31774 Federal Register / Vol. 86, No. 113 / Tuesday, June 15, 2021 / Notices 

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

2 17 CFR 240.19b–4. 

3Rule 15c2–11 defines ‘‘quotation’’ as any bid or 

offer at a specified price with respect to a security, 

or any indication of interest by a broker or dealer 

in receiving bids or offers from others for a security, 

or any indication by a broker or dealer that wishes 

to advertise its general interest in buying or selling 

a particular security. See 17 CFR 240.15c2–11(e)(7). 

4 ‘‘Quotation medium’’ means any ‘‘interdealer 

quotation system’’ or any publication or electronic 

communications network or other device that is 

used by brokers or dealers to make known to others 

their interest in transactions in any security, 

including offers to buy or sell at a stated price or 

otherwise, or invitations of offers to buy or sell. See 

17 CFR 240.15c2–11(e)(8). ‘‘Interdealer quotation 

system’’ means any system of general circulation to 

brokers or dealers that regularly disseminates the 

quotations of identified brokers or dealers. See 17 

CFR 240.15c2–11(e)(3). 

5See generally 17 CFR 240.15c2–11. 

6 17 CFR 240.15c2–11(a)(1)(i). 

7See e.g., Adopting Release, infra note 21, at 

68124–26. 

8Amended Rule 15c2–11 defines a ‘‘qualified 

interdealer quotation system’’ as any ‘‘interdealer 

quotation system’’ that meets the definition of an 

‘‘alternative trading system’’ under Rule 300(a) of 

Regulation ATS and operates pursuant to the 

exemption from the definition of an ‘‘exchange’’ 

under Regulation ATS. See 17 CFR 240.15c2– 

11(e)(6). 

9See 17 CFR 240.15c2–11(a)(2) and (a)(1)(ii). 

10See 17 CFR 240.15c2–11(f)(7). 

11See 17 CFR 240.15c2–11(f)(2)(iii)(B) and 

(f)(3)(ii)(A)(1). 

12See 17 CFR 240.15c2–11(f)(3)(ii)(A)(1)–(2). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92139; File No. SR–FINRA– 

2021–014] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of a 

Proposed Rule Change Relating to 

Members’ Filing Requirements Under 

FINRA Rule 6432 (Compliance With the 

Information Requirements of SEA Rule 

15c2–11) 

June 9, 2021. 

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 May 28, 

2021, 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 

members’ filing requirements under 

FINRA Rule 6432 (Compliance with the 

Information Requirements of SEA Rule 

15c2–11). 

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 is proposing amendments to 

FINRA Rule 6432 in light of the SEC’s 

amendments to Exchange Act Rule 

15c2–11 (‘‘Rule 15c2–11’’). Rule 15c2– 

11 sets forth the information review and 

maintenance requirements for brokerdealers that publish quotations 3 in a 

quotation medium 4 for securities in the 

over the counter (‘‘OTC’’) market.5

Specifically, Rule 15c2–11 prohibits a 

broker-dealer from publishing (or 

submitting for publication) a quotation 

for a security unless it has obtained and 

reviewed specified current information 

about the issuer whose security is the 

subject of the quotation and has a 

reasonable basis under the 

circumstances for believing the 

information is accurate in all material 

respects and obtained from a reliable 

source, unless otherwise permitted 

under the rule.6

Rule 15c2–11 prescribes information 

review requirements that are specific to 

the type of issuer whose security is 

sought to be quoted, with different 

information requirements applicable to 

prospectus issuers, Regulation A 

issuers, reporting companies, exempt 

foreign private issuers, and all other 

issuers that do not fit into any of these 

categories. Rule 15c2–11 also includes 

several exceptions from these 

information review requirements, 

including, for example, an exception 

from ongoing information review where 

the security is the subject of continuous 

quoting and meets other specified 

conditions (known as the ‘‘piggyback’’ 

exception). 

