75 FR 164 pgs. 52384-52385 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to Clearly Erroneous Transactions
Type: NOTICEVolume: 75Number: 164Pages: 52384 - 52385
Docket number: [Release No. 34-62729; File No. SR-FINRA-2010-032]
FR document: [FR Doc. 2010-21094 Filed 8-24-10; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62729; File No. SR-FINRA-2010-032]
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to Clearly Erroneous Transactions
August 16, 2010.
On June 17, 2010, the Financial Industry Regulatory Authority, Inc. ("FINRA") filed with the Securities and Exchange Commission ("Commission"), pursuant to Section 19(b)(1)1of the Securities Exchange Act of 1934 ("Act"),2and Rule 19b-4 thereunder,3a proposed rule change to amend its rules to set forth clearer standards and curtail its discretion with respect to breaking erroneous trades.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b-4.
Section 19(b)(2) of the Act4provides that within thirty-five days of the publication of notice of the filing of a proposed rule change, or within such longer period as the Commission may designate up to ninety days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding, the Commission shall either approve the proposed rule change or institute proceedings to determine whether the proposed rule change should be disapproved. The 35th day for this filing was August 2, 2010.5The Commission had received an extension of time from FINRA until August 16, 2010.6
Footnotes:
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 62341 (June 21, 2010), 75 FR 36756 (June 28, 2010).
6 FINRA submitted through the Commission's Electronic Form 19b-4 Filing System an extension of time period for Commission action through August 16, 2010.
The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider this proposed rule change, relating to the amendment of clearly erroneous execution rules to provide greater transparency and certainty to the process of breaking trades, and the comment letters that have been submitted in connection with the filing.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,7designates August 30, 2010, as the date by which the Commission should either approve or institute proceedings to determine whether to disapprove the proposed rule change.
Footnotes:
7 15 U.S.C. 78s(b)(2).
By the Commission.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-21094 Filed 8-24-10; 8:45 am]
BILLING CODE 8010-01-P