Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change, as Modified by Amendment No. 2 Thereto, Changing Certain NYSE Rules and Rule Interpretations To Harmonize Them With Changes to Corresponding Rules Filed by the Financial Industry Regulatory Authority, Inc., 25783-25784 [E9-12451]

Download as PDF Federal Register / Vol. 74, No. 102 / Friday, May 29, 2009 / Notices Commission also notes that the proposed rule change is similar to recently approved proposals submitted by the Chicago Board Options Exchange, Incorporated, the International Securities Exchange, LLC, NASDAQ OMX PHLX, Inc., and NYSE Arca, Inc.10 Therefore, the Commission finds good cause, consistent with Section 19(b)(2) of the Act,11 to approve the proposed rule change on an accelerated basis. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,12 that the proposed rule change (SR–NYSEAmex– 2009–15), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–12450 Filed 5–28–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59965; File No. SR–NYSE– 2009–25] Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change, as Modified by Amendment No. 2 Thereto, Changing Certain NYSE Rules and Rule Interpretations To Harmonize Them With Changes to Corresponding Rules Filed by the Financial Industry Regulatory Authority, Inc. May 21, 2009. I. Introduction mstockstill on PROD1PC66 with NOTICES On March 9, 2009, the New York Stock Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to make changes to certain NYSE rules and rule interpretations, to be effective retroactively to December 15, 2008, to 10 See Securities Exchange Act Release Nos. 58088 (July 2, 2008), 73 FR 39747 (July 10, 2008) (SR–CBOE–2008–16); 58224 (July 25, 2008), 73 FR 44303 (July 30, 2008) (SR–ISE–2007–94); 59081 (December 11, 2008), 73 FR 76432 (December 16, 2008) (SR–Phlx–2008–79); and 59194 (January 5, 2009), 74 FR 976 (January 9, 2009). 11 15 U.S.C. 78s(b)(2). 12 15 U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Nov<24>2008 17:24 May 28, 2009 Jkt 217001 harmonize them with changes to corresponding rules that were filed by the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) and approved by the Commission or were effective upon filing with the Commission.3 On March 27, 2009, the Exchange filed Amendment No. 1 to the proposed rule change, which was withdrawn.4 On March 30, 2009, the Exchange filed Amendment No. 2 to the proposed rule change.5 The proposed rule change was published in the Federal Register on April 6, 2009.6 The Commission received no comments on the proposal. This order approves the proposed rule change, as amended. II. Description of the Proposal On July 30, 2007, the National Association of Securities Dealers, Inc. (‘‘NASD’’) and NYSE Regulation, Inc., the regulatory subsidiary of the New York Stock Exchange (‘‘NYSE’’), consolidated their member firm regulation operations into FINRA. In connection with this consolidation, FINRA is in the process of establishing a consolidated FINRA rulebook (the ‘‘Consolidated FINRA Rulebook’’) 7 that will harmonize NASD rules and NYSE rules relating to member firm regulation.8 All of these rules will be 3 See Securities Exchange Act Release No. 58461 (September 4, 2008), 73 FR 52710 (September 10, 2008) (SR–FINRA–2008–033); Securities Exchange Act Release No. 58514 (September 11, 2008), 73 FR 54190 (September 18, 2008) (SR–FINRA–2008–039); Securities Exchange Act Release No. 58643 (September 25, 2008), 73 FR 57174 (October 1, 2008) (SR–FINRA–2008–021, –022, –026,–028, –029); Securities Exchange Act Release No. 58660 (September 26, 2008), 73 FR 57393 (October 2, 2008) (SR–FINRA–2008–027); Securities Exchange Act Release No. 58661 (September 26, 2008), 73 FR 57395 (October 2, 2008) (SR–FINRA–2008–030); and Securities Exchange Act Release No. 59097 (December 12, 2008), 73 FR 78412 (December 22, 2008) (SR–FINRA–2008–057). 4 On March 30, 2009, the Exchange withdrew Amendment No. 1. 5 Amendment No. 2 to SR–NYSE–2009–25 replaced the original filing in its entirety. References to Amendment No. 1 in Amendment No. 2 should be read as Amendment No. 2. See telephone conversation between Clare F. Saperstein, Managing Director, NYSE Regulation, Inc., and Nancy J. Burke-Sanow, Assistant Director, Division of Trading and Markets, Commission, March 30, 2009. 