83 FR 18866 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Temporary Exception That Permits Aggregate Reporting for Certain ATS Transactions in U.S. Treasury Securities
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 83 (April 30, 2018)
Federal Register Volume 83, Issue 83 (April 30, 2018)
| Page Range | 18866-18868 | |
| FR Document | 2018-08995 |
[Federal Register Volume 83, Number 83 (Monday, April 30, 2018)] [Notices] [Pages 18866-18868] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08995] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83098; File No. SR-FINRA-2018-014] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Temporary Exception That Permits Aggregate Reporting for Certain ATS Transactions in U.S. Treasury Securities April 24, 2018. 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 April 16, 2018, 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. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rule 6730 (Transaction Reporting) to provide an extension of the temporary exception to permit member alternative trading systems (``ATSs'') and member subscribers to report aggregate trade information to TRACE for certain transactions in U.S. Treasury Securities. The text of the proposed rule change is available on FINRA's website 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose FINRA Rule 6730 sets forth a member's trade reporting obligations with regard to transactions in TRACE-Eligible Securities,\3\ which beginning on [[Page 18867]] July 10, 2017, included U.S. Treasury Securities.\4\ Pursuant to Rule 6730, each FINRA member that is a ``Party to a Transaction'' \5\ in a TRACE-Eligible Security is obligated to report the transaction to TRACE within the prescribed period of time. Transaction information in U.S. Treasury Securities reported to TRACE currently is not subject to public dissemination. --------------------------------------------------------------------------- \3\ ``TRACE-Eligible Security'' generally is defined as a debt security that is U.S. dollar-denominated and is: (1) Issued by a U.S. or foreign private issuer, and, if a ``restricted security'' as defined in Securities Act Rule 144(a)(3), sold pursuant to Securities Act Rule 144A; (2) issued or guaranteed by an Agency as defined in paragraph (k) or a Government-Sponsored Enterprise as defined in paragraph (n); or (3) a U.S. Treasury Security as defined in paragraph (p). ``TRACE-Eligible Security'' does not include a debt security that is issued by a foreign sovereign or a Money Market Instrument as defined in paragraph (o). See Rule 6710(a). Rule 6710(p) defines a ``U.S. Treasury Security'' as ``a security, other than a savings bond, issued by the U.S. Department of the Treasury to fund the operations of the federal government or to retire such outstanding securities.'' The term ``U.S. Treasury Security'' also includes separate principal and interest components of a U.S. Treasury Security that has been separated pursuant to the Separate Trading of Registered Interest and Principal of Securities (``STRIPS'') program operated by the U.S. Department of Treasury. See Rule 6710(p). \4\ 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). See also Regulatory Notice 16-39 (October 2016). \5\ See Rule 6710(e). --------------------------------------------------------------------------- On June 23, 2017, FINRA filed a proposed rule change to, on a temporary basis, adopt Supplementary Material .06 (Temporary Exception for Aggregate Transaction Reporting of U.S. Treasury Securities Executed in ATS Trading Sessions) to permit members to report trades that occurred in a U.S. Treasury Security executed within discrete ATS trading sessions \6\ (sometimes referred to as ``work-up sessions'') \7\ on an aggregate, rather than individual, basis (``Aggregation Exception'').\8\ --------------------------------------------------------------------------- \6\ FINRA understands that ATSs that permit subscribers to trade U.S. Treasury Securities on their platforms may permit subscribers to initiate a ``trading session,'' which is a discrete or timed order-matching event during which one or more additional subscribers can interact with the original order on the opposite side of the market or add to the initial order on the same side of the market. Although it is possible that some trading sessions involve a single transaction between two counterparties like a typical trade, FINRA understands that most trading sessions include multiple participants on one or both sides of the market during the time period the trading session is open. \7\ Different members use varying nomenclature to describe trading sessions. For example, one member ATS refers to these sessions as ``workups'' or ``workup sessions.'' In addition, the length of time a session remains open and other characteristics of how a session is structured may change from member to member. As used in the proposed rule change, the term ``trading session'' is meant to capture all variations of such types of sessions that member ATSs may use. \8\ See Securities Exchange Act Release No. 81018 (June 26, 2017), 82 FR 29956 (June 30, 2017) (Notice of Filing and Immediate Effectiveness of File No. SR-FINRA-2017-023) (``Original Filing''). --------------------------------------------------------------------------- The Aggregation Exception provides relief to members with respect to the number of transactions required to be reported, the price reported, as well as the Time of Execution \9\ reported to TRACE. Specifically, the exception provided that ATSs and member subscribers are permitted to report transactions in U.S. Treasury Securities executed within discrete trading sessions by submitting a transaction report reflecting the aggregate amount of a U.S. Treasury Security purchased (sold) to another party during a single trading session at the average price of such transactions, with the Time of Execution communicated by the ATS,\10\ irrespective of the number of trades in the trading session. The Aggregation Exception was intended to provide members with additional time to complete the systems changes necessary to accurately report each individual transaction in a U.S. Treasury Security in the trading session as required by Rule 6730.