Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Incorporated NYSE Rules 2, 2A and 325 To Conform to Amendments Made by NYSE, 17263-17264 [E9-8426]

Download as PDF Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices SECURITIES AND EXCHANGE COMMISSION office of FINRA and at the Commission’s Public Reference Room. [Release No. 34–59726; File No. SR–FINRA– 2009–025] 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. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Incorporated NYSE Rules 2, 2A and 325 To Conform to Amendments Made by NYSE April 8, 2009. 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 April 7, 2009, 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 and II 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend Incorporated NYSE Rules 2 (‘‘Member,’’ ‘‘Membership,’’ ‘‘Member Firm,’’ etc.), 2A (Jurisdiction) and 325 (Capital Requirements Member Organizations) 4 to conform to rule changes by the New York Stock Exchange, LLC (‘‘NYSE’’) to its versions of Rules 2, 2A and 325.5 The text of the proposed rule change is available on FINRA’s Web site at https://www.finra.org, at the principal 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 4 The current FINRA rulebook consists of (1) FINRA Rules; (2) NASD Rules; and (3) rules incorporated from NYSE (‘‘Incorporated NYSE Rules’’) (together, the NASD Rules and Incorporated NYSE Rules are referred to as the ‘‘Transitional Rulebook’’). While the NASD Rules generally apply to all FINRA members, the Incorporated NYSE Rules apply only to those members of FINRA that are also members of the NYSE (‘‘Dual Members’’). The FINRA Rules apply to all FINRA members, unless such rules have a more limited application by their terms. For more information about the rulebook consolidation process, see FINRA Information Notice, March 12, 2008 (Rulebook Consolidation Process). 5 See File No. SR–NYSE–2008–46; File No. SR– NYSE–2008–127. 2 17 VerDate Nov<24>2008 16:39 Apr 13, 2009 Jkt 217001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose FINRA is proposing changes to Incorporated NYSE Rules 2,6 2A 7 and 325 8 to conform these rules to amendments made by NYSE which established a new market model (‘‘New Model’’).9 As described by the NYSE in its filing,10 the New Model: (i) Provides market participants with additional abilities to post hidden liquidity on Exchange systems; (ii) creates a Designated Market Maker (‘‘DMM’’), and phases out the NYSE specialist; and (iii) enhances the speed of execution through technological enhancements and reduces message traffic between Exchange systems and its DMMs. The NYSE believes that its New Model requires a new type of market maker 11 with the ability to contribute liquidity in a security by trading competitively for its dealer account. The NYSE proposed to phase out the existing specialist system and to replace specialists with Designated Market Makers who will be employees of Designated MarketMaker Units (‘‘DMM Units’’). According to the NYSE, although the specialist system has 6 Incorporated NYSE Rule 2 defines terms including ‘‘member,’’ ‘‘member organization,’’ and ‘‘approved person.’’ 7 Incorporated NYSE Rule 2A sets forth the jurisdiction of the Exchange. 8 Incorporated NYSE Rule 325 sets forth capital requirements for member organizations. 9 See Securities Exchange Act Release No. 58845 (October 24, 2008), 73 FR 64379 (October 29, 2008) (Order Approving File No. SR–NYSE–2008–46); Securities Exchange Act Release No. 59077 (December 10, 2008), 73 FR 76691 (December 17, 2008) (Order Approving File No. SR–NYSE–127). [sic] 10 See File No. SR–NYSE–2008–46. 11 The term ‘‘market maker’’ shall have the same meaning as that term in Section (3)(a)(38) of the Act. PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 17263 served a central role in equities trading at the NYSE for well over a century, specialist trading is, by nature, wellsuited to manual trading, and less suitable for electronic trading. The NYSE recognizes that the scheme of rules and obligations governing specialists can unduly hamstring them in an electronic market and prevent them from easily fulfilling their appointed role. To address this new reality, DMM Units will be given tools and opportunities that are not available to specialists, but that are more commensurate with trading in electronic markets. Under the NYSE filings, definitions of ‘‘Designated Market Maker’’ and ‘‘DMM Unit’’ were added to NYSE Rule 2 (‘‘Member,’’ ‘‘Membership,’’ ‘‘Member Firm,’’ etc.) and a reference to specialist was changed to DMM under NYSE Rule 325 (Capital Requirements Member Organizations) to conform these rules to the operation of the New Model.12 Given these changes, FINRA is proposing to make conforming changes to Incorporated NYSE Rules 2, 2A and 325 to ensure consistency with NYSE’s versions of Rules 2, 2A and 325.13 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,14 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 necessary and appropriate to conform these rules to the operation of NYSE’s New Model and to maintain consistency with the NYSE’s amendments to its Rules 2, 2A and 325. B. Self-Regulatory Organization’s Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any 12 See supra note 5. to Rule 17d–2 under the Exchange Act, NASD, NYSE, and NYSE Regulation, Inc. entered into an agreement (‘‘Agreement’’) to reduce regulatory duplication for firms that are Dual Members by allocating certain regulatory responsibilities for selected NYSE rules from NYSE Regulation to FINRA. The Agreement includes a list of all those rules (‘‘Common Rules’’) for which FINRA has assumed examination, enforcement and surveillance responsibilities under the Agreement relating to compliance by Dual Members to the extent that such responsibilities involve member firm regulation. See Securities Exchange Act Release No. 56148 (July 26, 2007), 72 FR 42146 (August 1, 2007) (Notice of Filing and Order Approving and Declaring Effective a Plan for the Allocation of Regulatory Responsibilities). 