Notice2024-00631
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Provide Relief Relating to Specified Option Transactions Under FINRA Rule 4210 (Margin Requirements)
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
January 16, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 10 (Tuesday, January 16, 2024)</title>
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[Federal Register Volume 89, Number 10 (Tuesday, January 16, 2024)]
[Notices]
[Page 2659]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00631]
[[Page 2659]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99304; File No. SR-FINRA-2023-010]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of a Longer Period for
Commission Action on Proceedings To Determine Whether To Approve or
Disapprove a Proposed Rule Change To Provide Relief Relating to
Specified Option Transactions Under FINRA Rule 4210 (Margin
Requirements)
January 9, 2024.
On June 30, 2023, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission''), pursuant to Section 19(b)(1) of the Securities and
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend FINRA Rule 4210 (Margin
Requirements) to provide margin relief for specified index option
transactions, known as ``protected options,'' and to make other minor
conforming revisions with regard to the margin relief. The proposed
rule change was published for comment in the Federal Register on July
19, 2023.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Exchange Act Release No. 97898 (Jul. 13, 2023), 88 FR
46204.
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On August 31, 2023, FINRA extended the time period in which the
Commission must approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
approve or disapprove the proposed rule change to October 17, 2023.\4\
On September 28, 2023, the Commission instituted proceedings to
determine whether to approve or disapprove the proposed rule change.\5\
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\4\ See Letter from Adam Arkel, Associate General Counsel,
FINRA, to Sheila Swartz, Division of Trading and Markets, Commission
(Aug. 31, 2023).
\5\ See Exchange Act Release No. 34-98628 (Sep. 28, 2023), 88 FR
68855 (Oct. 4, 2023). All comments received on the proposed rule
change are available at <a href="https://www.sec.gov/comments/sr-finra-2023-010/srfinra2023010.htm">https://www.sec.gov/comments/sr-finra-2023-010/srfinra2023010.htm</a>.
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Section 19(b)(2) of the Exchange Act \6\ provides that, after
initiating proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes reasons for such determination. The proposed
rule change was published for notice and comment in the Federal
Register on July 19, 2023.\7\ The 180th day after publication of the
proposed rule change is January 15, 2024. The Commission is extending
the time period for approving or disapproving the proposed rule change
for an additional 60 days.
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\6\ 15 U.S.C. 78s(b)(2).
\7\ See supra note 3 and accompanying text.
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change and the issues raised therein. Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Exchange Act,\8\ designates March
15, 2024, as the date by which the Commission shall either approve or
disapprove the proposed rule change (File No. SR-FINRA-2023-010).
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\8\ 15 U.S.C. 78s(b)(2).
\9\ 17 CFR 200.30-3(a)(57).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-00631 Filed 1-12-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on January 16, 2024.
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