6 See Securities Exchange Act Release No. 59655 (March 30, 2009), 74 FR 15563 (‘‘Notice’’). 7 The current FINRA rulebook consists of three sets of rules: (1) NASD Rules, (2) rules and rule interpretations incorporated from the NYSE (‘‘FINRA Incorporated NYSE Rules’’) (together, referred to as the ‘‘Transitional Rulebook’’), and (3) consolidated FINRA Rules. The FINRA Incorporated NYSE Rules apply only to those members of FINRA that are also members of the NYSE (‘‘Dual Members’’), while the consolidated FINRA Rules apply to all FINRA members. 8 Pursuant to Rule 17d–2 under the Act, NYSE, NYSER and NASD entered into an agreement (‘‘Rule 17d–2 Agreement’’) to reduce regulatory duplication for Dual Members by allocating to PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 25783 identified as ‘‘FINRA Rules’’ when the rule consolidation process is completed. To reduce regulatory duplication, the Exchange proposes to harmonize several NYSE rules with certain FINRA rule changes by deleting NYSE rules and rule interpretations and replacing them with rules that are identical to, or substantially identical to, the FINRA Rules that were approved by, or were effective upon filing with, the Commission, subject to technical amendments to conform them to the Exchange. The Exchange also proposes to adopt the same rule numbers used in the Consolidated FINRA Rulebook to allow members and others to more readily identify those NYSE rules that have been harmonized with FINRA Rules. The Notice provides a more detailed description of the FINRA rule changes and the Exchange’s proposed conforming rule changes.9 III. Discussion and Commission’s Findings The Commission has carefully reviewed the proposed rule change and finds that it is consistent with the requirements of Section 6 of the Act 10 and the rules and regulations thereunder applicable to a national securities exchange.11 In particular, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act,12 which requires, among other things, that the Exchange’s rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Exchange is deleting certain rules and rule interpretations pertaining to: (1) Compensation or gratuities to FINRA regulatory responsibility for specified NYSE rules (the ‘‘Common Rules’’). 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). The Common Rules include the FINRA Incorporated NYSE Rules. See Securities Exchange Act Release No. 56147 (July 26, 2007), 72 FR 42166 (August 1, 2007) (Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to Incorporate Certain NYSE Rules Relating to Member Firm Conduct) (SR–NASD–2007–054). Paragraph 2(b) of the Rule 17d–2 Agreement sets forth procedures regarding proposed changes by either NYSE or FINRA to the substance of any of the Common Rules. 9 See Notice, supra note 6. 10 15 U.S.C. 78f. 11 In approving this proposed rule change the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 12 15 U.S.C. 78f(b)(5). E:\FR\FM\29MYN1.SGM 29MYN1 mstockstill on PROD1PC66 with NOTICES 25784 Federal Register / Vol. 74, No. 102 / Friday, May 29, 2009 / Notices employees of others; (2) business conduct, trading against firm recommendations, and private sales; (3) excessive trading by members, excessive trading in discretionary accounts, successive transactions by members, manipulative operations, reopening contracts, and loans for accounts of nonmembers; (4) disciplinary proceedings concerning conduct that is inconsistent with just and equitable principles of trade; (5) reporting of certain information concerning short sales and proprietary transactions; (6) reporting and certification of member or member organization’s supervision and compliance efforts; (7) formation and approval or merger organizations; (8) reporting of short positions; (9) notification requirements for listed securities; and (10) disclosure and monitoring of non-managed fee based accounts. In the place of the deleted rules and interpretations, the Exchange proposes to adopt rules that are identical to, or substantially identical to, FINRA Rules that were approved by the Commission or were effective upon filing with the Commission.13 In addition, NYSE is making non-substantive changes to the FINRA Rules that it is incorporating to reflect that they are NYSE rules and is deleting NYSE rules that have become outdated and are no longer needed. The Commission believes that the