83 FR 20889 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Implementation Date of Certain Amendments to FINRA Rule 4210 Approved Pursuant to SR-FINRA-2015-036
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 89 (May 8, 2018)
Federal Register Volume 83, Issue 89 (May 8, 2018)
| Page Range | 20889-20891 | |
| FR Document | 2018-09695 |
[Federal Register Volume 83, Number 89 (Tuesday, May 8, 2018)] [Notices] [Pages 20889-20891] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-09695] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83155; File No. SR-FINRA-2018-017] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Implementation Date of Certain Amendments to FINRA Rule 4210 Approved Pursuant to SR-FINRA-2015-036 May 2, 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 20, 2018, 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. --------------------------------------------------------------------------- \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 extend, to March 25, 2019, the implementation date of the amendments to FINRA Rule 4210 (Margin Requirements) pursuant to SR-FINRA-2015-036, other than the amendments pursuant to SR-FINRA-2015-036 that were implemented on December 15, 2016. The proposed rule change would not make any changes to FINRA rules. 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. [[Page 20890]] 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 October 6, 2015, FINRA filed with the Commission proposed rule change SR-FINRA-2015-036, which proposed to amend FINRA Rule 4210 to establish margin requirements for (1) To Be Announced (``TBA'') transactions, inclusive of adjustable rate mortgage (``ARM'') transactions; (2) Specified Pool Transactions; and (3) transactions in Collateralized Mortgage Obligations (``CMOs''), issued in conformity with a program of an agency or Government-Sponsored Enterprise (``GSE''), with forward settlement dates, as defined more fully in the filing (collectively, ``Covered Agency Transactions''). The Commission approved SR-FINRA-2015-036 on June 15, 2016 (the ``Approval Date'').\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 78081 (June 15, 2016), 81 FR 40364 (June 21, 2016) (Notice of Filing of Amendment No. 3 and Order Granting Accelerated Approval to a Proposed Rule Change to Amend FINRA Rule 4210 (Margin Requirements) to Establish Margin Requirements for the TBA Market, as Modified by Amendment Nos. 1, 2, and 3; File No. SR-FINRA-2015-036). --------------------------------------------------------------------------- Pursuant to Partial Amendment No. 3 to SR-FINRA-2015-036, FINRA announced in Regulatory Notice 16-31 that the rule change would be become effective on December 15, 2017, 18 months from the Approval Date, except that the risk limit determination requirements as set forth in paragraphs (e)(2)(F), (e)(2)(G) and (e)(2)(H) of Rule 4210 and in new Supplementary Material .05, each as respectively amended or established by SR-FINRA-2015-036 (collectively, the ``risk limit determination requirements''), would become effective on December 15, 2016, six months from the Approval Date.\5\ --------------------------------------------------------------------------- \5\ See Partial Amendment No. 3 to SR-FINRA-2015-036 and Regulatory Notice 16-31 (August 2016), both available at: www.finra.org. --------------------------------------------------------------------------- Industry participants sought clarification regarding the implementation of the requirements pursuant to SR-FINRA-2015-036. Industry participants also requested additional time to make system changes necessary to comply with the requirements, including time to test the system changes, and requested additional time to update or amend margining agreements and related documentation. In response, FINRA made available a set of Frequently Asked Questions & Guidance \6\ and, pursuant to SR-FINRA-2017-029,\7\ extended the implementation date of the requirements of SR-FINRA-2015-036 to June 25, 2018 (the ``June 25, 2018 implementation date''), except for the risk limit determination requirements, which, as announced in Regulatory Notice 16-31, became effective on December 15, 2016. --------------------------------------------------------------------------- \6\ Available at: www.finra.org/industry/guidance. Further, staff of the SEC's Division of Trading and Markets made available a set of Frequently Asked Questions regarding Exchange Act Rule 15c3-1 and Rule 15c3-3 in connection with Covered Agency Transactions under FINRA Rule 4210, also available at: www.finra.org/industry/guidance. \7\ See Securities Exchange Act Release No. 81722 (September 26, 2017), 82 FR 45915 (October 2, 2017) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Delay the Implementation Date of Certain Amendments to FINRA Rule 4210 Approved Pursuant to SR-FINRA-2015-036; File No. SR-FINRA-2017-029); see also Regulatory Notice 17-28 (September 29, 2017). --------------------------------------------------------------------------- Industry participants have requested that FINRA reconsider the potential impact of certain requirements pursuant to SR-FINRA-2015-036 on smaller and medium-sized firms. Industry participants have also requested that FINRA extend the June 25, 2018 implementation date pending such reconsideration to reduce potential uncertainty in the Covered Agency Transaction market. FINRA stated in Partial Amendment No. 3 to SR-FINRA-2015-036 that FINRA would monitor the impact of the requirements pursuant to that rulemaking and, if the requirements prove overly onerous or otherwise are shown to negatively impact the market, FINRA would consider revisiting such requirements as may be necessary to mitigate the rule's impact.