\11\ Once the temporary exception sunsets, member ATSs and member subscribers are required to comply with Rule 6730 by separately reporting each individual trade that occurs during a trading session as well as the actual time and price at which each of these individual trades is executed. --------------------------------------------------------------------------- \9\ Under Rule 6710(d), the ``Time of Execution'' for a transaction in any TRACE-Eligible Security means ``the time when the Parties to a Transaction agree to all of the terms of the transaction that are sufficient to calculate the dollar price of the trade.'' \10\ FINRA notes that, even where aggregation is not necessary because only the ATS and two subscribers ultimately participated in a trading session resulting in a single cross, the proposed rule change permits members the flexibility to report a Time of Execution that is communicated by the ATS to each party. Thus, even where the trading session involves only one cross, member TRACE reports may reflect a Time of Execution that is, for example, the beginning of the trading session or the end of the trading session. \11\ See Original Filing. --------------------------------------------------------------------------- FINRA understands from discussions with multiple member ATSs that are active in the market for U.S. Treasury Securities that the systems changes necessary to comply with Rule 6730 will require substantial development and testing to complete and that, further, the systems changes required by subscriber members also are significant and cannot be completed by July 10, 2018. While we understand that member ATSs have begun the development work necessary to report individual execution information, additional time is necessary, including to develop an additional data feed to deliver execution level information to subscribers and vendors. We also understand that member subscribers require additional time to update their systems to consume the new execution information to be provided by the ATSs and to systematically incorporate this information in their TRACE reporting to FINRA. FINRA believes it is important that both member ATSs and member subscribers perform the programming and testing necessary to accurately and consistently report individual executions and the time of execution to TRACE to avoid inconsistencies in the audit trail. Thus, FINRA is proposing a nine-month extension of the temporary exception, until April 12, 2019. As a condition to the exception, a member ATS availing itself of this exception would continue to be required to provide individual transaction information for each trade in a U.S. Treasury Security occurring in a trading session to FINRA upon request. In addition, FINRA expects that necessary testing of new required functionality will commence well in advance of the extended deadline of April 12, 2019, but at a minimum, no later than January 12, 2019. FINRA has filed the proposed rule change for immediate effectiveness. The operative date of the proposed rule change will be July 10, 2018 and it will sunset on April 12, 2019, which FINRA believes will provide members with the additional time required to complete necessary systems changes to comply with Rule 6730 and result in a more accurate and complete TRACE audit trail for U.S. Treasury Securities. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\12\ 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 member ATSs, FINRA believes that additional time is necessary to permit members to program systems to comply with Rule 6730. FINRA believes it is appropriate to provide the proposed relief in recognition of the fact that impacted members are unable to implement necessary changes by the July 10, 2018. FINRA believes the proposal strikes an appropriate balance in that FINRA will continue to receive transaction information for purchases and sales that occur as part of an ATS trading session, albeit aggregated. In addition, FINRA notes that transparency will not be impacted by the proposed temporary relief because transaction information in U.S. Treasury Securities currently is not subject to public dissemination. --------------------------------------------------------------------------- \12\ 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 rule change should benefit members whose trades are executed on member ATSs as part of a [[Page 18868]] trading session, as it provides members with additional time to build or upgrade systems to enable reporting of individual transactions in the trading session. While the proposed rule change will temporarily lessen the requirements on ATSs and their subscribers as compared to other market participants, FINRA believes the proposed rule change is appropriate to allow sufficient time to make the technological changes necessary to comply with the rule and such accommodation will be limited in duration. Moreover, FINRA retains the right to require a member ATS availing itself of this exception to provide individual transaction information for each trade in a U.S. Treasury Security occurring in a trading session upon request. The proposed temporary relief is not expected to undermine the potential benefits of Rule 6730, as the transaction information reflecting the aggregate size and average price of such transactions should still assist the regulators to conduct monitoring and surveillance of the U.S. Treasury Securities markets, in order to detect potential disruptive trading practices and risks to market stability. 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\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and 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. The Commission has waived the five-day pre-filing requirement in this case. --------------------------------------------------------------------------- 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 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-2018-014 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2018-014. 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 website (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 website 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 the filing also will be available for inspection and copying at the principal office of FINRA. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-FINRA-2018-014 and should be submitted on or before May 21, 2018. 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. 2018-08995 Filed 4-27-18; 8:45 am] BILLING CODE 8011-01-P
![18866 Federal Register / Vol. 83, No. 83 / Monday, April 30, 2018 / Notices
Units in kind and that are based on Fund of Funds directly from a Fund will change as described in Items I and II
certain Underlying Indexes that include be accomplished in accordance with the below, which Items have been prepared
foreign securities, applicants request policies of the Fund of Funds and will by FINRA. The Commission is
relief from the requirement imposed by be based on the NAVs of the Funds. publishing this notice to solicit
section 22(e) in order to allow such 9. Section 6(c) of the Act permits the comments on the proposed rule change
Funds to pay redemption proceeds Commission to exempt any persons or from interested persons.
