Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Notices 30671 

94See, generally, OTC Link Letter 1, STANY 

Letter and Global OTC Letter, supra note 11. 

95See supra notes 68, 78–79, and 81 and 

accompanying text. 

96See STANY Letter, supra note 11, at 3; OTC 

Link Letter 1, supra note 11, at 4–5. 

97See FINRA Letter 1, supra note 12, at 6. 

98 15 U.S.C. 78q–2. See also supra note 20. 

Section 17B was enacted by Congress as part of the 

Penny Stock Act, which was designed to remedy 

inefficiencies and address regulatory concerns 

caused by the lack of reliable market information 

on penny stocks traded OTC. 

99See 15 U.S.C. 78q–2(b). See also OTCBB 

Designation Letter, supra note 20. 

100See 15 U.S.C. 78q–2(a)(1). 

101See 15 U.S.C. 78q–2(a)(3). 

102See Public Law 101–429, 104 Stat. 931 (1990). 

103See supra notes 60–64 and accompanying text. 

As noted above, the universe of securities 

historically quoted in the OTCBB included penny 

stocks as well as higher priced OTC Equity 

Securities. See supra note 66. 

104See Notice, supra note 3, at 63318. 

105See supra note 20 and 66. As discussed above, 

the Commission previously designated the OTCBB 

as a QEQS for purposes of the Penny Stock Rules. 

In connection with FINRA’s cessation of the 

OTCBB, FINRA has stated that it intends to request 

that the Commission designate the FINRA OTC 

Reporting Facility (see infra note 109 and 

accompanying text), together with any FINRAmember IDQS, as a QEQS for purposes of the Penny 

Stock Rules. See supra note 66. 

106See Notice, supra note 3, at 63319. 

107See id. FINRA represents that there currently 

are no OTCBB symbols. See id., at 63319, n.37. 

108See id. 

109See FINRA Rule 6600 and 7300 Series (OTC 

Reporting Facility). FINRA members generally are 

required to report trades in OTC Equity Securities 

to the ORF within 10 seconds of execution and 

FINRA widely disseminates this transaction 

information in real-time. See FINRA Rule 6622 

(Transaction Reporting). See also Notice, supra note 

3, at 63318, n.36. 

110 15 U.S.C. 78s(b)(2). 

111 17 CFR 200.30–3(a)(12). 

for compliance by member IDQSs with 

the requirements of proposed Rule 6439. 

The Commission notes that, despite 

certain suggested modifications to the 

proposed rule, all three commenters 

supported FINRA’s proposal to enhance 

regulatory requirements for IDQSs.94 In 

addition to commenters’ suggested 

modifications discussed above,95 two 

commenters also suggested that FINRA 

revise Rule 6437 (Prohibition from 

Locking and Crossing), which currently 

prohibits locking and crossing 

quotations displayed in the same IDQS, 

to also prohibit locking and crossing 

displayed quotations between 

connected IDQSs.96 In its response to 

comments, FINRA stated that it has 

been actively considering whether any 

changes to the scope of Rule 6437 are 

appropriate and that it will continue to 

separately assess this issue outside of 

the context of this proposed rule 

change.97 The Commission agrees with 

FINRA that the commenters’ suggestion 

related to FINRA Rule 6437 is beyond 

the scope of the proposed rule change. 

