Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 45915 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4See Securities Exchange Act Release No. 78081 

(June 15, 2016), 81 FR 40364 (June 21, 2016) (Notice 

of Filing of Amendment No. 3 and Order Granting 

Accelerated Approval to a Proposed Rule Change to 

Amend FINRA Rule 4210 (Margin Requirements) to 

Establish Margin Requirements for the TBA Market, 

as Modified by Amendment Nos. 1, 2, and 3; File 

No. SR–FINRA–2015–036). 5See Partial Amendment No. 3 to SR–FINRA– 

2015–036, available at: www.finra.org; see also 

Regulatory Notice 16–31 (August 2016) 

(announcing December 15, 2016 as the effective 

date for the amendments relating to the risk limit 

determination requirements pursuant to SR– 

FINRA–2015–036 and announcing December 15, 

2017 as the effective date for all other amendments 

pursuant to the rule change). 

6See Regulatory Notice 16–31. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on September 26, 

2017, it filed with the Postal Regulatory 

Commission a Request of the United 

States Postal Service to Add Priority 

Mail Contract 364 to Competitive 

Product List. Documents are available at 

www.prc.gov, Docket Nos. MC2017–210, 

CP2017–318. 

Elizabeth A. Reed, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2017–21014 Filed 9–29–17; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Parcel Select 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of notice required under 39 

U.S.C. 3642(d)(1): October 2, 2017. 

FOR FURTHER INFORMATION CONTACT: 

Elizabeth A. Reed, 202–268–3179. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on September 26, 

2017, it filed with the Postal Regulatory 

Commission a Request of the United 

States Postal Service to Add Parcel 

Select Contract 23 to Competitive 

Product List. Documents are available at 

www.prc.gov, Docket Nos. MC2017–211, 

CP2017–319. 

Elizabeth A. Reed, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2017–21015 Filed 9–29–17; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81722; File No. SR–FINRA– 

2017–029] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Delay the 

Implementation Date of Certain 

Amendments to FINRA Rule 4210 

Approved Pursuant to SR–FINRA– 

2015–036 

September 26, 2017. 

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 

September 19, 2017, 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 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 delay, until 

June 25, 2018, the implementation date 

of the amendments to FINRA Rule 4210 

(Margin Requirements) pursuant to SR– 

FINRA–2015–036, other than the 

amendments pursuant to SR–FINRA– 

2015–036 that were implemented on 

December 15, 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On October 6, 2015, FINRA filed with 

the Commission proposed rule change 

SR–FINRA–2015–036, which proposed 

to amend FINRA Rule 4210 to establish 

margin requirements for (1) To Be 

Announced (‘‘TBA’’) transactions, 

inclusive of adjustable rate mortgage 

(‘‘ARM’’) transactions; (2) Specified 

Pool Transactions; and (3) transactions 

in Collateralized Mortgage Obligations 

(‘‘CMOs’’), issued in conformity with a 

program of an agency or GovernmentSponsored Enterprise (‘‘GSE’’), with 

forward settlement dates, as defined 

more fully in the filing (collectively, 

‘‘Covered Agency Transactions’’). The 

Commission approved SR–FINRA– 

2015–036 on June 15, 2016 (the 

‘‘Approval Date’’).4

FINRA proposed in Amendment No. 

3 to SR–FINRA–2015–036 to implement 

the rule change 18 months from the 

Approval Date, except that the risk limit 

determination requirements as set forth 

in paragraphs (e)(2)(F), (e)(2)(G) and 

(e)(2)(H) of Rule 4210 and in new 

Supplementary Material .05, each as 

respectively amended or established by 

SR–FINRA–2015–036 (collectively, the 

‘‘risk limit determination 

requirements’’), would be implemented 

six months from the Approval Date.5 As 

FINRA announced in Regulatory Notice 

16–31 (the ‘‘Notice’’), the amendments 

relating to the risk limit determination 

requirements became effective on 

December 15, 2016.6 FINRA announced 

in the Notice that December 15, 2017 

would be the effective date for all other 

amendments pursuant to SR–FINRA– 


sradovich on DSK3GMQ082PROD with NOTICES
45916 Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 

7Available at: www.finra.org/industry/guidance. 

