Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period Related to FINRA Rule 6121.02 (Market-Wide Circuit Breakers in NMS Stocks), 16265-16268 [2022-05975]
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Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices
conclusion of the temporary relief
period unless, if applicable, there is any
extension thereof,26 or, as FINRA notes
in this filing, it proposes to make any
amended rule permanent in connection
with a separate proposed rule change
filing.27 For these reasons, the
Commission believes that waiver of the
30-day operative delay for this proposal
is consistent with the protection of
investors and the public interest.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposal operative upon
filing.28
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 rule-comments@
sec.gov. Please include File Number SR–
FINRA–2022–004 on the subject line.
lotter on DSK11XQN23PROD with NOTICES1
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–2022–004. 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
26 See SR–FINRA–2020–015, 85 FR at 31833; see
also SR–FINRA–2020–027, 85 FR at 55712.
27 Any such proposed rule change to make an
amended rule permanent would require notice and
comment, as well as Commission approval, before
becoming effective. See supra note 8.
28 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule change’s impact on efficiency,
competition, and capital formation. See 15 U.S.C.
78c(f).
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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–
2022–004 and should be submitted on
or before April 12, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–05981 Filed 3–21–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94428; File No. SR–FINRA–
2022–005]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Extend the Pilot
Period Related to FINRA Rule 6121.02
(Market-Wide Circuit Breakers in NMS
Stocks)
March 16, 2022.
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 March 10,
2022, 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 and
29 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
II 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to extend the
pilot period related to FINRA Rule
6121.02 (Market-wide Circuit Breakers
in NMS Stocks) to the close of business
on April 18, 2022.
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
FINRA proposes to extend the pilot
related to the market-wide circuit
breaker in Rule 6121.02 to the close of
business on April 18, 2022.
Background
The Market-Wide Circuit Breaker
(‘‘MWCB’’) rules, including FINRA Rule
6121.02, provide an important,
automatic mechanism that is invoked to
promote stability and investor
confidence during periods of significant
stress when cash equities securities
experience extreme market-wide
declines. The MWCB rules are designed
to slow the effects of extreme price
declines through coordinated trading
halts across both cash equity and equity
options securities markets.
1 15
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3 17
CFR 240.19b–4(f)(6).
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Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices
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The cash equities rules governing
MWCBs were first adopted in 1988 and,
in 2012, FINRA and all U.S. cash equity
exchanges amended their cash equities
uniform rules on a pilot basis (the ‘‘Pilot
Rules,’’ i.e., for FINRA, Rule 6121.02).4
The Pilot Rules currently provide for
trading halts in all cash equity securities
during a severe market decline as
measured by a single-day decline in the
S&P 500 Index (‘‘SPX’’).5 Under the
Pilot Rules, a market-wide trading halt
will be triggered if SPX declines in price
by specified percentages from the prior
day’s closing price of that index. The
triggers are set at three circuit breaker
thresholds: 7% (Level 1), 13% (Level 2),
and 20% (Level 3). A market decline
that triggers a Level 1 or Level 2 halt
after 9:30 a.m. and before 3:25 p.m.
would halt market-wide trading for 15
minutes, while a similar market decline
at or after 3:25 p.m. would not halt
market-wide trading. (Level 1 and Level
2 halts may occur only once a day.) A
market decline that triggers a Level 3
halt at any time during the trading day
would halt market-wide trading for the
remainder of the trading day.
The Commission approved the Pilot
Rules, the term of which was to
coincide with the pilot period for the
Plan to Address Extraordinary Market
Volatility Pursuant to Rule 608 of
Regulation NMS (the ‘‘LULD Plan’’),6
including any extensions to the pilot
period for the LULD Plan.7 In April
2019, the Commission approved an
amendment to the LULD Plan for it to
operate on a permanent, rather than
pilot, basis.8 In conjunction with the
proposal to make the LULD Plan
4 See Securities Exchange Act Release No. 67090
(May 31, 2012), 77 FR 33531 (June 6, 2012) (SR–
BATS–2011–038; SR–BYX–2011–025; SR–BX–
2011–068; SR–CBOE–2011–087; SR–C2–2011–024;
SR–CHX–2011–30; SR–EDGA–2011–31; SR–EDGX–
2011–30; SR–FINRA–2011–054; SR–ISE–2011–61;
SR–NASDAQ–2011–131; SR–NSX–2011–11; SR–
NYSE–2011–48; SR–NYSEAmex–2011–73; SR–
NYSEArca–2011–68; SR–Phlx–2011–129) (‘‘Pilot
Rules Approval Order’’).
