the
effectiveness of the proposed rule application of FINRA Rule 2210
change, the Commission, after submissions. You should submit only
information that you wish to make (‘‘Communications with the Public’’) to
consultation with the CFTC, may debt research reports as the result of
summarily abrogate the proposed rule available publicly. All submissions
should refer to File Number SR–CFE– approval of a new FINRA debt research
change and require that the proposed conflict of interest rule.
rule change be refiled in accordance 2016–003, and should be submitted on
The text of the proposed rule change
with the provisions of Section 19(b)(1) or before August 3, 2016.
is available on FINRA’s Web site at
of the Act.7 For the Commission, by the Division of http://www.finra.org, at the principal
IV. Solicitation of Comments Trading and Markets, pursuant to delegated office of FINRA and at the
authority.8 Commission’s Public Reference Room.
Interested persons are invited to Brent J. Fields,
submit written data, views, and II. Self-Regulatory Organization’s
Secretary. Statement of the Purpose of, and
arguments concerning the foregoing,
including whether the proposed rule [FR Doc. 2016–16490 Filed 7–12–16; 8:45 am] Statutory Basis for, the Proposed Rule
change is consistent with the Act. BILLING CODE 8011–01–P Change
Comments may be submitted by any of In its filing with the Commission,
the following methods: FINRA included statements concerning
Electronic Comments the purpose of and basis for the
proposed rule change and discussed any
• Use the Commission’s Internet comments it received on the proposed
comment form (http://www.sec.gov/
jstallworth on DSK7TPTVN1PROD with NOTICES
rule change. The text of these statements
rules/sro.shtml); or may be examined at the places specified
• Send an email to rule- in Item IV below. FINRA has prepared
comments@sec.gov. Please include File summaries, set forth in sections A, B,
Number SR–CFE–2016–003 on the
subject line. 1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
7 15 U.S.C. 78s(b)(1). 8 17 CFR 200.30–3(a)(73). 3 17 CFR 240.19b–4(f)(6).
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![45330 Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices
consistent application of the day operative delay and designates the Washington, DC 20549, on official
communications with the public rules proposed rule change to be operative on business days between the hours of 10
and provide greater clarity to members July 16, 2016.17 a.m. and 3 p.m. Copies of such filing
and the public regarding FINRA’s rules. At any time within 60 days of the also will be available for inspection and
filing of the proposed rule change, the copying at the principal office of
B. Self-Regulatory Organization’s
Commission summarily may FINRA. All comments received will be
Statement on Burden on Competition
temporarily suspend such rule change if posted without change; the Commission
FINRA does not believe that the it appears to the Commission that such does not edit personal identifying
proposed rule change will result in any action is necessary or appropriate in the information from submissions. You
burden on competition that is not public interest, for the protection of should submit only information that
necessary or appropriate in furtherance investors, or otherwise in furtherance of you wish to make available publicly. All
of the purposes of the Act. The the purposes of the Act. If the submissions should refer to File
proposed rule change brings clarity and Commission takes such action, the Number SR–FINRA–2016–021 and
consistency to FINRA rules without Commission shall institute proceedings should be submitted on or before
adding any burden on firms. to determine whether the proposed rule August 3, 2016.
C. Self-Regulatory Organization’s should be approved or disapproved. For the Commission, by the Division of
Statement on Comments on the Trading and Markets, pursuant to delegated
IV. Solicitation of Comments authority.18
Proposed Rule Change Received From
Members, Participants, or Others Interested persons are invited to Brent J. Fields,
submit written data, views and Secretary.
