16262 Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4 If FINRA seeks to provide additional temporary 

relief from the rule requirements identified in this 

proposed rule change beyond July 31, 2022, FINRA 

will submit a separate rule filing to further extend 

the temporary extension of time. The amended 

FINRA rules will revert to their original form at the 

conclusion of the temporary relief period and any 

extension thereof. 

5See Securities Exchange Act Release No. 93758 

(December 13, 2021), 86 FR 71695 (December 17, 

2021) (Notice of Filing and Immediate Effectiveness 

of File No. SR–FINRA–2021–031). 

6For example, on February 18, 2022, President 

Joe Biden continued the national emergency 

concerning COVID–19 beyond March 1, 2022, 

because COVID–19 ‘‘continues to cause significant 

risk to the public health and safety’’ of the United 

States. See Continuation of the National Emergency 

Concerning the Coronavirus Disease 2019 (COVID– 

19) Pandemic, 87 FR 10289 (February 23, 2022). 

7For instance, the Centers for Disease Control and 

Prevention (‘‘CDC’’) recommends that people wear 

a mask in public indoor settings in areas with a 

high COVID–19 community level regardless of 

vaccination status or individual risk. See https://

www.cdc.gov/coronavirus/2019-ncov/preventgetting-sick/about-face-coverings.html. 

Furthermore, numerous states currently have 

COVID–19 restrictions in place. Hawaii requires 

most people to wear masks in indoor public places 

regardless of vaccination status and several other 

states have mask mandates in certain settings, such 

as healthcare and correctional facilities. 

8As a further basis for extending the expiration 

date to July 31, 2022, FINRA notes that its Board 

has approved the submission of a rule proposal to 

the Commission to make permanent the temporary 

service and filing rules originally set forth in SR– 

FINRA–2020–015. See https://www.finra.org/about/ 

governance/finra-board-governors/meetings/ 

update-finra-board-governors-meeting-december2021. FINRA contemplates filing the rule proposal 

with the Commission in the near future and the 

extension of the temporary rule amendments would 

help to avoid the rules reverting to their original 

form before the permanent rules, if approved by the 

Commission, become effective. FINRA notes that 

the proposal approved by its Board does not 

include the temporary rule amendments pertaining 

to video conference hearings originally set forth in 

SR–FINRA–2020–027. 

POSTAL SERVICE 

Sunshine Act Meetings 

TIME AND DATE: March 30, 2022, at 9:00 

a.m. 

PLACE: Washington, DC. 

STATUS: Closed. 

MATTERS TO BE CONSIDERED: 

Wednesday, March 30, 2022, at 9:00 

a.m. 

1. Strategic Issues. 

2. Financial and Operational Issues. 

3. Executive Session. 

4. Administrative Items. 

General Counsel Certification: The 

General Counsel of the United States 

Postal Service has certified that the 

meeting may be closed under the 

Government in the Sunshine Act. 

CONTACT PERSON FOR MORE INFORMATION: 

Michael J. Elston, Secretary of the Board 

of Governors, U.S. Postal Service, 475 

L’Enfant Plaza SW, Washington, DC 

20260–1000. Telephone: (202) 268– 

4800. 

Michael J. Elston, 

Secretary. 

[FR Doc. 2022–06144 Filed 3–18–22; 4:15 pm] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94430; File No. SR–FINRA– 

2022–004] 

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 

March 16, 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 March 7, 

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 and 

II 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. 

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 March 31, 2022, to July 31, 2022.4

The proposed rule change would not 

make any changes to the text of FINRA 

rules. 

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 Office of Hearing 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. In 

December 2021, FINRA filed a proposed 

rule change, SR–FINRA–2021–031, to 

extend the expiration date of the 

temporary amendments in both SR– 

FINRA–2020–015 and SR–FINRA– 

2020–027 from December 31, 2021, to 

March 31, 2022.5

While there are material signs of 

improvement, uncertainty still remains 

for the coming months. The continued 

presence of COVID–19 variants, 

dissimilar vaccination rates throughout 

the United States, and the current 

medium to high COVID–19 community 

levels in many states indicate that 

COVID–19 remains an active and real 

public health concern.6 Due to the 

uncertainty and the lack of a clear 

timeframe for a sustained and 

widespread abatement of COVID–19- 

related health concerns and 

corresponding restrictions,7 FINRA 

believes there is a continued need for 

temporary relief beyond March 31, 

2022. Accordingly, FINRA proposes to 

extend the expiration date of the 

temporary rule amendments in SR– 

FINRA–2020–015 and SR–FINRA– 

2020–027 from March 31, 2022, to July 

31, 2022.8

i. SR–FINRA–2020–015 

As stated in its previous filings, 

FINRA proposed, and subsequently 

extended, the changes set forth in SR– 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 16263 

9See 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); 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); 

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); Securities Exchange Act Release 

No. 90619 (December 9, 2020), 85 FR 81250 

(December 15, 2020) (Notice of Filing and 

Immediate Effectiveness of File No. SR–FINRA– 

2020–042); Securities Exchange Act Release No. 

