81 FR 9065 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 35 (February 23, 2016)
Federal Register Volume 81, Issue 35 (February 23, 2016)
| Page Range | 9065-9067 | |
| FR Document | 2016-03665 |
[Federal Register Volume 81, Number 35 (Tuesday, February 23, 2016)] [Notices] [Pages 9065-9067] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03665] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77158; File No. SR-FINRA-2016-008] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) February 17, 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 February 16, 2016, Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by FINRA. FINRA has designated the proposed rule change as constituting a ``non- controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under the Act,\3\ which renders the proposal effective upon receipt of this filing by the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to delay implementation of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) until April 22, 2016. The proposed rule change would not make any other changes to FINRA rules. 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. [[Page 9066]] 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 November 14, 2014, FINRA filed proposed rule change SR-FINRA- 2014-048 to adopt new FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to address conflicts of interest relating to the publication and distribution of debt research reports.\4\ On February 19, 2015, FINRA filed Amendment No. 1 responding to the comments received to the proposal as well as to propose amendments in response to these comments.\5\ The proposed rule change, as modified by Amendment No. 1 thereto, was approved by the Commission on July 16, 2015.\6\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 73623 (November 18, 2014), 79 FR 69905 (November 24, 2014) (Notice of Filing File No. SR-FINRA-2014-048). \5\ See Securities Exchange Act Release No. 74490 (March 12, 2015), 80 FR 14198 (March 18, 2015) (Notice of Filing Amendment No. 1 to File No. SR-FINRA-2014-048). \6\ See Securities Exchange Act Release No. 75472 (July 16, 2015), 80 FR 43528 (July 22, 2015) (Order Approving File No. SR- FINRA-2014-048). --------------------------------------------------------------------------- Pursuant to proposed rule change SR-FINRA-2014-048, FINRA proposed to announce the effective date of the proposed rule change in a Regulatory Notice to be published no later than 60 days following Commission approval. FINRA further stated that the effective date will be no later than 180 days following publication of the Regulatory Notice announcing Commission approval. FINRA announced an effective date of February 22, 2016 in a Regulatory Notice published on August 26, 2015.\7\ --------------------------------------------------------------------------- \7\ See Regulatory Notice 15-31 (August 2015). --------------------------------------------------------------------------- In response to industry questions regarding implementation of the requirements of Rule 2242, FINRA believes that it is appropriate to extend the implementation date and is proposing to delay implementation of Rule 2242 until April 22, 2016. FINRA has filed the proposed rule change for immediate effectiveness and has requested that the Commission waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\8\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA believes the proposed rule change is consistent with the Act in that it provides members additional time to implement the requirements of Rule 2242, which addresses conflicts of interest relating to the publication and distribution of debt research reports. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78o-3(b)(6). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed delay in implementation of Rule 2242 will reduce the burden on members by allowing additional time to implement changes to their policies and procedures. 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 FINRA has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act and Rule 19b-4(f)(6) thereunder.\9\ 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 \10\ and Rule 19b-4(f)(6) thereunder.\11\ --------------------------------------------------------------------------- \9\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), FINRA 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, or such shorter time as designated by the Commission. \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\13\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. FINRA has asked the Commission to 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 investor protection and the public interest because the proposal would allow FINRA members more time to correctly establish systems compliant with FINRA Rule 2242. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\14\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ 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. 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 under Section 19(b)(2)(B) \15\ to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-FINRA-2016-008 on the subject line. [[Page 9067]] 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-2016-008. 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-2016-008 and should be submitted on or before March 15, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-03665 Filed 2-22-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 35 / Tuesday, February 23, 2016 / Notices 9065
Orders would be the same for all IV. Solicitation of Comments For the Commission, by the Division
Participants. All Participants on BOX of Trading and Markets, pursuant to
have today, and will continue to have, Interested persons are invited to delegated authority.16
an equal opportunity to respond to submit written data, views and
Directed Orders exposed on BOX. As arguments concerning the foregoing, Robert W. Errett,
such, the Exchange believes that a including whether the proposed rule Deputy Secretary.
reduction in the Directed Order change is consistent with the Act. [FR Doc. 2016–03662 Filed 2–22–16; 8:45 am]
handling period on BOX would not be Comments may be submitted by any of BILLING CODE 8011–01–P
unfairly discriminatory and would the following methods:
benefit investors. For these reasons, the
Exchange does not believe that the Electronic Comments SECURITIES AND EXCHANGE
proposed rule change will impose any • Use the Commission’s Internet COMMISSION
burden on competition not necessary or comment form (http://www.sec.gov/
appropriate in furtherance of the
rules/sro.shtml); or [Release No. 34–77158; File No. SR–FINRA–
purposes of the Act. 2016–008]
• Send an email to rule-comments@
C. Self-Regulatory Organization’s sec.gov. Please include File Number SR–
Statement on Comments on the Self-Regulatory Organizations;
BOX–2016–08 on the subject line. Financial Industry Regulatory
Proposed Rule Change Received From
Members, Participants, or Others Paper Comments Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
The Exchange has neither solicited • Send paper comments in triplicate
nor received comments on the proposed Rule Change To Delay the
to Secretary, Securities and Exchange Implementation Date of FINRA Rule
rule change.
