Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Tier Size Pilot of Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities), 27638-27640 [2018-12647]
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Federal Register / Vol. 83, No. 114 / Wednesday, June 13, 2018 / Notices
Date
Title
Exelon letter to NRC, Three Mile Island Nuclear Station, Units 1 and 2, ‘‘Request for Exemption from Specific
Provisions in 10 CFR 73.55(p)(1)(i) and (p)(1)(ii) Related to the Suspension of Security Measures in an
Emergency or During Severe Weather’’.
NRC letter to Exelon, ‘‘Three Mile Island Nuclear Station, Unit 1—Approval of Certified Fuel Handler Training
and Retraining Program’’.
Dated at Rockville, Maryland, this 7th day
of June 2018.
For the Nuclear Regulatory Commission.
Joseph G. Giitter,
Director, Division of Operating Reactor
Licensing, Office of Nuclear Reactor
Regulation.
[FR Doc. 2018–12652 Filed 6–12–18; 8:45 am]
BILLING CODE 7590–01–P
POSTAL REGULATORY COMMISSION
[Docket No. CP2016–111]
New Postal Product
Postal Regulatory Commission.
Notice.
AGENCY:
ACTION:
The Commission is noticing a
recent Postal Service filing for the
Commission’s consideration concerning
negotiated service agreements. This
notice informs the public of the filing,
invites public comment, and takes other
administrative steps.
DATES: Comments are due: June 15,
2018.
SUMMARY:
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.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
II. Docketed Proceeding(s)
Table of Contents
I. Introduction
II. Docketed Proceeding(s)
amozie on DSK3GDR082PROD with NOTICES1
I. Introduction
The Commission gives notice that the
Postal Service has filed request(s) for the
Commission to consider matters related
to negotiated service agreement(s). The
requests(s) may propose the addition or
removal of a negotiated service
agreement from the market dominant or
the competitive product list, or the
modification of an existing product
currently appearing on the market
VerDate Sep<11>2014
18:01 Jun 12, 2018
Jkt 244001
dominant or the competitive product
list.
Section II identifies the docket
number(s) associated with each Postal
Service request, the title of each Postal
Service request, the request’s acceptance
date, and the authority cited by the
Postal Service for each request. For each
request, the Commission appoints an
officer of the Commission to represent
the interests of the general public in the
proceeding, pursuant to 39 U.S.C. 505
(Public Representative). Section II also
establishes comment deadline(s)
pertaining to each request.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (https://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3007.40.
The Commission invites comments on
whether the Postal Service’s request(s)
in the captioned docket(s) are consistent
with the policies of title 39. For
request(s) that the Postal Service states
concern market dominant product(s),
applicable statutory and regulatory
requirements include 39 U.S.C. 3622, 39
U.S.C. 3642, 39 CFR part 3010, and 39
CFR part 3020, subpart B. For request(s)
that the Postal Service states concern
competitive product(s), applicable
statutory and regulatory requirements
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3015, and
39 CFR part 3020, subpart B. Comment
deadline(s) for each request appear in
section II.
1. Docket No(s).: CP2016–111; Filing
Title: USPS Notice of Amendment to
Priority Mail Contract 192, Filed Under
Seal; Filing Acceptance Date: June 7,
2018; Filing Authority: 39 CFR 3015.5;
Public Representative: Jennaca D.
Upperman; Comments Due: June 15,
2018.
This notice will be published in the
Federal Register.
Stacy L. Ruble,
Secretary.
BILLING CODE 7710–FW–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83392; File No. SR–FINRA–
2018–022]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Extend the Tier Size
Pilot of Rule 6433 (Minimum Quotation
Size Requirements for OTC Equity
Securities)
June 7, 2018.
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 May 31,
2018, 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 amend FINRA
Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity
Securities) to extend the Tier Size Pilot,
which currently is scheduled to expire
on June 7, 2018, until December 7, 2018.
The text of the proposed rule change
is available on FINRA’s website at
https://www.finra.org, at the principal
office of FINRA and at the
Commission’s Public Reference Room.
1 15
[FR Doc. 2018–12695 Filed 6–12–18; 8:45 am]
ADAMS
accession No.
