[Federal Register Volume 80, Number 76 (Tuesday, April 21, 2015)]
[Notices]
[Pages 22249-22251]
[FR Doc No: 2015-09064]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74728; File No. SR-NASDAQ-2015-013]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Approving a Proposed Rule Change To List and Trade Shares of the
AlphaMark Actively Managed Small Cap ETF of ETF Series Solutions

April 15, 2015.

I. Introduction

    On February 17, 2015, The NASDAQ Stock Market LLC (the ``Exchange''
or ``Nasdaq'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) \1\ of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \2\ and Rule 19b-4
thereunder,\3\ a proposed rule change to list and trade the shares
(``Shares'') of the AlphaMark Actively Managed Small Cap ETF (the
``Fund'') of ETF Series Solutions (the ``Trust'') under Nasdaq Rule
5735. The proposed rule change was published for comment in the Federal
Register on March 3, 2015.\4\ The Commission received no comments on
the proposed rule change. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 74377 (February 25,
2015), 80 FR 11502 (``Notice'').
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II. Description of the Proposal

    The Exchange proposes to list and trade the Shares under Nasdaq
Rule 5735, which governs the listing and trading of Managed Fund Shares
on the Exchange. The Fund will be an actively-managed exchange-traded
fund (``ETF''). The Shares will be offered by the Trust.\5\ The Trust
is registered with the Commission as an investment company and has
filed a registration statement on Form N-1A (``Registration
Statement'') with the Commission.\6\ The Fund is a series of the Trust.
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    \5\ The Trust has obtained an order from the Commission granting
certain exemptive relief to the Trust under the 1940 Act. See
Investment Company Act Release No. 31469 (February 24, 2015) (File
No. 812-14402).
    \6\ See Post- Effective Amendment No. 43 to the Registration
Statement on Form N-1A for the Trust, dated February 4, 2015 (File
Nos. 333-179562 and 811-22668).
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    AlphaMark Advisors, LLC will be the investment adviser
(``Adviser'') to the Fund. Quasar Distributors, LLC (the
``Distributor'') will be the principal underwriter and distributor of
the Fund's Shares. U.S. Bancorp Fund Services, LLC will act as the
administrator, accounting agent, and transfer agent to the Fund. U.S.
Bank National Association will act as the custodian to the Fund. The
Exchange states that the Adviser is not a broker-dealer, and is not
affiliated with any broker-dealer.\7\ The Exchange has made the
following representations and statements regarding the Fund.\8\
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    \7\ See Notice, supra note 4, 80 FR at 11503. In addition, the
Exchange states that, in the event (a) the Adviser becomes
affiliated with a broker-dealer or registers as a broker-dealer, or
(b) any new adviser or sub-adviser is a registered broker-dealer or
becomes affiliated with a broker-dealer, it will implement a fire
wall with respect to its relevant personnel and/or such broker-
dealer affiliate, as applicable, regarding access to information
concerning the composition and/or changes to the portfolio and will
be subject to procedures designed to prevent the use and
dissemination of material nonpublic information regarding such
portfolio. According to the Exchange, the Adviser has no present
intent or arrangement to become affiliated with any broker-dealer,
and the Fund does not currently intend to use a sub-adviser. Id.
    \8\ Additional information regarding, among other things, the
Fund, the Shares, the Fund's investment objectives, the Fund's
strategies, the Fund's holdings, risks, fees and expenses associated
with the Shares, creations and redemptions of Shares, availability
of information, trading rules and halts, and surveillance procedures
can be found in the Notice and the Registration Statement. See
Notice, supra note 4, and Registration Statement, supra note 6,
respectively.
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Principal Investments

    The Fund's primary investment objective is to seek long-term growth
of capital. The Fund will pursue its objectives by investing
primarily--i.e., at least 80% of its assets under normal market
conditions \9\--in a portfolio of equity securities of small cap
companies listed on a U.S. exchange.
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    \9\ The term ``under normal market conditions'' as used herein
includes, but is not limited to, the absence of adverse market,
economic, political or other conditions, including extreme
volatility or trading halts in the securities markets or the
financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption or any similar intervening circumstance.
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    The Fund defines ``equity securities'' to include common and
preferred stock, American Depositary Receipts (``ADRs''), real estate
investment trusts, and ETFs that under normal circumstances invest at
least 80% of their net assets in equity securities of small cap
companies (``Small Cap ETFs''). The Fund may invest up to 30% of its
net assets in foreign equity securities of small cap companies traded
on a U.S. exchange as ADRs, which may include companies in emerging
markets. The Adviser expects that there will generally be between 25
and 40 stocks in the Fund's portfolio.
    The Fund is non-diversified, and therefore may invest a larger
percentage of its assets in the securities of a single

company than diversified funds. The Fund's investment in various
sectors may change significantly over time. The Fund's investment in
foreign equity securities will be in the form of ADRs and may include
ADRs representing companies in emerging markets. With respect to its
investments as part of its principal investment strategies in exchange-
listed securities, the Fund will invest in such securities that trade
in markets that are members of the Intermarket Surveillance Group
(``ISG'').\10\
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    \10\ See Notice, supra note 4, 80 FR at 11504.
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Other Investments