The amendments to Rule 15c2–11 

make substantial changes to the prior 

framework.7 Among others, one 

significant change that is relevant to the 

instant filing is that broker-dealers are 

now permitted to rely on the publicly 

available determinations of certain 

alternative trading systems that meet the 

definition of a ‘‘qualified interdealer 

quotation system’’ (‘‘Qualified IDQS’’) 8

with respect to the required information 

review, the availability of specified 

exceptions to Rule 15c2–11, and the 

public availability of current issuer 

information. Specifically, where a 

Qualified IDQS undertakes the initial 

review and makes a publicly available 

determination concerning its review, as 

set forth in Rule 15c2–11(a)(2), brokerdealers may, under Rule 15c2– 

11(a)(1)(ii), initiate quotations in the 

subject security within three business 

days of the Qualified IDQS’s publicly 

available determination.9 In addition, 

amended Rule 15c2–11 permits brokerdealers to rely on the publicly available 

determinations of a Qualified IDQS in 

connection with the availability of the 

following exceptions to Rule 15c2–11: 

Paragraph (f)(1)’s exception for 

exchange-traded securities; paragraph 

(f)(3)’s exception for piggyback 

eligibility; paragraph (f)(4)’s exception 

for municipal securities; and paragraph 

(f)(5)’s average daily trading volume and 

asset test exception.10 Broker-dealers 

also may rely on the publicly available 

determinations of a Qualified IDQS in 

connection with the public availability 

of current issuer information, as 

described in amended Rule 15c2–11’s 

unsolicited quotation exception and its 

piggyback exception,11 and their 

publicly available determinations 

regarding the availability of the 

piggyback exception’s grace period.12

FINRA believes that the SEC’s 

amendments to Rule 15c2–11 

necessitate changes to FINRA Rule 

6432, which sets forth the standards 

applicable to member firms quoting 

equity securities for demonstrating 

compliance with Rule 15c2–11 (unless a 

Rule 15c2–11 exception or exemption is 

available). Under FINRA Rule 6432, no 

member may quote a non-exchangeVerDate Sep<11>2014 17:02 Jun 14, 2021 Jkt 253001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\15JNN1.SGM 15JNN1

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13The term ‘‘non-exchange-listed security’’ is 

defined in FINRA Rule 6432(e) to mean any equity 

security, other than a Restricted Equity Security, 

that is not traded on any national securities 

exchange. A ‘‘Restricted Equity Security’’ means 

any equity security that meets the definition of 

‘‘restricted security’’ as contained in Securities Act 

Rule 144(a)(3). See 17 CFR 230.144. 

14While a Qualified IDQS is not obligated to 

perform reviews and make publicly available 

determinations under Rule 15c2–11, if it chooses to 

do so, it must comply with the requirements of Rule 

15c2–11. In the Adopting Release, among other 

things, the SEC stated that it expects FINRA to 

continue to monitor the operation of the OTC 

market, including through oversight of Qualified 

IDQSs. See Adopting Release, infra note 21, at 

68132. 

15While the SEC’s amendments also update the 

items of information that must be reviewed for the 

different categories of issuers described in 

paragraph (b) of Rule 15c2–11, the baseline 

requirements largely remain unchanged. Likewise, 

the paragraph (b) items of information required to 

be submitted under FINRA Rule 6432 and the Form 

211 will not change significantly but will be 

updated to be consistent with amended Rule 15c2– 

11. Therefore, for example, FINRA will make minor 

updates to Form 211, including, for (b)(5) 

submissions, to require historic information on the 

name of the issuer and any predecessors (past five 

years) and the address of the issuer’s principal 

place of business (in addition to its principal 

executive offices). 

16FINRA will publish a Regulatory Notice with 

technical details on the revised standard Form 211, 

modified Form 211, and daily file submission 

process. 

17Both the modified and standard Form 211s will 

conform with the SEC’s amendments to Rule 15c2– 

11, as applicable. See supra note 15. In addition, 

like the standard Form 211, the modified Form 211 

must be reviewed and signed by a principal of the 

Qualified IDQS and the principal must certify, 

among other things, that neither the firm nor its 

associated persons have accepted or will accept any 

payment or other consideration for filing the Form 

211. See Regulatory Notice 14–26 (June 2014); see 

also FINRA Rule 5250 (Payments for Market 

Making). 

