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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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 32 and Rule 19b–
4(f)(6) thereunder.33
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 34 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 35
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange has represented
that adopting the DRT routing
functionality and eliminating references
to certain duplicative routing options
will conform its routing strategies to its
affiliated exchanges and will eliminate
any potential confusion for its Users.
The Commission believes that waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest and hereby waives the
operative delay and designates the
proposal as operative upon filing.36
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
32 15

U.S.C. 78s(b)(3)(A).
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. The Exchange
has satisfied this requirement.
34 17 CFR 240.19b–4(f)(6).
35 17 CFR 240.19b–4(f)(6)(iii).
36 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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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
under Section 19(b)(2)(B) of the Act 37 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–
CboeEDGA–2020–006 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–CboeEDGA–2020–006. 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 the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
37 15

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U.S.C. 78s(b)(2)(B).

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comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CboeEDGA–2020–006 and
should be submitted on or before April
1, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04904 Filed 3–10–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
Washington, DC 20549–2736.
Extension:
Rules 15Ba1–1 through 15Ba1–8, SEC File
No. 270–619, OMB Control No. 3235–
0681.

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rules 15Ba1–1 to
15Ba1–8 (17 CFR 240.15Ba1–1 to 17
CFR 240.15Ba1–8)—Registration of
Municipal Advisors, under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (the ‘‘Act’’). The
Commission plans to submit this
existing collection of information to the
Office of Management and Budget for
extension and approval.
On September 20, 2013 (see 78 FR
67468, November 12, 2013), the
Commission adopted Rules 15Ba1–1
through 15Ba1–8 and Rule 15Bc4–1
under the Act to establish the rules by
which a municipal advisor must obtain,
maintain, and terminate its registration
with the Commission. In addition, the
rules interpret the definition of the term
‘‘municipal advisor,’’ interpret the
statutory exclusions from that
definition, and provide certain
additional regulatory exemptions. The
rules became effective on January 13,
2014; however, on January 13, 2014, the
Commission temporarily stayed such
rules until July 1, 2014 (see 79 FR 2777,
January 16, 2014). Amendments to Form
MA and Form MA–I designed to
eliminate aspects of the forms that
request filers to provide certain forms of
38 17

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 85, No. 48 / Wednesday, March 11, 2020 / Notices
personally identifiable information
(‘‘PII’’), including Social Security
numbers, dates of birth, or Foreign ID
numbers became effective on May 14,
2018 (see 83 FR 22190, May 14, 2018).
Section 15B(a)(1) of the Act makes it
unlawful for a municipal advisor to
provide advice to or on behalf of a
municipal entity or obligated person
with respect to municipal financial
products or the issuance of municipal
securities, or to undertake certain
solicitations of a municipal entity or
obligated person, unless the municipal
advisor is registered with the
Commission. The rules, among other
things (i) require municipal advisors to
file certain forms (i.e., Form MA, Form
MA–A, Form MA/A, Form MA–I, Form
MA–I/A, Form MA–NR, and Form MA–
W) with the Commission to obtain,
maintain, or terminate their registration
with the Commission and maintain
certain books and records in accordance
with the Act, and (ii) set forth how
certain entities may meet the
requirements of the statutory exclusions
or regulatory exemptions from the
definition of ‘‘municipal advisor.’’

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Form MA
The Commission estimates that
approximately 35 respondents will
submit new Form MA applications
annually in each of the next three
years.1 The Commission further
estimates that each submission will take
approximately 3.5 hours. Thus, the total
annual burden borne by respondents for
submitting an initial Form MA
application will be approximately 123
hours.2 The Commission estimates that
respondents submitting new Form MA
applications would, on average, consult
with outside counsel for one hour, at a
rate of $400/hour. Thus, the
Commission estimates that the average
total annual cost that may be incurred
by all respondents filing new Form MA
applications will be $14,000.3 In
addition to filing initial Form MA
applications, the rules require
municipal advisors to amend Form MA
once annually (Form MA–A) and after
the occurrence of any enumerated
material event (Form MA/A). The
requirement to amend Form MA applies
to all registered municipal advisors.
There are currently approximately 535
municipal advisors registered with the
Commission and, as noted above, the
1 The estimate is derived by averaging the number
of Form MA filings over the last three years and
rounding up. There were 39 Form MA submissions
in 2017, 34 Form MA submissions in 2018, and 30
Form MA submissions in 2019.
2 35 respondents × 3.5 hours = 122.5 hours.
3 35 respondents × ($400/hour × 1 hour) =
$14,000.