    Although the Fund under normal circumstances will invest at least
80% of its assets in U.S. exchange-listed equity securities, the Fund
may invest the remaining assets in: Equity securities traded over-the-
counter; \11\ money market instruments; securities of open-end mutual
funds, money market mutual funds, and ETFs other than Small Cap ETFs;
and non-exchange-listed ADRs.
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    \11\ The Exchange states that not more than 10% of the net
assets of the Fund, in the aggregate, will be invested in unlisted
equity securities or equity securities not listed on an exchange
that is a member of the ISG or a party to a comprehensive
surveillance sharing agreement with the Exchange. See id. at 11504,
n.12.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\12\ In particular, the Commission finds that the
proposed rule change is consistent with section 6(b)(5) of the Exchange
Act,\13\ which requires, among other things, that the Exchange's rules
be designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest.
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    \12\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \13\ 15 U.S.C. 78f(b)(5).
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    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with section 11A(a)(1)(C)(iii) of the
Exchange Act,\14\ which sets forth Congress' finding that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers and investors of information with respect to
quotations for and transactions in securities. Quotation and last-sale
information for the Shares will be available via Nasdaq proprietary
quote and trade services and via the Consolidated Tape Association
(``CTA'') plans for the Shares. Information regarding market price and
volume of the Shares will be continually available on a real-time basis
throughout the day on brokers' computer screens and other electronic
services. Information regarding the previous day's closing price and
trading volume information for the Shares will be published daily in
the financial section of newspapers. Quotation and last-sale
information for any underlying exchange-traded products will also be
available via the quote and trade services of their respective primary
exchanges, as well as in accordance with the Unlisted Trading
Privileges and the CTA plans, as applicable.
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    \14\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    Intraday, executable price quotations on the securities and other
assets held by the Fund (other than investment company securities that
are not exchange-listed) will be available from major broker-dealer
firms and through subscription or free services that can be accessed by
authorized participants and other investors. Intraday price information
for exchange-traded securities will be publicly available from the Web
sites of the exchanges on which they trade, on public financial Web
sites, and through subscription services. Intraday price information
regarding over-the-counter equities (including certain investment
company securities) and money market instruments, will be available
through subscription services.
    The Commission also believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. On each business day, before commencement of trading in Shares
in the Regular Market Session \15\ on the Exchange, the Fund will
disclose on its Web site the identities and quantities of the portfolio
of securities and other assets (the ``Disclosed Portfolio'') held by
the Fund that will form the basis for the Fund's calculation of NAV at
the end of the business day. The Web site information will be publicly
available at no charge. The NAV of the Fund's Shares generally will be
calculated once daily Monday through Friday as of the close of regular
trading on the New York Stock Exchange, generally 4:00 p.m., Eastern
Time. The Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time.\16\ The intraday indicative value,
available on the NASDAQ OMX Information LLC proprietary index data
service,\17\ will be based upon the current value for the components of
the Disclosed Portfolio and will be updated and widely disseminated and
broadly displayed at least every 15 seconds during the Regular Market
Session.\18\ The Web site for the Fund will include the prospectus for
the Fund and additional data relating to NAV and other applicable
quantitative information.\19\
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    \15\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m. Eastern time; (2) Regular Market Session from 9:30 a.m. to 4
p.m. or 4:15 p.m. Eastern time; and (3) Post-Market Session from 4
p.m. or 4:15 p.m. to 8 p.m. Eastern time).
    \16\ See Notice, supra note 4, 80 FR at 11507.
    \17\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service. The
Exchange represents that GIDS offers real-time updates, daily
summary messages, and access to widely followed indexes and Intraday
Indicative Values for ETFs, and that GIDS provides investment
professionals with the daily information needed to track or trade
NASDAQ OMX indexes, listed ETFs, or third-party partner indexes and
ETFs.
    \18\ See id. at 11506.
    \19\ See id. at 11509.
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    The Exchange represents that it may consider all relevant factors
in exercising its discretion to halt or suspend trading in the Shares
of the Fund. Nasdaq will halt or pause trading in the Shares under the
conditions specified in Nasdaq Rules 4120 and 4121, including the
trading pauses under Nasdaq Rules 4120(a)(11) and (12). Trading also
may be halted because of market conditions or for reasons that, in the
view of the Exchange, make trading in the Shares inadvisable.\20\
Trading in the Shares also will be subject to Rule 5735(d)(2)(D), which
sets forth circumstances under which Shares of the Fund may be halted.
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    \20\ These may include: (1) The extent to which trading is not
occurring in the securities and/or the financial instruments
constituting the Disclosed Portfolio of the Fund; or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. See id. at
11507.
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    The Exchange states that it has a general policy prohibiting the
distribution of material, non-public

