Proposed Collection; Comment Request, 6554-6555 [2016-02337]
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6554
Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
Commission hereby grants the
Exchange’s request and designates the
proposal operative upon filing.
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:
asabaliauskas on DSK5VPTVN1PROD with NOTICES
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 No. SR–
EDGX–2016–01 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 No.
SR–EDGX–2016–01. 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
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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17:51 Feb 05, 2016
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filing will also 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 No. SR–EDGX–
2016–01 and should be submitted on or
beforeFebruary 29, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–02336 Filed 2–5–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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:
Rule 605 of Regulation NMS; SEC File No
270–488, OMB Control No. 3235–0542
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the existing collection of information
provided for in Rule 605 of Regulation
NMS (‘‘Rule 605’’) (17 CFR 242.605),1
under the Securities Exchange Act of
1934 (15 U.S.C. 78a, et seq.) (‘‘Exchange
Act’’). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 605, formerly known as, Rule
11Ac1–5, requires market centers to
make available to the public monthly
order execution reports in electronic
form. The Commission believes that
many market centers retain most, if not
all, of the underlying raw data necessary
to generate these reports in electronic
format. Once the necessary data is
collected, market centers could either
16 17
CFR 200.30–3(a)(12).
NMS, adopted by the Commission in
June 2005, redesignated the national market system
rules previously adopted under Section 11A of the
Exchange Act. Rule 11Ac1–5 under the Exchange
Act was redesignated Rule 605 of Regulation NMS.
No substantive amendments were made to Rule 605
of Regulation NMS. See Securities Exchange Act
Release No. 51808 (June 9, 2005), 70 FR 37496 (June
29, 2005).
1 Regulation
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Fmt 4703
Sfmt 4703
program their systems to generate the
statistics and reports, or transfer the
data to a service provider (such as an
independent company in the business of
preparing such reports or a selfregulatory organization) that would
generate the statistics and reports.
The collection of information
obligations of Rule 605 apply to all
market centers that receive covered
orders in national market system
securities. The Commission estimates
that approximately 132 market centers
are subject to the collection of
information obligations of Rule 605.
Each of these respondents is required to
respond to the collection of information
on a monthly basis.
The Commission staff estimates that,
on average, Rule 605 causes respondents
to spend 6 hours per month to collect
the data necessary to generate the
reports, or 72 hours per year. With an
estimated 132 market centers subject to
Rule 605, the total data collection time
burden to comply with the monthly
reporting requirement is estimated to be
9,504 hours per year.
Based on discussions with industry
sources, the Commission staff estimates
that an individual market center could
retain a service provider to prepare a
monthly report using the data collected
for approximately $2,978 per month.
This per-respondent estimate is based
on the rate that a market center could
expect to obtain if it negotiated on an
individual basis. Based on the $2,978
estimate, the monthly cost to the 132
market centers to retain service
providers to prepare reports would be
$393,096, or an annual cost of
approximately $4,717,152.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information will have practical utility;
(b) the accuracy of the Commission’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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to Pamela C. Dyson, Director/Chief
E:\FR\FM\08FEN1.SGM
08FEN1
Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: February 2, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–02337 Filed 2–5–16; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77015; File No. SR–FINRA–
2016–003]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change to Extend the
Implementation Date of the ‘‘NoRemuneration’’ Indicator
February 2, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
27, 2016, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by FINRA. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to extend the
implementation date of the NoRemuneration indicator to July 18, 2016.
The proposed rule change would not
make any changes to 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
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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17:51 Feb 05, 2016
Jkt 238001
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.
systems changes necessary to comply
with SR–FINRA–2015–026.
FINRA has filed the proposed rule
change for immediate effectiveness.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
2. Statutory Basis
1. Purpose
BILLING CODE 8011–01–P
6555
On July 20, 2015, FINRA filed a
proposed rule change to amend FINRA
Rule 6730 (Transaction Reporting),
which governs the reporting of eligible
transactions to its Trade Reporting and
Compliance Engine (‘‘TRACE’’).3 Rule
6730 sets forth the requirements that
apply to firms when reporting
transactions in TRACE-eligible
securities,4 and provides the specific
items of information that must be
included in a TRACE trade report.
Among other things, Rules 6730(c) and
(d) require that firms report the
commission (total dollar amount)
separately on the TRACE trade report
for agency transactions. FINRA then
combines the dollar amount that is
reported as the commission with the
amount that is reported in the price
field, and disseminates to the market
this aggregate amount as the
transaction’s price. For principal
transactions, Rule 6730(d)(1) provides
that firms must report a price that
includes the mark-up/mark-down, and
FINRA disseminates this price to the
market.
