82 FR 28917 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Implementation Date for Trade Modifiers When Reporting Transactions in U.S. Treasury Securities
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 121 (June 26, 2017)
Federal Register Volume 82, Issue 121 (June 26, 2017)
| Page Range | 28917-28919 | |
| FR Document | 2017-13230 |
[Federal Register Volume 82, Number 121 (Monday, June 26, 2017)] [Notices] [Pages 28917-28919] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-13230] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80975; File No. SR-FINRA-2017-018] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Implementation Date for Trade Modifiers When Reporting Transactions in U.S. Treasury Securities June 20, 2017. 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 June 12, 2017, Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. FINRA filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 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 establish an implementation date for certain trade modifiers required on trade reports to the Transaction Reporting and Compliance Engine (``TRACE'') involving U.S. Treasury Securities. The proposed rule change does not make any changes to the text of FINRA rules. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose On October 18, 2016, the Commission approved a proposed rule change to require FINRA members to report certain transactions in U.S. Treasury Securities to TRACE.\5\ The new rules included two new trade modifiers, which are described below, for use on certain types of trades in U.S. Treasury Securities reported to TRACE. On October 19, 2016, FINRA announced that the reporting requirements would [[Page 28918]] be implemented beginning July 10, 2017; however, FINRA noted that, although the two new trade modifiers could be used by members when reporting trades beginning on July 10, 2017, FINRA would announce at a later time when the modifiers would be required.\6\ The current proposed rule change establishes February 5, 2018, as the implementation date for the two new modifiers. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 79116 (October 18, 2016), 81 FR 73167 (October 24, 2016) (Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of File No. SR-FINRA- 2016-027) (``Original Filing''). The Original Filing stated that the implementation date for the new rules would be no later than 365 days following Commission approval. FINRA is filing the current proposed rule change to extend the implementation date for the trade modifiers beyond the 365-day period set forth in the Original Filing. \6\ See Regulatory Notice 16-39 (October 2016). --------------------------------------------------------------------------- The Original Filing amended the TRACE rules to require that transactions in U.S. Treasury Securities, as defined in Rule 6710, be reported to TRACE. To effectuate this requirement, the Original Filing amended the definition of ``TRACE-Eligible Security'' to include U.S. Treasury Securities and amended the definition of ``U.S. Treasury Security'' to exclude savings bonds. The term ``U.S. Treasury Securities'' therefore includes Treasury bills, notes, and bonds, as well as separate principal and interest components of a U.S. Treasury Security separated pursuant to the Separate Trading of Registered Interest and Principal of Securities (STRIPS) program operated by the Treasury Dept.\7\ --------------------------------------------------------------------------- \7\ The STRIPS program is a program operated by the Treasury Dept. under which eligible securities are authorized to be separated into principal and interest components and transferred separately. See 31 CFR 356.2; see generally 31 CFR 356.31 (providing details on how the STRIPS program works). --------------------------------------------------------------------------- The Original Filing also included amendments to Rule 6730 to require the use of two new modifiers, when applicable, to reported transactions in U.S. Treasury Securities. When proposing the rule, FINRA noted that transactions in U.S. Treasury Securities that are executed as part of larger trading strategies can often be priced away from the current market for legitimate reasons.\8\ FINRA therefore adopted two new modifiers to require members to indicate that particular transactions are part of larger trading strategies. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 78359 (July 19, 2016), 81 FR 48465, 48468 (July 25, 2016) (Notice of Filing of SR- FINRA-2016-027). --------------------------------------------------------------------------- First, the amendments require that members append a ``.B'' modifier to a trade report if the transaction being reported is part of a series of transactions where at least one of the transactions involves a futures contract (e.g., a ``basis'' trade). Second, the amendments require that members append a ``.S'' modifier to a trade report if the transaction being reported is part of a series of transactions and may not be priced based on the current market (e.g., a fixed price transaction in an ``on-the-run'' security as part of a transaction in an ``off-the-run'' security). FINRA noted that the use of these modifiers on TRACE trade reports involving U.S. Treasury Securities will allow FINRA to better understand