83 FR 29840 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Implementation of FINRA Rule 4240 (Margin Requirements for Credit Default Swaps)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 123 (June 26, 2018)

Page Range		29840-29841
FR Document		2018-13614
Federal Register, Volume 83 Issue 123 (Tuesday, June 26, 2018)
[Federal Register Volume 83, Number 123 (Tuesday, June 26, 2018)]
[Notices]
[Pages 29840-29841]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13614]



[[Page 29840]]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83474; File No. SR-FINRA-2018-025]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Extend the Implementation of FINRA Rule 4240 
(Margin Requirements for Credit Default Swaps)

June 20, 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 June 11, 2018, the 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, 
II, and III 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 July 18, 2019 the implementation of 
FINRA Rule 4240. FINRA Rule 4240 implements an interim pilot program 
with respect to margin requirements for certain transactions in credit 
default swaps that are security-based swaps.
    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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On May 22, 2009, the Commission approved FINRA Rule 4240,\4\ which 
implements an interim pilot program (the ``Interim Pilot Program'') 
with respect to margin requirements for certain transactions in credit 
default swaps (``CDS'').\5\ On June 14, 2017, FINRA filed a proposed 
rule change for immediate effectiveness extending the implementation of 
FINRA Rule 4240 to July 18, 2018.\6\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 59955 (May 22, 
2009), 74 FR 25586 (May 28, 2009) (Order Approving File No. SR-
FINRA-2009-012) (``Approval Order'').
    \5\ In March 2012, the SEC approved amendments to FINRA Rule 
4240 that, among other things, limit at this time the rule's 
application to credit default swaps that are security-based swaps. 
See Securities Exchange Act Release No. 66527 (March 7, 2012), 77 FR 
14850 (March 13, 2012) (Order Approving File No. SR-FINRA-2012-015).
    \6\ See Securities Exchange Act Release No. 81035 (June 27, 
2017), 82 FR 30914 (July 3, 2017) (Notice of Filing and Immediate 
Effectiveness of File No. SR-FINRA-2017-019).
---------------------------------------------------------------------------

    As explained in the Approval Order, FINRA Rule 4240, coterminous 
with certain Commission actions, was intended to address concerns 
arising from systemic risk posed by CDS, including, among other things, 
risks to the financial system arising from the lack of a central 
clearing counterparty to clear and settle CDS.\7\ On July 21, 2010, the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-
Frank Act'') was signed into law.\8\ Title VII of the Dodd-Frank Act 
established a comprehensive new regulatory framework for swaps and 
security-based swaps,\9\ including certain CDS. The legislation was 
intended, among other things, to enhance the authority of regulators to 
implement new rules designed to reduce risk, increase transparency, and 
promote market integrity with respect to such products.
---------------------------------------------------------------------------

    \7\ See Approval Order, 74 FR at 25588-89.
    \8\ See Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203, 124 Stat. 1376 (2010).
    \9\ The terms ``swap'' and ``security-based swap'' are defined 
in Sections 721 and 761 of the Dodd-Frank Act. The Commodity Futures 
Trading Commission (``CFTC'') and the Commission jointly have 
approved rules to further define these terms. See Securities 
Exchange Act Release No. 67453 (July 18, 2012), 77 FR 48208 (August 
13, 2012) (Joint Final Rule; Interpretations; Request for Comment on 
an Interpretation: Further Definition of ``Swap,'' ``Security-Based 
Swap,'' and ``Security-Based Swap Agreement''; Mixed Swaps; 
Security-Based Swap Agreement Recordkeeping). See also Securities 
Exchange Act Release No. 66868 (April 27, 2012), 77 FR 30596 (May 
23, 2012) (Joint Final Rule; Joint Interim Final Rule; 
Interpretations: Further Definition of ``Swap Dealer,'' ``Security-
Based Swap Dealer,'' ``Major Swap Participant,'' ``Major Security-
Based Swap Participant,'' and ``Eligible Contract Participant'').
---------------------------------------------------------------------------

    The Commission and the CFTC have proposed or adopted rules with 
respect to swaps and security-based swaps pursuant to Title VII of the 
Dodd-Frank Act.\10\ FINRA believes it is appropriate to extend the 
Interim Pilot Program for a limited period, to July 18, 2019, in light 
of the continuing development of the CDS business and ongoing 
regulatory developments. FINRA is considering proposing additional 
amendments to the Interim Pilot Program.
---------------------------------------------------------------------------