91495 (April 7, 2021), 86 FR 19306 (April 13, 2021) 

(Notice of Filing and Immediate Effectiveness of 

File No. SR–FINRA–2021–006); Securities 

Exchange Act Release No. 92685 (August 17, 2021), 

86 FR 47169 (August 23, 2021) (Notice of Filing and 

Immediate Effectiveness of File No. SR–FINRA– 

2021–019); supra note 5. 

10See supra note 9 (outlining the filing history of 

SR–FINRA–2020–015 and its prior extensions). 

11As noted above, FINRA plans to submit a rule 

proposal to the Commission to make permanent the 

temporary service and filing rules originally set 

forth in SR–FINRA–2020–015. See supra note 8. 

12For example, FINRA began temporarily 

postponing in-person hearings as a result of the 

COVID–19 impacts on March 16, 2020. 

13For 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. 

14See 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); Securities 

Exchange Act Release No. 90619 (December 9, 

2020), 85 FR 81250 (December 15, 2020) (Notice of 

Filing and Immediate Effectiveness of File No. SR– 

FINRA–2020–042); Securities Exchange Act Release 

No. 91495 (April 7, 2021), 86 FR 19306 (April 13, 

2021) (Notice of Filing and Immediate Effectiveness 

of File No. SR–FINRA–2021–006); Securities 

Exchange Act Release No. 92685 (August 17, 2021), 

86 FR 47169 (August 23, 2021) (Notice of Filing and 

Immediate Effectiveness of File No. SR–FINRA– 

2021–019); supra note 5. 

15As noted in SR–FINRA–2020–027, 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 SR–FINRA–2020–027, 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. 

16FINRA notes that the proposed extension of the 

temporary amendments does not mean a video 

conference hearing will be ordered in every case. 

FINRA strives to hold in-person hearings when it 

is safe to do so and began to hold such hearings at 

a single location last year. Specifically, FINRA held 

its first in-person hearing since the temporary rule 

change was implemented in July 2021. A 

subsequent surge in case numbers for the Delta 

variant of the COVID–19 virus caused FINRA’s 

outside health and safety consultant to recommend 

in early August against in-person hearings. 

Accordingly, the Chief Hearing Officer converted 

hearings scheduled after mid-September from inperson to video conference on a case-by-case basis. 

In addition to creating a safe environment in which 

an in-person hearing may be held, as mentioned 

above, a number of other considerations inform 

whether any given case will be held in-person or 

by video conference. 

17See supra note 5. 

18Since the temporary amendments were 

implemented, OHO and the NAC have conducted 

several hearings by video conference. As of 

February 24, 2022, OHO has conducted 15 

disciplinary hearings by video conference 

(decisions have been issued in 11 of these cases). 

In five of these disciplinary hearings, all of the 

parties agreed to proceed by video conference; the 

other 10 were ordered to proceed by video 

conference by the Chief Hearing Officer. OHO 

currently has hearings scheduled in seven 

additional disciplinary matters. OHO has ordered 

that four proceed by video conference. No 

determination has yet been made regarding whether 

the other hearings will be in-person or by video 

conference. Also, as of February 23, 2022, the NAC, 

through the relevant Subcommittee, has conducted 

14 oral arguments by video conference in 

connection with appeals of FINRA disciplinary 

proceedings pursuant to FINRA Rule 9341(d), as 

temporarily amended. Furthermore, the NAC has 

conducted via video conference a one-day 

evidentiary hearing in a membership application 

proceeding pursuant to FINRA Rule 1015, as 

temporarily amended. 

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–19.9 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–have made it 

challenging to meet some procedural 

requirements and perform some 

functions required under FINRA rules. 

For example, working remotely makes it 

difficult to send and receive hard copy 

documents and conduct in-person oral 

arguments. The temporary amendments 

have 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. 

FINRA staff, with limited exceptions, 

continue to work remotely to protect 

their health and safety. 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, FINRA does not believe the 

COVID–19-related health concerns 

necessitating this relief will 

meaningfully subside by March 31, 

2022, and therefore proposes to extend 

the expiration date of the temporary rule 

amendments originally set forth in SR– 

FINRA–2020–015 10 from March 31, 

2022, to July 31, 2022.11

ii. SR–FINRA–2020–027 

The same public health concerns and 

restrictions, along with a corresponding 

backlog of disciplinary cases,12 led 

FINRA to file, and subsequently extend 

to March 31, 2022, SR–FINRA–2020– 

027 to temporarily amend FINRA Rules 

1015, 9261, 9524, and 9830 to grant 

OHO and the NAC authority 13 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 

COVID–19-related public health risks 

posed by an in-person hearing.14

As set forth in the previous filings, 

FINRA also 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.15 Based on 

that guidance and data, FINRA does not 

believe the COVID–19-related health 

concerns necessitating this relief will 

meaningfully subside by March 31, 

2022, and believes there will be a 

continued need for this temporary relief 

beyond that date.16 Accordingly, FINRA 

proposes to extend the expiration date 

of the temporary rule amendments 

originally set forth in SR–FINRA–2020– 

027 from March 31, 2022, to July 31, 

2022.17 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.18

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. 


lotter on DSK11XQN23PROD with NOTICES1
16264 Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 

19 15 U.S.C. 78o–3(b)(6). 

