81_FR_59844 81 FR 59676 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Effective Date of SR-FINRA-2016-028

81 FR 59676 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Effective Date of SR-FINRA-2016-028

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 168 (August 30, 2016)

Page Range59676-59677
FR Document2016-20741

Federal Register, Volume 81 Issue 168 (Tuesday, August 30, 2016)
[Federal Register Volume 81, Number 168 (Tuesday, August 30, 2016)]
[Notices]
[Pages 59676-59677]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20741]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78660; File No. SR-FINRA-2016-034]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Extend the Effective Date of SR-FINRA-2016-028

August 24, 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 August 19, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FINRA is proposing to extend the effective date of SR-FINRA-2016-
028 until October 24, 2016.
    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, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On July 22, 2016, FINRA filed a proposed rule change (SR-FINRA-
2016-028) \4\ to amend Rule 6121.01 (Trading Pauses) to clarify the 
operation of the Regulation NMS Plan to Address Extraordinary 
Volatility (``Plan'') \5\ regarding the short period of time (generally 
up to three milliseconds) following the resumption of trading after a 
Trading Pause or Regulatory Halt and before the Price Bands are 
received from the Processor for securities that are subject to the 
Plan.
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    \4\ See Securities Exchange Act Release No. 78435 (July 28, 
2016), 81 FR 51239 (August 3, 2016) (Notice of Filing and Immediate 
Effectiveness of File No. SR-FINRA-2016-028).
    \5\ Unless otherwise specified, the capitalized terms used 
herein have the same meanings as set forth in the Plan.
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    Specifically, SR-FINRA-2016-028 provided that, following a Trading 
Pause or Regulatory Halt in an NMS Stock that is subject to the Plan, a 
member may resume trading otherwise than on an exchange if trading has 
commenced on the primary listing exchange (or on another national 
securities exchange in the case of the resumption of trading following 
a ten-minute trading pause) and either: (1) The member has received the 
Price Bands from the Processor; or (2) if immediately following a 
Trading Pause or Regulatory Halt the member has not yet received the 
Price Bands from the Processor, the member has calculated an upper 
price band and lower price band consistent with the methodology 
provided for in Section V of the Plan and ensures that any transactions 
prior to the receipt of the Price Bands from the Processor are within 
the ranges provided for pursuant to the Plan, consistent with Section 
VI(A)(1) of the Plan.
    In SR-FINRA-2016-028, FINRA established an effective date of August 
22, 2016 for the proposed rule change. FINRA is filing the instant 
proposal to extend the effective date until October 24, 2016 to permit 
members additional time to make any technological changes necessary in 
connection with SR-FINRA-2016-028.
    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 operative date of the proposed rule change will 
be August 19, 2016 to extend the effective date of SR-FINRA-2016-028 
until October 24, 2016.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\6\ 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. The proposed rule change also is designed to support 
the principles of Section 11A(a)(1) of the Act \7\ in that it seeks to 
assure fair competition among brokers and dealers and among exchange 
markets.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78o-3(b)(6).
    \7\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------

    The proposed rule change is designed to provide members additional 
time to make any technological changes necessary in connection with SR-
FINRA-2016-028, which was designed to better implement the goals of the 
Plan approved by the Commission as reasonably designed to prevent 
potentially harmful price volatility, including severe volatility of 
the kind that occurred on May 6, 2010. Thus, FINRA believes that the 
proposed rule change seeks to help ensure that the goals of the Plan 
are met.

[[Page 59677]]

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 
provides members additional time to take measures to ensure that their 
trading activity is in compliance with FINRA Rule 6190 and the Plan.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Commission received one comment letter in response to the 
Notice of Filing and Immediate Effectiveness of SR-FINRA-2016-028.\8\ 
FIF members expressed agreement with the intent of the rule change, but 
stated that members were concerned regarding the effective date of SR-
FINRA-2016-028, particularly given the numerous regulatory initiatives 
currently scheduled for the third and fourth quarters of 2016. Among 
other things, FIF stated that feedback from its members indicated that 
three to four months would be a sufficient timeframe for technology 
changes. FINRA believes that the instant proposal, which provides a 
total of three months from the date of filing of SR-FINRA-2016-028, 
provides members with sufficient time to make any technological changes 
necessary in connection with SR-FINRA-2016-028.
---------------------------------------------------------------------------

