83 FR 4375 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the New Securities Industry Essentials Examination
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 20 (January 30, 2018)
Federal Register Volume 83, Issue 20 (January 30, 2018)
| Page Range | 4375-4377 | |
| FR Document | 2018-01678 |
[Federal Register Volume 83, Number 20 (Tuesday, January 30, 2018)] [Notices] [Pages 4375-4377] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-01678] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82578; File No. SR-FINRA-2018-002] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the New Securities Industry Essentials Examination January 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 January 12, 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, 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 filing the content outline and selection specifications for the new Securities Industry EssentialsTM (SIETM) examination.\4\ FINRA is not proposing any textual changes to the By-Laws, Schedules to the By-Laws or Rules of FINRA. --------------------------------------------------------------------------- \4\ FINRA also is establishing the SIE question bank. Based on instruction from SEC staff, FINRA is submitting this filing for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder, and is not filing the question bank. See Letter to Alden S. Adkins, Senior Vice President and General Counsel, NASD Regulation, from Belinda Blaine, Associate Director, Division of Market Regulation, SEC, dated July 24, 2000. The question bank is available for SEC review. --------------------------------------------------------------------------- The SIE content outline is attached.\5\ The SIE selection specifications have been submitted to the Commission under separate cover with a request for confidential treatment pursuant to SEA Rule 24b-2.\6\ --------------------------------------------------------------------------- \5\ The Commission notes that the content outline is attached to the filing, not to this Notice. \6\ 17 CFR 240.24b-2. --------------------------------------------------------------------------- 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. [sic] 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 Section 15A(g)(3) of the Act \7\ authorizes FINRA to prescribe standards of training, experience, and competence for persons associated with FINRA members. In accordance with that provision, FINRA has developed examinations that are designed to establish that persons associated with FINRA members have attained specified levels of competence and knowledge, consistent with applicable registration requirements under FINRA rules. FINRA periodically reviews the content of the examinations to determine whether revisions are necessary or appropriate in view of changes pertaining to the subject matter covered by the examinations. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78o-3(g)(3). --------------------------------------------------------------------------- The SEC recently approved a proposed rule change to restructure the FINRA representative-level qualification examination program.\8\ The rule change, which will become effective on October 1, 2018,\9\ restructures the examination program into a more efficient format whereby all new representative-level applicants will be required to take a general knowledge examination (the SIE) and a tailored, specialized knowledge examination (a revised representative-level qualification examination) for their particular registered role. Individuals are not required to be associated with a FINRA [[Page 4376]] member to be eligible to take the SIE examination. However, passing the SIE examination alone will not qualify an individual for registration with FINRA. To be eligible for registration, an individual must also be associated with a firm, pass an appropriate qualification examination for representative or principal and satisfy the other requirements relating to the registration process. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 81098 (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order Approving File No. SR- FINRA-2017-007). \9\ See Regulatory Notice 17-30 (SEC Approves Consolidated FINRA Registration Rules, Restructured Representative-Level Qualification Examinations and Changes to Continuing Education Requirements) (October 2017). --------------------------------------------------------------------------- The restructured program eliminates duplicative testing of general securities knowledge on the current representative-level qualification examinations by moving such content into the SIE examination.\10\ The SIE examination will test fundamental securities-related knowledge, including knowledge of basic products, the structure and function of the securities industry, the regulatory agencies and their functions and regulated and prohibited practices, whereas the revised representative-level qualification examinations will test knowledge relevant to day-to-day activities, responsibilities and job functions of representatives.\11\ --------------------------------------------------------------------------- \10\ Each of the current representative-level examinations covers general securities knowledge, with the exception of the Research Analyst (Series 86 and 87) examinations. \11\ In conjunction with this proposed rule change, FINRA also is filing with the Commission the content outlines for the revised representative-level qualification examinations. --------------------------------------------------------------------------- FINRA developed the SIE examination in consultation with a committee of industry representatives and representatives of several other self-regulatory organizations (``SROs''). Beginning on October 1, 2018, new applicants seeking to register as representatives must pass the SIE examination and a revised representative-level qualification examination, such as the revised General Securities Representative (Series 7) examination, appropriate to their job functions at the firm with which they are associating before their registrations can become effective.