14 15 U.S.C. 78o–3(b)(6). 13 Pursuant E:\FR\FM\14APN1.SGM 14APN1 17264 Federal Register / Vol. 74, No. 70 / Tuesday, April 14, 2009 / Notices 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. 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 15 and Rule 19b– 4(f)(6) thereunder.16 A proposed rule change filed under Rule 19b–4(f)(6) 17 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b–4(f)(6)(iii),18 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. FINRA has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. Such waiver would permit FINRA to implement these changes without delay, thereby allowing FINRA’s Incorporated NYSE Rules to maintain their status as Common Rules under the Agreement upon filing of the proposed rule change with the Commission. The Commission believes it is consistent with the protection of investors and the public interest to waive the 30-day operative delay for this reason, and hereby grants such waiver.19 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. U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 17 17 CFR 240.19b–4(f)(6). 18 17 CFR 240.19b–4(f)(6)(iii). 19 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule change’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 16 17 VerDate Nov<24>2008 16:39 Apr 13, 2009 Jkt 217001 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–8426 Filed 4–13–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 15 15 IV. Solicitation of 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–2009–025 on the subject line. [Release No. 34–59714; File No. SR–CHX– 2009–03] Paper Comments April 6, 2009. Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Participant Fees and Credits 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 April 1, 2009, Chicago Stock Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission All submissions should refer to File Number SR–FINRA–2009–025. This file (‘‘Commission’’) the proposed rule change as described in Items I, II, and number should be included on the subject line if e-mail is used. To help the III below, which Items have been prepared by the Exchange. The Commission process and review your Commission is publishing this notice to comments more efficiently, please use only one method. The Commission will solicit comments on the proposed rule post all comments on the Commission’s change from interested persons. Internet Web site (https://www.sec.gov/ I. Self-Regulatory Organization’s rules/sro.shtml). Copies of the Statement of the Terms of Substance of submission, all subsequent the Proposed Rule Change amendments, all written statements The CHX proposes to amend its with respect to the proposed rule Schedule of Participant Fees and change that are filed with the Assessments (the ‘‘Fee Schedule’’), Commission, and all written effective April 1, 2009, to provide for communications relating to the transaction fees and rebates to Exchange proposed rule change between the Participants for transactions involving Commission and any person, other than issues priced less than one dollar that those that may be withheld from the occur within the Exchange’s Matching public in accordance with the System. The text of this proposed rule provisions of 5 U.S.C. 552, will be change is available on the Exchange’s website at https://www.chx.com/rules/ available for inspection and copying in proposed_rules.htm and in the the Commission’s Public Reference Commission’s Public Reference Room, Room, 100 F Street, NE., Washington, 100 F Street, NE., Washington, DC DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. 20549. Copies of such filing also will be II. Self-Regulatory Organization’s available for inspection and copying at Statement of the Purpose of, and the principal office of FINRA. All Statutory Basis for, the Proposed Rule comments received will be posted Change without change; the Commission does In its filing with the Commission, the not edit personal identifying CHX included statements concerning information from submissions. You the purpose of and basis for the should submit only information that proposed rule changes and discussed you wish to make available publicly. All any comments it received regarding the submissions should refer to File proposal. The text of these statements Number SR–FINRA–2009–025 and 20 17 CFR 200.30–3(a)(12). should be submitted on or before May 1 15 U.S.C. 78s(b)(1). 5, 2009. • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. PO 00000 2 17 Frm 00122 Fmt 4703 Sfmt 4703 E:\FR\FM\14APN1.SGM CFR 240.19b–4. 14APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 74, Number 70 (Tuesday, April 14, 2009)]
[Notices]
[Pages 17263-17264]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-8426]

