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Federal Register / Vol. 86, No. 17 / Thursday, January 28, 2021 / Notices B. Self-Regulatory Organizations Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act.
The proposed rule change is intended to provide temporary relief given the impacts of the COVID19 pandemic crisis and to also maintain consistency with the rules of other self-regulatory organizations SROs with respect to the registration requirements applicable to Participants and their registered personnel. In that regard, the Exchange believes that any burden on competition would be clearly outweighed by providing Participants with temporary relief in this unique environment while also ensuring clear and consistent requirements applicable across SROs and mitigating any risk of SROs implementing different standards in these important areas. In its filing, FINRA notes that the proposed rule change is necessary to temporarily rebalance the attendant benefits and costs of the obligations under FINRA
Rule 1210 in response to the impacts of the COVID19 pandemic, which is equally applicable to the changes the Exchange proposes.18 The Exchange accordingly incorporates FINRAs abbreviated economic impact assessment by reference.
C. Self-Regulatory Organizations 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 19b3A of the Act 19 and Rule 19b 4f6 thereunder.20

A proposed rule change filed under Rule 19b4f6 normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b4f6iii, the Commission may 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 proposed rule change may become operative immediately upon filing. As noted above, the Exchange stated that the proposed extension of time will help minimize the impact of the COVID19
outbreak on Participants operations by allowing them to keep principal positions filled and minimizing disruptions to client services and other critical responsibilities. The Exchange further stated that the ongoing extenuating circumstances of the COVID19 pandemic make it impractical to ensure that individuals designated to act in these capacities are able to take and pass the appropriate qualification examination during the 120-calendar day period required under the rules. The Exchange also explained that shelter-in-place orders, restrictions on business and social activity, and adherence to social distancing guidelines consistent with the recommendations of public officials remain in place in various states.21 In addition, the Exchange observed that, following a nationwide closure of all test centers earlier in the year, some test centers have re-opened, but are operating at limited capacity or are only delivering certain examinations that have been deemed essential by the local government.22 Although, as the Exchange noted, FINRA has launched an online test delivery service to help address this backlog, the General Securities Principal Series 24
Examination is not available online.23
Nevertheless, the Exchange explained that the proposed rule change will provide needed flexibility to ensure that these positions remain filled and is tailored to address the constraints on Participants operations during the COVID19 pandemic without significantly compromising critical investor protection.24

The Commission observes that the Exchanges proposal, like FINRAs analogous filing, provides only temporary relief from the requirement to pass certain qualification examinations within the 120-day period in the rules.
As proposed, this relief would extend the 120-day period that certain individuals can function as principals through April 30, 2021. If a further extension of temporary relief from the rule requirements identified in this proposal beyond April 30, 2021 is required, the Exchange noted that it may submit a separate rule filing to extend the effectiveness of the temporary relief under these rules.25 For these reasons, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest.26 Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.27
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 Exchange 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 Exchange Act. Comments may be submitted by any of the following methods:
Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File Number SR
BOX202102 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange
21 See
18 See
FINRA Filing, 85 FR at 81260.
19 15 U.S.C. 78sb3A.
20 17 CFR 240.19b4f6. In addition, Rule 19b 4f6iii 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.

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supra note 14.
supra notes 11 and 12. The Exchange states that Prometric has also had to close some reopened test centers due to incidents of COVID19 cases.
23 See supra note 13. FINRA is considering making additional qualification examinations available remotely on a limited basis.
24 The Exchange states that Participants remain subject to the continued requirement to supervise the activities of these designated individuals and ensure compliance with federal securities laws and regulations, as well as BOX rules.

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22 See
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25 See
supra note 3.
noted above by the Exchange, this proposed temporary change is based on a recent filing by FINRA that the Commission approved with a waiver of the 30-day operative delay. See FINRA
Filing, 85 FR at 81260.
27 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule changes impact on efficiency, competition, and capital formation. See 15 U.S.C.
78cf.
26 As
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