Federal Register / Vol. 87, No. 129 / Thursday, July 7, 2022 / Notices 40571 

31 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). 

4See CTA/CQ Approval Order and UTP Approval 

Order, infra note 10. 

5The ADF is a display-only facility operated by 

FINRA that provides FINRA members with a 

mechanism to display quotations and report overthe-counter (‘‘OTC’’) transactions in NMS stocks. 

6The TRFs provide FINRA members with a 

mechanism to report OTC transactions in NMS 

stocks. There are currently three active TRFs: (1) 

FINRA/Nasdaq TRF Carteret, (2) FINRA/Nasdaq 

TRF Chicago and (3) FINRA/NYSE TRF. While each 

TRF is operated by an affiliate of a registered 

national securities exchange, each TRF is a FINRA 

facility and subject to FINRA’s oversight. 

7Currently, there are two SIPs that are 

responsible for collecting, consolidating and 

disseminating quotation and transaction 

information in NMS stocks that is collected 

pursuant to the following three NMS plans: (1) the 

Joint Self-Regulatory Organization Plan Governing 

the Collection, Consolidation and Dissemination of 

Quotation and Transaction Information for NasdaqListed Securities Traded on Exchanges on an 

Unlisted Trading Privileges Basis (the ‘‘UTP Plan’’), 

(2) the Second Restatement of the CTA Plan (the 

‘‘CTA Plan’’), and (3) the Restated CQ Plan (the ‘‘CQ 

Plan’’ and, collectively with the UTP Plan and the 

CTA Plan, the ‘‘SIP Plans’’). FINRA and the national 

securities exchanges are participants of the SIP 

Plans (collectively, the ‘‘Participants’’). 

8Rule 6120(a) also requires members to promptly 

notify FINRA whenever they have knowledge of 

any matter related to an NMS stock or the issuer 

thereof that has not been adequately disclosed to 

Continued 

filing also will be available for 

inspection and copying at the principal 

office of NSCC and on DTCC’s website 

(https://dtcc.com/legal/sec-rulefilings.aspx). All comments received 

will be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–NSCC– 

2022–008 and should be submitted on 

or before July 28, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14396 Filed 7–6–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95191; File No. SR–FINRA– 

2022–016] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend FINRA Rule 

6120 (Trading Halts) To Conform to 

Recent Amendments to the SIP Plans 

and To Make Technical and Clarifying 

Changes to the Rule 

June 30, 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 22, 

2022, the 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 

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 amend FINRA 

Rule 6120 (Trading Halts) to conform to 

recent amendments to the NMS plans 

governing the collection, consolidation 

and dissemination of quotation and 

transaction information for NMS stocks 

and to make technical and clarifying 

changes to the rule.4

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 

Background 

FINRA Rule 6120 provides FINRA 

with the authority to halt trading 

otherwise than on an exchange in NMS 

stocks under the circumstances 

specified in Rule 6120(a) and pursuant 

to the procedures set forth in Rule 

6120(b). Rule 6120(a)(1) provides that 

FINRA shall halt trading otherwise than 

on an exchange in any NMS stock 

whenever any market that has the 

authority to call a regulatory halt in the 

security imposes a trading halt, or 

suspends a listing, to: (a) permit 

dissemination of material news; (b) 

obtain information from the issuer 

relating to material news; (c) obtain 

information relating to the issuer’s 

ability to meet listing qualification 

requirements; or (d) obtain any other 

information that is necessary to protect 

investors and the public interest. 

In addition, Rule 6120(a)(2) provides 

that FINRA shall halt trading otherwise 

than on an exchange in any NMS stock 

when extraordinary market activity in 

the security is occurring, such as the 

execution of a series of transactions for 

a significant dollar value at prices 

substantially unrelated to the current 

market for the security, as measured by 

the national best bid or offer. To halt 

trading under this provision, FINRA 

must determine that such extraordinary 

market activity is likely to have a 

material effect on the market for the 

security and either (i) FINRA 

determines that such extraordinary 

market activity is caused by the misuse 

or malfunction of an electronic 

quotation, communication, reporting, or 

execution system operated by, or linked 

to, FINRA, or (ii) after consultation with 

a national securities exchange trading 

the security, FINRA determines that 

such extraordinary market activity is 

caused by the misuse or malfunction of 

an electronic quotation, communication, 

reporting, or execution system operated 

by, or linked to, such other national 

securities exchange. Rule 6120(a)(3) 

