81 FR 4691 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Subsection (a)(7) of Rule 7003, Registration and Processing Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 17 (January 27, 2016)
Federal Register Volume 81, Issue 17 (January 27, 2016)
| Page Range | 4691-4693 | |
| FR Document | 2016-01530 |
[Federal Register Volume 81, Number 17 (Wednesday, January 27, 2016)] [Notices] [Pages 4691-4693] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-01530] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76946; File No. SR-NASDAQ-2016-006] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Subsection (a)(7) of Rule 7003, Registration and Processing Fees January 21, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that, on January 13, 2016, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') 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 prepared by the Exchange. 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. --------------------------------------------------------------------------- [[Page 4692]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend subsection (a)(7) of Rule 7003, Registration and Processing Fees. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaq.cchwallstreet.com, at the principal office of the Exchange, 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, the Exchange 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. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to make changes to the continuing education fees section of Rule 7003 to provide that the continuing education session fee will be $55 if the session is conducted via Web delivery. The continuing education session fee will remain $100 if the session is conducted at a testing center. The Exchange is also eliminating the $60 session fee for the S501 continuing education Regulatory Element, which FINRA eliminated as of January 4, 2016.\3\ --------------------------------------------------------------------------- \3\ Currently, Rule 7003(a) provides that certain fees will be collected and retained by FINRA via the Web CRD registration system for the registration of associated persons of Nasdaq members that are not also FINRA members. Under Rule 7003(a)(7), FINRA collects and retains a $100 session fee for each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Nasdaq Rule 1120 (S101 and S201) and a $60 session fee for each individual who is required to complete the Proprietary Trader Regulatory Element (S501). --------------------------------------------------------------------------- On August 8, 2015, the Commission approved SR-FINRA-2015-015 amending FINRA Rule 1250 to provide a Web-based delivery method for completing the Regulatory Element of the continuing education requirements.\4\ Pursuant to the rule change, effective October 1, 2015, the Regulatory Element of the Continuing Education Programs for the S201 for Registered Principals and Supervisors is now administered through Web-based delivery or such other technological manner and format as specified by FINRA. FINRA launched Web-based delivery of the S101 Regulatory Element program on January 4, 2016.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change to Provide a Web-based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements) (SR- FINRA-2015-015). \5\ The Regulatory Element of the S101 and S201 Continuing Education Programs will continue to be offered at testing centers until no later than six months after January 4, 2016. Test-center delivery of the Regulatory Element will be phased out by no later than six months after January 4, 2016. See Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change To Provide a Web-Based Delivery Method for Completing the Regulatory Element of the Continuing Education) (SR-FINRA-2015-015). --------------------------------------------------------------------------- Pursuant to the approval order for SR-FINRA-2015-015, the fee for test-center delivery of the Regulatory Elements of the S101 and S201 Continuing Education programs will continue to be $100 per session through no later than six months after January 4, 2016 when the programs will no longer be offered at testing centers. However, under the SR-FINRA-2015-015 approval order the fee for Web-based delivery of the Regulatory Elements of the S101 and the S201 Continuing Education programs is now $55. The Exchange currently utilizes FINRA's Continuing Education programs for its own continuing education requirements which include the S101 and S201 programs. Consistent with SR-FINRA-2015-015, the Exchange recently filed a separate proposed rule change relating to continuing education.\6\ In that filing, the Exchange proposed to follow the changes set forth in SR-FINRA-2015-015 with respect to Web- based delivery of the Regulatory Element of the Continuing Education programs for the S101 and the S201. Consistent with SR-FINRA-2015-015 this proposed rule change would amend Rule 7003 to provide that the following fees will be collected and retained by FINRA for the registration of associated persons of Nasdaq members that are not also FINRA members: A $100 session fee ($55 if the Continuing Education is Web-based) for each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Nasdaq Rule 1120 (S101 and S201). The proposal will eliminate the $60 session fee for each individual who is required to complete the Proprietary Trader Regulatory Element (S501).\7\ --------------------------------------------------------------------------- \6\ See SR-NASDAQ-2015-167 filed December 30, 2015. \7\ As noted above, the S501 Proprietary Trader Regulatory Element was discontinued by FINRA as of January 4, 2016. The Exchange anticipates filing a subsequent rule change to eliminate the reference to the $100 session fee when the test center option is eliminated for the S101 and S201 Regulatory Elements. