Notice2022-12483
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rules 4111 (Restricted Firm Obligations) and 9561 (Procedures for Regulating Activities Under Rule 4111)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 10, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 112 (Friday, June 10, 2022)</title>
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[Federal Register Volume 87, Number 112 (Friday, June 10, 2022)]
[Notices]
[Pages 35582-35585]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12483]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95048; File No. SR-FINRA-2022-014]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend FINRA Rules 4111 (Restricted Firm
Obligations) and 9561 (Procedures for Regulating Activities Under Rule
4111)
June 6, 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 May 26, 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,
II, and III 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 amend FINRA Rules 4111 and 9561 to make non-
substantive and technical amendments.
The text of the proposed rule change is available on FINRA's
website at <a href="http://www.finra.org">http://www.finra.org</a>, 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
On July 30, 2021, the Commission approved rules concerning firms
with a significant history of misconduct, including new Rule 4111
(Restricted Firm Obligations), amendments to Rule 9559 (Hearing
Procedures for Expedited Proceedings Under the Rule 9550 Series), and
new Rule 9561 (Procedures for Regulating Activities Under Rule
4111).\4\ The rules allow FINRA to impose obligations on broker-dealers
with significantly higher levels of risk-related disclosures than other
similarly sized peers based on numeric, threshold-based criteria.\5\
Specifically, Rule 4111 requires members that are identified as
``Restricted Firms'' to deposit cash or qualified securities in a
segregated account, adhere to specified conditions or restrictions, or
comply with a combination of such obligations.\6\
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\4\ See Securities Exchange Act Release No. 92525 (July 30,
2021), 86 FR 42925 (August 5, 2021) (Order Approving File No. SR-
FINRA-2020-041, as Modified by Amendment Nos. 1 and 2) (``SEC
Order''); see also Securities Exchange Act Release No. 92525 (July
30, 2021), 86 FR 49589 (September 3, 2021) (Order Approving File No.
SR-FINRA-2020-041, as Modified by Amendment Nos. 1 and 2)
(Correction).
\5\ See SEC Order, 86 FR 42925, 42926.
\6\ See SEC Order, 86 FR 42925, 42926; see also Rule 4111(i)(16)
(defining ``Restricted Firm'').
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The annual Rule 4111 process through which FINRA will determine
which members are Restricted Firms, and the obligations to impose on
them, has several steps and includes features that narrowly focus the
obligations on the firms of most concern.\7\ The first step is the
annual calculation.\8\ Specifically, for each member, the Department of
Member Regulation (``Department'') will compute annually the member's
``Preliminary Identification Metrics'' to determine if it meets the
``Preliminary Criteria for Identification.'' \9\ The date, each
calendar year, as of which the Department calculates the Preliminary
Identification Metrics to determine if the member meets the Preliminary
Criteria for Identification is the ``Evaluation Date.'' \10\
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\7\ See SEC Order, 86 FR 42925, 42927.
\8\ See Rule 4111(b).
\9\ See Rule 4111(b); Rule 4111(i)(9) (definition of
``Preliminary Criteria for Identification'') and (i)(10) (definition
of ``Preliminary Identification Metrics'').
\10\ See Rule 4111(i)(5).
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For a member that meets the Preliminary Criteria for Identification
during the annual calculation, the Department will conduct an Initial
[[Page 35583]]
Department Evaluation.\11\ If the Department determines that the member
warrants further review, and such member has met the Preliminary
Criteria for the first time, the member will have a one-time staff-
reduction opportunity to no longer meet the Preliminary Criteria for
Identification.\12\ A member that still meets the Preliminary Criteria
for Identification after the staff-reduction opportunity, or that does
not have a one-time staff-reduction opportunity available, will proceed
to a Consultation.\13\
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\11\ See Rule 4111(c)(1).
\12\ See Rule 4111(c)(2).
\13\ See Rule 4111(c); 4111(d).
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After the Consultation, the Department will issue a Department
decision concerning the member.\14\ A Department decision will indicate
whether the member is designated as a Restricted Firm.\15\ For a member
that is designated as a Restricted Firm, the Department decision also
will state the obligations that are imposed on that member.\16\ These
obligations can include a ``Restricted Deposit Requirement,'' specified
conditions or restrictions on the operations and activities of the
member and its associated persons, or both.\17\ Rule 4111(e) includes
provisions concerning, in pertinent part, the Department's 30-day
deadline for rendering, and issuing notice of, its decision.\18\
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\14\ See Rule 4111(e).
