81 FR 8109 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt FINRA Rule 3210 (Accounts at Other Broker-Dealers and Financial Institutions), as Modified by Partial Amendment No. 1, in the Consolidated FINRA Rulebook

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 31 (February 17, 2016)

Page Range		8109-8110
FR Document		2016-03127

Federal Register, Volume 81 Issue 31 (Wednesday, February 17, 2016)

[Federal Register Volume 81, Number 31 (Wednesday, February 17, 2016)]
[Notices]
[Pages 8109-8110]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-03127]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77103; File No. SR-FINRA-2015-029]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on Proceedings To Determine Whether To Approve or 
Disapprove a Proposed Rule Change To Adopt FINRA Rule 3210 (Accounts at 
Other Broker-Dealers and Financial Institutions), as Modified by 
Partial Amendment No. 1, in the Consolidated FINRA Rulebook

February 10, 2016.
    On July 31, 2015, Financial Industry Regulatory Authority, Inc. 
(``FINRA'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to adopt a new, consolidated rule 
addressing accounts opened or established by associated persons of 
members at firms other than the firm with which they are associated.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on August 14, 2015.\3\ The Commission received four comment 
letters in response to the proposal.\4\ On November 10, 2015, FINRA 
responded to the comments and filed Partial Amendment No. 1 to the 
existing proposal.\5\ On November 12, 2015, the Commission issued an 
order instituting proceedings pursuant to Exchange Act section 
19(b)(2)(B) \6\ to determine whether to approve or disapprove the 
proposed rule change, as modified by Partial Amendment No. 1. The order 
was published in the Federal Register on November 18, 2015.\7\ The 
Commission received one (1) comment letter in response to the Order 
Instituting Proceedings.\8\
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    \3\ See Exchange Act Rel. No. 75655 (Aug. 10, 2015), 80 FR 48941 
(Aug. 14, 2015). The comment period closed on September 4, 2015.
    \4\ See Letters from Eric Arnold and Clifford Kirsch, Sutherland 
Asbill & Brennan LLP (for the Committee of Annuity Insurers), dated 
September 4, 2015; Michael J. Hogan, President and Chief Executive 
Officer, FOLIOfn Investments, Inc., dated September 4, 2015; Joseph 
C. Peiffer, President, Public Investors Arbitration Bar Association, 
dated September 3, 2015; and Kevin Zambrowicz, Associate General 
Counsel & Managing Director, and Stephen Vogt, Assistant Vice 
President & Assistant General Counsel, Securities Industry and 
Financial Markets Association, dated September 3, 2015. Comment 
letters are available at www.sec.gov.
    \5\ See Letter from Patrice Gliniecki, Senior Vice President and 
Deputy General Counsel, FINRA, to the Commission, dated November 10, 
2015. FINRA's letter and text of Partial Amendment No. 1 are 
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.
    \6\ 15 U.S.C. 78s(b)(2)(B) (if the Commission does not approve 
or disapprove a proposed rule change under Exchange Act section 
19(b)(2)(A) (i.e., within 90 days of publication of notice of the 
filing of the proposed rule change in the Federal Register (the 
``Publication Date'')), the Commission shall institute proceedings 
to determine whether to approve or disapprove the proposed rule 
change (``Proceedings'')).
    \7\ See Exchange Act Release No. 76430 (Nov. 12, 2015), 80 FR 
72118 (Nov. 18, 2015) (Order Instituting Proceedings To Determine 
Whether To Approve or Disapprove Proposed Rule Change to Adopt FINRA 
Rule 3210 (Accounts at Other Broker-Dealers and Financial 
Institutions), as Modified by Partial Amendment No. 1) (``Order 
Instituting Proceedings''). The comment period closed on December 9, 
2015.
    \8\ See Letter from Laura Crosby-Brown, dated November 13, 2015. 
Comment letters are available at www.sec.gov.
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    Exchange Act section 19(b)(2)(B)(ii)(I) \9\ provides that the 
Commission shall approve or disapprove a proposed rule change in 
Proceedings within 180 days after the Publication Date, or within a 
longer period up to 240 days after the Publication Date if: (1) The 
Commission determines that a longer period is appropriate and publishes 
the reasons for so determining,\10\ or (2) the applicable self-
regulatory organization consents to the extension.\11\ The 180th day 
for this filing (File Number SR-FINRA-2015-029) is February 10, 2016.
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    \9\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
    \10\ Exchange Act section 19(b)(2)(B)(ii)(II)(aa), 15 U.S.C. 
78s(b)(2)(B)(ii)(II)(aa).
    \11\ Exchange Act section 19(b)(2)(B)(ii)(II)(bb), 15 U.S.C. 
78s(b)(2)(B)(ii)(II)(bb).
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    The Commission is extending this 180-day time period. The 
Commission finds that it is appropriate to designate a longer period 
within which to issue an order approving or disapproving the