Further, staff of the SEC’s Division of Trading and 

Markets have made available a set of Frequently 

Asked Questions regarding Exchange Act Rule 

15c3–1 and Rule 15c3–3 in connection with 

Covered Agency Transactions under FINRA Rule 

4210, also available at: www.finra.org/industry/ 

guidance. 

8 15 U.S.C. 78o–3(b)(6). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires FINRA to give the Commission 

written notice of FINRA’s 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. 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). 

13For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

2015–036 (the ‘‘December 15, 2017 

implementation date’’). 

FINRA has received questions 

regarding implementation of the 

requirements of SR–FINRA–2015–036. 

In response, FINRA has engaged in 

extensive discussions with industry 

participants and other regulators, 

including staff of the SEC, and has made 

available a set of Frequently Asked 

Questions & Guidance to facilitate 

members’ efforts to comply with the 

rule change.7 In addition, industry 

participants have requested additional 

time to make systems changes necessary 

to comply with the requirements of SR– 

FINRA–2015–036, including time to test 

the systems changes, and have 

requested time to update or amend 

margining agreements and related 

documentation. Given the systems 

changes necessary, and industry 

participants’ request for additional time 

to update or amend margining 

agreements and related documentation, 

FINRA believes it is appropriate to 

extend the December 15, 2017 

implementation date to June 25, 2018. 

FINRA notes that the risk limit 

determination requirements pursuant to 

SR–FINRA–2015–036 became effective 

on December 15, 2016 and, as such, the 

implementation of such requirements is 

not affected by the proposed rule 

change. 

FINRA has filed the proposed rule 

change for immediate effectiveness and 

has requested that the Commission 

waive the requirement that the proposed 

rule change not become operative for 30 

days after the date of the filing. The 

operative date will be the date of filing 

of the proposed rule change. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,8 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 believes that the 

proposed rule change provides industry 

participants additional time to complete 

the systems changes necessary to 

comply with SR–FINRA–2015–036, and 

provides them additional time to update 

or amend margining agreements and 

related documentation. FINRA believes 

that providing such additional time is 

consistent with the Act in that it thereby 

facilitates implementation of SR– 

FINRA–2015–036, which, by 

establishing margin requirements for 

Covered Agency Transactions, will help 

among other things to reduce the risk of 

loss due to counterparty failure in one 

of the largest fixed income markets and 

thereby help protect investors and the 

public interest by ensuring orderly and 

stable markets. 

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. FINRA 

believes that providing additional time 

for industry participants to make and 

test the systems changes necessary to 

comply with SR–FINRA–2015–036, and 

providing additional time to update or 

amend margining agreements and 

related documentation, will benefit all 

interested parties. 

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 9 and Rule 19b– 

4(f)(6) thereunder.10

A proposed rule change filed under 

Rule 19b–4(f)(6) 11 normally does not 

become operative for 30 days after the 

date of filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),12 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

FINRA has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

upon filing. FINRA has stated that the 

purpose of the proposed rule change is 

to provide industry participants 

additional time to make systems 

changes necessary to comply with the 

requirements of SR–FINRA–2015–036, 

including time to test the systems 

changes, and time to update or amend 

margining agreements and related 

documentation. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest and will help to facilitate the 

implementation of the margin 

requirements for Covered Agency 

Transactions. Therefore, the 

Commission hereby waives the 30-day 

operative delay requirement and 

designates the proposed rule change as 

operative upon filing.13

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–2017–029 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–2017–029. This file 

number should be included on the 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 45917 

14 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CRF [sic] 240.19b–4. 

6See Securities Exchange Act Release No. 34– 

78101 (June 17, 2016), 81 FR 41141 (June 23, 2016) 

(File No. 10–222). 