\12\ --------------------------------------------------------------------------- \12\ FINRA Rule 1220(b) sets forth each representative-level registration category and applicable qualification examination. --------------------------------------------------------------------------- SIE Content Outline As noted above, FINRA is proposing to move the general securities knowledge currently covered on the representative-level qualification examinations to the SIE examination. For example, FINRA Rule 3220 (Influencing or Rewarding Employees of Others) (the Gifts Rule) will now be tested on the SIE examination, rather than on the representative-level examinations. The SIE content outline is divided into four sections. The following are the four sections, denoted Section 1 through Section 4, with the associated number of questions: Section 1: Knowledge of Capital Markets, 12 questions; Section 2: Understanding Products and Their Risks, 33 questions; Section 3: Understanding Trading, Customer Accounts and Prohibited Activities, 23 questions; and Section 4: Overview of the Regulatory Framework, 7 questions. Each section includes the essential areas of general knowledge. There are four areas (1.1-1.4) associated with Section 1; \13\ two areas (2.1-2.2) associated with Section 2; \14\ three areas (3.1-3.3) associated with Section 3; \15\ and two areas (4.1-4.2) associated with Section 4.\16\ For example, one such area of knowledge (subsection 1.3) covers economic factors, such as the Federal Reserve Board's impact on business activity and market stability.\17\ Further, subsection 2.1 covers knowledge of the characteristics of the specified securities products, such as voting rights associated with equity securities.\18\ In addition, each of the four sections lists the applicable laws, rules and regulations related to the areas of knowledge. These include applicable federal securities laws as well as FINRA rules and rules of other SROs. The SIE selection specifications and question bank cover the topics in the content outline. --------------------------------------------------------------------------- \13\ See Exhibit 3a, Outline Pages 3-5. The outline is attached as Exhibit 3a to the 19b-4 form. \14\ See Exhibit 3a, Outline Pages 6-9. \15\ See Exhibit 3a, Outline Pages 10-13. \16\ See Exhibit 3a, Outline Pages 14-15. \17\ See Exhibit 3a, Outline Pages 3-4. \18\ See Exhibit 3a, Outline Pages 6-8. --------------------------------------------------------------------------- The content outline also includes a preface, which provides: (1) An overview of the purpose of the examination; (2) a table of contents and general information regarding the structure of the examination; and (3) general information regarding the administration of the examination, including an explanation that a statistical adjustment process known as equating is used in scoring the examination.\19\ --------------------------------------------------------------------------- \19\ See Exhibit 3a, Outline Page 2. --------------------------------------------------------------------------- The number of questions on the SIE examination will be 75 scored multiple-choice questions,\20\ and candidates will have one hour and 45 minutes to complete the examination. FINRA will publish the passing score for the SIE examination on its website, at www.finra.org, prior to its first administration. --------------------------------------------------------------------------- \20\ Consistent with FINRA's practice of including ``pretest'' questions on examinations, the SIE examination includes 10 additional, unidentified pretest questions that do not contribute towards the candidate's score. The pretest questions are designed to ensure that new examination questions meet acceptable testing standards prior to use for scoring purposes. Therefore, the SIE examination actually consists of 85 questions, 75 of which are scored. The 10 pretest questions are randomly distributed throughout the examination. --------------------------------------------------------------------------- Availability of Content Outline The SIE content outline will be made available on FINRA's website no later than April 1, 2018. FINRA is filing the proposed rule change for immediate effectiveness. The implementation date will be October 1, 2018, to coincide with the implementation of the restructured representative- level examination program. FINRA will also announce the implementation date of the proposed rule change in a Regulatory Notice. 2. Statutory Basis FINRA believes that the SIE examination is consistent with the provisions of Section 15A(b)(6) of the Act,\21\ 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, and Section 15A(g)(3) of the Act,\22\ which authorizes FINRA to prescribe standards of training, experience, and competence for persons associated with FINRA members. The proposed rule change will improve the efficiency of FINRA's representative-level examination program, without compromising the qualification standards, by moving the general securities knowledge content from the representative-level examinations to the SIE examination. The proposed rule change also establishes a prerequisite qualification examination that associated persons of FINRA members must pass, in addition to passing an appropriate representative-level examination, to register and function as representatives. Finally, the SIE examination is intended to safeguard the investing public by helping to ensure that individuals registering as representatives have the requisite general securities knowledge. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78o-3(b)(6). \22\ 15 U.S.C. 78o-3(g)(3). --------------------------------------------------------------------------- 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 SIE [[Page 4377]] examination generally covers the same general securities knowledge that is currently covered on the representative-level examinations. FINRA also provided a detailed economic impact assessment regarding the introduction of the SIE examination and the restructuring of the representative-level examinations as part of the proposed rule change to restructure the FINRA representative-level qualification examination program.\23\ --------------------------------------------------------------------------- \23\ See Securities Exchange Act Release No. 80371 (April 4, 2017), 82 FR 17336 (April 10, 2017) (Notice of Filing of File No. SR-FINRA-2017-007). --------------------------------------------------------------------------- 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 \24\ and Rule 19b- 4(f)(6) thereunder.\25\ --------------------------------------------------------------------------- \24\ 15 U.S.C. 78s(b)(3)(A). \25\ 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 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-2018-002 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-2018-002. 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-2018-002 and should be submitted on or before February 20, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-01678 Filed 1-29-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 20 / Tuesday, January 30, 2018 / Notices 4375
rules/sro.shtml); or Send an email to SECURITIES AND EXCHANGE http://www.finra.org, at the principal
rule-comments@sec.gov. Please include COMMISSION office of FINRA and at the
File Number SR–FICC–2017–806 on the Commission’s Public Reference Room.
