Proposed Collection and Comment Request for Form ID, 86599-86600 [2020-28831]
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Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices
Again, in the above example, the
proposed rule will prevent Order 1 from
becoming a liquidity remover because
upon replenishment, the new Displayed
Order will not attempt to execute
against Order 3, but instead it will post
to the Nasdaq Book and display at a
price of $9.99, while the remaining
2,900 non-display shares in reserve will
remain posted at $10.00.
By posting new Displayed Orders
without attempting to execute, the
Displayed Order will avoid removing
liquidity upon replenishment.8
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Section 6(b)(5) of the Act,10
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest.
The proposed rule change is
consistent with the Act because it will
help ensure that the Exchange’s Rule
governing Reserve Orders will be
consistent with the original intention of
the Exchange and the expectation of
participants that such Orders, after
posting on the Nasdaq Book, will always
be liquidity providers and not liquidity
takers. It would also ensure that the
Exchange’s Order Types operate the
same way during a race condition as
they do during normal conditions. The
proposal would eliminate any ambiguity
under the existing rules as to whether a
Reserve Order would take liquidity
when a locking order posts to the
Exchange book prior to the Reserve
Order completing its replenishment (or
prior to the Displayed portion of a
Reserve Order posting to the Exchange
Book for the first time). Thus, the
proposal would ensure that the
Exchange’s Rules are transparent and
clear about how the System processes
Reserve Orders.
Finally, the proposal is consistent
with the Act because it would correct a
non-substantive typographical error in
4, Section 4703(m), the Trade Now functionality
would apply and the Non-Displayed Order would
be able to execute against the locking Displayed
Order as a liquidity taker. If a locked Non-Displayed
Order does not have the Trade Now attribute
enabled, then new incoming orders will be eligible
to execute against the Displayed Order.
8 The Exchange proposes to correct a nonsubstantive typographical error in the existing rule
text by removing the word ‘‘the’’ from the following
sentence: ‘‘For example, if a Price to Comply Order
with Reserve Size . . . and the 150 shares. . . .’’
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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17:47 Dec 29, 2020
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the Rule text, which will improve its
readability and clarity, to the benefit of
the public and investors.
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 not
necessary or appropriate in furtherance
of the purposes of the Act. Again,
Exchange intends for the proposed rule
change to only eliminate an
inconsistency as to how it handles a rare
circumstance that causes the System to
process Reserve Orders in an
unintended manner. The Exchange does
not anticipate this proposal will have
any impact on competition whatsoever.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
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–
NASDAQ–2020–090 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–NASDAQ–2020–090. This
Frm 00071
Fmt 4703
Sfmt 4703
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–NASDAQ–2020–090 and
should be submitted on or before
January 29, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020–28891 Filed 12–29–20; 8:45 am]
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:
PO 00000
86599
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–291, OMB Control No.
3235–0328]
Proposed Collection and Comment
Request for Form ID
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Form ID
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Commission
11 17
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CFR 200.30–3(a)(12).
30DEN1
86600
Federal Register / Vol. 85, No. 250 / Wednesday, December 30, 2020 / Notices
is soliciting comments on the collection
of information summarized below. The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget for
extension and approval.
Form ID (OMB Control No. 3235–
0328) must be completed and filed with
the Commission by all individuals,
companies, and other organizations who
seek access to file electronically on the
Commission’s primary electronic filing
system, EDGAR. Those seeking access to
file on EDGAR typically include those
who are required to make certain
disclosures pursuant to the federal
securities laws. The information
provided on Form ID is an essential part
of the security of EDGAR. Form ID is a
not a public document because it is
used solely for the purpose of screening
applicants and granting access to
EDGAR. Form ID must be submitted
whenever an applicant seeks an EDGAR
identification number and access codes
to file on EDGAR. The Commission may
consider enhancing the EDGAR access
process to require filers that already
have EDGAR identification numbers but
do not have EDGAR access codes to
submit a Form ID to obtain access codes
to file on EDGAR. If these enhancements
become effective, we estimate that
approximately 48,493 filers will file
Form ID annually and that it will take
approximately 0.15 hours per response
to prepare for a total of 7,274 annual
burden hours. The estimate includes the
number of filers without identification
numbers and filers with identification
numbers that seek to obtain access
codes for purposes of submitting
electronic filings on EDGAR.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Written comments are invited on: (i)
Whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(ii) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (iii) ways to enhance the
quality, utility, and clarity of the