    \10\ See, e.g., Securities Exchange Act Release No. 79833 
(January 18, 2017), 82 FR 8467 (January 25, 2017) (Order Extending 
Certain Temporary Exemptions Under the Securities Exchange Act of 
1934 in Connection With the Revision of the Definition of 
``Security'' To Encompass Security-Based Swaps and Request for 
Comment); Securities Exchange Act Release No. 67177 (June 11, 2012), 
77 FR 35625 (June 14, 2012) (Notice of Statement of General Policy 
with Request for Public Comment: Statement of General Policy on the 
Sequencing of the Compliance Dates for Final Rules Applicable to 
Security-Based Swaps Adopted Pursuant to the Securities Exchange Act 
of 1934 and the Dodd-Frank Wall Street Reform and Consumer 
Protection Act); Securities Exchange Act Release No. 68071 (October 
18, 2012), 77 FR 70214 (November 23, 2012) (Proposed Rule: Capital, 
Margin, and Segregation Requirements for Security-Based Swap Dealers 
and Major Security-Based Swap Participants and Capital Requirements 
for Broker-Dealers). See also Securities Exchange Act Release No. 
71958 (April 17, 2014), 79 FR 25194 (May 2, 2014) (Proposed Rule: 
Recordkeeping and Reporting Requirements for Security-Based Swap 
Dealers, Major Security-Based Swap Participants, and Broker-Dealers; 
Capital Rule for Certain Security-Based Swap Dealers).
---------------------------------------------------------------------------

    FINRA has filed the proposed rule change for immediate 
effectiveness. FINRA is proposing that the implementation date of the 
proposed rule change will be July 18, 2018. The proposed rule change 
will expire on July 18, 2019.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\11\ which requires, among 
other things, that FINRA rules must be designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest. FINRA believes that the proposed rule change is 
consistent with the Act because, in light of the continuing development 
of the CDS business and ongoing regulatory developments, extending the 
implementation of the margin requirements as set forth by FINRA Rule

[[Page 29841]]

4240 will help to stabilize the financial markets.
---------------------------------------------------------------------------

    \11\ 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 implementation of FINRA Rule 4240 for a limited period, to July 18, 
2019, in light of the continuing development of the CDS business and 
ongoing regulatory developments, helps to promote stability in the 
financial markets and regulatory certainty for members.

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 \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-FINRA-2018-025 on the subject line.

Paper Comments

     Send paper comments in triplicate to Eduardo Aleman, 
Assistant Secretary, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-FINRA-2018-025. 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 a.m. and 3 
p.m. Copies of such filing also will be available for inspection and 
copying at the principal office of FINRA. All comments received will be 
posted without change. 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-2018-025 and should be submitted on or before July 17, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13614 Filed 6-25-18; 8:45 am]
 BILLING CODE 8011-01-P
29840 Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices

