81_FR_86993 81 FR 86762 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Tier Size Pilot of FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities)

81 FR 86762 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Tier Size Pilot of FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 231 (December 1, 2016)

Page Range86762-86764
FR Document2016-28828

Federal Register, Volume 81 Issue 231 (Thursday, December 1, 2016)
[Federal Register Volume 81, Number 231 (Thursday, December 1, 2016)]
[Notices]
[Pages 86762-86764]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28828]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79401; File No. SR-FINRA-2016-044]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Extend the Tier Size Pilot of FINRA Rule 6433 
(Minimum Quotation Size Requirements for OTC Equity Securities)

November 25, 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 November 23, 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 amend FINRA Rule 6433 (Minimum Quotation Size 
Requirements for OTC Equity Securities) to extend the Tier Size Pilot, 
which currently is scheduled to expire on December 9, 2016, until June 
9, 2017.
    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
    FINRA proposes to amend FINRA Rule 6433 (Minimum Quotation Size 
Requirements for OTC Equity Securities) (the ``Rule'') to extend, until 
June 9, 2017, the amendments set forth in File No. SR-FINRA-2011-058 
(``Tier Size Pilot'' or ``Pilot''), which currently are scheduled to 
expire on December 9, 2016.\4\
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    \4\ See Securities Exchange Act Release No. 77923 (May 26, 
2016), 81 FR 35432 (June 2, 2016) (Notice of Filing and Immediate 
Effectiveness of File No. SR-FINRA-2016-016) (``June 2016 
Extension'').
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    The Tier Size Pilot was filed with the SEC on October 6, 2011,\5\ 
to amend the minimum quotation sizes (or ``tier sizes'') for OTC Equity 
Securities.\6\ The goals of the Pilot were to simplify the tier 
structure, facilitate the display of customer limit orders, and expand 
the

[[Page 86763]]

scope of the Rule to apply to additional quoting participants. During 
the course of the Pilot, FINRA collected and provided to the SEC 
specified data with which to assess the impact of the Pilot tiers on 
market quality and limit order display.\7\ On September 13, 2013, FINRA 
provided to the Commission an assessment on the operation of the Tier 
Size Pilot utilizing data covering the period from November 12, 2012 
through June 30, 2013.\8\ As noted in the 2013 Assessment, FINRA 
believed that the analysis of the data generally showed that the Tier 
Size Pilot had a neutral to positive impact on OTC market quality for 
the majority of OTC Equity Securities and tiers; and that there was an 
overall increase of 13% in the number of customer limit orders that met 
the minimum quotation sizes to be eligible for display under the Pilot 
tiers. In the 2013 Assessment, FINRA recommended adopting the tiers as 
permanent, but extended the Pilot period to allow more time to gather 
and analyze data after the November 12, 2012 through June 30, 2013 
assessment period.\9\ The purpose of this filing is to further extend 
the operation of the Tier Size Pilot until June 9, 2017, to provide 
additional time to finalize a permanent proposal with regard to the 
Tier Size Pilot.\10\
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    \5\ See Securities Exchange Act Release No. 65568 (October 14, 
2011), 76 FR 65307 (October 20, 2011) (Notice of Filing of File No. 
SR-FINRA-2011-058).
    \6\ ``OTC Equity Security'' means any equity security that is 
not an ``NMS stock'' as that term is defined in Rule 600(b)(47) of 
SEC Regulation NMS; provided, however, that the term OTC Equity 
Security shall not include any Restricted Equity Security. See FINRA 
Rule 6420.
    \7\ FINRA ceased collecting Pilot data for submission to the 
Commission on February 13, 2015.
    \8\ The assessment is part of the SEC's comment file for SR-
FINRA-2011-058 and also is available on FINRA's Web site at: http://www.finra.org/Industry/Regulation/RuleFilings/2011/P124615 (``Pilot 
Assessment'').
    \9\ See Securities Exchange Act Release No. 70839 (November 8, 
2013), 78 FR 68893 (November 15, 2013) (Notice of Filing and 
Immediate Effectiveness of File No. SR-FINRA-2013-049).
    \10\ FINRA reviewed the post-June 30, 2013 data, and stated that 
the impact described in the 2013 Assessment continued to hold (and 
improved in certain areas). See June 2016 Extension.
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    FINRA has filed the proposed rule change for immediate 
effectiveness. The operative date of the proposed rule change will be 
December 9, 2016.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\11\ which requires, among 
other things, that FINRA rules must be designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest. FINRA also believes that the proposed rule change is 
consistent with the provisions of Section 15A(b)(11) of the Act.\12\ 
Section 15A(b)(11) requires that FINRA rules include provisions 
governing the form and content of quotations relating to securities 
sold otherwise than on a national securities exchange which may be 
distributed or published by any member or person associated with a 
member, and the persons to whom such quotations may be supplied.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78o-3(b)(6).
    \12\ 15 U.S.C. 78o-3(b)(11).
---------------------------------------------------------------------------