5 The rules of the equity options exchanges
similarly provide for a halt in trading if the cash
equity exchanges invoke a MWCB Halt. See, e.g.,
NYSE Arca Rule 6.65–O(d)(4).
6 See Securities Exchange Act Release No. 67091
(May 31, 2012), 77 FR 33498 (June 6, 2012) (the
‘‘Limit Up-Limit Down Release’’). The LULD Plan
provides a mechanism to address extraordinary
market volatility in individual securities.
7 See Securities Exchange Act Release Nos. 67090
(May 31, 2012), 77 FR 33531 (June 6, 2012) (Order
Approving File No. SR–FINRA–2011–054); and
68778 (January 31, 2013), 78 FR 8668 (February 6,
2013) (Notice of Filing and Immediate Effectiveness
of File No. SR–FINRA–2013–011) (Proposed Rule
Change to Delay the Operative Date of FINRA Rule
6121.02).
8 See Securities Exchange Act Release No. 85623
(April 11, 2019), 84 FR 16086 (April 17, 2019)
(Order Approving the Eighteenth Amendment to
the National Market System Plan To Address
Extraordinary Market Volatility).
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permanent, FINRA amended Rule
6121.02 to untie Rule 6121.02’s
effectiveness from that of the LULD Plan
and to extend Rule 6121.02’s
effectiveness to the close of business on
October 18, 2019.9 FINRA subsequently
amended Rule 6121.02 to extend Rule
6121.02’s effectiveness for an additional
year to the close of business on October
18, 2020,10 then until the close of
business on October 18, 2021.11 Most
recently, FINRA extended the pilot until
the close of business on March 18,
2022.12
FINRA now proposes to amend Rule
6121.02 to extend the pilot to the close
of business on April 18, 2022. This
filing does not propose any substantive
or additional changes to Rule 6121.02.
The MWCB Task Force and the March
2020 MWCB Events
In late 2019, Commission staff
requested the formation of a MWCB
Task Force (‘‘Task Force’’) to evaluate
the operation and design of the MWCB
mechanism. The Task Force included
representatives from the SROs, the
Commission, CME, the Commodity
Futures Trading Commission (‘‘CFTC’’)
and the securities industry, and
conducted several organizational
meetings in December 2019 and January
2020.
In Spring 2020, the MWCB
mechanism proved itself to be an
effective tool for protecting markets
through turbulent times. In March 2020,
at the outset of the worldwide COVID–
19 pandemic, U.S. equities markets
experienced four MWCB Level 1 halts,
on March 9, 12, 16, and 18, 2020. In
each instance, the markets halted as
intended upon a 7% drop in the S&P
500 Index, and resumed as intended 15
minutes later.
In response to these events, in the
Spring and Summer of 2020, the Task
Force held ten meetings that were
attended by Commission staff, with the
goal of performing an expedited review
of the March 2020 halts and identifying
any areas where the MWCB mechanism
had not worked properly. Given the risk
of unintended consequences, the Task
9 See Securities Exchange Act Release No. 85547
(April 8, 2019), 84 FR 14981 (April 12, 2019)
(Notice of Filing and Immediate Effectiveness of
File No. SR–FINRA–2019–010).
10 See Securities Exchange Act Release No. 87078
(September 24, 2019), 84 FR 51669 (September 30,
2019) (Notice of Filing and Immediate Effectiveness
of File No. SR–FINRA–2019–023).
11 See Securities Exchange Act Release No. 90160
(October 13, 2020), 85 FR 67072 (October 21, 2020)
(Notice of Filing and Immediate Effectiveness of
File No. SR–FINRA–2020–033).
12 See Securities Exchange Act Release No. 93300
(October 13, 2021), 86 FR 57867 (October 19, 2021)
(Notice of Filing and Immediate Effectiveness of
File No. SR–FINRA–2021–027).
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Force did not recommend changes that
were not rooted in a noted deficiency.