SECURITIES AND EXCHANGE and C below, of the most significant things, to enhance the authority of
COMMISSION aspects of such statements. regulators to implement new rules
designed to reduce risk, increase
[Release No. 34–83474; File No. SR–FINRA– A. Self-Regulatory Organization’s
transparency, and promote market
2018–025] Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule integrity with respect to such products.
Self-Regulatory Organizations; The Commission and the CFTC have
Change
Financial Industry Regulatory proposed or adopted rules with respect
Authority, Inc.; Notice of Filing and 1. Purpose to swaps and security-based swaps
Immediate Effectiveness of a Proposed On May 22, 2009, the Commission pursuant to Title VII of the Dodd-Frank
Rule Change To Extend the approved FINRA Rule 4240,4 which Act.10 FINRA believes it is appropriate
Implementation of FINRA Rule 4240 implements an interim pilot program to extend the Interim Pilot Program for
(Margin Requirements for Credit (the ‘‘Interim Pilot Program’’) with a limited period, to July 18, 2019, in
Default Swaps) respect to margin requirements for light of the continuing development of
certain transactions in credit default the CDS business and ongoing
June 20, 2018. swaps (‘‘CDS’’).5 On June 14, 2017, regulatory developments. FINRA is
Pursuant to Section 19(b)(1) of the FINRA filed a proposed rule change for considering proposing additional
Securities Exchange Act of 1934 immediate effectiveness extending the amendments to the Interim Pilot
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 implementation of FINRA Rule 4240 to Program.
notice is hereby given that on June 11, July 18, 2018.6 FINRA has filed the proposed rule
2018, the Financial Industry Regulatory As explained in the Approval Order, change for immediate effectiveness.
Authority, Inc. (‘‘FINRA’’) filed with the FINRA Rule 4240, coterminous with FINRA is proposing that the
Securities and Exchange Commission certain Commission actions, was implementation date of the proposed
(‘‘SEC’’ or ‘‘Commission’’) the proposed intended to address concerns arising rule change will be July 18, 2018. The
rule change as described in Items I, II, from systemic risk posed by CDS, proposed rule change will expire on
and III below, which Items have been including, among other things, risks to July 18, 2019.
prepared by FINRA. FINRA has the financial system arising from the 2. Statutory Basis
designated the proposed rule change as lack of a central clearing counterparty to
constituting a ‘‘non-controversial’’ rule clear and settle CDS.7 On July 21, 2010, FINRA believes that the proposed rule
change under paragraph (f)(6) of Rule the Dodd-Frank Wall Street Reform and change is consistent with the provisions
19b–4 under the Act,3 which renders Consumer Protection Act (the ‘‘Dodd- of Section 15A(b)(6) of the Act,11 which
the proposal effective upon receipt of Frank Act’’) was signed into law.8 Title requires, among other things, that
this filing by the Commission. The VII of the Dodd-Frank Act established a FINRA rules must be designed to
Commission is publishing this notice to comprehensive new regulatory prevent fraudulent and manipulative
solicit comments on the proposed rule framework for swaps and security-based acts and practices, to promote just and
change from interested persons. swaps,9 including certain CDS. The equitable principles of trade, and, in
legislation was intended, among other general, to protect investors and the
I. Self-Regulatory Organization’s public interest. FINRA believes that the
Statement of the Terms of Substance of proposed rule change is consistent with
4 See Securities Exchange Act Release No. 59955
the Proposed Rule Change the Act because, in light of the
(May 22, 2009), 74 FR 25586 (May 28, 2009) (Order
FINRA is proposing to extend to July Approving File No. SR–FINRA–2009–012) continuing development of the CDS
18, 2019 the implementation of FINRA (‘‘Approval Order’’). business and ongoing regulatory
5 In March 2012, the SEC approved amendments
Rule 4240. FINRA Rule 4240 developments, extending the
to FINRA Rule 4240 that, among other things, limit
implements an interim pilot program at this time the rule’s application to credit default implementation of the margin
with respect to margin requirements for swaps that are security-based swaps. See Securities requirements as set forth by FINRA Rule
certain transactions in credit default Exchange Act Release No. 66527 (March 7, 2012),
swaps that are security-based swaps. 77 FR 14850 (March 13, 2012) (Order Approving 10 See, e.g., Securities Exchange Act Release No.
File No. SR–FINRA–2012–015).
The text of the proposed rule change 6 See Securities Exchange Act Release No. 81035
79833 (January 18, 2017), 82 FR 8467 (January 25,
is available on FINRA’s website at 2017) (Order Extending Certain Temporary
(June 27, 2017), 82 FR 30914 (July 3, 2017) (Notice Exemptions Under the Securities Exchange Act of
http://www.finra.org, at the principal of Filing and Immediate Effectiveness of File No. 1934 in Connection With the Revision of the
office of FINRA, and at the SR–FINRA–2017–019). Definition of ‘‘Security’’ To Encompass Security-
7 See Approval Order, 74 FR at 25588–89.
Commission’s Public Reference Room. Based Swaps and Request for Comment); Securities
8 See Dodd-Frank Wall Street Reform and Exchange Act Release No. 67177 (June 11, 2012), 77
II. Self-Regulatory Organization’s Consumer Protection Act, Public Law 111–203, 124 FR 35625 (June 14, 2012) (Notice of Statement of
Statement of the Purpose of, and Stat. 1376 (2010). General Policy with Request for Public Comment:
9 The terms ‘‘swap’’ and ‘‘security-based swap’’ Statement of General Policy on the Sequencing of
Statutory Basis for, the Proposed Rule the Compliance Dates for Final Rules Applicable to
are defined in Sections 721 and 761 of the Dodd-
Change Frank Act. The Commodity Futures Trading Security-Based Swaps Adopted Pursuant to the
Commission (‘‘CFTC’’) and the Commission jointly Securities Exchange Act of 1934 and the Dodd-
In its filing with the Commission, Frank Wall Street Reform and Consumer Protection
have approved rules to further define these terms.
FINRA included statements concerning See Securities Exchange Act Release No. 67453 Act); Securities Exchange Act Release No. 68071
the purpose of and basis for the (July 18, 2012), 77 FR 48208 (August 13, 2012) (October 18, 2012), 77 FR 70214 (November 23,
proposed rule change and discussed any (Joint Final Rule; Interpretations; Request for 2012) (Proposed Rule: Capital, Margin, and
Comment on an Interpretation: Further Definition of Segregation Requirements for Security-Based Swap
comments it received on the proposed Dealers and Major Security-Based Swap
‘‘Swap,’’ ‘‘Security-Based Swap,’’ and ‘‘Security-
sradovich on DSK3GMQ082PROD with NOTICES

