81250 Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 

20 Id. 

21 15 U.S.C. 78o–4(b)(2)(C). 

22 Id. 23 15 U.S.C. 78c(f). 

24 15 U.S.C. 78s(b)(2). 

25 17 CFR 200.30–3(a)(12). 

1 15 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. 

5As discussed below, SR–FINRA–2020–015 and 

SR–FINRA–2020–027 respectively provide 

temporary relief from some timing, method of 

service and other procedural requirements in 

FINRA rules and allow FINRA’s Office of Hearing 

appropriate and necessary to provide 

guidance to filers clarifying the need to 

manually input information relating to 

the Amended Data Fields, when 

applicable, on Amended Form G–32.20

III. Discussion and Commission 

Findings 

The Commission has carefully 

considered the proposed rule change. 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to the MSRB. 

In particular, the proposed rule 

change is consistent with Section 

15B(b)(2)(C) of the Act.21 Section 

15B(b)(2)(C) of the Act states that the 

MSRB’s rules shall be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in municipal securities and municipal 

financial products, to remove 

impediments to and perfect the 

mechanism of a free and open market in 

municipal securities and municipal 

financial products, and, in general, to 

protect investors, municipal entities, 

obligated persons, and the public 

interest.22 The Commission believes the 

proposed rule change is consistent with 

Section 15B(b)(2)(C) and necessary and 

appropriate to ensure the MSRB 

receives accurate and complete primary 

offering information in a timely manner. 

Further, the Commission notes that the 

clarification that underwriters are 

obligated to manually complete the 

three Amended Manual Fields on 

Amended Form G–32 applies to all 

applicable filers and ensures the 

accurate and timely completion of 

Amended Form G–32. 

The Commission believes the 

proposed rule change would promote 

just and equitable principles of trade by 

resolving potential regulatory 

ambiguities and making clear that, when 

the filing of Amended Form G–32 is 

required in connection with a primary 

offering, an underwriter is effectively 

required to ensure that all applicable 

fields are complete and accurate, which 

may require manually completing these 

three fields on Amended Form G–32. 

The clarifications made by the proposed 

rule change would assist any dealer who 

acts, or may act, as an underwriter of a 

primary offering of municipal securities 

in completing Form G–32 accurately. 

The Commission also believes the 

proposed rule change would foster 

cooperation and coordination with 

persons engaged in regulating and 

processing information with respect to 

transactions in municipal securities and 

municipal financial products. The 

Commission believes that the benefits of 

the proposed rule change will not only 

accrue to dealer firms, but also to 

regulated-entity examiners, other 

regulators, and data vendors by 

mitigating potential ambiguity and 

confusion. Just as it would be beneficial 

to dealer firms to have a uniform 

clarified understanding of the regulatory 

obligations associated with Amended 

Form G–32, the proposed rule change 

would similarly benefit these other 

market participants by ensuring that the 

data submitted on Amended Form G–32 

is complete and accurate regardless of 

whether the dealer directly interfaces 

with NIIDS or utilizes the interface of a 

third-party vendor. 

In approving the proposed rule 

change, the Commission also has 

considered the impact of the proposed 

rule change on efficiency, competition, 

and capital formation.23 The 

Commission 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. The Commission 

understands the clarification will apply 

equally to all applicable underwriters 

without imposing an additional burden 

within the filing process. Moreover, 

since the proposed rule change is 

intended to increase regulatory 

transparency regarding the obligation of 

underwriters to manually complete the 

Amended Manual Fields, the 

Commission believes the proposed 

change should increase the efficiency of 

underwriters fulfilling their obligations 

under Rule G–32, as underwriters 

would be on notice of the lack of autopopulation for these three fields on 

Amended Form G–32 and, thereby, may 

avoid certain costs associated with 

resolving a potentially ambiguous 

regulatory obligation. The Commission 

believes the proposed rule change will 

help market participants avoid the 

potential for regulatory 

misinterpretation and confusion, which 

promotes a fairer and more efficient 

municipal securities market. 

For the reasons noted above, the 

Commission believes that the proposed 

rule change is consistent with the Act. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,24 that the 

proposed rule change (SR–MSRB–2020– 

08) be, and hereby is, approved. 

For the Commission, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27482 Filed 12–14–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90619; File No. SR–FINRA– 

2020–042] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Expiration 

Date of the Temporary Amendments 

Set Forth in SR–FINRA–2020–015 and 

SR–FINRA–2020–027 

December 9, 2020. 

