Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Pilot Regarding the Use of Multiple MPIDs on the Trade Reporting Facilities and the Alternative Display Facility, 842-844 [E9-83]
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842
Federal Register / Vol. 74, No. 5 / Thursday, January 8, 2009 / Notices
on December 31, 2008.14 Accordingly,
the Commission believes that the
proposal will ensure that FINRA’s rules
accurately reflect the FINRA trade
reporting facilities that will be in
operation currently and available to
accept trade reports. For these reasons,
the Commission designates the proposal
to be operative on filing with the
Commission.
At any time within 60 days of the
filing of such proposed rule change, the
Commission may summarily abrogate
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.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FINRA–2008–066 on the
subject line.
erowe on PROD1PC63 with NOTICES
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–2008–066. This file
number should be included on the
subject line if e-mail 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 (https://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
14 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
VerDate Nov<24>2008
13:57 Jan 07, 2009
Jkt 217001
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing will also be available
for inspection and copying at the
principal office of the self-regulatory
organization. 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–
2008–066 and should be submitted on
or before January 29, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E9–82 Filed 1–7–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59183; File No. SR–FINRA–
2008–68]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Pilot
Regarding the Use of Multiple MPIDs
on the Trade Reporting Facilities and
the Alternative Display Facility
December 30, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on December
29, 2008, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) (f/k/a
National Association of Securities
Dealers, Inc. (‘‘NASD’’)) filed with the
Securities and Exchange Commission
(the ‘‘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
15 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
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Sfmt 4703
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to extend through
January 29, 2010, the current rules
regarding the use of multiple Market
Participant Symbols (‘‘MPIDs’’) in
FINRA Rules 6160 (with respect to
Trade Reporting Facilities (‘‘TRFs’’))
and 6170 (with respect to the
Alternative Display Facility (‘‘ADF’’)).
The text of the proposed rule change
is available at FINRA’s Web site at
https://www.finra.org, at the principal
offices 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 those
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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
(a) FINRA Rule 6160
Rule 6160 (Multiple MPIDs for Trade
Reporting Facility Participants) provides
that any Trade Reporting Facility
Participant that wishes to use more than
one MPID for purposes of reporting
trades to a TRF must submit a written
request to, and obtain approval from,
FINRA Operations for such additional
MPIDs. In addition, Supplementary
Material to the rule states that FINRA
considers the issuance of, and trade
reporting with, multiple MPIDs to be a
privilege and not a right. A Trade
Reporting Facility Participant must
identify the purpose(s) and system(s) for
which the multiple MPIDs will be used.
If FINRA determines that the use of
multiple MPIDs is detrimental to the
marketplace, or that a Trade Reporting
Facility Participant is using one or more
additional MPIDs improperly or for
other than the purpose(s) identified by
the Participant, FINRA staff retains full
discretion to limit or withdraw its grant
of the additional MPID(s) to such Trade
E:\FR\FM\08JAN1.SGM
08JAN1
Federal Register / Vol. 74, No. 5 / Thursday, January 8, 2009 / Notices
Reporting Facility Participant for
purposes of reporting trades to a TRF.
FINRA believes that Rule 6160 is
necessary to consolidate the process of
issuing, and tracking the use of,
multiple MPIDs used to report trades to
TRFs.
The Commission initially approved
Rule 6160 (formerly NASD Rule 5140
and IM–5140) on a pilot basis on
November 6, 2006.4 By its terms, the
pilot period expired on January 26,
2007. In 2007 and 2008, the pilot period
was extended for additional one-year
periods until January 25, 2008 and
January 30, 2009, respectively.5 FINRA
believes that an additional one-year
extension until January 29, 2010, is
necessary to provide additional time to
analyze the use of multiple MPIDs on
the TRFs. FINRA is not proposing any
other changes to the pilot as this time.
erowe on PROD1PC63 with NOTICES
(b) FINRA Rule 6170
Rule 6170 (Primary and Additional
MPIDs for Alternative Display Facility
Participants) provides that a Registered
Reporting ADF ECN may request
additional MPIDs for displaying quotes
and orders and reporting trades through
the ADF trade reporting facility, TRACS,
for any ADF-Eligible Security.
Registered Reporting ADF ECNs that are
permitted the use of additional MPIDs
for displaying quotes and orders are
subject to the same rules applicable to
the member’s first quotation (i.e., ECNs
that display one or more additional
quotes/orders are required to comply
with all rules applicable to ECNs in
their display of quotes/orders).