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
2 17
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Federal Register / Vol. 83, No. 114 / Wednesday, June 13, 2018 / Notices
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
amozie on DSK3GDR082PROD with NOTICES1
1. Purpose
FINRA proposes to amend FINRA
Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity
Securities) (the ‘‘Rule’’) to extend, until
December 7, 2018, the amendments set
forth in File No. SR–FINRA–2011–058
(‘‘Tier Size Pilot’’ or ‘‘Pilot’’), which
currently are scheduled to expire on
June 7, 2018.4
The Tier Size Pilot was filed with the
SEC on October 6, 2011,5 to amend the
minimum quotation sizes (or ‘‘tier
sizes’’) for OTC Equity Securities.6 The
goals of the Pilot were to simplify the
tier structure, facilitate the display of
customer limit orders, and expand the
scope of the Rule to apply to additional
quoting participants. During the course
of the Pilot, FINRA collected and
provided to the SEC specified data with
which to assess the impact of the Pilot
tiers on market quality and limit order
display.7 On September 13, 2013,
FINRA provided to the Commission an
assessment on the operation of the Tier
Size Pilot utilizing data covering the
period from November 12, 2012 through
June 30, 2013.8 As noted in the 2013
Assessment, FINRA believed that the
4 See Securities Exchange Act Release No. 82153
(November 22, 2017), 82 FR 56300 (November 28,
2017) (Notice of Filing and Immediate Effectiveness
of File No. SR–FINRA–2017–035).
5 See Securities Exchange Act Release No. 65568
(October 14, 2011), 76 FR 65307 (October 20, 2011)
(Notice of Filing of File No. SR–FINRA–2011–058).
6 ‘‘OTC Equity Security’’ means any equity
security that is not an ‘‘NMS stock’’ as that term is
defined in Rule 600(b)(47) of SEC Regulation NMS;
provided, however, that the term OTC Equity
Security shall not include any Restricted Equity
Security. See FINRA Rule 6420.
7 FINRA ceased collecting Pilot data for
submission to the Commission on February 13,
2015.
8 The assessment is part of the SEC’s comment file
for SR–FINRA–2011–058 and also is available on
FINRA’s website at: https://www.finra.org/Industry/
Regulation/RuleFilings/2011/P124615 (‘‘Pilot
Assessment’’).
VerDate Sep<11>2014
18:01 Jun 12, 2018
Jkt 244001
analysis of the data generally showed
that the Tier Size Pilot had a neutral to
positive impact on OTC market quality
for the majority of OTC Equity
Securities and tiers; and that there was
an overall increase of 13% in the
number of customer limit orders that
met the minimum quotation sizes to be
eligible for display under the Pilot tiers.
In the 2013 Assessment, FINRA
recommended adopting the tiers as
permanent, but extended the Pilot
period to allow more time to gather and
analyze data after the November 12,
2012 through June 30, 2013 assessment
period.9
On April 20, 2018, FINRA proposed a
rule change to adopt the pilot tiers as
permanent. The Commission published
that proposal in the Federal Register for
notice and comment on May 7, 2018,
and the comment period expired on
May 29, 2018.10 The Commission
received one comment letter in response
to the Proposal.11 The purpose of the
instant filing is to extend the operation
of the Tier Size Pilot until December 7,
2018, to provide additional time for the
Commission to consider FINRA’s
proposal to adopt the pilot tiers as
permanent and comments received.
FINRA has filed the proposed rule
change for immediate effectiveness. The
operative date of the proposed rule
change will be June 7, 2018.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,12 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 also believes that
the proposed rule change is consistent
with the provisions of Section
15A(b)(11) of the Act.13 Section
15A(b)(11) requires that FINRA rules
include provisions governing the form
and content of quotations relating to
securities sold otherwise than on a
national securities exchange which may
be distributed or published by any
member or person associated with a
9 See Securities Exchange Act Release No. 70839
(November 8, 2013), 78 FR 68893 (November 15,
2013) (Notice of Filing and Immediate Effectiveness
of File No. SR–FINRA–2013–049).
10 See Securities Exchange Act Release No. 83129
(April 30, 2018), 83 FR 20131 (May 7, 2018) (Notice
of Filing of File No. SR–FINRA–2018–015).
11 See Letter from Eugene P. Torpey, Chief
Compliance Officer, Vandham Securities Corp.,
dated May 10, 2018.
12 15 U.S.C. 78o–3(b)(6).
13 15 U.S.C. 78o–3(b)(11).
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27639
member, and the persons to whom such
quotations may be supplied.
FINRA believes that the extension of
the Tier Size Pilot until December 7,
2018, is consistent with the Act in that
it would provide the Commission with
additional time to consider FINRA’s
proposal to adopt the pilot tiers as
permanent and comments received.
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 14 and Rule 19b–
4(f)(6) thereunder.15
A proposed rule change filed under
Rule 19b–4(f)(6) 16 normally does not
become operative prior to 30 days after
the date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),17 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
The Commission is waiving the 30day operative delay so that the proposal
may become operative immediately
upon filing. The Commission believes
that waiver of the operative delay is
consistent with the protection of
investors and the public interest
because such waiver will allow the pilot
program to continue without
interruption. Therefore, the Commission
14 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires FINRA 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.
