Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Definition of Family Member in Listing Rule 5605(a)(2) for Purposes of the Definition of Independent Director, 69401-69402 [2019-27196]

Download as PDF Federal Register / Vol. 84, No. 243 / Wednesday, December 18, 2019 / Notices addition, the Postal Service asserts that there have been no material changes concerning RRM service since 2015 that require revisiting the Commission’s findings in Order No. 2322 on removal. Id. at 3. Thus, the Postal Service requests that the Commission reinstate its original finding that the removal of RRM service comports with 39 U.S.C. 3642 and 39 CFR 3020.30 et seq. Id. The Postal Service attached proposed changes to the MCS should the Commission approve the request. See Renewed Request, Attachment A. II. Notice of Commission Action khammond on DSKJM1Z7X2PROD with NOTICES III. Ordering Paragraphs It is ordered: 1. The Commission grants the Postal Service’s motion and reopens Docket No. MC2015–8 to consider the Renewed Request. 2. Comments by interested persons are due by January 9, 2020. 16:40 Dec 17, 2019 Jkt 250001 By the Commission. Ruth Ann Abrams, Acting Secretary. [FR Doc. 2019–27287 Filed 12–17–19; 8:45 am] Date of required notice: December 18, 2019. DATES: FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on December 12, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Contract 584 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2020–71, CP2020–70. SUPPLEMENTARY INFORMATION: Sean Robinson, Attorney, Corporate and Postal Business Law. BILLING CODE 7710–FW–P Although the Commission directed the Postal Service to file a request to discontinue RRM service in a new docket, the Commission finds that the Postal Service has set forth good cause to reopen this docket. In support of its Renewed Request, the Postal Service relies on the information previously provided, and approved by the Commission, in its original request for removal of the RRM service. Accordingly, the Postal Service’s motion to reopen the docket is granted. The Postal Service requests expedited review, but does so without suggesting a time period for comments or Commission decision. Nor does the Postal Service discuss why expedition is necessary, especially in light of the time that has passed since its original request and Order No. 5214. More than five years has passed since the original request for removal and the Commission has since stated that it would evaluate future requests in light of the RRM Opinion. The Commission will provide interested persons the opportunity to comment on the renewed request for removal of the RRM service. Pursuant to 39 CFR 3001.45 and 3020.33, the Commission reopens Docket No. MC2015–8 to consider the Postal Service’s renewed request to remove RRM service. The Commission invites comments from interested persons on the Renewed Request. Comments are due no later than January 9, 2020. Pursuant to 39 U.S.C. 505, the Commission appoints R. Tim Boone to represent the interests of the general public (Public Representative) in this docket. VerDate Sep<11>2014 3. Pursuant to 39 U.S.C. 505, R. Tim Boone is appointed to serve as an officer of the Commission (Public Representative) to represent the interests of the general public in this proceeding. 4. The Commission directs the Secretary of the Commission to arrange for prompt publication of this notice in the Federal Register. 69401 [FR Doc. 2019–27177 Filed 12–17–19; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Negotiated Service Agreement Postal Notice. AGENCY: ACTION: ServiceTM. [Release No. 34–87721; File No. SR– NASDAQ–2019–049] The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. DATES: Date of required notice: December 18, 2019. FOR FURTHER INFORMATION CONTACT: Sean Robinson, 202–268–8405. SUPPLEMENTARY INFORMATION: The United States Postal Service® hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on December 12, 2019, it filed with the Postal Regulatory Commission a USPS Request to Add Priority Mail Contract 583 to Competitive Product List. Documents are available at www.prc.gov, Docket Nos. MC2020–70, CP2020–69. SUMMARY: Sean Robinson, Attorney, Corporate and Postal Business Law. [FR Doc. 2019–27178 Filed 12–17–19; 8:45 am] BILLING CODE 7710–12–P POSTAL SERVICE Product Change—Priority Mail Negotiated Service Agreement Postal ServiceTM. ACTION: Notice. AGENCY: PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Definition of Family Member in Listing Rule 5605(a)(2) for Purposes of the Definition of Independent Director December 12, 2019. On May 29, 2019, The Nasdaq Stock Market LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) 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 proposal to modify the definition of a ‘‘Family Member’’, for purposes of the independence of directors, under Nasdaq Rule 5605(a)(2). The proposed rule change was published for comment in the Federal Register on June 18, 2019.3 On August 1, 2019, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 1 15 The Postal Service gives notice of filing a request with the Postal Regulatory Commission to add a domestic shipping services contract to the list of Negotiated Service Agreements in the Mail Classification Schedule’s Competitive Products List. SUMMARY: SECURITIES AND EXCHANGE COMMISSION U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 86095 (June 12, 2019), 84 FR 28379. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 86545 (August 1, 2019), 84 FR 38704 (August 7, 2019). The Commission designated September 16, 2019, as the date by which it should approve, disapprove, or 2 17 E:\FR\FM\18DEN1.SGM Continued 18DEN1 69402 Federal Register / Vol. 84, No. 243 / Wednesday, December 18, 2019 / Notices On September 13, 2019, the Commission issued an order instituting proceedings under Section 19(b)(2)(B) of the Act 6 to determine whether to approve or disapprove the proposed rule change (‘‘OIP’’).7 The Commission received one comment letter, from Nasdaq, in response to the OIP.8 Section 19(b)(2) of the Act 9 provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on June 18, 2019. The 180th day after publication of the Notice is December 15, 2019, and February 13, 2020 is an additional 60 days from that date. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the comment letter. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates February 13, 2020 as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR–NASDAQ–2019–049). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2019–27196 Filed 12–17–19; 8:45 am] khammond on DSKJM1Z7X2PROD with NOTICES BILLING CODE 8011–01–P institute proceedings to determine whether to disapprove the proposed rule change. 6 15 U.S.C. 78s(b)(2)(B). 7 See Securities Exchange Act Release No. 86969 (September 13, 2019), 84 FR 49353 (September 19, 2019). 8 See letter from Jeffrey S. Davis, Senior Vice President and Senior Deputy General Counsel, Nasdaq, to Vanessa A. Countryman, Secretary, Commission, dated November 12, 2019. 9 15 U.S.C. 78s(b)(2). 10 Id. 11 17 CFR 200.30–3(a)(57). VerDate Sep<11>2014 16:40 Dec 17, 2019 Jkt 250001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–87725; File No. SR–FINRA– 2019–029] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Securities Transaction Credits Applicable to FINRA/Nasdaq TRF Participants December 12, 2019. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 5, 2019, 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 ‘‘establishing or changing a due, fee or other charge’’ under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 4(f)(2) thereunder,4 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 7610A to modify the securities transaction credits that apply to FINRA members that utilize the FINRA/Nasdaq Trade Reporting Facility Carteret (the ‘‘FINRA/Nasdaq TRF Carteret’’) and the FINRA/Nasdaq Trade Reporting Facility Chicago (the ‘‘FINRA/Nasdaq TRF Chicago’’) (collectively, the ‘‘FINRA/ Nasdaq TRFs’’). 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. 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 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 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 The FINRA/Nasdaq TRFs are facilities of FINRA that are operated by Nasdaq, Inc. (‘‘Nasdaq’’). In connection with the establishment of the FINRA/Nasdaq TRFs, FINRA and Nasdaq entered into a limited liability company agreement (the ‘‘LLC Agreement’’). Under the LLC Agreement, FINRA, the ‘‘SRO Member,’’ has sole regulatory responsibility for the FINRA/Nasdaq TRFs. Nasdaq, the ‘‘Business Member,’’ is primarily responsible for the management of the FINRA/Nasdaq TRFs’ business affairs, including establishing pricing for use of the FINRA/Nasdaq TRFs, to the extent those affairs are not inconsistent with the regulatory and oversight functions of FINRA. Additionally, the Business Member is obligated to pay the cost of regulation and is entitled to the profits and losses, if any, derived from the operation of the FINRA/Nasdaq TRFs. Pursuant to FINRA Rule 7610A, FINRA members that report over-thecounter (‘‘OTC’’) trades in NMS stocks to the FINRA/Nasdaq TRFs (‘‘Participants’’) may qualify for revenue sharing payments, in the form of transaction credits, based upon those transactions that are attributable to such Participants.5 This rule is administered by Nasdaq, in its capacity as the Business Member and operator of the FINRA/Nasdaq TRFs on behalf of FINRA.6 Rule 7610A sets forth tiered schedules of transaction credits that describe, for reports in transactions in each Tape (A, B and C), the percentage of attributable revenue sharing that a Participant will receive if it achieves specified percentages of market share. The schedules provide for ‘‘Retail Participants’’ 7 to receive higher revenue 5 A transaction is attributable to a Participant if the Participant is identified as the Executing Party in a trade report submitted to a FINRA/Nasdaq TRF that the FINRA/Nasdaq TRF subsequently submits to the Consolidated Tape Association or the Nasdaq Securities Information Processor. Credits are paid on a quarterly basis. 6 FINRA’s oversight of this function performed by the Business Member is conducted through a recurring assessment and review of TRF operations by an outside independent audit firm. 7 Supplementary Material .01 to Rule 7620A defines a ‘‘Retail Participant’’ as a ‘‘participant in the FINRA/Nasdaq Trade Reporting Facility for E:\FR\FM\18DEN1.SGM 18DEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 243 (Wednesday, December 18, 2019)]
[Notices]
[Pages 69401-69402]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27196]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87721; File No. SR-NASDAQ-2019-049]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change To Amend the Definition of Family Member in Listing Rule 
5605(a)(2) for Purposes of the Definition of Independent Director

