Document ID: SEC-2020-1410-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Financial Industry Regulatory Authority, Inc.
Posted Date: 2020-09-03T04:00Z

[Federal Register Volume 85, Number 172 (Thursday, September 3, 2020)]
[Notices]
[Pages 55054-55058]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19451]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89703; File No. SR-FINRA-2020-025]

Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend Security Futures Risk Disclosure 
Statement

August 28, 2020.
    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 August 14, 2020, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FINRA is proposing to amend: (1) Section 8.2 (Position Limits and 
Large Trader Reporting) of the Security Futures Risk Disclosure 
Statement (``2018 Statement'' or ``Statement'') to reflect the higher 
position limits for security futures contracts and changes to the large 
trader reporting timeframe adopted by the Commodity Futures Trading 
Commission (``CFTC''); \4\ (2) Section 2.7 (Trading Halts) of the 2018 
Statement to reflect the updated market-wide circuit breaker benchmark 
and thresholds approved by the SEC; \5\ and (3) the introductory 
section of the 2018 Statement to reflect that exchanges may now list 
security futures on certain debt instruments. FINRA is not proposing 
any textual changes to FINRA rules. The National Futures Association 
(``NFA'') has proposed parallel amendments to the Statement for its 
members.\6\
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    \4\ See Position Limits and Position Accountability for Security 
Futures Products, 84 FR 51005 (September 27, 2019) (amending CFTC 
Regulation 41.25); see also Ownership and Control Reports, Forms 
102/102S, 40/40S, and 71, 78 FR 69178 (November 18, 2013) (amending 
CFTC Rule 17.02, among others).
    \5\ See Securities Exchange Act Release No. 67090 (May 31, 
2012), 77 FR 33531 (June 6, 2012) (Order Approving File No. SR-
FINRA-2011-054).
    \6\ See Letter from Carol A. Wooding, NFA's Senior Vice 
President and General Counsel, to Christopher J. Kirkpatrick, Office 
of the Secretariat, CFTC, dated May 29, 2020.
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    The proposed updated Statement (the ``2020 Statement''), reflecting 
all cumulative updates, is attached as Exhibit 3a. The proposed 
supplement pertaining to changes to the specified paragraphs under 
Sections 8.2 and 2.7, and the Introduction, as described herein (the 
``2020 Supplement'') is attached as Exhibit 3b.
    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.

[[Page 55055]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
Background
    Subparagraph (A) under Rule 2370(b)(11) (Delivery of Security 
Futures Risk Disclosure Statement) requires a member to deliver the 
current security futures risk disclosure statement to each customer at 
or prior to the time such customer's account is approved for trading 
security futures.\7\ Thereafter, the member must distribute each new or 
revised security futures risk disclosure statement to each customer 
having an account approved for such trading or, in the alternative, not 
later than the time a confirmation of a transaction is delivered to 
each customer that enters into a security futures transaction. The Rule 
requires FINRA to advise members when a new or revised security futures 
risk disclosure statement is available.
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    \7\ In general, the Security Futures Risk Disclosure Statement 
provides customers with disclosures regarding the characteristics 
and potential risks of investing in standardized security futures 
contracts traded on regulated U.S. exchanges.
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    The Statement is a uniform statement that was jointly developed by 
several self-regulatory organizations (``SROs''), including FINRA and 
the NFA, and approved by the SEC in 2002.\8\ Since then, specified 
sections of the Statement have undergone updates,\9\ the most recent of 
which occurred in 2018, which incorporated all cumulative updates made 
since 2002.\10\ The 2018 Statement is currently posted on 
FINRA.org.\11\
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    \8\ See Securities Exchange Act Release No. 46862 (November 20, 
2002), 67 FR 70993 (November 27, 2002) (Order Approving File No. SR-
NASD-2002-129); see also Securities Exchange Act Release No. 46613 
(October 7, 2002), 67 FR 64176 (October 17, 2002) (Notice of Filing 
and Effectiveness of File No. SR-NFA-2002-05).
    \9\ See Securities Exchange Act Release No. 62787 (August 27, 
2010), 75 FR 53998 (September 2, 2010) (Notice of Filing and 
Immediate Effectiveness of File No. SR-FINRA-2010-045) (revising 
Section 8.1 of the Statement to indicate that price adjustments for 
ordinary dividends may be made for a specified class of security 
future contracts based on the rules of the exchange and the clearing 
organization); see also Securities Exchange Act Release No. 71981 
(April 21, 2014), 79 FR 23034 (April 25, 2014) (Notice of Filing and 
Immediate Effectiveness of File No. SR-FINRA-2014-019) (revising 
Section 5.2 of the Statement to list a product with a physical 
delivery settlement cycle shorter than three business day, and to 
indicate the then normal clearance and settlement cycle for 
securities transactions).
    \10\ See Securities Exchange Act Release No. 83407 (June 11, 
2018), 83 FR 28045 (June 15, 2018) (Notice of Filing and Immediate 
Effectiveness of File No. SR-FINRA-2018-024) (updating Sections 5.2 
and 6.1 of the Statement, respectively, to reflect that the normal 
clearance and settlement cycle for securities transactions is now 
two business days, and update the address for the Securities 
Investor Protection Corporation (``SIPC'')); see also Securities 
Exchange Act Release No. 83825 (August 10, 2018), 83 FR 40819 
(August 16, 2018) (Notice of Filing and Immediate Effectiveness of 
File No. SR-FINRA-2018-028) (updating Section 6.1 of the Statement 
to change the reference to SIPC's cash limit protection from 
$100,000 to $250,000).
    \11\ See FINRA's Security Futures Topic Page, https://www.finra.org/rules-guidance/key-topics/security-futures.
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Proposed Updates to the Statement