16 17 CFR 240.19b–4(f)(6).
17 17 CFR 240.19b–4(f)(6)(iii).
15 17
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27640
Federal Register / Vol. 83, No. 114 / Wednesday, June 13, 2018 / Notices
designates the proposal operative upon
filing.18
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–2018–022 on the subject line.
amozie on DSK3GDR082PROD with NOTICES1
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–2018–022. 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 website (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 website 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
18 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 Sep<11>2014
18:01 Jun 12, 2018
Jkt 244001
10:00 a.m. and 3:00 p.m. Copies of the
filing will also be available for
inspection and copying at the principal
office of FINRA. All comments received
will be posted without change. Persons
submitting comments are cautioned that
we do not redact or edit personal
identifying information from comment
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–FINRA–
2018–022 and should be submitted on
or before July 5, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–12647 Filed 6–12–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83395; File No. SR–
NASDAQ–2018–041]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt
Listing Standard for Paired Share Units
June 7, 2018.
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 May 30,
2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or the ‘‘Exchange’’) 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 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 adopt a
listing standard for Paired Share Units.
The text of the proposed rule change
is set forth below. Proposed new
language is italicized; deleted text is in
brackets.
*
*
*
*
*
The Nasdaq Stock Market Rules
*
*
*
*
*
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
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5225. Listing Requirements for Units
(other than Paired Share Units)
No change.
5226. Paired Share Units
A ‘‘Paired Share Unit’’ is a security
consisting of a share of the common
stock of a Company (the ‘‘Parent’’) and
a share of the common stock of that
Company’s controlled subsidiary,
which: (1) are attached together; and (2)
only can be traded together as a unit
pursuant to a pairing agreement.
Instead of the requirements in Rule 5225
(except as indicated below), a Paired
Share Unit can list on the Nasdaq
Global or Global Select Markets if it
meets the following requirements:
(a) For initial and continued listing,
the controlled subsidiary must be a real
estate investment trust (the ‘‘REIT’’) and
the Parent must maintain ownership
control, including voting control, over
the REIT.
(b) For initial listing, the Parent and
the REIT must each separately satisfy
the entity-level requirements of Rule
5315(f)(3) or Rule 5405(b) (e.g., the
stockholders’ equity, income, market
capitalization, assets, revenue and
operating history requirements), as
applicable, and the Paired Share Unit
must satisfy the security-level
requirements of Rule 5315 or Rule 5405
(e.g., the price, publicly held shares,
holder, market value of publicly held
shares and market maker requirements),
as applicable.
(c) For continued listing, the Parent
and the REIT must each separately
satisfy the applicable entity-level
requirements of Rule 5450(b) and the
Paired Share Unit must satisfy the
applicable security-level requirements
of Rules 5450(a) and 5450(b).
(d) For initial and continued listing,
the Parent and the REIT must each
separately satisfy all other requirements
of the listing rules applicable to a
Company listing its primary equity
security, including, without limitation,
the corporate governance requirements
in the Rule 5600 Series.
(e) For initial and continued listing,
the common stock of the Parent, the
common stock of the REIT and the
Paired Share Unit must each be
registered pursuant to Section 12(b) of
the Act.
(f) For initial and continued listing,
the common stock of the Parent and the
common stock of the REIT, as attached
and traded together in the Paired Share
Unit, must be the only securities of each
of the Parent and the REIT available to
public investors.
(g) The provisions of Rules 5225(a)(2)
and 5225(a)(3) are applicable to Paired
Share Units.
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]]>Agencies
[Federal Register Volume 83, Number 114 (Wednesday, June 13, 2018)]
[Notices]
[Pages 27638-27640]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12647]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83392; File No. SR-FINRA-2018-022]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Extend the Tier Size Pilot of Rule 6433
(Minimum Quotation Size Requirements for OTC Equity Securities)
June 7, 2018.
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 May 31, 2018, 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 amend FINRA Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity Securities) to extend the Tier Size Pilot,
which currently is scheduled to expire on June 7, 2018, until December
7, 2018.
The text of the proposed rule change is available on FINRA's
website at https://www.finra.org, at the principal office of FINRA and
at the Commission's Public Reference Room.
[[Page 27639]]
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
FINRA proposes to amend FINRA Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity Securities) (the ``Rule'') to extend, until
December 7, 2018, the amendments set forth in File No. SR-FINRA-2011-
058 (``Tier Size Pilot'' or ``Pilot''), which currently are scheduled
to expire on June 7, 2018.\4\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 82153 (November 22,
2017), 82 FR 56300 (November 28, 2017) (Notice of Filing and
Immediate Effectiveness of File No. SR-FINRA-2017-035).