[Release No. 34–82578; File No. SR–FINRA– [sic]
subject line.
2018–002]
Paper Comments II. Self-Regulatory Organization’s
Self-Regulatory Organizations; Statement of the Purpose of, and
• Send paper comments in triplicate Financial Industry Regulatory Statutory Basis for, the Proposed Rule
to Secretary, Securities and Exchange Authority, Inc.; Notice of Filing and Change
Commission, 100 F Street NE, Immediate Effectiveness of a Proposed In its filing with the Commission,
Washington, DC 20549–1090. Rule Change Relating to the New FINRA included statements concerning
Securities Industry Essentials the purpose of and basis for the
All submissions should refer to File Examination
Number SR–FICC–2017–806. This file proposed rule change and discussed any
number should be included on the January 24, 2018. comments it received on the proposed
Pursuant to Section 19(b)(1) of the rule change. The text of these statements
subject line if email is used. To help the
Securities Exchange Act of 1934 may be examined at the places specified
Commission process and review your in Item IV below. FINRA has prepared
comments more efficiently, please use (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January summaries, set forth in sections A, B,
only one method. The Commission will and C below, of the most significant
post all comments on the Commission’s 12, 2018, Financial Industry Regulatory
aspects of such statements.
internet website (http://www.sec.gov/ Authority, Inc. (‘‘FINRA’’) filed with the
rules/sro.shtml). Copies of the Securities and Exchange Commission A. Self-Regulatory Organization’s
submission, all subsequent (‘‘SEC’’ or ‘‘Commission’’) the proposed Statement of the Purpose of, and the
amendments, all written statements rule change as described in Items I, II, Statutory Basis for, the Proposed Rule
and III below, which Items have been Change
with respect to the Advance Notice that
prepared by FINRA. FINRA has
are filed with the Commission, and all 1. Purpose
designated the proposed rule change as
written communications relating to the Section 15A(g)(3) of the Act 7
constituting a ‘‘non-controversial’’ rule
Advance Notice between the change under paragraph (f)(6) of Rule authorizes FINRA to prescribe standards
Commission and any person, other than 19b–4 under the Act,3 which renders of training, experience, and competence
those that may be withheld from the the proposal effective upon receipt of for persons associated with FINRA
public in accordance with the this filing by the Commission. The members. In accordance with that
provisions of 5 U.S.C. 552, will be Commission is publishing this notice to provision, FINRA has developed
available for website viewing and solicit comments on the proposed rule examinations that are designed to
printing in the Commission’s Public change from interested persons. establish that persons associated with
Reference Room, 100 F Street NE, FINRA members have attained specified
Washington, DC 20549 on official I. Self-Regulatory Organization’s levels of competence and knowledge,
business days between the hours of Statement of the Terms of Substance of consistent with applicable registration
the Proposed Rule Change requirements under FINRA rules.
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for FINRA is filing the content outline FINRA periodically reviews the content
inspection and copying at the principal and selection specifications for the new of the examinations to determine
office of FICC and on DTCC’s website Securities Industry EssentialsTM (SIETM) whether revisions are necessary or
examination.4 FINRA is not proposing appropriate in view of changes
(http://dtcc.com/legal/sec-rule-
any textual changes to the By-Laws, pertaining to the subject matter covered
filings.aspx). All comments received
Schedules to the By-Laws or Rules of by the examinations.
will be posted without change. Persons The SEC recently approved a
submitting comments are cautioned that FINRA.