C. Section 17B of the Act 

Finally, the Commission believes that 

the proposed rule change to rescind the 

rules related to the OTCBB and cease its 

operation and adopt proposed Rule 

6439 to expand the obligations of 

member IDQSs that display quotations 

in OTC Equity Securities is consistent 

with Section 17B of the Act.98 FINRA 

has operated the OTCBB pursuant to the 

Commission’s obligations under Section 

17B of the Act to facilitate the 

widespread dissemination of quotation 

information for penny stocks through an 

automated quotation system operated by 

a registered securities association.99

When Congress enacted Section 17B, it 

found that there was a lack of reliable 

and accurate quotation and last sale 

information in the markets for penny 

stocks.100 As such, Section 17B was 

designed to remedy inefficiencies and 

address regulatory concerns caused by 

this lack of reliable market information 

about penny stocks traded OTC, and 

Congress found that a fully 

implemented automated quotation 

system for penny stocks would meet the 

information needs of investors and 

market participants and add visibility 

and regulatory and surveillance data to 

that market.101

Based on how the OTC market has 

evolved since the adoption of Section 

17B,102 the Commission believes that 

the OTCBB no longer furthers the goals 

and objectives of Section 17B of the 

Exchange Act because it no longer is 

utilized as a source of quotation 

information for those OTC Equity 

Securities that meet the definition of 

‘‘penny stock.’’ 103 Rather, member 

IDQSs currently collect and disseminate 

all quotation information in OTC Equity 

Securities, including penny stocks, and 

make such quotation information 

available to investors and market 

participants.104 Therefore, the 

Commission finds that discontinuing 

dissemination of potentially incomplete 

and misleading quotation information 

from the marketplace by ceasing 

operation of the OTCBB, while at the 

same time implementing enhanced 

requirements for member IDQSs on or 

through which quotations in OTC 

Equity Securities, including penny 

stocks, are currently displayed, as set 

forth in proposed Rule 6439, best serves 

and promotes the goals of Section 17B 

of the Act with respect to the 

widespread availability of quotation 

information in penny stocks.105

FINRA has represented that, in 

advance of the discontinuance of the 

OTCBB, FINRA will take steps to ensure 

a smooth transition for issuers and 

members.106 Specifically, although there 

are no members currently using the 

OTCBB, FINRA will publicize 

announcements through its website.107

In addition, FINRA has represented that, 

following the cessation of the OTCBB, 

FINRA will continue to assess the 

widespread availability of quotation 

transparency to investors and market 

participants through non-SRO sources 

on a regular basis, and if the availability 

of quotation information to investors 

declines, FINRA will revisit and, if 

necessary, file a proposed rule change to 

establish an SRO-operated IDQS (or 

other measure) to facilitate the type of 

widespread quotation transparency 

described in Section 17B of the Act.108

Finally, FINRA will continue to 

centralize last sale transaction reporting 

in OTC Equity Securities, including for 

penny stock transactions, through the 

FINRA OTC Reporting Facility (‘‘ORF’’), 

a FINRA-operated system that provides 

last sale information on OTC Equity 

Securities.109 Thus, following cessation 

of the OTCBB, member IDQSs subject to 

proposed Rule 6439 will continue to 

collect and disseminate quotation 

information for OTC Equity Securities, 

including penny stocks, while the ORF 

will continue to collect and disseminate 

real-time last sale price and volume 

information for OTC Equity Securities, 

including penny stocks. 

IV. Conclusion 

It is therefore ordered that, pursuant 

to Section 19(b)(2) of the Act,110 the 

proposed rule change (SR–FINRA– 

2020–031), as modified by Amendment 

No. 2, be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.111

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12026 Filed 6–8–21; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 11439] 

Notice of Determinations; Culturally 

Significant Objects Being Imported for 

Exhibition—Determinations: 

‘‘Impressionism to Modernism: Monet 

to Matisse From the Bemberg 

Foundation’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects being 

imported from abroad pursuant to an 

agreement with their foreign owner or 

custodian for temporary display in the 


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30672 Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Notices 

exhibition ‘‘Impressionism to 

Modernism: Monet to Matisse from the 

Bemberg Foundation’’ at the Museum of 

Fine Arts, Houston, in Houston, Texas, 

and at possible additional exhibitions or 

venues yet to be determined, are of 

cultural significance, and, further, that 

their temporary exhibition or display 

within the United States as 

aforementioned is in the national 

interest. I have ordered that Public 

Notice of these determinations be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: Chi 

D. Tran, Program Administrator, Office 

of the Legal Adviser, U.S. Department of 

State (telephone: 202–632–6471; email: 

section2459@state.gov). The mailing 

address is U.S. Department of State, L/ 

PD, SA–5, Suite 5H03, Washington, DC 

20522–0505. 

SUPPLEMENTARY INFORMATION: The 

foregoing determinations were made 

pursuant to the authority vested in me 

by the Act of October 19, 1965 (79 Stat. 

985; 22 U.S.C. 2459), Executive Order 

12047 of March 27, 1978, the Foreign 

Affairs Reform and Restructuring Act of 

1998 (112 Stat. 2681, et seq.; 22 U.S.C. 

6501 note, et seq.), Delegation of 

Authority No. 234 of October 1, 1999, 

and Delegation of Authority No. 236–3 

of August 28, 2000. 

Matthew R. Lussenhop, 

Acting Assistant Secretary, Bureau of 

Educational and Cultural Affairs, Department 

of State. 

[FR Doc. 2021–12048 Filed 6–8–21; 8:45 am] 

BILLING CODE 4710–05–P 

STATE JUSTICE INSTITUTE 

SJI Board of Directors Meeting 

AGENCY: State Justice Institute. 

ACTION: Notice of meeting. 

SUMMARY: The SJI Board of Directors 

will be meeting on Monday, June 21, 

2021 at 2 p.m. ET. The purpose of this 

meeting is to consider grant applications 

for the 3rd quarter of FY 2021, and other 

business. 

FOR FURTHER INFORMATION CONTACT: 

Jonathan Mattiello, Executive Director, 

State Justice Institute, 12700 Fair Lakes 

Circle, Suite 340, Fairfax, VA 22033, 

703–660–4979, contact@sji.gov. 

Jonathan D. Mattiello, 

Executive Director. 

