Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Relating to FINRA Rule 2241 (Research Analysts and Research Reports) in the Consolidated FINRA Rulebook, 30305-30306 [2015-12689]
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mstockstill on DSK4VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 101 / Wednesday, May 27, 2015 / Notices
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The title for the collection of
information is ‘‘Form N–3 (17 CFR
239.17a and 274.11b) under the
Securities Act of 1933 (15 U.S.C. 77)
and under the Investment Company Act
of 1940 (15 U.S.C. 80a), Registration
Statement of Separate Accounts
Organized as Management Investment
Companies.’’ Form N–3 is the form used
by separate accounts offering variable
annuity contracts which are organized
as management investment companies
to register under the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) and/or to register their
securities under the Securities Act of
1933 (‘‘Securities Act’’). Form N–3 is
also the form used to file a registration
statement under the Securities Act (and
any amendments thereto) for variable
annuity contracts funded by separate
accounts which would be required to be
registered under the Investment
Company Act as management
investment companies except for the
exclusion provided by Section 3(c)(11)
of the Investment Company Act (15
U.S.C. 80a–3(c)(11)). Section 5 of the
Securities Act (15 U.S.C. 77e) requires
the filing of a registration statement
prior to the offer of securities to the
public and that the statement be
effective before any securities are sold,
and Section 8 of the Investment
Company Act (15 U.S.C. 80a–8) requires
a separate account to register as an
investment company.
Form N–3 also permits separate
accounts offering variable annuity
contracts which are organized as
investment companies to provide
investors with a prospectus and a
statement of additional information
covering essential information about the
separate account when it makes an
initial or additional offering of its
securities. Section 5(b) of the Securities
Act requires that investors be provided
with a prospectus containing the
information required in a registration
statement prior to the sale or at the time
of confirmation or delivery of the
securities. The form also may be used by
the Commission in its regulatory review,
inspection, and policy-making roles.
Commission staff estimates that there
are zero initial registration statements
and 10 post-effective amendments to
initial registration statements filed on
Form N–3 annually and that the average
number of portfolios referenced in each
post-effective amendment is 2. The
Commission further estimates that the
hour burden for preparing and filing a
VerDate Sep<11>2014
16:45 May 26, 2015
Jkt 235001
post-effective amendment on Form N–3
is 155.2 hours per portfolio. The total
annual hour burden for preparing and
filing post-effective amendments is
3,104 hours (10 post-effective
amendments × 2 portfolios × 155.2
hours per portfolio). The estimated
annual hour burden for preparing and
filing initial registration statements is 0
hours. The total annual hour burden for
Form N–3, therefore, is estimated to be
3,104 hours (3,104 hours + 0 hours).
The information collection
requirements imposed by Form N–3 are
mandatory. Responses to the collection
of information will not be kept
confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to a collection of
information unless it displays a
currently valid control number.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
Dated: May 20, 2015.
Robert W. Errett,
Deputy Secretary.
Frm 00100
Fmt 4703
[Release No. 34–75012; File No. SR–FINRA–
2014–047]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Designation
of a Longer Period for Commission
Action on Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change Relating to
FINRA Rule 2241 (Research Analysts
and Research Reports) in the
Consolidated FINRA Rulebook
May 20, 2015.
I. Introduction
On November 14, 2014, Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule to adopt
NASD Rule 2711 (Research Analysts
and Research Reports) as a FINRA rule,
with several modifications, amend
NASD Rule 1050 (Registration of
Research Analysts) and Incorporated
NYSE Rule 344 to create an exception
from the research analyst qualification
requirement, and renumber NASD Rule
2711 as FINRA Rule 2241 in the
consolidated FINRA rulebook. The
proposal was published for comment in
the Federal Register on November 24,
2014.3 The Commission received four
comments on the original proposal.4 On
February 19, 2015, FINRA filed
Amendment No. 1 responding to these
original comments received to the
proposal as well as to propose
amendments in response to these
comments. The proposal, as amended
by Amendment No. 1, was published for
comment in the Federal Register on
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Exchange Act Release No. 73622 (Nov. 18,
2014); 79 FR 69939 (Nov. 24, 2014). On January 6,
2015, FINRA consented to extending the time
period for the Commission to either approve or
disapprove the proposed rule change, or to institute
proceedings to determine whether to approve or
disapprove the proposed rule change, to February
20, 2015.
4 See Letter from Kevin Zambrowicz, Associate
General Counsel & Managing Director and Sean
Davy, Managing Director, SIFMA, dated Dec. 15,
2014, Letter from Hugh D. Berkson, President-Elect,
Public Investors Arbitration Bar Association, dated
Dec. 15, 2014, Letter from Stephanie R. Nicholas,
WilmerHale, dated Dec. 16, 2014, and Letter from
William Beatty, President and Washington (State)
Securities Administrator, North American
Securities Administrators Association, Inc., dated
Dec. 19, 2014.