rule change. The text of these statements Based Swap Agreement’’; Mixed Swaps; Security- Participants and Capital Requirements for Broker-
may be examined at the places specified Based Swap Agreement Recordkeeping). See also Dealers). See also Securities Exchange Act Release
in Item IV below. FINRA has prepared Securities Exchange Act Release No. 66868 (April No. 71958 (April 17, 2014), 79 FR 25194 (May 2,
27, 2012), 77 FR 30596 (May 23, 2012) (Joint Final 2014) (Proposed Rule: Recordkeeping and Reporting
summaries, set forth in sections A, B, Requirements for Security-Based Swap Dealers,
Rule; Joint Interim Final Rule; Interpretations:
Further Definition of ‘‘Swap Dealer,’’ ‘‘Security- Major Security-Based Swap Participants, and
1 15 U.S.C. 78s(b)(1). Based Swap Dealer,’’ ‘‘Major Swap Participant,’’ Broker-Dealers; Capital Rule for Certain Security-
2 17 CFR 240.19b–4. Based Swap Dealers).
‘‘Major Security-Based Swap Participant,’’ and
3 17 CFR 240.19b–4(f)(6). ‘‘Eligible Contract Participant’’). 11 15 U.S.C. 78o–3(b)(6).

VerDate Sep<11>2014 17:24 Jun 25, 2018 Jkt 244001 PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 E:\FR\FM\26JNN1.SGM 26JNN1
Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 29841