Written comments were neither arguments concerning the foregoing,
solicited nor received. [FR Doc. 2016–16478 Filed 7–12–16; 8:45 am]
including whether the proposed rule BILLING CODE 8011–01–P
III. Date of Effectiveness of the change is consistent with the Act.
Proposed Rule Change and Timing for Comments may be submitted by any of
Commission Action the following methods: SECURITIES AND EXCHANGE
Because the foregoing proposed rule Electronic Comments COMMISSION
change does not: (i) Significantly affect
the protection of investors or the public • Use the Commission’s Internet [Release No. 34–78242; File No. SR–
NYSEArca–2016–92]
interest; (ii) impose any significant comment form (http://www.sec.gov/
burden on competition; and (iii) become rules/sro.shtml); or Self-Regulatory Organizations; NYSE
operative for 30 days from the date on • Send an email to rule-comments@ Arca, Inc.; Notice of Filing and
which it was filed, or such shorter time sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed
as the Commission may designate, it has FINRA–2016–021 on the subject line. Rule Change Amending Commentary
become effective pursuant to Section Paper Comments .06 to Rule 6.8 To Extend the Pilot
19(b)(3)(A) of the Act 11 and Rule 19b– Program That Eliminated the Position
4(f)(6) thereunder.12 • Send paper comments in triplicate Limits for Options on SPDR S&P 500
A proposed rule change filed under to Robert W. Errett, Deputy Secretary, ETF
Rule 19b–4(f)(6) under the Act 13 Securities and Exchange Commission,
normally does not become operative 100 F Street NE., Washington, DC July 7, 2016.
before 30 days from the date of the 20549–1090. Pursuant to Section 19(b)(1) 1 of the
filing. However, pursuant to Rule 19b– All submissions should refer to File Securities Exchange Act of 1934 (the
4(f)(6)(iii),14 the Commission may Number SR–FINRA–2016–021. This file ‘‘Act’’),2 and Rule 19b–4 thereunder,3
designate a shorter time if such action number should be included on the notice is hereby given that on June 29,
is consistent with the protection of subject line if email is used. To help the 2016, NYSE Arca, Inc. (the ‘‘Exchange’’
investors and the public interest. FINRA Commission process and review your or ‘‘NYSE Arca’’) filed with the
has asked the Commission to waiver the comments more efficiently, please use Securities and Exchange Commission
30-day operative delay. The only one method. The Commission will (the ‘‘Commission’’) the proposed rule
Commission believes that waiving the post all comments on the Commission’s change as described in Items I and II
30-day operative delay is consistent Internet Web site (http://www.sec.gov/ below, which Items have been prepared
with the protection of investors and the rules/sro.shtml). Copies of the by the self-regulatory organization. The
public interest. The proposed rule submission, all subsequent Commission is publishing this notice to
change is designed to clarify the amendments, all written statements solicit comments on the proposed rule
application of FINRA Rule 2210 to debt with respect to the proposed rule change from interested persons.
research reports as the result of the change that are filed with the I. Self-Regulatory Organization’s
Commission’s approval of a new FINRA Commission, and all written Statement of the Terms of the Substance
debt research conflict of interest rule communications relating to the of the Proposed Rule Change
(Rule 2242).15 A waiver of the 30-day proposed rule change between the
operative delay will allow the proposed Commission and any person, other than The Exchange proposes to amend
rule change to become operative on July those that may be withheld from the Commentary .06 to Rule 6.8 to extend
16, 2016, the same date on which Rule public in accordance with the the pilot program that eliminated the
2242 will be implemented.16 Therefore, provisions of 5 U.S.C. 552, will be position limits for options on SPDR S&P
jstallworth on DSK7TPTVN1PROD with NOTICES
the Commission hereby waives the 30- available for Web site viewing and 500 ETF (‘‘SPY’’) (‘‘SPY Pilot Program’’).
printing in the Commission’s Public The proposed rule change is available
11 15 U.S.C. 78s(b)(3)(A). Reference Room, 100 F Street NE., on the Exchange’s Web site at
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6). 18 17 CFR 200.30–3(a)(12).
17 For purposes of waiving the operative delay for
14 17 CFR 240.19b–4(f)(6)(iii). 1 15 U.S.C. 78s(b)(1).
this proposal, the Commission has considered the
15 See note 4 supra. 2 15 U.S.C. 78a.
proposed rule’s impact on efficiency, competition,
16 See note 5 supra. and capital formation. See 15 U.S.C. 78c(f). 3 17 CFR 240.19b–4.
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Document Created: 2016-07-13 01:43:59
Document Modified: 2016-07-13 01:43:59
| 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 | 81 FR 45328 |
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