The SIE content outline is attached.5 proposed rule change to restructure the
we do not redact or edit personal FINRA representative-level qualification
identifying information from comment The SIE selection specifications have
been submitted to the Commission examination program.8 The rule change,
submissions. You should submit only which will become effective on October
under separate cover with a request for
information that you wish to make 1, 2018,9 restructures the examination
confidential treatment pursuant to SEA
available publicly. All submissions Rule 24b–2.6 program into a more efficient format
should refer to File Number SR–FICC– The text of the proposed rule change whereby all new representative-level
2017–806 and should be submitted on is available on FINRA’s website at applicants will be required to take a
or before February 14, 2018. general knowledge examination (the
By the Commission. 1 15 U.S.C. 78s(b)(1). SIE) and a tailored, specialized
2 17 CFR 240.19b–4. knowledge examination (a revised
Eduardo A. Aleman, 3 17 CFR 240.19b–4(f)(6). representative-level qualification
Assistant Secretary. 4 FINRA also is establishing the SIE question
examination) for their particular
[FR Doc. 2018–01692 Filed 1–29–18; 8:45 am] bank. Based on instruction from SEC staff, FINRA registered role. Individuals are not
is submitting this filing for immediate effectiveness
BILLING CODE 8011–01–P
pursuant to Section 19(b)(3)(A) of the Act and Rule required to be associated with a FINRA
19b–4(f)(6) thereunder, and is not filing the
daltland on DSKBBV9HB2PROD with NOTICES
question bank. See Letter to Alden S. Adkins, 7 15 U.S.C. 78o–3(g)(3).
Senior Vice President and General Counsel, NASD 8 See Securities Exchange Act Release No. 81098
Regulation, from Belinda Blaine, Associate Director, (July 7, 2017), 82 FR 32419 (July 13, 2017) (Order
Division of Market Regulation, SEC, dated July 24, Approving File No. SR–FINRA–2017–007).
2000. The question bank is available for SEC 9 See Regulatory Notice 17–30 (SEC Approves
review. Consolidated FINRA Registration Rules,
5 The Commission notes that the content outline
Restructured Representative-Level Qualification
is attached to the filing, not to this Notice. Examinations and Changes to Continuing Education
6 17 CFR 240.24b–2. Requirements) (October 2017).
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![Federal Register / Vol. 83, No. 20 / Tuesday, January 30, 2018 / Notices 4377
examination generally covers the same Paper Comments SECURITIES AND EXCHANGE
general securities knowledge that is COMMISSION
currently covered on the representative- • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–82584; File No. SR–NSCC–
level examinations. FINRA also 2017–806]
provided a detailed economic impact Commission, 100 F Street NE,
assessment regarding the introduction of Washington, DC 20549–1090. Self-Regulatory Organizations;
the SIE examination and the All submissions should refer to File National Securities Clearing
