[Federal Register Volume 87, Number 112 (Friday, June 10, 2022)]
[Notices]
[Pages 35582-35585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12483]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95048; File No. SR-FINRA-2022-014]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend FINRA Rules 4111 (Restricted Firm 
Obligations) and 9561 (Procedures for Regulating Activities Under Rule 
4111)

June 6, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on May 26, 2022, 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. FINRA has 
designated the proposed rule change as constituting a ``non-
controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under 
the Act,\3\ which renders the proposal effective upon receipt of this 
filing by the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    FINRA is proposing to amend FINRA Rules 4111 and 9561 to make non-
substantive and technical amendments.
    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
    On July 30, 2021, the Commission approved rules concerning firms 
with a significant history of misconduct, including new Rule 4111 
(Restricted Firm Obligations), amendments to Rule 9559 (Hearing 
Procedures for Expedited Proceedings Under the Rule 9550 Series), and 
new Rule 9561 (Procedures for Regulating Activities Under Rule 
4111).\4\ The rules allow FINRA to impose obligations on broker-dealers 
with significantly higher levels of risk-related disclosures than other 
similarly sized peers based on numeric, threshold-based criteria.\5\ 
Specifically, Rule 4111 requires members that are identified as 
``Restricted Firms'' to deposit cash or qualified securities in a 
segregated account, adhere to specified conditions or restrictions, or 
comply with a combination of such obligations.\6\
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    \4\ See Securities Exchange Act Release No. 92525 (July 30, 
2021), 86 FR 42925 (August 5, 2021) (Order Approving File No. SR-
FINRA-2020-041, as Modified by Amendment Nos. 1 and 2) (``SEC 
Order''); see also Securities Exchange Act Release No. 92525 (July 
30, 2021), 86 FR 49589 (September 3, 2021) (Order Approving File No. 
SR-FINRA-2020-041, as Modified by Amendment Nos. 1 and 2) 
(Correction).
    \5\ See SEC Order, 86 FR 42925, 42926.
    \6\ See SEC Order, 86 FR 42925, 42926; see also Rule 4111(i)(16) 
(defining ``Restricted Firm'').
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    The annual Rule 4111 process through which FINRA will determine 
which members are Restricted Firms, and the obligations to impose on 
them, has several steps and includes features that narrowly focus the 
obligations on the firms of most concern.\7\ The first step is the 
annual calculation.\8\ Specifically, for each member, the Department of 
Member Regulation (``Department'') will compute annually the member's 
``Preliminary Identification Metrics'' to determine if it meets the 
``Preliminary Criteria for Identification.'' \9\ The date, each 
calendar year, as of which the Department calculates the Preliminary 
Identification Metrics to determine if the member meets the Preliminary 
Criteria for Identification is the ``Evaluation Date.'' \10\
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    \7\ See SEC Order, 86 FR 42925, 42927.
    \8\ See Rule 4111(b).
    \9\ See Rule 4111(b); Rule 4111(i)(9) (definition of 
``Preliminary Criteria for Identification'') and (i)(10) (definition 
of ``Preliminary Identification Metrics'').
    \10\ See Rule 4111(i)(5).
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    For a member that meets the Preliminary Criteria for Identification 
during the annual calculation, the Department will conduct an Initial

[[Page 35583]]

Department Evaluation.\11\ If the Department determines that the member 
warrants further review, and such member has met the Preliminary 
Criteria for the first time, the member will have a one-time staff-
reduction opportunity to no longer meet the Preliminary Criteria for 
Identification.\12\ A member that still meets the Preliminary Criteria 
for Identification after the staff-reduction opportunity, or that does 
not have a one-time staff-reduction opportunity available, will proceed 
to a Consultation.\13\
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    \11\ See Rule 4111(c)(1).
    \12\ See Rule 4111(c)(2).
    \13\ See Rule 4111(c); 4111(d).
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    After the Consultation, the Department will issue a Department 
decision concerning the member.\14\ A Department decision will indicate 
whether the member is designated as a Restricted Firm.\15\ For a member 
that is designated as a Restricted Firm, the Department decision also 
will state the obligations that are imposed on that member.\16\ These 
obligations can include a ``Restricted Deposit Requirement,'' specified 
conditions or restrictions on the operations and activities of the 
member and its associated persons, or both.\17\ Rule 4111(e) includes 
provisions concerning, in pertinent part, the Department's 30-day 
deadline for rendering, and issuing notice of, its decision.\18\
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    \14\ See Rule 4111(e).