and evaluate execution prices for specific transactions that may otherwise appear aberrant if, for example, they are significantly outside of the price range for that security at that time. Among other things, these modifiers should reduce the number of false positive results that could be generated through automated surveillance patterns that include the price as part of the pattern. As noted above, the new TRACE reporting requirements for U.S. Treasury Securities are scheduled to be implemented beginning July 10, 2017,\9\ and the proposed rule change establishes February 5, 2018, as the implementation date for the two new modifiers. --------------------------------------------------------------------------- \9\ See Regulatory Notice 16-39 (October 2016). --------------------------------------------------------------------------- FINRA has filed the proposed rule change for immediate effectiveness. The implementation date will be February 5, 2018. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\10\ 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. Based on discussions with multiple FINRA members, FINRA believes that providing members with an additional six months after the implementation of the new TRACE requirements to report transactions in U.S. Treasury Securities to report the trade modifiers on applicable transactions will give them sufficient time to program systems to comply with the requirement. --------------------------------------------------------------------------- \10\ 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. As noted in the Original Filing, the new modifiers may introduce additional complexity to the proposed reporting, as traders at FINRA- member firms must apply the modifiers correctly and consistently to ensure meaningful data collection. FINRA noted that, in discussions with market participants, larger firms, for example, indicated that U.S. Treasury Securities are typically traded across many desks within the firm and this increases compliance costs because the new modifiers need to be identified by individual traders, as they are uniquely situated to know whether a specific trade is associated with a cross- instrument strategy that would require the modifier.\11\ Some firms also suggested that it may be difficult for a trader to know at the time of a trade whether it is part of a cross-instrument strategy, thus increasing complexity and their regulatory risk. When proposing the requirements, FINRA noted that it planned to phase in the modifiers to simplify the immediate implementation of the proposed rule change and provide firms additional time to make the necessary changes to implement the new modifiers.\12\ The proposed rule change is consistent with these representations and provides firms with additional time after they begin reporting transactions in U.S. Treasury Securities to TRACE to implement the requirement to append modifiers if applicable. --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 78359 (July 19, 2016), 81 FR 48465, 48471 (July 25, 2016). \12\ See id. at 48469, n.25; see also Original Filing, supra note 5, at 73170. --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ In addition, Rule 19b-4(f)(6)(iii) requires a self- regulatory organization to provide 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. FINRA complied with this requirement. --------------------------------------------------------------------------- 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 [[Page 28919]] 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 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-2017-018 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-2017-018. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of 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-2017-018, and should be submitted on or before July 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-13230 Filed 6-23-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 121 / Monday, June 26, 2017 / Notices 28917
concerning Potential Co-Investment banks having the qualifications Authority, Inc. (‘‘FINRA’’) filed with the
Transactions and Co-Investment prescribed in section 26(a)(1) of the Act, Securities and Exchange Commission
Transactions, including investments and the account will earn a competitive (‘‘Commission’’) the proposed rule
made by other Regulated Funds or rate of interest that will also be divided change as described in Items I and II
Affiliated Funds that the Regulated pro rata among the participating below, which Items have been prepared
Fund considered but declined to Regulated Funds and Affiliated Funds by FINRA. FINRA filed the proposed
participate in, so that the Non-Interested based on the amounts they invest in rule change pursuant to Section
Directors may determine whether all such Co-Investment Transaction. None 19(b)(3)(A)(iii) of the Act 3 and Rule
investments made during the preceding of the Affiliated Funds, the Advisers, 19b–4(f)(6) thereunder.4 The
quarter, including those investments the other Regulated Funds or any Commission is publishing this notice to
that the Regulated Fund considered but affiliated person of the Regulated Funds solicit comments on the proposed rule
declined to participate in, comply with or Affiliated Funds will receive change from interested persons.