information by its employees.\21\ The Exchange states that the Adviser
is not a broker-dealer, and is not affiliated with any broker-dealer.
In addition, the Exchange states that in the event (a) the Adviser
becomes affiliated with a broker-dealer or registers as a broker-
dealer, or (b) any new adviser or sub-adviser is a registered broker-
dealer or becomes affiliated with a broker-dealer, it will implement a
fire wall with respect to its relevant personnel and/or such broker-
dealer affiliate, as applicable, regarding access to information
concerning the composition and/or changes to the portfolio and will be
subject to procedures designed to prevent the use and dissemination of
material nonpublic information regarding such portfolio.\22\
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    \21\ See id. at 11508.
    \22\ See supra note 7.
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    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and other exchange-traded securities
with other markets and other entities that are ISG members, and FINRA,
on behalf of the Exchange, may obtain trading information regarding
trading in the Shares and other exchange-traded securities from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares and other exchange-traded
securities from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.\23\
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    \23\ For a list of the current members of ISG, see
www.isgportal.org.
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    The Commission notes that the Fund and the Shares must comply with
the requirements of Nasdaq Rule 5735 to be listed and traded on the
Exchange. Nasdaq deems the Shares to be equity securities, thus
rendering trading in the Shares subject to Nasdaq's existing rules
governing the trading of equity securities. In support of this
proposal, the Exchange represented that:
    (1) The Shares will be subject to Nasdaq Rule 5735, which sets
forth the initial and continued listing criteria applicable to Managed
Fund Shares.
    (2) Trading in the Shares will be subject to the existing trading
surveillances administered by both Nasdaq and FINRA on behalf of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws, and these procedures are adequate
to properly monitor Exchange trading of the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws.
    (3) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (4) Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Circular will discuss the following: (a) The procedures for
purchases and redemptions of Shares in Creation Units (and that Shares
are not individually redeemable); (b) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (c) the dissemination of
information regarding the Intraday Indicative Value through major index
service providers such as NASDAQ OMX proprietary index data services or
other major market proprietary index services; (d) the risks involved
in trading the Shares during the Pre-Market and Post-Market Sessions
when an updated Intraday Indicative Value will not be calculated or
publicly disseminated; (e) the requirement that members deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; (f) trading
information; and (g) the dissemination of the Disclosed Portfolio
through the Fund's Web site.
    (5) For initial and/or continued listing, the Fund must be in
compliance with Rule 10A-3 \24\ under the Act.
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    \24\ See 17 CFR 240.10A-3.
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    (6) The Fund may invest up to 30% of its net assets in foreign
equity securities of small cap companies traded on a U.S. exchange as
ADRs, which may include companies in emerging markets.
    (7) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities or other illiquid assets (calculated at
the time of investment).
    (8) The Fund may not invest more than 25% of the value of its total
assets in securities of issuers in any one industry or group of
industries. This restriction does not apply to obligations issued or
guaranteed by the U.S. government, its agencies or instrumentalities,
or securities of other registered investment companies.
    (9) Not more than 10% of the net assets of the Fund, in the
aggregate, will be invested in unlisted equity securities or equity
securities not listed on an exchange that is a member of the ISG or a
party to a comprehensive surveillance sharing agreement with the
Exchange.
    (10) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice. For
the foregoing reasons, the Commission finds that the proposed rule
change is consistent with section 6(b)(5) of the Act \25\ and the rules
and regulations thereunder applicable to a national securities
exchange.
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    \25\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the
Exchange Act,\26\ that the proposed rule change (SR-NASDAQ-2015-013)
be, and it hereby is, approved.
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    \26\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09064 Filed 4-20-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 126 (Tuesday, July 1, 2014)]
[Proposed Rules]
[Pages 37258-37259]
[FR Doc No: 2014-15261]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2014-0336 FRL-9912-65-Region 9]

Revisions to the California State Implementation Plan, San
Joaquin Valley Unified Air Pollution Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve revisions to the San Joaquin Valley Unified Air Pollution
Control District (SJVUAPCD) portion of the California State
Implementation Plan (SIP). These revisions concern basic enforcement
authorities under the Clean Air Act (CAA or the Act).

DATES: Any comments on this proposal must arrive by July 31, 2014.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2014-0336, by one of the following methods:
    1. Federal eRulemaking Portal: www.regulations.gov. Follow the on-
line instructions.
    2. Email<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available online at www.regulations.gov,
including any personal information provided, unless the comment
includes Confidential Business Information (CBI) or other information
whose disclosure is restricted by statute. Information that you
consider CBI or otherwise protected should be clearly identified as
such and should not be submitted through www.regulations.gov or email.
www.regulations.gov is an ``anonymous access'' system, and EPA will not
know your identity or contact information unless you provide it in the
body of your comment. If you send email directly to EPA, your email
address will be automatically captured and included as part of the
public comment. If EPA cannot read your comment due to technical
difficulties and cannot contact you for clarification, EPA may not be
able to consider your comment. Electronic files should avoid the use of
special characters, any form of encryption, and be free of any defects
or viruses.
    Docket: Generally, documents in the docket for this action are
available electronically at www.regulations.gov and in hard copy at EPA
Region IX, 75 Hawthorne Street, San Francisco, California 94105-3901.
While all documents in the docket are listed at www.regulations.gov,
some information may be publicly available only at the hard copy
location (e.g., copyrighted material, large maps), and some may not be
publicly available in either location (e.g., CBI). To inspect the hard
copy materials, please schedule an appointment during normal business
hours with the contact listed in the FOR FURTHER INFORMATION CONTACT
section.

