Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rules To Reflect Name Changes to Two FINRA Departments: The Office of Dispute Resolution and the Department of Registration and Disclosure, 71695-71696 [2020-24889]

Download as PDF Federal Register / Vol. 85, No. 218 / Tuesday, November 10, 2020 / Notices should be submitted on or before December 1, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–24885 Filed 11–9–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–90344; File No. SR–FINRA– 2020–039] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rules To Reflect Name Changes to Two FINRA Departments: The Office of Dispute Resolution and the Department of Registration and Disclosure November 4, 2020. jbell on DSKJLSW7X2PROD with NOTICES 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 October 29, 2020, the 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 concerned solely with the administration of the self-regulatory organization under Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(3) 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 rules to reflect name changes to two FINRA departments: (1) The Office of Dispute Resolution and (2) the Department of Registration and Disclosure. Specifically, the proposed rule change would amend the General Standards, the Code of Arbitration Procedure, the Code of Arbitration 22 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(3). Procedure for Customer Disputes, the Code of Arbitration Procedure for Industry Disputes, and the Code of Mediation Procedure to replace any references to ‘‘Office of Dispute Resolution’’ with ‘‘FINRA Dispute Resolution Services.’’ The proposed rule change would also amend the Books, Records and Reports, the Code of Procedure, and the Funding Portal Rules to replace any references to ‘‘Department of Registration and Disclosure’’ (also referred to as ‘‘RAD’’ in FINRA rules) with ‘‘Credentialing, Registration, Education and Disclosure’’ (also referred to as ‘‘CRED’’ in FINRA rules). The proposed rule change would also replace any references to ‘‘RAD’’ with ‘‘CRED.’’ 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 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 In March 2017, FINRA launched FINRA360, a comprehensive selfevaluation and organizational improvement initiative to ensure that FINRA is operating as the most effective self-regulatory organization it can be, working to protect investors and promote market integrity in a manner that supports strong and vibrant capital markets. In connection with this ongoing initiative, FINRA has sought feedback from its members, as well as investors, investor advocates, regulators, trade associations and FINRA employees. FINRA has analyzed the feedback received from these stakeholders and as a result has made significant changes across the organization.5 1 15 VerDate Sep<11>2014 17:21 Nov 09, 2020 5 See FINRA, Progress Report on FINRA360 (June 2019), https://www.finra.org/sites/default/files/ finra360-progress-report.pdf. Jkt 253001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 71695 The Office of Dispute Resolution administers an arbitration and mediation forum for investors and brokerage firms and their registered employees while RAD manages, among other matters, the registration of these firms and their employees. As part of FINRA360, FINRA refined the name of its arbitration and mediation forum to FINRA Dispute Resolution Services to more closely describe its key functions, to highlight the customer service it provides, and to feature the independence and impartiality of the forum. FINRA also refined the name of RAD to Credentialing, Registration, Education and Disclosure to better describe the totality of functions it performs on behalf of FINRA for its stakeholders. The proposed rule change would amend FINRA rules to reflect these name changes. Proposed Amendments The proposed rule change would amend FINRA Rules 0160 (Definitions), 10308 (Selection of Arbitrators), 10312 (Disclosures Required of Arbitrators and Director’s Authority to Disqualify), 10314 (Initiation of Proceedings), 12100 (Definitions), 12103 (Director of Office of Dispute Resolution), 12701 (Settlement), 13100 (Definitions), 13103 (Director of Office of Dispute Resolution), 13701 (Settlement) and 14100 (Definitions) to replace references to ‘‘Office of Dispute Resolution’’ with ‘‘FINRA Dispute Resolution Services.’’ The proposed rule change would also amend FINRA Funding Portal Rule 900 (Code of Procedure) and FINRA Rules 4530 (Reporting Requirements), 9521 (Purpose and Definitions), 9522 (Initiation of Eligibility Proceeding: Member Regulation Consideration), and 9524 (National Adjudicatory Council Consideration) to replace references to ‘‘Department of Registration and Disclosure’’ with ‘‘Credentialing, Registration, Education and Disclosure’’ and any references to ‘‘RAD’’ with ‘‘CRED.’’ FINRA has filed the proposed rule change for immediate effectiveness. The effective date will be 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,6 which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in 6 15 U.S.C. 78o–3(b)(6). E:\FR\FM\10NON1.SGM 10NON1 71696 Federal Register / Vol. 85, No. 218 / Tuesday, November 10, 2020 / Notices general, to protect investors and the public interest. The proposed rule change will update FINRA rules to reflect recent name changes to two FINRA departments, thereby bringing clarity and consistency to FINRA rules. 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. The proposed rule change would bring clarity and consistency to FINRA rules without affecting the numerous services and benefits provided by the forum or the cost to any party to use it. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and paragraph (f)(3) of Rule 19b–4 thereunder.8 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: jbell on DSKJLSW7X2PROD 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– FINRA–2020–039 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange 7 15 8 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(3). VerDate Sep<11>2014 17:21 Nov 09, 2020 Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–FINRA–2020–039. 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 a.m. and 3 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– 2020–039 and should be submitted on or before December 1, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–24889 Filed 11–9–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34086; File No. 812–15083] Principal Diversified Select Real Asset Fund, et al. November 4, 2020. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: Notice of application for an order under Sections 17(d) and 57(i) of the 9 17 Jkt 253001 PO 00000 CFR 200.30–3(a)(12). Frm 00094 Fmt 4703 Sfmt 4703 Investment Company Act of 1940 (the ‘‘Act’’) and Rule 17d–1 under the Act to permit certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the Act and Rule 17d– 1 under the Act. Summary of Application: Applicants request an order to permit certain closed-end investment companies and business development companies to coinvest in portfolio companies with affiliated investment funds. Applicants: Principal Diversified Select Real Asset Fund (‘‘Existing Regulated Fund’’), Principal Global Investors, LLC (‘‘PGI’’), Principal Life Insurance Company (‘‘PLIC’’), Principal Real Estate Strategic Debt Fund I, LP (‘‘Existing Affiliated Fund’’), and Principal Real Estate Investors, LLC (‘‘PrinREI’’). Filing Dates: The application was filed on December 12, 2019, and amended on April 1, 2020, June 16, 2020, August 18, 2020, August 31, 2020, and October 22, 2020. Hearing or Notification of Hearing: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by emailing the Commission’s Secretary at SecretarysOffice@sec.gov and serving Applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on November 30, 2020, and should be accompanied by proof of service on Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to Rule 0–5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission’s Secretary at SecretarysOffice@sec.gov. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Attn: John L. Sullivan, Sullivan.john.l@ principal.com. FOR FURTHER INFORMATION CONTACT: Joseph Toner, Senior Counsel, at (202) 551–7595, or David Nicolardi, Branch Chief, at (202) 551–6825 (Chief Counsel’s Office, Division of Investment Management). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s website by searching for the file number, or for an Applicant using the Company name box, at https:// E:\FR\FM\10NON1.SGM 10NON1