\8\ FINRA believes, in the interest of avoiding unnecessary disruption to the Covered Agency Transaction market, that it is appropriate to consider potential revisions to the requirements pursuant to SR-FINRA-2015-036 and is proposing to extend the June 25, 2018 implementation date to March 25, 2019 while FINRA considers, in consultation with industry participants and other regulators, whether any revisions are appropriate. FINRA notes that the risk limit determination requirements pursuant to SR-FINRA-2015-036 became effective on December 15, 2016 and, as such, the implementation of such requirements is not affected by the proposed rule change. --------------------------------------------------------------------------- \8\ See Partial Amendment No. 3 to SR-FINRA-2015-036, available at: www.finra.org. --------------------------------------------------------------------------- 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. The operative date will be the date of filing of the proposed rule change. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\9\ 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 that the proposed rule change provides FINRA additional time to consider whether any revisions to the requirements pursuant to SR-FINRA-2015-036 are appropriate and helps to reduce potential uncertainty in the Covered Agency Transaction market while FINRA considers such revisions. FINRA believes that providing additional time is consistent with the Act because this provides FINRA, in consultation with industry participants and other regulators, additional opportunity to consider whether revisions to the requirements would improve their effectiveness and thereby protect investors and the public interest by helping to promote stability in the Covered Agency Transaction market. --------------------------------------------------------------------------- \9\ 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. FINRA believes that extending the June 25, 2018 implementation date to March 25, 2019, so as to provide additional time for FINRA to consider, in consultation with industry participants and other regulators, whether any revisions to the requirements pursuant to SR-FINRA-2015-036 are appropriate will benefit all parties. [[Page 20891]] 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 \10\ and Rule 19b- 4(f)(6) thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires FINRA to give the Commission written notice of FINRA's 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 filing of the proposed rule change, or such shorter time as designated by the Commission. FINRA has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(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 upon filing. FINRA has stated that the purpose of the proposed rule change is to allow FINRA additional time to consider potential revisions to the requirements pursuant to SR-FINRA-2015-036 and to consult with industry participants and other regulators whether any revisions are appropriate, in the interest of avoiding unnecessary disruption to the Covered Agency Transaction market. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposal to extend the implementation date of certain amendments to FINRA Rule 4210 does not raise any new or novel issues and will help to facilitate the implementation of the margin requirements for Covered Agency Transactions. Furthermore, the Commission understands that market participants have expressed support for the extension of the implementation date in order to give FINRA time to determine, in consultation with market participants and other interested parties, whether changes to the amendments are appropriate, and if so, what those changes should be.\14\ Therefore, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing.\15\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ See, e.g., Letter from Chris Killian, Managing Director, SIFMA (March 7, 2018), available at: www.sec.gov. \15\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 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-2018-017 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-2018-017. 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 such 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-2018-017 and should be submitted on or before May 29, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-09695 Filed 5-7-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 89 / Tuesday, May 8, 2018 / Notices 20889
as permitted by Section 17A(b)(3)(I) of arguments concerning the foregoing, For the Commission, by the Division of
the Act.33 including whether the proposed rule Trading and Markets, pursuant to delegated
FICC does not believe the proposed change is consistent with the Act. authority.35
rule changes to reduce the complexity of Comments may be submitted by any of Eduardo A. Aleman,
the GSD Fee Structure and to make the following methods: Assistant Secretary.