    \15\ See Rule 4111(e)(1).
    \16\ See Rule 4111(e)(1)(B) and (C).
    \17\ See Rule 4111(e)(1)(B) and (C); see also Rule 4111(d)(1); 
Rule 4111(i)(15) (defining ``Restricted Deposit Requirement'').
    \18\ See Rule 4111(e)(1) and (e)(2).
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    To implement Rule 4111, FINRA created two new expedited 
proceedings.\19\ Rule 9561(a) governs a new expedited proceeding that 
allows a member to request a prompt review of the Department's 
determinations. Rule 9561(b) governs a new expedited proceeding to 
address a member's failure to comply with any requirements, conditions 
or restrictions imposed on it pursuant to Rule 4111 and Rule 9561(a). 
The procedures for the Rule 9561(b) expedited proceeding include, in 
pertinent part, provisions concerning the notices that the Department 
may issue to commence a Rule 9561(b) expedited proceeding and the 
contents of those notices.\20\ Rule 9561(b) is expressly referenced in 
Rule 4111(h), which concerns notices of a member's failures to comply 
with a Restricted Deposit Requirement or conditions or restrictions 
imposed pursuant to Rule 4111.
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    \19\ See SEC Order, 86 FR 42925, 42926.
    \20\ See Rule 9561(b)(1) and (3).
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    Rules 4111 and 9561, and the amendments to Rule 9559, became 
effective on January 1, 2022.\21\ The first Evaluation Date for Rule 
4111 will be June 1, 2022.\22\
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    \21\ See Regulatory Notice 21-34 (September 2021).
    \22\ See Information Notice, February 1, 2022 (FINRA Announces 
Rule 4111 (Restricted Firm Obligations) Evaluation Date). As FINRA 
explained in that Information Notice, FINRA plans to actually 
perform the annual calculation at least 30 days after the June 1, 
2022 Evaluation Date, to account for the time between when relevant 
disclosure events occurred and when firms must report those events 
on the Uniform Registration Forms. See Rule 4111(i)(17) (defining 
``Uniform Registration Forms'' for purposes of Rule 4111).
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    FINRA is proposing technical, non-substantive changes to Rules 4111 
and 9561, for clarity and consistency, and to avoid unintended 
consequences of the 30-day deadline currently specified in Rule 
4111(e). Specifically, FINRA is proposing amendments to: (1) Rule 
4111(b), which concerns the annual calculation of the Preliminary 
Criteria for Identification, to delete the reference to ``on a 
calendar-year basis,'' as the Evaluation Date establishes the operative 
time periods under the rule; (2) Rule 4111(e), to modify and clarify 
when the 30-day time period commences for the Department to render, and 
issue notice of, its decisions; (3) Rule 4111(h), to more closely align 
its description of the notices issued pursuant to Rule 9561(b) with the 
text of Rule 9561(b); (4) Rule 9561(b)(3), to modify the second 
sentence to use the phrase ``suspension or cancellation of 
membership,'' to be consistent with how the phrase ``suspension or 
cancellation of membership'' is used throughout Rule 9561; and (5) 
Rules 4111(f)(3), (i)(2), and (i)(15), to remove the capitalization 
from the term ``Associated Person,'' to be consistent with how the term 
is used throughout the FINRA Rulebook.
Proposed Amendments to Rule 4111(b)
    Rule 4111(b) currently provides that, for each member, the 
Department will compute ``annually (on a calendar-year basis) the 
Preliminary Identification Metrics to determine if the member meets the 
Preliminary Criteria for Identification.'' FINRA proposes to delete 
from Rule 4111(b) the words ``on a calendar-year basis.''
    What establishes the relevant time periods for the Rule 4111 annual 
calculation is the Evaluation Date. The Evaluation Date is defined as 
``the date, each calendar year, as of which the Department calculates 
the Preliminary Identification Metrics to determine if the member meets 
the Preliminary Criteria for Identification.'' \23\ The first 
Evaluation Date under Rule 4111 will be June 1, 2022, and FINRA expects 
that, in subsequent years, the Evaluation Dates also will be on June 
1.\24\ Because the Evaluation Date establishes the operative time 
periods for the Rule 4111 annual calculation, FINRA is proposing to 
delete from Rule 4111(b) the words ``on a calendar-year basis.''
