Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Waiver and Credit of Certain FINRA/Nasdaq Trade Reporting Facility and OTC Reporting Facility Fees, 67284-67285 [E9-30086]
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67284
Federal Register / Vol. 74, No. 242 / Friday, December 18, 2009 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30085 Filed 12–17–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61160; File No. SR–FINRA–
2009–088]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Waiver and
Credit of Certain FINRA/Nasdaq Trade
Reporting Facility and OTC Reporting
Facility Fees
December 14, 2009.
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 December
7, 2009, 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
‘‘establishing or changing a due, fee or
other charge’’ under Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 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.
sroberts on DSKD5P82C1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to waive and
issue a credit for fees that were charged
to FINRA members under FINRA Rules
7620A and 7710 for the submission of
‘‘as/of’’ trade reports to the FINRA/
Nasdaq Trade Reporting Facility
(‘‘FINRA/Nasdaq TRF’’) and the OTC
Reporting Facility (‘‘ORF’’),
respectively, for eight days in the
months of August and September 2009.
The proposed rule change does not
require amendments to any FINRA
rules.
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
17:33 Dec 17, 2009
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Pursuant to FINRA Rules 7620A and
7710, members are charged fees for
trade reporting to the FINRA/Nasdaq
TRF and ORF, respectively, and the fee
for the submission of late trade reports,
including ‘‘as/of’’ reports, is higher than
the fee for the submission of timely
trade reports. ‘‘As/of’’ reports are reports
of trades that were executed on a date
prior to the date they were reported.
During the months of August and
September 2009, various Automated
Confirmation Transaction Service
(‘‘ACT’’) technology issues impacted
trade reporting to the FINRA/Nasdaq
TRF and the ORF for a period of eight
days: August 3, August 4, August 5,
August 17, August 21, September 16,
September 25 and September 28. Due to
the ACT technology issues, members
were unable to report trades on trade
date and thus incurred higher than
normal reporting charges due to the
higher number of ‘‘as/of’’ reports that
they were compelled to submit.
Because the higher charges were the
result of an ACT technology issue and
not the fault of the member, FINRA is
proposing to waive the fees for ‘‘as/of’’
trade reports submitted on each day
following the day on which the ACT
technology issues occurred.
Specifically, FINRA will waive the ‘‘as/
of’’ report fees for the following days in
2009: August 4, August 5, August 6,
August 18, August 24, September 17,
September 28 and September 29.
Members will be issued a credit for the
‘‘as/of’’ trade report fees charged on
these dates on a future invoice.5 FINRA
5 FINRA notes that a similar proposal to waive
and issue a credit for certain cancel fees was the
subject of a recent filing by NASDAQ OMX PHLX,
Inc. See Securities Exchange Act Release No. 60853
(October 21, 2009), 74 FR 55594 (October 28, 2009)
(Notice of Filing and Immediate Effectiveness of
File No. SR–PHLX–2009–89).
16 17
VerDate Nov<24>2008
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.
Jkt 220001
PO 00000
Frm 00122
Fmt 4703
Sfmt 4703
has filed the proposed rule change for
immediate effectiveness. The operative
date will be the date of filing.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with Section
15A(b)(5) of the Act,6 which requires,
among other things, that FINRA rules
provide for the equitable allocation of
reasonable dues, fees and other charges
among members and issuers and other
persons using any facility or system that
FINRA operates or controls. FINRA
believes that the proposed waiver and
credit of the ‘‘as/of’’ reporting fees is fair
and equitable in that it will apply
uniformly to all FINRA members that
submitted ‘‘as/of’’ trade reports to the
FINRA/Nasdaq TRF and ORF on the
designated dates.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA does not believe that the
proposed rule change will impose any
burden on competition not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 7 and paragraph
(f)(2) of Rule 19b–4 thereunder.8 At any
time within 60 days of the filing of the
proposed rule change, the Commission
may summarily abrogate 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.
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:
6 15
U.S.C. 78o–3(b)(5).
U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
7 15
E:\FR\FM\18DEN1.SGM
18DEN1
Federal Register / Vol. 74, No. 242 / Friday, December 18, 2009 / Notices
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FINRA–2009–088 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
sroberts on DSKD5P82C1PROD with NOTICES
All submissions should refer to File
Number SR–FINRA–2009–088. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://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 inspection and copying 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; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make publicly available. All
submissions should refer to File
Number SR–FINRA–2009–088 and
should be submitted on or before
January 8, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30086 Filed 12–17–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61155; File No. SR–MSRB–
2009–18]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Proposed
Rule Change Consisting of
Amendments to Rule G–37 (Political
Contributions and Prohibitions on
Municipal Securities Business) and
Rule G–8 (Books and Records To Be
Made by Brokers, Dealers and
Municipal Securities Dealers)
December 11, 2009.
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 December
4, 2009, the Municipal Securities
Rulemaking Board (‘‘MSRB’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the MSRB. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The MSRB has filed with the
Commission a proposed rule change
consisting of proposed amendments to
Rule G–37 (political contributions and
prohibitions on municipal securities
business) and Rule G–8 (books and
records to be made by brokers, dealers
and municipal securities dealers). The
MSRB requested that the proposed rule
change become effective on, and would
apply solely to contributions made on or
after, the first business Monday at least
five business days after Commission
approval.
