Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change To Amend the Deficient Claims Rules of the Codes of Arbitration Procedure for Customer and Industry Disputes, 63167-63169 [E9-28741]
Download as PDF
<![CDATA[
Federal Register / Vol. 74, No. 230 / Wednesday, December 2, 2009 / Notices
procedures would be inherently harmful
or detrimental to customers or have an
adverse affect on the auction market.
Rather, the Exchange believes the
procedures will improve the
opportunities for an order to be exposed
to a competitive auction and represent
an improvement over the current rules.
The fact that the parties to such a trade
end up fully hedged may contribute to
the best execution of the orders,29 and,
in any event, participants continue to be
governed by, among other things, their
best execution responsibilities. The
Exchange also believes that the
proposed tied hedge procedures are
fully consistent with the original design
of Rule 1064(d) which, as discussed
above, was to eliminate the unfairness
that can be associated with a solicited
transaction and encourage meaningful
competition. The tied hedge procedures
should enable in-crowd market
participants to be on equal footing with
solicited parties in a manner that
minimizes all parties’ market risk while
continuing to assure that orders are
exposed in a meaningful way.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 30 in general, and furthers the
objectives of Section 6(b)(5) of the Act 31
in particular, in that it is designed 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, by
establishing rules governing tied hedge
orders, which include specific
requirements and procedures to be
followed. Specifically, the Exchange
believes the procedures will improve
the opportunities for orders to be
exposed to price improvement in a
manner that will encourage a fair,
competitive auction process and
minimize all parties’ market risk.
mstockstill on DSKH9S0YB1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
29 As market participants are better able to hedge
risk associated with completing these transactions,
the Exchange believes that quotes may narrow and
result in increased price improvement
opportunities.
30 15 U.S.C. 78f(b).
31 15 U.S.C. 78f(b)(5).
VerDate Nov<24>2008
18:28 Dec 01, 2009
Jkt 220001
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule 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 if consistent
with the protection of investors and the
public interest, provided that the selfregulatory organization has given the
Commission written notice of its intent
to file the proposed rule change at least
five business days prior to the date of
filing of the proposed rule change or
such shorter time as designated by the
Commission,32 the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 33 and
Rule 19b–4(f)(6) thereunder.34
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–Phlx–2009–98 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.
32 The
Exchange has satisfied this requirement.
U.S.C. 78s(b)(3)(A).
34 17 CFR 240.19b–4(f)(6).
All submissions should refer to File
Number SR–Phlx–2009–98. 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 the Exchange. 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–Phlx–2009–98 and should
be submitted on or before December 23,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–28740 Filed 12–1–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61060 File No. SR–FINRA–
2009–072]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change To Amend the
Deficient Claims Rules of the Codes of
Arbitration Procedure for Customer
and Industry Disputes
November 24, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
33 15
PO 00000
Frm 00052
Fmt 4703
Sfmt 4703
63167
35 17
E:\FR\FM\02DEN1.SGM
CFR 200.30–3(a)(12).
02DEN1
63168
Federal Register / Vol. 74, No. 230 / Wednesday, December 2, 2009 / Notices
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
28, 2009 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’’) a proposed rule
change to amend Rule 12307 of the
Code of Arbitration for Customer
Disputes (the ‘‘Customer Code’’) and
Rule 13307 of the Code of Arbitration
for Industry Disputes (the ‘‘Industry
Code’’) (collectively, ‘‘the Codes’’) to
clarify the date of filing of an arbitration
claim once a deficiency is corrected, as
described in Items I, II, and III below,
which Items have been substantially
prepared by FINRA. 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 Rules
12307(b) and 13307(b) of the Customer
Code and for the Industry Code,
respectively, to clarify the date of filing
of an arbitration claim once a deficiency
is corrected.
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
mstockstill on DSKH9S0YB1PROD with NOTICES
1. Purpose
When parties initiate arbitration
claims in FINRA’s arbitration forum,
they must file a signed and dated
submission agreement and a statement
of claim explaining the facts and
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Nov<24>2008
18:28 Dec 01, 2009
Jkt 220001
outlining the remedies requested.3
Parties must also pay all required filing
fees at the time they file their claims.4
If a party’s claims do not meet the
criteria for filing a claim under the
Codes or otherwise do not comply with
the Codes, the claims are considered
deficient. A claim may be deficient
because, for example, the party failed to
file a properly signed and dated
submission agreement, failed to pay all
required filing fees, or failed to file the
correct number of copies of the
submission agreement, statement of
claim or other supporting documents.
