Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Security Futures Risk Disclosure Statement To Reflect the T+2 Settlement Cycle, Incorporate Prior Supplements, and Make Other Non-Substantive Changes, 28045-28048 [2018-12856]
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Federal Register / Vol. 83, No. 116 / Friday, June 15, 2018 / Notices
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 25 of the Act to
determine whether the proposed rule
change 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:
sradovich on DSK3GMQ082PROD 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 Number SR–
NYSEAMER–2018–23 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEAMER–2018–23. 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 also will be available for
inspection and copying at the principal
office of the Exchange. 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–NYSEAMER–2018–23 and
should be submitted on or before July 6,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–12851 Filed 6–14–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83407; File No. SR–FINRA–
2018–024]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Security
Futures Risk Disclosure Statement To
Reflect the T+2 Settlement Cycle,
Incorporate Prior Supplements, and
Make Other Non-Substantive Changes
June 11, 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 June 7,
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, II,
and III 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.
26 17
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
25 15 U.S.C. 78s(b)(2)(B).
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CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
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28045
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to update the
2002 security futures risk disclosure
statement (‘‘2002 Statement’’ or
‘‘Statement’’) 4 that would incorporate
prior supplements pertaining to
Sections 5.2 (Settlement by Physical
Delivery) and 8.1 (Corporate Events),5
make a technical change to Section 5.2
to reflect that the normal clearance and
settlement cycle for securities
transaction is now two business days,
amend Section 6.1 (Protections for
Securities Accounts) to reflect the
current address for the Securities
Investor Protection Corporation
(‘‘SIPC’’), and make other nonsubstantive and technical changes.
FINRA is not proposing any textual
changes to FINRA rules.
The proposed updated Statement is
attached as Exhibit 3a. The proposed
supplement pertaining to changes to the
specified paragraphs under Sections 5.2
and 6.1, and the proposed nonsubstantive and technical changes to the
other Sections as described herein are
attached as Exhibit 3b.
The text [sic] 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.
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
Rule 2370(b)(11)(A) requires a
member to deliver the current security
futures risk disclosure statement to each
customer at or prior to the time such
customer’s account is approved for
4 See
infra note 8.
infra notes 10 and 11. The Commission
notes that the exhibits referenced are exhibits to the
proposed rule change, not to this Notice.
5 See
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sradovich on DSK3GMQ082PROD with NOTICES
trading security futures.6 Thereafter, the
member must distribute each new or
revised security futures risk disclosure
statement to each customer having an
account approved for such trading or, in
the alternative, not later than the time
a confirmation of a transaction is
delivered to each customer that enters
into a security futures transaction. The
rule requires FINRA to advise members
when a new or revised security futures
risk disclosure statement is available. To
comply with the requirements of Rule
2370(b)(11)(A), a member may distribute
the new or revised statement (i.e.,
supplement) in various ways, including,
but not limited to: (1) Conducting a
mass mailing of the supplement to all of
its customers approved to trade security
futures who have already received the
Statement; or (2) distributing the
supplement to a customer who has
already received the Statement not later
than the time a confirmation of a
transaction is delivered to each
customer that enters into a security
futures transaction.7
The Statement is a uniform statement
that was jointly developed by FINRA,
the American Stock Exchange, the
Chicago Board Options Exchange
(‘‘Cboe’’), the National Futures
Association (‘‘NFA’’), Nasdaq Liffe
Markets, the New York Stock Exchange,
OneChicago, and the Options Clearing
Corporation (‘‘OCC’’), and approved by
the SEC in 2002.8 Two supplements
were added to the 2002 Statement in
2010 and 2014, and they are intended to
be read in conjunction with Statement.9
The 2010 supplement 10 revised the
third paragraph under Section 8.1 of the
Statement to accommodate changes by
OneChicago, an exchange listing
security futures products, to list a class
of security futures for which
adjustments are made for ordinary
6 In general, the security futures risk disclosure
statement provides customers with disclosures
regarding the characteristics and potential risks of
investing in standardized security futures contracts
traded on regulated U.S. exchanges.
7 See Information Notice, September 7, 2010
(August 2010 Supplement to the Security Futures
Risk Disclosure Statement); see also Regulatory
Notice 14–24 (May 2014) (stating, a member may
separately distribute new supplements to such
customers and that a member is not required to
redistribute the entire Statement or earlier
supplements).
8 See Securities Exchange Act Release No. 46862
(November 20, 2002), 67 FR 70993 (November 27,
2002) (Order Approving File No. SR–NASD–2002–
129); see also Securities Exchange Act Release No.