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\8\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \9\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \10\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). \10\ Id. --------------------------------------------------------------------------- Web-based delivery will remove time parameters that exist with respect to taking continuing education at testing centers. Having additional time to take continuing education may result in better learning outcomes, which should enhance investor protection. In addition, the option to have Web-based delivery of the Regulatory Element of the Continuing Education program at a reduced cost removes impediments to a free and open market and national market system by making it easier and less costly for registrants to participate in the market. Accordingly, the Exchange believes that Web-based delivery of the Regulatory Element of the Continuing Education Program and reducing the costs of continuing education in general are goals that are consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose [[Page 4693]] any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. As FINRA has stated, the proposed rule change is specifically intended to reduce the burdens of continuing education on market participants while preserving the integrity of the Continuing Education program. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\11\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. 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-NASDAQ-2016-006 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2016-006. 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 the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-2016-006 and should be submitted on or before February 17, 2016. --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ Brent J. Fields, Secretary. [FR Doc. 2016-01530 Filed 1-26-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices 4691
competition. The NYSE Arca Order also be available in a stand-alone proposed rule change between the
Imbalances product will foster product, which would offer an Commission and any person, other than
competition by providing an alternative alternative to currently available those that may be withheld from the
to similar products offered by other proprietary data products. The public in accordance with the
exchanges, including order imbalances Commission believes the waiver of the provisions of 5 U.S.C. 552, will be
products offered by the Exchange’s operative delay is consistent with the available for Web site viewing and
affiliates, NYSE and NYSE MKT,14 and protection of investors and the public printing in the Commission’s Public
by NASDAQ.15 This proposed new data interest. Therefore, the Commission Reference Room, 100 F Street NE.,
feed provides investors with new hereby waives the operative delay and Washington, DC 20549 on official
options for receiving market data, which designates the proposal operative upon business days between the hours of
was a primary goal of the market data filing.21 10:00 a.m. and 3:00 p.m. Copies of such
amendments adopted by Regulation At any time within 60 days of the
filing also will be available for
NMS.16 filing of the proposed rule change, the
Commission summarily may inspection and copying at the principal
C. Self-Regulatory Organization’s temporarily suspend such rule change if office of the Exchange. All comments
Statement on Comments on the it appears to the Commission that such received will be posted without change;
Proposed Rule Change Received from action is necessary or appropriate in the the Commission does not edit personal
Members, Participants, or Others public interest, for the protection of identifying information from
No written comments were solicited investors, or otherwise in furtherance of submissions. You should submit only
or received with respect to the proposed the purposes of the Act. If the information that you wish to make
rule change. Commission takes such action, the available publicly. All submissions
Commission shall institute proceedings should refer to File Number SR–
III. Date of Effectiveness of the NYSEArca–2016–10, and should be
to determine whether the proposed rule
Proposed Rule Change and Timing for submitted on or before February 17,
change should be approved or
Commission Action
disapproved. 2016.
Because the proposed rule change
IV. Solicitation of Comments For the Commission, by the Division of
does not (i) significantly affect the
Trading and Markets, pursuant to delegated
protection of investors or the public Interested persons are invited to
authority.22
interest; (ii) impose any significant submit written data, views, and
burden on competition; and (iii) become arguments concerning the foregoing, Brent J. Fields,
operative for 30 days from the date on including whether the proposed rule Secretary.
which it was filed, or such shorter time change is consistent with the Act. [FR Doc. 2016–01667 Filed 1–26–16; 8:45 am]
as the Commission may designate, it has Comments may be submitted by any of BILLING CODE 8011–01–P
become effective pursuant to section the following methods:
19(b)(3)(A) of the Act 17 and Rule 19b- Electronic Comments
4(f)(6) thereunder.18 SECURITIES AND EXCHANGE
A proposed rule change filed • Use the Commission’s Internet COMMISSION
pursuant to Rule 19b-4(f)(6) under the comment form (http://www.sec.gov/
Act 19 normally does not become rules/sro.shtml); or
operative for 30 days after the date of its • Send an email to rule-comments@ [Release No. 34–76946; File No. SR–
sec.gov. Please include File Number SR– NASDAQ–2016–006]
filing. However, Rule 19b-4(f)(6)(iii) 20
permits the Commission to designate a NYSEArca–2016–10 on the subject line.