    \8\ See Letter from Christopher W. Bok, Financial Information 
Forum, to Brent J. Fields, Secretary, Commission, dated August 11, 
2016 (``FIF''), available at https://www.sec.gov/comments/sr-finra-2016-028/finra2016028-1.pdf.
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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 \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Commission has waived the pre-filing requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that FINRA may 
implement the proposed rule change immediately. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because it will 
immediately extend the operative date of SR-FINRA-2016-028 from August 
22, 2016 to October 24, 2016, which will allow FINRA members additional 
time to make any technological changes necessary in connection with SR-
FINRA-2016-028. Therefore, the Commission hereby waives the 30-day 
operative delay and designates the proposed rule change to be operative 
upon filing with the Commission.\13\
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    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only 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 Comments

     Use 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-2016-034 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-2016-034. 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-2016-034 and should be 
submitted on or before September 20, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-20741 Filed 8-29-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                  59676                          Federal Register / Vol. 81, No. 168 / Tuesday, August 30, 2016 / Notices

                                                  change that are filed with the                          the proposal effective upon receipt of                minute trading pause) and either: (1)
                                                  Commission, and all written                             this filing by the Commission. The                    The member has received the Price
                                                  communications relating to the                          Commission is publishing this notice to               Bands from the Processor; or (2) if
                                                  proposed rule change between the                        solicit comments on the proposed rule                 immediately following a Trading Pause
                                                  Commission and any person, other than                   change from interested persons.                       or Regulatory Halt the member has not
                                                  those that may be withheld from the                                                                           yet received the Price Bands from the
                                                                                                          I. Self-Regulatory Organization’s
                                                  public in accordance with the                                                                                 Processor, the member has calculated an
                                                                                                          Statement of the Terms of Substance of
                                                  provisions of 5 U.S.C. 552, will be                                                                           upper price band and lower price band
                                                                                                          the Proposed Rule Change
                                                  available for Web site viewing and                                                                            consistent with the methodology
                                                  printing in the Commission’s Public                        FINRA is proposing to extend the                   provided for in Section V of the Plan
                                                  Reference Room, 100 F Street NE.,                       effective date of SR–FINRA–2016–028                   and ensures that any transactions prior
                                                  Washington, DC 20549, on official                       until October 24, 2016.                               to the receipt of the Price Bands from
                                                  business days between the hours of                         The text of the proposed rule change               the Processor are within the ranges
                                                  10:00 a.m. and 3:00 p.m. Copies of the                  is available on FINRA’s Web site at                   provided for pursuant to the Plan,
                                                  filing also will be available for                       http://www.finra.org, at the principal                consistent with Section VI(A)(1) of the
                                                  inspection and copying at the principal                 office of FINRA and at the                            Plan.
                                                  office of the Exchange. All comments                    Commission’s Public Reference Room.                      In SR–FINRA–2016–028, FINRA
                                                  received will be posted without change;                 II. Self-Regulatory Organization’s                    established an effective date of August
                                                  the Commission does not edit personal                   Statement of the Purpose of, and                      22, 2016 for the proposed rule change.
                                                  identifying information from                            Statutory Basis for, the Proposed Rule                FINRA is filing the instant proposal to
                                                  submissions. You should submit only                     Change                                                extend the effective date until October
                                                  information that you wish to make                                                                             24, 2016 to permit members additional
                                                  available publicly. All submissions                        In its filing with the Commission,                 time to make any technological changes
                                                  should refer to File Number SR–                         FINRA included statements concerning                  necessary in connection with SR–
                                                  NYSEArca–2016–119, and should be                        the purpose of and basis for the                      FINRA–2016–028.
                                                  submitted on or before September 20,                    proposed rule change and discussed any                   FINRA has filed the proposed rule
                                                  2016.                                                   comments it received on the proposed                  change for immediate effectiveness and
                                                                                                          rule change. The text of these statements             has requested that the SEC waive the
                                                    For the Commission, by the Division of                may be examined at the places specified