proposed rule change is appropriate and should reduce unnecessary regulatory duplication of Dual Members by harmonizing certain NYSE rules with FINRA Rules. With respect to the Exchange’s proposal to delete NYSE Rule 350 (and accompanying interpretations) and to adopt NYSE Rule 3220 (relating to influencing or rewarding employees of others), the Commission notes that NYSE has stated that immediately upon Commission approval of new NYSE Rule 3220, it will issue an Information Memorandum to its members and member organizations, including NYSE-only members and those members registered with FINRA, clarifying that FINRA’s interpretive guidance related to FINRA Rule 3220 is considered part of NYSE Rule 3220, and that such members and member organizations are required to regulate their conduct according to Rule 3220 and the interpretive guidance related to FINRA Rule 3220.14 Accordingly, the Commission believes that the proposed 13 See supra note 3. telephone conversation between Clare F. Saperstein, Managing Director, NYSE Regulation, Inc., and Nancy J. Burke-Sanow, Assistant Director, Division of Trading and Markets, Commission, May 21, 2009. 14 See VerDate Nov<24>2008 17:24 May 28, 2009 Jkt 217001 rule change is consistent with the requirements of the Act. II trading system.4 There is no proposed rule language. IV. Conclusion II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the NASDAQ Exchange 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. The NASDAQ Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,15 that the proposed rule change (SR–NYSE–2009– 25) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.16 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–12451 Filed 5–28–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59948; File No. SR– NASDAQ–2009–047] Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Order Routing May 20, 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 May 15, 2009, The NASDAQ Stock Market LLC (the ‘‘NASDAQ Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the NASDAQ Exchange. The NASDAQ Exchange has designated the proposed rule change as constituting a non-controversial rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with 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 The NASDAQ Exchange is proposing to modify the terms and conditions under which it is affiliated with NASDAQ Options Services, LLC (‘‘NOS’’). The NASDAQ Exchange proposes to implement the proposed rule change when NASDAQ OMX PHLX, Inc. (‘‘PHLX’’) implements its XL 15 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 16 17 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Nasdaq Options Services, LLC (‘‘NOS’’), which is a subsidiary of the NASDAQ Exchange, is a registered broker-dealer and a member of the NASDAQ Exchange and PHLX. In SR– NASDAQ–2006–006,5 the Commission approved the adoption of NASDAQ Exchange Rule 2140, which provides that, subject to certain exceptions, the NASDAQ Exchange may not become an affiliate of one of its members unless the terms and conditions of such affiliation are the subject of an effective filing with the Commission. Previously, the Commission had approved the acquisition of the entity that is now NOS by The Nasdaq Stock Market, Inc., which is now The NASDAQ OMX Group, Inc. (‘‘NASDAQ OMX’’), the holding company parent corporation of the NASDAQ Exchange and PHLX.6 Moreover, in SR–NASDAQ–2007–004 and –080,7 the Commission approved rules to govern the operation of The NASDAQ Options Market (‘‘NOM’’) as an options market of the NASDAQ Exchange, including rules establishing NOS as the approved outbound routing facility of the NASDAQ Exchange for NOM. The rules governing NOS’s routing of orders for NOM stipulate, 4 Securities Exchange Act Release No. 59721 (April 7, 2009), 74 FR 17245 (April 14, 2009) (SR– Phlx–2009–32); Securities Exchange Act Release No. 59779 (April 16, 2009), 74 FR 18600 (April 23, 2009) (SR–Phlx–2009–32, Amendment No. 1). 5 Securities Exchange Act Release No. 54170 (July 18, 2006), 71 FR 42149 (July 25, 2006) (SR– NASDAQ–2006–006). 6 Securities Exchange Act Release No. 52902 (December 7, 2005), 70 FR 73810 (December 13, 2005) (SR–NASD–2005–128). 7 Securities Exchange Act Release No. 57478 (March 12, 2008), 73 FR 14521 (March 18, 2008) (SR–NASDAQ–2007–004, –080). E:\FR\FM\29MYN1.SGM 29MYN1