Self-Regulatory Organizations; The
shorter time if such action is consistent Paper Comments NASDAQ Stock Market LLC; Notice of
with the protection of investors and the
• Send paper comments in triplicate Filing and Immediate Effectiveness of
public interest. The Exchange has asked Proposed Rule Change To Amend
to Brent J. Fields, Secretary, Securities
the Commission to waive the 30-day Subsection (a)(7) of Rule 7003,
and Exchange Commission, 100 F Street
operative delay so that the proposal may Registration and Processing Fees
NE., Washington, DC 20549–1090.
become operative immediately upon
filing. The Exchange stated that it All submissions should refer to File
January 21, 2016.
anticipates migrating symbols to Pillar Number SR–NYSEArca–2016–10. This
file number should be included on the Pursuant to Section 19(b)(1) of the
beginning February 1, 2016, and that
subject line if email is used. To help the Securities Exchange Act of 1934
waiver of the operative delay would
permit market data that would be Commission process and review your (‘‘Act’’),1 and Rule 19b–4 2 thereunder,
available in existing products for comments more efficiently, please use notice is hereby given that, on January
symbols that have migrated to Pillar to only one method. The Commission will 13, 2016, The NASDAQ Stock Market
post all comments on the Commission’s LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed
14 See note 10, supra. Internet Web site (http://www.sec.gov/ with the Securities and Exchange
15 See note 11, supra. rules/sro.shtml). Copies of the Commission (‘‘SEC’’ or ‘‘Commission’’)
16 See Regulation NMS Adopting Release, supra, submission, all subsequent the proposed rule change as described
at 37503. amendments, all written statements in Items I, II, and III below, which Items
17 15 U.S.C. 78s(b)(3)(A).
with respect to the proposed rule have been prepared by the Exchange.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
18 17 CFR 240.19b–4(f)(6). As required under Rule
change that are filed with the The Commission is publishing this
19b-4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file Commission, and all written notice to solicit comments on the
the proposed rule change, along with a brief communications relating to the proposed rule change from interested
description and the text of the proposed rule persons.
change, at least five business days prior to the date 21 For purposes only of waiving the 30-day
of filing of the proposed rule change, or such operative delay, the Commission has also
shorter time as designated by the Commission. considered the proposed rule’s impact on
22 17 CFR 200.30–3(a)(12).
19 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
20 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices 4693
any burden on competition not Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
necessary or appropriate in furtherance rules/sro.shtml). Copies of the solicit comments on the proposed rule
of the purposes of the Act. As FINRA submission, all subsequent change from interested persons.
has stated, the proposed rule change is amendments, all written statements
I. Self-Regulatory Organization’s
specifically intended to reduce the with respect to the proposed rule
Statement of the Terms of Substance of
burdens of continuing education on change that are filed with the
the Proposed Rule Change
market participants while preserving the Commission, and all written
integrity of the Continuing Education communications relating to the The Exchange proposes to amend
program. proposed rule change between the subsection (a)(7) of Rule 7003,
Commission and any person, other than Registration and Processing Fees, as
C. Self-Regulatory Organization’s those that may be withheld from the described further below.
Statement on Comments on the public in accordance with the The text of the proposed rule change
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be is available on the Exchange’s Web site
Members, Participants, or Others available for Web site viewing and at http://
No written comments were either printing in the Commission’s Public nasdaqomxbx.cchwallstreet.com/, at the
solicited or received. Reference Room, 100 F Street NE., principal office of the Exchange, and at