46613 (October 7, 2002), 67 FR 64176 (October 17,
2002) (Notice of Filing and Effectiveness of File No.
SR–NFA–2002–05).
9 See infra notes 10 and 11.
10 See Securities Exchange Act Release No. 62787
(August 27, 2010), 75 FR 53998 (September 2, 2010)
(Notice of Filing and Immediate Effectiveness of
File No. SR–FINRA–2010–045).
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dividends. The 2010 supplemental
paragraph reads as follows:
Corporate issuers also occasionally issue
special dividends. A special dividend is an
announced cash dividend payment outside
the normal and customary practice of a
corporation. The terms of a security futures
contract may be adjusted for special
dividends. The adjustments, if any, will be
based upon the rules of the exchange and
clearing organization. In general, there will
be no adjustments for ordinary dividends as
they are a normal and customary practice of
an issuer and are already accounted for in the
pricing of security futures. However,
adjustments for ordinary dividends may be
made for a specified class of security futures
contracts based on the rules of the exchange
and the clearing organization.
The 2014 supplement 11 revised the
first paragraph under Section 5.2 of the
Statement to accommodate changes by
OneChicago to list a product with a
physical delivery settlement cycle
shorter than three business days. The
2014 supplemental paragraph also
indicates that the normal clearance and
settlement cycle for securities
transactions is three business days and
reads as follows:
Settlement by physical delivery is carried
out by clearing brokers or their agents with
National Securities Clearing Corporation
(‘‘NSCC’’), an SEC-regulated securities
clearing agency. Such settlements are made
in much the same way as they are for
purchases and sales of the underlying
security. Promptly after the last day of
trading, the regulated exchange’s clearing
organization will report a purchase and sale
of the underlying stock at the previous day’s
settlement price (also referred to as the
‘‘invoice price’’) to NSCC. In general, if NSCC
does not reject the transaction by a time
specified in its rules, settlement is effected
pursuant to the rules of the exchange and
NSCC’s Rules and Procedures within the
normal clearance and settlement cycle for
securities transactions, which currently is
three business days. However, settlement
may be effected on a shorter timeframe based
on the rules of the exchange and subject to
NSCC’s Rules and Procedures.
FINRA is proposing to update the
2002 Statement in several ways. First,
the proposed update to the Statement
would incorporate the 2010 supplement
pertaining to Section 8.1, with one
corrective non-substantive change, into
the main body of the Statement. The
proposed non-substantive change would
insert the words, ‘‘recognized as,’’
within the fifth sentence in the third
paragraph under Section 8.1 as these
words were inadvertently omitted from
the 2010 supplement. The proposed
insertion of the words, ‘‘recognized as,’’
11 See Securities Exchange Act Release No. 71981
(April 21, 2014), 79 FR 23034 (April 25, 2014)
(Notice of Filing and Immediate Effectiveness of
File No. SR–FINRA–2014–019).
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would correct the sentence to read as
follows: ‘‘In general, there will be no
adjustments for ordinary dividends as
they are recognized as a normal and
customary practice of an issuer and are
already accounted for in the pricing of
security futures.’’ This proposed
insertion of the words, ‘‘recognized as,’’
would make the sentence identical to
the fifth sentence in the third paragraph
under Section 8.1 of NFA’s Statement.12
Second, the proposed updated
Statement would incorporate the 2014
supplement pertaining to Section 5.2,
with one technical change, into the
main body of the Statement. The
proposed technical change would
indicate that the normal clearance and
settlement cycle for securities
transactions is now two business days
by replacing the word ‘‘three’’ with the
word ‘‘two’’ in the phrase ‘‘three
business days.’’ 13
Third, Section 6.1 of the Statement
currently provides that a customer may
check whether a firm is a SIPC member
by accessing SIPC’s website at
www.sipc.org, calling the SIPC
Membership Department at (202) 371–
8300, or writing to the SIPC
Membership Department at 805
Fifteenth Street NW, Suite 800,
Washington, DC 20005–2215. FINRA is
proposing to amend the second
paragraph under Section 6.1 to reflect
that SIPC’s address is now 1667 K Street
NW, Suite 1000, Washington, DC
20006–1620.14 The website address and
telephone number would remain
unchanged.