within fourteen calendar days following transactions from any provision of the
Act if such exemption is necessary or I. Self-Regulatory Organization’s
the tender of Creation Units for
appropriate in the public interest and Statement of the Terms of Substance of
redemption. Applicants assert that the
consistent with the protection of the Proposed Rule Change
requested relief would not be
inconsistent with the spirit and intent of investors and the purposes fairly FINRA is proposing to amend FINRA
section 22(e) to prevent unreasonable, intended by the policy and provisions of Rule 6730 (Transaction Reporting) to
undisclosed or unforeseen delays in the the Act. Section 12(d)(1)(J) of the Act provide an extension of the temporary
actual payment of redemption proceeds. provides that the Commission may exception to permit member alternative
7. Applicants request an exemption to exempt any person, security, or trading systems (‘‘ATSs’’) and member
permit Funds of Funds to acquire Fund transaction, or any class or classes of subscribers to report aggregate trade
shares beyond the limits of section persons, securities, or transactions, from information to TRACE for certain
12(d)(1)(A) of the Act; and the Funds, any provision of section 12(d)(1) if the transactions in U.S. Treasury Securities.
and any principal underwriter for the exemption is consistent with the public The text of the proposed rule change
Funds, and/or any broker or dealer interest and the protection of investors. is available on FINRA’s website at
registered under the Exchange Act, to Section 17(b) of the Act authorizes the http://www.finra.org, at the principal
sell shares to Funds of Funds beyond Commission to grant an order office of FINRA and at the
the limits of section 12(d)(1)(B) of the permitting a transaction otherwise Commission’s Public Reference Room.
Act. The application’s terms and prohibited by section 17(a) if it finds II. Self-Regulatory Organization’s
conditions are designed to, among other that (a) the terms of the proposed Statement of the Purpose of, and
things, help prevent any potential (i) transaction are fair and reasonable and Statutory Basis for, the Proposed Rule
undue influence over a Fund through do not involve overreaching on the part Change
control or voting power, or in of any person concerned; (b) the
connection with certain services, proposed transaction is consistent with In its filing with the Commission,
transactions, and underwritings, (ii) the policies of each registered FINRA included statements concerning
excessive layering of fees, and (iii) investment company involved; and (c) the purpose of and basis for the
overly complex fund structures, which the proposed transaction is consistent proposed rule change and discussed any
are the concerns underlying the limits with the general purposes of the Act. comments it received on the proposed
in sections 12(d)(1)(A) and (B) of the rule change. The text of these statements
For the Commission, by the Division of
Act. may be examined at the places specified
Investment Management, under delegated
8. Applicants request an exemption authority. in Item IV below. FINRA has prepared
from sections 17(a)(1) and 17(a)(2) of the Eduardo A. Aleman,
summaries, set forth in sections A, B,
Act to permit persons that are Affiliated and C below, of the most significant
Assistant Secretary.
Persons, or Second-Tier Affiliates, of the aspects of such statements.
