Document ID: SEC-2013-1049-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Financial Industry Regulatory Authority, Inc.
Posted Date: 2013-06-11T04:00Z

[Federal Register Volume 78, Number 112 (Tuesday, June 11, 2013)]
[Notices]
[Pages 35078-35082]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-13774]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69702; File No. SR-FINRA-2013-022]

Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change Relating to Dissemination of Agency-Pass Through 
Mortgage-Backed Securities and SBA-Backed Asset-Backed Securities 
Traded in Specified Pool Transactions

June 5, 2013.
    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 24, 2013, 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 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 the Trade Reporting and Compliance 
Engine (``TRACE'') dissemination protocols to provide a limited 
exception to dissemination requirements for certain Agency Pass-Through 
Mortgage Backed-Securities (``MBS'') and Asset-Backed Securities 
(``ABS'') backed by loans guaranteed as to principal and interest by 
the Small Business Administration (``SBA-Backed ABS'') traded in 
Specified Pool Transactions (collectively, ``MBS and SBA-Backed ABS 
Specified Pool Transactions'') that are reported late and to clarify 
that FINRA will disseminate an MBS or SBA-Backed ABS Specified Pool 
Transaction in instances where some but not all of the data elements 
are available and input in the TRACE System when the transaction is 
reported.\4\
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    \4\ The terms Agency Pass-Through Mortgage-Backed Security, 
Asset-Backed Security, and Specified Pool Transaction are defined in 
FINRA Rule 6710(v), FINRA Rule 6710(m), and FINRA Rule 6710(x), 
respectively. The dissemination requirements were approved and will 
become effective on July 22, 2013. See note 5.
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    The proposed rule change makes no changes to the rule text.

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 August 29, 2012, FINRA filed SR-FINRA-2012-042, a proposed rule 
change to amend FINRA Rule 6750 and

[[Page 35079]]