Registered Reporting ADF ECNs also are
prohibited from using an additional
MPID to accomplish indirectly what
they are prohibited from doing directly
through their Primary MPID. In
addition, FINRA staff retains full
discretion to determine whether a bona
fide regulatory and/or business need
exists for being granted an additional
MPID privilege and to limit or withdraw
the additional MPID display privilege at
any time. The procedures for requesting,
and the restrictions surrounding the use
of, multiple MPIDs are set forth in
Supplementary Material to the rule.
Rule 6170 (formerly NASD Rule
4613A(b) and IM–4613A–1) was
adopted on a pilot basis on August 11,
4 See Securities Exchange Act Release No. 54715
(November 6, 2006), 71 FR 66354 (November 14,
2006); see also Securities Exchange Act Release No.
54715A (November 14, 2006), 71 FR 67183
(November 20, 2006) (correcting original approval
order).
5 See Securities Exchange Act Release No. 55206
(January 31, 2007), 72 FR 5479 (February 6, 2007)
and Securities Exchange Act Release No. 57217
(January 28, 2008), 73 FR 6234 (February 1, 2008),
respectively.
VerDate Nov<24>2008
13:57 Jan 07, 2009
Jkt 217001
2006.6 By its terms, the initial pilot
period expired on January 26, 2007.7 In
2007 and 2008, the pilot period was
extended for additional one-year
periods until January 25, 2008 and
January 30, 2009, respectively.8 FINRA
believes that an additional one-year
extension until January 29, 2010, is
necessary to provide additional time to
analyze the use of multiple MPIDs on
the ADF. FINRA is not proposing any
other changes to the pilot as this time.
FINRA has filed the proposed rule
change for immediate effectiveness. The
implementation date of the proposed
rule change will be January 30, 2009.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,9 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. FINRA believes that the
proposed rule change is consistent with
these requirements because it will
provide a process by which ECNs (in the
case of the ADF) and Trade Reporting
Facility Participants (in the case of
TRFs) can request, and FINRA can
properly allocate, the use of additional
MPIDs for displaying quotes and orders
through the ADF or reporting trades to
a TRF.
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.
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.
6 See Securities Exchange Act Release No. 54307
(August 11, 2006), 71 FR 47551 (August 17, 2006).
7 The expiration of the pilot period coincided
with the expiration of the ADF pilot period. See
Securities Exchange Act Release No. 53699 (April
21, 2006), 71 FR 25271 (April 28, 2006). On January
26, 2007, the Commission approved a proposed rule
change to make the ADF rules permanent. See
Securities Exchange Act Release No. 55181 (January
26, 2007), 72 FR 5093 (February 2, 2007).
8 See Securities Exchange Act Release No. 55206
(January 31, 2007), 72 FR 5479 (February 6, 2007)
and Securities Exchange Act Release No. 57217
(January 28, 2008), 73 FR 6234 (February 1, 2008),
respectively.
9 15 U.S.C. 78o–3(b)(6).
PO 00000
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Sfmt 4703
843
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 10 and Rule 19b–
4(f)(6) thereunder.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
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.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–FINRA–2008–68 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–2008–68. This file
number should be included on the
subject line if e-mail 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 (https://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
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) 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.
FINRA complied with this requirement.
11 17
E:\FR\FM\08JAN1.SGM
08JAN1
844
Federal Register / Vol. 74, No. 5 / Thursday, January 8, 2009 / Notices
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 inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing will also be available
for inspection and copying at the
principal office of the self-regulatory
organization. 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–
2008–68 and should be submitted on or
before January 29, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E9–83 Filed 1–7–09; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law (Pub. L.) 104–13, the
Paperwork Reduction Act of 1995,
effective October 1, 1995. This notice
includes a revision to an OMB-approved
information collection.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize the burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, e-mail, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and the SSA Reports Clearance Officer
to the addresses or fax numbers listed
below.
(OMB) Office of Management and
Budget, Attn: Desk Officer for SSA,
Fax: 202–395–6974, e-mail address:
OIRA_Submission@omb.eop.gov.
(SSA) Social Security Administration,
DCBFM, Attn: Reports Clearance
Officer, 1332 Annex Building, 6401
Security Blvd., Baltimore, MD 21235,
Number of
respondents
Section No.
Fax: 410–965–6400, e-mail address:
OPLM.RCO@ssa.gov.
I. The information collection below is
pending at SSA. SSA will submit it to
OMB within 60 days from the date of
this notice. Therefore, your comments
would be most helpful if you submit
them to SSA within 60 days from the
date of this publication. Individuals can
obtain copies of the collection
instrument by calling the SSA Reports
Clearance Officer at 410–965–3758 or by
writing to the e-mail address listed
above.