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 December 

1, 2020, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

substantially by FINRA. FINRA filed the 

proposed rule change as a ‘‘noncontroversial’’ 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 

FINRA is proposing to extend the 

expiration date of the temporary 

amendments set forth in SR–FINRA– 

2020–015 and SR–FINRA–2020–027 

from December 31, 2020, to April 30, 

2021.5 Given that both SR–FINRA– 

Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 81251 

Officers (‘‘OHO’’) and the National Adjudicatory 

Council (‘‘NAC’’) to conduct hearings, on a 

temporary basis, by video conference, if warranted 

by the current COVID–19-related public health risks 

posed by an in-person hearing. For further 

information on SR–FINRA–2020–015 and SR– 

FINRA–2020–027, in addition to what is provided 

herein, visit FINRA’s website at https://

www.finra.org/rules-guidance/rule-filings/sr-finra2020-015 and https://www.finra.org/rules-guidance/ 

rule-filings/sr-finra-2020-027, respectively. 

6 If FINRA requires temporary relief from the rule 

requirements identified in SR–FINRA–2020–015 

and SR–FINRA–2020–027 beyond April 30, 2021, 

FINRA may submit a separate rule filing to extend 

the expiration date of the temporary amendments 

that are the subject of those filings. The amended 

FINRA rules will revert back to their original form 

at the conclusion of the temporary relief period and 

any extension thereof. 

7The following FINRA rules are the subject of the 

May 8 Filing: 1012, 1015, 6490, 9132, 9133, 9146, 

9321, 9341, 9349, 9351, 9522, 9524, 9525, 9559 and 

9630. 

8See Securities Exchange Act Release No. 88917 

(May 20, 2020), 85 FR 31832 (May 27, 2020) (Notice 

of Filing and Immediate Effectiveness of File No. 

SR–FINRA–2020–015). 

9On June 10, 2020, FINRA filed SR–FINRA– 

2020–017 to extend the expiration date of the 

temporary amendments set forth in the May 8 Filing 

from June 15, 2020, to July 31, 2020 (the ‘‘June 10 

Filing’’). The Commission published its notice of 

filing and immediate effectiveness for the June 10 

Filing on June 12, 2020. See Securities Exchange 

Act Release No. 89055 (June 12, 2020), 85 FR 36928 

(June 18, 2020) (Notice of Filing and Immediate 

Effectiveness of File No. SR–FINRA–2020–017). 

10The Commission published its notice of filing 

and immediate effectiveness for the July 27 Filing 

on July 29, 2020. See Securities Exchange Act 

Release No. 89423 (July 29, 2020), 85 FR 47278 

(August 4, 2020) (Notice of Filing and Immediate 

Effectiveness of File No. SR–FINRA–2020–022). 

2020–015 and SR–FINRA–2020–027 

provide temporary relief necessitated by 

the COVID–19 global health crisis and 

the related need to restrict in-person 

activities, and the COVID–19 conditions 

warranting this temporary relief persist, 

FINRA is filing this proposed rule 

change to extend and to continue to 

align the expiration dates of both 

filings.6

The text of the proposed rule change 

is available on FINRA’s website at 

http://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 

In response to the COVID–19 global 

health crisis and the corresponding 

need to restrict in-person activities, 

FINRA filed proposed rule changes, SR– 

FINRA–2020–015 and SR–FINRA– 

2020–027, which respectively provide 

temporary relief from some timing, 

method of service and other procedural 

requirements in FINRA rules and allow 

FINRA’s OHO and the NAC to conduct 

hearings, on a temporary basis, by video 

conference, if warranted by the current 

COVID–19-related public health risks 

posed by an in-person hearing. The 

COVID–19 conditions necessitating 

these temporary amendments persist, 

with cases rapidly escalating 

nationwide. Based on its assessment of 

current COVID–19 conditions, and the 

lack of certainty as to when COVID–19- 

related health concerns will subside, 

FINRA has determined that there is a 

continued need for this temporary relief 

for several months beyond December 31, 

2020. Accordingly, FINRA proposes to 

extend the expiration date of the 

temporary rule amendments set forth in 

SR–FINRA–2020–015 and SR–FINRA– 

2020–027 from December 31, 2020, to 

April 30, 2021. 