conforming, clarifying, and technical [FR Doc. 2018–09693 Filed 5–7–18; 8:45 am]
changes, as discussed above in Items Electronic Comments BILLING CODE 8011–01–P
II.(A)1.(iii) and (vi), respectively, would
• Use the Commission’s internet
impact competition.34 The proposed
rule changes to address the complexity comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
of the GSD Fee Structure would allow rules/sro.shtml); or COMMISSION
Members to better understand the GSD • Send an email to rule-comments@
[Release No. 34–83155; File No. SR–FINRA–
Fee Structure and allow them more ease sec.gov. Please include File Number SR– 2018–017]
in reconciling to it. Making conforming, FICC–2018–003 on the subject line.
clarifying, and technical changes to Self-Regulatory Organizations;
ensure the GSD Fee Structure remains Paper Comments
Financial Industry Regulatory
clear and accurate would facilitate • Send paper comments in triplicate Authority, Inc.; Notice of Filing and
Members’ understanding of the GSD Fee to Secretary, Securities and Exchange Immediate Effectiveness of a Proposed
Structure and their obligations Commission, 100 F Street NE, Rule Change To Extend the
thereunder. Having transparent, Washington, DC 20549. Implementation Date of Certain
accessible, clear, and accurate Amendments to FINRA Rule 4210
provisions in the GSD Fee Structure All submissions should refer to File Approved Pursuant to SR–FINRA–
would improve the readability and Number SR–FICC–2018–003. This file 2015–036
clarity of the GSD Rules regarding the number should be included on the
fees that Members would incur by subject line if email is used. To help the May 2, 2018.
participating in GSD. These changes Commission process and review your Pursuant to Section 19(b)(1) of the
would apply equally to all Members and comments more efficiently, please use Securities Exchange Act of 1934
would not affect Members’ rights and only one method. The Commission will (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
obligations. As such, FICC believes the post all comments on the Commission’s notice is hereby given that on April 20,
proposed rule changes to reduce the 2018, Financial Industry Regulatory
internet website (http://www.sec.gov/
complexity of the GSD Fee Structure Authority, Inc. (‘‘FINRA’’) filed with the
rules/sro.shtml). Copies of the
and to make conforming, clarifying, and Securities and Exchange Commission
submission, all subsequent (‘‘SEC’’ or ‘‘Commission’’) the proposed
technical changes would not have any amendments, all written statements
impact on competition. rule change as described in Items I and
with respect to the proposed rule II below, which Items have been
(C) Clearing Agency’s Statement on change that are filed with the prepared by FINRA. FINRA has
Comments on the Proposed Rule Commission, and all written designated the proposed rule change as
Change Received From Members, communications relating to the constituting a ‘‘non-controversial’’ rule
Participants, or Others proposed rule change between the change under paragraph (f)(6) of Rule
Written comments relating to this Commission and any person, other than 19b–4 under the Act,3 which renders
proposed rule change have not been those that may be withheld from the the proposal effective upon receipt of
solicited or received. FICC will notify public in accordance with the this filing by the Commission. The
the Commission of any written provisions of 5 U.S.C. 552, will be Commission is publishing this notice to
comments received by FICC. available for website viewing and solicit comments on the proposed rule
printing in the Commission’s Public change from interested persons.