Finally, FINRA is proposing to
incorporate other non-substantive and
technical changes into the proposed
updated Statement.15 FINRA is
proposing to correct a cross-reference
appearing within the last sentence in
12 See generally Securities Exchange Act Release
No. 62787 (August 27, 2010), 75 FR 53998
(September 2, 2010) (Notice of Filing and
Immediate Effectiveness of File No. SR–FINRA–
2010–045) and Securities Exchange Act Release No.
62624 (August 2, 2010), 75 FR 47666 (August 6,
2010) (Notice of Filing and Immediate Effectiveness
of File No. SR–NFA–2010–02).
13 See Securities Exchange Act Release No. 80295
(March 22, 2017), 82 FR 15564 (March 29, 2017)
(Securities Transaction Settlement Cycle; Final
Rule) (File No. S7–22–16); see also Securities
Exchange Act Release No. 80004 (February 9, 2017),
82 FR 10835 (February 15, 2017) (Order Approving
File No. SR–FINRA–2016–047) and Securities
Exchange Act Release No. 80004A (March 6, 2017),
82 FR 13517 (March 13, 2017) (Correction to Order
Approving File No. SR–FINRA–2016–047); and
Regulatory Notice 17–19 (May 2017).
14 See Securities Investor Protection Corporation,
Contact Us, https://www.sipc.org/contact-us (last
visited June 6, 2018).
15 For example, FINRA is proposing to make one
stylistic change that would spell ‘‘broker/dealer’’ as
‘‘broker-dealer’’ throughout the Statement. FINRA
anticipates this conforming change to be made to
NFA’s Statement.
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sradovich on DSK3GMQ082PROD with NOTICES
the second paragraph under Section 2.4
(How Security Futures Differ from the
Underlying Security),16 and to remove
the extraneous word, ‘‘apply,’’
appearing within the first sentence in
the second paragraph under Section 8.2
(Position Limits and Large Trader
Reporting). FINRA expects conforming
changes to be made to NFA’s Statement.
Currently, the 2002 Statement, to
which the 2010 and 2014 supplements
are appended, is posted on FINRA’s
website,17 and the 2010 and 2014
supplements are also posted on the
website 18 as separate documents to
facilitate a member’s compliance with
Rule 2370(b)(11)(A). In accordance with
existing guidance, a member could meet
its Rule 2370(b)(11)(A) obligations by
redistributing the entire Statement to its
security futures customers or separately
distributing each new supplement to
those customers who have already
received the Statement.19
As noted above, the Statement is a
uniform statement that was jointly
developed by FINRA, the NFA, and
several other securities and futures
exchanges. The NFA’s Statement
currently includes the language from the
2010 and 2014 supplements in the main
body, which is posted on NFA’s
website.20 Other securities and futures
exchanges, such as Cboe and
OneChicago, also make publicly
available the inclusive Statement on
their respective websites.21 In an effort
16 Currently, the last sentence in the second
paragraph under Section 2.4 directs the reader to
refer to Section 9 for further discussion of the
impact of corporate events on a security futures
contract. Section 8.1 is the appropriate crossreference as Section 9 contains the Statement’s
glossary of terms.
17 See Security Futures Risk Disclosure Statement
(June 2016) brochure, https://www.finra.org/sites/
default/files/Security_Futures_Risk_Disclosure_
Statement.pdf, posted in its current design to the
FINRA website on June 23, 2016, https://
www.finra.org (enter ‘‘security futures risk
disclosure statement’’ in the search bar).
18 See FINRA’s Security Futures Topic Page,
https://www.finra.org/industry/security-futures (last
visited June 6, 2018).
19 See supra note 7 and accompanying text.
20 See NFA’s Risk Disclosure Statement for
Security Futures Contracts, https://
www.nfa.futures.org/investors/investor-resources/
files/security-futures-disclosure.pdf. See also
Securities Exchange Act Release No. 62624 (August
2, 2010), 75 FR 47666 (August 6, 2010) (Notice of
Filing and Immediate Effectiveness of File No. SR–
NFA–2010–02) and Securities Exchange Act
Release No. 71980 (April 21, 2014), 79 FR 23027
(April 25, 2014) (Notice of Filing and Immediate
Effectiveness of File No. SR–NFA–2014–02).
21 See Cboe’s Risk Disclosure Statement for
Security Futures, https://cfe.cboe.com/about-cfe/
risk-disclosure-security-futures (linking to NFA’s
Statement, https://www.nfa.futures.org/investors/
investor-resources/files/security-futuresdisclosure.pdf) and OneChicago’s Risk Disclosure
Statement for Security Futures Contracts (RDS),
https://www.onechicago.com/?page_id=91. See also
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to modernize the presentation of
FINRA’s Statement, FINRA is proposing
to replace the 2002 Statement currently
posted on FINRA’s website with the
proposed updated Statement that would
incorporate all the supplemental
paragraphs and the proposed nonsubstantive and technical changes
described above into the main body.22
This replacement would also align with
the way in which other self-regulatory
organizations present the Statement,
inclusive of supplemental paragraphs,
to the public.