                                                  Trading and Markets, pursuant to delegated                                                                    requirement that the proposed rule
                                                                                                          in Item IV below. FINRA has prepared                  change not become operative for 30 days
                                                  authority.11
                                                                                                          summaries, set forth in sections A, B,                after the date of the filing. The operative
                                                  Robert W. Errett,
                                                                                                          and C below, of the most significant                  date of the proposed rule change will be
                                                  Deputy Secretary.                                       aspects of such statements.
                                                  [FR Doc. 2016–20731 Filed 8–29–16; 8:45 am]
                                                                                                                                                                August 19, 2016 to extend the effective
                                                                                                          A. Self-Regulatory Organization’s                     date of SR–FINRA–2016–028 until
                                                  BILLING CODE 8011–01–P
                                                                                                          Statement of the Purpose of, and                      October 24, 2016.
                                                                                                          Statutory Basis for, the Proposed Rule                2. Statutory Basis
                                                  SECURITIES AND EXCHANGE                                 Change
                                                                                                                                                                   FINRA believes that the proposed rule
                                                  COMMISSION                                              1. Purpose                                            change is consistent with the provisions
                                                  [Release No. 34–78660; File No. SR–FINRA–                  On July 22, 2016, FINRA filed a                    of Section 15A(b)(6) of the Act,6 which
                                                  2016–034]                                               proposed rule change (SR–FINRA–                       requires, among other things, that
                                                                                                          2016–028) 4 to amend Rule 6121.01                     FINRA rules must be designed to
                                                  Self-Regulatory Organizations;                                                                                prevent fraudulent and manipulative
                                                                                                          (Trading Pauses) to clarify the operation
                                                  Financial Industry Regulatory                                                                                 acts and practices, to promote just and
                                                                                                          of the Regulation NMS Plan to Address
                                                  Authority, Inc.; Notice of Filing and                                                                         equitable principles of trade, and, in
                                                                                                          Extraordinary Volatility (‘‘Plan’’) 5
                                                  Immediate Effectiveness of a Proposed                                                                         general, to protect investors and the
                                                                                                          regarding the short period of time
                                                  Rule Change To Extend the Effective                                                                           public interest. The proposed rule
                                                                                                          (generally up to three milliseconds)
                                                  Date of SR–FINRA–2016–028
                                                                                                          following the resumption of trading                   change also is designed to support the
                                                  August 24, 2016.                                        after a Trading Pause or Regulatory Halt              principles of Section 11A(a)(1) of the
                                                     Pursuant to Section 19(b)(1) of the                  and before the Price Bands are received               Act 7 in that it seeks to assure fair
                                                  Securities Exchange Act of 1934                         from the Processor for securities that are            competition among brokers and dealers
                                                  (‘‘Act’’) 1 and Rule 19b–4 thereunder,2                 subject to the Plan.                                  and among exchange markets.
                                                  notice is hereby given that on August                      Specifically, SR–FINRA–2016–028                       The proposed rule change is designed
                                                  19, 2016, Financial Industry Regulatory                 provided that, following a Trading                    to provide members additional time to
                                                  Authority, Inc. (‘‘FINRA’’) filed with the              Pause or Regulatory Halt in an NMS                    make any technological changes
                                                  Securities and Exchange Commission                      Stock that is subject to the Plan, a                  necessary in connection with SR–
                                                  (‘‘SEC’’ or ‘‘Commission’’) the proposed                member may resume trading otherwise                   FINRA–2016–028, which was designed
                                                  rule change as described in Items I and                 than on an exchange if trading has                    to better implement the goals of the Plan
                                                  II below, which Items have been                         commenced on the primary listing                      approved by the Commission as
                                                  prepared by FINRA. FINRA has                            exchange (or on another national                      reasonably designed to prevent
                                                  designated the proposed rule change as                  securities exchange in the case of the                potentially harmful price volatility,
mstockstill on DSK3G9T082PROD with NOTICES




