
[Federal Register Volume 79, Number 16 (Friday, January 24, 2014)]
[Notices]
[Pages 4218-4221]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-01403]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71350; File No. SR-FINRA-2014-002]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Adopt FINRA Rule 7640A (Data Products Offered 
By Nasdaq)

January 17, 2014.
    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 January 9, 2014, Financial Industry Regulatory Authority, Inc. 
(``FINRA'') (f/k/a National Association of Securities Dealers, Inc. 
(``NASD'')) 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. FINRA has 
designated the proposed rule change as constituting a ``non-
controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under 
the Act,\3\ which renders the proposal effective upon receipt of this 
filing by the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FINRA is proposing to adopt FINRA Rule 7640A (Data Products Offered 
By Nasdaq) to (1) describe FINRA's practices relating to the 
distribution of market data for over-the-counter (``OTC'') transactions 
in NMS stocks generated through the operation of the FINRA/Nasdaq Trade 
Reporting Facility (``FINRA/Nasdaq TRF'') by The NASDAQ OMX Group, Inc. 
(``NASDAQ OMX'') and its affiliate, The NASDAQ Stock Market LLC 
(``Nasdaq''); and (2) identify Nasdaq rules relating to products that 
distribute FINRA/Nasdaq TRF data to third parties, and specifically 
Nasdaq Rules 7039 (Nasdaq Last Sale Data Feeds), 7047 (Nasdaq Basic) 
and 7037 (Nasdaq FilterView Service).
    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
    Background
    The FINRA Trade Reporting Facilities (``TRFs'') are facilities 
solely for the reporting of OTC transactions in NMS stocks that allow 
the TRF ``Business Members,'' which themselves are affiliates of self-
regulatory organizations (``SROs''), to retain commercial use of the 
market data reported to the respective TRFs.\4\ The operation of each 
TRF is governed by a Limited Liability Company Agreement (the ``LLC 
Agreement'') between FINRA and the respective Business Member. (The LLC 
Agreements, which were submitted as part of the rule filings to 
establish the respective TRFs and were subsequently amended and 
restated, appear in the FINRA Manual.) Under the LLC Agreement, FINRA 
is the ``SRO Member'' and has sole regulatory responsibility for the 
TRF, including real-time monitoring and T+1 surveillance, development 
and enforcement of trade reporting rules and submission of proposed 
rule changes to the Commission. The Business Member under the LLC 
Agreement is primarily responsible for the management of the TRF's 
business affairs, which may not be conducted in a manner inconsistent 
with the regulatory and oversight functions of FINRA. Among other 
things, the Business Member establishes pricing for the TRF and is 
obligated to pay the cost of regulation and is entitled to the profits 
and losses, if any, derived from operation of the TRF. The Business 
Member also provides the ``user facing'' front-end technology used to 
operate the TRF and transmit in real time trade report data directly to 
the NMS securities information processors (``SIPs'') and to FINRA for 
audit trail purposes.
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    \4\ There currently are two TRFs in operation: the FINRA/Nasdaq 
TRF and the FINRA/NYSE TRF. The establishment of each TRF was 
subject to a proposed rule change filed with the Commission. See 
Securities Exchange Act Release No. 54084 (June 30, 2006), 71 FR 
38935 (July 10, 2006) (Order Approving File No. SR-NASD-2005-087); 
and Securities Exchange Act Release No. 55325 (February 21, 2007), 
72 FR 8820 (February 27, 2007) (Notice of Filing and Immediate 
Effectiveness of File No. SR-NASD-2007-011).
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    Under the terms of the business arrangement between FINRA and the 
Business Members, each TRF owns data resulting from its operation. Each 
Business Member has a non-exclusive, irrevocable, worldwide, perpetual, 
royalty-free right and license to use market data generated by its TRF, 
other than data generated exclusively for regulatory purposes 
(``covered market data''),\5\ consistent with all applicable laws, 
rules and regulations, and has a contractual right to sell covered 
market data to third parties.\6\ Accordingly, although the TRFs are 
facilities of FINRA, the Business Members have the right under the 
contractual arrangements establishing the TRFs to develop market data 
products using covered market data. As each Business Member is an 
affiliate of an SRO, use of TRF data is conducted through the Business 
Member's affiliated SRO, is

[[Page 4219]]

subject to a separate proposed rule change filed with the Commission by 
the affiliate in its SRO capacity and must satisfy the appropriate 
statutory standards.