18 In the Adopting Release, the SEC stated that a 

Qualified IDQS, like a broker-dealer, must have a 

reasonable basis under the circumstances to believe 

that the paragraph (b) information is accurate in all 

material respects and obtained from a reliable 

source and, consistent with Rule 15c2– 

11(a)(2)(iii)(A) and (B), the Qualified IDQS should 

be alert to any red flags (i.e., information under the 

circumstances that reasonably indicates that one or 

more of the required items of information may be 

materially inaccurate or from an unreliable source). 

See Adopting Release, infra note 21, at 68170. 

19FINRA notes that a quoting member relying on 

a Qualified IDQS would not be required to 

separately submit any sort of Form 211 in 

connection with its initiation of quotations 

pursuant to Rule 15c2–11(a)(1)(ii). However, 

members who are not relying on the initial review 

of a Qualified IDQS would continue to be required 

to submit the Form 211 to FINRA and receive 

notification that the form has been processed prior 

to initiating quotes in the subject security (and, as 

described below, FINRA is proposing to amend 

FINRA Rule 6432 to clarify that a quoting member 

must receive notification from FINRA that a 

standard Form 211 has been processed before 

initiating or resuming quotations). 

listed security 13 in a quotation medium 

unless the member has demonstrated 

compliance with FINRA Rule 6432 and 

the applicable requirements for 

information maintenance under Rule 

15c2–11 by making a filing with, and in 

the form required by, FINRA (i.e., the 

Form 211). The Form 211 is designed to 

gather pertinent information regarding 

the subject issuer and security, the 

member’s knowledge of and 

relationship with the issuer, and the 

member’s intended quotation activities 

with respect to the security. FINRA uses 

the Form 211 in connection with its 

oversight of member compliance with 

Rule 15c2–11. 

In response to the SEC’s amendments 

to Rule 15c2–11, FINRA is proposing 

amendments to FINRA Rule 6432— 

primarily to account for the new role of 

a Qualified IDQS.14 Specifically, the 

instant filing includes three areas of 

proposed amendments to FINRA Rule 

6432: (i) The addition of a requirement 

that a Qualified IDQS submit a modified 

Form 211 filing to FINRA in connection 

with each initial information review 

that it conducts; (ii) the addition of a 

requirement that a Qualified IDQS that 

makes a publicly available 

determination under Rule 15c2–11 

submit a daily security file to FINRA 

containing summary information for all 

securities quoted on its system; and (iii) 

other changes to FINRA Rule 6432 and 

the Form 211 to further clarify the 

operation of the rule and conform to 

amended Rule 15c2–11.15 Each of these 

aspects of the proposed rule change is 

discussed in greater detail below.16

Qualified IDQS Modified Form 211 

Submission Requirement 

FINRA is proposing to adopt new 

paragraph (b) under FINRA Rule 6432 to 

establish an after-the-fact filing 

requirement for a Qualified IDQS that 

performs an initial review under Rule 

15c2–11(a)(2). Under the proposed 

provision, a Qualified IDQS must 

demonstrate compliance with Rule 

15c2–11 by making a filing with, and in 

the form required by, FINRA no later 

than 6:30:00 p.m. Eastern Time on the 

business day following the Qualified 

IDQS’s publicly available determination 

under Rule 15c2–11(a)(2) (i.e., a 

‘‘modified Form 211’’ filing). Like the 

standard Form 211, the modified Form 

211 would contain requests for the 

items of information specified in Rule 

15c2–11 for the type of issuer 

involved.17

FINRA believes that requiring a 

Qualified IDQS to submit a modified 

Form 211 is appropriate because it 

would provide FINRA with information 

with which to perform oversight of a 

Qualified IDQS’s compliance with the 

initial information review requirements 

of Rule 15c2–11 without involving any 

additional delay for FINRA to review 

and process the form prior to members 

being permitted to initiate quotations in 

reliance on the Qualified IDQS’s 

publicly available determination. 

