Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend NASD Rules 1022 (Categories of Principal Registration) and 1032 (Categories of Representative Registration), 79362-79364 [2015-31921]

Download as PDF 79362 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices 2. Pursuant to 39 U.S.C. 505, Curtis E. Kidd is appointed to serve as an officer of the Commission to represent the interests of the general public in this proceeding (Public Representative). 3. Comments are due no later than December 22, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Stacy L. Ruble, Secretary. [FR Doc. 2015–31896 Filed 12–18–15; 8:45 am] BILLING CODE 7710–FW–P POSTAL REGULATORY COMMISSION [Docket No. CP2016–44; Order No. 2874] New Postal Product Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing a recent Postal Service filing concerning an additional Global Reseller Expedited Package Contracts 2 negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: December 22, 2015. ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. SUMMARY: David A. Trissell, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: I. Introduction mstockstill on DSK4VPTVN1PROD with NOTICES By the Commission. Stacy L. Ruble, Secretary. [FR Doc. 2015–31895 Filed 12–18–15; 8:45 am] [Release No. 34–76658; File No. SR–BX– 2015–071] II. Introduction III. Notice of Commission Action IIII. Ordering Paragraphs On December 14, 2015, the Postal Service filed notice that it has entered into an additional Global Reseller Expedited Package Contracts 2 (GREP 2) negotiated service agreement (Agreement).1 To support its Notice, the Postal Service filed a copy of the Agreement, 1 Notice of United States Postal Service of Filing a Functionally Equivalent Global Reseller Expedited Package 2 Negotiated Service Agreement, December 14, 2015 (Notice). Jkt 238001 III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket No. CP2016–44 for consideration of the matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, Lyudmila Y. Bzhilyanskaya is appointed to serve as an officer of the Commission to represent the interests of the general public in this proceeding (Public Representative). 3. Comments are due no later than December 22, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. SECURITIES AND EXCHANGE COMMISSION Table of Contents 17:38 Dec 18, 2015 II. Notice of Commission Action The Commission establishes Docket No. CP2016–44 for consideration of matters raised by the Notice. The Commission invites comments on whether the Postal Service’s filing is consistent with 39 U.S.C. 3632, 3633, or 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comments are due no later than December 22, 2015. The public portions of the filing can be accessed via the Commission’s Web site (https://www.prc.gov). The Commission appoints Lyudmila Y. Bzhilyanskaya to serve as Public Representative in this docket. BILLING CODE 7710–FW–P FOR FURTHER INFORMATION CONTACT: VerDate Sep<11>2014 a copy of the Governors’ Decision authorizing the product, a certification of compliance with 39 U.S.C. 3633(a), and an application for non-public treatment of certain materials. It also filed supporting financial workpapers. Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Withdrawal of Proposed Rule Change To Amend the Fees Schedule December 15, 2015. On November 12, 2015, the NASDAQ OMX BX, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 19341 and Rule 19b–4 thereunder,2 a proposed rule change to 1 15 2 17 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00061 Fmt 4703 Sfmt 4703 amend the Exchange’s fees schedule. The proposed rule change was published for comment in the Federal Register on December 1, 2015.3 The Commission received no comment letters on the proposal. On December 11, 2015, the Exchange withdrew the proposed rule change (SR–BX–2015– 071). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.4 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–31929 Filed 12–18–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–76650; File No. SR–FINRA– 2015–052] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend NASD Rules 1022 (Categories of Principal Registration) and 1032 (Categories of Representative Registration) December 15, 2015. 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, 2015, 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 the Substance of the Proposed Rule Change FINRA is proposing to amend NASD Rule 1022 (Categories of Principal Registration) and NASD Rule 1032 (Categories of Representative Registration) to remove the deadline by 3 See Securities Exchange Act Release No. 76520 (November 24, 2015), 80 FR 75157. 4 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). E:\FR\FM\21DEN1.SGM 21DEN1 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices which eligible registrants must complete a firm-element continuing education requirement to engage in a security futures business, and to remove reference to a revised examination. 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. mstockstill on DSK4VPTVN1PROD with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In 2002, FINRA modified the following registration categories to include the activities of engaging in and supervising securities futures: (1) Registered Options Principal (Series 4); (2) Limited Principal—General Securities Sales Supervisor (Series 9/ 10); (3) General Securities Representative (Series 7); and (4) Registered Options Representative (Series 42).4 FINRA also required that persons currently registered or becoming registered in these categories complete a firm-element continuing education requirement addressing security futures before they conducted any security futures business. FINRA instituted this continuing education requirement to ensure that registered personnel, who may not be familiar with risks, trading characteristics, terms and nomenclature of these products, or the fact that they are subject to the joint jurisdiction of the SEC and CFTC, receive the necessary training. Notably, FINRA specified the content of the continuing education program pursuant to NASD Rule 1120(b)(4) (now FINRA Rule 1250(b)(4)).5 4 See Securities Exchange Act Release No. 46663 (October 15, 2002), 67 FR 64944 (October 22, 2002) (Order Approving File No. SR–NASD–2002–40). 