i. SR–FINRA–2020–015 

On May 8, 2020, FINRA filed with the 

Commission a proposed rule change for 

immediate effectiveness, SR–FINRA– 

2020–015, to temporarily amend some 

timing, method of service and other 

procedural requirements in FINRA rules 

during the period in which FINRA’s 

operations are impacted by the outbreak 

of COVID–19 (the ‘‘May 8 Filing’’).7 The 

Commission published its notice of 

filing and immediate effectiveness for 

the May 8 Filing on May 20, 2020.8 The 

temporary amendments, as originally 

proposed in the May 8 Filing, would 

have expired on June 15, 2020, absent 

another proposed rule change filing by 

FINRA. FINRA subsequently filed two 

proposed rule changes to extend the 

expiration date of the temporary 

amendments set forth in the May 8 

Filing.9 The most recent proposed rule 

change, SR–FINRA–2020–022, filed on 

July 27, 2020, extended the expiration 

date of the temporary amendments in 

the May 8 Filing from July 31, 2020, to 

a date to be specified in a public notice 

issued by FINRA, which date will be at 

least two weeks from the date of the 

notice, and no later than December 31, 

2020 (the ‘‘July 27 Filing’’).10

As stated in its previous filings, 

FINRA proposed, and subsequently 

extended, the temporary amendments 

set forth in the May 8 Filing to address 

the substantial impacts of the COVID–19 

outbreak on FINRA’s operations. Among 

other things, the need for FINRA staff, 

with limited exceptions, to work 

remotely and restrict in-person 

activities—consistent with the 

recommendations of public health 

officials—made it challenging to meet 

some procedural requirements and 

perform some functions required under 

FINRA rules. The temporary 

amendments in the May 8 Filing 

addressed these concerns by easing 

logistical and other issues and providing 

FINRA with needed flexibility for its 

operations during the COVID–19 

outbreak, allowing FINRA to continue 

critical adjudicatory and review 

processes in a reasonable and fair 

manner and meet its critical investor 

protection goals, while also following 

best practices with respect to the health 

and safety of its staff. 

As noted above, the COVID–19 

conditions necessitating the temporary 

amendments in the May 8 Filing—and 

the extensions of that relief provided for 

in FINRA’s subsequent filings—persist. 

FINRA continues to face the same 

logistical and other challenges 

stemming from the COVID–19-related 

public health risks for in-person 

activities and the continued need for 

FINRA staff, with few exceptions, to 

work remotely to protect their health 

and safety. Working remotely makes it 

difficult to, among other things, send 

and receive hard copy documents and 

conduct in-person oral arguments. 

As indicated in its previous filings, 

FINRA has established a COVID–19 task 

force to develop a data-driven, staged 

plan for FINRA staff to safely return to 

working in FINRA office locations and 

resume other in-person activities. Based 

on its assessment of current COVID–19 

conditions, including the recent 

nationwide surge of COVID–19 cases, 

FINRA does not believe the COVID–19- 

related health concerns necessitating 

this relief will subside by December 31, 

2020, and has determined that there will 

be a continued need for this temporary 

relief for several months beyond 

December 31, 2020. Accordingly, FINRA 

proposes to extend the expiration date 

of the temporary rule amendments in 

the May 8 Filing from December 31, 

2020, to April 30, 2021. 

ii. SR–FINRA–2020–027 

On August 31, 2020, FINRA filed with 

the Commission a proposed rule change 

for immediate effectiveness, SR– 

FINRA–2020–027, to temporarily amend 

81252 Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 

11For OHO hearings under FINRA Rules 9261 

and 9830, the proposed rule change temporarily 

grants authority to the Chief or Deputy Chief 

Hearing Officer to order that a hearing be conducted 

by video conference. For NAC hearings under 

FINRA Rules 1015 and 9524, this temporary 

authority is granted to the NAC or the relevant 

Subcommittee. 

12The temporary amendments set forth in the 

August 31 Filing were subject to a 30-day operative 

delay and, accordingly, became operative on 

October 1, 2020. 

13See Securities Exchange Act Release No. 89739 

(September 2, 2020), 85 FR 55712 (September 9, 

2020) (Notice of Filing and Immediate Effectiveness 

of File No. SR–FINRA–2020–027). 