The Task Force recommended creating
a process for a backup reference price in
the event that SPX were to become
unavailable, and enhancing functional
MWCB testing. The Task Force also
asked CME to consider modifying its
rules to enter into a limit-down state in
the futures pre-market after a 7%
decline instead of 5%. CME made the
requested change, which became
effective on October 12, 2020.13
The MWCB Working Group’s Study
On September 17, 2020, the Director
of the Commission’s Division of Trading
and Markets asked the SROs to conduct
a more complete study of the design and
operation of the Pilot Rules and the
LULD Plan during the period of
volatility in the Spring of 2020.
In response to the request, the SROs
created a MWCB ‘‘Working Group’’
composed of SRO representatives and
industry advisers that included
members of the advisory committees to
both the LULD Plan and the NMS Plans
governing the collection, consolidation,
and dissemination of last-sale
transaction reports and quotations in
NMS Stocks. The Working Group met
regularly from September 2020 through
March 2021 to consider the
Commission’s request, review data, and
compile its study. The Working Group’s
efforts in this respect incorporated and
built on the work of an MWCB Task
Force.
The Working Group submitted its
study to the Commission on March 31,
2021 (the ‘‘Study’’).14 In addition to a
timeline of the MWCB events in March
2020, the Study includes a summary of
the analysis and recommendations of
the MWCB Task Force; an evaluation of
the operation of the Pilot Rules during
the March 2020 events; an evaluation of
the design of the current MWCB system;
and the Working Group’s conclusions
and recommendations.
In the Study, the Working Group
concluded: (1) The MWCB mechanism
set out in the Pilot Rules worked as
intended during the March 2020 events;
(2) the MWCB halts triggered in March
2020 appear to have had the intended
effect of calming volatility in the
market, without causing harm; (3) the
13 See https://www.cmegroup.com/content/dam/
cmegroup/market-regulation/rule-filings/2020/9/20392_1.pdf; https://www.cmegroup.com/content/
dam/cmegroup/market-regulation/rule-filings/2020/
9/20-392_2.pdf.
14 See Report of the Market-Wide Circuit Breaker
(‘‘MWCB’’) Working Group Regarding the March
2020 MWCB Events, submitted March 31, 2021 (the
‘‘Study’’), available at https://www.nyse.com/
publicdocs/nyse/markets/nyse/Report_of_the_
Market-Wide_Circuit_Breaker_Working_Group.pdf.
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design of the MWCB mechanism with
respect to reference value (SPX), trigger
levels (7%/13%/20%), and halt times
(15 minutes) is appropriate; (4) the
change implemented in Amendment 10
to the Plan to Address Extraordinary
Market Volatility (the ‘‘Limit Up/Limit
Down Plan’’ or ‘‘LULD Plan’’) did not
likely have any negative impact on
MWCB functionality; and (5) no changes
should be made to the mechanism to
prevent the market from halting shortly
after the opening of regular trading
hours at 9:30 a.m.
In light of the foregoing conclusions,
the Working Group also made several
recommendations, including that the
Pilot Rules should be permanent
without any changes.15
Proposal To Extend the Operation of the
Pilot Rules Pending the Commission’s
Consideration of the NYSE’s Filing To
Make the Pilot Rules Permanent
On July 16, 2021, the NYSE proposed
a rule change to make the Pilot Rules
permanent, consistent with the Working
Group’s recommendations.16 On August
27, 2021, the Commission extended its
time to consider the NYSE’s proposed
rule change to October 20, 2021.17 On
September 30, 2021, the Commission
instituted proceedings to determine
whether to approve or disapprove the
NYSE’s proposed rule change.18 On
January 7, 2022, the Commission
extended its time to act on the
proceedings to determine whether to
approve or disapprove the NYSE’s
proposed rule change to March 19,
2022.19 FINRA now proposes to extend
the expiration date of FINRA Rule
6121.02 to the end of business on April
18, 2022 to provide additional time to
permit FINRA to prepare a proposed
rule change to make the market-wide
circuit breaker pilot under Rule 6121.02
permanent if the Commission approves
the NYSE’s proposed rule change to
make the Pilot Rules permanent.
15 See
the Study, supra note 14, at 46.
Securities Exchange Act Release No. 92428
(July 16, 2021), 86 FR 38776 (July 22, 2021) (Notice
of Filing File No. SR–NYSE–2021–40).