restructuring of the representative-level Corporation; Notice of Filing and
Number SR–FINRA–2018–002. This file
examinations as part of the proposed Extension of the Review Period of an
number should be included on the
rule change to restructure the FINRA Advance Notice To Amend the Loss
representative-level qualification subject line if email is used. To help the
Commission process and review your Allocation Rules and Make Other
examination program.23 Changes
comments more efficiently, please use
C. Self-Regulatory Organization’s only one method. The Commission will January 24, 2018.
Statement on Comments on the post all comments on the Commission’s Pursuant to Section 806(e)(1) of Title
Proposed Rule Change Received From internet website (http://www.sec.gov/ VIII of the Dodd-Frank Wall Street
Members, Participants, or Others rules/sro.shtml). Copies of the Reform and Consumer Protection Act
Written comments were neither submission, all subsequent entitled the Payment, Clearing, and
solicited nor received. amendments, all written statements Settlement Supervision Act of 2010
III. Date of Effectiveness of the with respect to the proposed rule (‘‘Clearing Supervision Act’’) and Rule
Proposed Rule Change and Timing for change that are filed with the 19b–4(n)(1)(i) under the Securities
Commission Action Commission, and all written Exchange Act of 1934 (‘‘Act’’),1 notice is
communications relating to the hereby given that on December 18, 2017,
Because the foregoing proposed rule National Securities Clearing Corporation
change does not: (i) Significantly affect proposed rule change between the
Commission and any person, other than (‘‘NSCC’’) filed with the Securities and
the protection of investors or the public Exchange Commission (‘‘Commission’’)
interest; (ii) impose any significant those that may be withheld from the
public in accordance with the advance notice SR–NSCC–2017–806
burden on competition; and (iii) become (‘‘Advance Notice’’) as described in
operative for 30 days from the date on provisions of 5 U.S.C. 552, will be
Items I and II below, which Items have
which it was filed, or such shorter time available for website viewing and
been prepared by the clearing agency.2
as the Commission may designate, it has printing in the Commission’s Public
The Commission is publishing this
become effective pursuant to Section Reference Room, 100 F Street NE,
notice to solicit comments on the
19(b)(3)(A) of the Act 24 and Rule 19b– Washington, DC 20549, on official Advance Notice from interested persons
4(f)(6) thereunder.25 business days between the hours of and to extend the review period of the
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the advance notice for an additional 60 days
filing of the proposed rule change, the filing also will be available for pursuant to Section 806(e)(1)(H) of the
Commission summarily may inspection and copying at the principal Clearing Supervision Act.3
temporarily suspend such rule change if office of FINRA. All comments received
it appears to the Commission that such will be posted without change. Persons I. Clearing Agency’s Statement of the
action is necessary or appropriate in the submitting comments are cautioned that Terms of Substance of the Advance
public interest, for the protection of we do not redact or edit personal Notice
investors, or otherwise in furtherance of identifying information from comment This Advance Notice consists of
the purposes of the Act. If the submissions. You should submit only proposed modifications to NSCC’s Rules
Commission takes such action, the information that you wish to make and Procedures (‘‘Rules’’) in order to
Commission shall institute proceedings amend provisions in the Rules regarding
available publicly. All submissions
to determine whether the proposed rule loss allocation as well as make other
should refer to File Number SR–FINRA–
should be approved or disapproved. changes, as described in greater detail
2018–002 and should be submitted on
IV. Solicitation of Comments or before February 20, 2018. below.4
Interested persons are invited to For the Commission, by the Division of II. Clearing Agency’s Statement of the
submit written data, views, and Trading and Markets, pursuant to delegated Purpose of, and Statutory Basis for, the
arguments concerning the foregoing, authority.26 Advance Notice
including whether the proposed rule Eduardo A. Aleman, In its filing with the Commission, the
change is consistent with the Act. clearing agency included statements
Assistant Secretary.
Comments may be submitted by any of concerning the purpose of and basis for
[FR Doc. 2018–01678 Filed 1–29–18; 8:45 am]
the following methods: the Advance Notice and discussed any
BILLING CODE 8011–01–P
Electronic Comments comments it received on the Advance
• Use the Commission’s internet 1 12 U.S.C. 5465(e)(1) and 17 CFR 240.19b–
comment form (http://www.sec.gov/ 4(n)(1)(i), respectively.
rules/sro.shtml); or 2 On December 18, 2017, NSCC filed the Advance
• Send an email to rule-comments@ Notice as a proposed rule change (SR–NSCC–2017–
daltland on DSKBBV9HB2PROD with NOTICES
sec.gov. Please include File Number SR– 018) with the Commission pursuant to Section
19(b)(1) of the Act, 15 U.S.C. 78s(b)(1), and Rule
FINRA–2018–002 on the subject line. 19b–4 thereunder, 17 CFR 240.19b–4. A copy of the
proposed rule change is available at http://
23 See Securities Exchange Act Release No. 80371 www.dtcc.com/legal/sec-rule-filings.aspx.
(April 4, 2017), 82 FR 17336 (April 10, 2017) 3 12 U.S.C. 5465(e)(1)(H).
(Notice of Filing of File No. SR–FINRA–2017–007). 4 Capitalized terms not defined herein are defined
24 15 U.S.C. 78s(b)(3)(A).
in the Rules, available at http://www.dtcc.com/∼/
25 17 CFR 240.19b–4(f)(6). 26 17 CFR 200.30–3(a)(12). media/Files/Downloads/legal/rules/nscc_rules.pdf.
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Document Created: 2018-10-26 10:12:48
Document Modified: 2018-10-26 10:12:48
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 83 FR 4375 |
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