Federal Register / Vol. 87, No. 126 / Friday, July 1, 2022 / Notices 39573 

27 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Regulatory Notice 16–39 (October 2016) 

(SEC Approves Rule Change to Require Reporting 

of Transactions in U.S. Treasury Securities to the 

Trade Reporting and Compliance Engine (TRACE)); 

see also Securities Exchange Act Release No. 79116 

(October 18, 2016), 81 FR 73167 (October 24, 2016) 

(Order Granting Accelerated Approval of File No. 

SR–FINRA–2016–027). 

4Under Rule 6710(p), a ‘‘U.S. Treasury Security’’ 

means a security, other than a savings bond, issued 

by the U.S. Department of the Treasury (the 

‘‘Treasury Department’’) to fund the operations of 

the federal government or to retire such outstanding 

securities. The term ‘‘U.S. Treasury Security’’ also 

includes separate principal and interest 

components of a U.S. Treasury Security that has 

been separated pursuant to the Separate Trading of 

Registered Interest and Principal of Securities 

(STRIPS) program operated by the Treasury 

Department. 

5FINRA’s TRACE rules apply only to FINRA 

members. However, FINRA notes that certain banks 

that are not FINRA members will begin reporting 

information on transactions in specified fixed 

income securities to TRACE starting on September 

1, 2022 pursuant to requirements adopted by the 

Board of Governors of the Federal Reserve System. 

See Agency Information Collection Activities: 

Announcement of Board Approval Under Delegated 

Authority and Submission to OMB, 86 FR 59716 

(October 28, 2021) (Federal Reserve approval to 

implement the Treasury Securities and Agency Debt 

and Mortgage-Backed Securities Reporting 

Requirements (FR 2956; OMB No. 7100–NEW)). 

6Rule 6750(c)(5) provides that FINRA will not 

disseminate information on U.S. Treasury 

Securities. 

7See Securities Exchange Act Release No. 87837 

(December 20, 2019), 84 FR 71986 (December 30, 

2019) (Order Approving File No. SR–FINRA–2019– 

028). 

8See FINRA Press Release, FINRA Launches New 

Data on Treasury Securities Trading Volume, 

available at https://www.finra.org/media-center/ 

newsreleases/2020/finra-launches-new-datatreasury-securities-trading-volume. 

9As it has done previously, FINRA may also 

continue to modify and enhance the format and 

content of the aggregate U.S. Treasury Security data 

(e.g., by adding aggregate trade count and pricing 

information). For example, in 2021, FINRA 

enhanced the format of the weekly aggregate data 

to include a new maturity category for nominal 

coupons: ‘‘Greater than 10 years and less than or 

equal to 20 years.’’ This category was intended to 

highlight the on-the-run 20-year bond and provide 

volume information for off-the-run Treasury bonds 

whose remaining maturity fall within the maturity 

band. See Technical Notice (April 29, 2021) 

(Enhancements to Weekly Aggregated Reports and 

Statistics for U.S. Treasury Securities). 

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 the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–NASDAQ–2022–037 and 

should be submitted on or before July 

22, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14064 Filed 6–30–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95165; File No. SR–FINRA– 

2022–017] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of a 

Proposed Rule Change To Amend 

FINRA Rule 6750 Regarding the 

Publication of Aggregated Transaction 

Information on U.S. Treasury 

Securities 

June 27, 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 June 23, 

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, II, 

and III below, which Items have been 

prepared by FINRA. 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 amend FINRA 

Rule 6750 to provide that FINRA may 

publish or distribute aggregated 

transaction information and statistics on 

U.S. Treasury Securities on a more 

frequent basis. 

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 

On July 10, 2017,3 FINRA members 

began reporting information on 

transactions in U.S. Treasury 

Securities 4 to the Trade Reporting And 

Compliance Engine (TRACE).5

Information reported to TRACE 

regarding individual transactions in 

U.S. Treasury Securities is used for 

regulatory and other official sector 

purposes and is not published or 

disseminated.6 On December 20, 2019, 

the SEC approved amendments to Rule 

6750 (Dissemination of Transaction 

Information) to allow FINRA to publish 

weekly aggregated transaction 

information and statistics on U.S. 