Currently, Rule 12307 of the Customer
Code and Rule 13307 of the Industry
Code, which address deficient claims
(hereinafter, ‘‘deficient claims rules’’),
state that the Director of FINRA Dispute
Resolution (‘‘Director’’) will not serve a
claim that is deficient. The deficient
claims rules permit a party to correct all
deficiencies. Under the current rules, if
all deficiencies are not corrected within
30 days from the time a party receives
notice of a deficiency, the Director will
close the case without serving the claim
and refund part of the filing fee.5
However, the rules are silent on the date
that the Director will use as the date of
filing if a party corrects a deficient claim
within 30 days of receiving notice of a
deficiency.
FINRA has received inquiries from
constituents on how the arbitration
forum determines the date of filing of a
claim that was deficient when filed, but
is later corrected. Thus, FINRA is
proposing to amend Rules 12307(b) and
13307(b) of the Codes to clarify the
arbitration forum’s procedure
concerning the date of filing of a
deficient claim when the deficiency is
corrected within the 30-day deficiency
period. So amended, the rules would
provide that if the deficiency is
corrected within 30 days from the time
the party receives notice of a deficiency,
the claim will be considered filed on the
date the initial statement of claim was
filed.
FINRA believes the proposal would
clarify the date that the forum uses to
determine the filing date of the claim,
which should help resolve issues
concerning whether a claim is eligible
for submission to arbitration under the
Codes,6 and whether statutes of
3 Rule 12302(a)(1) of the Customer Code and Rule
13302(a)(1) of the Industry Code.
4 Id.
5 Rule 12307(b) of the Customer Code and Rule
13307(b) of the Industry Code.
6 Under the Codes, no claim shall be eligible for
submission to arbitration where six years have
elapsed from the occurrence or event giving rise to
the claim. See Rule 12206(a) of the Customer Code
and Rule 13206(a) of the Industry Code.
PO 00000
Frm 00053
Fmt 4703
Sfmt 4703
limitation, if applicable, should apply.
Moreover, FINRA believes that adding
this existing policy to the rules will
eliminate confusion for parties
concerning deficient claims, provide
transparency concerning forum practice,
and enhance the efficiency of case
administration.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,7 which
require, 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 the proposed rule
change is consistent with FINRA’s
statutory obligations under the Act to
protect investors and the public interest
because the proposal would eliminate
confusion for parties concerning
deficient claims, provide transparency
concerning forum practice, and enhance
the efficiency of case administration.
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, as amended.
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 by FINRA.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
7 15
E:\FR\FM\02DEN1.SGM
U.S.C. 78o–3(b)(6).
02DEN1
Federal Register / Vol. 74, No. 230 / Wednesday, December 2, 2009 / Notices
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
mstockstill on DSKH9S0YB1PROD with NOTICES
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–2009–072 on the
subject line.
DEPARTMENT OF STATE
[Public Notice 6547]
U.S. Department of State Advisory
Committee on Private International
Law: Organization of American States
(OAS) Specialized Conference on
Private International Law (CIDIP) Study
Group
The Working Group on Conflicts of
Law previously established under the
Department of State Advisory
Committee on Private International Law
Paper Comments
has been renamed the OAS CIDIP Study
• Send paper comments in triplicate
Group to reflect a broader scope of
to Elizabeth M. Murphy, Secretary,
activity including consideration of
Securities and Exchange Commission,
issues relating to choice of law,
100 F Street, NE., Washington, DC
applicable law, jurisdiction,
20549–1090.
enforcement of judgments, and dispute
resolution that may be discussed in the
All submissions should refer to File
Number SR–FINRA–2009–072. This file Organization of American States (OAS)
CIDIP process. This is not a meeting of
number should be included on the
subject line if e-mail is used. To help the the full Advisory Committee.