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Commission anticipates receiving 105
new Form MA submissions over the
next three years. Therefore, the
Commission expects that the rules’
requirement to amend Form MA will
apply to approximately 570 municipal
advisors in year one, approximately 605
municipal advisors in year two, and
approximately 640 municipal advisors
in year three. The Commission estimates
that completing an annual amendment
would take a municipal advisor
approximately 1.5 hours and completing
a material event amendment would take
0.5 hours. The Commission further
estimates that each municipal advisor
will submit two amendments per year
(one Form MA–A and one Form MA/A).
Thus, the Commission estimates that the
average annual burden borne by
respondents for amending Form MA
during the three-year period will be
approximately 1,210 hours.4
Form MA–I
The Commission estimates that it will
receive approximately 570 new Form
MA–I submissions annually.5 The
Commission further estimates that each
Form MA–I submission will take
approximately three hours to complete.
Thus, the total annual burden borne by
respondents submitting Form MA–I will
be approximately 1,710 hours.6 The
Commission also estimates that a Form
MA–I respondent will submit 2.95
updating amendments per year (Form
MA–I/A), and that each such
amendment will take approximately 0.5
hours to complete.7 There are currently
approximately 3,385 Form MA-Is on file
with the Commission for natural
persons currently associated with a
municipal advisor and, as noted above,
the Commission expects to receive 1,710
Form MA–I submissions over the next
three years.8 Therefore, the Commission
respondents × 2 hours) + (605 respondents
× 2 hours) + (640 respondents × 2 hours))/3 = 1,210
hours.
5 The estimate is derived by averaging the number
of Form MA–I submissions over the last three years.
There were 619 Form MA–I submissions in 2017,
466 Form MA–I submissions in 2018, and 624 Form
MA–I submissions in 2019.
6 570 submissions × 3 hours = 1,710 hours.
7 The estimate is derived by averaging the number
of updating amendments submitted by respondents
over the last three years. In 2017, the average
number is 2,078 Form MA–I/A/574 municipal
advisors = 3.62. In 2018 the average number is
1,398 Form MA–I/A/555 municipal advisors = 2.52.
In 2019, the average number is 1,442 Form MA–I/
A/535 municipal advisors = 2.70. Averaging the
average number of updating amendments for the
last three years: 3.62 (2017) + 2.52 (2018) + 2.70
(2019)/3 = 2.95 updating amendments per year.
8 The estimated number of active Form MA–I
filings is derived by taking the total number of Form
MA–I submissions with the Commission as of
December 31, 2019 and subtracting the number of
Form MA–I/A withdrawals as of the same date.
4 ((570

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14273

expects the rules’ requirement to amend
Form MA–I to apply to approximately
3,955 Form MA–Is in year one,
approximately 4,525 Form MA–Is in
year two, and approximately 5,095 Form
MA–Is in year three. Thus, the
Commission estimates that the average
annual burden borne by respondents
submitting Form MA–I amendments
during the three-year period will be
approximately 6,674 hours.9
Form MA–W
The Commission estimates that it will
receive 46 new Form MA–W
submissions annually.10 The
Commission further estimates that each
Form MA–W submission will take
approximately 0.5 hours to complete.
Thus, the total annual burden borne by
respondents submitting Form MA–W
will be approximately 23 hours.11
Form MA–NR
The Commission estimates that three
municipal advisors will have a nonresident general partner, non-resident
managing agent, or non-resident
associated person and such advisors
will submit a total of approximately five
Form MA–NRs annually.12 The
Commission further estimates that each
Form MA–NR submission will take
approximately 1.5 hours to complete.
Thus, the total annual burden borne by
respondents submitting Form MA–NR
will be approximately 7.5 hours.13 In
addition, each respondent that submits
a Form MA–NR must also provide an
opinion of counsel. The Commission
estimates that such an opinion of
counsel would take three hours to
complete, at a rate of $400/hour. Thus,
the Commission estimates that the total
annual burden borne by respondents
providing an opinion of counsel will be
7,564 (Form MA–I submissions) ¥ 4,179 (Form
MA–I/A withdrawals) = 3,385 Form MA-Is on file.
9 (((3,955 Form MA–I/As × (2.95 amendments ×
0.5 hours)) + ((4,525 Form MA–I/As × (2.95
amendments × 0.5 hours)) + ((5,095 Form MA–I/As
× (2.95 amendments × 0.5 hours)))/3 = 6,674.375
hours.
10 The estimate of 46 Form MA–W submissions is
derived by averaging the number of Form MA–W
submissions over the last two years. There were 46
Form MA–W submissions in 2018 and 2019
respectively. The filing number from 2017 was
omitted because an abnormally large number of
Form MA–W submissions were submitted (116
submissions in 2017), likely due to the advent of
the Municipal Securities Rulemaking Board’s Series
50 exam requirement which became effective on
September 12, 2017.
11 46 respondents × 0.5 hours = 23 hours.
12 The estimate is derived by averaging the
number of Form MA–NR submissions over the last
three years. There were seven Form MA–NR
submissions in 2017, four Form MA–NR
submissions in 2018, and five Form MA–NR
submissions in 2019.
13 3 respondents × (1.67 Form MA–NR
submissions × 1.5 hours) = 7.5 hours.