III. Date of Effectiveness of the
Reference Room, 100 F Street NE, I. Self-Regulatory Organization’s
Proposed Rule Change, and Timing for
Commission Action Washington, DC 20549 on official Statement of the Terms of Substance of
business days between the hours of the Proposed Rule Change
Within 45 days of the date of 10:00 a.m. and 3:00 p.m. Copies of the
publication of this notice in the Federal filing also will be available for FINRA is proposing to extend, to
Register or within such longer period inspection and copying at the principal March 25, 2019, the implementation
up to 90 days (i) as the Commission may date of the amendments to FINRA Rule
office of FICC and on DTCC’s website
designate if it finds such longer period 4210 (Margin Requirements) pursuant to
(http://dtcc.com/legal/sec-rule-
to be appropriate and publishes its SR–FINRA–2015–036, other than the
filings.aspx). All comments received
reasons for so finding or (ii) as to which amendments pursuant to SR–FINRA–
the self-regulatory organization will be posted without change. Persons 2015–036 that were implemented on
consents, the Commission will: submitting comments are cautioned that December 15, 2016. The proposed rule
(A) By order approve or disapprove we do not redact or edit personal change would not make any changes to
such proposed rule change, or identifying information from comment FINRA rules.
(B) institute proceedings to determine submissions. You should submit only The text of the proposed rule change
whether the proposed rule change information that you wish to make is available on FINRA’s website at
sradovich on DSK3GMQ082PROD with NOTICES
should be disapproved. available publicly. All submissions http://www.finra.org, at the principal
should refer to File Number SR–FICC– office of FINRA and at the
IV. Solicitation of Comments
2018–003 and should be submitted on Commission’s Public Reference Room.
Interested persons are invited to or before May 29, 2018.
submit written data, views and 35 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
33 Id. 2 17 CFR 240.19b–4.
34 Id. 3 17 CFR 240.19b–4(f)(6).
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![Federal Register / Vol. 83, No. 89 / Tuesday, May 8, 2018 / Notices 20891
C. Self-Regulatory Organization’s determine, in consultation with market proposed rule change between the
Statement on Comments on the participants and other interested parties, Commission and any person, other than
Proposed Rule Change Received From whether changes to the amendments are those that may be withheld from the
Members, Participants, or Others appropriate, and if so, what those public in accordance with the
Written comments were neither changes should be.14 Therefore, the provisions of 5 U.S.C. 552, will be
solicited nor received. Commission hereby waives the 30-day available for website viewing and
operative delay requirement and printing in the Commission’s Public
III. Date of Effectiveness of the designates the proposed rule change as Reference Room, 100 F Street NE,
Proposed Rule Change and Timing for operative upon filing.15 Washington, DC 20549, on official
Commission Action At any time within 60 days of the business days between the hours of
Because the foregoing proposed rule filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of such
change does not: (i) Significantly affect Commission summarily may filing also will be available for
the protection of investors or the public temporarily suspend such rule change if inspection and copying at the principal
interest; (ii) impose any significant it appears to the Commission that such office of FINRA. All comments received
burden on competition; and (iii) become action is necessary or appropriate in the will be posted without change. Persons
operative for 30 days from the date on public interest, for the protection of submitting comments are cautioned that
which it was filed, or such shorter time investors, or otherwise in furtherance of we do not redact or edit personal
as the Commission may designate, it has the purposes of the Act. If the identifying information from comment
become effective pursuant to Section Commission takes such action, the submissions. You should submit only
19(b)(3)(A) of the Act 10 and Rule 19b– Commission shall institute proceedings information that you wish to make
4(f)(6) thereunder.11 to determine whether the proposed rule available publicly. All submissions
A proposed rule change filed under should be approved or disapproved. should refer to File Number SR–FINRA–
Rule 19b–4(f)(6) 12 normally does not 2018–017 and should be submitted on
IV. Solicitation of Comments or before May 29, 2018.
become operative for 30 days after the
date of filing. However, pursuant to Interested persons are invited to For the Commission, by the Division of
Rule 19b–4(f)(6)(iii),13 the Commission submit written data, views and Trading and Markets, pursuant to delegated
may designate a shorter time if such arguments concerning the foregoing, authority.16
action is consistent with the protection including whether the proposed rule Eduardo A. Aleman,
of investors and the public interest. change is consistent with the Act. Assistant Secretary.
