Notice2024-16224
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting) To Reduce the 15-Minute TRACE Reporting Timeframe to One Minute
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
July 24, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 142 (Wednesday, July 24, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 142 (Wednesday, July 24, 2024)]
[Notices]
[Pages 59948-59949]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-16224]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100555; File No. SR-FINRA-2024-004]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting)
To Reduce the 15-Minute TRACE Reporting Timeframe to One Minute
July 18, 2024.
On January 11, 2024, the Financial Industry Regulatory Authority,
Inc. (``FINRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend FINRA Rule 6730 to reduce the 15-minute
reporting timeframe for transactions reported to FINRA's Trade
Reporting and Compliance Engine (``TRACE'') system to one minute, with
exceptions for FINRA member firms with de minimis reporting activity
and for manual trades. The proposed rule change was published for
comment in the Federal Register on January 25, 2024.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 99825 (March 21,
2024), 89 FR 22294. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-finra-2024-004/srfinra2024004.htm">https://www.sec.gov/comments/sr-finra-2024-004/srfinra2024004.htm</a>.
---------------------------------------------------------------------------
On February 29, 2024, pursuant to Section 19(b)(2) of the Act,\4\
the Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ On April 22, 2024, the Commission instituted proceedings
under Section 19(b)(2)(B) of the Act \6\ to determine whether to
approve or disapprove the proposed rule change.\7\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 99640 (Feb. 29,
2024), 89 FR 16042 (March 6, 2024). The Commission designated April
24, 2024, as the date by which the Commission shall approve or
disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 100006 (Apr. 22,
2024), 89 FR 32475 (Apr. 26, 2024).
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \8\ provides that, after initiating
proceedings, the
[[Page 59949]]
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 the
reasons for such determination. The proposed rule change was published
for comment in the Federal Register on January 25, 2024.\9\ The 180th
day after publication of the notice for this proposed rule change is
July 23, 2024. The Commission is extending the time period for
approving or disapproving the proposed rule change for an additional 60
days.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
\9\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------
The Commission finds that it is 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 Act,\10\ designates
September 20, 2024, as the date by which the Commission shall either
approve or disapprove the proposed rule change (File No. SR-FINRA-2024-
004).
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-16224 Filed 7-23-24; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on July 24, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.