Commission, 100 F Street NE., 2242 (Debt Research Analysts and
III. Date of Effectiveness of the Washington, DC 20549–1090. Debt Research Reports)
Proposed Rule Change and Timing for
Commission Action All submissions should refer to File February 17, 2016.
Number SR–BOX–2016–08. This file
The Exchange has filed the proposed number should be included on the Pursuant to Section 19(b)(1) of the
rule change pursuant to Section subject line if email is used. To help the Securities Exchange Act of 1934
19(b)(3)(A) of the Act 10 and Rule 19b– (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Commission process and review your
4(f)(6) thereunder.11 Because the notice is hereby given that on February
comments more efficiently, please use
foregoing proposed rule change does 16, 2016, Financial Industry Regulatory
only one method. The Commission will
not: (i) Significantly affect the Authority, Inc. (‘‘FINRA’’) filed with the
post all comments on the Commission’s
protection of investors or the public Securities and Exchange Commission
interest; (ii) impose any significant Internet Web site (http://www.sec.gov/
(the ‘‘Commission’’) the proposed rule
burden on competition; and (iii) become rules/sro.shtml). Copies of the
change as described in Items I, II, and
operative for 30 days from the date on submission, all subsequent III below, which Items have been
which it was filed, or such shorter time amendments, all written statements substantially prepared by FINRA.
as the Commission may designate, it has with respect to the proposed rule FINRA has designated the proposed rule
become effective pursuant to Section change that are filed with the change as constituting a ‘‘non-
19(b)(3)(A) of the Act 12 and Rule 19b– Commission, and all written controversial’’ rule change under
4(f)(6) thereunder.13 communications relating to the paragraph (f)(6) of Rule 19b–4 under the
At any time within 60 days of the proposed rule change between the Act,3 which renders the proposal
filing of the proposed rule change, the Commission and any person, other than effective upon receipt of this filing by
Commission summarily may those that may be withheld from the the Commission. The Commission is
temporarily suspend such rule change if public in accordance with the publishing this notice to solicit
it appears to the Commission that such provisions of 5 U.S.C. 552, will be comments on the proposed rule change
action is necessary or appropriate in the available for Web site viewing and from interested persons.
public interest, for the protection of printing in the Commission’s Public
investors, or otherwise in furtherance of Reference Room, 100 F Street NE., I. Self-Regulatory Organization’s
the purposes of the Act.14 If the Washington, DC 20549 on official Statement of the Terms of Substance of
Commission takes such action, the business days between the hours of the Proposed Rule Change
Commission shall institute proceedings 10:00 a.m. and 3:00 p.m. Copies of such
to determine whether the proposed rule FINRA is proposing to delay
filing also will be available for implementation of FINRA Rule 2242
change should be approved or
inspection and copying at the principal (Debt Research Analysts and Debt
disapproved.15
office of the Exchange. All comments Research Reports) until April 22, 2016.
10 15 U.S.C. 78s(b)(3)(A).
received will be posted without change; The proposed rule change would not
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– the Commission does not edit personal make any other changes to FINRA rules.
4(f)(6)(iii) requires the Exchange to give the identifying information from The text of the proposed rule change
Commission written notice of the Exchange’s intent submissions. You should submit only
to file the proposed rule change, along with a brief is available on FINRA’s Web site at
information that you wish to make
mstockstill on DSK4VPTVN1PROD with NOTICES
description and text of the proposed rule change, http://www.finra.org, at the principal
at least five business days prior to the date of filing available publicly. All submissions office of FINRA and at the
of the proposed rule change, or such shorter time should refer to File Number SR–BOX–
as designated by the Commission. The Exchange
Commission’s Public Reference Room.
has satisfied this requirement.
2016–08 and should be submitted on or
12 15 U.S.C. 78s(b)(3)(A). before March 15, 2016. 16 17 CFR 200.30–3(a)(12).
13 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
14 15 U.S.C. 78s(b)(3)(A). 2 17 CFR 240.19b–4.
15 Id. 3 17 CFR 240.19b–4(f)(6).
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![Federal Register / Vol. 81, No. 35 / Tuesday, February 23, 2016 / Notices 9067
Paper Comments LL–006 at the Commission’s Administrator’s EIDL declaration,
• Send paper comments in triplicate headquarters, 100 F Street NE., applications for economic injury
to Brent J. Fields, Secretary, Securities Washington, DC. disaster loans may be filed at the
and Exchange Commission, 100 F Street The meeting will begin at 9:30 a.m. address listed above or other locally
NE., Washington, DC 20549–1090. (EST) and will be open to the public. announced locations.
Seating will be on a first-come, first- The following areas have been
All submissions should refer to File determined to be adversely affected by
Number SR–FINRA–2016–008. This file served basis. Doors will open at 9:00
a.m. Visitors will be subject to security the disaster:
number should be included on the
checks. The meeting will be webcast on Primary Counties: Los Angeles.
subject line if email is used. To help the
the Commission’s Web site at Contiguous Counties:
Commission process and review your California: Kern, Orange, San
comments more efficiently, please use www.sec.gov.