FINRA has asked the Commission to Comments may be submitted by any of [FR Doc. 2018–09695 Filed 5–7–18; 8:45 am]
waive the 30-day operative delay so that the following methods: BILLING CODE 8011–01–P
the proposal may become operative Electronic Comments
upon filing. FINRA has stated that the
purpose of the proposed rule change is • Use the Commission’s internet SECURITIES AND EXCHANGE
to allow FINRA additional time to comment form (http://www.sec.gov/ COMMISSION
consider potential revisions to the rules/sro.shtml); or
requirements pursuant to SR–FINRA– • Send an email to rule-comments@ Proposed Collection; Comment
2015–036 and to consult with industry sec.gov. Please include File Number SR– Request
participants and other regulators FINRA–2018–017 on the subject line.
Upon Written Request, Copies Available
whether any revisions are appropriate, Paper Comments From: Securities and Exchange
in the interest of avoiding unnecessary • Send paper comments in triplicate Commission, Office of FOIA Services,
disruption to the Covered Agency to Secretary, Securities and Exchange 100 F Street NE, Washington, DC
Transaction market. The Commission Commission, 100 F Street NE, 20549–2736
believes that waiving the 30-day Washington, DC 20549–1090. Extension:
operative delay is consistent with the Regulation AC; SEC File No. 270–517,
protection of investors and the public All submissions should refer to File
Number SR–FINRA–2018–017. This file OMB Control No. 3235–0575
interest because the proposal to extend
the implementation date of certain number should be included on the Notice is hereby given that pursuant
amendments to FINRA Rule 4210 does subject line if email is used. To help the to the Paperwork Reduction Act of 1995
not raise any new or novel issues and Commission process and review your (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
will help to facilitate the comments more efficiently, please use Securities and Exchange Commission
implementation of the margin only one method. The Commission will (‘‘Commission’’) is soliciting comments
requirements for Covered Agency post all comments on the Commission’s on the existing collection of information
Transactions. Furthermore, the internet website (http://www.sec.gov/ provided for in Regulation Analyst
rules/sro.shtml). Copies of the Certification (‘‘Regulation AC’’) (17 CFR
Commission understands that market
submission, all subsequent 242.500–505, under the Securities
participants have expressed support for
amendments, all written statements Exchange Act of 1934 (15 U.S.C. 78a et
the extension of the implementation
with respect to the proposed rule seq.). The Commission plans to submit
date in order to give FINRA time to
change that are filed with the this existing collection of information to
10 15 Commission, and all written the Office of Management and Budget
U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– communications relating to the (‘‘OMB’’) for extension and approval.
sradovich on DSK3GMQ082PROD with NOTICES
4(f)(6)(iii) requires FINRA to give the Commission Regulation AC requires that research
written notice of FINRA’s intent to file the proposed 14 See, e.g., Letter from Chris Killian, Managing reports published, circulated, or
rule change, along with a brief description and text Director, SIFMA (March 7, 2018), available at: provided by a broker or dealer or
of the proposed rule change, at least five business www.sec.gov. covered person contain a statement
days prior to the filing of the proposed rule change, 15 For purposes only of waiving the 30-day
or such shorter time as designated by the attesting that the views expressed in
operative delay, the Commission has also
Commission. FINRA has satisfied this requirement. considered the proposed rule’s impact on each research report accurately reflect
12 17 CFR 240.19b–4(f)(6).
efficiency, competition, and capital formation. See
13 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2018-05-08 01:31:17
Document Modified: 2018-05-08 01:31:17
| 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 | 83 FR 20889 |
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