\15\ See Rule 4111(e)(1).
\16\ See Rule 4111(e)(1)(B) and (C).
\17\ See Rule 4111(e)(1)(B) and (C); see also Rule 4111(d)(1);
Rule 4111(i)(15) (defining ``Restricted Deposit Requirement'').
\18\ See Rule 4111(e)(1) and (e)(2).
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To implement Rule 4111, FINRA created two new expedited
proceedings.\19\ Rule 9561(a) governs a new expedited proceeding that
allows a member to request a prompt review of the Department's
determinations. Rule 9561(b) governs a new expedited proceeding to
address a member's failure to comply with any requirements, conditions
or restrictions imposed on it pursuant to Rule 4111 and Rule 9561(a).
The procedures for the Rule 9561(b) expedited proceeding include, in
pertinent part, provisions concerning the notices that the Department
may issue to commence a Rule 9561(b) expedited proceeding and the
contents of those notices.\20\ Rule 9561(b) is expressly referenced in
Rule 4111(h), which concerns notices of a member's failures to comply
with a Restricted Deposit Requirement or conditions or restrictions
imposed pursuant to Rule 4111.
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\19\ See SEC Order, 86 FR 42925, 42926.
\20\ See Rule 9561(b)(1) and (3).
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Rules 4111 and 9561, and the amendments to Rule 9559, became
effective on January 1, 2022.\21\ The first Evaluation Date for Rule
4111 will be June 1, 2022.\22\
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\21\ See Regulatory Notice 21-34 (September 2021).
\22\ See Information Notice, February 1, 2022 (FINRA Announces
Rule 4111 (Restricted Firm Obligations) Evaluation Date). As FINRA
explained in that Information Notice, FINRA plans to actually
perform the annual calculation at least 30 days after the June 1,
2022 Evaluation Date, to account for the time between when relevant
disclosure events occurred and when firms must report those events
on the Uniform Registration Forms. See Rule 4111(i)(17) (defining
``Uniform Registration Forms'' for purposes of Rule 4111).
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FINRA is proposing technical, non-substantive changes to Rules 4111
and 9561, for clarity and consistency, and to avoid unintended
consequences of the 30-day deadline currently specified in Rule
4111(e). Specifically, FINRA is proposing amendments to: (1) Rule
4111(b), which concerns the annual calculation of the Preliminary
Criteria for Identification, to delete the reference to ``on a
calendar-year basis,'' as the Evaluation Date establishes the operative
time periods under the rule; (2) Rule 4111(e), to modify and clarify
when the 30-day time period commences for the Department to render, and
issue notice of, its decisions; (3) Rule 4111(h), to more closely align
its description of the notices issued pursuant to Rule 9561(b) with the
text of Rule 9561(b); (4) Rule 9561(b)(3), to modify the second
sentence to use the phrase ``suspension or cancellation of
membership,'' to be consistent with how the phrase ``suspension or
cancellation of membership'' is used throughout Rule 9561; and (5)
Rules 4111(f)(3), (i)(2), and (i)(15), to remove the capitalization
from the term ``Associated Person,'' to be consistent with how the term
is used throughout the FINRA Rulebook.
Proposed Amendments to Rule 4111(b)
Rule 4111(b) currently provides that, for each member, the
Department will compute ``annually (on a calendar-year basis) the
Preliminary Identification Metrics to determine if the member meets the
Preliminary Criteria for Identification.'' FINRA proposes to delete
from Rule 4111(b) the words ``on a calendar-year basis.''
What establishes the relevant time periods for the Rule 4111 annual
calculation is the Evaluation Date. The Evaluation Date is defined as
``the date, each calendar year, as of which the Department calculates
the Preliminary Identification Metrics to determine if the member meets
the Preliminary Criteria for Identification.'' \23\ The first
Evaluation Date under Rule 4111 will be June 1, 2022, and FINRA expects
that, in subsequent years, the Evaluation Dates also will be on June
1.\24\ Because the Evaluation Date establishes the operative time
periods for the Rule 4111 annual calculation, FINRA is proposing to
delete from Rule 4111(b) the words ``on a calendar-year basis.''