14As noted in the August 31 Filing, the temporary 

proposed rule change grants discretion to OHO and 

the NAC to order a video conference hearing. In 

deciding whether to schedule a hearing by video 

conference, OHO and the NAC may consider a 

variety of other factors in addition to COVID–19 

trends. In the August 31 Filing, FINRA provided a 

non-exhaustive list of other factors OHO and the 

NAC may take into consideration, including a 

hearing participant’s individual health concerns 

and access to the connectivity and technology 

necessary to participate in a video conference 

hearing. 

15 15 U.S.C. 78o-3(b)(6). 

16 15 U.S.C. 78o-3(b)(8). 

FINRA Rules 1015, 9261, 9524 and 9830 

to grant OHO and the NAC authority 11

to conduct hearings in connection with 

appeals of Membership Application 

Program decisions, disciplinary actions, 

eligibility proceedings and temporary 

and permanent cease and desist orders 

by video conference, if warranted by the 

current COVID–19-related public health 

risks posed by an in-person hearing (the 

‘‘August 31 Filing’’).12 The Commission 

published its notice of filing and 

immediate effectiveness for the August 

31 Filing on September 2, 2020.13 The 

temporary amendments, as originally 

proposed in the August 31 Filing, will 

expire on December 31, 2020, absent 

another proposed rule change filing by 

FINRA. 

FINRA proposed the temporary 

amendments allowing for specified 

OHO and NAC hearings to be conducted 

by video conference in response to the 

COVID–19-related public health risks 

posed in connection with conducting 

traditional, in-person hearings and the 

corresponding backlog of cases resulting 

from FINRA’s postponement of inperson hearings starting on March 16, 

2020. As set forth in the August 31 

Filing, FINRA relies on the guidance of 

its health and safety consultant, in 

conjunction with COVID–19 data and 

guidance issued by public health 

authorities, to determine whether the 

current public health risks presented by 

an in-person hearing may warrant a 

hearing by video conference.14 As noted 

above, the COVID–19-related public 

health risks necessitating this temporary 

relief have not yet abated, with COVID– 

19 cases surging nationwide. 

Based on its assessment of current 

COVID–19 conditions, including the 

recent escalation in COVID–19 cases 

nationwide, FINRA does not believe the 

COVID–19-related health concerns 

necessitating this relief will subside by 

December 31, 2020, and has determined 

that there will be a continued need for 

this temporary relief for several months 

beyond December 31, 2020. 

Accordingly, FINRA proposes to extend 

the expiration date of the temporary rule 

amendments in the August 31 Filing 

from December 31, 2020, to April 30, 

2021. The extension of these temporary 

amendments allowing for specified 

OHO and NAC hearings to proceed by 

video conference will allow FINRA’s 

critical adjudicatory functions to 

continue to operate effectively in these 

extraordinary circumstances—enabling 

FINRA to fulfill its statutory obligations 

to protect investors and maintain fair 

and orderly markets—while also 

protecting the health and safety of 

hearing participants. 

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. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,15 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. FINRA believes that the 

proposed rule change is also consistent 

with Section 15A(b)(8) of the Act,16

which requires, among other things, that 

FINRA rules provide a fair procedure for 

the disciplining of members and 

persons associated with members. 

The proposed rule change, which 

extends the expiration date of the 

temporary amendments to FINRA rules 

set forth in the May 8 Filing, will 

continue to provide FINRA, and in some 

cases another party to a proceeding, 

temporary modifications to its 

procedural requirements in order to 

allow FINRA to maintain fair processes 

and protect investors while operating in 

a remote work environment and with 

corresponding restrictions on its 

activities. It is in the public interest, and 

consistent with the Act’s purpose, for 

FINRA to operate pursuant to this 

temporary relief. The temporary 

amendments allow FINRA to specify 

filing and service methods, extend 

certain time periods, and modify the 

format of oral argument for FINRA 

disciplinary and eligibility proceedings 

and other review processes in order to 

cope with the current pandemic 

conditions. In addition, extending this 

temporary relief will further support 

FINRA’s disciplinary and eligibility 

proceedings and other review processes 

that serve a critical role in providing 

investor protection and maintaining fair 

and orderly markets. 