[[Page 8110]]

proposed rule change so that it has sufficient time to consider the 
proposed rule change, as amended by Partial Amendment No.1, comment 
letters, and FINRA's submission. Accordingly, the Commission, pursuant 
to Exchange Act section 19(b)(2), designates April 8, 2016, as the date 
by which the Commission shall approve or disapprove the proposed rule 
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change.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-03127 Filed 2-16-16; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 31 / Wednesday, February 17, 2016 / Notices 8109

fee, or other charge imposed by the filing also will be available for November 10, 2015, FINRA responded
Exchange. inspection and copying at the principal to the comments and filed Partial
At any time within 60 days of the office of the Exchange. All comments Amendment No. 1 to the existing
filing of such proposed rule change, the received will be posted without change; proposal.5 On November 12, 2015, the
Commission summarily may the Commission does not edit personal Commission issued an order instituting
temporarily suspend such rule change if identifying information from proceedings pursuant to Exchange Act
it appears to the Commission that such submissions. You should submit only section 19(b)(2)(B) 6 to determine
action is necessary or appropriate in the information that you wish to make whether to approve or disapprove the
public interest, for the protection of available publicly. All submissions proposed rule change, as modified by
investors, or otherwise in furtherance of should refer to File Number SR– Partial Amendment No. 1. The order
the purposes of the Act. If the NYSEMKT–2016–18, and should be was published in the Federal Register
Commission takes such action, the submitted on or before March 9, 2016. on November 18, 2015.7 The
Commission shall institute proceedings Commission received one (1) comment
For the Commission, by the Division of
under section 19(b)(2)(B) 12 of the Act to Trading and Markets, pursuant to delegated letter in response to the Order
determine whether the proposed rule authority.13 Instituting Proceedings.8
change should be approved or Brent J. Fields,
Exchange Act section
disapproved. 19(b)(2)(B)(ii)(I) 9 provides that the
Secretary.
Commission shall approve or
IV. Solicitation of Comments [FR Doc. 2016–03129 Filed 2–16–16; 8:45 am]
disapprove a proposed rule change in
Interested persons are invited to BILLING CODE 8011–01–P Proceedings within 180 days after the
submit written data, views, and Publication Date, or within a longer
arguments concerning the foregoing, period up to 240 days after the
including whether the proposed rule SECURITIES AND EXCHANGE Publication Date if: (1) The Commission
change is consistent with the Act. COMMISSION determines that a longer period is
Comments may be submitted by any of [Release No. 34–77103; File No. SR–FINRA– appropriate and publishes the reasons
the following methods: 2015–029] for so determining,10 or (2) the
Electronic Comments applicable self-regulatory organization
Self-Regulatory Organizations; consents to the extension.11 The 180th
• Use the Commission’s Internet Financial Industry Regulatory day for this filing (File Number SR–
comment form (http://www.sec.gov/ Authority, Inc.; Notice of Designation FINRA–2015–029) is February 10, 2016.
rules/sro.shtml); or of a Longer Period for Commission The Commission is extending this
• Send an email to rule-comments@ Action on Proceedings To Determine 180-day time period. The Commission
sec.gov. Please include File Number SR– Whether To Approve or Disapprove a finds that it is appropriate to designate
NYSEMKT–2016–18 on the subject line. Proposed Rule Change To Adopt a longer period within which to issue an
Paper Comments FINRA Rule 3210 (Accounts at Other order approving or disapproving the
Broker-Dealers and Financial
• Send paper comments in triplicate Institutions), as Modified by Partial Public Investors Arbitration Bar Association, dated
to Secretary, Securities and Exchange Amendment No. 1, in the Consolidated September 3, 2015; and Kevin Zambrowicz,
Commission, 100 F Street NE., FINRA Rulebook Associate General Counsel & Managing Director,
Washington, DC 20549–1090. and Stephen Vogt, Assistant Vice President &
Assistant General Counsel, Securities Industry and
All submissions should refer to File February 10, 2016. Financial Markets Association, dated September 3,
Number SR–NYSEMKT–2016–18. This On July 31, 2015, Financial Industry 2015. Comment letters are available at www.sec.gov.
file number should be included on the Regulatory Authority, Inc. (‘‘FINRA’’) 5 See Letter from Patrice Gliniecki, Senior Vice