certain dissemination protocols to disseminate information on MBS and 
SBA-Backed ABS Specified Pool Transactions immediately upon receipt of 
a transaction report (the ``Specified Pool Filing'').\5\ On October 23, 
2012, the SEC approved the Specified Pool Filing.\6\ In December 2012, 
FINRA issued Regulatory Notice 12-56, announcing July 22, 2013 as the 
effective date for the dissemination of MBS and SBA-Backed ABS 
Specified Pool Transactions, and briefly describing information 
(hereinafter, ``data elements'') to be disseminated for such 
transactions.\7\
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    \5\ See Securities Exchange Act Release No. 68084 (October 23, 
2012), 77 FR 65436 (October 26, 2012) (SEC Order Approving File No. 
SR-FINRA-2012-042 to provide for, among other things, the 
dissemination of MBS and SBA-Backed ABS Specified Pool Transactions 
and SBA-Backed ABS traded To Be Announced (``TBA'')). (The proposed 
rule change does not propose to amend dissemination requirements of 
SBA-Backed ABS traded TBA that were approved in the Specified Pool 
Filing.)
    \6\ See note 5.
    \7\ See Regulatory Notice 12-56 (announcing July 22, 2013 as the 
effective date of SR-FINRA-2012-042, and, in Attachment A thereto, 
describing certain data elements).
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    FINRA proposes to amend the TRACE dissemination protocols to 
provide a limited exception to dissemination requirements for certain 
MBS and SBA-Backed ABS Specified Pool Transactions that are reported 
late in circumstances where dissemination may mislead or confuse 
investors and other market participants. In addition, the proposal 
would clarify that an MBS or SBA-Backed ABS Specified Pool Transaction 
will be disseminated at the time of reporting, in instances where some 
but not all of the data elements are available and input in the TRACE 
System when the transaction is reported, to make transparent those data 
elements that are available at the time of reporting.
    Background. MBS and SBA-Backed ABS Specified Pool Transactions, 
which currently are required to be reported to TRACE, will be 
disseminated effective July 22, 2013. The dissemination protocols for 
MBS and SBA-Backed ABS Specified Pool Transactions will differ from the 
dissemination protocols that currently are used to disseminate other 
types of TRACE-Eligible Securities.\8\
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    \8\ Currently, the data elements that are displayed by TRACE 
upon dissemination of a transaction in a TRACE-Eligible Security 
include, among other things, CUSIP, time of transaction, size 
(subject to dissemination caps), price, counterparty type (customer 
or dealer), and buy/sell indicator. The term TRACE-Eligible Security 
is defined in FINRA Rule 6710(a).
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    In dissemination protocols currently in use, the transaction 
information is disseminated together with the CUSIP of the security. 
The CUSIP may be cross-referenced with a file that contains certain 
reference data, such as issuer, coupon and maturity date. When 
disseminating information regarding an MBS or SBA-Backed ABS Specified 
Pool Transaction, the CUSIP will not be displayed, as described in the 
Specified Pool Filing and Regulatory Notice 12-56.\9\ FINRA instead 
will disseminate an identifier (a ``reference data identifier'' or 
``RDID''), which similarly may be cross-referenced with a file that 
contains certain data elements that describe the security (e.g., type 
of issuer) and provide information about characteristics of the 
Specified Pool at the Time of Execution (e.g., the WAM of the various 
credit instruments constituting the pool).\10\
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    \9\ For example, for an MBS Specified Pool Transaction, some of 
the data elements to be provided to evaluate pricing include: (a) 
coupon; (b) weighted average coupon (``WAC''); (c) original 
maturity; (d) weighted average maturity (``WAM''); (e) original 
loan-to-value (``original LTV''); (f) the average loan size 
(``ALS''); and (g) weighted average loan age (``WALA''). These data 
elements will be displayed as rounded and truncated values. In 
addition, to identify the type of security traded, in lieu of the 
CUSIP, FINRA will include data elements that identify the pool by 