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    \5\ For purposes of proposed Rule 7640A, ``covered market data'' 
would be defined as market data generated by the FINRA/Nasdaq Trade 
Reporting Facility, other than data generated exclusively for 
regulatory purposes.
    \6\ Under the TRF contracts, FINRA has a non-exclusive, 
irrevocable, worldwide, perpetual, royalty-free right and license to 
use the data generated by the TRF to fulfill its contractual rights 
and obligations, as well as its obligations as an SRO.
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    In addition to real-time interaction with Business Member staff 
when operational issues arise, FINRA currently executes its SRO 
oversight functions by performing a three-part regularly recurring 
review of TRF operations. First, before initial operation of the TRF 
can commence, the Business Member is required to certify in writing 
that TRF operations will comply with all relevant FINRA rules and 
federal securities laws, and on a quarterly basis thereafter, the 
Business Member must submit its current TRF procedures and a 
certification of compliance with those procedures. Second, FINRA staff 
conducts monthly conference calls with each Business Member to review 
TRF operations. These monthly calls follow an established agenda, which 
includes, among other things, whether there were any system outages or 
issues since the prior monthly conference call (and if so, to confirm 
that they were reported to FINRA and the SEC, as applicable), the 
status of pending systems changes, and TRF market data products, 
including data latency and whether the Business Member has or is 
developing any new products that would use TRF data. Third, FINRA 
oversees a regular assessment cycle and extensive review of TRF 
operations, as measured against the TRF business requirements document 
and coding guidelines established by FINRA, by an outside independent 
audit firm. FINRA also will require the Business Members to begin 
submitting on a quarterly basis an attestation that (1) identifies all 
products that use TRF data, and (2) certifies that the Business Member 
has no other products that use TRF data and that any future products 
that use TRF data will be developed in consultation with FINRA.
    Under the TRF framework, the Business Member must ensure, among 
other things, that the distribution and sale of market data products 
that use TRF data are consistent with the requirements of the Act. In 
addition to FINRA's general oversight of TRF operations, and in 
furtherance of FINRA's SRO responsibilities with respect to OTC market 
data, FINRA requires that each Business Member (and its SRO affiliate) 
make specific commitments and undertakings with respect to its products 
that use TRF data. Among other things, the Business Member must 
represent that, consistent with the Commission's interpretation of Rule 
603(a) under SEC Regulation NMS, it will not transmit any TRF 
transaction data to a vendor or user any sooner than the TRF transmits 
the data to the SIPs.\7\ The Business Member also must have in place 
procedures and controls to ensure that its products that use TRF data 
are not distributed prior to dissemination of TRF data to the SIPs, 
including monitoring for compliance with this obligation.
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    \7\ Rule 603(a), 17 CFR 242.603(a), provides as follows:
    (1) Any exclusive processor, or any broker or dealer with 
respect to information for which it is the exclusive source, that 
distributes information with respect to quotations for or 
transactions in an NMS stock to a securities information processor 
shall do so on terms that are fair and reasonable.
    (2) Any national securities exchange, national securities 
association, broker, or dealer that distributes information with 
respect to quotations for or transactions in an NMS stock to a 
securities information processor, broker, dealer, or other persons 
shall do so on terms that are not unreasonably discriminatory.
    Rule 603 would not prevent the distribution of data that is not 
required to be provided to the SIPs, provided that such distribution 
is not unreasonably discriminatory and is otherwise consistent with 
the Exchange Act.
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    In this regard, NASDAQ OMX, as the Business Member for the FINRA/
Nasdaq TRF, has implemented a tool to monitor for potential latency by 
comparing the time of dissemination of FINRA/Nasdaq TRF data to the 
SIPs and to Nasdaq's proprietary data feeds that use corresponding TRF 
data (e.g., the Nasdaq Last Sale feeds) that is capable of detecting 
whether data was distributed to a proprietary vendor or user sooner 
than to the SIP. In addition, NASDAQ is developing the capability to 
monitor overall performance of respective data feeds on a real-time 
basis. FINRA and NASDAQ OMX are also in the process of developing 
escalation procedures in the event that certain latency thresholds are 
met. It is anticipated that these tools and procedures would be used 
for purposes of monitoring for potential latency for any future 
products developed by NASDAQ OMX that use and distribute TRF data on a 
real-time basis (provided such data is also required to be provided to 
the SIPs).