addresses FINRA’s authority to close its 

quotation display and trade reporting 

facilities for NMS stocks under specified 

circumstances. Specifically, Rule 

6120(a)(3) provides that FINRA shall 

close the Alternative Display Facility 

(‘‘ADF’’) 5 or any Trade Reporting 

Facility (‘‘TRF’’) 6 to quotation or trade 

reporting activity, as applicable, 

whenever the ADF or TRF is unable to 

transmit real-time trade reporting 

information to the applicable Securities 

Information Processor (SIP’’).7 If the 

ADF or any TRF closes pursuant to this 

provision, members are not prohibited 

from trading through other markets for 

which trading is not halted.8


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the public or where they have knowledge of a 

regulatory problem relating to such security. FINRA 

is not proposing any changes to this requirement. 

9See Securities Exchange Act Release No. 91189 

(February 23, 2021), 86 FR 12038 (March 1, 2021) 

(‘‘CTA/CQ Amendments Release’’); Securities 

Exchange Act Release No. 91190 (February 23, 

2021), 86 FR 12045 (March 1, 2021) (‘‘UTP 

Amendments Release’’). 

10See Securities Exchange Act Release No. 92070 

(May 28, 2021), 86 FR 29849 (June 3, 2021) (‘‘CTA/ 

CQ Approval Order’’); Securities Exchange Act 

Release No. 92071 (May 28, 2021), 86 FR 29846 

(June 3, 2021) (‘‘UTP Approval Order’’). 

11See, e.g., UTP Amendments Release, supra note 

9, at 12046. ‘‘Regulatory Halt’’ is defined in the SIP 

Plan Amendments as ‘‘a halt declared by the 

Primary Listing Market in trading in one or more 

securities on all Trading Centers for regulatory 

purposes, including for the dissemination of 

material news, news pending, suspensions, or 

where otherwise necessary to maintain a fair and 

orderly market. A Regulatory Halt includes a 

trading pause triggered by Limit Up Limit Down, a 

halt based on Extraordinary Market Activity, a 

trading halt triggered by a Market-Wide Circuit 

Breaker, and a SIP Halt.’’ See id. at 12046 n.8. The 

‘‘Primary Listing Market’’ is defined as ‘‘the 

national securities exchange on which an Eligible 

Security is listed. If an Eligible Security is listed on 

more than one national securities exchange, 

Primary Listing Market means the exchange on 

which the security has been listed the longest.’’ See 

id. at 12046 n.9. All capitalized terms not otherwise 

defined herein have the meaning given to them in 

the SIP Plans, as amended by the SIP Plan 

Amendments. 

12 ‘‘SIP Outage’’ is defined as ‘‘a situation in 

which the Processor has ceased, or anticipates being 

unable, to provide updated and/or accurate 

quotation or last sale price information in one or 

more securities for a material period that exceeds 

the time thresholds for an orderly failover to backup 

facilities established by mutual agreement among 

the Processor, the Primary Listing Market for the 

affected securities, and the Operating Committee 

unless the Primary Listing Market, in consultation 

with the Processor and the Operating Committee, 

determines that resumption of accurate data is 

expected in the near future.’’ See, e.g., UTP 

Amendments Release, supra note 9, at 12046 n.10. 

13 ‘‘Material SIP Latency’’ is defined as ‘‘a delay 

of quotation or last sale price information in one or 

more securities between the time data is received 

by the Processor and the time the Processor 

disseminates the data over the high speed line or 

over the ‘high speed line’ under the CQ Plan, which 

delay the Primary Listing Market determines, in 

consultation with, and in accordance with, publicly 

disclosed guidelines established by the Operating 

Committee, to be (a) material and (b) unlikely to be 

resolved in the near future.’’ See, e.g., UTP 

Amendments Release, supra note 9, at 12046 n.11. 