FOR FURTHER INFORMATION CONTACT: Vanessa Graham, EPA Region IX, (415)
947-4120<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: This proposal addresses the following local
rules: Rule 1040 Enforcement, Rule 1050 Order of Abatement, Rule 1070
Inspections, and Rule 1090 Penalty. In the Rules and Regulations
section of this Federal Register, we are approving these local rules in
a direct final action without prior proposal because we believe these
SIP revisions are not controversial. If we receive adverse comments,
however, we will publish a timely withdrawal of the direct final rule
and address the comments in subsequent action based on this proposed
rule. Please note that if we receive adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, we may adopt as final those provisions
of the rule that are not the subject of an adverse comment.
    We do not plan to open a second comment period, so anyone
interested in commenting should do so at this time. If we do not
receive adverse comments, no further activity is

planned. For further information, please see the direct final action.

    Dated: May 23, 2014.
Jared Blumenfeld,
Regional Administrator, Region IX.
[FR Doc. 2014-15261 Filed 6-30-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 84, Number 61 (Friday, March 29, 2019)]
[Notices]
[Page 11966]
[FR Doc No: 2019-06120]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER19-1405-000]

Precept Power LLC; Supplemental Notice That Initial Market-Based
Rate Filing Includes Request for Blanket Section 204 Authorization

    This is a supplemental notice in the above-referenced Precept Power
LLC's application for market-based rate authority, with an accompanying
rate tariff, noting that such application includes a request for
blanket authorization, under 18 CFR part 34, of future issuances of
securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is April 15, 2019.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the website that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
[email protected]. or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: March 25, 2019.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2019-06120 Filed 3-28-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 92 (Tuesday, May 13, 2014)]
[Notices]
[Page 27355]
[FR Doc No: 2014-10899]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72118; File No. SR-ISEGemini-2014-09]

Self-Regulatory Organizations; ISE Gemini, LLC; Notice of
Designation of a Longer Period for Commission Action on Proposed Rule
Change Related to Market Maker Risk Parameters

May 7, 2014.
    On March 10, 2014, ISE Gemini, LLC (the ``Exchange'' or ``ISE
Gemini'') 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
proposed rule change to amend ISE Gemini Rule 804 to mitigate market
maker risk by adopting an Exchange-provided risk management
functionality. The proposed rule change was published for comment in
the Federal Register on March 26, 2014.\3\ The Commission received no
comments on the proposal.
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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. 71758 (March 20,
2014), 79 FR 16846.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of 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 for this filing is May 10, 2014. The Commission is extending
this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change, so that it has
sufficient time to consider this proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\5\ designates June 24, 2014, as the date by which the Commission
shall either approve or disapprove, or institute proceedings to
determine whether to disapprove, the proposed rule change (File No. SR-
ISEGemini-2014-09).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-10899 Filed 5-12-14; 8:45 am]
BILLING CODE 8011-01-P


Comment Info: =================

General Comment:Federal Register Notice Vol. 74. No. 14 / Friday, January 23, 2009

Trunkline LNG, PHMSA-2008-0327


[Federal Register: January 15, 2010 (Volume 75, Number 10)]
[Notices]
[Page 2589-2591]
[DOCID:fr15ja10-101]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

Petition for Exemption From the Federal Motor Vehicle Theft
Prevention Standard; Chrysler

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Grant of petition for exemption.

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SUMMARY: This document grants in full the Chrysler LLC, (Chrysler)
petition for exemption of the Jeep Patriot vehicle line in accordance
with 49 CFR Part 543, Exemption from Vehicle Theft Prevention Standard.
This petition is granted because the agency has determined that the
antitheft device to be placed on the line as standard equipment is
likely to be as effective in reducing and deterring motor vehicle theft
as compliance with the parts-marking requirements of 49 CFR Part 541,
Federal Motor Vehicle Theft Prevention Standard.

DATES: The exemption granted by this notice is effective beginning with
the 2011 Model Year (MY).