agency or government-sponsored-enterprise (``GSE''), product type 
and amortization type. See the Specified Pool Filing and Regulatory 
Notice 12-56, Attachment A, for a more detailed description of the 
data elements to be used in disseminating information about MBS and 
SBA-Backed ABS Specified Pool Transactions.
    \10\ The term ``Time of Execution'' is defined in FINRA Rule 
6710(d).
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    In contrast to a CUSIP, which is constant over the life of the 
security, an MBS or SBA-Backed ABS Specified Pool will be identified by 
and mapped by the TRACE system to different RDIDs over the life of the 
security. This is due primarily to the amortization of the securities. 
Ordinarily, the values of several of the data elements constituting the 
RDID (such as WAC and WAM) will change approximately once a month, when 
the GSEs and agencies (e.g., the Federal National Mortgage Association 
(``Fannie Mae''), Federal Home Loan Mortgage Corporation (``Freddie 
Mac''), Government National Mortgage Association (``Ginnie Mae'') and 
the SBA) publish updated data based on the payments made on the 
underlying debt and the amortization of such securities.\11\ Thus, an 
MBS or SBA-Backed ABS Specified Pool will be identified by and mapped 
by the TRACE system to only one RDID at a given point in time, but will 
be identified by and mapped to various RDIDs over the life of the 
security as the values of the data elements are updated.\12\ In 
disseminated data, market participants will cross-reference the RDID 
with a file that contains the corresponding values of the data elements 
for the security at the Time of Execution of the MBS or SBA-Backed ABS 
Specified Pool Transaction.
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    \11\ FINRA notes that, in connection with a specific MBS or SBA-
Backed ABS Specified Pool, an RDID may be superseded by a subsequent 
RDID more frequently than monthly if any of the values of the data 
elements change (except a change so minor that the truncated and 
rounded number does not change, as explained in note 9). For 
example, an RDID may be superseded at any time to correct inaccurate 
data elements provided to FINRA by the agency, FINRA's reference 
data provider, or a member.
    \12\ On a specific date in connection with a specific MBS or 
SBA-Backed ABS Specified Pool, (such as the date of execution of a 
transaction in a specific MBS or SBA-Backed ABS Specified Pool), 
only one RDID will identify and map to the particular MBS or SBA-
Backed ABS Specified Pool. In many cases, however, on a specific 
date a single RDID may identify and map to more than one MBS or SBA-
Backed ABS Specified Pool, because the values of certain data 
elements are rounded or truncated.
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    The dissemination protocol to provide an RDID that market 
participants will use to cross-reference a file that contains the data 
elements was developed by FINRA because it will be impractical to 
disseminate directly and immediately upon receiving a TRACE transaction 
report the multiple data elements that describe a particular MBS or 
SBA-Backed ABS Specified Pool. As a result of this new dissemination 
protocol, the TRACE system will maintain vast amounts of past and 
current information. The TRACE system will store as readily accessible 
(for transaction processing purposes, including real-time 
dissemination) the most current version of the RDID (the RDID that 
identifies and maps to the current MBS or SBA-Backed ABS Specified 
Pool) and one prior version. However, the TRACE system will archive all 
prior RDID versions, and although the archived RDIDs will be available 
for regulatory purposes, they will not be available to be displayed in 
real-time disseminated data.
    Proposal. FINRA proposes to modify TRACE dissemination protocols to 
provide a limited exception to the dissemination of MBS or SBA-Backed 
ABS Specified Pool Transactions when two conditions are present: the 
MBS or SBA-Backed ABS Specified Pool Transaction is reported late and 
the RDID (i.e., the version of RDID that is applicable at the Time of 
Execution of the transaction) has been archived by the TRACE system. 
Such transactions would not be disseminated because the applicable 
RDID, if archived, is not available to be displayed in disseminated 
data.\13\ This would