Agencies

[Federal Register Volume 74, Number 102 (Friday, May 29, 2009)]
[Notices]
[Pages 25783-25784]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-12451]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59965; File No. SR-NYSE-2009-25]


Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving Proposed Rule Change, as Modified by Amendment No. 2 Thereto, 
Changing Certain NYSE Rules and Rule Interpretations To Harmonize Them 
With Changes to Corresponding Rules Filed by the Financial Industry 
Regulatory Authority, Inc.

May 21, 2009.

I. Introduction

    On March 9, 2009, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to make changes to certain NYSE rules and rule 
interpretations, to be effective retroactively to December 15, 2008, to 
harmonize them with changes to corresponding rules that were filed by 
the Financial Industry Regulatory Authority, Inc. (``FINRA'') and 
approved by the Commission or were effective upon filing with the 
Commission.\3\ On March 27, 2009, the Exchange filed Amendment No. 1 to 
the proposed rule change, which was withdrawn.\4\ On March 30, 2009, 
the Exchange filed Amendment No. 2 to the proposed rule change.\5\ The 
proposed rule change was published in the Federal Register on April 6, 
2009.\6\ The Commission received no comments on the proposal. This 
order approves the proposed rule change, as amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 58461 (September 4, 
2008), 73 FR 52710 (September 10, 2008) (SR-FINRA-2008-033); 
Securities Exchange Act Release No. 58514 (September 11, 2008), 73 
FR 54190 (September 18, 2008) (SR-FINRA-2008-039); Securities 
Exchange Act Release No. 58643 (September 25, 2008), 73 FR 57174 
(October 1, 2008) (SR-FINRA-2008-021, -022, -026,-028, -029); 
Securities Exchange Act Release No. 58660 (September 26, 2008), 73 
FR 57393 (October 2, 2008) (SR-FINRA-2008-027); Securities Exchange 
Act Release No. 58661 (September 26, 2008), 73 FR 57395 (October 2, 
2008) (SR-FINRA-2008-030); and Securities Exchange Act Release No. 
59097 (December 12, 2008), 73 FR 78412 (December 22, 2008) (SR-
FINRA-2008-057).
    \4\ On March 30, 2009, the Exchange withdrew Amendment No. 1.
    \5\ Amendment No. 2 to SR-NYSE-2009-25 replaced the original 
filing in its entirety. References to Amendment No. 1 in Amendment 
No. 2 should be read as Amendment No. 2. See telephone conversation 
between Clare F. Saperstein, Managing Director, NYSE Regulation, 
Inc., and Nancy J. Burke-Sanow, Assistant Director, Division of 
Trading and Markets, Commission, March 30, 2009.
    \6\ See Securities Exchange Act Release No. 59655 (March 30, 
2009), 74 FR 15563 (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposal

    On July 30, 2007, the National Association of Securities Dealers, 
Inc. (``NASD'') and NYSE Regulation, Inc., the regulatory subsidiary of 
the New York Stock Exchange (``NYSE''), consolidated their member firm 
regulation operations into FINRA. In connection with this 
consolidation, FINRA is in the process of establishing a consolidated 
FINRA rulebook (the ``Consolidated FINRA Rulebook'') \7\ that will 
harmonize NASD rules and NYSE rules relating to member firm 
regulation.\8\ All of these rules will be identified as ``FINRA Rules'' 
when the rule consolidation process is completed.
---------------------------------------------------------------------------

    \7\ The current FINRA rulebook consists of three sets of rules: 
(1) NASD Rules, (2) rules and rule interpretations incorporated from 
the NYSE (``FINRA Incorporated NYSE Rules'') (together, referred to 
as the ``Transitional Rulebook''), and (3) consolidated FINRA Rules. 
The FINRA Incorporated NYSE Rules apply only to those members of 
FINRA that are also members of the NYSE (``Dual Members''), while 
the consolidated FINRA Rules apply to all FINRA members.
    \8\ Pursuant to Rule 17d-2 under the Act, NYSE, NYSER and NASD 
entered into an agreement (``Rule 17d-2 Agreement'') to reduce 
regulatory duplication for Dual Members by allocating to FINRA 
regulatory responsibility for specified NYSE rules (the ``Common 
Rules''). 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). The Common Rules include the FINRA 
Incorporated NYSE Rules. See Securities Exchange Act Release No. 
56147 (July 26, 2007), 72 FR 42166 (August 1, 2007) (Notice of 
Filing and Order Granting Accelerated Approval of Proposed Rule 
Change to Incorporate Certain NYSE Rules Relating to Member Firm 
Conduct) (SR-NASD-2007-054). Paragraph 2(b) of the Rule 17d-2 
Agreement sets forth procedures regarding proposed changes by either 
NYSE or FINRA to the substance of any of the Common Rules.
---------------------------------------------------------------------------