To facilitate a member’s compliance
with Rule 2370(b)(11)(A), FINRA is
proposing to encapsulate the various
changes to the Statement done through
the 2010 supplement, the 2014
supplement, and those proposed herein
into a single, integrated supplement
(‘‘2018 supplement’’) that would show
the proposed updated paragraphs in
Sections 2.4, 5.2, 6.1, 8.1, and 8.2. The
proposed 2018 supplement would
appear on FINRA’s website as a separate
document to continue to afford
members with the flexibility to comply
with the requirements of Rule
2370(b)(11)(A) by separately distributing
the supplement to customers who have
already received the 2002 Statement.23
FINRA has filed the proposed rule
change for immediate effectiveness.
FINRA will announce the
implementation date of the proposed
rule change in a Regulatory Notice to be
published no later than 60 days
following Commission notice of the
filing of the proposed rule change for
immediate effectiveness. The
implementation date will be no later
than 90 days after the date of the filing.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,24 which
requires, among other things, that
FINRA rules must be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
the OCC’s Risk Disclosure Statement for Security
Futures Contracts, https://www.theocc.com/about/
publications/kids.jsp (Key Information Documents,
linking to NFA’s Statement, https://
www.nfa.futures.org/investors/investor-resources/
files/security-futures-disclosure.pdf).
22 The Statement, in its original language
approved by the SEC in 2002, would remain
accessible on FINRA’s website for those members
whose customers may still refer to the original
version of the Statement. The Statement, however,
would bear a notation that an updated version of
the Statement, which incorporates the paragraphs
specified in the 2018 supplement, is available.
23 The 2010 and 2014 supplements would remain
accessible on FINRA’s website with a notation that
these paragraphs, as updated, appear in the 2018
supplement.
24 15 U.S.C. 78o–3(b)(6).
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28047
equitable principles of trade, and, in
general, to protect investors and the
public interest. FINRA believes that
updating the Statement to incorporate
all supplements into the main body will
help to accurately inform customers of
the characteristics and risks of security
futures. The proposed updated
Statement would also disclose that the
normal clearance and settlement cycle
for securities transactions is currently
two business days, and the current
contact information for the SIPC.
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. While FINRA
recognizes that there may be a burden
associated with the distribution of the
proposed updated Statement or
supplement, FINRA believes that any
such burden would be outweighed by
the benefit to customers of accurately
disclosing the characteristics and risks
of security futures. FINRA also believes
that any burden will be minimal
because firms currently have an existing
obligation to deliver each new (i.e.,
updated) Statement or supplement to
customers, and may electronically
transmit documents that they are
required to furnish to customers under
FINRA rules, including the proposed
updated Statement or supplement,
provided firms adhere to the standards
contained in the Commission’s May
1996 and October 1995 releases on
electronic delivery,25 and as discussed
in Notice to Members 98–3.26 Firms also
may transmit the proposed updated
Statement or supplement to customers
through the use of a hyperlink, provided
that customers have consented to
electronic delivery.27 Moreover, Rule
2370(b)(11) provides flexibility on when
each updated Statement or supplement
must be delivered after a customer’s
account is approved for trading security
futures. Instead of having to
automatically and immediately
distribute an updated Statement or
supplement to every customer having an
account approved for trading security
futures, a firm may distribute an
updated Statement or supplement no
later than the time a confirmation of a
transaction is delivered to each
25 See Securities Act Release No. 7288 (May 9,
1996), 61 FR 24644 (May 15, 1996) and Securities
Act Release No. 7233 (October 6, 1995), 60 FR
53458 (October 13, 1995).
26 See Notice to Members 98–3 (January 1998).
27 See Information Notice, September 7, 2010
(August 2010 Supplement to the Security Futures
Risk Disclosure Statement).
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customer who enters into a security
futures transaction. Accordingly, firms
would not be required to distribute the
proposed updated Statement or
supplement to customers who have
accounts approved for trading security
futures but do not engage in any new
security futures transactions.