                                                  constituting a ‘‘non-controversial’’ rule               resumption of trading following a ten-                including severe volatility of the kind
                                                  change under paragraph (f)(6) of Rule                                                                         that occurred on May 6, 2010. Thus,
                                                  19b–4 under the Act,3 which renders                        4 See Securities Exchange Act Release No. 78435
                                                                                                                                                                FINRA believes that the proposed rule
                                                                                                          (July 28, 2016), 81 FR 51239 (August 3, 2016)         change seeks to help ensure that the
                                                                                                          (Notice of Filing and Immediate Effectiveness of
                                                    11 17 CFR 200.30–3(a)(12).                            File No. SR–FINRA–2016–028).                          goals of the Plan are met.
                                                    1 15 U.S.C. 78s(b)(1).                                   5 Unless otherwise specified, the capitalized
                                                    2 17 CFR 240.19b–4.                                                                                           6 15   U.S.C. 78o–3(b)(6).
                                                                                                          terms used herein have the same meanings as set
                                                    3 17 CFR 240.19b–4(f)(6).                             forth in the Plan.                                      7 15   U.S.C. 78k–1(a)(1).



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                                                                                Federal Register / Vol. 81, No. 168 / Tuesday, August 30, 2016 / Notices                                                  59677

                                                  B. Self-Regulatory Organization’s                            A proposed rule change filed under                 and Exchange Commission, 100 F Street
                                                  Statement on Burden on Competition                        Rule 19b–4(f)(6) 11 normally does not                 NE., Washington, DC 20549–1090.
                                                                                                            become operative prior to 30 days after
                                                    FINRA does not believe that the                                                                               All submissions should refer to File
                                                                                                            the date of the filing. However, pursuant
                                                  proposed rule change will result in any                                                                         Number SR–FINRA–2016–034. This file
                                                                                                            to Rule 19b–4(f)(6)(iii),12 the
                                                  burden on competition that is not                                                                               number should be included on the
                                                                                                            Commission may designate a shorter
                                                  necessary or appropriate in furtherance                                                                         subject line if email is used. To help the
                                                                                                            time if such action is consistent with the
                                                  of the purposes of the Act. The                                                                                 Commission process and review your
                                                                                                            protection of investors and the public
                                                  proposed rule change provides members                                                                           comments more efficiently, please use
                                                                                                            interest. The Exchange has asked the
                                                  additional time to take measures to                                                                             only one method. The Commission will
                                                                                                            Commission to waive the 30-day
                                                  ensure that their trading activity is in                                                                        post all comments on the Commission’s
                                                                                                            operative delay so that FINRA may
                                                  compliance with FINRA Rule 6190 and                                                                             Internet Web site (http://www.sec.gov/
                                                                                                            implement the proposed rule change
                                                  the Plan.                                                                                                       rules/sro.shtml). Copies of the
                                                                                                            immediately. The Commission believes
                                                  C. Self-Regulatory Organization’s                         that waiving the 30-day operative delay               submission, all subsequent
                                                  Statement on Comments on the                              is consistent with the protection of                  amendments, all written statements
                                                  Proposed Rule Change Received From                        investors and the public interest                     with respect to the proposed rule
                                                  Members, Participants, or Others                          because it will immediately extend the                change that are filed with the
                                                                                                            operative date of SR–FINRA–2016–028                   Commission, and all written
                                                    The Commission received one
                                                                                                            from August 22, 2016 to October 24,                   communications relating to the
                                                  comment letter in response to the Notice
                                                                                                            2016, which will allow FINRA members                  proposed rule change between the
                                                  of Filing and Immediate Effectiveness of
                                                                                                            additional time to make any                           Commission and any person, other than
                                                  SR–FINRA–2016–028.8 FIF members
                                                                                                            technological changes necessary in                    those that may be withheld from the
                                                  expressed agreement with the intent of
                                                                                                            connection with SR–FINRA–2016–028.                    public in accordance with the
                                                  the rule change, but stated that members
                                                                                                            Therefore, the Commission hereby                      provisions of 5 U.S.C. 552, will be
                                                  were concerned regarding the effective
                                                                                                            waives the 30-day operative delay and                 available for Web site viewing and
                                                  date of SR–FINRA–2016–028,
                                                                                                            designates the proposed rule change to                printing in the Commission’s Public
                                                  particularly given the numerous
                                                                                                            be operative upon filing with the
                                                  regulatory initiatives currently                                                                                Reference Room, 100 F Street NE.,
                                                                                                            Commission.13
                                                  scheduled for the third and fourth                           At any time within 60 days of the                  Washington, DC 20549, on official
                                                  quarters of 2016. Among other things,                     filing of the proposed rule change, the               business days between the hours of 10
                                                  FIF stated that feedback from its                         Commission summarily may                              a.m. and 3 p.m. Copies of such filing
                                                  members indicated that three to four                      temporarily suspend such rule change if               also will be available for inspection and
                                                  months would be a sufficient timeframe                    it appears to the Commission that such                copying at the principal office of
                                                  for technology changes. FINRA believes                    action is necessary or appropriate in the             FINRA. All comments received will be
                                                  that the instant proposal, which                          public interest, for the protection of                posted without change; the Commission
                                                  provides a total of three months from                     investors, or otherwise in furtherance of             does not edit personal identifying
                                                  the date of filing of SR–FINRA–2016–                      the purposes of the Act. If the                       information from submissions. You
                                                  028, provides members with sufficient                     Commission takes such action, the                     should submit only information that
                                                  time to make any technological changes                    Commission shall institute proceedings                you wish to make available publicly. All
                                                  necessary in connection with SR–                          to determine whether the proposed rule                submissions should refer to File
                                                  FINRA–2016–028.                                           should be approved or disapproved.                    Number SR–FINRA–2016–034 and
                                                  III. Date of Effectiveness of the                         IV. Solicitation of Comments                          should be submitted on or before
                                                  Proposed Rule Change and Timing for                                                                             September 20, 2016.
                                                  Commission Action                                           Interested persons are invited to
                                                                                                            submit written data, views and                          For the Commission, by the Division of
                                                    Because the foregoing proposed rule                     arguments concerning the foregoing,                   Trading and Markets, pursuant to delegated
                                                  change does not: (i) Significantly affect                 including whether the proposed rule                   authority.14
                                                  the protection of investors or the public                 change is consistent with the Act.                    Robert W. Errett,
                                                  interest; (ii) impose any significant                     Comments may be submitted by any of                   Deputy Secretary.
                                                  burden on competition; and (iii) become                   the following methods:                                [FR Doc. 2016–20741 Filed 8–29–16; 8:45 am]
                                                  operative for 30 days from the date on
                                                  which it was filed, or such shorter time                  Electronic Comments                                   BILLING CODE 8011–01–P