Proposed FINRA Rule 7640A
    FINRA is proposing to adopt new Rule 7640A to address the 
distribution of FINRA/Nasdaq TRF data in market data products developed 
by NASDAQ OMX, as the Business Member, and its wholly owned SRO 
subsidiary, Nasdaq.\8\ As noted above, the FINRA/Nasdaq TRF is a 
facility of FINRA, and FINRA/Nasdaq TRF data is OTC data for which 
FINRA is responsible under the Act. However, any market data products 
would be distributed and sold by NASDAQ OMX, the Business Member, 
through Nasdaq, its SRO subsidiary, not FINRA. As such, paragraphs (a) 
and (b) of proposed Rule 7640A codify the contractual arrangements 
between FINRA and NASDAQ OMX and provide for the overall structure 
relating to the FINRA/Nasdaq TRF and the permissible use of FINRA/
Nasdaq TRF data. For example, proposed paragraph (b) provides that fees 
for market data products that use covered market data are charged by 
Nasdaq under Nasdaq rules. Such fees must be adopted pursuant to a 
proposed rule change submitted to the Commission pursuant to Section 
19(b) of the Act, and Nasdaq must demonstrate that the fees are 
consistent with the requirements of the Act, including that they are 
reasonable, equitably allocated and not unfairly discriminatory. 
Paragraph (c) of proposed Rule 7640A identifies Nasdaq rules relating 
to products that use FINRA/Nasdaq TRF data, and specifically Nasdaq 
Rules 7039, 7047 and 7037.
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    \8\ If NYSE Market, Inc., as the FINRA/NYSE TRF Business Member, 
and New York Stock Exchange LLC, its SRO affiliate, develop products 
using FINRA/NYSE TRF data, FINRA will file a separate proposed rule 
change to adopt a similar rule in the FINRA Rule 7600B Series 
applicable to the FINRA/NYSE TRF.
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Nasdaq Last Sale Data Feeds
    The Nasdaq Last Sale (``NLS'') market data product combines both 
Nasdaq Market Center and FINRA/Nasdaq TRF last sale data and provides 
real-time execution price, volume and time information for each 
reported sale. The NLS product currently operates on a pilot basis 
pursuant to Nasdaq Rule 7039. Nasdaq has submitted a companion filing, 
SR-NASDAQ-2014-006, proposing to make the NLS product pilot permanent.
    The NLS product provides distributors access to real-time market 
data through multiple pricing models that allow for flexible and very 
broad distribution to millions of investors via the internet and 
television at no cost to the end user. Based upon information from NLS 
distributors, Nasdaq has represented that since its launch in 2008, the 
NLS data has been viewed by millions of investors. Thus, FINRA believes 
that the NLS product has increased the availability of market data to 
individual investors during the pilot period.
    As further detailed in its companion filing, Nasdaq has established 
two pricing models, one for clients that are able to maintain username/
password entitlement systems and/or quote counting mechanisms to 
account for usage, and a second for those that are not. Nasdaq also has 
established a cap

[[Page 4220]]

on the monthly fee, currently set at $50,000 per month, for the NLS 
product.
    Because the NLS product provides a subset of the same last sale 
data that is disseminated by the SIPs, the feeds are structured so that 
data is not provided to the NLS product sooner than it is provided to 
the SIPs. NASDAQ OMX, as the Business Member, is responsible for 
monitoring for data latency, and to date, using the monitoring tool 
described above, no latency has been detected between the dissemination 
of FINRA/Nasdaq TRF data to the SIPs and to the NLS product.
Nasdaq Basic
    Nasdaq Basic under Nasdaq Rule 7047 is a real-time data feed 
combining Nasdaq's Best Bid and Offer (``QBBO'') with Nasdaq Market 
Center last sale information. Nasdaq has submitted a companion filing, 
SR-NASDAQ-2014-005, to authorize inclusion of FINRA/Nasdaq TRF data in 
the product.\9\ As described therein, the product provides information 
similar to that provided by the SIPs' consolidated ``Level 1'' 
products, but without information from exchanges other than Nasdaq or 
TRFs other than the FINRA/Nasdaq TRF.