    FINRA believes that the extension of the Tier Size Pilot until June 
9, 2017, is consistent with the Act in that it would provide the 
Commission and FINRA with additional time to finalize a proposal with 
regard to the Tier Size Pilot.

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.

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

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally 
does not become operative prior to 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest.
---------------------------------------------------------------------------

    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    FINRA has asked the Commission to waive the 30-day operative delay 
so that the proposal may become operative immediately upon filing. The 
Commission believes that waiver of the operative delay is consistent 
with the protection of investors and the public interest because such 
waiver will allow the pilot program to continue without interruption. 
Therefore, the Commission designates the proposal operative upon 
filing.\17\
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    \17\ For purposes only of waiving the 30-day operative delay, 
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-2016-044 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-2016-044. 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

[[Page 86764]]

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 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-2016-044 and should be 
submitted on or before December 22, 2016.
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    \18\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
Brent J. Fields,
Secretary.
[FR Doc. 2016-28828 Filed 11-30-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                  86762                      Federal Register / Vol. 81, No. 231 / Thursday, December 1, 2016 / Notices

                                                  the Exchange has in place a                              compliance with the applicable listing                this filing by the Commission. The
                                                  comprehensive surveillance sharing                       requirements, the Exchange will                       Commission is publishing this notice to
                                                  agreement.20 The Exchange is able to                     commence delisting procedures under                   solicit comments on the proposed rule
                                                  access from FINRA, as needed, trade                      NYSE Arca Equities Rule 5.5(m).25                     change from interested persons.
                                                  information for certain fixed income                       This approval order is based on all of
                                                                                                                                                                 I. Self-Regulatory Organization’s
                                                  securities held by the Fund reported to                  the Exchange’s representations,
                                                                                                                                                                 Statement of the Terms of Substance of
                                                  FINRA’s Trade Reporting and                              including those set forth above and in
                                                                                                                                                                 the Proposed Rule Change
                                                  Compliance Engine.21                                     the Notice.
                                                     (4) For initial and continued listing of                For the foregoing reasons, the                         FINRA is proposing to amend FINRA
                                                  the Shares, the Trust is required to                     Commission finds that the proposed                    Rule 6433 (Minimum Quotation Size
                                                  comply with Rule 10A–3 under the                         rule change, is consistent with Section               Requirements for OTC Equity
                                                  Act.22                                                   6(b)(5) of the Act 26 and the rules and               Securities) to extend the Tier Size Pilot,
                                                     (5) Prior to the commencement of                      regulations thereunder applicable to a                which currently is scheduled to expire
                                                  trading of Shares in the Fund, the                       national securities exchange.                         on December 9, 2016, until June 9, 2017.
                                                  Exchange will inform its ETP Holders in                                                                           The text of the proposed rule change
                                                                                                           IV. Conclusion                                        is available on FINRA’s Web site at
                                                  an Information Bulletin (‘‘Bulletin’’) of
                                                  the special characteristics and risks                      It is therefore ordered, pursuant to                http://www.finra.org, at the principal
                                                  associated with trading the Shares.                      Section 19(b)(2) of the Act,27 that the               office of FINRA and at the
                                                  Specifically, the Bulletin will discuss                  proposed rule change (SR–NYSEArca–                    Commission’s Public Reference Room.
                                                  the following: (a) The procedures for                    2016–131), be, and it hereby is,                      II. Self-Regulatory Organization’s
                                                  purchases and redemptions of Shares in                   approved.                                             Statement of the Purpose of, and
                                                  Creation Unit aggregations (and that                       For the Commission, by the Division of              Statutory Basis for, the Proposed Rule
                                                  Shares are not individually redeemable);                 Trading and Markets, pursuant to delegated            Change
                                                  (b) NYSE Arca Equities Rule 9.2(a),                      authority.28
                                                                                                                                                                    In its filing with the Commission,
                                                  which imposes a duty of due diligence                    Brent J. Fields,
                                                                                                                                                                 FINRA included statements concerning
                                                  on its ETP Holders to learn the essential                Secretary.                                            the purpose of and basis for the