In the context of the Seventh InterCommission process and review your
American Specialized Conference on
comments more efficiently, please use
only one method. The Commission will Private International Law (CIDIP–VII),
post all comments on the Commission’s the Committee on Juridical and Political
Affairs (CJAP) of the Permanent Council
Internet Web site (https://www.sec.gov/
of the OAS is carrying out work on
rules/sro.shtml). Copies of the
consumer rights as part of its program
submission, all subsequent
on private international law. Three
amendments, all written statements
proposals have been put forward: A
with respect to the proposed rule
revised Brazilian draft convention on
change that are filed with the
applicable law that has recently been
Commission, and all written
expanded to include jurisdiction, a
communications relating to the
Canadian draft model law on applicable
proposed rule change between the
Commission and any person, other than law and jurisdiction, and a United
States proposal (with several
those that may be withheld from the
components) for legislative guidelines/
public in accordance with the
model laws/rules to promote consumer
provisions of 5 U.S.C. 552, will be
redress mechanisms such as small
available for inspection and copying in
claims tribunals, collective procedures,
the Commission’s Public Reference
on-line dispute resolution, and
Room, 100 F Street, NE., Washington,
government actions. The U.S. is
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. considering the possibility of expanding
its existing proposal.
Copies of such filing also will be
The United States is also considering
available for inspection and copying at
whether to pursue ratification of the
the principal office of FINRA. All
Inter-American Convention on the Law
comments received will be posted
Applicable to International Contracts
without change; the Commission does
(known as the Mexico City Convention),
not edit personal identifying
which was adopted at the Fifth Interinformation from submissions. You
American Specialized Conference on
should submit only information that
Private International Law (CIDIP–V).
you wish to make available publicly. All
The United States is exploring the
submissions should refer to File
process for obtaining official corrections
Number SR–FINRA–2009–072 and
to the English text of the Convention to
should be submitted on or before
conform to the Spanish version. Copies
December 23, 2009.
of proposed corrections to the English
For the Commission, by the Division of
text can be obtained through the contact
Trading and Markets, pursuant to delegated
points listed below. Other developments
authority.8
which may be relevant to work at the
Elizabeth M. Murphy,
OAS include the proposal at UNCITRAL
Secretary.
for future work on on-line dispute
[FR Doc. E9–28741 Filed 12–1–09; 8:45 am]
resolution and the establishment by the
Permanent Bureau of the Hague
BILLING CODE 8011–01–P
Conference on Private International Law
8 17 CFR 200.30–3(a)(12).
of an experts group to consider
VerDate Nov<24>2008
18:28 Dec 01, 2009
Jkt 220001
PO 00000
Frm 00054
Fmt 4703
Sfmt 4703
63169
development of a non-binding
instrument on choice of law in
international commercial contracts.
The Advisory Committee’s OAS CIDIP
Study Group will hold a public meeting
to obtain additional views on the three
consumer protection proposals
identified above (along with possible
revisions) and the Mexico City
Convention.
Time and Place: The public meeting
of the Study Group will take place at the
Federal Trade Commission, 600
Pennsylvania Ave., NW., Room H–481,
Washington, DC on December 14, 2009,
from 10 a.m. EST to 4 p.m. EST. If you
are unable to attend the public meeting
and would like to participate from a
remote location, teleconferencing will
be available.
Public Participation: Advisory
Committee Study Group meetings are
open to the public. Persons wishing to
attend must contact Trisha Smeltzer at
smeltzertk@state.gov or 202–776–8423
and provide their name, e-mail address,
and affiliation(s) if any. Please contact
Ms. Smeltzer for additional meeting
information, any of the documents
referenced above, or dial-in information
on the conference call. A member of the
public needing reasonable
accommodation should advise those
same contacts not later than December
9th. Requests made after that date will
be considered, but might not be able to
be fulfilled. Persons who cannot attend
or participate by conference call but
who wish to comment on any of the
topics referred to above are welcome to
do so by e-mail to Michael Dennis at
DennisMJ@state.gov or Hugh Stevenson
at hstevenson@ftc.gov.
Dated: November 25, 2009.
Michael Dennis,
Attorney-Adviser, Office of Private
International Law, Office of the Legal Adviser,
Department of State.
[FR Doc. E9–28837 Filed 12–1–09; 8:45 am]
BILLING CODE 4710–08–P
TRADE AND DEVELOPMENT AGENCY
Notice of Public Information Collection
Requirements Submitted to OMB for
Review
AGENCY: United States Trade and
Development Agency.
ACTION: Request for Comments.
SUMMARY: U.S. Trade and Development
Agency (USTDA) has submitted the
following information collection to the
Office of Management and Budget
(OMB) for review and clearance under
the Paperwork Reduction Act of 1995.