[FR Doc. 2021–12015 Filed 6–8–21; 8:45 am] 

BILLING CODE 6820–SC–P 

DEPARTMENT OF TRANSPORTATION 

Federal Motor Carrier Safety 

Administration 

[Docket No. FMCSA–2021–0007] 

Qualification of Drivers; Exemption 

Applications; Vision 

AGENCY: Federal Motor Carrier Safety 

Administration (FMCSA), Department 

of Transportation (DOT). 

ACTION: Notice of applications for 

exemption; request for comments. 

SUMMARY: FMCSA announces receipt of 

applications from 13 individuals for an 

exemption from the vision requirement 

in the Federal Motor Carrier Safety 

Regulations (FMCSRs) to operate a 

commercial motor vehicle (CMV) in 

interstate commerce. If granted, the 

exemptions will enable these 

individuals to operate CMVs in 

interstate commerce without meeting 

the vision requirement in one eye. 

DATES: Comments must be received on 

or before July 9, 2021. 

ADDRESSES: You may submit comments 

identified by the Federal Docket 

Management System (FDMS) Docket No. 

FMCSA–2021–0007 using any of the 

following methods: 

• Federal eRulemaking Portal: Go to 

www.regulations.gov/, insert the docket 

number, FMCSA–2021–0007, in the 

keyword box, and click ‘‘Search.’’ Next, 

sort the results by ‘‘Posted (NewerOlder),’’ choose the first notice listed, 

and click on the ‘‘Comment’’ button. 

Follow the online instructions for 

submitting comments. 

• Mail: Dockets Operations; U.S. 

Department of Transportation, 1200 

New Jersey Avenue SE, West Building 

Ground Floor, Room W12–140, 

Washington, DC 20590–0001. 

• Hand Delivery: West Building 

Ground Floor, Room W12–140, 1200 

New Jersey Avenue SE, Washington, 

DC, between 9 a.m. and 5 p.m., ET, 

Monday through Friday, except Federal 

Holidays. 

• Fax: (202) 493–2251. 

To avoid duplication, please use only 

one of these four methods. See the 

‘‘Public Participation’’ portion of the 

SUPPLEMENTARY INFORMATION section for 

instructions on submitting comments. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Christine A. Hydock, Chief, Medical 

Programs Division, (202) 366–4001, 

fmcsamedical@dot.gov, FMCSA, DOT, 

1200 New Jersey Avenue SE, Room 

W64–224, Washington, DC 20590–0001. 

Office hours are 8:30 a.m. to 5 p.m., ET, 

Monday through Friday, except Federal 

holidays. If you have questions 

regarding viewing or submitting 

material to the docket, contact Dockets 

Operations, (202) 366–9826. 

SUPPLEMENTARY INFORMATION: 

I. Public Participation 

A. Submitting Comments 

If you submit a comment, please 

include the docket number for this 

notice (Docket No. FMCSA–2021–0007), 

indicate the specific section of this 

document to which each comment 

applies, and provide a reason for each 

suggestion or recommendation. You 

may submit your comments and 

material online or by fax, mail, or hand 

delivery, but please use only one of 

these means. FMCSA recommends that 

you include your name and a mailing 

address, an email address, or a phone 

number in the body of your document 

so that FMCSA can contact you if there 

are questions regarding your 

submission. 

To submit your comment online, go to 

www.regulations.gov/docket?D=FMCSA2021-0007. Next, sort the results by 

‘‘Posted (Newer-Older),’’ choose the first 

notice listed, click the ‘‘Comment’’ 

button, and type your comment into the 

text box on the following screen. Choose 

whether you are submitting your 

comment as an individual or on behalf 

of a third party and then submit. 

If you submit your comments by mail 

or hand delivery, submit them in an 

unbound format, no larger than 81⁄2 by 

11 inches, suitable for copying and 

electronic filing. If you submit 

comments by mail and would like to 

know that they reached the facility, 

please enclose a stamped, self-addressed 

postcard or envelope. 

FMCSA will consider all comments 

and material received during the 

comment period. 

B. Viewing Comments 

To view comments go to 

www.regulations.gov. Insert the docket 

number, FMCSA–2021–0007, in the 

keyword box, and click ‘‘Search.’’ Next, 

sort the results by ‘‘Posted (NewerOlder),’’ choose the first notice listed, 

and click ‘‘Browse Comments.’’ If you 

do not have access to the internet, you 

may view the docket online by visiting 

Dockets Operations in Room W12–140 

on the ground floor of the DOT West 

Building, 1200 New Jersey Avenue SE, 

Washington, DC 20590–0001, between 9 

a.m. and 5 p.m., ET, Monday through 

Friday, except Federal holidays. To be 

sure someone is there to help you, 

please call (202) 366–9317 or (202) 366– 

9826 before visiting Dockets Operations. 


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