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 28 and Rule 19b–
4(f)(6) thereunder.29
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:
All submissions should refer to File
Number SR–FINRA–2018–024. 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 such
filing also will 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–
2018–024 and should be submitted on
or before July 6, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–12856 Filed 6–14–18; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
sradovich on DSK3GMQ082PROD with NOTICES
• 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–2018–024 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83404; File No. SR–NYSE–
2018–23]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Its
Price List Related to Co-Location
Services in Connection With the ReLaunch of Trading on NYSE National,
Inc. and Proposed NYSE National CoLocation Services
June 11, 2018.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on May 30,
2018, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 amend its
Price List related to co-location services
in connection with the re-launch of
trading on NYSE National, Inc. (‘‘NYSE
National’’) and proposed NYSE National
co-location services. The Exchange also
proposes to make a non-substantive
change to remove obsolete text from the
Price List. The proposed rule change is
available on the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, 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, the
self-regulatory organization 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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
1 15
28 15
U.S.C. 78s(b)(3)(A).
29 17 CFR 240.19b–4(f)(6).
VerDate Sep<11>2014
17:11 Jun 14, 2018
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
30 17
Jkt 244001
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CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 83, Number 116 (Friday, June 15, 2018)]
[Notices]
[Pages 28045-28048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12856]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83407; File No. SR-FINRA-2018-024]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Security Futures Risk Disclosure
Statement To Reflect the T+2 Settlement Cycle, Incorporate Prior
Supplements, and Make Other Non-Substantive Changes
June 11, 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 June 7, 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,
II, and III 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FINRA is proposing to update the 2002 security futures risk
disclosure statement (``2002 Statement'' or ``Statement'') \4\ that
would incorporate prior supplements pertaining to Sections 5.2
(Settlement by Physical Delivery) and 8.1 (Corporate Events),\5\ make a
technical change to Section 5.2 to reflect that the normal clearance
and settlement cycle for securities transaction is now two business
days, amend Section 6.1 (Protections for Securities Accounts) to
reflect the current address for the Securities Investor Protection
Corporation (``SIPC''), and make other non-substantive and technical
changes. FINRA is not proposing any textual changes to FINRA rules.
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\4\ See infra note 8.
\5\ See infra notes 10 and 11. The Commission notes that the
exhibits referenced are exhibits to the proposed rule change, not to
this Notice.
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The proposed updated Statement is attached as Exhibit 3a. The
proposed supplement pertaining to changes to the specified paragraphs
under Sections 5.2 and 6.1, and the proposed non-substantive and
technical changes to the other Sections as described herein are
attached as Exhibit 3b.
The text [sic] 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.
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
Rule 2370(b)(11)(A) requires a member to deliver the current
security futures risk disclosure statement to each customer at or prior
to the time such customer's account is approved for
[[Page 28046]]
trading security futures.\6\ Thereafter, the member must distribute
each new or revised security futures risk disclosure statement to each
customer having an account approved for such trading or, in the
alternative, not later than the time a confirmation of a transaction is
delivered to each customer that enters into a security futures
transaction. The rule requires FINRA to advise members when a new or
revised security futures risk disclosure statement is available. To
comply with the requirements of Rule 2370(b)(11)(A), a member may
distribute the new or revised statement (i.e., supplement) in various
ways, including, but not limited to: (1) Conducting a mass mailing of
the supplement to all of its customers approved to trade security
futures who have already received the Statement; or (2) distributing
the supplement to a customer who has already received the Statement not
later than the time a confirmation of a transaction is delivered to
each customer that enters into a security futures transaction.\7\
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\6\ In general, the security futures risk disclosure statement
provides customers with disclosures regarding the characteristics
and potential risks of investing in standardized security futures
contracts traded on regulated U.S. exchanges.
\7\ See Information Notice, September 7, 2010 (August 2010
Supplement to the Security Futures Risk Disclosure Statement); see
also Regulatory Notice 14-24 (May 2014) (stating, a member may
separately distribute new supplements to such customers and that a
member is not required to redistribute the entire Statement or
earlier supplements).
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The Statement is a uniform statement that was jointly developed by
FINRA, the American Stock Exchange, the Chicago Board Options Exchange
(``Cboe''), the National Futures Association (``NFA''), Nasdaq Liffe
Markets, the New York Stock Exchange, OneChicago, and the Options
Clearing Corporation (``OCC''), and approved by the SEC in 2002.\8\ Two
supplements were added to the 2002 Statement in 2010 and 2014, and they
are intended to be read in conjunction with Statement.\9\ The 2010
supplement \10\ revised the third paragraph under Section 8.1 of the
Statement to accommodate changes by OneChicago, an exchange listing
security futures products, to list a class of security futures for
which adjustments are made for ordinary dividends. The 2010
supplemental paragraph reads as follows:
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\8\ See Securities Exchange Act Release No. 46862 (November 20,
2002), 67 FR 70993 (November 27, 2002) (Order Approving File No. SR-
NASD-2002-129); see also Securities Exchange Act Release No. 46613
(October 7, 2002), 67 FR 64176 (October 17, 2002) (Notice of Filing
and Effectiveness of File No. SR-NFA-2002-05).