17 See Securities Exchange Act Release No.
92785A (August 27, 2021), 86 FR 50202 (September
7, 2021) (Notice of Designation of a Longer Period
for Commission Action on File No. SR–NYSE–
2021–40).
18 See Securities Exchange Act Release No. 93212
(September 30, 2021), 86 FR 55066 (October 5,
2021) (Order Instituting Proceedings to Determine
Whether to Approve or Disapprove File No. SR–
NYSE–2021–40).
19 See Securities Exchange Act Release No. 93933
(January 7, 2022), 87 FR 2189 (January 13, 2022)
(Notice of Designation of a Longer Period for
Commission Action on Proceedings to Determine
Whether to Approve or Disapprove File No. SR–
NYSE–2021–40).
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16 See
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FINRA has filed the proposed rule
change for immediate effectiveness and
has requested that the SEC waive the
requirement that the proposed rule
change not become operative for 30 days
from the date of filing, so that FINRA
can implement the proposed rule
change immediately.
2. Statutory Basis
FINRA believes that its proposal is
consistent with Section 15A(b) of the
Act,20 in general, and furthers the
objectives of Section 15A(b)(6) of the
Act,21 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
market-wide circuit breaker mechanism
under Rule 6121.02 is an important,
automatic mechanism that is invoked to
promote stability and investor
confidence during a period of
significant stress when securities
markets experience extreme broad-based
declines. Extending the market-wide
circuit breaker pilot under Rule 6121.02
for an additional month would ensure
the continued, uninterrupted operation
of a consistent mechanism to halt
trading across the U.S. markets while
FINRA prepares a proposed rule change
to make the market-wide circuit breaker
pilot under Rule 6121.02 permanent if
the Commission approves the NYSE’s
proposed rule change to make the Pilot
Rules permanent.
FINRA also believes that the proposed
rule change promotes just and equitable
principles of trade in that it promotes
transparency and uniformity across
markets concerning when and how to
halt trading in all stocks as a result of
extraordinary market volatility. Based
on the foregoing, FINRA believes the
benefits to market participants under
Rule 6121.02 should continue on a pilot
basis because they will promote fair and
orderly markets and protect investors
and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA 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 because the
proposal would ensure the continued,
uninterrupted operation of a consistent
mechanism to halt trading across the
U.S. markets while FINRA prepares a
proposed rule change to make the
20 15
21 15
PO 00000
U.S.C. 78o–3(b).
U.S.C. 78o–3(b)(6).
Frm 00106
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16267
market-wide circuit breaker pilot under
Rule 6121.02 permanent if the
Commission approves the NYSE’s
proposed rule change to make the Pilot
Rules permanent.
Further, FINRA understands that
other SROs will file proposals to extend
their rules regarding the market-wide
circuit breaker pilot. Thus, the proposed
rule change will help to ensure
consistency across market centers
without implicating any competitive
issues.
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) of the Act 22 and Rule 19b–
4(f)(6)(iii) thereunder.23
A proposed rule change filed under
Rule 19b–4(f)(6) 24 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),25 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. FINRA asked that the
Commission waive the 30 day operative
delay so that the proposal may become
operative immediately upon filing.
Extending the Pilot Rules’ effectiveness
to the close of business on April 18,
2022 will extend the protections
provided by the Pilot Rules, which
would otherwise expire in less than 30
days. Waiver of the operative delay
would therefore permit uninterrupted
continuation of the MWCB pilot while
the Commission reviews the NYSE’s
proposed rule change to make the Pilot
Rules permanent. Therefore, the
Commission hereby waives the 30-day
22 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4 requires a self-regulatory organization to give the
Commission written notice of its intent to file a
proposed rule change under that subsection at least
five business days prior to the date of filing, or such
shorter time as designated by the Commission.
FINRA has fulfilled this requirement.
24 17 CFR 240.19b–4(f)(6).
25 17 CFR 240.19b–4(f)(6)(iii).
23 17
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Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices
operative delay and designates the
proposed rule change as operative upon
filing.26
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:
lotter on DSK11XQN23PROD with NOTICES1
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–2022–005 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–2022–005. 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
26 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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18:24 Mar 21, 2022
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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–
2022–005 and should be submitted on
or before April 12, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.27
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–05975 Filed 3–21–22; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–94429; File No. SR–MEMX–
2022–05]
requirements made by the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’), including a change to
require that the Regulatory Element of
continuing education be completed
annually rather than every three years
and to provide a path through
continuing education for individuals to
maintain their qualification following
the termination of a registration. The
text of the proposed rule change is
provided in Exhibit 5.