5 Because the introduction of security futures in the United States presented extraordinary circumstances, FINRA (then NASD) determined to use its authority under NASD Rule 1120(b)(4) to specify the content of firm-element continuing VerDate Sep<11>2014 17:38 Dec 18, 2015 Jkt 238001 Consequently, in 2002, FINRA, the National Futures Association (‘‘NFA’’), and the Institute for Financial Markets collaborated to develop a free web-based training program consisting of a series of modules intended to satisfy FINRA’s firm-element continuing education requirement and NFA’s training requirement (‘‘Security Futures Training Modules’’). Although the Security Futures Training Modules are not the only program that FINRA and NFA Members can use to satisfy their security futures training requirements, FINRA is not aware of any alternative training programs used by firms. Moreover, even if a firm were to use an alternative training program, the program must cover all applicable subjects specified in the content outline provided by FINRA. Since inception in 2002 through May 2015, just over 15,000 individuals have completed the Security Futures Training Modules. In 2014, only 180 registered individuals completed the Security Futures Training Modules (18 FINRA registrants and 162 NFA-only registrants). At the time trading in security futures commenced, FINRA considered replacing the firm-element continuing education requirement with revised qualification examinations for the registration categories that address security futures; however, due to low trading volume in security futures and limited interest for registered representatives to engage in security futures business, such qualification examinations have not been implemented. Accordingly, on three prior occasions, FINRA has extended the deadline for completing a firmelement continuing education requirement.6 Current data on trading volume has shown there to be very limited trading activity in security futures.7 Given the education. See Securities Exchange Act Release No. 46186 (July 11, 2002), 67 FR 47412, 47422 (July 18, 2002) (Notice of Filing File No. SR–NASD–2002– 40); see also NASD Notice to Members 02–73, at 747–748 (November 2002). 6 See Securities Exchange Act Release No. 54617 (October 17, 2006), 71 FR 62498 (October 25, 2006) (Notice of Filing and Immediate Effectiveness of File No. SR–NASD–2006–118) (extending the deadline to December 31, 2009); Securities Exchange Act Release No. 61231 (December 23, 2009), 74 FR 69173 (December 30, 2009) (Notice of Filing and Immediate Effectiveness of File No. SR– FINRA–2009–092) (extending the deadline to December 31, 2012); and Securities Exchange Act Release No. 68468 (December 19, 2012), 77 FR 76112 (December 26, 2012) (Notice of Filing and Immediate Effectiveness of File No. SR–FINRA– 2012–055) (extending the deadline to December 31, 2015). 7 Between January 2015 and September 2015, security futures had an average daily trading volume of approximately 47,640 contracts. See OneChicago, PR2015, https://www.onechicago.com/ PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 79363 continued low trading volume in security futures, the limited interest for registered representatives to engage in security futures business, and the comprehensiveness of the required firmelement continuing education training, FINRA has determined not to impose qualification examinations for security futures. Rather, FINRA will continue to require eligible registrants to complete the mandated security futures firmelement continuing education training before engaging in any security futures business. Moreover, FINRA, in coordination with NFA, will continue to monitor security futures volume and the number of persons taking the Security Futures Training Modules, as well as the number of disciplinary matters and complaints involving security futures, in considering whether a qualification examination should be developed at a later date. Accordingly, the proposed rule change amends NASD Rule 1022 and NASD Rule 1032 to remove the deadline by which eligible registrants must complete the firm-element continuing education requirement to engage in a security futures business, and to remove the references to a revised qualification examination. 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 that FINRA can implement the proposed rule change on December 31, 2015. 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. The proposed rule change is necessary to continue to allow eligible registrants to complete a firmelement continuing education program that will qualify them to engage in a security futures business in lieu of a qualification examination. ?page_id=20539 (last visited Oct. 28, 2015). In comparison, over the same time period option contracts clearing through the Options Clearing Corporation (‘‘OCC’’) had an average daily trading volume of approximately 16.9 million contracts. See OCC, Market Data, Daily Volume Statistics, https://www.optionsclearing.com/webapps/dailyvolume-statistics (last visited Nov. 2, 2015). 8 15 U.S.C. 78o–3(b)(6). E:\FR\FM\21DEN1.SGM 21DEN1 79364 Federal Register / Vol. 80, No. 244 / Monday, December 21, 2015 / Notices 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 proposed rule change will allow eligible registrants to complete a firm-element continuing education program that will qualify them to engage in a security futures business in lieu of a qualification examination. mstockstill on DSK4VPTVN1PROD with NOTICES 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)(iii) of the Act 9 and subparagraph (f)(6) of Rule 19b–4 thereunder.10 A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative prior to 30 days after the date of filing.11 Rule 19b–4(f)(6)(iii), however, permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest.12 The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange has stated that waiver of the operative delay is necessary in order to implement the proposed rule change by December 31, 2015. The Commission notes that very few individuals are involved in the sale of security futures products and the regulators have decided that continuing education sufficiently mitigates the risk of trading these products. FINRA, in coordination with NFA, will continue to monitor security futures volume and the number of persons taking the Security Futures Training Modules, as well as the number of disciplinary matters and complaints involving security futures, in considering whether a qualification 9 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 11 17 CFR 240.19b–4(f)(6)(iii). 12 Id. 17:38 Dec 18, 2015 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–2015–052 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–2015–052. 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 13 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). 10 17 VerDate Sep<11>2014 examination should be developed at a later date. For these reasons, the Commission believes waiving the 30day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.13 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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. Jkt 238001 PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 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 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– 2015–052, and should be submitted on or before January 11, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Robert W. Errett, Deputy Secretary. [FR Doc. 2015–31921 Filed 12–18–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–297, OMB Control No. 3235–0336] Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Form N–14. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘Paperwork Reduction Act’’), the Securities and Exchange Commission (the ‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Form N–14 (17 CFR 239.23) is the form for registration under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’) of securities issued by management investment companies registered under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) (‘‘Investment Company Act’’) and business development companies as defined by 14 17 E:\FR\FM\21DEN1.SGM CFR 200.30–3(a)(12). 21DEN1