A. Section 8.2 (Position Limits and Large Trader Reporting)

    In general, security futures contracts that trade on U.S.-regulated 
exchanges are subject to position limits or position accountability 
rules, and reporting requirements for large open positions. Section 8.2 
of the Statement describes, in general terms, these requirements by 
specifying the position limit thresholds, and reporting requirements 
for large open positions,\12\ which accord with CFTC Regulation 41.25 
(Additional conditions for trading for security futures products.), 
governing position limits and position accountability for security 
futures products, and Rule 17.02 (Form, manner and time of filing 
reports.), pertaining to CFTC Form 102 (Identification of ``Special 
Accounts'').\13\ The CFTC has amended these requirements and for that 
reason, FINRA is proposing to update Section 8.2 to reflect the current 
terms of CFTC Regulation 41.25 and Rule 17.02(b)(2) that increase the 
default position limits, modify the criteria for setting a higher 
position limit and position accountability level, and adjust the time 
during which position limits must be in effect and the time by which 
firms must submit Form 102 to the CFTC and the exchange on which the 
reportable position exists.\14\
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    \12\ Section 8.2 provides in part: ``Position limits are 
required for security futures contracts that overlie a security that 
has an average daily trading volume of 20 million shares or fewer. 
In the case of a security futures contract overlying a security 
index, position limits are required if any one of the securities in 
the index has an average daily trading volume of 20 million shares 
or fewer. Position limits also apply only to an expiring security 
futures contract during its last five trading days. A regulated 
exchange must establish position limits on security futures that are 
no greater than 13,500 (100 share) contracts, unless the underlying 
security meets certain volume and shares outstanding thresholds, in 
which case the limit may be increased to 22,500 (100 share) 
contracts. For security futures contracts overlying a security or 
securities with an average trading volume of more than 20 million 
shares, regulated exchanges may adopt position accountability rules. 
Under position accountability rules, a trader holding a position in 
a security futures contract that exceeds 22,500 contracts (or such 
lower limit established by an exchange) must agree to provide 
information regarding the position and consent to halt increasing 
that position if requested by the exchange.'' With respect to 
reporting large open positions, Section 8.2 also indicates that 
``brokerage firms must submit identifying information on the account 
holding the reportable position on a form referred to as either an 
``Identification of Special Accounts Form'' or a ``Form 102'') to 
the CFTC and to the exchange on which the reportable position exists 
within three business days of which a reportable position is first 
established.''
    \13\ 17 CFR 17.02(b)(2).
    \14\ See supra note 4.
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    FINRA is proposing to update the second, third, and fourth 
paragraphs under Section 8.2 of the Statement to read as follows 
(proposed updates are marked):