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
Exchange 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. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
Self-Regulatory Organizations; MEMX
LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change Related to Continuing
Education Requirements
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
March 16, 2022.
Background
The Exchange sets forth certain
continuing education (‘‘CE’’)
requirements for its ‘‘Members,’’ 5
including requirements to participate in
the Regulatory Element of training,
which are generally based on certain
FINRA Rules.6 The Regulatory Element
of CE is administered to industry
participants by FINRA and focuses on
regulatory requirements and industry
standards. The Exchange has codified
its general registration requirements
under Interpretation and Policy .01 to
Exchange Rule 2.5 (‘‘Rule 2.5.01’’) and
its CE program, including
implementation of the Regulatory
Element under Interpretation and Policy
.02 to Exchange Rule 2.5 (‘‘Rule
2.5.02’’). The Exchange seeks to amend
its rules to more closely mirror FINRA
Rules, as amended.7 Consistent with
this goal, the Exchange also seeks to
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 10,
2022, MEMX LLC (‘‘MEMX’’ 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 Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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 is filing with the
Commission a proposed rule change to
amend Exchange Rule 2.5 (Restrictions).
The proposed rule change is based on
recent changes to continuing education
27 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)(6).
1 15
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
1. Purpose
5 Exchange Rules define a Member to mean any
registered broker or dealer that has been admitted
to membership in the Exchange. See Exchange Rule
1.5(p).
6 See FINRA Rule 1210 (Registration
Requirements) and 1240 (Continuing Education
Requirements).
7 See Securities Exchange Act Release No. 34–
93097 (September 21, 2021), 86 FR 53358
(September 27, 2021) (Order Approving File No.
SR–FINRA–2021–015) (the ‘‘Approval Order’’).
E:\FR\FM\22MRN1.SGM
22MRN1
]]>Agencies
[Federal Register Volume 87, Number 55 (Tuesday, March 22, 2022)]
[Notices]
[Pages 16265-16268]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-05975]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-94428; File No. SR-FINRA-2022-005]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Extend the Pilot Period Related to FINRA Rule
6121.02 (Market-Wide Circuit Breakers in NMS Stocks)
March 16, 2022.
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 March 10, 2022, 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 and
II 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 extend the pilot period related to FINRA Rule
6121.02 (Market-wide Circuit Breakers in NMS Stocks) to the close of
business on April 18, 2022.
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
FINRA proposes to extend the pilot related to the market-wide
circuit breaker in Rule 6121.02 to the close of business on April 18,
2022.
Background
The Market-Wide Circuit Breaker (``MWCB'') rules, including FINRA
Rule 6121.02, provide an important, automatic mechanism that is invoked
to promote stability and investor confidence during periods of
significant stress when cash equities securities experience extreme
market-wide declines. The MWCB rules are designed to slow the effects
of extreme price declines through coordinated trading halts across both
cash equity and equity options securities markets.
[[Page 16266]]
The cash equities rules governing MWCBs were first adopted in 1988
and, in 2012, FINRA and all U.S. cash equity exchanges amended their
cash equities uniform rules on a pilot basis (the ``Pilot Rules,''
i.e., for FINRA, Rule 6121.02).\4\ The Pilot Rules currently provide
for trading halts in all cash equity securities during a severe market
decline as measured by a single-day decline in the S&P 500 Index
(``SPX'').\5\ Under the Pilot Rules, a market-wide trading halt will be
triggered if SPX declines in price by specified percentages from the
prior day's closing price of that index. The triggers are set at three
circuit breaker thresholds: 7% (Level 1), 13% (Level 2), and 20% (Level
3). A market decline that triggers a Level 1 or Level 2 halt after 9:30
a.m. and before 3:25 p.m. would halt market-wide trading for 15
minutes, while a similar market decline at or after 3:25 p.m. would not
halt market-wide trading. (Level 1 and Level 2 halts may occur only
once a day.) A market decline that triggers a Level 3 halt at any time
during the trading day would halt market-wide trading for the remainder
of the trading day.