7The Exchange’s listing program launch is 

pending Commission rulemaking to amend Rule 

146 under Section 18 of the Securities Act of 1933 

(‘‘Securities Act’’) to designate securities listed on 

the Exchange as covered securities for purposes of 

Section 18(b) of the Securities Act. See Securities 

Act Release No. 10390 (July 14, 2017) 82 FR 33839 

(July 21, 2017) (File No. S7–06–17) proposing such 

rule amendment. 

8See IEX Rule 14.202. 

9Rule 12d2–2(c) under the Act specifies, among 

other things, the requirements applicable to an 

issuer of a class of securities listed on a national 

securities exchange to notify the Commission of its 

withdrawal of such securities from listing on such 

national securities exchange. Subparagraph 2(ii) 

thereto requires that the issuer must provide notice 

to its national securities exchange of such 

determination no fewer than 10 days before 

notification to the Commission. Subparagraph 

(2)(iii) thereto requires that ‘‘[c]ontemporaneous 

with providing written notice to the exchange of its 

intent to withdraw a class of securities from listing 

and/or registration, the issuer must publish notice 

of such intention, along with its reasons for such 

withdrawal, via a press release and, if it has a 

publicly accessible Web site, posting such notice on 

that Web site.’’ 

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 

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; 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–FINRA–2017–029 and 

should be submitted on or before 

October 23, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21001 Filed 9–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81725; File No. SR–IEX– 

2017–30] 

Self-Regulatory Organizations: 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Related to 

Listing Fees 

September 26, 2017. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 13, 2017, the Investors 

Exchange LLC (‘‘IEX’’ or the 

‘‘Exchange’’) 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 self-regulatory 

organization. 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 

Pursuant to the provisions of Section 

19(b)(1) under the Securities Exchange 

Act of 1934 (‘‘Act’’),4 and Rule 19b–4 

thereunder,5 Investors Exchange LLC 

(‘‘IEX’’ or ‘‘Exchange’’) is filing with the 

Commission a proposed rule change to 

amend Rule 14.601, which is currently 

reserved, to (i) adopt an annual fee of 

$50,000 for companies listing on the 

Exchange and (ii) provide for specified 

fee credits. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.iextrading.com, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 statement [sic] may be 

examined at the places specified in Item 

IV below. The self-regulatory 

organization 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 June 17, 2016, the Commission 

granted IEX’s application for registration 

as a national securities exchange under 

Section 6 of the Act including approval 

of rules applicable to the qualification, 

listing and delisting of companies on 

the Exchange.6 The Exchange plans to 

begin a listing program in 2017 and is 

proposing to adopt a simple fee 

structure for listed companies.7

Specifically, the Exchange proposes to 

amend Rule 14.601 to (i) adopt an allinclusive annual fee of $50,000 for 

companies listing on the Exchange and 

(ii) provide for specified fee credits for 

a company that is approved for IEX 

listing 8 and, prior to or within 120 

calendar days of the first IEX listing, 

announces its intent to transfer its 

listing to IEX in the company’s press 

release issued pursuant to Rule 12d2– 

2(c)(2)(iii) under the Act 9 announcing 

its intent to withdraw its securities from 

listing on its current national securities 

exchange. 

As proposed, paragraph (a) of Rule 

14.601 contains introductory text stating 

that the rule sets forth the required 

listing fees. Paragraph (b) specifies a 

$50,000 all-inclusive annual listing fee 

that will be payable annually by each 

listed company on January 1st of each 

year for the upcoming calendar year, 

subject to fee credits as specified in 

paragraph (c) and described more fully 

below. The annual listing fee will not be 

charged in the first calendar year of a 

company’s listing on IEX, but thereafter 

would be the only fee payable by a 

listed company per year for all aspects 

of its listing. The Exchange is not 

proposing to charge application fees, 

entry fees, fees for the listing of 

additional shares, recordkeeping fees, 

substitution listing fees, fees for a 

written interpretation of listing rules or 

hearing fees. All listed companies will 

be subject to the same annual listing fee, 

without differentiation based on the 

number of shares outstanding, unless 

eligible for a fee credit as described 

below. Paragraph (b) also provides that 

the annual fee will be subject to a prorata refund if the company ceases to be 


sradovich on DSK3GMQ082PROD with NOTICES