Agencies

[Federal Register Volume 85, Number 218 (Tuesday, November 10, 2020)]
[Notices]
[Pages 71695-71696]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24889]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90344; File No. SR-FINRA-2020-039]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend FINRA Rules To Reflect Name Changes to 
Two FINRA Departments: The Office of Dispute Resolution and the 
Department of Registration and Disclosure

November 4, 2020.
    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 October 29, 2020, the 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 concerned solely with the 
administration of the self-regulatory organization under Section 
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(3) 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FINRA is proposing to amend FINRA rules to reflect name changes to 
two FINRA departments: (1) The Office of Dispute Resolution and (2) the 
Department of Registration and Disclosure. Specifically, the proposed 
rule change would amend the General Standards, the Code of Arbitration 
Procedure, the Code of Arbitration Procedure for Customer Disputes, the 
Code of Arbitration Procedure for Industry Disputes, and the Code of 
Mediation Procedure to replace any references to ``Office of Dispute 
Resolution'' with ``FINRA Dispute Resolution Services.'' The proposed 
rule change would also amend the Books, Records and Reports, the Code 
of Procedure, and the Funding Portal Rules to replace any references to 
``Department of Registration and Disclosure'' (also referred to as 
``RAD'' in FINRA rules) with ``Credentialing, Registration, Education 
and Disclosure'' (also referred to as ``CRED'' in FINRA rules). The 
proposed rule change would also replace any references to ``RAD'' with 
``CRED.''
    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 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
    In March 2017, FINRA launched FINRA360, a comprehensive self-
evaluation and organizational improvement initiative to ensure that 
FINRA is operating as the most effective self-regulatory organization 
it can be, working to protect investors and promote market integrity in 
a manner that supports strong and vibrant capital markets. In 
connection with this ongoing initiative, FINRA has sought feedback from 
its members, as well as investors, investor advocates, regulators, 
trade associations and FINRA employees. FINRA has analyzed the feedback 
received from these stakeholders and as a result has made significant 
changes across the organization.\5\
---------------------------------------------------------------------------

    \5\ See FINRA, Progress Report on FINRA360 (June 2019), https://www.finra.org/sites/default/files/finra360-progress-report.pdf.
---------------------------------------------------------------------------

    The Office of Dispute Resolution administers an arbitration and 
mediation forum for investors and brokerage firms and their registered 
employees while RAD manages, among other matters, the registration of 
these firms and their employees. As part of FINRA360, FINRA refined the 
name of its arbitration and mediation forum to FINRA Dispute Resolution 
Services to more closely describe its key functions, to highlight the 
customer service it provides, and to feature the independence and 
impartiality of the forum. FINRA also refined the name of RAD to 
Credentialing, Registration, Education and Disclosure to better 
describe the totality of functions it performs on behalf of FINRA for 
its stakeholders.
    The proposed rule change would amend FINRA rules to reflect these 
name changes.
Proposed Amendments
    The proposed rule change would amend FINRA Rules 0160 
(Definitions), 10308 (Selection of Arbitrators), 10312 (Disclosures 
Required of Arbitrators and Director's Authority to Disqualify), 10314 
(Initiation of Proceedings), 12100 (Definitions), 12103 (Director of 
Office of Dispute Resolution), 12701 (Settlement), 13100 (Definitions), 
13103 (Director of Office of Dispute Resolution), 13701 (Settlement) 
and 14100 (Definitions) to replace references to ``Office of Dispute 
Resolution'' with ``FINRA Dispute Resolution Services.''
    The proposed rule change would also amend FINRA Funding Portal Rule 
900 (Code of Procedure) and FINRA Rules 4530 (Reporting Requirements), 
9521 (Purpose and Definitions), 9522 (Initiation of Eligibility 
Proceeding: Member Regulation Consideration), and 9524 (National 
Adjudicatory Council Consideration) to replace references to 
``Department of Registration and Disclosure'' with ``Credentialing, 
Registration, Education and Disclosure'' and any references to ``RAD'' 
with ``CRED.''
    FINRA has filed the proposed rule change for immediate 
effectiveness. The effective date will be 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,\6\ which requires, among 
other things, that FINRA rules must be designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, and, in

[[Page 71696]]

general, to protect investors and the public interest. The proposed 
rule change will update FINRA rules to reflect recent name changes to 
two FINRA departments, thereby bringing clarity and consistency to 
FINRA rules.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

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. The proposed rule change would 
bring clarity and consistency to FINRA rules without affecting the 
numerous services and benefits provided by the forum or the cost to any 
party to use it.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \7\ and paragraph (f)(3) of Rule 19b-4 
thereunder.\8\ 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

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-2020-039 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-2020-039. 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 a.m. and 3 
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-2020-039 and should be submitted on or before December 1, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-24889 Filed 11-9-20; 8:45 am]
BILLING CODE 8011-01-P
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