[[Page 17263]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59726; File No. SR-FINRA-2009-025]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Incorporated NYSE Rules 2, 2A and 325 To
Conform to Amendments Made by NYSE

April 8, 2009.
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 April 7, 2009, 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 and
II 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 amend Incorporated NYSE Rules 2 (``Member,''
``Membership,'' ``Member Firm,'' etc.), 2A (Jurisdiction) and 325
(Capital Requirements Member Organizations) \4\ to conform to rule
changes by the New York Stock Exchange, LLC (``NYSE'') to its versions
of Rules 2, 2A and 325.\5\
---------------------------------------------------------------------------

\4\ The current FINRA rulebook consists of (1) FINRA Rules; (2)
NASD Rules; and (3) rules incorporated from NYSE (``Incorporated
NYSE Rules'') (together, the NASD Rules and Incorporated NYSE Rules
are referred to as the ``Transitional Rulebook''). While the NASD
Rules generally apply to all FINRA members, the Incorporated NYSE
Rules apply only to those members of FINRA that are also members of
the NYSE (``Dual Members''). The FINRA Rules apply to all FINRA
members, unless such rules have a more limited application by their
terms. For more information about the rulebook consolidation
process, see FINRA Information Notice, March 12, 2008 (Rulebook
Consolidation Process).
\5\ See File No. SR-NYSE-2008-46; File No. SR-NYSE-2008-127.
---------------------------------------------------------------------------

The text of the proposed rule change is available on FINRA's Web
site at https://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
FINRA is proposing changes to Incorporated NYSE Rules 2,\6\ 2A \7\
and 325 \8\ to conform these rules to amendments made by NYSE which
established a new market model (``New Model'').\9\ As described by the
NYSE in its filing,\10\ the New Model: (i) Provides market participants
with additional abilities to post hidden liquidity on Exchange systems;
(ii) creates a Designated Market Maker (``DMM''), and phases out the
NYSE specialist; and (iii) enhances the speed of execution through
technological enhancements and reduces message traffic between Exchange
systems and its DMMs.
---------------------------------------------------------------------------

\6\ Incorporated NYSE Rule 2 defines terms including ``member,''
``member organization,'' and ``approved person.''
\7\ Incorporated NYSE Rule 2A sets forth the jurisdiction of the
Exchange.
\8\ Incorporated NYSE Rule 325 sets forth capital requirements
for member organizations.
\9\ See Securities Exchange Act Release No. 58845 (October 24,
2008), 73 FR 64379 (October 29, 2008) (Order Approving File No. SR-
NYSE-2008-46); Securities Exchange Act Release No. 59077 (December
10, 2008), 73 FR 76691 (December 17, 2008) (Order Approving File No.
SR-NYSE-127). [sic]
\10\ See File No. SR-NYSE-2008-46.
---------------------------------------------------------------------------