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    \23\ See Rule 4111(i)(5). The Evaluation Date impacts numerous 
aspects of the annual Rule 4111 calculation--including, among other 
things, the dates of the ``Evaluation Period,'' the ``Preliminary 
Identification Metrics,'' the number of ``Registered Persons In-
Scope,'' and the number of ``Registered Persons Associated with 
Previously Expelled Firms''--and which firm-size ``Preliminary 
Identification Metrics Thresholds'' apply. See Rule 4111(i)(6) 
(defining the ``Evaluation Period''); 4111(i)(10) (defining 
``Preliminary Identification Metrics''); 4111(i)(13) (defining 
``Registered Persons In-Scope''); 4111(i)(4)(F) (defining 
``Registered Persons Associated with Previously Expelled Firms''); 
4111(i)(11) (defining the ``Preliminary Identification Metrics 
Thresholds'').
    \24\ See Information Notice, February 1, 2022 (FINRA Announces 
Rule 4111 (Restricted Firm Obligations) Evaluation Date). FINRA also 
has explained, both in Regulatory Notice 21-34 and Information 
Notice, February 1, 2022, that FINRA will evaluate whether future 
adjustments of the annual Evaluation Date are warranted and would 
announce any changes in such date sufficiently in advance.
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Proposed Amendments to Rule 4111(e)
    FINRA is proposing to make technical, non-substantive changes to 
the provisions in Rule 4111(e) that concern the timing of the 
Department decisions, to modify and clarify when the 30-day time period 
commences for the Department to render, and issue notice of, its 
decisions.
    Currently, Rule 4111(e)(1) provides, in pertinent part, that 
``[f]ollowing the Consultation, but no later than 30 days from the date 
of the latest letter provided to the member under paragraph (d)(2) of 
this Rule, the Department shall render a Department Decision . . . .'' 
Similarly, Rule 4111(e)(2) provides, in pertinent part, that ``[n]o 
later than 30 days following the latest letter provided to the member 
under paragraph (d)(2) of this Rule, the Department shall issue a 
notice of the Department's decision pursuant to Rule 9561(a) . . . .'' 
The letters that FINRA can provide pursuant to Rule 4111(d)(2) include 
ones that schedule the Consultation and ones that postpone the 
commencement of the Consultation for good cause shown.\25\ Rule 
4111(d)(2) requires that the Department provide the written 
Consultation scheduling letter to the member firm ``at least seven days 
prior to the Consultation.'' Rule 4111(d)(2) further provides that 
``[p]ostponements shall not exceed 30 days unless the member 
establishes the

[[Page 35584]]

reasons a longer postponement is necessary.''
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    \25\ See Rule 4111(d)(2).
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    FINRA's intent was to provide the Department with a reasonable 
amount of time following the Consultation to evaluate the information 
that a member provides during the Consultation and prepare its 
decision. However, commencing the 30-day deadline period from the 
``date of the latest letter to the member under [Rule 4111(d)(2)]'' 
could result in the Department having little to no time to prepare its 
decision after the Consultation, especially when the Department sends a 
written letter granting a postponement of a Consultation for good cause 
shown. When a postponement is granted, the amount of time the 
Department would have to prepare its decision would depend on how far 
in advance of the postponed Consultation the Department sends the 
letter granting the postponement request. In some cases, depending on 
how long a postponement is granted, postponement letters could be 
provided 30 days or more before a postponed Consultation, leaving the 
Department with no time to prepare a decision following the postponed 
Consultation or evaluate the information provided by the member during 
the Consultation.\26\
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    \26\ See Rule 4111(d)(2).
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    Commencing the 30-day decision deadline period from the ``date of 
the latest letter provided to the member under [Rule 4111(d)(2)]'' also 
could have other unintended impacts on the Rule 4111 process. Rule 
4111(d)(2) requires the Department to provide a written letter 
scheduling the Consultation ``at least seven days prior to the 
Consultation,'' but the ``latest letter'' provisions in Rule 4111(e) 
could create a disincentive for the Department to provide more than 
seven days' notice of the Consultation; each additional day of notice 
provided would translate into one less day for the Department to 
prepare its decision following the Consultation. Likewise, Rule 
4111(d)(2) provides that postponements of Consultations ``shall not 
exceed 30 days unless the member establishes the reasons a longer 
postponement is necessary,'' but the ``latest letter'' provisions could 
create a disincentive for the Department to grant postponements of a 
length that would leave it with little or no time to prepare its 
decisions.