[[Page 35080]]

happen if the Time of Execution of the transaction reported is prior to 
the applicable start date of both the current and the previous 
RDID.\14\ FINRA believes that if an RDID is displayed in disseminated 
data, the RDID must be the one in effect at the Time of Execution of a 
transaction, not the time of reporting. If the relevant RDID is 
archived and a subsequent version of the RDID were used to disseminate 
the transaction for the sake of disseminating all transactions in an 
MBS or SBA-Backed ABS Specified Pool, the data disseminated, such as 
the values for WAC and WAM, would not correspond to the data values 
(e.g., such as WAC and WAM), that are accurate as of the Time of 
Execution, and may mislead and confuse investors and market 
participants. FINRA recognizes that given the amortization of MBS and 
SBA-Backed ABS Specified Pools, to provide meaningful transparency for 
MBS or SBA-Backed ABS Specified Pool Transactions, the data elements 
applicable at the Time of Execution must be the data elements cross-
referenced by any RDID that is disseminated by TRACE to characterize 
accurately the security [sic] the subject of the transaction. If such 
RDID is not available for dissemination, the transaction should not be 
disseminated.
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    \13\ For example, assume that a GSE or agency typically 
publishes updated information regarding an MBS or SBA-Backed ABS 
Specified Pool monthly on the sixth day, that the date and Time of 
Execution of a MBS or SBA-Backed ABS Specified Pool Transaction is 
1:00 p.m. on September 5, 2013, and that the transaction is reported 
late (or ``as/of'') on October 7, 2013.
    As noted above, the version of the RDID that must be used in the 
disseminated data is the RDID in effect at the Time of Execution. In 
this case, the RDID on August 6, 2013 is the applicable RDID for the 
September 5, 2013 transaction. This August 6 RDID was superseded by 
the RDID on September 6, 2013 (as a result of the monthly updates of 
the data elements) and superseded again on October 6, 2013 (again, 
due to the monthly updates). On October 6, 2013, the August 6 RDID 
must be archived, and is no longer available to be disseminated (the 
TRACE system would retain the October 6 RDID and the September 6 
RDID). Thus, when the September 5, 2013 transaction is reported late 
on October 7, 2013 and the applicable August 6 RDID has been 
archived, the late reported transaction cannot be disseminated with 
an RDID that would cross-reference accurate data. If FINRA were to 
disseminate the transaction in the above example, which was priced 
based upon the security characteristics of the MBS or SBA-Backed ABS 
Specified Pool that were valid at the time the August 6 RDID was the 
applicable RDID, by disseminating either the September 6 or October 
6 RDID, market participants would be misled by the disseminated RDID 
and the inaccurate information that such RDID would cross-reference.
    \14\ FINRA's ability to surveil the market for such transactions 
will not be affected, as the transaction is available for review by 
FINRA Market Regulation staff. In addition, the transaction will be 
available in the historical data.
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    The proposed amendments to the TRACE dissemination protocols will 
allow the dissemination of almost all MBS or SBA-Backed ABS Specified 
Pool Transactions to proceed while providing notice that, in rare 
circumstances, a limited number of transactions will not be 
disseminated.\15\ The proposed rule change will not alter a member's 
obligation to report timely MBS or SBA-Backed ABS Specified Pool 
Transactions and FINRA's surveillance of the market and member 
reporting practices will not be affected. FINRA will continue to have 
access to all reported transactions. All information, including the 
superseded versions of RDID, will be archived and available at any time 
for surveillance purposes to review the trading and pricing of MBS or 
SBA-Backed ABS Specified Pool Transactions and correlated TBA 
transactions.\16\ Finally, all transaction information will be 
maintained in Historic TRACE Data \17\ and be available, following the 
aging of such transactions, as provided in FINRA Rule 7730.
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    \15\ Based on a review of the rate of late transaction reporting 
in MBS and SBA-Backed ABS Specified Pool Transactions, FINRA 
believes that a limited number of transactions will be not be 
disseminated. In 2012, approximately 0.1% of all reported MBS and 
SBA-Backed ABS Specified Pool Transactions were reported late such 
that FINRA would not be able to disseminate the transaction.
    \16\ For example, FINRA will surveil to identify patterns of 
late reporting in MBS and SBA-Backed ABS Specified Pool 
Transactions, alone, or with correlated TBA transactions.
    \17\ FINRA currently provides access to aged transaction-level 
data for a fee. Historic TRACE Data is defined in FINRA Rule 
7730(f)(4) and is delayed a minimum of 18 months.
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    FINRA is also proposing to clarify the dissemination protocols to 
indicate that FINRA will disseminate an MBS or SBA-Backed ABS Specified 
Pool Transaction immediately upon receipt of the transaction report in 
instances where some but not all of the data elements are available and 
input in the TRACE System when the transaction is reported. FINRA will 
make transparent the data elements that are available at the time the 
transaction is reported.
    As noted above, FINRA previously published a list of certain data 
elements that would be accessible in lieu of a CUSIP to provide 
transparency for MBS and SBA-Backed ABS Specified Pool Transactions. 
However, an MBS or SBA-Backed ABS Specified Pool Transaction may occur 
and be reported to TRACE prior to the receipt and input to the TRACE 
system of all of the data elements described previously.\18\ FINRA 
clarifies the dissemination protocols to provide that, in such cases, 
FINRA will disseminate information on an MBS or a SBA-Backed ABS 
Specified Pool Transaction, by disseminating an RDID that cross-
references a file that contains the data elements that the TRACE system 
has received regarding that security as of the Time of Execution. The 
value provided by making the transaction information available and 
transparent outweighs any negative impact of disseminating a 
transaction for which not all of the data elements are available.
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    \18\ This may occur if a GSE or an agency has not published a 
data element with respect to a specified MBS or SBA-Backed ABS 
Specified Pool. FINRA notes that certain data elements are not 
available for some MBS because the GSE or agency only recently 
started providing such information (e.g., Fannie Mae began 
publishing weighted average original LTVs for its MBS in 2003, and 
Ginnie Mae began to do so in 2004), and the GSE and agencies do not 
make such information available for MBS they issued prior to the 
applicable date. This also may occur when the information is not 
provided timely or accurately to FINRA by the GSE or agency, a 
reference data provider, or, a member.
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    FINRA has filed the proposed rule change for immediate 
effectiveness. The implementation date of the proposed rule change will 
be the first day on which MBS and SBA-Backed ABS Specified Pool 
Transactions will be disseminated.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\19\ 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. The public dissemination of information on MBS and 
SBA-Backed ABS Specified Pool Transactions immediately upon receipt of 
a transaction will provide transparency to the MBS and SBA-Backed ABS 
Specified Pool market for the first time, and given the correlation 
between the pricing of such Specified Pool Transactions and TBAs, also 
will enhance the information available to the public and investors 
regarding the pricing of TBA transactions. FINRA believes that the 
additional transparency in these two segments of the ABS market will 
promote just and equitable principles of trade for the benefit of 
investors, the public and market participants, and will aid in the 
prevention of fraudulent and manipulative acts and practices. FINRA 
believes that the approach to disseminating MBS and SBA-Backed ABS 
Specified Pool Transactions using a new and substantially more complex 
methodology strikes a balance between providing transparency for such 
securities transactions and addressing concerns regarding anonymity 
expressed by both buy and sell-side market participants. The proposed 
rule

