2142 Federal Register / Vol. 80, No. 10 / Thursday, January 15, 2015 / Notices 

80 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 72575 

(July 9, 2014), 79 FR 41339 (‘‘Notice’’). 4See Letter from Daniel Zinn, General Counsel, 

OTC Markets Group Inc., dated August 5, 2014 

(‘‘OTC Markets Letter’’). 

5See Securities Exchange Act Release No. 73313, 

79 FR 61677 (October 14, 2014) (‘‘Order Instituting 

Proceedings’’). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Letter from Dr. Lee Jackson, PAHCII, dated 

October 8, 2014 (‘‘PAHCII Letter’’); Letter from 

Barry Scadden, Vice President, ATS Trade Support 

and Operations, Global OTC, dated October 10, 

2014 (‘‘Global OTC Letter’’); and Letter from 

Michael R. Trocchio, Sidley Austin LLP, on behalf 

of OTC Markets Group Inc., dated November 4, 

2014 (‘‘Sidley Letter’’). 

8 15 U.S.C. 78s(b)(2). 

9 15 U.S.C. 78o–3(b)(6). 

10 15 U.S.C. 78o–3(b)(11). 

11 15 U.S.C. 78q–2. 

12 15 U.S.C. 78s(b)(2). 

13 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

5The term ‘‘Member’’ is defined as ‘‘any 

registered broker or dealer, or any person associated 

with a registered broker or dealer, that has been 

admitted to membership in the Exchange. A 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.80

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00531 Filed 1–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74021; File No. SR–FINRA– 

2014–030] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Designation 

of Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Approve or Disapprove 

Proposed Rule Change Relating to 

Quotation Requirements for Unlisted 

Equity Securities and Deletion of the 

Rules Related to the OTC Bulletin 

Board Service 

January 9, 2015. 

On June 27, 2014, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act ’’ or ‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to adopt rules relating to 

quotation requirements for over-thecounter (‘‘OTC’’) equity securities and to 

delete the rules relating to the OTC 

Bulletin Board Service (‘‘OTCBB’’) and 

thus cease its operation. The proposed 

rule change was published for comment 

in the Federal Register on July 15, 

2014.3 On August 8, 2014, FINRA 

consented to extending the time period 

for the Commission to either approve or 

disapprove the proposed rule change, or 

to institute proceedings to determine 

whether to approve or disapprove the 

proposed rule change, to October 10, 

2014. The Commission received one 

comment letter on the proposed rule 

change.4

On October 7, 2014, the Commission 

instituted proceedings 5 to determine 

whether to approve or disapprove the 

proposed rule change under Section 

19(b)(2)(B) of the Act.6 The Commission 

thereafter received three comment 

letters in response to the Order 

Instituting Proceedings.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of the filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for comment in 

the Federal Register on July 15, 2014. 

January 11, 2015 is 180 days from that 

date, and March 12, 2015 is an 

additional 60 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change and the issues 

raised in the comment letters that have 

been submitted in connection with the 

proposal. As the Commission noted in 

the Order Instituting Proceedings, the 

proposal raises questions as to whether 

FINRA’s proposed rule change is 

consistent with the requirements of 

Sections 15A(b)(6),9 15A(b)(11),10 and 

17B11 of the Act. Specifically, FINRA’s 

proposal to delete the rules governing 

the OTCBB, and thus cease operation of 

the only self-regulatory organization 

(‘‘SRO’’) facility that collects, publishes 

and distributes quotations in OTC 

equity securities, raises questions as to 

whether the proposal is consistent with 

the requirements of the Act, particularly 

under circumstances where non-SRO 

quotation systems are experiencing 

operational difficulties. In such an 

event, reliable and accurate quotation 

information for OTC equity securities 

may not be widely available to investors 

through such non-SRO systems. 

Extending the time within which to 

approve or disapprove the proposed 

rule change will enable the Commission 

to more fully consider these issues and 

the other issues raised in the comment 

letters. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,12 designates March 12, 2015, as the 

date by which the Commission should 

either approve or disapprove the 

proposed rule change (File No. SR– 

FINRA–2014–030). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–00523 Filed 1–14–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74024; File No. SR–EDGX– 

2014–37] 

Self-Regulatory Organizations; EDGX 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Related to Fees for 

Use of EDGX Exchange, Inc. 

January 9, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

30, 2014, EDGX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated the proposed rule change as 

one establishing or changing a member 

due, fee, or other charge imposed by the 

Exchange under Section 19(b)(3)(A)(ii) 

of the Act 3 and Rule 19b4(f)(2) 

thereunder,4 which renders the 

proposed rule change effective upon 

filing with the Commission. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested person. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend its fees and rebates applicable to 

Members 5 of the Exchange pursuant to 


rljohnson on DSK3VPTVN1PROD with NOTICES