---------------------------------------------------------------------------
The Tier Size Pilot was filed with the SEC on October 6, 2011,\5\
to amend the minimum quotation sizes (or ``tier sizes'') for OTC Equity
Securities.\6\ The goals of the Pilot were to simplify the tier
structure, facilitate the display of customer limit orders, and expand
the scope of the Rule to apply to additional quoting participants.
During the course of the Pilot, FINRA collected and provided to the SEC
specified data with which to assess the impact of the Pilot tiers on
market quality and limit order display.\7\ On September 13, 2013, FINRA
provided to the Commission an assessment on the operation of the Tier
Size Pilot utilizing data covering the period from November 12, 2012
through June 30, 2013.\8\ As noted in the 2013 Assessment, FINRA
believed that the analysis of the data generally showed that the Tier
Size Pilot had a neutral to positive impact on OTC market quality for
the majority of OTC Equity Securities and tiers; and that there was an
overall increase of 13% in the number of customer limit orders that met
the minimum quotation sizes to be eligible for display under the Pilot
tiers. In the 2013 Assessment, FINRA recommended adopting the tiers as
permanent, but extended the Pilot period to allow more time to gather
and analyze data after the November 12, 2012 through June 30, 2013
assessment period.\9\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 65568 (October 14,
2011), 76 FR 65307 (October 20, 2011) (Notice of Filing of File No.
SR-FINRA-2011-058).
\6\ ``OTC Equity Security'' means any equity security that is
not an ``NMS stock'' as that term is defined in Rule 600(b)(47) of
SEC Regulation NMS; provided, however, that the term OTC Equity
Security shall not include any Restricted Equity Security. See FINRA
Rule 6420.
\7\ FINRA ceased collecting Pilot data for submission to the
Commission on February 13, 2015.
\8\ The assessment is part of the SEC's comment file for SR-
FINRA-2011-058 and also is available on FINRA's website at: https://www.finra.org/Industry/Regulation/RuleFilings/2011/P124615 (``Pilot
Assessment'').
\9\ See Securities Exchange Act Release No. 70839 (November 8,
2013), 78 FR 68893 (November 15, 2013) (Notice of Filing and
Immediate Effectiveness of File No. SR-FINRA-2013-049).
---------------------------------------------------------------------------
On April 20, 2018, FINRA proposed a rule change to adopt the pilot
tiers as permanent. The Commission published that proposal in the
Federal Register for notice and comment on May 7, 2018, and the comment
period expired on May 29, 2018.\10\ The Commission received one comment
letter in response to the Proposal.\11\ The purpose of the instant
filing is to extend the operation of the Tier Size Pilot until December
7, 2018, to provide additional time for the Commission to consider
FINRA's proposal to adopt the pilot tiers as permanent and comments
received.
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 83129 (April 30,
2018), 83 FR 20131 (May 7, 2018) (Notice of Filing of File No. SR-
FINRA-2018-015).
\11\ See Letter from Eugene P. Torpey, Chief Compliance Officer,
Vandham Securities Corp., dated May 10, 2018.
---------------------------------------------------------------------------
FINRA has filed the proposed rule change for immediate
effectiveness. The operative date of the proposed rule change will be
June 7, 2018.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\12\ 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 also believes that the proposed rule change is
consistent with the provisions of Section 15A(b)(11) of the Act.\13\
Section 15A(b)(11) requires that FINRA rules include provisions
governing the form and content of quotations relating to securities
sold otherwise than on a national securities exchange which may be
distributed or published by any member or person associated with a
member, and the persons to whom such quotations may be supplied.
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\12\ 15 U.S.C. 78o-3(b)(6).
\13\ 15 U.S.C. 78o-3(b)(11).
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FINRA believes that the extension of the Tier Size Pilot until
December 7, 2018, is consistent with the Act in that it would provide
the Commission with additional time to consider FINRA's proposal to
adopt the pilot tiers as permanent and comments received.
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 \14\ and Rule 19b-
4(f)(6) thereunder.\15\
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires FINRA 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\16\ 17 CFR 240.19b-4(f)(6).
\17\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission is waiving the 30-day operative delay so that the
proposal may become operative immediately upon filing. The Commission
believes that waiver of the operative delay is consistent with the
protection of investors and the public interest because such waiver
will allow the pilot program to continue without interruption.
Therefore, the Commission
[[Page 27640]]
designates the proposal operative upon filing.\18\
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\18\ 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).
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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 [email protected]. Please include
File Number SR-FINRA-2018-022 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-2018-022. 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 website (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 website 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 will also be available for inspection
and copying at the principal office of FINRA. All comments received
will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-FINRA-2018-022 and should be submitted
on or before July 5, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12647 Filed 6-12-18; 8:45 am]
BILLING CODE 8011-01-P