Washington, DC 20549, on official the Commission’s Public Reference
III. Date of Effectiveness of the Room.
business days between the hours of
Proposed Rule Change and Timing for
10:00 a.m. and 3:00 p.m. Copies of the II. Self-Regulatory Organization’s
Commission Action
filing also will be available for Statement of the Purpose of, and
The foregoing rule change has become inspection and copying at the principal Statutory Basis for, the Proposed Rule
effective pursuant to Section office of the Exchange. All comments Change
19(b)(3)(A)(ii) of the Act.11 received will be posted without change;
At any time within 60 days of the the Commission does not edit personal In its filing with the Commission, the
filing of the proposed rule change, the identifying information from Exchange included statements
Commission summarily may submissions. You should submit only concerning the purpose of and basis for
temporarily suspend such rule change if information that you wish to make the proposed rule change and discussed
it appears to the Commission that such available publicly. All submissions any comments it received on the
action is: (i) Necessary or appropriate in should refer to File Number SR– proposed rule change. The text of these
the public interest; (ii) for the protection NASDAQ–2016–006 and should be statements may be examined at the
of investors; or (iii) otherwise in submitted on or before February 17, places specified in Item IV below. The
furtherance of the purposes of the Act. 2016. Exchange has prepared summaries, set
If the Commission takes such action, the forth in sections A, B, and C below, of
For the Commission, by the Division of the most significant aspects of such
Commission shall institute proceedings Trading and Markets, pursuant to delegated
to determine whether the proposed rule statements.
authority.12
should be approved or disapproved. Brent J. Fields, A. Self-Regulatory Organization’s
IV. Solicitation of Comments Secretary. Statement of the Purpose of, and
[FR Doc. 2016–01530 Filed 1–26–16; 8:45 am] Statutory Basis for, the Proposed Rule
Interested persons are invited to Change
BILLING CODE 8011–01–P
submit written data, views and
arguments concerning the foregoing, 1. Purpose
including whether the proposed rule SECURITIES AND EXCHANGE The Exchange proposes to make
change is consistent with the Act. COMMISSION changes to the continuing education
Comments may be submitted by any of fees section of Rule 7003 to provide that
the following methods: [Release No. 34–76947; File No. SR–BX– the continuing education session fee
2016–004] will be $55 if the session is conducted
Electronic Comments
Self-Regulatory Organizations; The via Web delivery. The continuing
• Use the Commission’s Internet education session fee will remain $100
comment form (http://www.sec.gov/ NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of if the session is conducted at a testing
rules/sro.shtml); or center. The Exchange is deleting the $60
• Send an email to rule-comments@ Proposed Rule Change To Amend
Subsection (a)(7) of Rule 7003, session fee for the S501 Regulatory
sec.gov. Please include File Number SR– Element, which FINRA discontinued as
NASDAQ–2016–006 on the subject line. Registration and Processing Fees
of January 4, 2016.3
Paper Comments January 21, 2016. On August 8, 2015, the Commission
Pursuant to Section 19(b)(1) of the approved SR–FINRA–2015–015 relating
• Send paper comments in triplicate Securities Exchange Act of 1934 proposed changes to FINRA Rule 1250
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 2 thereunder, to provide a Web-based delivery method
Commission, 100 F Street NE., notice is hereby given that, on January for completing the Regulatory Element
Washington, DC 20549–1090. 13, 2016, NASDAQ OMX BX, Inc. (‘‘BX’’
All submissions should refer to File or ‘‘Exchange’’) filed with the Securities 3 Currently, Rule 7003(a) provides that certain
Number SR–NASDAQ–2016–006. This
asabaliauskas on DSK5VPTVN1PROD with NOTICES
and Exchange Commission (‘‘SEC’’ or fees will be collected and retained by FINRA via the
file number should be included on the Web CRD registration system for the registration of
‘‘Commission’’) the proposed rule associated persons of Exchange members that are
subject line if email is used. To help the change as described in Items I, II, and not also FINRA members. Under Rule 7003(a)(7),
Commission process and review your III below, which Items have been FINRA collects and retains a $100 session fee for
comments more efficiently, please use prepared by the Exchange. The each individual who is required to complete the
only one method. The Commission will Regulatory Element of the Continuing Education
Requirements pursuant to Exchange Rule 1120
post all comments on the Commission’s 12 17 CFR 200.30–3(a)(12). (S101 and S201) and a $60 session fee for each
1 15 U.S.C. 78s(b)(1). individual who is required to complete the
11 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4. Proprietary Trader Regulatory Element (S501).
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Document Created: 2018-02-02 12:39:59
Document Modified: 2018-02-02 12:39:59
| 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 | 81 FR 4691 |
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