December 12, 2019.
    On May 29, 2019, The Nasdaq Stock Market LLC (``Nasdaq'' or the 
``Exchange'') 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 
proposal to modify the definition of a ``Family Member'', for purposes 
of the independence of directors, under Nasdaq Rule 5605(a)(2). The 
proposed rule change was published for comment in the Federal Register 
on June 18, 2019.\3\ On August 1, 2019, pursuant to Section 19(b)(2) of 
the Act,\4\ the Commission designated a longer period within which to 
approve the proposed rule change, disapprove the proposed rule change, 
or institute proceedings to determine whether to disapprove the 
proposed rule change.\5\

[[Page 69402]]

On September 13, 2019, the Commission issued an order instituting 
proceedings under Section 19(b)(2)(B) of the Act \6\ to determine 
whether to approve or disapprove the proposed rule change (``OIP'').\7\ 
The Commission received one comment letter, from Nasdaq, in response to 
the OIP.\8\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 86095 (June 12, 
2019), 84 FR 28379.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 86545 (August 1, 
2019), 84 FR 38704 (August 7, 2019). The Commission designated 
September 16, 2019, as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 86969 (September 13, 
2019), 84 FR 49353 (September 19, 2019).
    \8\ See letter from Jeffrey S. Davis, Senior Vice President and 
Senior Deputy General Counsel, Nasdaq, to Vanessa A. Countryman, 
Secretary, Commission, dated November 12, 2019.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on June 18, 2019. The 180th day after publication of 
the Notice is December 15, 2019, and February 13, 2020 is an additional 
60 days from that date.
    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change and the comment letter. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\10\ designates February 13, 
2020 as the date by which the Commission shall either approve or 
disapprove the proposed rule change (File No. SR-NASDAQ-2019-049).
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
    \10\ Id.
    \11\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27196 Filed 12-17-19; 8:45 am]
 BILLING CODE 8011-01-P

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