[FR Doc. 2018–08989 Filed 4–27–18; 8:45 am]
Funds, solely by virtue of certain A. Self-Regulatory Organization’s
BILLING CODE 8011–01–P
ownership interests, to effectuate Statement of the Purpose of, and the
purchases and redemptions in-kind. The Statutory Basis for, the Proposed Rule
deposit procedures for in-kind SECURITIES AND EXCHANGE Change
purchases of Creation Units and the COMMISSION
redemption procedures for in-kind 1. Purpose
redemptions of Creation Units will be [Release No. 34–83098; File No. SR–FINRA– FINRA Rule 6730 sets forth a
the same for all purchases and 2018–014]
member’s trade reporting obligations
redemptions and Deposit Instruments with regard to transactions in TRACE-
Self-Regulatory Organizations;
and Redemption Instruments will be Eligible Securities,3 which beginning on
Financial Industry Regulatory
valued in the same manner as those
Authority, Inc.; Notice of Filing and
investment positions currently held by 3 ‘‘TRACE-Eligible Security’’ generally is defined
Immediate Effectiveness of a Proposed
the Funds. Applicants also seek relief as a debt security that is U.S. dollar-denominated
Rule Change To Extend the Temporary and is: (1) Issued by a U.S. or foreign private issuer,
from the prohibitions on affiliated
Exception That Permits Aggregate and, if a ‘‘restricted security’’ as defined in
transactions in section 17(a) to permit a Securities Act Rule 144(a)(3), sold pursuant to
Reporting for Certain ATS
Fund to sell its shares to and redeem its Securities Act Rule 144A; (2) issued or guaranteed
Transactions in U.S. Treasury
shares from a Fund of Funds, and to by an Agency as defined in paragraph (k) or a
Securities Government-Sponsored Enterprise as defined in
engage in the accompanying in-kind
paragraph (n); or (3) a U.S. Treasury Security as
transactions with the Fund of Funds.3 April 24, 2018. defined in paragraph (p). ‘‘TRACE-Eligible
The purchase of Creation Units by a Pursuant to Section 19(b)(1) of the Security’’ does not include a debt security that is
Securities Exchange Act of 1934 issued by a foreign sovereign or a Money Market
3 The requested relief would apply to direct sales
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Instrument as defined in paragraph (o). See Rule
of shares in Creation Units by a Fund to a Fund of 6710(a).
notice is hereby given that on April 16,
nshattuck on DSK9F9SC42PROD with NOTICES
Funds and redemptions of those shares. Applicants Rule 6710(p) defines a ‘‘U.S. Treasury Security’’
are not seeking relief from section 17(a) for, and the 2018, Financial Industry Regulatory as ‘‘a security, other than a savings bond, issued by
requested relief will not apply to, transactions Authority, Inc. (‘‘FINRA’’) filed with the the U.S. Department of the Treasury to fund the
where a Fund could be deemed an Affiliated Securities and Exchange Commission operations of the federal government or to retire
Person, or a Second-Tier Affiliate, of a Fund of such outstanding securities.’’ The term ‘‘U.S.
Funds because an Adviser or an entity controlling,
(‘‘Commission’’) the proposed rule Treasury Security’’ also includes separate principal
controlled by or under common control with an and interest components of a U.S. Treasury Security
1 15 U.S.C. 78s(b)(1).
Adviser provides investment advisory services to that has been separated pursuant to the Separate
that Fund of Funds. 2 17 CFR 240.19b–4. Trading of Registered Interest and Principal of
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![18868 Federal Register / Vol. 83, No. 83 / Monday, April 30, 2018 / Notices
trading session, as it provides members public interest, for the protection of 2018–014 and should be submitted on
with additional time to build or upgrade investors, or otherwise in furtherance of or before May 21, 2018.
systems to enable reporting of the purposes of the Act. If the For the Commission, by the Division of
individual transactions in the trading Commission takes such action, the Trading and Markets, pursuant to delegated
session. While the proposed rule change Commission shall institute proceedings authority.15
will temporarily lessen the requirements to determine whether the proposed rule Eduardo A. Aleman,
on ATSs and their subscribers as should be approved or disapproved. Assistant Secretary.
compared to other market participants,
FINRA believes the proposed rule IV. Solicitation of Comments [FR Doc. 2018–08995 Filed 4–27–18; 8:45 am]
BILLING CODE 8011–01–P
change is appropriate to allow sufficient Interested persons are invited to
time to make the technological changes submit written data, views, and
necessary to comply with the rule and arguments concerning the foregoing,
such accommodation will be limited in including whether the proposed rule SMALL BUSINESS ADMINISTRATION
duration. Moreover, FINRA retains the change is consistent with the Act.