FINRA would use the modified Form 

211 filings submitted by a Qualified 

IDQS to assess periodically the 

adequacy of the Qualified IDQS’s 

reviews.18 This new requirement would 

supplement FINRA’s existing standard 

Form 211 review process for quoting 

broker-dealer members, which would 

continue to be applicable where a 

broker-dealer is not relying on a 

Qualified IDQS’s publicly available 

determination with respect to an initial 

review.19

Qualified IDQS Daily Security File 

Submission Requirement 

Under proposed Supplementary 

Material .02 to FINRA Rule 6432, a 

Qualified IDQS that makes publicly 

available determinations under 

amended Rule 15c2–11, including 

regarding the availability of a Rule 

15c2–11 exception, would be required 

to submit a daily security file to FINRA. 

Specifically, where a Qualified IDQS 

has made one or more publicly available 

determinations described in Rule 15c2– 

11(a)(2), (f)(2)(iii)(B), (f)(3)(ii)(A), or 

(f)(7), the Qualified IDQS would be 

required to submit to FINRA a daily 

security file containing the following 

information for all non-exchange-listed 

equity securities quoted on its system: 

• Security symbol; 

• Issuer name; 

• If the non-exchange-listed equity 

security is being quoted pursuant to a 

processed Form 211 under FINRA Rule 

6432(a); 

• If applicable, the type of publicly 

available determination made by the 

Qualified IDQS (e.g., an initial review 

pursuant to Rule 15c2–11(a)(2), that the 

required information is current and 

publicly available under Rule 15c2– 

11(f)(2)(iii)(B) or (f)(3)(ii)(A), or an 

exception under Rule 15c2–11(f)(7)) and 

the date on which such publicly 

available determination was made by 

the Qualified IDQS; 

• With respect to a non-exchangelisted equity security for which the 

Qualified IDQS has made a publicly 

available determination under Rule 

15c2–11(f)(7) relating to the availability 

of the piggyback exception under Rule 

15c2–11(f)(3), whether the issuer is a 

shell company and, if a shell company, 

the number of days remaining in the 

applicable 18-month period under Rule 

15c–2–11(f)(3)(i)(B)(2); 

• If applicable, that the security is 

being quoted pursuant to an exception 


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20FINRA also will make corresponding language 

and citation changes to the Form 211. 

21See Securities Exchange Act Release No. 89891 

(September 16, 2020), 85 FR 68124 (October 27, 

2020) (‘‘Adopting Release’’). The SEC specified a 

compliance date for amended Rule 15c2–11 (except 

for paragraph (b)(5)(i)(M)) of nine months after the 

amended rule’s December 28, 2020 effective date, 

which is September 28, 2021. See id. at 68172. The 

compliance date for paragraph (b)(5)(i)(M) will be 

two years after the December 28, 2020 effective 

date, which is December 28, 2022. See id. at 68172 

n.535. 

22 15 U.S.C. 78o–3(b)(6). 

23 15 U.S.C. 78o–3(b)(11). 

that does not rely on the Qualified 

IDQS’s publicly available determination 

and, if so, identify the exception relied 

upon by the subscriber; and 

• Such other information as specified 

by FINRA in a Regulatory Notice (or 

similar communication). 

FINRA would use the above 

information as part of its oversight 

program to perform surveillance and 

periodic reviews of Qualified IDQS and 

quoting member compliance with 

amended Rule 15c2–11. 

Other Amendments 

In addition to the two new proposed 

requirements applicable to Qualified 

IDQSs described above, the proposed 

rule change also includes other 

amendments to FINRA Rule 6432 to 

further clarify the operation of the rule 

and conform to amended Rule 15c2–11. 

First, FINRA is amending language in 

existing paragraphs (a) and (c) 

(paragraph (c) is proposed to be 

renumbered as paragraph (d)) to clarify 

that a member must receive notification 

from FINRA that a standard Form 211 

has been processed before initiating or 

resuming quotations in a quotation 

medium (in the case of paragraph (a)) or 

before entering a priced quotation for 

the security (in the case of proposed 

paragraph (d)). FINRA is making these 

amendments to clarify existing member 

obligations with respect to a standard 

Form 211 under FINRA Rule 6432. 