A ‘‘SIP Halt’’ includes any Regulatory Halt in one 

or more securities that a Primary Listing Market 

declares in the event of a SIP Outage or Material 

SIP Latency. 

14 ‘‘Extraordinary Market Activity’’ is defined as 

‘‘a disruption or malfunction of any electronic 

quotation, communication, reporting, or execution 

system operated by, or linked to, the Processor or 

a Trading Center or a member of such Trading 

Center that has a severe and continuing negative 

impact, on a market-wide basis, on quoting, order, 

or trading activity or on the availability of market 

information necessary to maintain a fair and orderly 

market. For purposes of this definition, a severe and 

continuing negative impact on quoting, order, or 

trading activity includes (i) a series of quotes, 

orders, or transactions at prices substantially 

unrelated to the current market for the security or 

securities; (ii) duplicative or erroneous quoting, 

order, trade reporting, or other related message 

traffic between one or more Trading Centers or their 

members; or (iii) the unavailability of quoting, 

order, transaction information, or regulatory 

messages for a sustained period.’’ See, e.g., UTP 

Amendments Release, supra note 9, at 12046 n.12. 

15See, e.g., UTP Amendments Release, supra note 

9, at 12046. 

16See, e.g., UTP Plan, Section X.D.1. 

17See, e.g., UTP Amendments Release, supra note 

9, at 12046. 

18See, e.g., UTP Plan, Section X.E.2. 

19See, e.g., UTP Amendments Release, supra note 

9, at 12046. 

20The proposed rule change would also update 

the citation in Rule 6120(a)(1) for the definition of 

‘‘NMS stock’’ under Regulation NMS from Rule 

600(b)(47) to Rule 600(b)(55) to reflect recent 

reorganization of the defined terms in Rule 600 of 

Regulation NMS. 

21The proposed rule change would also add new 

paragraph (c) to Rule 6120 providing that, for 

purposes of Rule 6120, the following terms have the 

meanings set forth in the applicable SIP Plan: 

‘‘Primary Listing Market,’’ ‘‘Processor,’’ ‘‘Regulatory 

Halt,’’ ‘‘SIP Halt Resume Time,’’ and ‘‘Trading 

Center.’’ 

Rule 6120(b) sets forth the procedures 

for commencement and termination of 

trading halts and closures declared 

under Rule 6120(a). Rule 6120(b)(1) 

provides that the commencement of a 

trading halt or closure, as applicable, 

will be effective simultaneously with 

appropriate notice. Rule 6120(b)(2) 

provides that trading shall resume upon 

appropriate notice that a trading halt or 

closure is no longer in effect. 

In February 2021, the Participants 

filed proposed amendments to the 

provisions of the SIP Plans governing 

regulatory and operational halts (the 

‘‘SIP Plan Amendments’’).9 The 

Commission approved the SIP Plan 

Amendments on May 28, 2021.10

Among other things, the SIP Plan 

Amendments updated and clarified the 

process for Regulatory Halts under the 

SIP Plans. Under the SIP Plan 

Amendments, the Primary Listing 

Market may also declare a Regulatory 

Halt in any security for which it is the 

Primary Listing Market,11 as provided 

for in the rules of the Primary Listing 

Market, if it determines that there is a 

SIP Outage,12 Material SIP Latency,13

Extraordinary Market Activity,14 or in 

the event of national, regional, or 

localized disruption that necessitates a 

Regulatory Halt to maintain a fair and 

orderly market.15 The SIP Plan 

Amendments also clarified that the start 

time of a Regulatory Halt is when the 

Primary Listing Market declares the 

halt, regardless of whether an issue with 

communications impacts the 

dissemination of the notice.16 For 

Regulatory Halts other than SIP Halts, 

the Primary Listing Market will declare 

the resumption of trading when it 

determines that trading may resume in 

a fair and orderly manner and in 

accordance with its rules.17 Where such 

a Regulatory Halt is initiated by another 

Participant that is a Primary Listing 

Market, a Participant may resume 

trading after the Participant receives 

notification from the Primary Listing 

Market that the Regulatory Halt has 

been terminated.18 For SIP Halts, the 

Primary Listing Market will terminate 

the halt with a notification that specifies 

a SIP Halt Resume Time.19

FINRA is proposing to amend FINRA 

Rule 6120 to conform to the updated 

Regulatory Halt provisions for NMS 

stocks as set forth in the SIP Plan 

Amendments. Under the proposed rule 

change, Rule 6120 would be amended as 

described below to incorporate the 

definitions, notice and timing 

requirements for Regulatory Halts under 

the SIP Plan Amendments, as well as to 

make related organizational, clarifying, 

and technical changes. 