                                                  facts relating to every customer prior to                [FR Doc. 2016–28830 Filed 11–30–16; 8:45 am]          proposed rule change and discussed any
                                                  trading the Shares; (c) the risks involved               BILLING CODE 8011–01–P                                comments it received on the proposed
                                                  in trading the Shares during the                                                                               rule change. The text of these statements
                                                  Opening and Late Trading Sessions                                                                              may be examined at the places specified
                                                  when an updated IIV or Index value will                  SECURITIES AND EXCHANGE                               in Item IV below. FINRA has prepared
                                                  not be calculated or publicly                            COMMISSION                                            summaries, set forth in sections A, B,
                                                  disseminated; (d) how information                                                                              and C below, of the most significant
                                                                                                           [Release No. 34–79401; File No. SR–FINRA–
                                                  regarding the IIV and Index value will                                                                         aspects of such statements.
                                                                                                           2016–044]
                                                  be disseminated; (e) the requirement
                                                  that ETP Holders deliver a prospectus to                                                                       A. Self-Regulatory Organization’s
                                                                                                           Self-Regulatory Organizations;
                                                  investors purchasing newly issued                                                                              Statement of the Purpose of, and
                                                                                                           Financial Industry Regulatory
                                                  Shares prior to or concurrently with the                                                                       Statutory Basis for, the Proposed Rule
                                                                                                           Authority, Inc.; Notice of Filing and
                                                  confirmation of a transaction; and (f)                                                                         Change
                                                                                                           Immediate Effectiveness of a Proposed
                                                  trading information.                                     Rule Change To Extend the Tier Size                   1. Purpose
                                                     (6) A minimum of 100,000 Shares will                  Pilot of FINRA Rule 6433 (Minimum
                                                  be outstanding at the commencement of                                                                             FINRA proposes to amend FINRA
                                                                                                           Quotation Size Requirements for OTC                   Rule 6433 (Minimum Quotation Size
                                                  trading on the Exchange.23                               Equity Securities)
                                                     (7) The Exchange represents that all                                                                        Requirements for OTC Equity
                                                  statements and representations made in                   November 25, 2016.                                    Securities) (the ‘‘Rule’’) to extend, until
                                                  this filing regarding (a) the description                   Pursuant to Section 19(b)(1) of the                June 9, 2017, the amendments set forth
                                                  of the portfolio, (b) limitations on                     Securities Exchange Act of 1934                       in File No. SR–FINRA–2011–058 (‘‘Tier
                                                  portfolio holdings or reference assets, or               (‘‘Act’’) 1 and Rule 19b–4 thereunder,2               Size Pilot’’ or ‘‘Pilot’’), which currently
                                                  (c) the applicability of Exchange rules                  notice is hereby given that on November               are scheduled to expire on December 9,
                                                  and surveillance procedures shall                        23, 2016, Financial Industry Regulatory               2016.4
                                                  constitute continued listing                             Authority, Inc. (‘‘FINRA’’) filed with the               The Tier Size Pilot was filed with the
                                                  requirements for listing the Shares on                   Securities and Exchange Commission                    SEC on October 6, 2011,5 to amend the
                                                  the Exchange.24                                          (‘‘SEC’’ or ‘‘Commission’’) the proposed              minimum quotation sizes (or ‘‘tier
                                                     (8) The issuer has represented to the                 rule change as described in Items I and               sizes’’) for OTC Equity Securities.6 The
                                                  Exchange that it will advise the                         II below, which Items have been                       goals of the Pilot were to simplify the
                                                  Exchange of any failure by the Fund to                   prepared by FINRA. FINRA has                          tier structure, facilitate the display of
                                                  comply with the continued listing                        designated the proposed rule change as                customer limit orders, and expand the
                                                  requirements, and, pursuant to its                       constituting a ‘‘non-controversial’’ rule               4 See Securities Exchange Act Release No. 77923
                                                  obligations under Section 19(g)(1) of the                change under paragraph (f)(6) of Rule                 (May 26, 2016), 81 FR 35432 (June 2, 2016) (Notice
                                                  Act, the Exchange will surveil for                       19b–4 under the Act,3 which renders                   of Filing and Immediate Effectiveness of File No.
                                                  compliance with the continued listing                    the proposal effective upon receipt of                SR–FINRA–2016–016) (‘‘June 2016 Extension’’).
jstallworth on DSK7TPTVN1PROD with NOTICES