On February 5, 2016, the Commission Bernardino, Ventura.
only one method. The Commission will
published notice of the Committee The Interest Rates are:
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ meeting (Release No. 33–10034),
indicating that the meeting is open to Percent
rules/sro.shtml). Copies of the
submission, all subsequent the public and inviting the public to
Businesses and Small Agricultural
amendments, all written statements submit written comments to the Cooperatives Without Credit
with respect to the proposed rule Committee. This Sunshine Act notice is Available Elsewhere .................. 4.000
change that are filed with the being issued because a majority of the Non-Profit Organizations Without
Commission, and all written Commission may attend the meeting. Credit Available Elsewhere ....... 2.625
communications relating to the The agenda for the meeting includes
matters relating to rules and regulations The number assigned to this disaster
proposed rule change between the
affecting small and emerging companies for economic injury is 146190.
Commission and any person, other than The States which received an EIDL
those that may be withheld from the under the federal securities laws.
For further information, please Declaration # are California.
public in accordance with the
provisions of 5 U.S.C. 552, will be contact the Office of the Secretary at (Catalog of Federal Domestic Assistance
available for Web site viewing and (202) 551–5400. Number 59002)
printing in the Commission’s Public Dated: February 18, 2016.
Dated: February 8, 2016.
Reference Room, 100 F Street NE., Brent J. Fields, Maria Contreras-Sweet,
Washington, DC 20549, on official Secretary. Administrator.
business days between the hours of 10 [FR Doc. 2016–03846 Filed 2–19–16; 4:15 pm]
[FR Doc. 2016–03769 Filed 2–22–16; 8:45 am]
a.m. and 3 p.m. Copies of such filing BILLING CODE 8011–01–P
BILLING CODE 8025–01–P
also will be available for inspection and
copying at the principal office of
FINRA. All comments received will be SMALL BUSINESS ADMINISTRATION SMALL BUSINESS ADMINISTRATION
posted without change; the Commission
does not edit personal identifying [Disaster Declaration #14619; Disaster #CA– [Disaster Declaration #14627 and #14628;
information from submissions. You 00244] Disaster #OK–00100]
should submit only information that
California; Declaration of Economic Oklahoma; Disaster Declaration
you wish to make available publicly. All
submissions should refer to File Injury AGENCY: U.S. Small Business
Number SR–FINRA–2016–008 and AGENCY: U.S. Small Business Administration.
should be submitted on or before March Administration. ACTION: Notice.
15, 2016. ACTION: Notice. SUMMARY: This is a Notice of the
For the Commission, by the Division of
Trading and Markets, pursuant to delegated SUMMARY: This is a notice of an Presidential declaration of a major
authority.16 Economic Injury Disaster Loan (EIDL) disaster for Public Assistance Only for
Robert W. Errett, declaration for the State of California, the State of Oklahoma (FEMA—4256—
dated 02/08/2016. DR), dated 02/10/2016.
Deputy Secretary.
Incident: Severe Winter Storms and
[FR Doc. 2016–03665 Filed 2–22–16; 8:45 am] Incident: Aliso Canyon Gas Leak.
Flooding.
BILLING CODE 8011–01–P
Incident Period: 10/23/2015 and Incident Period: 12/26/2015 through
continuing. 01/05/2016.
Effective Date: 02/08/2016.
DATES: Effective Date: 02/10/2016.
SECURITIES AND EXCHANGE EIDL Loan Application Deadline Date: Physical Loan Application Deadline
COMMISSION 11/08/2016. Date: 04/11/2016.
ADDRESSES: Submit completed loan Economic Injury (EIDL) Loan
Sunshine Act Meeting applications to: U.S. Small Business Application Deadline Date: 11/10/2016.
Notice is hereby given, pursuant to Administration, Processing and ADDRESSES: Submit completed loan
the provisions of the Government in the Disbursement Center, 14925 Kingsport applications to: U.S. Small Business
Road, Fort Worth, TX 76155. Administration, Processing and
mstockstill on DSK4VPTVN1PROD with NOTICES
Sunshine Act, Public Law 94–409, that
the Securities and Exchange FOR FURTHER INFORMATION CONTACT: Disbursement Center, 14925 Kingsport
Commission Advisory Committee on A. Escobar, Office of Disaster Road, Fort Worth, TX 76155.
Small and Emerging Companies will Assistance, U.S. Small Business FOR FURTHER INFORMATION CONTACT: A.
hold a public meeting on Thursday, Administration, 409 3rd Street SW., Escobar, Office of Disaster Assistance,
February 25, in Multi-Purpose Room Suite 6050, Washington, DC 20416. U.S. Small Business Administration,
SUPPLEMENTARY INFORMATION: Notice is 409 3rd Street SW., Suite 6050,
16 17 CFR 200.30–3(a)(12). hereby given that as a result of the Washington, DC 20416.
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Document Created: 2018-02-02 14:33:25
Document Modified: 2018-02-02 14:33:25
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 9065 |
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