[[Page 35081]]

change to provide a limited exception to the dissemination of all MBS 
or SBA-Backed ABS Specified Pool Transactions will permit the broad 
dissemination initiative to begin, in furtherance of the public 
interest, the protection of investors, and just and equitable 
principles of trade, while providing notice that a limited number of 
MBS or SBA-Backed ABS Specified Pool Transactions, if reported late and 
for which the applicable RDID has been archived, will not be 
disseminated.\20\ Further, the proposed rule change is in furtherance 
of the prevention of fraudulent and manipulative acts and practices 
because FINRA will continue to engage in surveillance of late 
transaction reporting and enforce a member's obligation to timely 
report to deter and address conduct that may interfere with the timely 
dissemination of transaction information.
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    \19\ 15 U.S.C. 78o-3(b)(6).
    \20\ See note 15.
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    In addition, FINRA believes that disseminating an MBS or SBA-Backed 
ABS Specified Pool Transaction immediately upon receipt of the 
transaction report in instances where some but not all of the data 
elements are available at the time the transaction is reported is 
consistent with providing additional transparency because the 
occurrence of such modified transaction dissemination will be limited 
and it provides information to the market to the extent it is 
available. Further FINRA believes the proposed additional transparency 
enhances the ability of investors and other market participants to 
identify and negotiate fair and competitive prices for such securities, 
aids in the prevention of fraudulent and manipulative acts and 
practices in the market in such securities, and is in furtherance of 
just and equitable principles of trade.

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. The proposed amendments to the 
dissemination protocols are appropriate given the value of providing 
transparency in the market for MBS and SBA-Backed ABS Specified Pool 
Transactions, when weighed against the limited exception and 
modifications that FINRA proposes. FINRA's proposal to amend the 
dissemination protocols and proceed as scheduled on July 22, 2013, with 
the dissemination of MBS and SBA-Backed ABS Specified Pool 
Transactions, provides transparency in a market sector for the first 
time, which may foster more competitive, negotiated, and fairer pricing 
of such transactions among members, institutional investors and other 
investors, and, in some cases, may result in lower prices for 
investors.
    Also, FINRA does not believe that the proposed rule change would 
result in any differential impact on members or data recipients. 
FINRA's surveillance and enforcement of a member's obligation to timely 
report would apply equally to all members. FINRA will surveil for late 
reporting of MBS or SBA-Backed ABS Specified Pool Transactions, 
especially late reporting that results in the non-dissemination of one 
or more MBS or SBA-Backed ABS Specified Pool Transactions and may 
provide a competitive advantage, and will enforce rigorously all member 
obligations, including timely reporting, to address such conduct and 
deter other members from engaging in such activity. In addition, all 
members would continue to be subject to transaction reporting fees, 
including late fees, and any member that reported MBS or SBA-Backed ABS 
Specified Pool Transactions late would be liable for late trade 
reporting fees under FINRA Rule 7730(b)(3). The proposed limited 
exception to dissemination also would not have a differential impact on 
data recipients, in that all data recipients would receive the same 
information.
    Finally, FINRA's clarification that it will disseminate a MBS or 
SBA-Backed ABS Specified Pool Transaction immediately upon receipt of a 
transaction report in instances where some but not all of the data 
elements are available when the transaction is reported, provides 
notice of a dissemination practice that will have no differential 
impact in that all data recipients will receive the same information.

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 \21\ and Rule 19b-
4(f)(6) thereunder.\22\
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 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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    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-2013-022 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-FINRA-2013-022. 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 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

[[Page 35082]]

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 
10:00 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; 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-2013-022 and should be 
submitted on or before July 2, 2013.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-13774 Filed 6-10-13; 8:45 am]
BILLING CODE 8011-01-P