2 17
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[FR Doc. 2015–12683 Filed 5–26–15; 8:45 am]
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Federal Register / Vol. 80, No. 101 / Wednesday, May 27, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
March 18, 2015.5 On February 20, 2015,
the Commission issued an order
instituting proceedings pursuant to
Section 19(b)(2)(B) of the Act 6 to
determine whether to approve or
disapprove the proposal. This order was
published for comment in the Federal
Register on February 26, 2015.7 The
Commission received a further three
comments regarding the proceedings or
in response to Amendment No. 1,8 to
which FINRA responded via letter on
May 5, 2015.9
Section 19(b)(2) of the Act 10 provides
that, after initiating approval or
disapproval proceedings, the
Commission shall issue an order
approving or disapproving the proposed
rule change not later than 180 days after
the date of publication of notice of filing
of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change,
however, by not more than 60 days if
the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. The proposal was
published for comment in the Federal
Register on November 24, 2014.11 The
180th day after publication of the notice
of the filing of the proposed rule change
in the Federal Register is May 23, 2015
and the 240th day after publication of
the notice of the filing of the proposed
rule change in the Federal Register is
July 22, 2015.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
5 Exchange Act Release No. 74488 (Mar. 12,
2015); 80 FR 14174 (Mar. 18, 2015).
6 15 U.S.C. 78s(b)(2)(B).
7 Exchange Act Release No. 74339 (Feb. 20, 2015);
80 FR 10528 (Feb. 26, 2015). Specifically, the
Commission instituted proceedings to allow for
additional analysis of the proposed rule change’s
consistency with Section 15A(b)(9) of the Act,
which requires that FINRA’s rules be designed to,
among other things, promote just and equitable
principles of trade, remove impediments to and
perfect the mechanism of a free and open market
and a national market system, and, in general, to
protect investors and the public interest, and
Section 15D of the Act, which requires rules
reasonably designed to address conflicts of interest
that can arise when research analysts recommend
equity securities in research reports and public
appearances. See id.
8 Letter from Egidio Mogavero, Managing Director
and Chief Compliance Officer, JMP Securities,
dated Mar. 19, 2015, Letter from Stephanie R.
Nicholas, WilmerHale, dated Apr. 6, 2015, and
Letter from William Beatty, President and
Washington (State) Securities Administrator, North
American Securities Administrators Association,
Inc., dated Apr. 17, 2015.
9 Letter from Philip Shaikun, Vice President and
Associate General Counsel, FINRA, dated May 5,
2015.
10 15 U.S.C. 78s(b)(2).
11 See supra note 3 and accompanying text.
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16:45 May 26, 2015
Jkt 235001
disapproving the proposed rule change
so that it has sufficient time to consider
the proposed rule change, including the
matters raised in the comment letters to
the proposed rule change.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Act,12 designates July 22, 2015 as the
date by which the Commission shall
either approve or disapprove the
proposed rule change (File No. SR–
FINRA–2014–047).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–12689 Filed 5–26–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75003; File No. SR–CBOE–
2015–045]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of a
Proposed Rule Change Relating to
Rule 6.53C and Complex Orders on the
Hybrid System
May 20, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 12,
2015, Chicago Board Options Exchange,
Incorporated (the ‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. 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 Exchange proposes to modify
Rule 6.53C, Complex Orders on the
Hybrid System, to give the Exchange the
flexibility to distinguish between
Professional and non-Professional
orders for the purposes of determining
eligibility for COA. The text of the
proposed rule change is provided
below.
12 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(57).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
13 17
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Chicago Board Options Exchange,
Incorporated
Rules
*
*
*
*
*
Rule 6.53C. Complex Orders on the
Hybrid System
(a)–(b) No change.
(c) Complex Order Book
(i) Routing of Complex orders: The
Exchange will determine which classes
and which complex order origin [types]
codes (i.e., non-broker-dealer public
customers that are not Voluntary
Professional Customers or Professional
Customers, non-broker-dealer public
customers that are Voluntary
Professional Customers or Professional
Customers, broker-dealers that are not
Market-Makers or specialists on an
options exchange, and/or MarketMakers or specialists on an options
exchange) are eligible for entry into the
COB and whether such complex orders
can route directly to the COB and/or
from PAR to the COB. Complex orders
not eligible to route to COB (either
directly or from PAR to COB) will route
to PAR or at the order entry firm’s
discretion to the order entry firm’s
booth.
(ii)–(iv) No change.
(d) Process for Complex Order RFR
Auction: Prior to routing to the COB or
once on PAR, eligible complex orders
may be subject to an automated request
for responses (‘‘RFR’’) auction process.
(i) For purposes of paragraph (d):
(1) No Change.
(2) A ‘‘COA-eligible order’’ means a
complex order that, as determined by
the Exchange on a class-by-class basis,
is eligible for a COA considering the
order’s marketability (defined as a
number of ticks away from the current
market), size, complex order type (as
defined in paragraphs (a) and (b) above)
and complex order origin [types] codes
(as defined in subparagraph (c)(i)
above). Complex orders processed
through a COA may be executed
without consideration to prices of the
same complex orders that might be
available on other exchanges.