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\23\ See Rule 4111(i)(5). The Evaluation Date impacts numerous
aspects of the annual Rule 4111 calculation--including, among other
things, the dates of the ``Evaluation Period,'' the ``Preliminary
Identification Metrics,'' the number of ``Registered Persons In-
Scope,'' and the number of ``Registered Persons Associated with
Previously Expelled Firms''--and which firm-size ``Preliminary
Identification Metrics Thresholds'' apply. See Rule 4111(i)(6)
(defining the ``Evaluation Period''); 4111(i)(10) (defining
``Preliminary Identification Metrics''); 4111(i)(13) (defining
``Registered Persons In-Scope''); 4111(i)(4)(F) (defining
``Registered Persons Associated with Previously Expelled Firms'');
4111(i)(11) (defining the ``Preliminary Identification Metrics
Thresholds'').
\24\ See Information Notice, February 1, 2022 (FINRA Announces
Rule 4111 (Restricted Firm Obligations) Evaluation Date). FINRA also
has explained, both in Regulatory Notice 21-34 and Information
Notice, February 1, 2022, that FINRA will evaluate whether future
adjustments of the annual Evaluation Date are warranted and would
announce any changes in such date sufficiently in advance.
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Proposed Amendments to Rule 4111(e)
FINRA is proposing to make technical, non-substantive changes to
the provisions in Rule 4111(e) that concern the timing of the
Department decisions, to modify and clarify when the 30-day time period
commences for the Department to render, and issue notice of, its
decisions.
Currently, Rule 4111(e)(1) provides, in pertinent part, that
``[f]ollowing the Consultation, but no later than 30 days from the date
of the latest letter provided to the member under paragraph (d)(2) of
this Rule, the Department shall render a Department Decision . . . .''
Similarly, Rule 4111(e)(2) provides, in pertinent part, that ``[n]o
later than 30 days following the latest letter provided to the member
under paragraph (d)(2) of this Rule, the Department shall issue a
notice of the Department's decision pursuant to Rule 9561(a) . . . .''
The letters that FINRA can provide pursuant to Rule 4111(d)(2) include
ones that schedule the Consultation and ones that postpone the
commencement of the Consultation for good cause shown.\25\ Rule
4111(d)(2) requires that the Department provide the written
Consultation scheduling letter to the member firm ``at least seven days
prior to the Consultation.'' Rule 4111(d)(2) further provides that
``[p]ostponements shall not exceed 30 days unless the member
establishes the
[[Page 35584]]
reasons a longer postponement is necessary.''
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\25\ See Rule 4111(d)(2).
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FINRA's intent was to provide the Department with a reasonable
amount of time following the Consultation to evaluate the information
that a member provides during the Consultation and prepare its
decision. However, commencing the 30-day deadline period from the
``date of the latest letter to the member under [Rule 4111(d)(2)]''
could result in the Department having little to no time to prepare its
decision after the Consultation, especially when the Department sends a
written letter granting a postponement of a Consultation for good cause
shown. When a postponement is granted, the amount of time the
Department would have to prepare its decision would depend on how far
in advance of the postponed Consultation the Department sends the
letter granting the postponement request. In some cases, depending on
how long a postponement is granted, postponement letters could be
provided 30 days or more before a postponed Consultation, leaving the
Department with no time to prepare a decision following the postponed
Consultation or evaluate the information provided by the member during
the Consultation.\26\
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\26\ See Rule 4111(d)(2).
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Commencing the 30-day decision deadline period from the ``date of
the latest letter provided to the member under [Rule 4111(d)(2)]'' also
could have other unintended impacts on the Rule 4111 process. Rule
4111(d)(2) requires the Department to provide a written letter
scheduling the Consultation ``at least seven days prior to the
Consultation,'' but the ``latest letter'' provisions in Rule 4111(e)
could create a disincentive for the Department to provide more than
seven days' notice of the Consultation; each additional day of notice
provided would translate into one less day for the Department to
prepare its decision following the Consultation. Likewise, Rule
4111(d)(2) provides that postponements of Consultations ``shall not
exceed 30 days unless the member establishes the reasons a longer
postponement is necessary,'' but the ``latest letter'' provisions could
create a disincentive for the Department to grant postponements of a
length that would leave it with little or no time to prepare its
decisions.