The NYSE believes that its New Model requires a new type of market
maker \11\ with the ability to contribute liquidity in a security by
trading competitively for its dealer account. The NYSE proposed to
phase out the existing specialist system and to replace specialists
with Designated Market Makers who will be employees of Designated
MarketMaker Units (``DMM Units''). According to the NYSE, although the
specialist system has served a central role in equities trading at the
NYSE for well over a century, specialist trading is, by nature, well-
suited to manual trading, and less suitable for electronic trading. The
NYSE recognizes that the scheme of rules and obligations governing
specialists can unduly hamstring them in an electronic market and
prevent them from easily fulfilling their appointed role. To address
this new reality, DMM Units will be given tools and opportunities that
are not available to specialists, but that are more commensurate with
trading in electronic markets.
---------------------------------------------------------------------------

\11\ The term ``market maker'' shall have the same meaning as
that term in Section (3)(a)(38) of the Act.
---------------------------------------------------------------------------

Under the NYSE filings, definitions of ``Designated Market Maker''
and ``DMM Unit'' were added to NYSE Rule 2 (``Member,'' ``Membership,''
``Member Firm,'' etc.) and a reference to specialist was changed to DMM
under NYSE Rule 325 (Capital Requirements Member Organizations) to
conform these rules to the operation of the New Model.\12\
---------------------------------------------------------------------------

\12\ See supra note 5.
---------------------------------------------------------------------------

Given these changes, FINRA is proposing to make conforming changes
to Incorporated NYSE Rules 2, 2A and 325 to ensure consistency with
NYSE's versions of Rules 2, 2A and 325.\13\
---------------------------------------------------------------------------

\13\ Pursuant to Rule 17d-2 under the Exchange Act, NASD, NYSE,
and NYSE Regulation, Inc. entered into an agreement (``Agreement'')
to reduce regulatory duplication for firms that are Dual Members by
allocating certain regulatory responsibilities for selected NYSE
rules from NYSE Regulation to FINRA. The Agreement includes a list
of all those rules (``Common Rules'') for which FINRA has assumed
examination, enforcement and surveillance responsibilities under the
Agreement relating to compliance by Dual Members to the extent that
such responsibilities involve member firm regulation. See Securities
Exchange Act Release No. 56148 (July 26, 2007), 72 FR 42146 (August
1, 2007) (Notice of Filing and Order Approving and Declaring
Effective a Plan for the Allocation of Regulatory Responsibilities).
---------------------------------------------------------------------------

2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\14\ 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
necessary and appropriate to conform these rules to the operation of
NYSE's New Model and to maintain consistency with the NYSE's amendments
to its Rules 2, 2A and 325.
---------------------------------------------------------------------------

\14\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

FINRA does not believe that the proposed rule change will result in
any

[[Page 17264]]

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 \15\ and Rule 19b-
4(f)(6) thereunder.\16\
---------------------------------------------------------------------------

\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. FINRA has asked the
Commission to waive the 30-day operative delay so that the proposal may
become operative immediately upon filing. Such waiver would permit
FINRA to implement these changes without delay, thereby allowing
FINRA's Incorporated NYSE Rules to maintain their status as Common
Rules under the Agreement upon filing of the proposed rule change with
the Commission. The Commission believes it is consistent with the
protection of investors and the public interest to waive the 30-day
operative delay for this reason, and hereby grants such waiver.\19\
---------------------------------------------------------------------------

\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
\19\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

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-2009-025 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-2009-025. 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 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 such filing also will be available for
inspection and copying at the principal office of FINRA. 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-2009-025 and should be
submitted on or before May 5, 2009.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

\20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-8426 Filed 4-13-09; 8:45 am]
BILLING CODE 8010-01-P

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