Federal Register / Vol. 76, No. 153 / Tuesday, August 9, 2011 / Notices 48939 

10FINRA explained, however, that purchases and 

sales of the securities that are to be transferred for 

the purpose of creating or redeeming instruments 

such as ADRs and ETFs and subsequent purchases 

and sales of the instruments in the secondary 

market are OTC transactions and must be reported 

to FINRA in accordance with the trade reporting 

rules. FINRA also noted that purchases and sales of 

the underlying securities in order to track the 

performance of an instrument such as an ADR or 

ETF, without actually creating the instrument, are 

trade reportable and that such transactions are 

subject to regulatory transaction fees under Section 

3 and the TAF. 

11 15 U.S.C. 78o–3(b)(6). 

12 In approving this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

13 15 U.S.C. 78s(b)(2). 

14 17 CFR 200.30–3(a)(12). 

exclude from the trade reporting 

requirements any transfer of equity 

securities for the sole purpose of 

creating or redeeming an instrument 

that evidences ownership of or 

otherwise tracks the underlying 

securities transferred. FINRA explained 

that such transfers are not considered 

transactions for purposes of the trade 

reporting rules and thus are not 

reportable events.10 FINRA represented 

that the proposed rule change codifies 

current guidance and practice in this 

area. The Commission believes that this 

codification of current practice will help 

reduce confusion with regard to what is 

required to be reported under FINRA’s 

trade reporting requirements and thus 

reduce reporting errors. 

FINRA stated that the proposed rule 

change will be effective 90 days 

following the date of Commission 

approval. 

III. Commission’s Findings 

After carefully considering the 

proposed rule change, the Commission 

finds that it is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities association. In 

particular, the Commission finds that 

the proposal is consistent with Section 

15A(b)(6) of the Act,11 which requires, 

among other things, that FINRA rules 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.12

The Commission believes that the 

proposal is reasonably designed to 

clarify the interpretation and 

application of the current exception 

from the trade reporting requirements 

for transactions that are part of a 

distribution. The Commission believes 

that the proposal will: (1) Enhance 

market transparency by helping to 

ensure that transactions that are not part 

of an ‘‘unregistered secondary 

distribution,’’ such as large block trades, 

are properly reported; and (2) clarify 

members’ obligations with respect to the 

reporting of transfers of equity securities 

to create or redeem instruments such as 

ADRs and ETFs under FINRA trade 

reporting rules. 

In addition, FINRA will receive 

information regarding transactions that 

are part of an unregistered secondary 

distribution which will enhance 

FINRA’s ability to monitor compliance 

with the securities laws and rules. 

IV. Conclusion 

It Is Therefore Ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule change (SR–FINRA– 

2011–027), be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20171 Filed 8–8–11; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #12704 and #12705] 

Tennessee Disaster Number TN–00058 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Tennessee (FEMA–4005– 

DR), dated 07/20/2011. 

Incident: Severe Storms, Straight-line 

Winds, Tornadoes, and Flooding. 

Incident Period: 06/18/2011 through 

06/24/2011. 

Effective Date: 08/01/2011. 

Physical Loan Application Deadline 

Date: 09/19/2011. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 04/20/2012. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Tennessee, 

dated 07/20/2011, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Anderson. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2011–20079 Filed 8–8–11; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice 7544] 

Announcement of Meeting of the 

International Telecommunication 

Advisory Committee 

SUMMARY: This notice announces a 

meeting of the International 

Telecommunication Advisory 

Subcommittees (ITAC) on August 22, 

2011, 10 a.m.–noon EDT, at the 

Department of State, 2201 C Street, NW., 

Washington, DC 20520, to seek advice 

from the telecommunications industry 

on: (a) The consultation of International 

Telecommunication Union, 

Telecommunication Standardization 

Sector Study Group 15, on whether draft 

Recommendation G.tp-oam (Operations, 

Administration and Maintenance 

mechanism for MPLS–TP in Packet 

Transport Network (PTN)) should be 

approved as a policy-level document; 

and (b) what policy position the United 

States should take at the December 2011 

Study Group 15 meeting on this issue. 

This meeting is open to the public as 

seating capacity allows. The public will 

have an opportunity to provide 

comments at this meeting. People 

desiring further information on this 

meeting or wishing to request 

reasonable accommodation may contact 

the Secretariat at minardje@state.gov. 

Dated: August 3, 2011. 

Marian R. Gordon, 

International Communications & Information 

Policy, U.S. Department of State . 

[FR Doc. 2011–20179 Filed 8–8–11; 8:45 am] 

BILLING CODE 4710–07–P 


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