In SR–FINRA–2015–026, FINRA
proposed to amend Rule 6730 to require
that firms use a ‘‘No-Remuneration’’
indicator to identify those transactions
for which a commission or mark-up/
mark-down is not reflected in a TRACE
trade report. The Commission approved
the proposal, on October 16, 2015.5 In
its filing, FINRA represented that the
implementation date of these
amendments would be May 23, 2016.
FINRA has since determined to extend
the implementation date for this
proposal to July 18, 2016 to provide
members additional time to complete
3 See Securities Exchange Act Release No. 75588
(August 3, 2015), 80 FR 47546 (August 7, 2015)
(Notice of Filing of File No. SR–FINRA–2015–026).
4 Rule 6710 generally defines a ‘‘TRACE-eligible
security’’ as: (1) a debt security that is U.S. dollardenominated and issued by a U.S. or foreign private
issuer (and, if a ‘‘restricted security’’ as defined in
Securities Act Rule 144(a)(3), sold pursuant to
Securities Act Rule 144A); or (2) a debt security that
is U.S. dollar denominated and issued or
guaranteed by an ‘‘Agency’’ as defined in Rule
6710(k) or a ‘‘Government-Sponsored Enterprise’’ as
defined in Rule 6710(n).
5 See Securities Exchange Act Release No. 76176
(October 16, 2015), 80 FR 64039 (October 22, 2015)
(Order Approving File No. SR–FINRA–2015–026).
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FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,6 which
requires, among other things, that
FINRA rules must be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, and, in
general, to protect investors and the
public interest, and Section 15A(b)(9) of
the Act,7 which requires that FINRA
rules not impose any burden on
competition that is not necessary or
appropriate.
FINRA believes that the extension of
the implementation date until July 18,
2016, is consistent with the Act in that
it would provide members with
additional time to complete the systems
changes necessary to comply with SR–
FINRA–2015–026.
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.
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 8 and Rule 19b–
4(f)(6) thereunder.9
6 15
U.S.C. 78o-3(b)(6).
U.S.C. 78o-3(b)(9).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) 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.
7 15
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08FEN1
Agencies
[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)]
[Notices]
[Pages 6554-6555]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02337]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
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:
Rule 605 of Regulation NMS; SEC File No 270-488, OMB Control No.
3235-0542
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Rule 605 of Regulation NMS
(``Rule 605'') (17 CFR 242.605),\1\ under the Securities Exchange Act
of 1934 (15 U.S.C. 78a, et seq.) (``Exchange Act''). The Commission
plans to submit this existing collection of information to the Office
of Management and Budget (``OMB'') for extension and approval. Rule
605, formerly known as, Rule 11Ac1-5, requires market centers to make
available to the public monthly order execution reports in electronic
form. The Commission believes that many market centers retain most, if
not all, of the underlying raw data necessary to generate these reports
in electronic format. Once the necessary data is collected, market
centers could either program their systems to generate the statistics
and reports, or transfer the data to a service provider (such as an
independent company in the business of preparing such reports or a
self-regulatory organization) that would generate the statistics and
reports.
---------------------------------------------------------------------------
\1\ Regulation NMS, adopted by the Commission in June 2005,
redesignated the national market system rules previously adopted
under Section 11A of the Exchange Act. Rule 11Ac1-5 under the
Exchange Act was redesignated Rule 605 of Regulation NMS. No
substantive amendments were made to Rule 605 of Regulation NMS. See
Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR
37496 (June 29, 2005).
---------------------------------------------------------------------------
The collection of information obligations of Rule 605 apply to all
market centers that receive covered orders in national market system
securities. The Commission estimates that approximately 132 market
centers are subject to the collection of information obligations of
Rule 605. Each of these respondents is required to respond to the
collection of information on a monthly basis.
The Commission staff estimates that, on average, Rule 605 causes
respondents to spend 6 hours per month to collect the data necessary to
generate the reports, or 72 hours per year. With an estimated 132
market centers subject to Rule 605, the total data collection time
burden to comply with the monthly reporting requirement is estimated to
be 9,504 hours per year.
Based on discussions with industry sources, the Commission staff
estimates that an individual market center could retain a service
provider to prepare a monthly report using the data collected for
approximately $2,978 per month. This per-respondent estimate is based
on the rate that a market center could expect to obtain if it
negotiated on an individual basis. Based on the $2,978 estimate, the
monthly cost to the 132 market centers to retain service providers to
prepare reports would be $393,096, or an annual cost of approximately
$4,717,152.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information will
have practical utility; (b) the accuracy of the Commission'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.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to Pamela C. Dyson, Director/
Chief
[[Page 6555]]
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: February 2, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-02337 Filed 2-5-16; 8:45 am]
BILLING CODE 8011-01-P