FOR FURTHER INFORMATION CONTACT: Ms. Carlita Ballard, International
Policy, Fuel Economy and Consumer Programs, NHTSA, W43-439, 1200 New
Jersey Avenue, SE., Washington, DC 20590. Ms. Ballard's phone number is
(202) 366-0846. Her fax number is<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In a petition dated September 30, 2009,
Chrysler requested an exemption from the parts-marking requirements of
the Theft Prevention Standard (49 CFR Part 541) for the Jeep Patriot
vehicle line, beginning with MY 2011. The petition requested an
exemption from parts-marking requirements pursuant to 49 CFR 543,
Exemption from Vehicle Theft Prevention Standard, based on the
installation of an antitheft device as standard equipment for the
entire vehicle line.
    Under Section Sec.  543.5(a), a manufacturer may petition NHTSA to
grant exemptions for one of its vehicle lines per year. Chrysler
petitioned the agency to grant an exemption for its Jeep Patriot
vehicle line beginning with MY 2011. In its petition, Chrysler provided
a detailed description and diagram of the identity, design, and
location of the components of the antitheft device for the new vehicle
line. Chrysler will install the Sentry Key Immobilizer System (SKIS)
antitheft device as standard equipment on the vehicle line. The major
components of the SKIS device consist of: a Powertrain Control Module,
an Integrated Power Module, a Sentry Key REmote Entry Module (SKREEM),
a fob with integrated key (FOBIK) and an Electromechanical Instrument
Cluster which controls the telltale function only. According to
Chrysler, all of these components work collectively to perform the
immobilizer function, and the SKIS device does not provide a visible or
audible indication of unauthorized vehicle entry (i.e., flashing lights
or horn alarm).
    Chrysler stated that the SKIS provides passive vehicle protection
by preventing the engine from operating unless a valid electronically
encoded key is detected in the ignition lock cylinder. According to
Chrysler, the immobilizer feature is activated when the key is removed
from the ignition lock cylinder. Only a valid key inserted into the
ignition lock cylinder will allow the vehicle to start and continue to
run.
    Chrysler stated that the SKREEM/Wireless Ignition Node (WIN), an
integral component of the SKIS antitheft device, contains a radio
frequency