information collected; and (iv) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to David Bottom, Director/Chief
VerDate Sep<11>2014
17:47 Dec 29, 2020
Jkt 253001
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: December 23, 2020.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020–28831 Filed 12–29–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–90780; File No. SR–
NASDAQ–2020–091]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Extend
the Effective Date of the Temporary
Amendments Concerning Exchange
Rule 1.1210 From December 31, 2020,
to April 30, 2021
December 22, 2020.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on December 17, 2020, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to extend the
effective date of the temporary
amendments set forth in SR–NASDAQ–
2020–073 from December 31, 2020, to
April 30, 2021. Due to the impacts of
COVID–19 on the administration of the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) qualification
examinations at test centers, SR–
NASDAQ–2020–073 extended the 120day period that certain individuals can
function as a principal without having
successfully passed an appropriate
qualification examination through
December 31, 2020.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rules, at the principal
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00072
Fmt 4703
Sfmt 4703
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to extend the
effective date of the temporary
amendments set forth in SR–NASDAQ–
2020–073 from December 31, 2020, to
April 30, 2021. The proposed rule
change would extend the 120-day
period that certain individuals can
function as a principal without having
successfully passed an appropriate
qualification examination through April
30, 2021,3 and would apply only to
those individuals who were designated
to function as a principal prior to
January 1, 2021. This proposed rule
change is based on filings recently
submitted by FINRA 4 and is intended to
harmonize the Exchange’s registration
rules with those of FINRA so as to
promote uniform standards across the
securities industry.
In response to COVID–19, earlier this
year FINRA began providing temporary
relief by way of frequently asked
questions (‘‘FAQs’’) 5 to address
disruptions to the administration of
3 If the Exchange seeks to provide additional
temporary relief from the rule requirements
identified in this proposed rule change beyond
April 30, 2021, the Exchange will submit a separate
rule filing to further extend the temporary extension
of time.
4 See Exchange Act Release No. 89732 (September
1, 2020), 85 FR 55535 (September 8, 2020) (SR–
FINRA–2020–026) and Exchange Act Release No.
90617 (December 9, 2020), 85 FR 81258 (December
15, 2020) (SR–FINRA–2020–043) (collectively, the
‘‘FINRA Filings’’). The Exchange notes that the
FINRA Filings also provide temporary relief to
individuals registered with FINRA as Operations
Professionals under FINRA Rule 1220. The
Exchange does not have a registration category for
Operations Professionals and therefore, the
Exchange is not proposing to adopt that aspect of
the FINRA Filings.
5 See https://www.finra.org/rules-guidance/keytopics/covid-19/faq#qe.
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]]>Agencies
[Federal Register Volume 85, Number 250 (Wednesday, December 30, 2020)]
[Notices]
[Pages 86599-86600]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28831]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-291, OMB Control No. 3235-0328]
Proposed Collection and Comment Request for Form ID
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Form ID
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Commission
[[Page 86600]]
is soliciting comments on the collection of information summarized
below. The Commission plans to submit this existing collection of
information to the Office of Management and Budget for extension and
approval.
Form ID (OMB Control No. 3235-0328) must be completed and filed
with the Commission by all individuals, companies, and other
organizations who seek access to file electronically on the
Commission's primary electronic filing system, EDGAR. Those seeking
access to file on EDGAR typically include those who are required to
make certain disclosures pursuant to the federal securities laws. The
information provided on Form ID is an essential part of the security of
EDGAR. Form ID is a not a public document because it is used solely for
the purpose of screening applicants and granting access to EDGAR. Form
ID must be submitted whenever an applicant seeks an EDGAR
identification number and access codes to file on EDGAR. The Commission
may consider enhancing the EDGAR access process to require filers that
already have EDGAR identification numbers but do not have EDGAR access
codes to submit a Form ID to obtain access codes to file on EDGAR. If
these enhancements become effective, we estimate that approximately
48,493 filers will file Form ID annually and that it will take
approximately 0.15 hours per response to prepare for a total of 7,274
annual burden hours. The estimate includes the number of filers without
identification numbers and filers with identification numbers that seek
to obtain access codes for purposes of submitting electronic filings on
EDGAR.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
Written comments are invited on: (i) Whether this proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (ii) the accuracy of the agency's estimate of
the burden imposed by the collection of information; (iii) ways to
enhance the quality, utility, and clarity of the information collected;
and (iv) ways to minimize the burden of the collection of information
on respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
Please direct your written comments to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to:
[email protected].
Dated: December 23, 2020.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2020-28831 Filed 12-29-20; 8:45 am]
BILLING CODE 8011-01-P