                                                                                                                                                                   5 See Securities Exchange Act Release No. 65568
                                                  requirements. If the Fund is not in
                                                                                                             25 See id.                                          (October 14, 2011), 76 FR 65307 (October 20, 2011)
                                                                                                             26 15                                               (Notice of Filing of File No. SR–FINRA–2011–058).
                                                    20 Fora list of the current members of ISG, see                U.S.C. 78f(b)(5).                               6 ‘‘OTC Equity Security’’ means any equity
                                                  www.isgportal.org.                                         27 15 U.S.C. 78s(b)(2).
                                                   21 See id.                                                28 17 CFR 200.30–3(a)(12).
                                                                                                                                                                 security that is not an ‘‘NMS stock’’ as that term is
                                                                                                                                                                 defined in Rule 600(b)(47) of SEC Regulation NMS;
                                                   22 See 17 CFR 240.10A–3.                                  1 15 U.S.C. 78s(b)(1).
                                                                                                                                                                 provided, however, that the term OTC Equity
                                                   23 See Notice, supra note 3, 81 FR at 76234.              2 17 CFR 240.19b–4.
                                                                                                                                                                 Security shall not include any Restricted Equity
                                                   24 See id. at 72635.                                      3 17 CFR 240.19b–4(f)(6).                           Security. See FINRA Rule 6420.



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                                                                             Federal Register / Vol. 81, No. 231 / Thursday, December 1, 2016 / Notices                                                    86763