\9\ See infra notes 10 and 11.
\10\ See Securities Exchange Act Release No. 62787 (August 27,
2010), 75 FR 53998 (September 2, 2010) (Notice of Filing and
Immediate Effectiveness of File No. SR-FINRA-2010-045).
Corporate issuers also occasionally issue special dividends. A
special dividend is an announced cash dividend payment outside the
normal and customary practice of a corporation. The terms of a
security futures contract may be adjusted for special dividends. The
adjustments, if any, will be based upon the rules of the exchange
and clearing organization. In general, there will be no adjustments
for ordinary dividends as they are a normal and customary practice
of an issuer and are already accounted for in the pricing of
security futures. However, adjustments for ordinary dividends may be
made for a specified class of security futures contracts based on
---------------------------------------------------------------------------
the rules of the exchange and the clearing organization.
The 2014 supplement \11\ revised the first paragraph under Section
5.2 of the Statement to accommodate changes by OneChicago to list a
product with a physical delivery settlement cycle shorter than three
business days. The 2014 supplemental paragraph also indicates that the
normal clearance and settlement cycle for securities transactions is
three business days and reads as follows:
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\11\ See Securities Exchange Act Release No. 71981 (April 21,
2014), 79 FR 23034 (April 25, 2014) (Notice of Filing and Immediate
Effectiveness of File No. SR-FINRA-2014-019).
Settlement by physical delivery is carried out by clearing
brokers or their agents with National Securities Clearing
Corporation (``NSCC''), an SEC-regulated securities clearing agency.
Such settlements are made in much the same way as they are for
purchases and sales of the underlying security. Promptly after the
last day of trading, the regulated exchange's clearing organization
will report a purchase and sale of the underlying stock at the
previous day's settlement price (also referred to as the ``invoice
price'') to NSCC. In general, if NSCC does not reject the
transaction by a time specified in its rules, settlement is effected
pursuant to the rules of the exchange and NSCC's Rules and
Procedures within the normal clearance and settlement cycle for
securities transactions, which currently is three business days.
However, settlement may be effected on a shorter timeframe based on
the rules of the exchange and subject to NSCC's Rules and
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Procedures.
FINRA is proposing to update the 2002 Statement in several ways.
First, the proposed update to the Statement would incorporate the 2010
supplement pertaining to Section 8.1, with one corrective non-
substantive change, into the main body of the Statement. The proposed
non-substantive change would insert the words, ``recognized as,''
within the fifth sentence in the third paragraph under Section 8.1 as
these words were inadvertently omitted from the 2010 supplement. The
proposed insertion of the words, ``recognized as,'' would correct the
sentence to read as follows: ``In general, there will be no adjustments
for ordinary dividends as they are recognized as a normal and customary
practice of an issuer and are already accounted for in the pricing of
security futures.'' This proposed insertion of the words, ``recognized
as,'' would make the sentence identical to the fifth sentence in the
third paragraph under Section 8.1 of NFA's Statement.\12\
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\12\ See generally Securities Exchange Act Release No. 62787
(August 27, 2010), 75 FR 53998 (September 2, 2010) (Notice of Filing
and Immediate Effectiveness of File No. SR-FINRA-2010-045) and
Securities Exchange Act Release No. 62624 (August 2, 2010), 75 FR
47666 (August 6, 2010) (Notice of Filing and Immediate Effectiveness
of File No. SR-NFA-2010-02).
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Second, the proposed updated Statement would incorporate the 2014
supplement pertaining to Section 5.2, with one technical change, into
the main body of the Statement. The proposed technical change would
indicate that the normal clearance and settlement cycle for securities
transactions is now two business days by replacing the word ``three''
with the word ``two'' in the phrase ``three business days.'' \13\
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\13\ See Securities Exchange Act Release No. 80295 (March 22,
2017), 82 FR 15564 (March 29, 2017) (Securities Transaction
Settlement Cycle; Final Rule) (File No. S7-22-16); see also
Securities Exchange Act Release No. 80004 (February 9, 2017), 82 FR
10835 (February 15, 2017) (Order Approving File No. SR-FINRA-2016-
047) and Securities Exchange Act Release No. 80004A (March 6, 2017),
82 FR 13517 (March 13, 2017) (Correction to Order Approving File No.
SR-FINRA-2016-047); and Regulatory Notice 17-19 (May 2017).