    Position limits are required for security futures contracts 
[that overlie] on a security [that has an average daily trading 
volume of 20 million shares or fewer. In the case of a security 
futures contract overlying a security index, position limits are 
required if any one of the securities in the index has an average 
daily trading volume of 20 million shares or fewer.] Position limits 
also apply only to an expiring security futures contract during its 
last [five] three trading days. A regulated exchange must establish 
a default position limits on a security futures contract that [are] 
is no greater than [13,000] 25,000 [(]100-share[)] contracts (or the 
equivalent if the contract size is different than 100 shares), 
either net or on the same side of the market, unless the underlying 
security [meets certain volume and shares outstanding thresholds] 
exceeds 20 million shares of estimated deliverable supply, in which 
case the limit may be [increased to 22,500 (100 share) contracts] 
set at a level no greater than 12.5 percent of the estimated 
deliverable supply of the underlying security, either net or on the 
same side of the market.
    For a security futures contract[s overlying] on a security [or 
securities] with [an average] a six-month total trading volume of 
more than [20 million] 2.5 billion shares and there are more than 40 
million shares of estimated deliverable supply, a regulated 
exchange[s] may adopt a position accountability rule[s] in lieu of a 
position limit, either net or on the same side of the market. Under 
position accountability rules, a trader holding a position in a 
security futures contract that exceeds [22,500] 25,000 100-share 
contracts (or [such lower limit established by an exchange] the 
equivalent if the contract size is different than 100 shares) or 
such lower level specified under the rules of the exchange, must 
agree to provide information regarding the position and consent to 
halt increasing that position if requested by the exchange.
    Brokerage firms must also report large open positions held by 
one person (or by several persons acting together) to the CFTC as 
well as to the exchange on which the positions are held. The CFTC's 
reporting requirements are 1,000 contracts for security futures 
positions on individual equity securities and 200

[[Page 55056]]

contracts for positions on a narrow-based index. However, individual 
exchanges may require the reporting of large open positions at 
levels less than the levels required by the CFTC. In addition, 
brokerage firms must submit identifying information on the account 
holding the reportable position (on a form referred to as either an 
``Identification of Special Accounts Form'' or a ``Form 102'') to 
the CFTC and to the exchange on which the reportable position exists 
[within three business days of] no later than the following business 
day when a reportable position is first established.
B. Section 2.7 (Trading Halts)
    Section 2.7 of the Statement addresses the impact of a trading halt 
on the value of security futures contracts and states that in certain 
circumstances, exchanges are required by law to halt trading in 
security futures contracts. Currently, Section 2.7 states, in part, 
that ``regulated exchanges are required to halt trading in all security 
futures contracts for a specified period of time when the Dow Jones 
Industrial Average (``DJIA'') experiences one-day declines of 10-, 20- 
and 30-percent.'' The SEC has approved proposals by SROs, including 
FINRA, to shift the benchmark against which to assess serious market 
decline from the DJIA to the S&P 500, and reduce the market decline 
thresholds to seven-, 13- and 20-percent.\15\ FINRA is therefore 
proposing to update Section 2.7 of the Statement to reflect these 
changes by updating the fifth sentence of the first paragraph under 
Section 2.7 to read as follows (proposed updates are marked):
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    \15\ See supra note 5.

    In addition, regulated exchanges are required to halt trading in 
all security futures contracts for a specified period of time when 
the [Dow Jones Industrial Average (``DJIA'')] S&P 500 Index 
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experiences one-day declines of 10 seven-, 20 13- and 30 20-percent.