20 15 U.S.C. 78o–3(b)(8). 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f)(6). 

23See SR–FINRA–2020–015, 85 FR at 31836. 

Although FINRA did not request that the 

Commission waive the 30-day operative delay for 

SR–FINRA–2020–027, FINRA did request that the 

Commission waive the 30-day operative delay for 

SR–FINRA–2020–042, FINRA–2021–006, FINRA– 

2021–019, and FINRA–2021–031, which extended 

the expiration date of the temporary amendments 

originally set forth in SR–FINRA–2020–027. 

24See supra Item II.A.1; see also SR–FINRA– 

2020–015, 85 FR at 31833. 

25As noted above, see supra note 4, FINRA stated 

that if it requires temporary relief from the rule 

requirements identified in this proposal beyond 

July 31, 2022, it may submit a separate rule filing 

to extend the effectiveness of the temporary relief 

under these rules. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,19 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,20

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 SR–FINRA–2020–015, 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 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 SR–FINRA–2020–027, will 

continue to aid FINRA’s efforts to timely 

conduct hearings in connection with its 

core adjudicatory functions. Given the 

current and frequently changing 

COVID–19 conditions and the 

uncertainty around when those 

conditions will see meaningful, 

widespread and sustained 

improvement, without this relief 

allowing OHO and NAC hearings to 

proceed by video conference, FINRA 

might be required to postpone some or 

almost all hearings indefinitely. FINRA 

must be able to perform its critical 

adjudicatory functions 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 in-person 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 original 

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 SR–FINRA–2020–015 

and SR–FINRA–2020–027, the proposed 

rule 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 March 31, 2022. 

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 21 and Rule 19b– 

4(f)(6) thereunder.22

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 

SR–FINRA–2020–015 and related 

extensions,23 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 indicated that extending 

the relief provided originally in SR– 

FINRA–2020–015 and SR–FINRA– 

2020–027 will continue to ease 

logistical and other issues by providing 

FINRA with needed flexibility for its 

operations during the COVID–19 

outbreak. Importantly, extending the 

relief provided in these prior rule 

changes immediately upon filing and 

without a 30-day operative delay will 

allow 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.24 The Commission also 

notes that this proposal, like SR– 

FINRA–2020–015 and SR–FINRA– 

2020–027, 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 July 31, 

2022.25 FINRA also noted in both SR– 

FINRA–2020–015 and SR–FINRA– 

2020–027 that the amended rules will 

revert back to their original state at the 


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Federal Register / Vol. 87, No. 55 / Tuesday, March 22, 2022 / Notices 16265 

26See SR–FINRA–2020–015, 85 FR at 31833; see 

also SR–FINRA–2020–027, 85 FR at 55712. 

27Any such proposed rule change to make an 

amended rule permanent would require notice and 

comment, as well as Commission approval, before 

becoming effective. See supra note 8. 

28For 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). 

29 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 

conclusion of the temporary relief 

period unless, if applicable, there is any 

extension thereof,26 or, as FINRA notes 

in this filing, it proposes to make any 

amended rule permanent in connection 

with a separate proposed rule change 

filing.27 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.28

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–2022–004 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–2022–004. 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, 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– 

2022–004 and should be submitted on 

or before April 12, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–05981 Filed 3–21–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94428; File No. SR–FINRA– 

2022–005] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Pilot 

Period Related to FINRA Rule 6121.02 

(Market-Wide Circuit Breakers in NMS 

Stocks) 

March 16, 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 March 10, 

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 and 

II 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

FINRA is proposing to extend the 

pilot period related to FINRA Rule 

6121.02 (Market-wide Circuit Breakers 

in NMS Stocks) to the close of business 

on April 18, 2022. 

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 

FINRA proposes to extend the pilot 

related to the market-wide circuit 

breaker in Rule 6121.02 to the close of 

business on April 18, 2022. 

Background 

The Market-Wide Circuit Breaker 

(‘‘MWCB’’) rules, including FINRA Rule 

6121.02, provide an important, 

automatic mechanism that is invoked to 

promote stability and investor 

confidence during periods of significant 

stress when cash equities securities 

experience extreme market-wide 

declines. The MWCB rules are designed 

to slow the effects of extreme price 

declines through coordinated trading 

halts across both cash equity and equity 

options securities markets. 


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