USTDA published its first Federal
E:\FR\FM\02DEN1.SGM
02DEN1
]]>Agencies
[Federal Register Volume 74, Number 230 (Wednesday, December 2, 2009)]
[Notices]
[Pages 63167-63169]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28741]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61060 File No. SR-FINRA-2009-072]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Proposed Rule Change To Amend the
Deficient Claims Rules of the Codes of Arbitration Procedure for
Customer and Industry Disputes
November 24, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 63168]]
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 28, 2009 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'') a proposed rule change to amend Rule 12307 of the Code
of Arbitration for Customer Disputes (the ``Customer Code'') and Rule
13307 of the Code of Arbitration for Industry Disputes (the ``Industry
Code'') (collectively, ``the Codes'') to clarify the date of filing of
an arbitration claim once a deficiency is corrected, as described in
Items I, II, and III below, which Items have been substantially
prepared by FINRA. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FINRA is proposing to amend Rules 12307(b) and 13307(b) of the
Customer Code and for the Industry Code, respectively, to clarify the
date of filing of an arbitration claim once a deficiency is corrected.
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
When parties initiate arbitration claims in FINRA's arbitration
forum, they must file a signed and dated submission agreement and a
statement of claim explaining the facts and outlining the remedies
requested.\3\ Parties must also pay all required filing fees at the
time they file their claims.\4\ If a party's claims do not meet the
criteria for filing a claim under the Codes or otherwise do not comply
with the Codes, the claims are considered deficient. A claim may be
deficient because, for example, the party failed to file a properly
signed and dated submission agreement, failed to pay all required
filing fees, or failed to file the correct number of copies of the
submission agreement, statement of claim or other supporting documents.
---------------------------------------------------------------------------
\3\ Rule 12302(a)(1) of the Customer Code and Rule 13302(a)(1)
of the Industry Code.
\4\ Id.
---------------------------------------------------------------------------
Currently, Rule 12307 of the Customer Code and Rule 13307 of the
Industry Code, which address deficient claims (hereinafter, ``deficient
claims rules''), state that the Director of FINRA Dispute Resolution
(``Director'') will not serve a claim that is deficient. The deficient
claims rules permit a party to correct all deficiencies. Under the
current rules, if all deficiencies are not corrected within 30 days
from the time a party receives notice of a deficiency, the Director
will close the case without serving the claim and refund part of the
filing fee.\5\ However, the rules are silent on the date that the
Director will use as the date of filing if a party corrects a deficient
claim within 30 days of receiving notice of a deficiency.
---------------------------------------------------------------------------
\5\ Rule 12307(b) of the Customer Code and Rule 13307(b) of the
Industry Code.
---------------------------------------------------------------------------
FINRA has received inquiries from constituents on how the
arbitration forum determines the date of filing of a claim that was
deficient when filed, but is later corrected. Thus, FINRA is proposing
to amend Rules 12307(b) and 13307(b) of the Codes to clarify the
arbitration forum's procedure concerning the date of filing of a
deficient claim when the deficiency is corrected within the 30-day
deficiency period. So amended, the rules would provide that if the
deficiency is corrected within 30 days from the time the party receives
notice of a deficiency, the claim will be considered filed on the date
the initial statement of claim was filed.
FINRA believes the proposal would clarify the date that the forum
uses to determine the filing date of the claim, which should help
resolve issues concerning whether a claim is eligible for submission to
arbitration under the Codes,\6\ and whether statutes of limitation, if
applicable, should apply. Moreover, FINRA believes that adding this
existing policy to the rules will eliminate confusion for parties
concerning deficient claims, provide transparency concerning forum
practice, and enhance the efficiency of case administration.
---------------------------------------------------------------------------
\6\ Under the Codes, no claim shall be eligible for submission
to arbitration where six years have elapsed from the occurrence or
event giving rise to the claim. See Rule 12206(a) of the Customer
Code and Rule 13206(a) of the Industry Code.
---------------------------------------------------------------------------
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\7\ which require, 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 the proposed rule change is consistent
with FINRA's statutory obligations under the Act to protect investors
and the public interest because the proposal would eliminate confusion
for parties concerning deficient claims, provide transparency
concerning forum practice, and enhance the efficiency of case
administration.
---------------------------------------------------------------------------
\7\ 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 burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
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 by FINRA.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,
[[Page 63169]]
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-2009-072 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-2009-072. 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-2009-072 and should be
submitted on or before December 23, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-28741 Filed 12-1-09; 8:45 am]
BILLING CODE 8011-01-P