                                                  scope of the Rule to apply to additional                15A(b)(11) requires that FINRA rules                    protection of investors and the public
                                                  quoting participants. During the course                 include provisions governing the form                   interest because such waiver will allow
                                                  of the Pilot, FINRA collected and                       and content of quotations relating to                   the pilot program to continue without
                                                  provided to the SEC specified data with                 securities sold otherwise than on a                     interruption. Therefore, the Commission
                                                  which to assess the impact of the Pilot                 national securities exchange which may                  designates the proposal operative upon
                                                  tiers on market quality and limit order                 be distributed or published by any                      filing.17
                                                  display.7 On September 13, 2013,                        member or person associated with a                         At any time within 60 days of the
                                                  FINRA provided to the Commission an                     member, and the persons to whom such                    filing of the proposed rule change, the
                                                  assessment on the operation of the Tier                 quotations may be supplied.                             Commission summarily may
                                                  Size Pilot utilizing data covering the                    FINRA believes that the extension of                  temporarily suspend such rule change if
                                                  period from November 12, 2012 through                   the Tier Size Pilot until June 9, 2017, is              it appears to the Commission that such
                                                  June 30, 2013.8 As noted in the 2013                    consistent with the Act in that it would                action is necessary or appropriate in the
                                                  Assessment, FINRA believed that the                     provide the Commission and FINRA                        public interest, for the protection of
                                                  analysis of the data generally showed                   with additional time to finalize a                      investors, or otherwise in furtherance of
                                                  that the Tier Size Pilot had a neutral to               proposal with regard to the Tier Size                   the purposes of the Act. If the
                                                  positive impact on OTC market quality                   Pilot.                                                  Commission takes such action, the
                                                  for the majority of OTC Equity                          B. Self-Regulatory Organization’s                       Commission shall institute proceedings
                                                  Securities and tiers; and that there was                Statement on Burden on Competition                      to determine whether the proposed rule
                                                  an overall increase of 13% in the                                                                               should be approved or disapproved.
                                                  number of customer limit orders that                      FINRA does not believe that the
                                                  met the minimum quotation sizes to be                   proposed rule change will result in any                 IV. Solicitation of Comments
                                                  eligible for display under the Pilot tiers.             burden on competition that is not                         Interested persons are invited to
                                                  In the 2013 Assessment, FINRA                           necessary or appropriate in furtherance                 submit written data, views and
                                                  recommended adopting the tiers as                       of the purposes of the Act.                             arguments concerning the foregoing,
                                                  permanent, but extended the Pilot                       C. Self-Regulatory Organization’s                       including whether the proposed rule
                                                  period to allow more time to gather and                 Statement on Comments on the                            change is consistent with the Act.
                                                  analyze data after the November 12,                     Proposed Rule Change Received From                      Comments may be submitted by any of
                                                  2012 through June 30, 2013 assessment                   Members, Participants, or Others                        the following methods:
                                                  period.9 The purpose of this filing is to
                                                  further extend the operation of the Tier                  Written comments were neither                         Electronic Comments
                                                                                                          solicited nor received.
                                                  Size Pilot until June 9, 2017, to provide                                                                         • Use the Commission’s Internet
                                                  additional time to finalize a permanent                 III. Date of Effectiveness of the                       comment form (http://www.sec.gov/
                                                  proposal with regard to the Tier Size                   Proposed Rule Change and Timing for                     rules/sro.shtml); or
                                                  Pilot.10                                                Commission Action                                         • Send an email to rule-comments@
                                                     FINRA has filed the proposed rule                                                                            sec.gov. Please include File Number SR–
                                                                                                             Because the foregoing proposed rule
                                                  change for immediate effectiveness. The                                                                         FINRA–2016–044 on the subject line.
                                                                                                          change does not: (i) Significantly affect
                                                  operative date of the proposed rule
                                                                                                          the protection of investors or the public               Paper Comments
                                                  change will be December 9, 2016.
                                                                                                          interest; (ii) impose any significant
                                                  2. Statutory Basis                                      burden on competition; and (iii) become                   • Send paper comments in triplicate
                                                                                                          operative for 30 days from the date on                  to Brent J. Fields, Secretary, Securities
                                                     FINRA believes that the proposed rule                                                                        and Exchange Commission, 100 F Street
                                                  change is consistent with the provisions                which it was filed, or such shorter time
                                                                                                          as the Commission may designate, it has                 NE., Washington, DC 20549–1090.
                                                  of Section 15A(b)(6) of the Act,11 which
                                                  requires, among other things, that                      become effective pursuant to Section                    All submissions should refer to File
                                                  FINRA rules must be designed to                         19(b)(3)(A) of the Act 13 and Rule 19b–                 Number SR–FINRA–2016–044. This file
                                                  prevent fraudulent and manipulative                     4(f)(6) thereunder.14                                   number should be included on the
                                                  acts and practices, to promote just and                    A proposed rule change filed under                   subject line if email is used. To help the
                                                  equitable principles of trade, and, in                  Rule 19b–4(f)(6) 15 normally does not                   Commission process and review your
                                                  general, to protect investors and the                   become operative prior to 30 days after                 comments more efficiently, please use
                                                  public interest. FINRA also believes that               the date of filing. However, pursuant to                only one method. The Commission will
                                                  the proposed rule change is consistent                  Rule 19b–4(f)(6)(iii),16 the Commission                 post all comments on the Commission’s
                                                  with the provisions of Section                          may designate a shorter time if such                    Internet Web site (http://www.sec.gov/
                                                  15A(b)(11) of the Act.12 Section                        action is consistent with the protection                rules/sro.shtml). Copies of the
                                                                                                          of investors and the public interest.                   submission, all subsequent
                                                    7 FINRA ceased collecting Pilot data for
                                                                                                             FINRA has asked the Commission to                    amendments, all written statements
                                                  submission to the Commission on February 13,            waive the 30-day operative delay so that                with respect to the proposed rule
                                                  2015.                                                   the proposal may become operative                       change that are filed with the
                                                    8 The assessment is part of the SEC’s comment file
                                                                                                          immediately upon filing. The                            Commission, and all written
                                                  for SR–FINRA–2011–058 and also is available on          Commission believes that waiver of the
                                                  FINRA’s Web site at: http://www.finra.org/Industry/                                                             communications relating to the
                                                  Regulation/RuleFilings/2011/P124615 (‘‘Pilot            operative delay is consistent with the                  proposed rule change between the
                                                  Assessment’’).                                                                                                  Commission and any person, other than
                                                    9 See Securities Exchange Act Release No. 70839         13 15  U.S.C. 78s(b)(3)(A).                           those that may be withheld from the
jstallworth on DSK7TPTVN1PROD with NOTICES