the conditions of the Order. In addition, additional compensation or
I. Self-Regulatory Organization’s
the Non-Interested Directors will remuneration of any kind as a result of
Statement of the Terms of Substance of
consider at least annually the continued or in connection with a Co-Investment
the Proposed Rule Change
appropriateness for the Regulated Fund Transaction (other than (a) in the case
of participating in new and existing Co- of the Regulated Funds and the FINRA is proposing to establish an
Investment Transactions. Affiliated Funds, the pro rata implementation date for certain trade
10. Each Regulated Fund will transaction fees described above and modifiers required on trade reports to
maintain the records required by section fees or other compensation described in the Transaction Reporting and
57(f)(3) of the Act as if each of the condition 2(c)(iii)(C); and (b) in the case Compliance Engine (‘‘TRACE’’)
Regulated Funds were a BDC and each of an Adviser, investment advisory fees involving U.S. Treasury Securities. The
of the investments permitted under paid in accordance with the agreement proposed rule change does not make
these conditions were approved by the between the Adviser and the Regulated any changes to the text of FINRA rules.
Required Majority under section 57(f) of Fund or Affiliated Fund. II. Self-Regulatory Organization’s
the Act. 14. If the Holders own in the aggregate Statement of the Purpose of, and
11. No Non-Interested Director of a more than 25 percent of the Shares of Statutory Basis for, the Proposed Rule
Regulated Fund will also be a director, a Regulated Fund, then the Holders will Change
general partner, managing member or vote such Shares as directed by an
independent third party when voting on In its filing with the Commission,
principal, or otherwise an ‘‘affiliated FINRA included statements concerning
person’’ (as defined in the Act), of an (1) the election of directors; (2) the
removal of one or more directors; or (3) the purpose of and basis for the
Affiliated Fund. proposed rule change and discussed any
12. The expenses, if any, associated any other matter under either the Act or
applicable State law affecting the comments it received on the proposed
with acquiring, holding or disposing of rule change. The text of these statements
any securities acquired in a Co- Board’s composition, size or manner of
election. may be examined at the places specified
Investment Transaction (including, in Item IV below. FINRA has prepared
without limitation, the expenses of the For the Commission, by the Division of
summaries, set forth in sections A, B,
distribution of any such securities Investment Management, under delegated
authority. and C below, of the most significant
registered for sale under the Securities aspects of such statements.
Act) will, to the extent not payable by Eduardo A. Aleman,
the Advisers under their respective Assistant Secretary. A. Self-Regulatory Organization’s
investment advisory agreements with [FR Doc. 2017–13263 Filed 6–23–17; 8:45 am] Statement of the Purpose of, and the
Affiliated Funds and the Regulated BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Funds, be shared by the Regulated Change
Funds and the Affiliated Funds in 1. Purpose
proportion to the relative amounts of the SECURITIES AND EXCHANGE
securities held or to be acquired or COMMISSION On October 18, 2016, the Commission
disposed of, as the case may be. approved a proposed rule change to
[Release No. 34–80975; File No. SR–FINRA– require FINRA members to report
13. Any transaction fee 12 (including 2017–018]
break-up or commitment fees but certain transactions in U.S. Treasury
excluding broker’s fees contemplated by Self-Regulatory Organizations; Securities to TRACE.5 The new rules
section 17(e) or 57(k) of the Act, as Financial Industry Regulatory included two new trade modifiers,
applicable) received in connection with Authority, Inc.; Notice of Filing and which are described below, for use on
a Co-Investment Transaction will be Immediate Effectiveness of a Proposed certain types of trades in U.S. Treasury
distributed to the participating Rule Change Relating to the Securities reported to TRACE. On
Regulated Funds and Affiliated Funds Implementation Date for Trade October 19, 2016, FINRA announced
on a pro rata basis based on the amounts Modifiers When Reporting that the reporting requirements would
they invested or committed, as the case Transactions in U.S. Treasury 3 15 U.S.C. 78s(b)(3)(A)(iii).
may be, in such Co-Investment Securities 4 17 CFR 240.19b–4(f)(6).