Treasury Securities at no charge (unless 

FINRA submits a rule filing imposing a 

fee for such data).7 Pursuant to amended 

Rule 6750.01(b), on March 10, 2020 

FINRA began posting on its website 

weekly, aggregate data on the trading 

volume of U.S. Treasury Securities 

reported to TRACE.8

FINRA has received favorable 

feedback on the weekly aggregated 

trading volume data for U.S. Treasury 

Securities that is currently made 

available on its website and, in 

consultation with the Treasury 

Department, now believes it would be 

appropriate to increase the cadence of 

this aggregated data. Accordingly, 

FINRA is proposing to amend paragraph 

(b) of Supplementary Material .01 to 

Rule 6750 to delete the word ‘‘weekly’’ 

so as to permit more frequent 

publication of aggregated U.S. Treasury 

Security transaction information and 

statistics, such as on a daily basis.9

FINRA notes that the more frequent 

aggregated U.S. Treasury Security data 

would continue to not identify 

individual market participants or 

transactions, and FINRA would 

continue to not publish aggregated 

transaction information and statistics by 

individual U.S. Treasury Security 

(except for the category of on-the-run 


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39574 Federal Register / Vol. 87, No. 126 / Friday, July 1, 2022 / Notices 

10See Rule 6750.01(b), which currently provides 

that aggregated transaction information and 

statistics on U.S. Treasury Securities will not be 

published or distributed by individual security 

(except for aggregated data that includes on-the-run 

U.S. Treasury Securities that may have had only 

one on-the-run security during the aggregated 

period), and will not identify individual market 

participants or transactions. 

11 15 U.S.C. 78o–3(b)(6). 

12 15 U.S.C. 78o–3(b)(9). 

13See supra note 3. 

14See https://www.newyorkfed.org/markets/ 

primarydealers for the definition of ‘‘primary 

dealers’’ and the weekly statistics. 

15See supra note 8. 

U.S. Treasury Securities because there is 

only one on-the-run security at a time 

for each subtype and maturity).10 The 

aggregate U.S. Treasury Security data 

would also continue to be provided at 

no charge (unless FINRA submits a rule 

filing to impose a fee for this data). 

FINRA believes that the proposed rule 

change will benefit investors and market 

participants by providing timelier 

insight into U.S. Treasury market 

activity, while maintaining the 

confidentiality of individual market 

participants and transactions. 

If the Commission approves the 

proposed rule change, the effective date 

of the proposed rule change will be the 

date of Commission approval. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,11 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, and Section 15A(b)(9) of 

the Act,12 which requires that FINRA 

rules not impose any burden on 

competition that is not necessary or 

appropriate. 

FINRA believes that the proposed rule 

change will benefit investors and market 

participants by providing additional 

insights into U.S. Treasury Security 

transaction volume, while maintaining 

the confidentiality of individual market 

participants and transactions. 

Accordingly, FINRA believes the 

proposed rule change is in the public 

interest and will help provide greater 

transparency in U.S. Treasury 

Securities. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Economic Impact Assessment 

FINRA has undertaken an economic 

impact assessment, as set forth below, to 

analyze the regulatory need for the 

proposed rule change, its potential 

economic impacts, including 

anticipated costs and benefits, and any 

alternatives considered in assessing how 

to best meet the proposal’s regulatory 

objectives. 

Regulatory Need 

The purpose of the proposal is 

described above and is consistent with 

TRACE transparency initiatives. 

Economic Baseline 

As mentioned above, in July 2017, 

FINRA member firms began reporting 

transactions in U.S. Treasury Securities 

to TRACE.13 Currently, there is no 

dissemination of transactions to the 

public, either real-time or on a delayed 

basis, as member firms report trade 

activity in U.S. Treasury Securities to 

TRACE for regulatory purposes only. 

There is currently limited publicly 

available information on U.S. Treasury 

Security transaction volume. The 

Federal Reserve Bank of New York 

publishes average daily trading volume 

and end-of-the-week positions of 

primary dealers in U.S. Treasury 

Securities on a weekly basis.14 As noted 

above, in March 2020, FINRA began 

publishing weekly aggregate volume 

data in Treasury Securities.15

Economic Impacts 

The proposed dissemination of more 

frequent aggregate volume data in U.S. 