filed with the Securities and Exchange President and Deputy General Counsel, FINRA, to
subject line if email is used. To help the the Commission, dated November 10, 2015.
Commission process and review your Commission (‘‘Commission’’), pursuant FINRA’s letter and text of Partial Amendment No.
comments more efficiently, please use to section 19(b)(1) of the Securities 1 are available on FINRA’s Web site at http://
only one method. The Commission will Exchange Act of 1934 (‘‘Exchange www.finra.org, at the principal office of FINRA, and
Act’’) 1 and Rule 19b–4 thereunder,2 a at the Commission’s Public Reference Room.
post all comments on the Commission’s 6 15 U.S.C. 78s(b)(2)(B) (if the Commission does
Internet Web site (http://www.sec.gov/ proposed rule change to adopt a new, not approve or disapprove a proposed rule change
rules/sro.shtml). Copies of the consolidated rule addressing accounts under Exchange Act section 19(b)(2)(A) (i.e., within
submission, all subsequent opened or established by associated 90 days of publication of notice of the filing of the
persons of members at firms other than proposed rule change in the Federal Register (the
amendments, all written statements ‘‘Publication Date’’)), the Commission shall institute
with respect to the proposed rule the firm with which they are associated. proceedings to determine whether to approve or
change that are filed with the The proposed rule change was disapprove the proposed rule change
Commission, and all written published for comment in the Federal (‘‘Proceedings’’)).
communications relating to the Register on August 14, 2015.3 The 7 See Exchange Act Release No. 76430 (Nov. 12,

Commission received four comment 2015), 80 FR 72118 (Nov. 18, 2015) (Order
proposed rule change between the Instituting Proceedings To Determine Whether To
Commission and any person, other than letters in response to the proposal.4 On Approve or Disapprove Proposed Rule Change to
those that may be withheld from the Adopt FINRA Rule 3210 (Accounts at Other Broker-
13 17 CFR 200.30–3(a)(12). Dealers and Financial Institutions), as Modified by
public in accordance with the
1 15 U.S.C. 78s(b)(1). Partial Amendment No. 1) (‘‘Order Instituting
provisions of 5 U.S.C. 552, will be
asabaliauskas on DSK5VPTVN1PROD with NOTICES

2 17 CFR 240.19b–4. Proceedings’’). The comment period closed on
available for Web site viewing and 3 See Exchange Act Rel. No. 75655 (Aug. 10, December 9, 2015.
printing in the Commission’s Public 2015), 80 FR 48941 (Aug. 14, 2015). The comment
8 See Letter from Laura Crosby-Brown, dated

Reference Room, 100 F Street NE., period closed on September 4, 2015. November 13, 2015. Comment letters are available
at www.sec.gov.
Washington, DC 20549 on official 4 See Letters from Eric Arnold and Clifford
9 15 U.S.C. 78s(b)(2)(B)(ii)(I).
business days between the hours of Kirsch, Sutherland Asbill & Brennan LLP (for the
10 Exchange Act section 19(b)(2)(B)(ii)(II)(aa), 15
Committee of Annuity Insurers), dated September 4,
10:00 a.m. and 3:00 p.m. Copies of the 2015; Michael J. Hogan, President and Chief U.S.C. 78s(b)(2)(B)(ii)(II)(aa).
Executive Officer, FOLIOfn Investments, Inc., dated 11 Exchange Act section 19(b)(2)(B)(ii)(II)(bb), 15
12 15 U.S.C. 78s(b)(2)(B). September 4, 2015; Joseph C. Peiffer, President, U.S.C. 78s(b)(2)(B)(ii)(II)(bb).

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8110 Federal Register / Vol. 81, No. 31 / Wednesday, February 17, 2016 / Notices