C. Introductory Section to the Statement
    The Statement begins with a brief introductory section 
(``Introduction''), stating that the Statement discusses the 
characteristics and risks of standardized security futures contracts 
traded on regulated U.S. exchanges. The Introduction also describes the 
types of securities on which security futures can be based, providing, 
in part, that ``[a]t present, regulated exchanges are authorized to 
list futures contracts on individual equity securities registered under 
the Securities Exchange Act of 1934 (including common stock and certain 
exchange-traded funds and American Depositary Receipts), as well as 
narrow-based security indices. Futures on other types of securities and 
options on security futures contracts may be authorized in the 
future.'' The SEC and CFTC adopted SEC Rule 6h-2 \16\ and an amendment 
to CFTC Regulation 41.21,\17\ respectively, to permit security futures 
to be based on individual debt securities or narrow-based indexes 
composed of such securities.\18\ In recognition of this change, FINRA 
is proposing to update the second sentence of the first paragraph of 
the Introduction to include a reference to debt instruments so that it 
reads (proposed updates are marked):
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    \16\ 17 CFR 240.6h-2.
    \17\ 17 CFR 41.21.
    \18\ See Securities Exchange Act Release No. 54106 (July 6, 
2006), 71 FR 39534 (July 13, 2006).

    At present, regulated exchanges are authorized to list futures 
contracts on individual equity securities registered under the 
Securities Exchange Act of 1934 (including common stock and certain 
exchange-traded funds and American Depositary Receipts), futures on 
certain debt instruments as well as narrow-based security indices.
D. Availability of Updated Statement on FINRA.org
    Currently, the 2018 Statement and its corresponding 2018 Supplement 
are posted on FINRA's website.\19\ The preceding updates to the 
Statement made in 2010 and 2014 are also posted on the website.\20\ In 
accordance with existing guidance, a member could satisfy Rule 
2370(b)(11)(A) by redistributing the entire Statement to its security 
futures customers or separately distributing each new supplement to 
those customers who have already received the Statement.\21\ FINRA 
reminds members that they may electronically transmit documents that 
they are required to furnish to customers under FINRA rules, including 
the 2020 Statement or 2020 Supplement, provided that members adhere to 
the standards contained in the SEC's May 1996 and October 1995 released 
on electronic delivery,\22\ and as discussed in Notice to Members 98-3. 
Members may also transmit the 2020 Statement or 2020 Supplement, as 
appropriate, to customers through the use of a hyperlink, provided that 
customers have consented to electronic delivery.\23\
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    \19\ See supra note 11.
    \20\ See supra note 11.
    \21\ See Information Notice, September 7, 2010 (August 2010 
Supplement to the Security Futures Risk Disclosure Statement); see 
also Regulatory Notice 14-24 (May 2014) (stating, a member may 
separately distribute new supplements to such customers and that a 
member is not required to redistribute the entire Statement or 
earlier supplements).
    \22\ See Securities Act Release No. 7288 (May 9, 1996), 61 FR 
24644 (May 15, 1996) and Securities Act Release No. 7233 (October 6, 
1995), 60 FR 53458 (October 13, 1995). See also Securities Act 
Release No. 7856 (April 28, 2000), 65 FR 25843 (May 4, 2000) 
(affirming the framework for electronic delivery established in the 
1995 and 1996 releases).
    \23\ See supra note 22.
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    As noted above, the Statement is a uniform statement that was 
jointly developed by FINRA, the NFA, and several other securities and 
futures exchanges. FINRA is proposing to incorporate the updates 
proposed herein into the main body of the 2020 Statement and to publish 
it on the FINRA website.
    To facilitate a member's compliance with Rule 2370(b)(11)(A) as 
articulated in guidance, FINRA is also proposing to encapsulate the 
proposed updates to the Statement into the 2020 Supplement that would 
show the proposed updates to Sections 8.2 and 2.7, and the 
Introduction, as described above. The 2020 Supplement would appear on 
FINRA's website as a separate document to continue to afford members 
with the flexibility to comply with the requirements of Rule 
2370(b)(11)(A) by separately distributing the Supplement to customers 
who have already received the 2018 Statement.\24\
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    \24\ FINRA's Security Futures Topic Page includes an ``Archive'' 
in which the 2002 Security Futures Risk Disclosure Statement (with 
the August 2010 and April 2014 supplements appended), and the 
separate August 2010 Supplement and April 2014 Supplement currently 
sit. In an effort to streamline this topic page, FINRA is proposing 
to remove these older materials from the Archive on the basis that 
those updates are incorporated into the main body of the Statement. 
In their stead, FINRA is proposing to move the 2018 Statement and 
the 2018 Supplement to the ``Archive'' section of the Security 
Futures Topic Page.
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    FINRA has filed the proposed rule change for immediate 
effectiveness and has requested that the SEC waive the requirement that 
the proposed rule change not become operative for 30 days after the 
date of the filing, so FINRA can implement the proposed rule change in 
coordination with the parallel changes that the NFA has proposed to the 
Statement for its members.\25\ FINRA will announce the implementation 
date of the proposed rule change in a Regulatory Notice to be published 
no later than 30 days following Commission notice of the filing of the 
proposed rule change for immediate effectiveness.
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    \25\ See supra note 6.
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2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\26\ which requires, among 
other things, that FINRA rules must be designed to prevent fraudulent 
and manipulative acts and practices, to promote just and