Data Collection Available for Public
right to require a member ATS availing Comments may be submitted by any of
Comments
itself of this exception to provide the following methods:
individual transaction information for 60-Day notice and request for
ACTION:
each trade in a U.S. Treasury Security Electronic Comments
comments.
occurring in a trading session upon • Use the Commission’s internet
request. comment form (http://www.sec.gov/ SUMMARY: The Small Business
The proposed temporary relief is not rules/sro.shtml); or Administration (SBA) intends to request
expected to undermine the potential • Send an email to rule-comments@ approval, from the Office of
benefits of Rule 6730, as the transaction sec.gov. Please include File Number SR– Management and Budget (OMB) for the
information reflecting the aggregate size FINRA–2018–014 on the subject line. collection of information described
and average price of such transactions below. The Paperwork Reduction Act
should still assist the regulators to Paper Comments (PRA) of 1995 requires federal agencies
conduct monitoring and surveillance of • Send paper comments in triplicate to publish a notice in the Federal
the U.S. Treasury Securities markets, in to Secretary, Securities and Exchange Register concerning each proposed
order to detect potential disruptive Commission, 100 F Street NE, collection of information before
trading practices and risks to market Washington, DC 20549–1090. submission to OMB, and to allow 60
stability. All submissions should refer to File days for public comment in response to
C. Self-Regulatory Organization’s Number SR–FINRA–2018–014. This file the notice. This notice complies with
Statement on Comments on the number should be included on the that requirement.
Proposed Rule Change Received From subject line if email is used. To help the DATES: Submit comments on or before
Members, Participants, or Others Commission process and review your June 29, 2018.
Written comments were neither comments more efficiently, please use ADDRESSES: Send all comments to Gina
solicited nor received. only one method. The Commission will Beyer, Program Analyst, Office of
post all comments on the Commission’s Disaster Assistance, Small Business
III. Date of Effectiveness of the internet website (http://www.sec.gov/ Administration, 409 3rd Street, 6th
Proposed Rule Change and Timing for rules/sro.shtml). Copies of the Floor, Washington, DC 20416.
Commission Action submission, all subsequent FOR FURTHER INFORMATION CONTACT: Gina
Because the foregoing proposed rule amendments, all written statements Beyer, Program Analyst, Disaster
change does not: (i) Significantly affect with respect to the proposed rule Assistance, gina.beyer@sba.gov 202–
the protection of investors or the public change that are filed with the 205–6458, or Curtis B. Rich,
interest; (ii) impose any significant Commission, and all written Management Analyst, 202–205–7030,
burden on competition; and (iii) become communications relating to the curtis.rich@sba.gov.
operative for 30 days from the date on proposed rule change between the SUPPLEMENTARY INFORMATION: Small
which it was filed, or such shorter time Commission and any person, other than Business Administration Form 700
as the Commission may designate, it has those that may be withheld from the provides a record of interviews
become effective pursuant to Section public in accordance with the conducted by SBA personnel with small
19(b)(3)(A) of the Act 13 and Rule 19b– provisions of 5 U.S.C. 552, will be business owners, homeowners and
4(f)(6) thereunder.14 available for website viewing and renters (disaster victims) who seek
At any time within 60 days of the printing in the Commission’s Public financial assistance to help in the
filing of the proposed rule change, the Reference Room, 100 F Street NE, recovery from physical or economic
Commission summarily may Washington, DC 20549 on official disasters. The basic information
temporarily suspend such rule change if business days between the hours of collected helps the Agency to make
it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the preliminary eligibility assessment.
action is necessary or appropriate in the filing also will be available for
inspection and copying at the principal Solicitation of Public Comments
13 15 U.S.C. 78s(b)(3)(A). office of FINRA. All comments received SBA is requesting comments on (a)
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– will be posted without change. Persons Whether the collection of information is
nshattuck on DSK9F9SC42PROD with NOTICES
4(f)(6)(iii) requires a self-regulatory organization to submitting comments are cautioned that
give the Commission written notice of its intent to necessary for the agency to properly
file the proposed rule change, along with a brief
we do not redact or edit personal perform its functions; (b) whether the
description and text of the proposed rule change, identifying information from comment burden estimates are accurate; (c)
at least five business days prior to the date of filing submissions. You should submit only whether there are ways to minimize the
of the proposed rule change, or such shorter time information that you wish to make
as designated by the Commission. The Commission burden, including through the use of
has waived the five-day pre-filing requirement in
available publicly. All submissions
this case. should refer to File Number SR–FINRA– 15 17 CFR 200.30–3(a)(12).
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Document Created: 2018-04-28 01:04:04
Document Modified: 2018-04-28 01:04:04
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| FR Citation | 83 FR 18866 |
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