Transaction. If any transaction fee is to 5 See Securities Exchange Act Release No. 79116
June 20, 2017.
be held by an Adviser pending (October 18, 2016), 81 FR 73167 (October 24, 2016)
sradovich on DSK3GMQ082PROD with NOTICES
Pursuant to Section 19(b)(1) of the
consummation of the transaction, the (Notice of Filing of Amendment No. 1 and Order
Securities Exchange Act of 1934 Granting Accelerated Approval of File No. SR–
fee will be deposited into an account
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 FINRA–2016–027) (‘‘Original Filing’’). The Original
maintained by such Adviser at a bank or Filing stated that the implementation date for the
notice is hereby given that on June 12,
new rules would be no later than 365 days
12 Applicants are not requesting and the staff is
2017, Financial Industry Regulatory following Commission approval. FINRA is filing the
not providing any relief for transaction fees current proposed rule change to extend the
1 15 U.S.C. 78s(b)(1).
received in connection with any Co-Investment implementation date for the trade modifiers beyond
Transaction. 2 17 CFR 240.19b–4. the 365-day period set forth in the Original Filing.
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![Federal Register / Vol. 82, No. 121 / Monday, June 26, 2017 / Notices 28919
action is necessary or appropriate in the 2017–018, and should be submitted on Commission is approving the proposed
public interest, for the protection of or before July 17, 2017. rule changes, as modified by
investors, or otherwise in furtherance of For the Commission, by the Division of Amendment No. 1.
the purposes of the Act. If the Trading and Markets, pursuant to delegated
Commission takes such action, the authority.15
II. Description of the Proposed Rule
Commission shall institute proceedings Change
Eduardo A. Aleman,
to determine whether the proposed rule Assistant Secretary. ICE Clear Europe has proposed
should be approved or disapproved. [FR Doc. 2017–13230 Filed 6–23–17; 8:45 am] changes to its EOD Price Discovery
IV. Solicitation of Comments BILLING CODE 8011–01–P Policy that are designed to implement a
Interested persons are invited to new price submission process. As part
submit written data, views, and of its current price submission process,
SECURITIES AND EXCHANGE ICE Clear Europe requires Clearing
arguments concerning the foregoing, COMMISSION
including whether the proposed rule Members to submit certain required
change is consistent with the Act. [Release No. 34–80978; File No. SR–ICEEU– price information to an intermediary,
Comments may be submitted by any of 2017–003] which ICE Clear Europe then obtains
the following methods: and uses as part of its price discovery
Self-Regulatory Organizations; ICE process. The proposed rule changes
Electronic Comments Clear Europe Limited; Notice of Filing would eliminate the use of the
• Use the Commission’s Internet of Amendment No. 1 and Order intermediary in the price submission
comment form (http://www.sec.gov/ Approving Proposed Rule Change, as
process and instead require Clearing
rules/sro.shtml); or Modified by Amendment No. 1 Thereto,
Members to submit required price
Relating to ICE Clear Europe’s End-of-
• Send an email to rule-comments@ information directly to ICE Clear
Day Price Discovery Policy
sec.gov. Please include File Number SR– Europe. In order to implement the direct
FINRA–2017–018 on the subject line. June 20, 2017. price submission process, ICE Clear
Paper Comments I. Introduction Europe proposed to amend its EOD
Price Discovery Policy to (1) require
• Send paper comments in triplicate On March 10, 2017, ICE Clear Europe Clearing Members establish direct
to Brent J. Fields, Secretary, Securities Limited (‘‘ICE Clear Europe’’) filed with connectivity with ICE Clear Europe and
and Exchange Commission, 100 F Street the Securities and Exchange use a FIX API to provide ICE Clear
NE., Washington, DC 20549–1090. Commission (‘‘Commission’’), pursuant Europe with the required price
All submissions should refer to File to Section 19(b)(1) of the Securities information, (2) add references to FIX