                                                  as the Commission may designate, it has                     • Use the Commission’s Internet
                                                  become effective pursuant to Section                      comment form (http://www.sec.gov/
                                                  19(b)(3)(A) of the Act 9 and Rule 19b–                    rules/sro.shtml); or
                                                  4(f)(6) thereunder.10                                       • Send an email to rule-comments@
                                                                                                            sec.gov. Please include File Number SR–
                                                     8 See Letter from Christopher W. Bok, Financial        FINRA–2016–034 on the subject line.
                                                  Information Forum, to Brent J. Fields, Secretary,
                                                  Commission, dated August 11, 2016 (‘‘FIF’’),              Paper Comments
                                                  available at https://www.sec.gov/comments/sr-finra-         • Send paper comments in triplicate
                                                  2016-028/finra2016028-1.pdf.
                                                                                                            to Brent J. Fields, Secretary, Securities
mstockstill on DSK3G9T082PROD with NOTICES




                                                     9 15 U.S.C. 78s(b)(3)(A).
                                                     10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                                                                              11 17  CFR 240.19b–4(f)(6).
                                                  4(f)(6) requires a self-regulatory organization to give
                                                                                                              12 17  CFR 240.19b–4(f)(6)(iii).
                                                  the Commission written notice of its intent to file
                                                  the proposed rule change at least five business days         13 For purposes only of waiving the operative

                                                  prior to the date of filing of the proposed rule          delay for this proposal, the Commission has
                                                  change, or such shorter time as designated by the         considered the proposed rule’s impact on
                                                  Commission. The Commission has waived the pre-            efficiency, competition, and capital formation. See
                                                  filing requirement.                                       15 U.S.C. 78c(f).                                       14 17   CFR 200.30–3(a)(12).



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Document Created: 2018-02-09 11:42:26
Document Modified: 2018-02-09 11:42:26
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 59676 

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