                                                  (November 8, 2013), 78 FR 68893 (November 15,             14 17  CFR 240.19b–4(f)(6). As required under Rule
                                                  2013) (Notice of Filing and Immediate Effectiveness
                                                                                                                                                                  public in accordance with the
                                                                                                          19b–4(f)(6)(iii), the Exchange provided the
                                                  of File No. SR–FINRA–2013–049).                         Commission with written notice of its intent to file    provisions of 5 U.S.C. 552, will be
                                                    10 FINRA reviewed the post-June 30, 2013 data,        the proposed rule change, along with a brief            available for Web site viewing and
                                                  and stated that the impact described in the 2013        description and the text of the proposed rule
                                                  Assessment continued to hold (and improved in           change, at least five business days prior to the date     17 For purposes only of waiving the 30-day
                                                  certain areas). See June 2016 Extension.                of filing of the proposed rule change.                  operative delay, the Commission has considered the
                                                    11 15 U.S.C. 78o–3(b)(6).                               15 17 CFR 240.19b–4(f)(6).
                                                                                                                                                                  proposed rule’s impact on efficiency, competition,
                                                    12 15 U.S.C. 78o–3(b)(11).                              16 17 CFR 240.19b–4(f)(6)(iii).                       and capital formation. See 15 U.S.C. 78c(f).



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                                                  86764                        Federal Register / Vol. 81, No. 231 / Thursday, December 1, 2016 / Notices