The text of the proposed rule change
is available on the MSRB’s Web site
(https://www.msrb.org/msrb1/sec.asp), at
the MSRB’s principal office, 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, the
MSRB included statements concerning
the purpose of and basis for the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
MSRB has prepared summaries, set
1 15
9 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
17:33 Dec 17, 2009
2 17
Jkt 220001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00123
Fmt 4703
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
The proposed amendments to Rule G–
37 would require the public disclosure
of contributions to bond ballot
campaigns made by dealers, municipal
finance professionals (‘‘MFPs’’), their
political action committees (‘‘PACs’’)
and non-MFP executive officers on
MSRB Form G–37. Dealers would be
required to report on revised Form G–
37 the official name of each bond ballot
campaign receiving contributions
during such calendar quarter, the
jurisdiction (including city/county/State
or political subdivision) by or for which
municipal securities, if approved,
would be issued, the contribution
amount made and the category of
contributor. The proposal would
provide a de minimis exception from
the reporting of contributions on Form
G–37 made by an MFP or non-MFP
executive officer to a bond ballot
campaign for a ballot initiative with
respect to which such person is entitled
to vote if all contributions by such
person to such bond ballot campaign, in
total, do not exceed $250 per ballot
initiative. The amendments would
parallel the existing disclosure
requirements for contributions to issuer
officials and State and local political
parties. Such amendments would not,
however, provide for a ban on
municipal securities business as a result
of contributions to bond ballot
campaigns.
The proposed amendments to Rule G–
8 would require dealers to create and
maintain records of the non-de minimis
contributions to bond ballot campaigns
that would be required to be disclosed
on Form G–37 under the proposed
amendments to Rule G–37.
2. Statutory Basis
The MSRB has adopted the proposed
rule change pursuant to Section
15B(b)(2)(C) of the Act,3 which provides
that the MSRB’s rules shall:
[B]e designed to prevent fraudulent and
manipulative acts and practices, to promote
just and equitable principles of trade, to
foster cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with respect
to, and facilitating transactions in municipal
securities, to remove impediments to and
perfect the mechanism of a free and open
3 15
Sfmt 4703
67285
E:\FR\FM\18DEN1.SGM
U.S.C. 78o–4(b)(2)(C).
18DEN1
]]>Agencies
[Federal Register Volume 74, Number 242 (Friday, December 18, 2009)]
[Notices]
[Pages 67284-67285]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30086]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61160; File No. SR-FINRA-2009-088]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of
Proposed Rule Change Relating to Waiver and Credit of Certain FINRA/
Nasdaq Trade Reporting Facility and OTC Reporting Facility Fees
December 14, 2009.
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 December 7, 2009, 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 ``establishing or changing a
due, fee or other charge'' under Section 19(b)(3)(A)(ii) of the Act \3\
and Rule 19b-4(f)(2) thereunder,\4\ 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\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FINRA is proposing to waive and issue a credit for fees that were
charged to FINRA members under FINRA Rules 7620A and 7710 for the
submission of ``as/of'' trade reports to the FINRA/Nasdaq Trade
Reporting Facility (``FINRA/Nasdaq TRF'') and the OTC Reporting
Facility (``ORF''), respectively, for eight days in the months of
August and September 2009. The proposed rule change does not require
amendments to any FINRA rules.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FINRA included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. FINRA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Pursuant to FINRA Rules 7620A and 7710, members are charged fees
for trade reporting to the FINRA/Nasdaq TRF and ORF, respectively, and
the fee for the submission of late trade reports, including ``as/of''
reports, is higher than the fee for the submission of timely trade
reports. ``As/of'' reports are reports of trades that were executed on
a date prior to the date they were reported.
During the months of August and September 2009, various Automated
Confirmation Transaction Service (``ACT'') technology issues impacted
trade reporting to the FINRA/Nasdaq TRF and the ORF for a period of
eight days: August 3, August 4, August 5, August 17, August 21,
September 16, September 25 and September 28. Due to the ACT technology
issues, members were unable to report trades on trade date and thus
incurred higher than normal reporting charges due to the higher number
of ``as/of'' reports that they were compelled to submit.
Because the higher charges were the result of an ACT technology
issue and not the fault of the member, FINRA is proposing to waive the
fees for ``as/of'' trade reports submitted on each day following the
day on which the ACT technology issues occurred. Specifically, FINRA
will waive the ``as/of'' report fees for the following days in 2009:
August 4, August 5, August 6, August 18, August 24, September 17,
September 28 and September 29. Members will be issued a credit for the
``as/of'' trade report fees charged on these dates on a future
invoice.\5\ FINRA has filed the proposed rule change for immediate
effectiveness. The operative date will be the date of filing.
---------------------------------------------------------------------------
\5\ FINRA notes that a similar proposal to waive and issue a
credit for certain cancel fees was the subject of a recent filing by
NASDAQ OMX PHLX, Inc. See Securities Exchange Act Release No. 60853
(October 21, 2009), 74 FR 55594 (October 28, 2009) (Notice of Filing
and Immediate Effectiveness of File No. SR-PHLX-2009-89).
---------------------------------------------------------------------------
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with
Section 15A(b)(5) of the Act,\6\ which requires, among other things,
that FINRA rules provide for the equitable allocation of reasonable
dues, fees and other charges among members and issuers and other
persons using any facility or system that FINRA operates or controls.
FINRA believes that the proposed waiver and credit of the ``as/of''
reporting fees is fair and equitable in that it will apply uniformly to
all FINRA members that submitted ``as/of'' trade reports to the FINRA/
Nasdaq TRF and ORF on the designated dates.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
FINRA does not believe that the proposed rule change will impose
any burden on competition not necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \7\ and paragraph (f)(2) of Rule 19b-4
thereunder.\8\ At any time within 60 days of the filing of the proposed
rule change, the Commission may summarily abrogate 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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:
[[Page 67285]]
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-FINRA-2009-088 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-FINRA-2009-088. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://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 inspection
and copying 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; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make publicly available. All
submissions should refer to File Number SR-FINRA-2009-088 and should be
submitted on or before January 8, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30086 Filed 12-17-09; 8:45 am]
BILLING CODE 8011-01-P