Authority To Initiate Halts and Facility 

Closures 

The purpose of Rule 6120(a)(1) is to 

provide authority for FINRA to halt OTC 

trading in an NMS stock when a 

Primary Listing Market declares a 

Regulatory Halt in that NMS stock, so 

that trading is halted both on the equity 

exchanges and in the OTC market. 

FINRA is proposing amendments to 

simplify the text of Rule 6120(a) to 

delete the list of specific types of 

Regulatory Halts and instead provide 

FINRA with authority to declare a halt 

in trading otherwise than on an 

exchange in an NMS stock whenever a 

Primary Listing Market declares any 

type of halt that meets the definition of 

a ‘‘Regulatory Halt’’ under the SIP 

Plans.20 Thus, for example, instead of 

explicitly adding ‘‘SIP Halt’’ to Rule 

6120(a)(1), FINRA is amending the rule 

to tie FINRA’s authority for declaring 

OTC halts in any NMS stock to the 

declaration of any ‘‘Regulatory Halt,’’ as 

that term is defined in the SIP Plans, by 

a Primary Listing Market.21 FINRA 

believes that using the same terms (and 

cross-referencing the definitions) used 

in the SIP Plan Amendments would 

simplify and streamline the rule, as well 

as avoid any potential confusion about 

differences between FINRA’s authority 

under Rule 6120(a)(1) and Regulatory 


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22The proposed updates should ensure that Rule 

6120(a)(1) remains consistent with the SIP Plans 

and avoid the need to update the FINRA rule to 

account for any changes in the types of Regulatory 

Halts covered under the SIP Plans. 

23To reflect these changes and incorporate the 

new definition of ‘‘extraordinary market activity’’ 

within paragraph (a)(2)(A), paragraph (a)(2)(B) 

would be deleted and current paragraph (a)(2)(C) 

would be redesignated as paragraph (a)(2)(B). 

24As described above, Rule 6120(a) provides 

authority with respect to both trading halts and 

facility closures. Therefore, as an additional 

clarifying change, FINRA is also proposing to add 

a reference to facility closures in the title of 

paragraph (a). 25Specifically, clause (i) in the first sentence 

would be amended to provide that FINRA may 

close a facility when it is unable to ‘‘accept quotes 

or trade reports from participants or transmit realtime quotation or trade reporting information to the 

applicable Processor’’ and the last sentence would 

be revised to provide that if a facility closes ‘‘to 

quoting or trading . . . members would not be 

prohibited from quoting or trading through other 

markets for which quoting or trading is not halted.’’ 

In addition, the rule would be amended to clarify 

that FINRA shall, ‘‘in its discretion,’’ close the ADF 

or any TRF in such circumstances. This change is 

a non-substantive clarification, as FINRA is already 

responsible for determining whether circumstances 

exist that would merit closing the ADF or a TRF. 

26The existing reference to the applicable 

‘‘Securities Information Processor’’ would be 

amended to refer to the ‘‘Processor’’ as defined in 

the SIP Plan Amendments. See supra note 21. 

27FINRA reminds members that firms must 

establish, maintain and enforce written policies and 

procedures that include a pre-determined response 

addressing OTC trading and reporting in the event 

of a systems issue during the trading day that 

prevents the firm from reporting OTC trades within 

the timeframe prescribed by FINRA rules. A firm’s 

procedures should address the firm’s response to a 

FINRA facility systems issue, as well as an issue 

with its own or its vendor’s systems. In the event 

of a widespread FINRA facility systems issue, firms 

may only continue to directly execute OTC trades 

in NMS stocks if they have connectivity and the 

ability to report to another FINRA facility. See 

Trade Reporting Notice, January 20, 2016 (OTC 

Equity Trading and Reporting in the Event of 

Systems Issues (‘‘Systems Issues Notice’’)). The 

proposed rule change would not affect these 

obligations. 