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    \9\ Nasdaq has determined through an internal review that the 
Nasdaq Basic product currently includes and has included since its 
inception last sale transaction reports for the FINRA/Nasdaq TRF; 
however, current Nasdaq Rule 7047 does not reflect the inclusion of 
TRF data in the Nasdaq Basic product.
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    Nasdaq Rule 7047 sets forth a number of pricing models for Nasdaq 
Basic: (1) A model in which a charge is assessed for each subscriber to 
the product to receive unlimited access,\10\ (2) a model in which a per 
query fee is assessed for subscribers who expect to make more limited 
use of the product, (3) an enterprise license model under which a 
distributor may provide Nasdaq Basic to an unlimited number of 
subscribers with whom the distributor has a brokerage relationship, and 
(4) a derived data fee under which a vendor may distribute data derived 
from Nasdaq Basic to an unlimited number of non-professional 
subscribers.
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    \10\ The amount of the applicable monthly subscriber fee depends 
on whether the subscriber is a market professional or a non-
professional.
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    Because the NLS product is the source of the FINRA/Nasdaq TRF last 
sale information included in Nasdaq Basic, the latency monitoring 
performed by the Business Member with respect to the NLS product also 
provides a means to monitor the dissemination of data through the 
Nasdaq Basic product. As noted above, to date the Business Member has 
detected no latency between the dissemination of FINRA/Nasdaq TRF data 
to the SIPs and to the NLS product.
Nasdaq FilterView
    The Nasdaq FilterView Service (``Nasdaq FilterView'') under Nasdaq 
Rule 7037 allows a distributor to receive a subset of any existing 
real-time data feed distributed by Nasdaq. Thus, the service could be 
used to receive FINRA/Nasdaq TRF data derived from NLS or Nasdaq Basic. 
Nasdaq FilterView was originally adopted in 2006 \11\ and has not been 
modified since its initial establishment. Nasdaq FilterView is 
available for a subscription fee of $500 per month per subset of data, 
in addition to the fees associated with the relevant underlying data 
feed. There are no incremental user charges for distributors related to 
use of Nasdaq FilterView.
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    \11\ See Securities Exchange Act Release No. 54286 (August 8, 
2006), 71 FR 46955 (August 15, 2006) (Notice of Filing and Immediate 
Effectiveness; File No. SR-NASDAQ-2006-028).
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    Because distribution of data through Nasdaq FilterView may be more 
streamlined than the distribution of data through the data feeds from 
which it may be derived, such as NLS or Nasdaq Basic, Nasdaq has 
committed to perform separate latency monitoring of the dissemination 
of TRF last sale information through Nasdaq FilterView. Although Nasdaq 
FilterView is not a distinct data product, but rather a means of 
receiving a modified form of other data products, Nasdaq Rule 7037 is 
nonetheless cross-referenced in proposed Rule 7640A.
    FINRA believes that using FINRA/Nasdaq TRF data in the NLS, Nasdaq 
Basic and Nasdaq FilterView data products will enhance transparency and 
increase the information regarding trading activity that is available 
to market participants and investors. FINRA also believes that the 
products satisfy the requirement that FINRA/Nasdaq TRF transaction data 
not be disseminated to a vendor or user any sooner than such data is 
transmitted to the SIPs. NASDAQ OMX, as the Business Member, must 
comply with the requirements and commitments described above, including 
monitoring for latency, and as part of FINRA's regular oversight of the 
FINRA/Nasdaq TRF, FINRA monitors for such compliance.
    FINRA anticipates that for any future products that use FINRA/
Nasdaq TRF data, Nasdaq will submit a proposed rule change and FINRA 
will submit a companion filing proposing to amend Rule 7640A(c). In 
addition, NASDAQ OMX and Nasdaq will be required to make the specific 
commitments and undertakings described above regarding the inclusion of 
TRF data in any new product.\12\
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    \12\ FINRA notes that FINRA and Nasdaq occasionally provide data 
to the Commission, other government agencies and members of the 
academic community for the purpose of studying the market. While in 
the latter case, data generally is in an aggregated format that does 
not allow identification of the activity of specific market 
participants, FINRA on occasion may provide attributed data to the 
academic community pursuant to a non-disclosure agreement.