Administrative Review Process for
Adjudicating Initial Disability Claims—
20 CFR 404.961, 405.330, 405.366,
404.950, 405.332, 404.949, 405.334,
404.957(a), 405.380(a), 405.381,
405.382, 405.425(b), 404.982, 405.505,
404.987, 405.601(b), 404.988 and
405.601(b)—0960–0710. SSA collects
information to establish (1) The
claimant’s right to administrative
review, (2) the severity of the claimant’s
alleged impairments, and (3) the State
Disability Determination Services
(DDSs) performance level. SSA uses the
information collected by these
regulations to determine entitlement
and/or eligibility to disability insurance
benefits and/or Supplemental Security
Income (SSI) and to permit appeals of
these determinations. The respondents
are applicants for Title II disability
insurance benefits and/or SSI payments.
Type of Request: Revision of an OMBapproved information collection.
Frequency of
response
Average
burden per
response
Estimated
annual burden
(hours)
11,725
396
99
1,040
2,868
20
20,395
646
37
200
1,317
10,610
52
1
1
1
1
1
1
1
1
1
1
1
1
1
20 minutes ..
20 minutes ..
20 minutes ..
20 minutes ..
1 hour ..........
1 hour ..........
10 minutes ..
10 minutes ..
30 minutes ..
1 hour ..........
30 minutes ..
30 minutes ..
30 minutes ..
3,908
132
33
347
2,868
20
3,399
108
19
200
659
5,305
26
Totals ..........................................................................................................
erowe on PROD1PC63 with NOTICES
404.961 ..............................................................................................................
405.330 ..............................................................................................................
405.366 ..............................................................................................................
404.950(d) ..........................................................................................................
404.949 ..............................................................................................................
405.334 ..............................................................................................................
404.957(a) ..........................................................................................................
405.380(a) ..........................................................................................................
405.381 and 405.382 .........................................................................................
405.425(b) ..........................................................................................................
404.982 ..............................................................................................................
404.987 and 404.988 .........................................................................................
405.601(b) ..........................................................................................................
49,405
........................
.....................
17,024
II. SSA has submitted the information
collections listed below to OMB for
clearance. Your comments on the
information collections would be most
useful if received by OMB and SSA
within 30 days from the date of this
12 17
publication. You can obtain a copy of
the OMB clearance packages by calling
the SSA Reports Clearance Officer at
410–965–3758, or by writing to the
above listed address.
Modified Benefit Formula
Questionnaire—Foreign Pension—0960–
0561. SSA uses the information
collected on Form SSA–308 to
determine exactly how much (if any) of
a foreign pension may be used to reduce
CFR 200.30–3(a)(12).
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13:57 Jan 07, 2009
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E:\FR\FM\08JAN1.SGM
08JAN1
]]>Agencies
[Federal Register Volume 74, Number 5 (Thursday, January 8, 2009)]
[Notices]
[Pages 842-844]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-83]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59183; File No. SR-FINRA-2008-68]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the Pilot Regarding the Use of Multiple
MPIDs on the Trade Reporting Facilities and the Alternative Display
Facility
December 30, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on December 29, 2008, Financial Industry Regulatory Authority,
Inc. (``FINRA'') (f/k/a National Association of Securities Dealers,
Inc. (``NASD'')) filed with the Securities and Exchange Commission (the
``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.
---------------------------------------------------------------------------
\1\ 15 U.S.C.78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FINRA is proposing to extend through January 29, 2010, the current
rules regarding the use of multiple Market Participant Symbols
(``MPIDs'') in FINRA Rules 6160 (with respect to Trade Reporting
Facilities (``TRFs'')) and 6170 (with respect to the Alternative
Display Facility (``ADF'')).
The text of the proposed rule change is available at FINRA's Web
site at https://www.finra.org, at the principal offices 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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
(a) FINRA Rule 6160
Rule 6160 (Multiple MPIDs for Trade Reporting Facility
Participants) provides that any Trade Reporting Facility Participant
that wishes to use more than one MPID for purposes of reporting trades
to a TRF must submit a written request to, and obtain approval from,
FINRA Operations for such additional MPIDs. In addition, Supplementary
Material to the rule states that FINRA considers the issuance of, and
trade reporting with, multiple MPIDs to be a privilege and not a right.
A Trade Reporting Facility Participant must identify the purpose(s) and
system(s) for which the multiple MPIDs will be used. If FINRA
determines that the use of multiple MPIDs is detrimental to the
marketplace, or that a Trade Reporting Facility Participant is using
one or more additional MPIDs improperly or for other than the
purpose(s) identified by the Participant, FINRA staff retains full
discretion to limit or withdraw its grant of the additional MPID(s) to
such Trade
[[Page 843]]
Reporting Facility Participant for purposes of reporting trades to a
TRF. FINRA believes that Rule 6160 is necessary to consolidate the
process of issuing, and tracking the use of, multiple MPIDs used to
report trades to TRFs.