proposed rule change so that it has the adviser’s chief compliance officer or Dated: February 10, 2016.
sufficient time to consider the proposed another person designated in the code of Brent J. Fields,
rule change, as amended by Partial ethics, of any violations of the code. Secretary.
Amendment No.1, comment letters, and Finally, the Code of Ethics Rule requires [FR Doc. 2016–03111 Filed 2–16–16; 8:45 am]
FINRA’s submission. Accordingly, the the adviser to provide each supervised BILLING CODE 8011–01–P
Commission, pursuant to Exchange Act person with a copy of the code and any
section 19(b)(2), designates April 8, amendments, and require the
2016, as the date by which the supervised persons to acknowledge, in SECURITIES AND EXCHANGE
Commission shall approve or writing, their receipt of these copies. COMMISSION
disapprove the proposed rule change. The purposes of the information
collection requirements are to: (i) Proposed Collection; Comment
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Ensure that advisers maintain codes of Request
authority.12 ethics applicable to their supervised Upon Written Request, Copies Available
Brent J. Fields, persons; (ii) provide advisers with From: Securities and Exchange
Secretary. information about the personal Commission, Office of FOIA Services,
[FR Doc. 2016–03127 Filed 2–16–16; 8:45 am] securities transactions of their access 100 F Street NE., Washington, DC
BILLING CODE 8011–01–P persons for purposes of monitoring such 20549–2736.
transactions; (iii) provide advisory Extension: Rule 15a–6,
clients with information with which to SEC File No. 270–0329, OMB Control No.
SECURITIES AND EXCHANGE evaluate advisers’ codes of ethics; and 3235–0371.
COMMISSION (iv) assist the Commission’s Notice is hereby given that pursuant
examination staff in assessing the to the Paperwork Reduction Act of 1995
Proposed Collection; Comment adequacy of advisers’ codes of ethics (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Request and assessing personal trading activity Securities and Exchange Commission
by advisers’ supervised persons. (‘‘Commission’’) is soliciting comments
Upon Written Request, Copies Available
From: Securities and Exchange The respondents to this information on the existing collection of information
Commission, Office of FOIA Services, collection are investment advisers provided for in Rule 15a–6, (17 CFR
100 F Street NE., Washington, DC registered with the Commission. The 240.15a–6), under the Securities
20549–2736. Commission has estimated that Exchange Act of 1934 (15 U.S.C. 78a et
Extension: Rule 204A–1, compliance with rule 204A–1 imposes a seq.). The Commission plans to submit
burden of approximately 118 hours per this existing collection of information to
SEC File No. 270–536, OMB Control No.
3235–0596.
adviser annually for an estimated total the Office of Management and Budget
annual burden of 1,418,703 hours. (‘‘OMB’’) for extension and approval.
Notice is hereby given that, pursuant An agency may not conduct or Rule 15a–6 provides conditional
to the Paperwork Reduction Act of 1995 sponsor a collection of information exemptions from the requirement to
(44 U.S.C. 3501 et seq.), the Securities unless it displays a currently valid OMB register as a broker-dealer pursuant to
and Exchange Commission (the control number. No person shall be Section 15 of the Exchange Act (15
‘‘Commission’’) is soliciting comments subject to any penalty for failing to U.S.C. 78o) for foreign broker-dealers
on the collections of information comply with a collection of information that engage in certain specified
summarized below. The Commission subject to the PRA that does not display activities involving U.S. persons. In
plans to submit these existing a valid OMB control number. particular, Rule 15a–6(a)(3) provides an
collections of information to the Office exemption from broker-dealer
of Management and Budget for Written comments are invited on: (a) registration for foreign broker-dealers
extension and approval. Whether the proposed collection of that solicit and effect transactions with
The title for the collection of information is necessary for the proper or for U.S. institutional investors or
information is ‘‘Rule 204A–1 (17 CFR performance of the functions of the major U.S. institutional investors
275.204A–1) under the Investment agency, including whether the through a registered broker-dealer,
Advisers Act of 1940’’ (15 U.S.C. 80b– information will have practical utility; provided that the U.S. broker-dealer,
1 et seq.) Rule 204A–1 (the ‘‘Code of (b) the accuracy of the agency’s estimate among other things, obtains certain
Ethics Rule’’) requires investment of the burden of the collection of information about, and consents to
advisers registered with the Commission information; (c) ways to enhance the service of process from, the personnel of
to (i) set forth standards of conduct quality, utility, and clarity of the the foreign broker-dealer involved in
expected of advisory personnel information collected; and (d) ways to such transactions, and maintains certain
(including compliance with the federal minimize the burden of the collection of records in connection therewith.
securities laws); (ii) safeguard material information on respondents, including These requirements are intended to
nonpublic information about client through the use of automated collection ensure (a) that the registered broker-
transactions; and (iii) require the techniques or other forms of information dealer will receive notice of the identity
adviser’s ‘‘access persons’’ to report technology. Consideration will be given of, and has reviewed the background of,
their personal securities transactions, to comments and suggestions submitted foreign personnel who will contact U.S.
including transactions in any mutual in writing within 60 days of this investors, (b) that the foreign broker-
asabaliauskas on DSK5VPTVN1PROD with NOTICES

fund managed by the adviser. The Code publication. dealer and its personnel effectively may
of Ethics Rule requires access persons to Please direct your written comments be served with process in the event
obtain the adviser’s approval before to Pamela Dyson, Director/Chief enforcement action is necessary, and (c)
investing in an initial public offering or Information Officer, Securities and that the Commission has ready access to
private placement. The Code of Ethics Exchange Commission, C/O Remi information concerning these persons
Rule also requires prompt reporting, to Pavlik-Simon, 100 F Street NE., and their U.S. securities activities.
Washington, DC 20549; or send an email Commission staff estimates that
12 17 CFR 200.30–3(a)(57). to: PRA_Mailbox@sec.gov. approximately 2,000 U.S. registered

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Document Created: 2016-02-17 01:17:08
Document Modified: 2016-02-17 01:17:08

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 8109