Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of SR-FINRA-2013-046, 25979-25981 [2014-10359]

Download as PDF Federal Register / Vol. 79, No. 87 / Tuesday, May 6, 2014 / Notices consistent with the Act because, as is the case with respect to the current rule, this change makes clear that the provisions of paragraph (i) do not alter the application of other provisions of Rule 11.13. The Exchange believes that the Financial Industry Regulatory Authority (‘‘FINRA’’) and other national securities exchanges are also filing similar proposals to add provisions similar to the provisions proposed by the Exchange above. Therefore, the proposal promotes just and equitable principles of trade in that it promotes transparency and uniformity across markets concerning treatment of transactions as clearly erroneous. The proposed rule change would also help to assure consistent results in handling erroneous trades across the U.S. markets, thus furthering fair and orderly markets, the protection of investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change implicates any competitive issues. To the contrary, as noted above, the Exchange believes FINRA and other national securities exchanges are also filing similar proposals, and thus, that the proposal will help to ensure consistency across market centers. sroberts on DSK5SPTVN1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from Members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove such proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and VerDate Mar<15>2010 19:25 May 05, 2014 Jkt 232001 25979 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: SECURITIES AND EXCHANGE COMMISSION Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– EDGX–2014–12 on the subject line. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of SR–FINRA– 2013–046 Paper Comments May 1, 2014. • 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–EDGX–2014–12. 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 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 Web site 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 the Exchange. 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 available publicly. All submissions should refer to File Number SR–EDGX– 2014–12, and should be submitted on or before May 27, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–10284 Filed 5–5–14; 8:45 am] BILLING CODE 8011–01–P [Release No. 34–72066; File No. SR–FINRA– 2014–022] 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 24, 2014, 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 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to delay the implementation date of amendments pursuant to SR–FINRA–2013–046. The proposed rule change would not make any changes to the text of FINRA rules. The text of the proposed rule change is available on FINRA’s Web site at https://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. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 2 17 15 17 PO 00000 CFR 200.30–3(a)(12). Frm 00166 Fmt 4703 Sfmt 4703 E:\FR\FM\06MYN1.SGM 06MYN1 25980 Federal Register / Vol. 79, No. 87 / Tuesday, May 6, 2014 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change sroberts on DSK5SPTVN1PROD with NOTICES 1. Purpose On November 13, 2013, FINRA filed a proposed rule change (SR–FINRA– 2013–046) to amend the FINRA Rule 6700 Series and the Trade Reporting and Compliance Engine (‘‘TRACE’’) dissemination protocols to provide for dissemination of additional AssetBacked Securities (‘‘ABS’’) transactions and to reduce the reporting period for such securities.4 The proposed rule change also included amendments to: (1) Redefine the term ‘‘Asset-Backed Security’’ to accurately describe the securities for which FINRA will commence dissemination pursuant to the rule change; and (2) make other definitional, technical and conforming changes.5 The proposed rule change, as amended,6 was approved by the Commission on February 24, 2014.7 FINRA is filing this proposed rule change to revise the time frame for implementation of SR–FINRA–2013– 046 to provide additional time to complete the technological changes required for the dissemination of the additional securities. In SR–FINRA– 2013–046, FINRA stated that it would announce the effective date of the rule change in a Regulatory Notice to be published no later than April 25, 2014, and that the effective date would be no later than 270 days following publication of the Regulatory Notice. However, FINRA has since discovered that the technology changes required to implement the rule change will require additional time and, therefore, is delaying the time frame both for the publication of the Regulatory Notice and the implementation of the amendments pursuant to SR–FINRA–2013–046. Specifically, FINRA will issue a Regulatory Notice announcing the 4 See Securities Exchange Act Release No. 70906 (November 20, 2013), 78 FR 70602 (November 26, 2013) (Notice of Filing of File No. SR–FINRA– 2013–046) (‘‘Proposing Release’’). 5 See Proposing Release. 6 In response to comments received by the Commission, on February 14, 2014, FINRA filed Amendment No. 1 to, among other things, modify certain definitions in FINRA Rule 6710 (Definitions) to revise the types of products that are to be included in the additional ABS transactions that would be subject to dissemination under FINRA Rule 6750 (Dissemination of Transaction Information) and the reduced reporting times specified in FINRA Rule 6730 (Transaction Reporting). 7 See Securities Exchange Act Release No. 71607 (February 24, 2014), 79 FR 11481 (February 28, 2014) (Order Approving File No. SR–FINRA–2013– 046). VerDate Mar<15>2010 17:34 May 05, 2014 Jkt 232001 implementation date of SR–FINRA– 2013–046 no later than August 22, 2014. The implementation date of the amendments pursuant to SR–FINRA– 2013–046 will be no later than 365 days following publication of the Regulatory Notice. FINRA has filed the proposed rule change for immediate effectiveness and has requested that the SEC waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing, so FINRA can implement the proposed rule change immediately. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,8 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 the proposed rule change is consistent with Section 15A(b)(6) of the Act in that it provides the required additional time to complete technological changes that will enable the dissemination of the additional securities, which will improve transparency for investors, including by facilitating the ability of investors to identify and negotiate fair and competitive prices for ABSs. Dissemination of ABS transactions also may assist both buy and sell-side market participants in price discovery when pricing and trading such securities. Thus, the proposed rule change is consistent with Section 15A(b)(6) of the Act,9 in that it will provide adequate time for FINRA to properly implement the required technology changes such that the launch of the new functionality will operate effectively when dissemination is commenced. 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. Based on the characteristics of the market, FINRA believes that additional price transparency in the ABS market may enhance the ability of investors to identify and negotiate fair and competitive prices for these securities. In addition, dissemination may assist institutional and retail customers in 8 15 9 15 PO 00000 U.S.C. 78o–3(b)(6). U.S.C. 78o–3(b)(6). Frm 00167 Fmt 4703 Sfmt 4703 determining the quality of executions provided to them, which should encourage broker-dealers to provide competitive executions in such securities. Further, because the additional securities that are the subject of SR– FINRA–2013–046 currently are not being disseminated, the delay of the implementation does not change the status quo or involve any disparate treatment among affected parties. Finally, FINRA believes that providing adequate time to properly implement the required technology changes such that the launch of the new functionality operates effectively when dissemination is commenced will benefit all interested parties. Thus, 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. 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 FINRA has asked the Commission to waive the 30-day operative delay because the deadline set forth in SR– FINRA–2013–046 for publication of a Regulatory Notice announcing that filing’s effective date would occur during the operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such action would implement the extension for FINRA’s publication of a Regulatory Notice announcing SR–FINRA–2013– 046’s effective date before the current 10 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. FINRA has satisfied this requirement. 11 17 E:\FR\FM\06MYN1.SGM 06MYN1 Federal Register / Vol. 79, No. 87 / Tuesday, May 6, 2014 / Notices deadline for such publication expires. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.12 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. 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; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–FINRA– 2014–022 and should be submitted on or before May 27, 2014. 25981 Primary Counties (Physical Damage and Economic Injury Loans): Faulkner, Contiguous Counties (Economic Injury Loans Only): Arkansas: Cleburne, Conway, Lonoke, Perry, Pulaski, Van Buren, White. The Interest Rates are: Percent Electronic Comments [Disaster Declaration # 13957 and # 13958] • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– FINRA–2014–022 on the subject line. Arkansas Disaster # AR–00070 For Physical Damage: Homeowners With Credit Available Elsewhere ...................... Homeowners Without Credit Available Elsewhere .............. Businesses With Credit Available Elsewhere ...................... Businesses Without Credit Available Elsewhere .............. Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere .............. Non-Profit Organizations Without Credit Available Elsewhere ..................................... AGENCY: U.S. Small Business Administration. ACTION: Notice The number assigned to this disaster for physical damage is 13957C and for economic injury is 139580. This is a Notice of the Presidential declaration of a major disaster for the State of ARKANSAS (FEMA–4174–DR), dated 04/29/2014. Incident: Severe Storms, Tornadoes, and Flooding. Incident Period: 04/27/2014. DATES: Effective Date: 04/29/2014. Physical Loan Application Deadline Date: 06/30/2014. Economic Injury (Eidl) Loan Application Deadline Date: 01/29/2015. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 04/29/2014, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) 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: sroberts on DSK5SPTVN1PROD with NOTICES 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–2014–022. 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 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 Web site viewing and printing in the Commission’s Public 12 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Mar<15>2010 19:25 May 05, 2014 Jkt 232001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–10359 Filed 5–5–14; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION SUMMARY: 13 17 PO 00000 CFR 200.30–3(a)(12). Frm 00168 Fmt 4703 Sfmt 4703 4.375 2.188 6.000 4.000 2.625 2.625 4.000 2.625 James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2014–10244 Filed 5–5–14; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION National Small Business Development Center Advisory Board U.S. Small Business Administration (SBA). AGENCY: Notice of open Federal Advisory Committee meetings. ACTION: The SBA is issuing this notice to announce the location, date and time and agenda for the 4th quarter meetings of the National Small Business Development Center (SBDC) Advisory Board. SUMMARY: The meetings for the 4th quarter will be held on the following dates: Tuesday, July 15, 2014 at 1:00 pm EST; Tuesday, August 19, 2014 at 1:00 pm EST; Tuesday, September 16, 2014 at 1:00 pm EST. DATES: E:\FR\FM\06MYN1.SGM 06MYN1