    FINRA is also seeking to provide clarity to members on when the 30-
day decision deadline period would begin, because the ``latest letter'' 
provisions may create potential ambiguity as to what communication 
starts, or restarts, the 30-day clock. For example, there could be 
occasions when the Department, after sending an initial letter 
scheduling the Consultation, needs to send subsequent scheduling 
letters that revise minor scheduling details (e.g., adjustments to the 
day, starting time, or location of the Consultation; changes to audio 
or video conferencing details). In such situations, it may not be clear 
which scheduling letter would qualify as the ``latest'' letter from 
which the 30-day decision deadline period commences.
    For these reasons, FINRA is proposing to amend Rule 4111(e)(1) and 
(e)(2) to require that the Department decision be rendered, and that 
notice of that decision be issued, no later than 30 days from the 
Consultation. This would ensure that the Department always has a 
reasonable amount of time to evaluate the information provided by a 
member during, and prepare its decisions after, the Consultation, and 
clarify when the 30-day decision deadline period begins.
Proposed Amendments to Rule 4111(h)
    FINRA also is proposing non-substantive, technical changes to Rule 
4111(h), to more closely align its description of the notices issued 
pursuant to Rule 9561(b) with the text of Rule 9561(b).
    Currently, Rule 4111(h) provides that FINRA may issue a notice 
``pursuant to Rule 9561(b)'' directing a member that is not in 
compliance with the Restricted Deposit Requirement or the conditions or 
restrictions imposed to ``suspend all or a portion of its business.'' 
The general description in Rule 4111(h) of the notices that may be 
issued pursuant to Rule 9561(b), however, does not align with how Rule 
9561(b) describes them. In this regard, the phrase ``suspension or 
cancellation of membership'' (and, likewise, the phrase ``suspension or 
cancellation'') is used throughout Rule 9561(b). For example, Rule 
9561(b)(1) provides that if a member fails to comply with any Rule 4111 
Requirements imposed,\27\ the Department, after receiving authorization 
from FINRA's Chief Executive Officer or such other executive officer as 
the Chief Executive Officer may designate, may issue a ``suspension or 
cancellation'' notice to such member stating that the failure to comply 
with the Rule 4111 Requirements within seven days of service of the 
notice will result in a ``suspension or cancellation of membership.'' 
These phrases also are used in the title of Rule 9561(b)(1), as well as 
in Rule 9561(b)(3), (4), and (6).\28\ In addition, Rule 4111(h) does 
not currently describe how notices issued pursuant to Rule 9561(b) 
shall state that the failure to comply within seven days of service of 
the notice will result in a suspension or cancellation of 
membership.\29\
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    \27\ In Rule 9561, ``the Rule 4111 Requirements'' refer 
collectively to the requirements, conditions or restrictions to 
which a Restricted Firm is subject. See Rule 9561(a)(1).
    \28\ See Rule 9561(b)(1) (titled ``Notice of Suspension or 
Cancellation''), 9561(b)(3) (explaining that the notice shall 
explain that a Hearing Officer ``may approve or withdraw the 
suspension or cancellation of membership''), 9561(b)(4) (explaining 
the effective date of a ``suspension or cancellation''), and 
9561(b)(6) (explaining the effective date of a ``suspension or 
cancellation'' when no hearing is timely requested); see also Rule 
9559(n)(6) (``In any action brought under Rule 9561(b), the Hearing 
Officer may approve or withdraw the suspension or cancellation of 
membership . . . .'').
    \29\ See Rule 9561(b)(1).
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    Rule 4111(h) was intended to be entirely consistent with Rule 
9561(b), as reflected by the fact that Rule 4111(h) expressly provides 
that FINRA may issue a notice ``pursuant to Rule 9561(b).'' Thus, for 
purposes of consistency and clarity, FINRA proposes to amend Rule 
4111(h) to provide that, pursuant to the procedure set forth in Rule 
9561(b), FINRA may issue a suspension or cancellation notice to a 
member that is not in compliance with a Restricted Deposit Requirement 
or conditions or restrictions imposed by Rule 4111, stating that the 
failure to comply within seven days of service of the notice will 
result in a suspension or cancellation of membership.