4240 will help to stabilize the financial Electronic Comments SECURITIES AND EXCHANGE
markets. COMMISSION
• Use the Commission’s internet
B. Self-Regulatory Organization’s comment form (http://www.sec.gov/ Submission for OMB Review;
Statement on Burden on Competition rules/sro.shtml); or Comment Request
FINRA does not believe that the • Send an email to rule-comments@ Upon Written Request, Copies Available
proposed rule change will result in any sec.gov. Please include File Number SR– From: Securities and Exchange
burden on competition that is not FINRA–2018–025 on the subject line. Commission, Office of FOIA Services,
necessary or appropriate in furtherance Paper Comments Washington, DC 20549–2736
of the purposes of the Act. FINRA Extension:
believes that extending the • Send paper comments in triplicate Rule 15g–3, SEC File No. 270–346, OMB
implementation of FINRA Rule 4240 for to Eduardo Aleman, Assistant Secretary, Control No. 3235–0392
a limited period, to July 18, 2019, in Securities and Exchange Commission, Notice is hereby given that pursuant
light of the continuing development of 100 F Street NE, Washington, DC to the Paperwork Reduction Act of 1995
the CDS business and ongoing 20549–1090. (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
regulatory developments, helps to Securities and Exchange Commission
promote stability in the financial All submissions should refer to File
(‘‘Commission’’) has submitted to the
markets and regulatory certainty for Number SR–FINRA–2018–025. This file Office of Management and Budget
members. number should be included on the (‘‘OMB’’) a request for approval of
subject line if email is used. To help the extension of the existing collection of
C. Self-Regulatory Organization’s Commission process and review your information provided for in Rule 15g–
Statement on Comments on the comments more efficiently, please use 3—Broker or dealer disclosure of
Proposed Rule Change Received From only one method. The Commission will quotations and other information
Members, Participants, or Others post all comments on the Commission’s relating to the penny stock market (17
internet website (http://www.sec.gov/ CFR 240.15g–3) under the Securities
Written comments were neither
solicited nor received. rules/sro.shtml). Copies of the Exchange Act of 1934 (15 U.S.C. 78a et
submission, all subsequent seq.).
III. Date of Effectiveness of the amendments, all written statements Rule 15g–3 requires that brokers and
Proposed Rule Change and Timing for with respect to the proposed rule dealers disclose to customers current
Commission Action change that are filed with the quotation prices or similar market
Commission, and all written information in connection with
Because the foregoing proposed rule transactions in penny stocks. The
communications relating to the
change does not: (i) Significantly affect purpose of the rule is to increase the
proposed rule change between the
the protection of investors or the public level of disclosure to investors
Commission and any person, other than
interest; (ii) impose any significant concerning penny stocks generally and
burden on competition; and (iii) become those that may be withheld from the
public in accordance with the specific penny stock transactions.
operative for 30 days from the date on The Commission estimates that
which it was filed, or such shorter time provisions of 5 U.S.C. 552, will be
approximately 195 broker-dealers will
as the Commission may designate, it has available for website viewing and spend an average of 87 hours annually
become effective pursuant to Section printing in the Commission’s Public to comply with this rule. Thus, the total
19(b)(3)(A) of the Act 12 and Rule 19b– Reference Room, 100 F Street NE, compliance burden is approximately
4(f)(6) thereunder.13 Washington, DC 20549, on official 16,965 burden-hours per year.
business days between the hours of 10 Rule 15g–3 contains record retention
At any time within 60 days of the
a.m. and 3 p.m. Copies of such filing requirements. Compliance with the rule
filing of the proposed rule change, the
also will be available for inspection and is mandatory. The required records are
Commission summarily may
temporarily suspend such rule change if copying at the principal office of available only to the examination staff
it appears to the Commission that such FINRA. All comments received will be of the Commission and the self
action is necessary or appropriate in the posted without change. Persons regulatory organizations of which the
public interest, for the protection of submitting comments are cautioned that broker-dealer is a member.
we do not redact or edit personal An agency may not conduct or
investors, or otherwise in furtherance of
identifying information from comment sponsor, and a person is not required to
the purposes of the Act. If the
submissions. You should submit only respond to, a collection of information
Commission takes such action, the
information that you wish to make under the PRA unless it displays a
Commission shall institute proceedings
available publicly. All submissions currently valid OMB control number.
to determine whether the proposed rule The public may view background
should be approved or disapproved. should refer to File Number SR–FINRA–
documentation for this information
2018–025 and should be submitted on
IV. Solicitation of Comments collection at the following website:
or before July 17, 2018. www.reginfo.gov. Comments should be
Interested persons are invited to For the Commission, by the Division of directed to: (i) Desk Officer for the
submit written data, views, and Trading and Markets, pursuant to delegated Securities and Exchange Commission,
arguments concerning the foregoing, authority.14 Office of Information and Regulatory
sradovich on DSK3GMQ082PROD with NOTICES

including whether the proposed rule Eduardo A. Aleman, Affairs, Office of Management and
change is consistent with the Act. Assistant Secretary. Budget, Room 10102, New Executive
Comments may be submitted by any of [FR Doc. 2018–13614 Filed 6–25–18; 8:45 am] Office Building, Washington, DC 20503
the following methods: or by sending an email to: Shagufta_
BILLING CODE 8011–01–P
Ahmed@omb.eop.gov; and (ii) Pamela
12 15 U.S.C. 78s(b)(3)(A). Dyson, Director/Chief Information
13 17 CFR 240.19b–4(f)(6). 14 17 CFR 200.30–3(a)(12). Officer, Securities and Exchange

VerDate Sep<11>2014 17:24 Jun 25, 2018 Jkt 244001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 E:\FR\FM\26JNN1.SGM 26JNN1
Document Created: 2018-06-26 00:51:53
Document Modified: 2018-06-26 00:51:53
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 29840