Agencies

[Federal Register Volume 79, Number 87 (Tuesday, May 6, 2014)]
[Notices]
[Pages 25979-25981]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-10359]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72066; File No. SR-FINRA-2014-022]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Delay the Implementation Date of SR-FINRA-2013-
046

May 1, 2014.
    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 24, 2014, 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 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 delay the implementation date of amendments 
pursuant to SR-FINRA-2013-046. The proposed rule change would not make 
any changes to the text of FINRA rules.
    The text of the proposed rule change is available on FINRA's Web 
site at https://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.

[[Page 25980]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On November 13, 2013, FINRA filed a proposed rule change (SR-FINRA-
2013-046) to amend the FINRA Rule 6700 Series and the Trade Reporting 
and Compliance Engine (``TRACE'') dissemination protocols to provide 
for dissemination of additional Asset-Backed Securities (``ABS'') 
transactions and to reduce the reporting period for such securities.\4\ 
The proposed rule change also included amendments to: (1) Redefine the 
term ``Asset-Backed Security'' to accurately describe the securities 
for which FINRA will commence dissemination pursuant to the rule 
change; and (2) make other definitional, technical and conforming 
changes.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 70906 (November 20, 
2013), 78 FR 70602 (November 26, 2013) (Notice of Filing of File No. 
SR-FINRA-2013-046) (``Proposing Release'').
    \5\ See Proposing Release.
---------------------------------------------------------------------------

    The proposed rule change, as amended,\6\ was approved by the 
Commission on February 24, 2014.\7\
---------------------------------------------------------------------------

    \6\ In response to comments received by the Commission, on 
February 14, 2014, FINRA filed Amendment No. 1 to, among other 
things, modify certain definitions in FINRA Rule 6710 (Definitions) 
to revise the types of products that are to be included in the 
additional ABS transactions that would be subject to dissemination 
under FINRA Rule 6750 (Dissemination of Transaction Information) and 
the reduced reporting times specified in FINRA Rule 6730 
(Transaction Reporting).
    \7\ See Securities Exchange Act Release No. 71607 (February 24, 
2014), 79 FR 11481 (February 28, 2014) (Order Approving File No. SR-
FINRA-2013-046).
---------------------------------------------------------------------------

    FINRA is filing this proposed rule change to revise the time frame 
for implementation of SR-FINRA-2013-046 to provide additional time to 
complete the technological changes required for the dissemination of 
the additional securities. In SR-FINRA-2013-046, FINRA stated that it 
would announce the effective date of the rule change in a Regulatory 
Notice to be published no later than April 25, 2014, and that the 
effective date would be no later than 270 days following publication of 
the Regulatory Notice. However, FINRA has since discovered that the 
technology changes required to implement the rule change will require 
additional time and, therefore, is delaying the time frame both for the 
publication of the Regulatory Notice and the implementation of the 
amendments pursuant to SR-FINRA-2013-046. Specifically, FINRA will 
issue a Regulatory Notice announcing the implementation date of SR-
FINRA-2013-046 no later than August 22, 2014. The implementation date 
of the amendments pursuant to SR-FINRA-2013-046 will be no later than 
365 days following publication of the Regulatory Notice.
    FINRA has filed the proposed rule change for immediate 
effectiveness and has requested that the SEC waive the requirement that 
the proposed rule change not become operative for 30 days after the 
date of the filing, so FINRA can implement the proposed rule change 
immediately.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\8\ 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

    FINRA believes the proposed rule change is consistent with Section 
15A(b)(6) of the Act in that it provides the required additional time 
to complete technological changes that will enable the dissemination of 
the additional securities, which will improve transparency for 
investors, including by facilitating the ability of investors to 
identify and negotiate fair and competitive prices for ABSs. 
Dissemination of ABS transactions also may assist both buy and sell-
side market participants in price discovery when pricing and trading 
such securities. Thus, the proposed rule change is consistent with 
Section 15A(b)(6) of the Act,\9\ in that it will provide adequate time 
for FINRA to properly implement the required technology changes such 
that the launch of the new functionality will operate effectively when 
dissemination is commenced.
---------------------------------------------------------------------------

    \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. Based on the characteristics of 
the market, FINRA believes that additional price transparency in the 
ABS market may enhance the ability of investors to identify and 
negotiate fair and competitive prices for these securities. In 
addition, dissemination may assist institutional and retail customers 
in determining the quality of executions provided to them, which should 
encourage broker-dealers to provide competitive executions in such 
securities.
    Further, because the additional securities that are the subject of 
SR-FINRA-2013-046 currently are not being disseminated, the delay of 
the implementation does not change the status quo or involve any 
disparate treatment among affected parties. Finally, FINRA believes 
that providing adequate time to properly implement the required 
technology changes such that the launch of the new functionality 
operates effectively when dissemination is commenced will benefit all 
interested parties. Thus, 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.

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) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
FINRA has satisfied this requirement.
---------------------------------------------------------------------------

    FINRA has asked the Commission to waive the 30-day operative delay 
because the deadline set forth in SR-FINRA-2013-046 for publication of 
a Regulatory Notice announcing that filing's effective date would occur 
during the operative delay. The Commission believes that waiving the 
30-day operative delay is consistent with the protection of investors 
and the public interest because such action would implement the 
extension for FINRA's publication of a Regulatory Notice announcing SR-
FINRA-2013-046's effective date before the current

[[Page 25981]]

deadline for such publication expires. Therefore, the Commission hereby 
waives the 30-day operative delay and designates the proposal operative 
upon filing.\12\
---------------------------------------------------------------------------

    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has 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 Comments

     Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-FINRA-2014-022 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-2014-022. 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 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 Web site 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; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-FINRA-2014-022 and should be 
submitted on or before May 27, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-10359 Filed 5-5-14; 8:45 am]
BILLING CODE 8011-01-P
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