28 In connection with this reorganization, the title 

of Rule 6120(b) would be updated to include a 

reference to facility closures, Rule 6120(b)(1) would 

be titled ‘‘Regulatory Halts’’ and Rule 6120(b)(2) 

would be titled ‘‘FINRA Halts and Closures.’’ 

29Rule 6121 (Trading Halts Due to Extraordinary 

Market Activity) sets forth requirements specifically 

relating to the resumption of trading following a 

trading pause pursuant to the Regulation NMS Plan 

to Address Extraordinary Market Volatility (the 

‘‘Limit Up Limit Down’’ Plan). Under the SIP Plan 

Continued 

Halts that are declared by a Primary 

Listing Market.22

In addition, Rule 6120(a)(2) would be 

updated to align FINRA’s authority to 

declare an OTC trading halt in an NMS 

stock due to ‘‘extraordinary market 

activity’’ with the scope of that term as 

provided for in the SIP Plan 

Amendments. As described above, Rule 

6120(a)(2) provides that FINRA shall 

halt OTC trading in an NMS stock when 

extraordinary market activity is 

occurring, FINRA determines that such 

activity is likely to have a material effect 

on the market for the security, and 

FINRA determines that the activity is 

caused by the misuse or malfunction of 

a system operated by, or linked to, 

FINRA or a national securities 

exchange. Under the proposed rule 

change, FINRA is amending this 

provision to incorporate the elements of 

the definition of Extraordinary Market 

Activity under the SIP Plan 

Amendments.23 Specifically, Rule 

6120(a)(2)(A) would be revised to 

provide halt authority where 

extraordinary market activity in a 

security is occurring that has a severe 

and continuing negative impact, on a 

market-wide basis, on quoting, order, or 

trading activity or on the availability of 

market information necessary to 

maintain a fair and orderly market. 

Consistent with the SIP Plan 

Amendments, Rule 6120(a)(2)(A) would 

further provide that, for purposes of 

FINRA Rule 6120(a)(2), a severe and 

continuing negative impact on quoting, 

order, or trading activity includes (i) a 

series of quotes, orders, or transactions 

at prices substantially unrelated to the 

current market for the security or 

securities; (ii) duplicative or erroneous 

quoting, order, trade reporting, or other 

related message traffic between one or 

more Trading Centers or members; or 

(iii) the unavailability of quoting, order, 

transaction information, or regulatory 

messages for a sustained period. Rules 

6120(a)(2)(C)(i) and (ii) (to be 

redesignated as Rules 6120(a)(2)(B)(i) 

and (ii)) would also be adjusted in two 

ways to further align FINRA’s authority 

with the authority for a Primary Listing 

Market to declare a Regulatory Halt in 

an NMS stock due to Extraordinary 

Market Activity under the SIP Plan 

Amendments. First, both provisions 

would be amended to refer to the 

‘‘disruption’’ or malfunction of an 

applicable system, rather than the 

‘‘misuse’’ or malfunction of such 

system. Second, Rule 6120(a)(2)(B)(i) 

would be amended to refer to a system 

operated by, or linked to, a FINRA 

member (in addition to a system 

operated by, or linked to, FINRA itself), 

and Rule 6120(a)(2)(B)(ii) would be 

similarly amended to refer to a system 

operated by, or linked to, a member of 

the exchange trading the security with 

which FINRA has consulted (in addition 

to a system operated by, or linked to, the 

exchange itself). FINRA believes that 

these proposed conforming amendments 

would enhance consistency between 

FINRA’s authority to halt trading in the 

OTC market for NMS stocks due to 

extraordinary market activity with the 

exchanges’ authority to halt trading due 

to extraordinary market activity, as set 

forth in the SIP Plan Amendments. 