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Third, Section 6.1 of the Statement currently provides that a
customer may check whether a firm is a SIPC member by accessing SIPC's
website at www.sipc.org, calling the SIPC Membership Department at
(202) 371-8300, or writing to the SIPC Membership Department at 805
Fifteenth Street NW, Suite 800, Washington, DC 20005-2215. FINRA is
proposing to amend the second paragraph under Section 6.1 to reflect
that SIPC's address is now 1667 K Street NW, Suite 1000, Washington, DC
20006-1620.\14\ The website address and telephone number would remain
unchanged.
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\14\ See Securities Investor Protection Corporation, Contact Us,
https://www.sipc.org/contact-us (last visited June 6, 2018).
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Finally, FINRA is proposing to incorporate other non-substantive
and technical changes into the proposed updated Statement.\15\ FINRA is
proposing to correct a cross-reference appearing within the last
sentence in
[[Page 28047]]
the second paragraph under Section 2.4 (How Security Futures Differ
from the Underlying Security),\16\ and to remove the extraneous word,
``apply,'' appearing within the first sentence in the second paragraph
under Section 8.2 (Position Limits and Large Trader Reporting). FINRA
expects conforming changes to be made to NFA's Statement.
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\15\ For example, FINRA is proposing to make one stylistic
change that would spell ``broker/dealer'' as ``broker-dealer''
throughout the Statement. FINRA anticipates this conforming change
to be made to NFA's Statement.
\16\ Currently, the last sentence in the second paragraph under
Section 2.4 directs the reader to refer to Section 9 for further
discussion of the impact of corporate events on a security futures
contract. Section 8.1 is the appropriate cross-reference as Section
9 contains the Statement's glossary of terms.
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Currently, the 2002 Statement, to which the 2010 and 2014
supplements are appended, is posted on FINRA's website,\17\ and the
2010 and 2014 supplements are also posted on the website \18\ as
separate documents to facilitate a member's compliance with Rule
2370(b)(11)(A). In accordance with existing guidance, a member could
meet its Rule 2370(b)(11)(A) obligations by redistributing the entire
Statement to its security futures customers or separately distributing
each new supplement to those customers who have already received the
Statement.\19\
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\17\ See Security Futures Risk Disclosure Statement (June 2016)
brochure, https://www.finra.org/sites/default/files/Security_Futures_Risk_Disclosure_Statement.pdf, posted in its
current design to the FINRA website on June 23, 2016, https://www.finra.org (enter ``security futures risk disclosure statement''
in the search bar).
\18\ See FINRA's Security Futures Topic Page, https://www.finra.org/industry/security-futures (last visited June 6, 2018).
\19\ See supra note 7 and accompanying text.
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As noted above, the Statement is a uniform statement that was
jointly developed by FINRA, the NFA, and several other securities and
futures exchanges. The NFA's Statement currently includes the language
from the 2010 and 2014 supplements in the main body, which is posted on
NFA's website.\20\ Other securities and futures exchanges, such as Cboe
and OneChicago, also make publicly available the inclusive Statement on
their respective websites.\21\ In an effort to modernize the
presentation of FINRA's Statement, FINRA is proposing to replace the
2002 Statement currently posted on FINRA's website with the proposed
updated Statement that would incorporate all the supplemental
paragraphs and the proposed non-substantive and technical changes
described above into the main body.\22\ This replacement would also
align with the way in which other self-regulatory organizations present
the Statement, inclusive of supplemental paragraphs, to the public.
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\20\ See NFA's Risk Disclosure Statement for Security Futures
Contracts, https://www.nfa.futures.org/investors/investor-resources/files/security-futures-disclosure.pdf. See also Securities Exchange
Act Release No. 62624 (August 2, 2010), 75 FR 47666 (August 6, 2010)
(Notice of Filing and Immediate Effectiveness of File No. SR-NFA-
2010-02) and Securities Exchange Act Release No. 71980 (April 21,
2014), 79 FR 23027 (April 25, 2014) (Notice of Filing and Immediate
Effectiveness of File No. SR-NFA-2014-02).