    To reduce regulatory duplication, the Exchange proposes to 
harmonize several NYSE rules with certain FINRA rule changes by 
deleting NYSE rules and rule interpretations and replacing them with 
rules that are identical to, or substantially identical to, the FINRA 
Rules that were approved by, or were effective upon filing with, the 
Commission, subject to technical amendments to conform them to the 
Exchange. The Exchange also proposes to adopt the same rule numbers 
used in the Consolidated FINRA Rulebook to allow members and others to 
more readily identify those NYSE rules that have been harmonized with 
FINRA Rules. The Notice provides a more detailed description of the 
FINRA rule changes and the Exchange's proposed conforming rule 
changes.\9\
---------------------------------------------------------------------------

    \9\ See Notice, supra note 6.
---------------------------------------------------------------------------

III. Discussion and Commission's Findings

    The Commission has carefully reviewed the proposed rule change and 
finds that it is consistent with the requirements of Section 6 of the 
Act \10\ and the rules and regulations thereunder applicable to a 
national securities exchange.\11\ In particular, the Commission finds 
that the proposal is consistent with Section 6(b)(5) of the Act,\12\ 
which requires, among other things, that the Exchange's rules be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general, to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f.
    \11\ In approving this proposed rule change the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange is deleting certain rules and rule interpretations 
pertaining to: (1) Compensation or gratuities to

[[Page 25784]]

employees of others; (2) business conduct, trading against firm 
recommendations, and private sales; (3) excessive trading by members, 
excessive trading in discretionary accounts, successive transactions by 
members, manipulative operations, reopening contracts, and loans for 
accounts of non-members; (4) disciplinary proceedings concerning 
conduct that is inconsistent with just and equitable principles of 
trade; (5) reporting of certain information concerning short sales and 
proprietary transactions; (6) reporting and certification of member or 
member organization's supervision and compliance efforts; (7) formation 
and approval or merger organizations; (8) reporting of short positions; 
(9) notification requirements for listed securities; and (10) 
disclosure and monitoring of non-managed fee based accounts.
    In the place of the deleted rules and interpretations, the Exchange 
proposes to adopt rules that are identical to, or substantially 
identical to, FINRA Rules that were approved by the Commission or were 
effective upon filing with the Commission.\13\ In addition, NYSE is 
making non-substantive changes to the FINRA Rules that it is 
incorporating to reflect that they are NYSE rules and is deleting NYSE 
rules that have become outdated and are no longer needed. The 
Commission believes that the proposed rule change is appropriate and 
should reduce unnecessary regulatory duplication of Dual Members by 
harmonizing certain NYSE rules with FINRA Rules. With respect to the 
Exchange's proposal to delete NYSE Rule 350 (and accompanying 
interpretations) and to adopt NYSE Rule 3220 (relating to influencing 
or rewarding employees of others), the Commission notes that NYSE has 
stated that immediately upon Commission approval of new NYSE Rule 3220, 
it will issue an Information Memorandum to its members and member 
organizations, including NYSE-only members and those members registered 
with FINRA, clarifying that FINRA's interpretive guidance related to 
FINRA Rule 3220 is considered part of NYSE Rule 3220, and that such 
members and member organizations are required to regulate their conduct 
according to Rule 3220 and the interpretive guidance related to FINRA 
Rule 3220.\14\ Accordingly, the Commission believes that the proposed 
rule change is consistent with the requirements of the Act.
---------------------------------------------------------------------------

    \13\ See supra note 3.
    \14\ See telephone conversation between Clare F. Saperstein, 
Managing Director, NYSE Regulation, Inc., and Nancy J. Burke-Sanow, 
Assistant Director, Division of Trading and Markets, Commission, May 
21, 2009.
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\15\ that the proposed rule change (SR-NYSE-2009-25) be, and it 
hereby is, approved.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-12451 Filed 5-28-09; 8:45 am]
BILLING CODE 8010-01-P
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