Agencies

[Federal Register Volume 80, Number 244 (Monday, December 21, 2015)]
[Notices]
[Pages 79362-79364]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-31921]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76650; File No. SR-FINRA-2015-052]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend NASD Rules 1022 (Categories of Principal 
Registration) and 1032 (Categories of Representative Registration)

December 15, 2015.
    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, 2015, 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 the 
Substance of the Proposed Rule Change

    FINRA is proposing to amend NASD Rule 1022 (Categories of Principal 
Registration) and NASD Rule 1032 (Categories of Representative 
Registration) to remove the deadline by

[[Page 79363]]

which eligible registrants must complete a firm-element continuing 
education requirement to engage in a security futures business, and to 
remove reference to a revised examination.
    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.

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

1. Purpose
    In 2002, FINRA modified the following registration categories to 
include the activities of engaging in and supervising securities 
futures: (1) Registered Options Principal (Series 4); (2) Limited 
Principal--General Securities Sales Supervisor (Series 9/10); (3) 
General Securities Representative (Series 7); and (4) Registered 
Options Representative (Series 42).\4\ FINRA also required that persons 
currently registered or becoming registered in these categories 
complete a firm-element continuing education requirement addressing 
security futures before they conducted any security futures business. 
FINRA instituted this continuing education requirement to ensure that 
registered personnel, who may not be familiar with risks, trading 
characteristics, terms and nomenclature of these products, or the fact 
that they are subject to the joint jurisdiction of the SEC and CFTC, 
receive the necessary training. Notably, FINRA specified the content of 
the continuing education program pursuant to NASD Rule 1120(b)(4) (now 
FINRA Rule 1250(b)(4)).\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 46663 (October 15, 
2002), 67 FR 64944 (October 22, 2002) (Order Approving File No. SR-
NASD-2002-40).
    \5\ Because the introduction of security futures in the United 
States presented extraordinary circumstances, FINRA (then NASD) 
determined to use its authority under NASD Rule 1120(b)(4) to 
specify the content of firm-element continuing education. See 
Securities Exchange Act Release No. 46186 (July 11, 2002), 67 FR 
47412, 47422 (July 18, 2002) (Notice of Filing File No. SR-NASD-
2002-40); see also NASD Notice to Members 02-73, at 747-748 
(November 2002).
---------------------------------------------------------------------------

