[Federal Register Volume 86, Number 67 (Friday, April 9, 2021)]
[Notices]
[Page 18583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07272]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91474; File No. SR-FINRA-2020-031]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove a 
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt Proposed 
Rule 6439 (Requirements for Member Inter-Dealer Quotation Systems) and 
Rescind the Rules Related to the OTC Bulletin Board Service

April 5, 2021.
    On September 24, 2020, the Financial Industry Regulatory Authority, 
Inc. (``FINRA'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to rescind the rules related to 
the OTC Bulletin Board Service and cease its operation and to adopt new 
requirements for member inter-dealer quotation systems that disseminate 
quotations in equity securities traded over-the-counter (``OTC''). The 
proposed rule change was published for comment in the Federal Register 
on October 7, 2020.\3\ On November 4, 2020, pursuant to Section 
19(b)(2) of the Act,\4\ the Commission designated a longer period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether to 
disapprove the proposed rule change.\5\ On December 21, 2020, FINRA 
filed Amendment No. 1 to the proposed rule change.\6\ On December 30, 
2020, the Commission published notice of Amendment No. 1 to solicit 
comments and instituted proceedings to determine whether to approve or 
disapprove the proposed rule change.\7\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Exchange Act Release No. 90067 (October 1, 2020), 85 FR 
63314 (``Notice''). Comments on the proposed rule change can be 
found at: https://www.sec.gov/comments/sr-finra-2020-031/srfinra2020031.htm.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Exchange Act Release No. 90335, 85 FR 218 (November 10, 
2020).
    \6\ Amendment No. 1 may be found at: https://www.sec.gov/comments/sr-finra-2020-031/srfinra2020031.htm.
    \7\ See Exchange Act Release No. 90824 (January 6, 2021), 86 FR 
653.
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    Section 19(b)(2) of the Act \8\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may extend the period for issuing an order approving or 
disapproving the proposed rule change, however, by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
change was published for notice and comment in the Federal Register on 
October 7, 2020.\9\ April 5, 2021 is 180 days from that date, and June 
4, 2021 is 240 days from that date.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See Notice, supra note 3.
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change, the issues raised in the comment letters that have been 
submitted in connection therewith, and the Exchange's responses to 
comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\10\ designates June 4, 2021 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-FINRA-2020-031).
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-07272 Filed 4-8-21; 8:45 am]
BILLING CODE 8011-01-P