transceiver and microprocessor that receives signals from the Sentry
key transponder and communicates to the FOBIK. According to Chrysler,
the SKREEM/WIN determines whether a valid key is present in the
ignition switch based on the signal received from the transponder, and
also serves as the receiver for the Tire Pressure Monitoring System if
the vehicle is equipped with one. To avoid any perceived delay when
starting the vehicle with a valid key and to prevent unburned fuel from
entering the exhaust, Chrysler stated that the engine is permitted to
run for no more than 2 seconds if an invalid key is used. If the
response identifies the key as invalid, or if no response is received
from the key transponder, Chrysler stated that the SKREEM sends an
invalid key message to the Powertrain Control Module (PCM), and the PCM
will disable engine operation (after the initial 2-second run) based
upon the status of the SKREEM messages. Chrysler stated that only six
consecutive invalid vehicle start attempts would be permitted and all
other attempts would be locked out by preventing the fuel injectors
from firing and disabling the starter.
    Chrysler stated that it has incorporated an unauthorized vehicle
start telltale light into the device. Chrysler stated that the telltale
feature operates as a security indicator in the Electro Mechanical
Instrument Cluster (EMIC). According to Chrysler, the telltale alerts
the owner that an unauthorized vehicle start attempt has been made.
Chrysler stated that upon an unauthorized start attempt, the telltale
will flash on and off when the ignition switch is turned to the ``ON''
position. Chrysler stated that besides acting as a security indicator,
the telltale acts as a diagnostic indicator. Chrysler stated that if
the SKREEM detects a system malfunction and/or the SKIS has become
inoperative, the security indicator will stay on. If the SKREEM detects
an invalid key or if a key transponder-related fault exists, the
security indicator will flash.
    Chrysler stated that each ignition key used in the SKIS has an
integral transponder chip included on the circuit board beneath the
cover of the integral Remote Keyless Entry (RKE) transmitter. Chrysler
stated that in addition to having to be cut to match the mechanical
coding of the ignition lock cylinder and programmed for operation of
the RKE system, each new Sentry Key has a unique transponder
identification code that is permanently programmed into it by the
manufacturer, and which must be programmed into the SKREEM to be
recognized by the SKIS as a valid key. Chrysler stated that once a
Sentry Key has been programmed to a particular vehicle, it cannot be
used on any other vehicle.
    In addressing the specific content requirements of 543.6, Chrysler
provided information on the reliability and durability of the device.
Chrysler conducted tests based on its own specified standards and
stated its belief that the device meets the stringent performance
standards prescribed. Specifically, Chrysler stated that its device
must demonstrate a minimum of 95 percent reliability with 90 percent
confidence. In addition to the design and production validation test
criteria, Chrysler stated that the SKIS also undergoes a daily short
term durability test. Chrysler also stated that 100 percent of its
systems undergo a series of three functional tests for durability prior
to being shipped from the supplier to the vehicle assembly plant for
installation in its vehicles.
    Chrysler stated that while there is no theft data available for the
Jeep Patriot because it's a new vehicle line introduction, experience
with the Jeep Liberty, a similar 5-door, All Wheel Drive, crossover/
Sport Utility Vehicle as the Jeep Patriot indicates that this vehicle
is projected to have a theft rate lower than the median theft rate.
Chrysler offered the Jeep Grand Cherokee as an example vehicle with a
SKIS immobilizer system as standard equipment since the 1999 model
year. The average theft rate for the Jeep Grand Cherokee vehicles for
the four model years prior to 1999 (1995-1998), when a vehicle
immobilizer system was not offered as standard equipment, was 5.3574
per one thousand vehicles produced, which is significantly higher than
the 1990/1991 median theft rate of 3.5826. However, the average theft
rate for the six model years (1999-2005) after installation of the
standard immobilizer device was 2.5492, which is significantly lower
than the median. The Jeep Grand Cherokee vehicle line was granted an
exemption from the parts-marking requirements beginning with MY 2004.
Chrysler further stated that NHTSA's theft data for the Jeep Grand
Cherokee indicates that the inclusion of a standard immobilizer system
has resulted in a 52.3 percent net average reduction in vehicle thefts.
    Based on the supporting evidence submitted by Chrysler on the Jeep
Grand Cherokee, the agency believes that the antitheft device for the
Jeep Patriot vehicle line is likely to be as effective in reducing and
deterring motor vehicle theft as compliance with the parts-marking
requirements of the Theft Prevention Standard (49 CFR 541). The agency
concludes that the device will provide four of the five types of
performance listed in Sec.  543.6(a)(3): Promoting activation;
preventing defeat or circumvention of the device by unauthorized
persons; preventing operation of the vehicle by unauthorized entrants;
and ensuring the reliability and durability of the device.
    Pursuant to 49 U.S.C. 33106 and 49 CFR 543.7(b), the agency grants
a petition for exemption from the parts-marking requirements of Part
541, either in whole or in part, if it determines that, based upon
supporting evidence, the standard equipment antitheft device is likely
to be as effective in reducing and deterring motor vehicle theft as
compliance with the parts-marking requirements of Part 541. The agency
finds that Chrysler has provided adequate reasons for its belief that
the antitheft device for the Chrysler Jeep Patriot vehicle line is
likely to be as effective in reducing and deterring motor vehicle theft
as compliance with the parts-marking requirements of the Theft
Prevention Standard (49 CFR Part 541). This conclusion is based on the
information Chrysler provided about its device.
    For the foregoing reasons, the agency hereby grants in full
Chrysler's petition for an exemption for the MY 2011 Jeep Patriot
vehicle line from the parts-marking requirements of 49 CFR Part 541.
The agency notes that 49 CFR Part 541, Appendix A-1, identifies those
lines that are exempted from the Theft Prevention Standard for a given
model year. 49 CFR Part 543.7(f) contains publication requirements with
respect to the disposition of all Part 543 petitions. Advanced listing,
including the release of future product nameplates, the beginning model
year for which the petition is granted and a general description of the
antitheft device is necessary in order to notify law enforcement
agencies of new vehicle lines exempted from the parts-marking
requirements of the Theft Prevention Standard.
    If Chrysler decides not to use the exemption for this vehicle line,
it must formally notify the agency. If such a decision is made, the
vehicle line must be fully marked as required by 49 CFR Parts 541.5 and
541.6 (marking of major component parts and replacement parts).
    NHTSA notes that if Chrysler wishes in the future to modify the
device on which this exemption is based, the company may have to submit
a petition to modify the exemption. Part 543.7(d) states that a Part
543 exemption applies only to vehicles that belong to a line exempted
under this part and equipped

with the anti-theft device on which the line's exemption is based.
Further, Sec.  543.9(c)(2) provides for the submission of petitions to
modify an exemption to permit the use of an antitheft device similar to
but differing from the one specified in that exemption.
    The agency wishes to minimize the administrative burden that Part
543.9(c)(2) could place on exempted vehicle manufacturers and itself.
The agency did not intend Part 543 to require the submission of a
modification petition for every change to the components or design of
an antitheft device. The significance of many such changes could be de
minimis. Therefore, NHTSA suggests that if the manufacturer
contemplates making any changes the effects of which might be
characterized as de minimis, it should consult the agency before
preparing and submitting a petition to modify.

    Authority: 49 U.S.C. 33106; delegation of authority at 49 CFR
1.50.

    Issued on: January 11, 2010.
Stephen R. Kratzke,
Associate Administrator for Rulemaking.
[FR Doc. 2010-732 Filed 1-14-10; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register Volume 76, Number 203 (Thursday, October 20, 2011)]
[Notices]
[Pages 65307-65310]
[FR Doc No: 2011-27135]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65568; File No. SR-FINRA-2011-058]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Proposed Rule Change To Amend
FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity
Securities)