Treasury Securities would not impose 

any additional requirements on firms. 

The aggregate volume data published by 

FINRA will continue to be derived from 

trade reports already required to be 

submitted to TRACE. In addition, 

because the data would be available free 

of charge, FINRA does not believe that 

there would be any direct costs 

associated with the proposal for firms, 

investors or data consumers. 

FINRA expects that the proposed rule 

change would help market participants 

better understand the overall trading of 

U.S. Treasury Securities by providing 

more timely information that could be 

utilized in assessing where liquidity is 

concentrated by security characteristic 

and market segment. FINRA believes 

that publishing more frequent 

aggregated data on U.S. Treasury 

Securities transactions would further 

benefit market participants and the 

investor community by enhancing 

overall transparency. 

FINRA also considered information 

leakage concerns, i.e., whether market 

participants’ proprietary trading strategy 

could be discerned from the published 

data. FINRA believes that the aggregated 

framework mitigates these concerns. As 

is the case under the current rule, 

aggregated transaction information and 

statistics on U.S. Treasury Securities 

will not be published or distributed by 

individual security (except for 

aggregated data that includes on-the-run 

U.S. Treasury Securities that may have 

had only one on-the-run security during 

the aggregated period) and will not 

identify individual market participants 

or transactions. 

Alternatives Considered 

No other alternatives were considered 

for the proposed dissemination 

framework. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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–2022–017 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. 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 126 / Friday, July 1, 2022 / Notices 39575 

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 94891 

(May 11, 2022), 87 FR 29980 (May 17, 2022). 

Comments received on the proposed rule change 

are available at https://www.sec.gov/comments/srfinra-2022-011/srfinra2022011.htm. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 6 17 CFR 200.30–3(a)(31). 

All submissions should refer to File 

Number SR–FINRA–2022–017. 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 

a.m. and 3 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– 

2022–017 and should be submitted on 

or before July 22, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14066 Filed 6–30–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95161; File No. SR–FINRA– 

2022–011] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on a Proposed Rule Change To 

Expand TRACE Reporting 

Requirements to Trades in U.S. DollarDenominated Foreign Sovereign Debt 

Securities 

June 27, 2022. 

On May 6, 2022, 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 certain 

rules in the Rule 6700 Series (Trade 

Reporting and Compliance Engine 

(TRACE)) to require members to report 

to TRACE transactions in U.S. dollardenominated foreign sovereign debt 

securities for regulatory purposes. The 

proposed rule change was published for 

comment in the Federal Register on 

May 17, 2022.3

Section 19(b)(2) of the Act 4 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is July 1, 2022. 

The Commission is extending this 45- 

day time period. The Commission finds 

that it is appropriate to designate a 

longer period within which to take 

action on the proposed rule change in 

order to consider the proposed rule 

change and the comments received on 

the proposal. Accordingly, the 

Commission, pursuant to Section 

19(b)(2) of the Act,5 designates August 

15, 2022, as the date by which the 

Commission shall either approve or 

disapprove, or institute proceedings to 

determine whether to disapprove, the 

proposed rule change (File No. SR– 

FINRA–2022–011). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14065 Filed 6–30–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

August 1, 2022. 

ADDRESSES: Written comments and 

recommendations for this information 

collection request should be sent within 

30 days of publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection request by selecting ‘‘Small 

Business Administration’’; ‘‘Currently 

Under Review,’’ then select the ‘‘Only 

Show ICR for Public Comment’’ 

checkbox. This information collection 

can be identified by title and/or OMB 

Control Number. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain a copy of the information 

collection and supporting documents 

from the Agency Clearance Office at 

Curtis.Rich@sba.gov; (202) 205–7030, or 

from www.reginfo.gov/public/do/ 

PRAMain. 

SUPPLEMENTARY INFORMATION: In 2019 

and 2021, a new cohort of sites was 

added to the Regional Innovation 

Clusters (RIC) initiative, which was 

originally started in October 1, 2010 by 

the Small Business Administration 

(SBA)’s Office of Entrepreneurial 

Development. Through this initiative, 

organizations in 23 communities across 


khammond on DSKJM1Z7X2PROD with NOTICES