                                                  printing in the Commission’s Public                       1. Daniel Krupnick, Associate                         ADDRESSES:    Submit completed loan
                                                  Reference Room, 100 F Street NE.,                              Administrator, Office of                         applications to: U.S. Small Business
                                                  Washington, DC 20549, on official                              Congressional and Legislative                    Administration, Processing and
                                                  business days between the hours of                             Affairs                                          Disbursement Center, 14925 Kingsport
                                                  10:00 a.m. and 3:00 p.m. Copies of such                   2. John Miller, Deputy Associate                      Road, Fort Worth, TX 76155.
                                                  filing also will be available for                              Administrator, Office of Capital                 FOR FURTHER INFORMATION CONTACT: A.
                                                  inspection and copying at the principal                        Access                                           Escobar, Office of Disaster Assistance,
                                                  office of FINRA. All comments received                    3. Victor Parker, District Director (LA               U.S. Small Business Administration,
                                                  will be posted without change; the                             District Office), Office of Field                409 3rd Street SW., Suite 6050,
                                                  Commission does not edit personal                              Operations                                       Washington, DC 20416.
                                                  identifying information from                                                                                    SUPPLEMENTARY INFORMATION: The notice
                                                                                                            Maria Contreras-Sweet,
                                                  submissions. You should submit only                                                                             of the President’s major disaster
                                                  information that you wish to make                         Administrator.
                                                                                                            [FR Doc. 2016–28824 Filed 11–30–16; 8:45 am]          declaration for Private Non-Profit
                                                  available publicly. All submissions                                                                             organizations in the State of Kansas,
                                                  should refer to File Number SR–FINRA–                     BILLING CODE 8025–01–P
                                                                                                                                                                  dated 10/20/2016, is hereby amended to
                                                  2016–044 and should be submitted on                                                                             include the following areas as adversely
                                                  or before December 22, 2016.                                                                                    affected by the disaster.
                                                                                                            SMALL BUSINESS ADMINISTRATION
                                                    For the Commission, by the Division of                                                                        Primary Counties: Woodson.
                                                  Trading and Markets, pursuant to delegated                Surrender of License of Small
                                                  authority.18                                                                                                       All other information in the original
                                                                                                            Business Investment Company                           declaration remains unchanged.
                                                  Brent J. Fields,
                                                  Secretary.                                                  Pursuant to the authority granted to                (Catalog of Federal Domestic Assistance
                                                  [FR Doc. 2016–28828 Filed 11–30–16; 8:45 am]              the United States Small Business                      Number 59008)
                                                                                                            Administration under the Small
                                                  BILLING CODE 8011–01–P                                                                                          James E. Rivera,
                                                                                                            Business Investment Act of 1958, as
                                                                                                                                                                  Associate Administrator for Disaster
                                                                                                            amended, under Section 309 of the Act
                                                                                                                                                                  Assistance.
                                                                                                            and Section 107.1900 of the Small
                                                  SMALL BUSINESS ADMINISTRATION                                                                                   [FR Doc. 2016–28831 Filed 11–30–16; 8:45 am]
                                                                                                            Business Administration Rules and
                                                                                                                                                                  BILLING CODE 8025–01–P
                                                  Senior Executive Service: Performance                     Regulations (13 CFR 107.1900) to
                                                  Review Board Members                                      function as a small business investment
                                                                                                            company under the Small Business
                                                  AGENCY: U. S. Small Business                                                                                    SMALL BUSINESS ADMINISTRATION
                                                                                                            Investment Company License No. 05/
                                                  Administration.                                           75–0252 issued to EDF Ventures II, L.P.,              [Disaster Declaration #14970 and #14971]
                                                  ACTION: Notice of members for the FY                      said license is hereby declared null and
                                                  2016 Performance Review Board.                            void.                                                 North Carolina Disaster Number NC–
                                                                                                            United States Small Business                          00086
                                                  SUMMARY:    Title 5 U.S.C. 4314(c) (4)
                                                  requires each agency to publish                             Administration                                      AGENCY: U.S. Small Business
                                                  notification of the appointment of                          Dated: November 16, 2016.                           Administration.
                                                  individuals who may serve as members                      Mark Walsh,                                           ACTION: Amendment 2.
                                                  of that Agency’s Performance Review                       Associate Administrator for Investment and
                                                  Board (PRB). The following individuals                    Innovation.                                           SUMMARY:   This is an amendment of the
                                                  have been designated to serve on the FY                   [FR Doc. 2016–28829 Filed 11–30–16; 8:45 am]          Presidential declaration of a major
                                                  2016 Performance Review Board for the                     BILLING CODE P
                                                                                                                                                                  disaster for Public Assistance Only for
                                                  U.S. Small Business Administration.                                                                             the State of North Carolina (FEMA–
                                                     Members:                                                                                                     4285–DR), dated 11/10/2016.
                                                  1. Delorice Ford (Chair), Assistant                       SMALL BUSINESS ADMINISTRATION                           Incident: Hurricane Matthew.
                                                       Administrator, Office of Hearings                                                                            Incident Period: 10/04/2016 through
                                                       and Appeals                                          [Disaster Declaration #14929 and #14930]              10/24/2016.
                                                  2. Eugene Cornelius Jr., Deputy                                                                                 EFFECTIVE DATE: 11/21/2016.
                                                       Associate Administrator, Office of                   Kansas Disaster Number KS–00098                         Physical Loan Application Deadline
                                                       Field Operations                                                                                           Date: 01/09/2017.
                                                  3. Nick Maduros, Chief of Staff, Office                   AGENCY: U.S. Small Business
                                                                                                                                                                    Economic Injury (EIDL) Loan
                                                       of the Administrator                                 Administration.
                                                                                                                                                                  Application Deadline Date: 08/10/2017.
                                                  4. Robert Steiner, District Director                      ACTION: Amendment 2.
                                                                                                                                                                  ADDRESSES: Submit completed loan
                                                       (Illinois District Office), Office of                                                                      applications to: U.S. Small Business
                                                       Field Operations                                     SUMMARY:   This is an amendment of the
                                                                                                            Presidential declaration of a major                   Administration, Processing and
                                                  5. Jackie Robinson-Burnette, Deputy
                                                                                                            disaster for Public Assistance Only for               Disbursement Center, 14925 Kingsport
                                                       Associate Administrator, Office of
                                                                                                            the State of Kansas (FEMA–4287–DR),                   Road, Fort Worth, TX 76155.
                                                       Government Contracting and
                                                       Business Development                                 dated 10/20/2016.                                     FOR FURTHER INFORMATION CONTACT: A.
                                                  6. Linda Rusche, Director of Credit Risk                    Incident: Severe Storms and Flooding.               Escobar, Office of Disaster Assistance,
jstallworth on DSK7TPTVN1PROD with NOTICES




                                                       Management, Office of Capital                          Incident Period: 09/02/2016 through                 U.S. Small Business Administration,
                                                       Access                                               09/12/2016.                                           409 3rd Street SW., Suite 6050,
                                                  7. Mark Walsh, Associate Administrator,                   EFFECTIVE DATE: 11/21/2016.                           Washington, DC 20416.
                                                       Office of Investment and Innovation                    Physical Loan Application Deadline                  SUPPLEMENTARY INFORMATION: The notice
                                                  Alternate PRB:                                            Date: 12/19/2016.                                     of the President’s major disaster
                                                                                                              Economic Injury (EIDL) Loan                         declaration for Private Non-Profit
                                                    18 17   CFR 200.30–3(a)(12).                            Application Deadline Date: 07/20/2017.                organizations in the State of North


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Document Created: 2018-02-14 09:00:53
Document Modified: 2018-02-14 09:00:53
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 86762 

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