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\4\ See Securities Exchange Act Release No. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (SR-BATS-2011-038; SR-BYX-2011-
025; SR-BX-2011-068; SR-CBOE-2011-087; SR-C2-2011-024; SR-CHX-2011-
30; SR-EDGA-2011-31; SR-EDGX-2011-30; SR-FINRA-2011-054; SR-ISE-
2011-61; SR-NASDAQ-2011-131; SR-NSX-2011-11; SR-NYSE-2011-48; SR-
NYSEAmex-2011-73; SR-NYSEArca-2011-68; SR-Phlx-2011-129) (``Pilot
Rules Approval Order'').
\5\ The rules of the equity options exchanges similarly provide
for a halt in trading if the cash equity exchanges invoke a MWCB
Halt. See, e.g., NYSE Arca Rule 6.65-O(d)(4).
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The Commission approved the Pilot Rules, the term of which was to
coincide with the pilot period for the Plan to Address Extraordinary
Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``LULD
Plan''),\6\ including any extensions to the pilot period for the LULD
Plan.\7\ In April 2019, the Commission approved an amendment to the
LULD Plan for it to operate on a permanent, rather than pilot,
basis.\8\ In conjunction with the proposal to make the LULD Plan
permanent, FINRA amended Rule 6121.02 to untie Rule 6121.02's
effectiveness from that of the LULD Plan and to extend Rule 6121.02's
effectiveness to the close of business on October 18, 2019.\9\ FINRA
subsequently amended Rule 6121.02 to extend Rule 6121.02's
effectiveness for an additional year to the close of business on
October 18, 2020,\10\ then until the close of business on October 18,
2021.\11\ Most recently, FINRA extended the pilot until the close of
business on March 18, 2022.\12\
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\6\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down
Release''). The LULD Plan provides a mechanism to address
extraordinary market volatility in individual securities.
\7\ See Securities Exchange Act Release Nos. 67090 (May 31,
2012), 77 FR 33531 (June 6, 2012) (Order Approving File No. SR-
FINRA-2011-054); and 68778 (January 31, 2013), 78 FR 8668 (February
6, 2013) (Notice of Filing and Immediate Effectiveness of File No.
SR-FINRA-2013-011) (Proposed Rule Change to Delay the Operative Date
of FINRA Rule 6121.02).
\8\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019) (Order Approving the Eighteenth
Amendment to the National Market System Plan To Address
Extraordinary Market Volatility).
\9\ See Securities Exchange Act Release No. 85547 (April 8,
2019), 84 FR 14981 (April 12, 2019) (Notice of Filing and Immediate
Effectiveness of File No. SR-FINRA-2019-010).
\10\ See Securities Exchange Act Release No. 87078 (September
24, 2019), 84 FR 51669 (September 30, 2019) (Notice of Filing and
Immediate Effectiveness of File No. SR-FINRA-2019-023).
\11\ See Securities Exchange Act Release No. 90160 (October 13,
2020), 85 FR 67072 (October 21, 2020) (Notice of Filing and
Immediate Effectiveness of File No. SR-FINRA-2020-033).
\12\ See Securities Exchange Act Release No. 93300 (October 13,
2021), 86 FR 57867 (October 19, 2021) (Notice of Filing and
Immediate Effectiveness of File No. SR-FINRA-2021-027).
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FINRA now proposes to amend Rule 6121.02 to extend the pilot to the
close of business on April 18, 2022. This filing does not propose any
substantive or additional changes to Rule 6121.02.
The MWCB Task Force and the March 2020 MWCB Events
In late 2019, Commission staff requested the formation of a MWCB
Task Force (``Task Force'') to evaluate the operation and design of the
MWCB mechanism. The Task Force included representatives from the SROs,
the Commission, CME, the Commodity Futures Trading Commission
(``CFTC'') and the securities industry, and conducted several
organizational meetings in December 2019 and January 2020.
In Spring 2020, the MWCB mechanism proved itself to be an effective
tool for protecting markets through turbulent times. In March 2020, at
the outset of the worldwide COVID-19 pandemic, U.S. equities markets
experienced four MWCB Level 1 halts, on March 9, 12, 16, and 18, 2020.
In each instance, the markets halted as intended upon a 7% drop in the
S&P 500 Index, and resumed as intended 15 minutes later.