FINRA is also proposing several 

clarifying changes to Rule 6120(a)(3), 

which provides FINRA with authority to 

close the ADF or a TRF to quotation or 

trade reporting activity in certain 

circumstances.24 Rule 6120(a)(3) would 

be amended in several instances to refer 

to both quoting and trading, rather than 

just trading, since, among other things, 

the ADF provides FINRA members with 

a facility for the display of quotations.25

Finally, the proposed rule change would 

add a clause to the first sentence of Rule 

6120(a)(3) to further clarify that in 

addition to circumstances where the 

ADF or a TRF is unable to accept quotes 

or trade reports from participants or 

transmit real-time quotation or trade 

reporting information to the Processor,26

FINRA has the authority to close the 

relevant facility in the event of other 

internal or external systems issues that 

cause a severe and continuing negative 

impact on the functioning of the facility. 

For example, a system linked to the 

ADF or a TRF may cause a severe and 

continuing negative impact on the 

facility. This proposed additional 

language would clarify that FINRA’s 

authority to close the ADF or a TRF 

extends to instances where a facility’s 

ability to properly function is impacted 

by a system linked to the facility (e.g., 

a member’s execution or reporting 

system), as well as malfunctions or 

disruptions originating within the 

facility itself.27

Commencement and Termination of 

Halts or Facility Closures 

With respect to the process for 

initiating and terminating halts or 

facility closures, the proposed rule 

change would amend Rule 6120(b) to 

align FINRA’s process related to 

Regulatory Halts declared under Rule 

6120(a)(1) with the process specified in 

the SIP Plan Amendments. Existing 

Rule 6120(b) would be reorganized to 

address Regulatory Halts initiated under 

Rule 6120(a)(1) under paragraph (b)(1), 

and separately address FINRA halts and 

facility closures initiated under Rules 

6120(a)(2) or (3), respectively, under 

paragraph (b)(2).28 Consistent with the 

SIP Plan Amendments, proposed Rule 

6120(b)(1) would provide that, in the 

case of a Regulatory Halt, the start time 

of the trading halt shall be when the 

Primary Listing Market declares the 

Regulatory Halt, regardless of whether 

an issue with communications impacts 

the dissemination of the notice. Further, 

unless otherwise specified in Rule 

6121,29 trading following a Regulatory 


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Amendments, a Limit Up Limit Down trading pause 

is a type of Regulatory Halt. 

30See supra note 19 and accompanying text. 

31As noted above, firms must establish, maintain 

and enforce written policies and procedures that 

include a pre-determined response addressing OTC 

trading and reporting in the event that a FINRA 

facility experiences a widespread systems issue 

during the trading day. FINRA has provided 

guidance regarding how it will announce when it 

believes that firms should invoke such procedures. 

See Systems Issues Notice, supra note 27, at 2. The 

proposed rule change would not affect such 

guidance. 

32Specifically, Rule 6120(b)(2) would be 

amended to provide that ‘‘the commencement of the 

trading halt or closure will be effective 

simultaneously with appropriate notice from 

FINRA, and the halt or closure will terminate upon 

appropriate notice from FINRA that the trading halt 

or closure is no longer in effect,’’ rather than ‘‘the 

commencement of the trading halt or closure will 

be effective simultaneously with appropriate 

notice’’ and ‘‘[t]rading shall resume upon 

appropriate notice that a trading halt or closure is 

no longer in effect.’’ 

33 15 U.S.C. 78o–3(b)(6). 

34 15 U.S.C. 78s(b)(3)(A). 

35 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) 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. 

Halt shall resume upon notice from the 

Primary Listing Market that the 

Regulatory Halt has been terminated or 

at the SIP Halt Resume Time specified 

in such notice, as applicable. These 

changes would conform FINRA’s 

language regarding the commencement 

and termination of Regulatory Halts 

with the language specified in the SIP 

Plan Amendments.30

Proposed Rule 6120(b)(2) would 

incorporate the existing commencement 

and termination language under current 

Rules 6120(b)(1) and (2), and specify 

that such provisions apply to trading 

halts and facility closures initiated by 

FINRA under Rule 6120(a)(2) and 

(a)(3).31 The proposed rule change 

would also make non-substantive, 

clarifying edits to the language of Rule 

6120(b)(2).32

FINRA has filed the proposed rule 

change for immediate effectiveness. The 

operative date of the proposed rule 

change will be 30 days from the date of 

filing. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,33 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, to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. FINRA 