\21\ See Cboe's Risk Disclosure Statement for Security Futures,
https://cfe.cboe.com/about-cfe/risk-disclosure-security-futures
(linking to NFA's Statement, https://www.nfa.futures.org/investors/investor-resources/files/security-futures-disclosure.pdf) and
OneChicago's Risk Disclosure Statement for Security Futures
Contracts (RDS), https://www.onechicago.com/?page_id=91. See also
the OCC's Risk Disclosure Statement for Security Futures Contracts,
https://www.theocc.com/about/publications/kids.jsp (Key Information
Documents, linking to NFA's Statement, https://www.nfa.futures.org/investors/investor-resources/files/security-futures-disclosure.pdf).
\22\ The Statement, in its original language approved by the SEC
in 2002, would remain accessible on FINRA's website for those
members whose customers may still refer to the original version of
the Statement. The Statement, however, would bear a notation that an
updated version of the Statement, which incorporates the paragraphs
specified in the 2018 supplement, is available.
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To facilitate a member's compliance with Rule 2370(b)(11)(A), FINRA
is proposing to encapsulate the various changes to the Statement done
through the 2010 supplement, the 2014 supplement, and those proposed
herein into a single, integrated supplement (``2018 supplement'') that
would show the proposed updated paragraphs in Sections 2.4, 5.2, 6.1,
8.1, and 8.2. The proposed 2018 supplement would appear on FINRA's
website as a separate document to continue to afford members with the
flexibility to comply with the requirements of Rule 2370(b)(11)(A) by
separately distributing the supplement to customers who have already
received the 2002 Statement.\23\
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\23\ The 2010 and 2014 supplements would remain accessible on
FINRA's website with a notation that these paragraphs, as updated,
appear in the 2018 supplement.
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FINRA has filed the proposed rule change for immediate
effectiveness. FINRA will announce the implementation date of the
proposed rule change in a Regulatory Notice to be published no later
than 60 days following Commission notice of the filing of the proposed
rule change for immediate effectiveness. The implementation date will
be no later than 90 days after the date of the filing.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\24\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA believes that updating the Statement to
incorporate all supplements into the main body will help to accurately
inform customers of the characteristics and risks of security futures.
The proposed updated Statement would also disclose that the normal
clearance and settlement cycle for securities transactions is currently
two business days, and the current contact information for the SIPC.
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\24\ 15 U.S.C. 78o-3(b)(6).
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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. While FINRA recognizes that
there may be a burden associated with the distribution of the proposed
updated Statement or supplement, FINRA believes that any such burden
would be outweighed by the benefit to customers of accurately
disclosing the characteristics and risks of security futures. FINRA
also believes that any burden will be minimal because firms currently
have an existing obligation to deliver each new (i.e., updated)
Statement or supplement to customers, and may electronically transmit
documents that they are required to furnish to customers under FINRA
rules, including the proposed updated Statement or supplement, provided
firms adhere to the standards contained in the Commission's May 1996
and October 1995 releases on electronic delivery,\25\ and as discussed
in Notice to Members 98-3.\26\ Firms also may transmit the proposed
updated Statement or supplement to customers through the use of a
hyperlink, provided that customers have consented to electronic
delivery.\27\ Moreover, Rule 2370(b)(11) provides flexibility on when
each updated Statement or supplement must be delivered after a
customer's account is approved for trading security futures. Instead of
having to automatically and immediately distribute an updated Statement
or supplement to every customer having an account approved for trading
security futures, a firm may distribute an updated Statement or
supplement no later than the time a confirmation of a transaction is
delivered to each
[[Page 28048]]
customer who enters into a security futures transaction. Accordingly,
firms would not be required to distribute the proposed updated
Statement or supplement to customers who have accounts approved for
trading security futures but do not engage in any new security futures
transactions.
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\25\ See Securities Act Release No. 7288 (May 9, 1996), 61 FR
24644 (May 15, 1996) and Securities Act Release No. 7233 (October 6,
1995), 60 FR 53458 (October 13, 1995).
\26\ See Notice to Members 98-3 (January 1998).
\27\ See Information Notice, September 7, 2010 (August 2010
Supplement to the Security Futures Risk Disclosure Statement).
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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 \28\ and Rule 19b-
4(f)(6) thereunder.\29\
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\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 17 CFR 240.19b-4(f)(6).
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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-2018-024 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-2018-024. 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 such filing also will 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-2018-024 and should be submitted
on or before July 6, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12856 Filed 6-14-18; 8:45 am]
BILLING CODE 8011-01-P