Second, FINRA Rule 6432(b)(1) 

(proposed to be renumbered as 

paragraph (c)(1)) will expand the 

treatment currently allowed for 

documents available through the SEC’s 

Electronic Data Gathering, Analysis, and 

Retrieval (‘‘EDGAR’’) system to 

information available through the 

website of a Qualified IDQS or its 

affiliate broker-dealer. Currently, 

members are required to file a copy of 

the required issuer information with 

FINRA except that, with respect to 

information that is available through 

EDGAR, the member instead is 

permitted to provide identifying 

information for each issuer report or 

statement that was relied upon in 

satisfying its obligations under FINRA 

Rule 6432 and SEA Rule 15c2–11. This 

allowance is intended to ease burdens 

on broker-dealers when filing a Form 

211. In light of the new role for 

Qualified IDQSs under amended Rule 

15c2–11, FINRA believes it is 

appropriate to similarly permit members 

to point FINRA to required information 

where it is publicly available on the 

website of a Qualified IDQS by 

including in the filing the permanent 

website address of the relevant 

document on the Qualified IDQS’s (or 

its affiliate broker-dealer’s) website. 

Third, FINRA is proposing to define 

‘‘qualified inter-dealer quotation 

system’’ in new paragraph (g) of FINRA 

Rule 6432, consistent with the term’s 

definition in SEA Rule 15c2–11(e)(6). 

Fourth, to assist with oversight of 

member compliance with Rule 15c2–11, 

FINRA is proposing to require that 

members include in the standard and 

modified Form 211 the names of all 

officers and directors of the subject 

issuer. Finally, the proposed rule 

change includes several technical and 

non-substantive changes to update 

cross-references to the renumbered 

provisions of amended Rule 15c2–11 20

and to correct the numbering of 

Supplementary Material .01 to FINRA 

Rule 6432, which would not otherwise 

substantively be modified (FINRA Rule 

6432.01 would be corrected to read 

‘‘.01’’ rather than ‘‘01.’’, per FINRA 

rulebook style). 

If the Commission approves the 

proposed rule changes, the effective 

date of the proposed rule changes will 

be the same as the compliance date of 

the SEC’s amendments to Rule 15c2–11 

(except for paragraph (b)(5)(i)(M)), 

including any extensions to such 

compliance date.21

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,22 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 also believes that 

the proposed rule change is consistent 

with the provisions of Section 

15A(b)(11) of the Act,23 which requires, 

among other things, that FINRA’s rules 

be designed to produce fair and 

informative quotations, to prevent 

fictitious or misleading quotations, and 

to promote orderly procedures for 

collecting, distributing, and publishing 

quotations. 

FINRA believes that, by amending 

FINRA Rule 6432 and the Form 211 in 

response to the SEC’s amendments to 

Rule 15c2–11, the proposed rule change 

will facilitate FINRA’s oversight of 

member Qualified IDQSs, enhance 

investor protection, and reduce burdens 

on broker-dealers. The proposed rule 

change would require a Qualified IDQS 

to submit an after-the-fact, modified 

Form 211 to FINRA in connection with 

its publicly available determinations 

regarding initial reviews. The proposed 

amendments also would require a 

Qualified IDQS that makes publicly 

available determinations to submit a 

daily security file containing specified 

information for all non-exchange-listed 

equity securities quoted on its system. 

FINRA believes that the submission of 

this information will allow FINRA to 

effectively oversee the activities of its 

members in the OTC market, including 

of a Qualified IDQS’s compliance with 

Rule 15c2–11’s obligations. In addition, 

FINRA believes that the modified Form 

211 requirement for Qualified IDQSs is 

appropriate, including because, together 

with the daily file, it will provide 

FINRA with the information relied upon 

by each Qualified IDQS as well as 

consolidated daily Rule 15c2–11 

compliance information, making a 

focused, after-the-fact review more 

manageable and able to be 

accomplished in a shorter period of 

time. FINRA believes that such 

oversight will serve to complement the 

amended Rule 15c2–11 framework 

adopted by the SEC, and, therefore, is in 

the public interest. Moreover, 

permitting quoting members to rely on 

a Qualified IDQS’s publicly available 

determination to initiate quotations in a 

security is consistent with the SEC’s 

goals to reduce burdens on brokerdealers while maintaining investor 

protection. 