October 14, 2011.
    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 October 6, 2011, 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,
II, and III below, which Items have been prepared by FINRA. 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.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    FINRA is proposing to amend FINRA Rule 6433 (Minimum Quotation Size
Requirements for OTC Equity Securities).
    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
    FINRA Rule 6433 (Minimum Quotation Size Requirements For OTC Equity
Securities) (the ``Rule'') requires every member functioning as an OTC
Market Maker \3\ in an OTC Equity Security \4\ that enters firm
quotations into any inter-dealer quotation system that permits
quotation updates on a real-time basis to honor those quotations for
certain minimum sizes (``minimum quotation sizes''). Under the Rule,
different minimum quotation sizes apply depending upon the price level
of the bid or offer and, therefore, a different minimum quotation size
can apply to each side of the market being quoted by the member in a
given security.
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    \3\ See FINRA Rule 6420(f).
    \4\ ``OTC Equity Security'' means any equity security that is
not an ``NMS stock'' as that term is defined in Rule 600(b)(47) of
SEC Regulation NMS; provided, however, that the term OTC Equity
Security shall not include any Restricted Equity Security. See FINRA
Rule 6420(e).
---------------------------------------------------------------------------

    FINRA is proposing changes to the minimum quotation sizes to, among
other things, simplify the tier structure, facilitate the display of
customer limit orders under new FINRA Rule 6460 (Display of Customer
Limit Orders) (the ``limit order display rule'') \5\ and expand the
scope of the rule, as further discussed below.\6\
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    \5\ See Securities Exchange Act Release No. 62359 (June 22,
2010), 75 FR 37488 (June 29, 2010) (File No. SR-FINRA-2009-054;
Order Approving NMS-Principled Rules for OTC Equity Securities)
(``NMS-Principled Rules Approval Order''). FINRA Rule 6460 became
effective on May 9, 2011.
    \6\ The proposal also would incorporate the requirements of
FINRA Rule 6434 (Minimum Pricing Increments for OTC Equity
Securities) which, among other things, prohibits members from
displaying a bid or offer in an OTC Equity Security in an increment
smaller than $0.01 if the bid or offer is priced $1.00 or greater
per share, or in an increment smaller than $0.0001 if the bid or
offer is priced below $1.00. See FINRA Rule 6460(b)(8).
---------------------------------------------------------------------------

    Under the proposed approach, the minimum quotation size required
for display of a quotation in an OTC Equity Security would fall into
one of six tiers rather than nine tiers. Specifically, for OTC Equity
Securities priced between $0.51 and $0.9999/share, the minimum
quotation size would be 200 shares; between $0.26 and $0.5099/share,
the minimum quotation size would be 500 shares; between $0.02 and
$0.2599/share, the minimum quotation size would be 1,000 shares; and
between $0.0001 and $0.0199/share, the minimum quotation size would be
10,000 shares.\7\ For quotations in securities priced at least $1.00/
share, the proposed rule generally would parallel the approach taken by
the exchanges by setting the minimum quotation size at a round lot of
100 shares,\8\ except that, with respect to OTC Equity Securities
priced at or above $175.00/share, the minimum quotation size would
equal the round lot size applicable to those securities, which is one
(1) share.\9\
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    \7\ Under the proposed revisions, securities priced under $0.02/
share would be subject to a larger minimum quotation size than the
current Rule. Increasing the minimum for quotations in this lower-
priced tier should result in more substantive dollar-value
commitments to the market. For securities priced at or above $0.02/
share, the minimum quotation size requirements would be reduced so
that a greater percentage of customer limit orders priced in this
range would be eligible for display, while continuing to recognize
the utility of requiring that displayed quotations represent a
minimum aggregate dollar value commitment to the market.
    \8\ A round lot of 100 shares applies to most NASDAQ and NYSE
listed securities.
    \9\ The unit of trade for OTC Equity Securities traded at or
above $175.00/share is one (1) Share (i.e., transactions in these
securities for fewer than 100 shares no longer are considered ``odd-
lot transactions'' for dissemination purposes). See Trade Reporting
Notice, OTC Equity Security Transactions (April 21, 2008).
---------------------------------------------------------------------------

