Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend FINRA Rule 6433 To Adopt the OTC Quotation Tier Size Pilot as Permanent, 28483-28484 [2018-13081]

Download as PDF Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices QQQ, and EWJ.15 Furthermore, as previously mentioned, the Commission specifically approved a proposal by the Exchange to increase the position and exercise limits for options on QQQ from 900,000 contracts on the same side of the market to 1,800,000 contracts on the same side of the market; similar to the current proposal for options on SPY.16 The Exchange also notes that SPY is more liquid than QQQ.17 Lastly, the Commission expressed the belief that implementing higher position and exercise limits may bring additional depth and liquidity without increasing concerns regarding intermarket manipulation or disruption of the options or the underlying securities.18 The Exchange’s existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from increasing position and exercise limits (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program).19 daltland on DSKBBV9HB2PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes the entire proposal is consistent with Section (6)(b)(8) of the Act 20 in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. On the contrary, the Exchange believes the proposal promotes competition because it will enable the option exchanges to attract additional order flow from the over-the-counter market, who in turn compete for those orders. The Exchange believes that the proposed rule change will result in continued opportunities to achieve the investment and trading objectives of market participants seeking efficient trading and hedging vehicles, to the benefit of investors, market participants, and the marketplace in general. The Exchange believes this proposed rule change is necessary to permit fair competition among the options exchanges and to establish uniform position limits for additional multiply listed option classes. Furthermore, the Exchange believes that the other options exchanges will file similar proposals with the Commission. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 21 and subparagraph (f)(6) of Rule 19b–4 thereunder.22 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: note 10 above. 16 Id. 17 See note 11 above. 18 See note 10 above. 19 See note 8 above. 20 15 U.S.C. 78(f)(b)(8). VerDate Sep<11>2014 17:55 Jun 18, 2018 Jkt 244001 All submissions should refer to File Number SR–BX–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 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–BX–2018–022 and should be submitted on or before July 10, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–13082 Filed 6–18–18; 8:45 am] 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– BX–2018–022 on the subject line. BILLING CODE 8011–01–P Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend FINRA Rule 6433 To Adopt the OTC Quotation Tier Size Pilot as Permanent 21 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. The Exchange has satisfied this requirement. 22 17 15 See 28483 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83422; File No. SR–FINRA– 2018–015] June 13, 2018. On April 20, 2018, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) 23 17 E:\FR\FM\19JNN1.SGM CFR 200.30–3(a)(12). 19JNN1 28484 Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend FINRA Rule 6433 to adopt the OTC quotation tier size pilot as permanent. The proposed rule change was published for comment in the Federal Register on May 7, 2018.3 The Commission has received one comment letter on the proposed rule change.4 Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is June 21, 2018. The Commission is extending this 45day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates August 5, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR– FINRA–2018–015). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–13081 Filed 6–18–18; 8:45 am] BILLING CODE 8011–01–P 1 15 U.S.C.78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 83129 (April 30, 2018), 83 FR 20131. 4 See Letter from Eugene P. Torpey, Chief Compliance Officer, Vandham Securities Corp. (May 10, 2018). All comments on the proposed rule change are available on the Commission’s website at: https://www.sec.gov/comments/sr-finra-2018015/finra2018015.htm. 5 15 U.S.C. 78s(b)(2). 6 Id. 7 17 CFR 200.30–3(a)(31). daltland on DSKBBV9HB2PROD with NOTICES 2 17 VerDate Sep<11>2014 17:55 Jun 18, 2018 Jkt 244001 SMALL BUSINESS ADMINISTRATION (Catalog of Federal Domestic Assistance Number 59008) [Disaster Declaration #15555 and #15556; ALASKA Disaster Number AK–00038] Rafaela Monchek, Acting Associate Administrator for Disaster Assistance. Presidential Declaration of a Major Disaster for Public Assistance Only for the State of Alaska U.S. Small Business Administration. ACTION: Notice. AGENCY: BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION Surrender of License of Small Business Investment Company This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of Alaska (FEMA–4369–DR), dated 06/08/2018. Incident: Severe Storm. Incident Period: 12/04/2017. DATES: Issued on 06/08/2018. Physical Loan Application Deadline Date: 08/07/2018. Economic Injury (EIDL) Loan Application Deadline Date: 03/08/2019. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW, Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 06/08/2018, Private Non-Profit organizations that provide essential services of a governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Areas: Kenai Peninsula Borough The Interest Rates are: SUMMARY: [FR Doc. 2018–13108 Filed 6–18–18; 8:45 am] Pursuant to the authority granted to the United States Small Business Administration under the Small Business Investment Act of 1958, as amended, under Section 309 of the Act and Section 107.1900 of the Small Business Administration Rules and Regulations (13 CFR 107.1900) to function as a small business investment company under the Small Business Investment Company License No. 05/ 75–0267 issued to Alpha Capital III SBIC, L.P., said license is hereby declared null and void. United States Small Business Administration. Dated: April 27, 2018. A. Joseph Shepard, Associate Administrator for Investment and Innovation. [FR Doc. 2018–13101 Filed 6–18–18; 8:45 am] BILLING CODE P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #15553 and #15554; New Jersey Disaster Number NJ–00048] Presidential Declaration of a Major Disaster for Public Assistance Only for the State of New Jersey U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of New Jersey (FEMA–4368– Percent DR), dated 06/08/2018. Incident: Severe Winter Storm and For Physical Damage: Snowstorm. Non-Profit Organizations with Incident Period: 03/06/2018 through Credit Available Elsewhere ... 2.500 03/07/2018. Non-Profit Organizations withDATES: Issued on 06/08/2018. out Credit Available ElsePhysical Loan Application Deadline where ..................................... 2.500 Date: 08/07/2018. For Economic Injury: Economic Injury (EIDL) Loan Non-Profit Organizations withApplication Deadline Date: 03/08/2019. out Credit Available Elsewhere ..................................... 2.500 ADDRESSES: Submit completed loan applications to: U.S. Small Business The number assigned to this disaster Administration, Processing and for physical damage is 15555B and for Disbursement Center, 14925 Kingsport economic injury is 155560. Road, Fort Worth, TX 76155. PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 SUMMARY: E:\FR\FM\19JNN1.SGM 19JNN1

Agencies

[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Pages 28483-28484]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13081]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83422; File No. SR-FINRA-2018-015]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on a Proposed Rule Change To Amend FINRA Rule 6433 To 
Adopt the OTC Quotation Tier Size Pilot as Permanent

June 13, 2018.
    On April 20, 2018, Financial Industry Regulatory Authority, Inc. 
(``FINRA'')

[[Page 28484]]

filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to 
amend FINRA Rule 6433 to adopt the OTC quotation tier size pilot as 
permanent. The proposed rule change was published for comment in the 
Federal Register on May 7, 2018.\3\ The Commission has received one 
comment letter on the proposed rule change.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 83129 (April 30, 
2018), 83 FR 20131.
    \4\ See Letter from Eugene P. Torpey, Chief Compliance Officer, 
Vandham Securities Corp. (May 10, 2018). All comments on the 
proposed rule change are available on the Commission's website at: 
https://www.sec.gov/comments/sr-finra-2018-015/finra2018015.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is June 21, 2018. The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates August 5, 2018, as the date by which the Commission 
shall either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
FINRA-2018-015).
---------------------------------------------------------------------------

    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13081 Filed 6-18-18; 8:45 am]
 BILLING CODE 8011-01-P
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