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approximately nine hours.14 The
estimated average total cost that may be
incurred by all respondents providing
an opinion of counsel will be $3,600.15
Consent to Service of Process
The Commission estimates that 35
new municipal advisors will have to
develop a template document to use in
obtaining written consents to service of
process from their associated persons
annually. The Commission further
estimates that each template document
will take approximately one hour to
draft. Thus, the Commission estimates
that the total annual burden borne by
respondents developing a template
document will be approximately 35
hours.16 In addition, the Commission
estimates that municipal advisors will
need to obtain 570 new consents to
service of process from associated
persons annually. The Commission
further estimates that, after the written
consents are drafted, it will take
municipal advisors approximately 0.10
hours to obtain each consent. Thus, the
Commission estimates that the total
annual burden borne by respondents
obtaining consents to service of process
will be 92 hours.17
Books and Records To Be Maintained
by Municipal Advisors
The Commission estimates 570, 605,
and 640 municipal advisors will be
subject to the books and records rules
during each of the next three years,
respectively. The Commission further
estimates that the average annual
burden for a municipal advisor to
comply with the books and records
requirement is approximately 182
hours. Thus, the Commission estimates
that the average annual burden borne by
respondents to comply with the books
and records requirements during the
three-year period will be approximately
110,110 hours.18
Independent Registered Municipal
Advisor Exemption
The Commission estimates that
approximately 231 persons will seek to
rely on the independent registered
municipal advisor exemption
annually.19 The Commission further
respondents × 3 hours = 9 hours.
respondents × (3.0 hours × $400/hour) =
$3,600.
16 35 respondents × 1 hour = 35 hours.
17 35 hours + (570 × 0.1 hours) = 92 hours.
18 ((570 respondents × 182 hours) + (605
respondents × 182 hours) + (640 respondents × 182
hours))/3 = 110,110 hours.
19 Estimate based on information obtained from
Mergent Municipal Bond Securities Database. The
estimate represents the average number of
underwriters that participated in negotiated
transactions from 2017 to 2019.
14 3

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estimates that the one-time burden of
developing a written template
disclosure document will be
approximately one hour. Thus, the
Commission estimates that the total onetime burden borne by respondents
developing a template disclosure
document will be approximately 231
hours.20 The Commission also
recognizes that respondents will be
subject to a recurring burden each time
they seek to rely on the exemption. The
Commission estimates that respondents
may seek the exemption on
approximately 8,211 transactions
annually.21 The Commission further
estimates that the burden of obtaining
the written representations needed from
the municipal entity or obligated person
client will be approximately 0.25 hours.
Thus, the Commission estimates that the
total annual burden borne by
respondents seeking to rely on the
independent registered municipal
advisor exemption will be
approximately 2,053 hours.22
Municipal Escrow Investments
The Commission estimates that
approximately 694 respondents will
seek to rely on the municipal escrow
investments exemption.23 The
Commission further estimates that the
one-time burden of creating a template
document to use in obtaining the
written representations necessary to rely
on the exemption will be approximately
one hour. Thus, the Commission
estimates that the total one-time burden
borne by respondents developing a
template document will be
approximately 694 hours.24 The
Commission also recognizes that
respondents will be subject to a
recurring burden each time they seek to
rely on the exemption. The Commission
estimates the respondents will seek to
rely on the exemption with
approximately 2,321 municipal entity
clients.25 The Commission further
estimates that the burden of obtaining
the required written representations
from the respondent’s client will be
approximately 0.25 hours. Thus, the
respondents × 1 hour = 231 hours.
based on information obtained from
Mergent Municipal Bond Securities Database. The
estimate represents the average number of
negotiated deals using an underwriter each year.
22 8,211 transactions × 0.25 hours = 2,052.75
hours.
23 The Commission estimates in this section are
based on information reported directly by stateregistered investment advisers in Item 5.D.(i)(1)
within Form ADV.
24 694 respondents × 1 hour = 694 hours.
25 The Commission estimates in this section are
based on information reported directly by stateregistered investment advisers in Item 5.D.(i)(1)
within Form ADV.
20 231