The proposed rule change, which also 

extends the expiration date of the 

temporary amendments to FINRA rules 

set forth in the August 31 Filing, will 

continue to aid FINRA’s efforts to timely 

conduct hearings in connection with its 

core adjudicatory functions. Given 

current COVID–19 conditions and the 

uncertainty around when those 

conditions will improve, without this 

relief allowing OHO and NAC hearings 

to proceed by video conference, FINRA 

would be required to postpone such 

hearings indefinitely. FINRA must be 

able to perform its critical adjudicatory 

functions in order to fulfill its statutory 

obligations to protect investors and 

maintain fair and orderly markets. As 

such, this relief is essential to FINRA’s 

ability to fulfill its statutory obligations 

and allows hearing participants to avoid 

the serious COVID–19-related health 

and safety risks associated with inperson hearings. 

Among other things, this relief will 

allow OHO to conduct temporary cease 

and desist proceedings by video 

conference so that FINRA can take 

immediate action to stop ongoing 

customer harm and will allow the NAC 

to timely provide members, disqualified 

individuals and other applicants an 

approval or denial of their applications. 

As set forth in detail in the August 31 

Filing, this temporary relief allowing 

OHO and NAC hearings to proceed by 

video conference accounts for fair 

process considerations and will 

continue to provide fair process while 

avoiding the COVID–19-related public 

health risks for hearing participants. 

Accordingly, the proposed rule change 

extending this temporary relief is in the 

public interest and consistent with the 

Act’s purpose. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

temporary proposed rule change will 

result in any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As set forth in the May 8 Filing and 

August 31 Filing, the proposed rule 

Federal Register / Vol. 85, No. 241 / Tuesday, December 15, 2020 / Notices 81253 

17For the comment file for SR–FINRA–2020–027, 

see https://www.sec.gov/comments/sr-finra-2020- 

027/srfinra2020027.htm. 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. FINRA has 

satisfied this requirement. 

20See May 8 Filing, 85 FR at 31836. See also July 

27 Filing, 85 FR at 47280 (requesting a waiver of 

the 30-day operative delay). FINRA did not request 

that the Commission waive the 30-day operative 

delay for its August 31 Filing. 

21See May 8 Filing, 85 FR at 31833. 

22As noted above, see supra note 6, FINRA states 

that if it requires temporary relief from the rule 

requirements identified in this proposal beyond 

April 30, 2021, it may submit a separate rule filing 

to extend the effectiveness of the temporary relief 

under these rules. 

23See May 8 Filing, 85 FR at 31833. 

24For 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). 25 17 CFR 200.30–3(a)(12). 

change is intended solely to extend 

temporary relief necessitated by the 

continued impacts of the COVID–19 

outbreak and the related health and 

safety risks of conducting in-person 

activities. FINRA believes that the 

proposed rule change will prevent 

unnecessary impediments to FINRA’s 

operations, including its critical 

adjudicatory processes, and its ability to 

fulfill its statutory obligations to protect 

investors and maintain fair and orderly 

markets that would otherwise result if 

the temporary amendments were to 

expire on December 31, 2020. 

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 for this proposed 

rule change.17

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 18 and Rule 19b– 

4(f)(6) thereunder.19

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii), the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. As 

FINRA requested in connection with its 

May 8 Filing and related extensions,20

FINRA has also asked the Commission 

to waive the 30-day operative delay so 

that this proposed rule change may 

become operative immediately upon 

filing. FINRA has reiterated that the 

requested relief in this proposed rule 

change will help minimize the impact of 

the COVID–19 outbreak on FINRA’s 

operations, allowing FINRA to continue 

critical adjudicatory and review 

processes in a reasonable and fair 

manner and meet its critical investor 

protection goals, while also following 

best practices with respect to the health 

and safety of its employees.21 We also 

note that this proposal, like FINRA’s 

May 8 Filing and its August 31 Filing, 

provides only temporary relief during 

the period in which FINRA’s operations 

are impacted by COVID–19. As 

proposed, the changes would be in 

place through April 30, 2021.22 FINRA 

also noted in both its May 8 Filing and 

August 31 Filing that the amended rules 

will revert back to their original state at 

the conclusion of the temporary relief 

period and, if applicable, any extension 

thereof.23 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.24

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

FINRA–2020–042 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–2020–042. 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 (http://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, on business days 

between the hours of 10:00 a.m. and 

3:00 p.m., located at 100 F Street NE, 

Washington, DC 20549. 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– 

2020–042 and should be submitted on 

or before January 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27487 Filed 12–14–20; 8:45 am] 

BILLING CODE 8011–01–P