In response to these events, in the Spring and Summer of 2020, the
Task Force held ten meetings that were attended by Commission staff,
with the goal of performing an expedited review of the March 2020 halts
and identifying any areas where the MWCB mechanism had not worked
properly. Given the risk of unintended consequences, the Task Force did
not recommend changes that were not rooted in a noted deficiency. The
Task Force recommended creating a process for a backup reference price
in the event that SPX were to become unavailable, and enhancing
functional MWCB testing. The Task Force also asked CME to consider
modifying its rules to enter into a limit-down state in the futures
pre-market after a 7% decline instead of 5%. CME made the requested
change, which became effective on October 12, 2020.\13\
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\13\ See https://www.cmegroup.com/content/dam/cmegroup/market-regulation/rule-filings/2020/9/20-392_1.pdf; https://www.cmegroup.com/content/dam/cmegroup/market-regulation/rule-filings/2020/9/20-392_2.pdf.
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The MWCB Working Group's Study
On September 17, 2020, the Director of the Commission's Division of
Trading and Markets asked the SROs to conduct a more complete study of
the design and operation of the Pilot Rules and the LULD Plan during
the period of volatility in the Spring of 2020.
In response to the request, the SROs created a MWCB ``Working
Group'' composed of SRO representatives and industry advisers that
included members of the advisory committees to both the LULD Plan and
the NMS Plans governing the collection, consolidation, and
dissemination of last-sale transaction reports and quotations in NMS
Stocks. The Working Group met regularly from September 2020 through
March 2021 to consider the Commission's request, review data, and
compile its study. The Working Group's efforts in this respect
incorporated and built on the work of an MWCB Task Force.
The Working Group submitted its study to the Commission on March
31, 2021 (the ``Study'').\14\ In addition to a timeline of the MWCB
events in March 2020, the Study includes a summary of the analysis and
recommendations of the MWCB Task Force; an evaluation of the operation
of the Pilot Rules during the March 2020 events; an evaluation of the
design of the current MWCB system; and the Working Group's conclusions
and recommendations.
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\14\ See Report of the Market-Wide Circuit Breaker (``MWCB'')
Working Group Regarding the March 2020 MWCB Events, submitted March
31, 2021 (the ``Study''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse/Report_of_the_Market-Wide_Circuit_Breaker_Working_Group.pdf.
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In the Study, the Working Group concluded: (1) The MWCB mechanism
set out in the Pilot Rules worked as intended during the March 2020
events; (2) the MWCB halts triggered in March 2020 appear to have had
the intended effect of calming volatility in the market, without
causing harm; (3) the
[[Page 16267]]
design of the MWCB mechanism with respect to reference value (SPX),
trigger levels (7%/13%/20%), and halt times (15 minutes) is
appropriate; (4) the change implemented in Amendment 10 to the Plan to
Address Extraordinary Market Volatility (the ``Limit Up/Limit Down
Plan'' or ``LULD Plan'') did not likely have any negative impact on
MWCB functionality; and (5) no changes should be made to the mechanism
to prevent the market from halting shortly after the opening of regular
trading hours at 9:30 a.m.
In light of the foregoing conclusions, the Working Group also made
several recommendations, including that the Pilot Rules should be
permanent without any changes.\15\
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\15\ See the Study, supra note 14, at 46.
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Proposal To Extend the Operation of the Pilot Rules Pending the
Commission's Consideration of the NYSE's Filing To Make the Pilot Rules
Permanent
On July 16, 2021, the NYSE proposed a rule change to make the Pilot
Rules permanent, consistent with the Working Group's
recommendations.\16\ On August 27, 2021, the Commission extended its
time to consider the NYSE's proposed rule change to October 20,
2021.\17\ On September 30, 2021, the Commission instituted proceedings
to determine whether to approve or disapprove the NYSE's proposed rule
change.\18\ On January 7, 2022, the Commission extended its time to act
on the proceedings to determine whether to approve or disapprove the
NYSE's proposed rule change to March 19, 2022.\19\ FINRA now proposes
to extend the expiration date of FINRA Rule 6121.02 to the end of
business on April 18, 2022 to provide additional time to permit FINRA
to prepare a proposed rule change to make the market-wide circuit
breaker pilot under Rule 6121.02 permanent if the Commission approves
the NYSE's proposed rule change to make the Pilot Rules permanent.