21 Estimate

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Commission estimates that the total
annual burden borne by respondents
seeking to rely on the municipal escrow
investments exemption will be
approximately 580 hours.26
Proceeds of Municipal Securities
The Commission estimates that
approximately 720 respondents will
seek to rely on the proceeds of
municipal securities exemption.27 The
Commission further estimates that the
one-time burden of creating a template
document to use in obtaining the
written representations necessary to rely
on the exemption will be approximately
one hour. Thus, the Commission
estimates that the total one-time burden
borne by respondents developing a
template document will be
approximately 720 hours.28 The
Commission also recognizes that
respondents will be subject to a
recurring burden each time they seek to
rely on the exemption. The Commission
estimates that respondents will seek to
rely on the exemption in connection
with services provided to approximately
4,056 clients.29 The Commission further
estimates that the burden of obtaining
the required written consents from the
respondent’s client will be
approximately 0.25 hours. Thus, the
Commission estimates that the total
annual burden borne by respondents
seeking to rely on proceeds of municipal
securities exemption will be
approximately 1,014 hours.30
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
clients × 0.25 hours = 580.25 hours.
Commission estimates in this section are
based on information reported directly by stateregistered investment advisers in Item 5.D.(f)(1)
within Form ADV. The number of state-registered
investment advisers which have pooled investment
vehicle clients (other than investment company and
business development company clients) within
Form ADV, Item 5.D.(f)(1) = 637. The percentage of
state-registered investment advisers which have
municipal government entity clients (other than
investment company and business development
company clients) within Form ADV, Item 5.D.(f)(1)
= 4%. (637 × .04) = 26. The number of stateregistered investment advisers relying on the
exception to the definition of ‘‘municipal escrow
investment’’ = 694. (26 + 694) = 720 respondents.
28 720 respondents × 1 hour = 720 hours.
29 The number of municipal entity clients of stateregistered investment advisers relying on the
exception to the definition of ‘‘municipal escrow
investment’’ in Item 5.D.(i)(1) within Form ADV =
2,321 clients. The number of pooled investment
vehicle clients (other than investment company and
business development company clients) of stateregistered investment advisers in Item 5.D.(f)(1)
within Form ADV = 1,735 clients. (2,321 + 1,735)
= 4,056 clients.
30 4,056 clients × 0.25 hours = 1,014 hours.
26 2,321
27 The

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Federal Register / Vol. 85, No. 48 / Wednesday, March 11, 2020 / Notices
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments to:
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
Dated: March 6, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04946 Filed 3–10–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.

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Extension:
Rule 147A(f)(1)(iii) Written Representation
as to Purchaser Residency, SEC File No.
270–806, OMB Control No. 3235–0757.

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Rule 147A(f)(1)(iii) (17 CFR
230.147A(f)(1)(iii)) requires the issuer to
obtain from the purchaser a written
representation as to the pruchase’s
residency in order to qualify for safe
harbor under Securities Act Rule 147A
(17 CFR 230.147A). Rule 147A is an
exemption from registration under
Securities Act Section 28 (15 U.S.C.
77z–3). Under Rule 147A, the purchaser
in the offering must be a resident of the

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same state or territory in which the
issuer is a resident. While the formal
representation of residency by itself is
not sufficient to establish a reasonable
belief that such purchasers are in-state
residents, the representation
requirement, together with the
reasonable belief standard, may result in
better compliance with the rule and
maintaining appropriate investor
protections. The representation of
residency is not provided to the
Commission. Approximately 700
respondents provide the information
required by Rule 147A(f)(1)(iii) at an
estimated 2.75 hours per response for a
total annual reporting burden of 1,925
hours (2.75 hours x 700 responses).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: March 6, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–04949 Filed 3–10–20; 8:45 am]
BILLING CODE 8011–01–P

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‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
28, 2020, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(the ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to amend FINRA
Rule 7620B (FINRA/NYSE Trade
Reporting Facility Reporting Fees) to
modify the trade reporting fees
applicable to participants that use the
FINRA/NYSE Trade Reporting Facility
(‘‘FINRA/NYSE TRF’’).
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose

SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–88324; File No. SR–
FINRA–2020–006]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify the Trade
Reporting Fees Applicable to the
FINRA/NYSE Trade Reporting Facility
March 5, 2020.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the

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The FINRA/NYSE TRF, which is
operated by NYSE Market (DE), Inc.
(‘‘NYSE Market (DE)’’), is one of four
FINRA facilities 3 that FINRA members
can use to report over-the-counter
(‘‘OTC’’) trades in NMS stocks. While
members are required to report all OTC
trades in NMS stocks to FINRA, they
may choose which FINRA Facility (or
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The four FINRA facilities are the FINRA/NYSE
TRF, two FINRA/Nasdaq Trade Reporting Facilities
(together, the ‘‘FINRA/Nasdaq TRF’’), and the
Alternative Display Facility (‘‘ADF’’ and together,
the ‘‘FINRA Facilities’’).
2 17

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