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. 

Regulatory Need 

This economic impact assessment is 

intended to evaluate the economic 

impact of the proposed changes to 

FINRA Rule 6432. Amendments to 

FINRA Rule 6432 are necessary to 

facilitate FINRA oversight of member 

compliance with amended SEA Rule 

15c2–11. One key aspect of the 

proposed rule change, resulting from the 


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24There were 3,435 FINRA member firms as of 

the end of 2020. Over the 2018 to 2020 period, an 

average 11,018 OTC equity securities were quoted 

with a price per year. 25 17 CFR 200.30–3(a)(12). 

SEC’s changes to Rule 15c2–11, is the 

addition of a modified Form 211 

requirement that would be applicable to 

a Qualified IDQS that engages in the 

initial information review of a security. 

The Qualified IDQS would be required 

to submit the modified Form 211 to 

FINRA by the end of the next business 

day after the Qualified IDQS’s publicly 

available determination was made. 

Economic Baseline 

The economic baseline considers 

investor protection and members’ 

regulatory burden in the absence of the 

proposed rule change in light of the 

SEC’s amended rule. Among other 

things, amended Rule 15c2–11 permits 

a broker-dealer to rely on a Qualified 

IDQS to perform the initial information 

review required by the rule. Where a 

broker-dealer subscriber is not relying 

on the initial review of a Qualified 

IDQS, it must submit a standard Form 

211 to FINRA and await notification 

that the form has been processed prior 

to initiating quotations in the security. 

SEA Rule 15c2–11 and FINRA Rule 

6432 generally govern the quotation 

conduct of broker-dealers initiating 

quotes in equity securities in the OTC 

market.24

Economic Impacts 

The proposed rule change would 

likely improve FINRA’s oversight of the 

OTC market given the amendments to 

Rule 15c2–11. Specifically, by requiring 

the Qualified IDQS to submit (i) an 

after-the-fact, modified Form 211 filing 

in connection with publicly available 

determinations related to an initial 

information review, and (ii) a daily 

security file containing summary Rule 

15c2–11-related information for each 

security quoted on its system, FINRA 

would have data necessary to monitor 

for Rule 15c2–11 compliance by the 

Qualified IDQSs and other members. 

The daily security file also would 

enhance FINRA’s surveillance 

capabilities, which furthers investor 

protection. 

FINRA acknowledges that a Qualified 

IDQS could incur some operational 

costs in submitting the modified Form 

211 filing and daily security file to 

FINRA. Where the Qualified IDQS 

decides to undertake an initial review, 

the costs of filing a Form 211 would be 

shifted from broker-dealer subscribers to 

the Qualified IDQS. 

Alternatives Considered 

FINRA considered not implementing 

a filing requirement for a Qualified 

IDQS. FINRA determined that the afterthe-fact submission requirement strikes 

an appropriate balance by providing 

FINRA with important information with 

which to oversee Qualified IDQS 

compliance without involving the delay 

of a FINRA processing time prior to the 

initiation of quoting, consistent with the 

SEC’s goals to reduce burdens on 

broker-dealers while maintaining 

investor protection. 

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–2021–014 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–2021–014. 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– 

2021–014 and should be submitted on 

or before July 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–12480 Filed 6–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #16997 and #16998; 

Alabama Disaster Number AL–00121] 

Presidential Declaration of a Major 

Disaster for Public Assistance Only for 

the State of Alabama 

AGENCY: Small Business Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Alabama (FEMA–4596–DR), 

dated 06/08/2021. 

Incident: Severe Storm, Straight-line 

Winds, and Tornadoes. 

Incident Period: 03/25/2021 through 

03/26/2021. 

DATES: Issued on 06/08/2021. 

Physical Loan Application Deadline 

Date: 08/09/2021. 


khammond on DSKJM1Z7X2PROD with NOTICES