The Commission initially approved Rule 6160 (formerly NASD Rule
5140 and IM-5140) on a pilot basis on November 6, 2006.\4\ By its
terms, the pilot period expired on January 26, 2007. In 2007 and 2008,
the pilot period was extended for additional one-year periods until
January 25, 2008 and January 30, 2009, respectively.\5\ FINRA believes
that an additional one-year extension until January 29, 2010, is
necessary to provide additional time to analyze the use of multiple
MPIDs on the TRFs. FINRA is not proposing any other changes to the
pilot as this time.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 54715 (November 6,
2006), 71 FR 66354 (November 14, 2006); see also Securities Exchange
Act Release No. 54715A (November 14, 2006), 71 FR 67183 (November
20, 2006) (correcting original approval order).
\5\ See Securities Exchange Act Release No. 55206 (January 31,
2007), 72 FR 5479 (February 6, 2007) and Securities Exchange Act
Release No. 57217 (January 28, 2008), 73 FR 6234 (February 1, 2008),
respectively.
---------------------------------------------------------------------------
(b) FINRA Rule 6170
Rule 6170 (Primary and Additional MPIDs for Alternative Display
Facility Participants) provides that a Registered Reporting ADF ECN may
request additional MPIDs for displaying quotes and orders and reporting
trades through the ADF trade reporting facility, TRACS, for any ADF-
Eligible Security. Registered Reporting ADF ECNs that are permitted the
use of additional MPIDs for displaying quotes and orders are subject to
the same rules applicable to the member's first quotation (i.e., ECNs
that display one or more additional quotes/orders are required to
comply with all rules applicable to ECNs in their display of quotes/
orders). Registered Reporting ADF ECNs also are prohibited from using
an additional MPID to accomplish indirectly what they are prohibited
from doing directly through their Primary MPID. In addition, FINRA
staff retains full discretion to determine whether a bona fide
regulatory and/or business need exists for being granted an additional
MPID privilege and to limit or withdraw the additional MPID display
privilege at any time. The procedures for requesting, and the
restrictions surrounding the use of, multiple MPIDs are set forth in
Supplementary Material to the rule.
Rule 6170 (formerly NASD Rule 4613A(b) and IM-4613A-1) was adopted
on a pilot basis on August 11, 2006.\6\ By its terms, the initial pilot
period expired on January 26, 2007.\7\ In 2007 and 2008, the pilot
period was extended for additional one-year periods until January 25,
2008 and January 30, 2009, respectively.\8\ FINRA believes that an
additional one-year extension until January 29, 2010, is necessary to
provide additional time to analyze the use of multiple MPIDs on the
ADF. FINRA is not proposing any other changes to the pilot as this
time.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 54307 (August 11,
2006), 71 FR 47551 (August 17, 2006).
\7\ The expiration of the pilot period coincided with the
expiration of the ADF pilot period. See Securities Exchange Act
Release No. 53699 (April 21, 2006), 71 FR 25271 (April 28, 2006). On
January 26, 2007, the Commission approved a proposed rule change to
make the ADF rules permanent. See Securities Exchange Act Release
No. 55181 (January 26, 2007), 72 FR 5093 (February 2, 2007).
\8\ See Securities Exchange Act Release No. 55206 (January 31,
2007), 72 FR 5479 (February 6, 2007) and Securities Exchange Act
Release No. 57217 (January 28, 2008), 73 FR 6234 (February 1, 2008),
respectively.
---------------------------------------------------------------------------
FINRA has filed the proposed rule change for immediate
effectiveness. The implementation date of the proposed rule change will
be January 30, 2009.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\9\ 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. FINRA believes that the proposed rule change is
consistent with these requirements because it will provide a process by
which ECNs (in the case of the ADF) and Trade Reporting Facility
Participants (in the case of TRFs) can request, and FINRA can properly
allocate, the use of additional MPIDs for displaying quotes and orders
through the ADF or reporting trades to a TRF.
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\9\ 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.
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 \10\ and Rule 19b-
4(f)(6) thereunder.\11\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
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. FINRA complied
with this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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.
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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-FINRA-2008-68 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-2008-68. This file
number should be included on the subject line if e-mail 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 (https://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
[[Page 844]]
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 inspection and copying in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of the filing will also be available for inspection and
copying at the principal office of the self-regulatory organization.
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-2008-68
and should be submitted on or before January 29, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Florence E. Harmon,
Acting Secretary.
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\12\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-83 Filed 1-7-09; 8:45 am]
BILLING CODE 8011-01-P