FINRA is also seeking to provide clarity to members on when the 30-
day decision deadline period would begin, because the ``latest letter''
provisions may create potential ambiguity as to what communication
starts, or restarts, the 30-day clock. For example, there could be
occasions when the Department, after sending an initial letter
scheduling the Consultation, needs to send subsequent scheduling
letters that revise minor scheduling details (e.g., adjustments to the
day, starting time, or location of the Consultation; changes to audio
or video conferencing details). In such situations, it may not be clear
which scheduling letter would qualify as the ``latest'' letter from
which the 30-day decision deadline period commences.
For these reasons, FINRA is proposing to amend Rule 4111(e)(1) and
(e)(2) to require that the Department decision be rendered, and that
notice of that decision be issued, no later than 30 days from the
Consultation. This would ensure that the Department always has a
reasonable amount of time to evaluate the information provided by a
member during, and prepare its decisions after, the Consultation, and
clarify when the 30-day decision deadline period begins.
Proposed Amendments to Rule 4111(h)
FINRA also is proposing non-substantive, technical changes to Rule
4111(h), to more closely align its description of the notices issued
pursuant to Rule 9561(b) with the text of Rule 9561(b).
Currently, Rule 4111(h) provides that FINRA may issue a notice
``pursuant to Rule 9561(b)'' directing a member that is not in
compliance with the Restricted Deposit Requirement or the conditions or
restrictions imposed to ``suspend all or a portion of its business.''
The general description in Rule 4111(h) of the notices that may be
issued pursuant to Rule 9561(b), however, does not align with how Rule
9561(b) describes them. In this regard, the phrase ``suspension or
cancellation of membership'' (and, likewise, the phrase ``suspension or
cancellation'') is used throughout Rule 9561(b). For example, Rule
9561(b)(1) provides that if a member fails to comply with any Rule 4111
Requirements imposed,\27\ the Department, after receiving authorization
from FINRA's Chief Executive Officer or such other executive officer as
the Chief Executive Officer may designate, may issue a ``suspension or
cancellation'' notice to such member stating that the failure to comply
with the Rule 4111 Requirements within seven days of service of the
notice will result in a ``suspension or cancellation of membership.''
These phrases also are used in the title of Rule 9561(b)(1), as well as
in Rule 9561(b)(3), (4), and (6).\28\ In addition, Rule 4111(h) does
not currently describe how notices issued pursuant to Rule 9561(b)
shall state that the failure to comply within seven days of service of
the notice will result in a suspension or cancellation of
membership.\29\
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\27\ In Rule 9561, ``the Rule 4111 Requirements'' refer
collectively to the requirements, conditions or restrictions to
which a Restricted Firm is subject. See Rule 9561(a)(1).
\28\ See Rule 9561(b)(1) (titled ``Notice of Suspension or
Cancellation''), 9561(b)(3) (explaining that the notice shall
explain that a Hearing Officer ``may approve or withdraw the
suspension or cancellation of membership''), 9561(b)(4) (explaining
the effective date of a ``suspension or cancellation''), and
9561(b)(6) (explaining the effective date of a ``suspension or
cancellation'' when no hearing is timely requested); see also Rule
9559(n)(6) (``In any action brought under Rule 9561(b), the Hearing
Officer may approve or withdraw the suspension or cancellation of
membership . . . .'').
\29\ See Rule 9561(b)(1).
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Rule 4111(h) was intended to be entirely consistent with Rule
9561(b), as reflected by the fact that Rule 4111(h) expressly provides
that FINRA may issue a notice ``pursuant to Rule 9561(b).'' Thus, for
purposes of consistency and clarity, FINRA proposes to amend Rule
4111(h) to provide that, pursuant to the procedure set forth in Rule
9561(b), FINRA may issue a suspension or cancellation notice to a
member that is not in compliance with a Restricted Deposit Requirement
or conditions or restrictions imposed by Rule 4111, stating that the
failure to comply within seven days of service of the notice will
result in a suspension or cancellation of membership.
