Document ID: SEC-2020-1628-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Financial Industry Regulatory Authority, Inc.
Posted Date: 2020-10-14T04:00Z

[Federal Register Volume 85, Number 199 (Wednesday, October 14, 2020)]
[Notices]
[Page 65113]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22712]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90129; File No. SR-FINRA-2020-024]

Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of Longer Period for Commission 
Action on a Proposed Rule Change To Delete the FINRA Order Audit Trail 
System (OATS) Rules

October 8, 2020.
    On August 14, 2020, 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 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposal to eliminate the Order Audit Trail System (``OATS'') rules in 
the FINRA Rule 7400 Series and FINRA Rule 4554 (Alternative Trading 
Systems--Recording and Reporting Requirements of Order and Execution 
Information for NMS Stocks) once members are effectively reporting to 
the consolidated audit trail (``CAT'') and the CAT's accuracy and 
reliability meet certain standards. The proposed rule change was 
published for comment in the Federal Register on September 1, 2020.\3\ 
The Commission has received three comments on the proposed rule 
change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89679 (August 26, 
2020), 85 FR 54461.
    \4\ See Letters from William J. Leahy, Head of Regulatory 
Compliance, Refinitiv Wealth Management, September 22, 2020; Howard 
Meyerson, Managing Director, Financial Information Forum, dated 
September 22, 2020; and Ellen Greene, Managing Director, Equity & 
Options Market Structure, dated September 24, 2020.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of the notice of the filing of a proposed rule change, 
or within such longer period up to 90 days as the Commission may 
designate if it finds such longer period to be appropriate and 
publishes its reasons for so finding or as to which the self-regulatory 
organization consents, the Commission shall either approve the proposed 
rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether the proposed rule change should be 
disapproved. The 45th day after publication of the notice for this 
proposed rule change is October 16, 2020.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider the 
proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the 
Act,\6\ the Commission designates November 30, 2020 as the date by 
which the Commission shall either approve, disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File No. SR-FINRA-2020-024).
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    \6\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22712 Filed 10-13-20; 8:45 am]
BILLING CODE 8011-01-P