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s Web
site (https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
E:\FR\FM\27MYN1.SGM
27MYN1
]]>Agencies
[Federal Register Volume 80, Number 101 (Wednesday, May 27, 2015)]
[Notices]
[Pages 30305-30306]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-12689]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75012; File No. SR-FINRA-2014-047]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of a Longer Period for
Commission Action on Proceedings To Determine Whether To Approve or
Disapprove a Proposed Rule Change Relating to FINRA Rule 2241 (Research
Analysts and Research Reports) in the Consolidated FINRA Rulebook
May 20, 2015.
I. Introduction
On November 14, 2014, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule to adopt NASD Rule 2711 (Research Analysts and Research
Reports) as a FINRA rule, with several modifications, amend NASD Rule
1050 (Registration of Research Analysts) and Incorporated NYSE Rule 344
to create an exception from the research analyst qualification
requirement, and renumber NASD Rule 2711 as FINRA Rule 2241 in the
consolidated FINRA rulebook. The proposal was published for comment in
the Federal Register on November 24, 2014.\3\ The Commission received
four comments on the original proposal.\4\ On February 19, 2015, FINRA
filed Amendment No. 1 responding to these original comments received to
the proposal as well as to propose amendments in response to these
comments. The proposal, as amended by Amendment No. 1, was published
for comment in the Federal Register on
[[Page 30306]]
March 18, 2015.\5\ On February 20, 2015, the Commission issued an order
instituting proceedings pursuant to Section 19(b)(2)(B) of the Act \6\
to determine whether to approve or disapprove the proposal. This order
was published for comment in the Federal Register on February 26,
2015.\7\ The Commission received a further three comments regarding the
proceedings or in response to Amendment No. 1,\8\ to which FINRA
responded via letter on May 5, 2015.\9\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Exchange Act Release No. 73622 (Nov. 18, 2014); 79 FR 69939
(Nov. 24, 2014). On January 6, 2015, FINRA consented to extending
the time period for the Commission to either approve or disapprove
the proposed rule change, or to institute proceedings to determine
whether to approve or disapprove the proposed rule change, to
February 20, 2015.
\4\ See Letter from Kevin Zambrowicz, Associate General Counsel
& Managing Director and Sean Davy, Managing Director, SIFMA, dated
Dec. 15, 2014, Letter from Hugh D. Berkson, President-Elect, Public
Investors Arbitration Bar Association, dated Dec. 15, 2014, Letter
from Stephanie R. Nicholas, WilmerHale, dated Dec. 16, 2014, and
Letter from William Beatty, President and Washington (State)
Securities Administrator, North American Securities Administrators
Association, Inc., dated Dec. 19, 2014.
\5\ Exchange Act Release No. 74488 (Mar. 12, 2015); 80 FR 14174
(Mar. 18, 2015).
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ Exchange Act Release No. 74339 (Feb. 20, 2015); 80 FR 10528
(Feb. 26, 2015). Specifically, the Commission instituted proceedings
to allow for additional analysis of the proposed rule change's
consistency with Section 15A(b)(9) of the Act, which requires that
FINRA's rules be designed to, among other things, promote just and
equitable principles of trade, remove impediments to and perfect the
mechanism of a free and open market and a national market system,
and, in general, to protect investors and the public interest, and
Section 15D of the Act, which requires rules reasonably designed to
address conflicts of interest that can arise when research analysts
recommend equity securities in research reports and public
appearances. See id.
\8\ Letter from Egidio Mogavero, Managing Director and Chief
Compliance Officer, JMP Securities, dated Mar. 19, 2015, Letter from
Stephanie R. Nicholas, WilmerHale, dated Apr. 6, 2015, and Letter
from William Beatty, President and Washington (State) Securities
Administrator, North American Securities Administrators Association,
Inc., dated Apr. 17, 2015.
\9\ Letter from Philip Shaikun, Vice President and Associate
General Counsel, FINRA, dated May 5, 2015.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \10\ provides that, after initiating
approval or disapproval proceedings, the Commission shall issue an
order approving or disapproving the proposed rule change not later than
180 days after the date of publication of notice of filing of the
proposed rule change. The Commission may extend the period for issuing
an order approving or disapproving the proposed rule change, however,
by not more than 60 days if the Commission determines that a longer
period is appropriate and publishes the reasons for such determination.
The proposal was published for comment in the Federal Register on
November 24, 2014.\11\ The 180th day after publication of the notice of
the filing of the proposed rule change in the Federal Register is May
23, 2015 and the 240th day after publication of the notice of the
filing of the proposed rule change in the Federal Register is July 22,
2015.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
\11\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change, including the matters raised in the comment letters to the
proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\12\ designates July 22, 2015 as the date by which the Commission
shall either approve or disapprove the proposed rule change (File No.
SR-FINRA-2014-047).
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-12689 Filed 5-26-15; 8:45 am]
BILLING CODE 8011-01-P