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    FINRA has filed the proposed rule change for immediate 
effectiveness and requested waiver of the 30-day operative delay. FINRA 
is proposing that the proposed rule change will be operative 
immediately upon filing.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\13\ which requires, among 
other things, that FINRA rules 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 believes that the proposed rule change will 
promote market transparency by allowing the development, consistent 
with the guidelines set forth in proposed Rule 7640A, of innovative 
market data products using FINRA/Nasdaq TRF data for distribution to 
FINRA/Nasdaq TRF participants, other market participants and the 
investing public.
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    \13\ 15 U.S.C. 78o-3(b)(6).
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    FINRA also believes that the proposed rule change is consistent 
with the provisions of Section 15A(b)(5) of the Act,\14\ which 
requires, among other things, that FINRA rules provide for the 
equitable allocation of reasonable dues, fees and other charges among 
members and issuers and other persons using any facility or system that 
FINRA operates or controls. As noted above, the fees for the NLS, 
Nasdaq Basic and Nasdaq FilterView products will not be charged by 
FINRA under FINRA rules, but rather will be charged by Nasdaq under 
Nasdaq rules. Such fees must be adopted pursuant to a proposed rule 
change submitted to the Commission pursuant to Section 19(b) of the 
Act, and Nasdaq must demonstrate that the fees are consistent with the 
requirements of the Act, including that they are reasonable, equitably 
allocated and not unfairly discriminatory. FINRA believes that the 
proposed rule change is consistent with the Act because the fees for 
the NLS, Nasdaq Basic and Nasdaq FilterView products are not mandatory

[[Page 4221]]

fees and will apply uniformly to all members that elect to subscribe to 
the products. In addition, FINRA believes that, as described more fully 
in Nasdaq's filings, the existence of numerous alternatives to NLS and 
Nasdaq Basic (or Nasdaq FilterView, through which FINRA/Nasdaq TRF data 
derived from NLS or Nasdaq Basic can be obtained)--including real-time 
consolidated data, free delayed consolidated data and proprietary data 
from other sources--is a strong incentive to Nasdaq to avoid setting 
unreasonable or discriminatory fees.
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    \14\ 15 U.S.C. 78o-3(b)(5).
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    Finally, FINRA believes that use of FINRA/Nasdaq TRF market data, 
as set forth in proposed Rule 7640A, is consistent with Rule 603(a) of 
SEC Regulation NMS, which requires, among other things, that 
distributions of certain data by FINRA not be unreasonably 
discriminatory.\15\ The Commission clarified in its adopting release 
that SEC Regulation NMS prohibits an SRO from transmitting quotation 
and transaction data to a vendor or user any sooner than it transmits 
the data to a network processor. As discussed above, NASDAQ OMX, as the 
Business Member, and Nasdaq, its SRO affiliate, must ensure that 
distribution of market data products that use FINRA/Nasdaq TRF data is 
consistent with this requirement, and FINRA will require that NASDAQ 
OMX and Nasdaq make specific commitments and undertakings, including 
monitoring for potential data latency, with respect to all FINRA/Nasdaq 
TRF data products.
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    \15\ See Rule 603(a)(2) of SEC Regulation NMS.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    FINRA does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed rule change is 
designed to provide a framework to increase the amount of market data 
available from the FINRA/Nasdaq TRF while ensuring that the 
dissemination of such data by the Business Member is subject to the 
oversight of FINRA. FINRA believes that, as described more fully in 
Nasdaq's filings, the existence of numerous alternatives to NLS and 
Nasdaq Basic (or Nasdaq FilterView, through which FINRA/Nasdaq TRF data 
derived from NLS or Nasdaq Basic can be obtained)--including real-time 
consolidated data, free delayed consolidated data and proprietary data 
from other sources--is a strong incentive to Nasdaq to avoid setting 
unreasonable or discriminatory fees. Subscription to the NLS, Nasdaq 
Basic and Nasdaq FilterView products is wholly voluntary, and members 
can elect not to buy any products that, in their determination, would 
not add value or enhance their business model.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act\16\ and Rule 19b-
4(f)(6) thereunder.\17\
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-FINRA-2014-002 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-2014-002. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. 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-2014-002 and should be 
submitted on or before February 14, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-01403 Filed 1-23-14; 8:45 am]
BILLING CODE 8011-01-P