Proposed Amendments to Rule 9561(b)(3)
    FINRA also is proposing technical amendments to modify the second 
sentence of Rule 9561(b)(3) to use the phrase ``suspension or 
cancellation of membership,'' to be consistent with how the phrase 
``suspension or cancellation of membership'' is used throughout Rule 
9561.
    Rule 9561(b)(3) governs the contents of a Rule 9561(b)(1) notice of 
suspension or cancellation of membership. Currently, the second 
sentence of Rule 9561(b)(3) provides, in pertinent part, that ``[t]he 
notice shall state when the suspension will take effect and explain 
what the respondent must do to avoid such suspension.'' This use of the 
word ``suspension'' is inconsistent with how the phrase ``suspension or 
cancellation'' (and, similarly, ``suspension or cancellation of 
membership'') is used throughout Rule 9561(b), including in a later 
sentence in

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Rule 9561(b)(3).\30\ Accordingly, for consistency and clarity, FINRA 
proposes to modify the second sentence of Rule 9561(b)(3) to use the 
phrase ``suspension or cancellation of membership.''
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    \30\ See Rule 9561(b)(1), (3), (4) and (6); see also Rule 
9559(n)(6).
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Other Technical, Non-Substantive Changes
    FINRA also proposes to amend various provisions in Rule 4111 to 
remove the capitalization of the term ``Associated Persons.'' \31\ This 
would be consistent with how, throughout the FINRA Rulebook, the term 
``associated person'' is generally not capitalized.\32\
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    \31\ The capitalized term ``Associated Persons'' is in Rule 
4111(f)(3) (concerning requests by Previously Designated Restricted 
Firms for withdrawals from a Restricted Deposit Requirement), (i)(2) 
(defining ``Covered Pending Arbitration Claim''), and (i)(15) 
(defining ``Restricted Deposit Requirement'').
    \32\ The definition of ``Covered Pending Arbitration Claim'' in 
Rule 4111(i)(2) was modeled on the definition of the same term in 
Rule 1011(c), which is in the Rule 1000 Series (Member Application 
and Associated Person Registration). See Securities Exchange Act 
Release No. 90527 (November 27, 2020), 85 FR 78540, 78541-42 n.10 
(December 4, 2020) (Notice of Filing of SR-FINRA-2020-041). In Rule 
1011(c), as well as in some other provisions in the Rule 1000 
Series, the term ``Associated Person'' is capitalized. The Rule 1000 
Series, however, has a specific definition of the term ``Associated 
Person'' that applies specifically to the Rule 1000 Series. See Rule 
1011(b).
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    FINRA has filed the proposed rule change for immediate 
effectiveness and has requested that the SEC waive the requirement that 
the proposed rule change not become operative for 30 days after the 
date of the filing, so FINRA can implement the proposed rule change 
immediately.\33\
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    \33\ FINRA notes that the proposed rule change would impact all 
members, including members that have elected to be treated as 
capital acquisition brokers (``CABs''), given that the CAB rule set 
incorporates the impacted FINRA rules by reference. The proposed 
rule change would not impact, however, member firms that are funding 
portals, because the Funding Portal rule set neither incorporates 
the impacted FINRA rules by reference nor contains parallel rule 
provisions. See Funding Portal Rule 900(a) (excepting FINRA Rule 
9561 from the application of the FINRA Rule 9000 Series to funding 
portals).
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2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\34\ which requires, among 
other things, that FINRA rules must be designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest. The proposed rule change will make non-substantive, 
technical amendments that FINRA believes will provide greater clarity 
and consistency to its rules.
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    \34\ 15 U.S.C. 78o-3(b)(6).
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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 brings 
clarity and consistency to FINRA rules without adding any burden on 
firms.

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 \35\ and Rule 19b-
4(f)(6) thereunder.\36\
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    \35\ 15 U.S.C. 78s(b)(3)(A).
    \36\ 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 [email protected]. Please include 
File Number SR-FINRA-2022-014 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-FINRA-2022-014. 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 such filing also will be available for inspection 
and copying at the principal office of FINRA. All comments received 
will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-FINRA-2022-014 and should be submitted 
on or before July 1, 2022.
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    \37\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\37\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12483 Filed 6-9-22; 8:45 am]
BILLING CODE 8011-01-P