[[Page 55057]]

equitable principles of trade, and, in general, to protect investors 
and the public interest. FINRA believes that updating the Statement to 
incorporate into the main body all updates discussed within the 
supplement will help to accurately inform customers of the 
characteristics and risks of security futures. The proposed updated 
Statement would also reflect the circumstances under which regulated 
exchanges are required to halt trading in all security futures 
contracts and set forth the position limit and accountability rules 
that currently apply to transactions in security futures.
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    \26\ 15 U.S.C. 78o-3(b)(6).
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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. While FINRA recognizes that 
there may be a burden associated with the distribution of the proposed 
updated Statement or supplement, FINRA believes that any such burden 
would be outweighed by the benefit to customers of accurately 
disclosing the characteristics and risks of security futures. FINRA 
also believes that any burden will be minimal because firms currently 
have an existing obligation to deliver each new or updated Statement or 
supplement to customers. Firms may electronically transmit documents 
that they are required to furnish to customers under FINRA rules, 
including the proposed updated Statement or supplement, provided firms 
adhere to the standards described above. Firms also may transmit the 
proposed updated Statement or supplement to customers through the use 
of a hyperlink, provided that customers have consented to electronic 
delivery.\27\ Moreover, Rule 2370(b)(11) provides flexibility on when 
each updated Statement or supplement must be delivered after a 
customer's account is approved for trading security futures. Instead of 
having to automatically and immediately distribute an updated Statement 
or supplement to every customer having an account approved for trading 
security futures, a firm may distribute an updated Statement or 
supplement no later than the time a confirmation of a transaction is 
delivered to each customer who enters into a security futures 
transaction. Accordingly, firms would not be required to distribute the 
proposed updated Statement or supplement to customers who have accounts 
approved for trading security futures but do not engage in any new 
security futures transactions.
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    \27\ See Information Notice, September 7, 2010 (August 2010 
Supplement to the Security Futures Risk Disclosure Statement).
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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 \28\ and Rule 19b-
4(f)(6) thereunder.\29\
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    \28\ 15 U.S.C. 78s(b)(3)(A).
    \29\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \30\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \31\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. FINRA has 
requested that the Commission waive the 30-day operative delay so that 
FINRA may immediately implement the proposed change in coordination 
with the parallel changes that the NFA has proposed to the Statement 
for its members. Because the proposal merely updates the Statement with 
changes already approved by the CFTC, with respect to position limits 
on futures contracts, and the Commission, with respect to trading 
halts, the Commission believes that waiving the 30-day operative delay 
is consistent with the protection of investors and the public interest. 
Accordingly, the Commission waives the 30-day operative delay and 
designates the proposed rule change as operative upon filing.\32\
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    \30\ 17 CFR 240.19b-4(f)(6).
    \31\ 17 CFR 240.19b-4(f)(6)(iii).
    \32\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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 change 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-2020-025 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-2020-025. 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 10:00 a.m. and 
3:00 p.m. Copies of the 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

[[Page 55058]]

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-2020-025 and should be submitted on or before September 24, 2020.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-19451 Filed 9-2-20; 8:45 am]
BILLING CODE 8011-01-P