    In addition to simplifying the tier structure, FINRA believes that
the proposed revisions will benefit investors by facilitating display
of customer limit orders under the limit order display rule, which
generally requires that OTC Market Makers fully display better-priced
customer limit orders (or same-priced customer limit orders that are at
the best bid or offer and that increase the OTC Market Maker's size by
more than a de minimis amount).\10\ OTC Market Makers are not required
to display a customer limit order unless doing so would comply with the
minimum quotation sizes applicable to the display of quotations on an
inter-dealer quotation system.\11\ Therefore, although a customer limit
order may otherwise have been required to be displayed under the limit
order display rule because it improved price or size more than a de
minimis amount, if the order is less than the minimum quotation size
set forth in this Rule, the member is not required to display the
order.
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    \10\ The limit order display rule was adopted as part of a
broader effort to extend certain protections in place for NMS stocks
to quoting and trading in OTC Equity Securities. See NMS-Principled
Rules Approval Order. As stated in the proposal for the limit order
display rule, FINRA believes that applying the display requirements
to OTC Equity Securities will improve transparency in the OTC equity
market and advances the goal of the public availability of quotation
information, as well as fair competition, market efficiency, best
execution and disintermediation. See Securities Exchange Act Release
No. 60515 (August 17, 2009), 74 FR 43207 (August 26, 2009) (Notice
of Filing File No. SR-FINRA-2009-054).
    \11\ See Regulatory Notice 10-42 (September 2010).
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    FINRA believes that the proposed modifications to the Rule's tiers
will result in the display of a larger number of customer limit orders
because more limit orders should meet the revised minimums than those
currently in place under the Rule. Based upon a review of a sample of
Order Audit Trail System data submitted over the past year in OTC
Equity Securities, only approximately 50% of customer limit orders in
the sample met the current Rule's thresholds and would have been
eligible to be displayed. For example, the existing tiers apply a 2,500
share minimum to OTC Equity Securities priced between $0.51 and $1.00/
share, resulting in minimum dollar commitments to the market that range
from $1,275.00 (for 2,500 shares priced at $0.51/share) to $2,500.00
(for 2,500 shares priced at $1.00/share). In contrast, the proposed
minimum quotation size of 200 shares applicable to quotes priced
between $0.51 and $0.9999/share would have resulted in a significant
increase in the number of limit orders that would have been eligible to
be displayed--over 90% of the orders comprising the sample.
    FINRA also is proposing to expand the scope of the Rule to apply to
all quotations or orders displayed in an inter-dealer quotation system,
including quotations displayed by alternative

trading systems (ATSs) or those representing customer trading interest.
The scope of the current rule is limited to quotations where the member
``functions as a market maker in OTC Equity Securities.'' Therefore,
the Rule does not currently apply to quotes by ATSs (because they are
not market makers) and quotes representing customer trading interest
(e.g., customer limit orders). However, ATSs have become increasingly
active in the over-the-counter market and FINRA believes that the
minimum quotation size requirements should apply uniformly for any
trading interest displayed on an inter-dealer quotation system by
members, whether submitted by an OTC Market Maker or an ATS.\12\ In
addition, FINRA believes that expanding the scope of the Rule to
include quotations representing customer limit orders will ensure that
minimum quotation sizes are observed consistently by all members
displaying quotations on an inter-dealer quotation system.
---------------------------------------------------------------------------

    \12\ While ATS quotes and quotes representing customer trading
interest currently are not captured within the scope of the Rule, as
a practical matter, members displaying any quotation on an inter-
dealer quotation system often must post a size that is at least
equal to this Rule's minimums due to the systems requirements of
inter-dealer quotation systems that program the size field
consistent with this Rule.
---------------------------------------------------------------------------

    Of course, each member would continue to be required to honor its
quotations to the full quantity displayed in accordance with Rule 5220
(Offers at Stated Prices), which generally provides that no member
shall make an offer to buy or sell any security at a stated price
unless such member is prepared to purchase or sell the security at such
price and under such conditions as are stated at the time of such offer
to buy or sell.\13\ Likewise, member obligations pursuant to Rule 5210
(Publication of Transactions and Quotations) continue to apply. Among
other things, Rule 5210 generally prohibits members from publishing,
circulating, or causing to be published or circulated, any quotation
which purports to quote the bid price or asked price for any security,
unless such member believes that such quotation represents a bona fide
bid for, or offer of, such security.\14\
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    \13\ See also Rule 5220.01 (Firmness of Quotations).
    \14\ See also Rule 5210.01 (Manipulative and Deceptive
Quotations).
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    FINRA will announce the effective date of the proposed rule change
in a Regulatory Notice. The effective date will be no later than 180
days following Commission approval.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\15\ 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 also believes that the proposed rule change is
consistent with the provisions of Section 15A(b)(11) of the Act.\16\
Section 15A(b)(11) requires that FINRA rules include provisions
governing the form and content of quotations relating to securities
sold otherwise than on a national securities exchange which may be
distributed or published by any member or person associated with a
member, and the persons to whom such quotations may be supplied.
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    \15\ 15 U.S.C. 78o-3(b)(6).
    \16\ 15 U.S.C. 78o-3(b)(11).
---------------------------------------------------------------------------

    FINRA believes that the proposed rule change meets these
requirements by simplifying the tier structure and facilitating display
of customer limit orders consistent with Rule 6460, while still
recognizing the utility of requiring that quotes in lower-priced
securities represent a minimum dollar-value commitment to the market.
FINRA believes that the proposed revisions to the minimum quotation
sizes should benefit investors by increasing the percentage of customer
limit orders that will be eligible for display under Rule 6460. This
should improve transparency and enhance execution of customer limit
orders. Finally, FINRA believes that the applicability of the minimum
quotation sizes to all members posting quotations in an inter-dealer
quotation system will promote consistency in the minimum quotation
sizes displayed on an inter-dealer quotation system.

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.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-FINRA-2011-058 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-2011-058. This
file number should be included on the subject line if e-mail 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 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-2011-058, and should be submitted on or before
November 10, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-27135 Filed 10-19-11; 8:45 am]
BILLING CODE 8011-01-P