Proposed Amendments to Rule 9561(b)(3)
FINRA also is proposing technical amendments to modify the second
sentence of Rule 9561(b)(3) to use the phrase ``suspension or
cancellation of membership,'' to be consistent with how the phrase
``suspension or cancellation of membership'' is used throughout Rule
9561.
Rule 9561(b)(3) governs the contents of a Rule 9561(b)(1) notice of
suspension or cancellation of membership. Currently, the second
sentence of Rule 9561(b)(3) provides, in pertinent part, that ``[t]he
notice shall state when the suspension will take effect and explain
what the respondent must do to avoid such suspension.'' This use of the
word ``suspension'' is inconsistent with how the phrase ``suspension or
cancellation'' (and, similarly, ``suspension or cancellation of
membership'') is used throughout Rule 9561(b), including in a later
sentence in
[[Page 35585]]
Rule 9561(b)(3).\30\ Accordingly, for consistency and clarity, FINRA
proposes to modify the second sentence of Rule 9561(b)(3) to use the
phrase ``suspension or cancellation of membership.''
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\30\ See Rule 9561(b)(1), (3), (4) and (6); see also Rule
9559(n)(6).
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Other Technical, Non-Substantive Changes
FINRA also proposes to amend various provisions in Rule 4111 to
remove the capitalization of the term ``Associated Persons.'' \31\ This
would be consistent with how, throughout the FINRA Rulebook, the term
``associated person'' is generally not capitalized.\32\
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\31\ The capitalized term ``Associated Persons'' is in Rule
4111(f)(3) (concerning requests by Previously Designated Restricted
Firms for withdrawals from a Restricted Deposit Requirement), (i)(2)
(defining ``Covered Pending Arbitration Claim''), and (i)(15)
(defining ``Restricted Deposit Requirement'').
\32\ The definition of ``Covered Pending Arbitration Claim'' in
Rule 4111(i)(2) was modeled on the definition of the same term in
Rule 1011(c), which is in the Rule 1000 Series (Member Application
and Associated Person Registration). See Securities Exchange Act
Release No. 90527 (November 27, 2020), 85 FR 78540, 78541-42 n.10
(December 4, 2020) (Notice of Filing of SR-FINRA-2020-041). In Rule
1011(c), as well as in some other provisions in the Rule 1000
Series, the term ``Associated Person'' is capitalized. The Rule 1000
Series, however, has a specific definition of the term ``Associated
Person'' that applies specifically to the Rule 1000 Series. See Rule
1011(b).
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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 after the
date of the filing, so FINRA can implement the proposed rule change
immediately.\33\
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\33\ FINRA notes that the proposed rule change would impact all
members, including members that have elected to be treated as
capital acquisition brokers (``CABs''), given that the CAB rule set
incorporates the impacted FINRA rules by reference. The proposed
rule change would not impact, however, member firms that are funding
portals, because the Funding Portal rule set neither incorporates
the impacted FINRA rules by reference nor contains parallel rule
provisions. See Funding Portal Rule 900(a) (excepting FINRA Rule
9561 from the application of the FINRA Rule 9000 Series to funding
portals).
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2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\34\ 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 general, to protect investors and the
public interest. The proposed rule change will make non-substantive,
technical amendments that FINRA believes will provide greater clarity
and consistency to its rules.
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\34\ 15 U.S.C. 78o-3(b)(6).
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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 brings
clarity and consistency to FINRA rules without adding any burden on
firms.
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
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 \35\ and Rule 19b-
4(f)(6) thereunder.\36\
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\35\ 15 U.S.C. 78s(b)(3)(A).
\36\ 17 CFR 240.19b-4(f)(6).
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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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#1062657c753d737f7d7d757e6463506375733e777f66"><span class="__cf_email__" data-cfemail="d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7">[email protected]</span></a>. Please include
File Number SR-FINRA-2022-014 on the subject line.
Paper Comments
<bullet> 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-2022-014. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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-2022-014 and should be submitted
on or before July 1, 2022.
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\37\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12483 Filed 6-9-22; 8:45 am]
BILLING CODE 8011-01-P
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