believes that conforming its trading halt 

authority under Rule 6120 with the 

updated provisions of the SIP Plans will 

promote consistency between the 

treatment of off-exchange and onexchange trading in NMS stocks, 

thereby enhancing coordination among 

FINRA and the national securities 

exchanges. FINRA further believes that 

the other proposed technical, clarifying, 

and organizational updates to Rule 6120 

are in furtherance of the objectives of 

the Act by clarifying the scope and 

operation of the rule. 

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. Further, the 

proposed rule change is expected to 

have little impact on how FINRA 

executes trading halts. Thus, FINRA 

does not expect the proposed rule 

change to impose any additional costs 

on member firms or the investing 

public, or to convey material benefits 

beyond providing additional clarity and 

avoiding potential confusion about 

differences between FINRA’s authority 

under Rule 6120 and Regulatory Halts 

that are declared by a Primary Listing 

Market. 

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 after the date of 

the filing, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 34 and Rule 19b–4(f)(6) 

thereunder.35

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–2022–016 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–2022–016. 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 the 

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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 129 / Thursday, July 7, 2022 / Notices 40575 

36 17 CFR 200.30–3(a)(12). 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–FINRA– 

2022–016 and should be submitted on 

or before July 28, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2022–14398 Filed 7–6–22; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #17440 and #17441; 

NEW MEXICO Disaster Number NM–00080] 

Presidential Declaration Amendment of 

a Major Disaster for the State of New 

Mexico 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 1. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of NEW MEXICO 

(FEMA–4652–DR), dated 05/04/2022. 

Incident: Wildfires and Straight-line 

Winds. 

Incident Period: 04/05/2022 and 

continuing. 

DATES: Issued on 06/30/2022. 

Physical Loan Application Deadline 

Date: 08/04/2022. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 02/06/2023. 

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, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for the State of NEW 

MEXICO, dated 05/04/2022, is hereby 

amended to extend the deadline for 

filing applications for physical damages 

as a result of this disaster to 08/04/2022. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Joshua Barnes, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2022–14408 Filed 7–6–22; 8:45 am] 

BILLING CODE 8026–09–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #17497 and #17498; 

MONTANA Disaster Number MT–00159] 

Presidential Declaration of a Major 

Disaster for the State of Montana 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the State of MONTANA 

(FEMA–4655–DR), dated 06/30/2022. 

Incident: Severe Storm and Flooding. 

Incident Period: 06/10/2022 and 

continuing. 

DATES: Issued on 06/30/2022. 

Physical Loan Application Deadline 

Date: 08/29/2022. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 03/30/2023. 

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, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

06/30/2022, applications for disaster 

loans may be filed at the address listed 

above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties (Physical Damage and 

Economic Injury Loans): Carbon, Park, 

Stillwater. 

Contiguous Counties (Economic Injury 

Loans Only): 

Montana: Big Horn, Gallatin, Golden 

Valley, Meagher, Sweet Grass, 

Yellowstone. 

Wyoming: Big Horn, Park. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere ...................... 3.375 

Homeowners without Credit 

Available Elsewhere .............. 1.688 

Businesses with Credit Available Elsewhere ...................... 5.870 

Businesses without Credit 

Available Elsewhere .............. 2.935 

Non-Profit Organizations with 

Credit Available Elsewhere ... 1.875 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 1.875 

Percent 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives without Credit 

Available Elsewhere .............. 2.935 

Non-Profit Organizations without Credit Available Elsewhere ..................................... 1.875 

The number assigned to this disaster 

for physical damage is 17497 6 and for 

economic injury is 17498 0. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Joshua Barnes, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2022–14409 Filed 7–6–22; 8:45 am] 

BILLING CODE 8026–09–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 members of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

August 8, 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: The 

servicing agent agreement is executed 

by the borrower, and the certified 

development company as the loan 


khammond on DSKJM1Z7X2PROD with NOTICES