    Consequently, in 2002, FINRA, the National Futures Association 
(``NFA''), and the Institute for Financial Markets collaborated to 
develop a free web-based training program consisting of a series of 
modules intended to satisfy FINRA's firm-element continuing education 
requirement and NFA's training requirement (``Security Futures Training 
Modules''). Although the Security Futures Training Modules are not the 
only program that FINRA and NFA Members can use to satisfy their 
security futures training requirements, FINRA is not aware of any 
alternative training programs used by firms. Moreover, even if a firm 
were to use an alternative training program, the program must cover all 
applicable subjects specified in the content outline provided by FINRA. 
Since inception in 2002 through May 2015, just over 15,000 individuals 
have completed the Security Futures Training Modules. In 2014, only 180 
registered individuals completed the Security Futures Training Modules 
(18 FINRA registrants and 162 NFA-only registrants).
    At the time trading in security futures commenced, FINRA considered 
replacing the firm-element continuing education requirement with 
revised qualification examinations for the registration categories that 
address security futures; however, due to low trading volume in 
security futures and limited interest for registered representatives to 
engage in security futures business, such qualification examinations 
have not been implemented. Accordingly, on three prior occasions, FINRA 
has extended the deadline for completing a firm-element continuing 
education requirement.\6\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 54617 (October 17, 
2006), 71 FR 62498 (October 25, 2006) (Notice of Filing and 
Immediate Effectiveness of File No. SR-NASD-2006-118) (extending the 
deadline to December 31, 2009); Securities Exchange Act Release No. 
61231 (December 23, 2009), 74 FR 69173 (December 30, 2009) (Notice 
of Filing and Immediate Effectiveness of File No. SR-FINRA-2009-092) 
(extending the deadline to December 31, 2012); and Securities 
Exchange Act Release No. 68468 (December 19, 2012), 77 FR 76112 
(December 26, 2012) (Notice of Filing and Immediate Effectiveness of 
File No. SR-FINRA-2012-055) (extending the deadline to December 31, 
2015).
---------------------------------------------------------------------------

    Current data on trading volume has shown there to be very limited 
trading activity in security futures.\7\ Given the continued low 
trading volume in security futures, the limited interest for registered 
representatives to engage in security futures business, and the 
comprehensiveness of the required firm-element continuing education 
training, FINRA has determined not to impose qualification examinations 
for security futures. Rather, FINRA will continue to require eligible 
registrants to complete the mandated security futures firm-element 
continuing education training before engaging in any security futures 
business. Moreover, FINRA, in coordination with NFA, will continue to 
monitor security futures volume and the number of persons taking the 
Security Futures Training Modules, as well as the number of 
disciplinary matters and complaints involving security futures, in 
considering whether a qualification examination should be developed at 
a later date. Accordingly, the proposed rule change amends NASD Rule 
1022 and NASD Rule 1032 to remove the deadline by which eligible 
registrants must complete the firm-element continuing education 
requirement to engage in a security futures business, and to remove the 
references to a revised qualification examination.
---------------------------------------------------------------------------

    \7\ Between January 2015 and September 2015, security futures 
had an average daily trading volume of approximately 47,640 
contracts. See OneChicago, PR2015, https://www.onechicago.com/?page_id=20539 (last visited Oct. 28, 2015). In comparison, over the 
same time period option contracts clearing through the Options 
Clearing Corporation (``OCC'') had an average daily trading volume 
of approximately 16.9 million contracts. See OCC, Market Data, Daily 
Volume Statistics, https://www.optionsclearing.com/webapps/daily-volume-statistics (last visited Nov. 2, 2015).
---------------------------------------------------------------------------

    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 that FINRA can implement the proposed rule 
change on December 31, 2015.
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. The proposed rule change is necessary to continue to 
allow eligible registrants to complete a firm-element continuing 
education program that will qualify them to engage in a security 
futures business in lieu of a qualification examination.
---------------------------------------------------------------------------

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

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

[[Page 79364]]

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 proposed rule change will 
allow eligible registrants to complete a firm-element continuing 
education program that will qualify them to engage in a security 
futures business in lieu of a qualification examination.

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)(iii) of the Act \9\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative prior to 30 days after the date of filing.\11\ 
Rule 19b-4(f)(6)(iii), however, permits the Commission to designate a 
shorter time if such action is consistent with the protection of 
investors and the public interest.\12\ The Exchange has asked the 
Commission to waive the 30-day operative delay so that the proposal may 
become operative immediately upon filing. The Exchange has stated that 
waiver of the operative delay is necessary in order to implement the 
proposed rule change by December 31, 2015. The Commission notes that 
very few individuals are involved in the sale of security futures 
products and the regulators have decided that continuing education 
sufficiently mitigates the risk of trading these products. FINRA, in 
coordination with NFA, will continue to monitor security futures volume 
and the number of persons taking the Security Futures Training Modules, 
as well as the number of disciplinary matters and complaints involving 
security futures, in considering whether a qualification examination 
should be developed at a later date. For these reasons, the Commission 
believes waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest. Accordingly, the 
Commission hereby waives the operative delay and designates the 
proposal operative upon filing.\13\
---------------------------------------------------------------------------

    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ Id.
    \13\ 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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) 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-2015-052 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-2015-052. 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 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-2015-052, and should 
be submitted on or before January 11, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31921 Filed 12-18-15; 8:45 am]
BILLING CODE 8011-01-P
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