Number SR–FINRA–2017–018. This file Exchange Act of 1934 (‘‘Act’’) 1 and Rule
API terminology, and (3) make revisions
number should be included on the 19b–4 thereunder,2 a proposed rule
reflecting the replacement of existing
subject line if email is used. To help the change (SR–ICEEU–2017–003) to amend
ICE Clear Europe’s CDS End-of-Day trade date files with FIX API firm trade
Commission process and review your messages.6 Moreover, ICE Clear Europe
comments more efficiently, please use Price Discovery Policy (‘‘EOD Price
Discovery Policy’’) to implement a new proposed amending the Pricing Policy
only one method. The Commission will to note that ICE Clear Europe will send
post all comments on the Commission’s price submission process for Clearing
Members. The proposed rule change FIX API messages directly to Clearing
Internet Web site (http://www.sec.gov/
was published for comment in the Members, and to remove references to
rules/sro.shtml). Copies of the
Federal Register on March 23, 2017.3 the intermediary and its ‘‘Valuation
submission, all subsequent
amendments, all written statements The Commission did not receive Service API’’ that ICE Clear Europe
with respect to the proposed rule comments regarding the proposed previously used.7 Although ICE Clear
change that are filed with the changes. On May 1, 2017, the Europe proposed additional minor
Commission, and all written Commission extended the period in changes to the timing of various steps in
communications relating to the which to approve, disapprove, or the pricing process, these proposed
proposed rule change between the institute proceedings to determine changes would not affect the actual
Commission and any person, other than whether to disapprove the proposed settlement submission windows.8
those that may be withheld from the rule change to June 21, 2017.4 On June In addition to the changes described
public in accordance with the 9, 2017, ICE Clear Europe filed above, ICE Clear Europe also proposed
provisions of 5 U.S.C. 552, will be Amendment No. 1 to the proposal.5 For
changes with respect to the format of
available for Web site viewing and the reasons discussed below, the
information required to be submitted by
printing in the Commission’s Public Clearing Members for the CDX.NA.HY
15 17 CFR 200.30–3(a)(12).
Reference Room, 100 F Street NE., 1 15 index. Moreover, ICE Clear Europe
U.S.C. 78s(b)(1).
Washington, DC 20549 on official 2 17 CFR 240.19b–4. proposed modifications to the process
business days between the hours of 3 Securities Exchange Act Release No. 34–80269 for distributing end-of-day prices, which
10:00 a.m. and 3:00 p.m. Copies of such (March 17, 2017), 82 FR 14925 (March 23, 2017) will result in ICE Clear Europe
filing also will be available for (SR–ICEEU–2017–003) (‘‘Notice’’).
publishing separate messages setting
inspection and copying at the principal 4 Securities Exchange Act Release No. 34–80566
(May 1, 2017), 82 FR 21287 (May 5, 2017). forth end-of-day price information for
office of FINRA. All comments received
sradovich on DSK3GMQ082PROD with NOTICES
will be posted without change; the
5 ICE Clear Europe filed Amendment No. 1 to single name and index CDS to Clearing
clarify that the implementation date for the Members.9
Commission does not edit personal proposed rule change will be July 10, 2017, and to
identifying information from note that ICE Clear Europe will issue a circular
submissions. You should submit only confirming this timeline in advance of the July 10, 6 Notice, 82 FR at 14925.
2017 implementation date. Because Amendment
information that you wish to make No. 1 is a clarifying amendment that does not alter
7 Id.
available publicly. All submissions the substance of the propose rule change the
8 Id.
should refer to File Number SR–FINRA– Commission is not publishing it for comment. 9 Id.
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Document Created: 2018-11-14 10:11:26
Document Modified: 2018-11-14 10:11:26
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