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\16\ See Securities Exchange Act Release No. 92428 (July 16,
2021), 86 FR 38776 (July 22, 2021) (Notice of Filing File No. SR-
NYSE-2021-40).
\17\ See Securities Exchange Act Release No. 92785A (August 27,
2021), 86 FR 50202 (September 7, 2021) (Notice of Designation of a
Longer Period for Commission Action on File No. SR-NYSE-2021-40).
\18\ See Securities Exchange Act Release No. 93212 (September
30, 2021), 86 FR 55066 (October 5, 2021) (Order Instituting
Proceedings to Determine Whether to Approve or Disapprove File No.
SR-NYSE-2021-40).
\19\ See Securities Exchange Act Release No. 93933 (January 7,
2022), 87 FR 2189 (January 13, 2022) (Notice of Designation of a
Longer Period for Commission Action on Proceedings to Determine
Whether to Approve or Disapprove File No. SR-NYSE-2021-40).
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FINRA has filed the proposed rule change for immediate
effectiveness and has requested that the SEC waive the requirement that
the proposed rule change not become operative for 30 days from the date
of filing, so that FINRA can implement the proposed rule change
immediately.
2. Statutory Basis
FINRA believes that its proposal is consistent with Section 15A(b)
of the Act,\20\ in general, and furthers the objectives of Section
15A(b)(6) of the Act,\21\ 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 market-wide circuit breaker mechanism under Rule 6121.02
is an important, automatic mechanism that is invoked to promote
stability and investor confidence during a period of significant stress
when securities markets experience extreme broad-based declines.
Extending the market-wide circuit breaker pilot under Rule 6121.02 for
an additional month would ensure the continued, uninterrupted operation
of a consistent mechanism to halt trading across the U.S. markets while
FINRA prepares a proposed rule change to make the market-wide circuit
breaker pilot under Rule 6121.02 permanent if the Commission approves
the NYSE's proposed rule change to make the Pilot Rules permanent.
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78o-3(b).
\21\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------
FINRA also believes that the proposed rule change promotes just and
equitable principles of trade in that it promotes transparency and
uniformity across markets concerning when and how to halt trading in
all stocks as a result of extraordinary market volatility. Based on the
foregoing, FINRA believes the benefits to market participants under
Rule 6121.02 should continue on a pilot basis because they will promote
fair and orderly markets and protect investors and the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
FINRA 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 because the proposal would ensure the
continued, uninterrupted operation of a consistent mechanism to halt
trading across the U.S. markets while FINRA prepares a proposed rule
change to make the market-wide circuit breaker pilot under Rule 6121.02
permanent if the Commission approves the NYSE's proposed rule change to
make the Pilot Rules permanent.
Further, FINRA understands that other SROs will file proposals to
extend their rules regarding the market-wide circuit breaker pilot.
Thus, the proposed rule change will help to ensure consistency across
market centers without implicating any competitive issues.
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) of the Act \22\ and Rule 19b-
4(f)(6)(iii) thereunder.\23\
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\22\ 15 U.S.C. 78s(b)(3)(A)(iii).
\23\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4 requires a
self-regulatory organization to give the Commission written notice
of its intent to file a proposed rule change under that subsection
at least five business days prior to the date of filing, or such
shorter time as designated by the Commission. FINRA has fulfilled
this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \24\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\25\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. FINRA asked that the
Commission waive the 30 day operative delay so that the proposal may
become operative immediately upon filing. Extending the Pilot Rules'
effectiveness to the close of business on April 18, 2022 will extend
the protections provided by the Pilot Rules, which would otherwise
expire in less than 30 days. Waiver of the operative delay would
therefore permit uninterrupted continuation of the MWCB pilot while the
Commission reviews the NYSE's proposed rule change to make the Pilot
Rules permanent. Therefore, the Commission hereby waives the 30-day
[[Page 16268]]
operative delay and designates the proposed rule change as operative
upon filing.\26\
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\24\ 17 CFR 240.19b-4(f)(6).
\25\ 17 CFR 240.19b-4(f)(6)(iii).
\26\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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-2022-005 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-2022-005. 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-2022-005 and should be submitted on or before April 12, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-05975 Filed 3-21-22; 8:45 am]
BILLING CODE 8011-01-P
