6554 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices 

efficiency, competition, and capital formation. See 

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

16 17 CFR 200.30–3(a)(12). 

1Regulation NMS, adopted by the Commission in 

June 2005, redesignated the national market system 

rules previously adopted under Section 11A of the 

Exchange Act. Rule 11Ac1–5 under the Exchange 

Act was redesignated Rule 605 of Regulation NMS. 

No substantive amendments were made to Rule 605 

of Regulation NMS. See Securities Exchange Act 

Release No. 51808 (June 9, 2005), 70 FR 37496 (June 

29, 2005). 

Commission hereby grants the 

Exchange’s request and designates the 

proposal operative upon filing. 

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 No. SR– 

EDGX–2016–01 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 No. 

SR–EDGX–2016–01. 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 Web site (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 Web site 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 will also be available for 

inspection and copying at the principal 

office of the Exchange. 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 No. SR–EDGX– 

2016–01 and should be submitted on or 

beforeFebruary 29, 2016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–02336 Filed 2–5–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 605 of Regulation NMS; SEC File No 

270–488, OMB Control No. 3235–0542 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 605 of Regulation 

NMS (‘‘Rule 605’’) (17 CFR 242.605),1

under the Securities Exchange Act of 

1934 (15 U.S.C. 78a, et seq.) (‘‘Exchange 

Act’’). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 605, formerly known as, Rule 

11Ac1–5, requires market centers to 

make available to the public monthly 

order execution reports in electronic 

form. The Commission believes that 

many market centers retain most, if not 

all, of the underlying raw data necessary 

to generate these reports in electronic 

format. Once the necessary data is 

collected, market centers could either 

program their systems to generate the 

statistics and reports, or transfer the 

data to a service provider (such as an 

independent company in the business of 

preparing such reports or a selfregulatory organization) that would 

generate the statistics and reports. 

The collection of information 

obligations of Rule 605 apply to all 

market centers that receive covered 

orders in national market system 

securities. The Commission estimates 

that approximately 132 market centers 

are subject to the collection of 

information obligations of Rule 605. 

Each of these respondents is required to 

respond to the collection of information 

on a monthly basis. 

The Commission staff estimates that, 

on average, Rule 605 causes respondents 

to spend 6 hours per month to collect 

the data necessary to generate the 

reports, or 72 hours per year. With an 

estimated 132 market centers subject to 

Rule 605, the total data collection time 

burden to comply with the monthly 

reporting requirement is estimated to be 

9,504 hours per year. 

Based on discussions with industry 

sources, the Commission staff estimates 

that an individual market center could 

retain a service provider to prepare a 

monthly report using the data collected 

for approximately $2,978 per month. 

This per-respondent estimate is based 

on the rate that a market center could 

expect to obtain if it negotiated on an 

individual basis. Based on the $2,978 

estimate, the monthly cost to the 132 

market centers to retain service 

providers to prepare reports would be 

$393,096, or an annual cost of 

approximately $4,717,152. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information will have practical utility; 

(b) the accuracy of the Commission’s 

estimate of the burden of the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to Pamela C. Dyson, Director/Chief 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices 6555 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 75588 

(August 3, 2015), 80 FR 47546 (August 7, 2015) 

(Notice of Filing of File No. SR–FINRA–2015–026). 

4Rule 6710 generally defines a ‘‘TRACE-eligible 

security’’ as: (1) a debt security that is U.S. dollardenominated and issued by a U.S. or foreign private 

issuer (and, if a ‘‘restricted security’’ as defined in 

Securities Act Rule 144(a)(3), sold pursuant to 

Securities Act Rule 144A); or (2) a debt security that 

is U.S. dollar denominated and issued or 

guaranteed by an ‘‘Agency’’ as defined in Rule 

6710(k) or a ‘‘Government-Sponsored Enterprise’’ as 

defined in Rule 6710(n). 

5See Securities Exchange Act Release No. 76176 

(October 16, 2015), 80 FR 64039 (October 22, 2015) 

(Order Approving File No. SR–FINRA–2015–026). 

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

7 15 U.S.C. 78o-3(b)(9). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

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

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. FINRA has 

satisfied this requirement. 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: February 2, 2016. 

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–02337 Filed 2–5–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–77015; File No. SR–FINRA– 

2016–003] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Extend the 

Implementation Date of the ‘‘NoRemuneration’’ Indicator 

February 2, 2016. 

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 January 

27, 2016, 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. 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 

implementation date of the NoRemuneration indicator to July 18, 2016. 

The proposed rule change would not 

make any changes to FINRA rules. 

The text of the proposed rule change 

is available on FINRA’s Web site 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On July 20, 2015, FINRA filed a 

proposed rule change to amend FINRA 

Rule 6730 (Transaction Reporting), 

which governs the reporting of eligible 

transactions to its Trade Reporting and 

Compliance Engine (‘‘TRACE’’).3 Rule 

6730 sets forth the requirements that 

apply to firms when reporting 

transactions in TRACE-eligible 

securities,4 and provides the specific 

items of information that must be 

included in a TRACE trade report. 

Among other things, Rules 6730(c) and 

(d) require that firms report the 

commission (total dollar amount) 

separately on the TRACE trade report 

for agency transactions. FINRA then 

combines the dollar amount that is 

reported as the commission with the 

amount that is reported in the price 

field, and disseminates to the market 

this aggregate amount as the 

transaction’s price. For principal 

transactions, Rule 6730(d)(1) provides 

that firms must report a price that 

includes the mark-up/mark-down, and 

FINRA disseminates this price to the 

market. 

In SR–FINRA–2015–026, FINRA 

proposed to amend Rule 6730 to require 

that firms use a ‘‘No-Remuneration’’ 

indicator to identify those transactions 

for which a commission or mark-up/

mark-down is not reflected in a TRACE 

trade report. The Commission approved 

the proposal, on October 16, 2015.5 In 

its filing, FINRA represented that the 

implementation date of these 

amendments would be May 23, 2016. 

FINRA has since determined to extend 

the implementation date for this 

proposal to July 18, 2016 to provide 

members additional time to complete 

systems changes necessary to comply 

with SR–FINRA–2015–026. 

FINRA has filed the proposed rule 

change for immediate effectiveness. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,6 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,7 which requires that FINRA 

rules not impose any burden on 

competition that is not necessary or 

appropriate. 

FINRA believes that the extension of 

the implementation date until July 18, 

2016, is consistent with the Act in that 

it would provide members with 

additional time to complete the systems 

changes necessary to comply with SR– 

FINRA–2015–026. 

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. 

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 8 and Rule 19b– 

4(f)(6) thereunder.9


asabaliauskas on DSK5VPTVN1PROD with NOTICES