Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change To Adopt FINRA Rule 4570 (Custodian of Books and Records) in the Consolidated FINRA Rulebook, 65817-65819 [E9-29524]
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Federal Register / Vol. 74, No. 237 / Friday, December 11, 2009 / Notices
in the same manner and to the same
extent as NASD Rule 2821.
FINRA has filed the proposed rule
change for immediate effectiveness. The
implementation date for FINRA Rule
2330 will be February 8, 2010.7
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.
2. Statutory Basis
The proposed rule change is
consistent with the provisions of
Section 15A(b)(6) of the Act,8 which
requires, among other things, that
FINRA’s 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. Transferring the rule to
the Consolidated FINRA Rulebook is
consistent with FINRA’s obligations
under the Act because the rule enhances
members’ compliance and supervisory
systems and provides more
comprehensive and targeted protection
to investors in deferred variable
annuities.
IV. Solicitation of Comments
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.
jlentini on DSKJ8SOYB1PROD with NOTICES
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 9 and Rule 19b–
4(f)(6) thereunder.10
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
7 See Securities Exchange Act Release No. 59772
(April 15, 2009), 74 FR 18419 (April 22, 2009)
(approval order); Regulatory Notice 09–32 (June
2009) (announcing SEC approval of amendments to
NASD Rule 2821 governing purchases and
exchanges of deferred variable annuities and an
effective date for those amendments of February 8,
2010).
8 15 U.S.C. 78o–3(b)(6).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
VerDate Nov<24>2008
17:33 Dec 10, 2009
Jkt 220001
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
65817
should be submitted on or before
January 4, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–29526 Filed 12–10–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61116; File No. SR–FINRA–
2009–080]
• 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–2009–083 on the
subject line.
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change To Adopt
FINRA Rule 4570 (Custodian of Books
and Records) in the Consolidated
FINRA Rulebook
Paper Comments
December 4, 2009.
• 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–2009–083. 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–2009–083 and
PO 00000
Frm 00086
Fmt 4703
Sfmt 4703
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘SEA’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on November 17, 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, II, and III below, which Items
have been 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 adopt NASD
Rule 3121 (Custodian of the Record) as
FINRA Rule 4570 (Custodian of Books
and Records) in the consolidated FINRA
rulebook with minor changes.
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are in
brackets:
4500. BOOKS, RECORDS AND
REPORTS
*
*
*
*
*
[3121]4570. Custodian of [the] Books
and Records
A member who files a [Securities and
Exchange Commission] Form BDW shall
designate on the Form BDW, as the
custodian of the member’s books and
records, a person associated with the
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\11DEN1.SGM
11DEN1
65818
Federal Register / Vol. 74, No. 237 / Friday, December 11, 2009 / Notices
member at the time that the Form BDW
is filed.
*
*
*
*
*
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
Proposal
1. Purpose
As part of the process of developing
a new consolidated rulebook
(‘‘Consolidated FINRA Rulebook’’),3
FINRA is proposing to adopt NASD
Rule 3121 as FINRA Rule 4570 in the
Consolidated FINRA Rulebook with
minor changes as described below.
Background
jlentini on DSKJ8SOYB1PROD with NOTICES
SEA Rule 17a–4 requires members to
retain their books and records for
specified retention periods.4 Pursuant to
SEA Rule 17a–4(g), a member that
ceases doing business as a registered
broker-dealer has a continuing
obligation to retain its required books
and records for the remainder of the
specified retention periods.5
To that end, Form BDW (Uniform
Request for Broker-Dealer Withdrawal)
requires that the member identify and
provide the contact information of the
person who will have custody of the
firm’s books and records after the firm
has discontinued its business
operations. The form also requires that
the firm provide the address where the
books and records will be located, if
3 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 Information
Notice, March 12, 2008 (Rulebook Consolidation
Process).
4 17 CFR 240.17a–4.
5 17 CFR 240.17a–4(g).
VerDate Nov<24>2008
17:33 Dec 10, 2009
Jkt 220001
different than the custodian’s address.
In addition, Form BDW provides that
the firm and the person signing the form
on behalf of the firm must certify that
the firm’s books and records will be
preserved and made available for
inspection.
NASD Rule 3121 requires a member
to designate as the custodian of its
required books and records on Form
BDW a person who is associated with
the firm at the time Form BDW is filed.
The rule, which was approved by the
Commission in 2000,6 is intended to
enhance FINRA’s ability to obtain
required books and records from firms
that are no longer conducting business
and to ensure that the custodian of the
books and records has been subject to
certain background checks.7 There is no
comparable Incorporated NYSE Rule.
FINRA proposes to adopt NASD Rule
3121 as FINRA Rule 4570 in the
Consolidated FINRA Rulebook, with
only minor changes. Specifically, NASD
Rule 3121 currently states that a
member must designate an associated
person ‘‘as the custodian of the record’’;
FINRA proposes to revise the text of the
rule to reflect that the associated person
is designated ‘‘as the custodian of the
member’s books and records,’’ which is
consistent with the terminology used in
Form BDW. For similar reasons, FINRA
proposes to change the title of the rule
from ‘‘Custodian of the Record’’ to
‘‘Custodian of Books and Records.’’
FINRA will announce the
implementation date of the proposed
rule change in a Regulatory Notice to be
published no later than 90 days
following Commission approval.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,8 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 will further the
purposes of the Act by, among other
things, enhancing FINRA’s ability to
obtain required books and records from
6 See Securities Exchange Act Release No. 43102
(August 1, 2000), 65 FR 48266 (August 7, 2000)
(Order Approving File No. SR–NASD–99–76).
7 For example, associated persons who have
custody of a member’s original books and records
relating to securities or funds are subject to the
fingerprinting requirements of SEA Rule 17f–2 for
purposes of a criminal background check.
8 15 U.S.C. 78o–3(b)(6).
PO 00000
Frm 00087
Fmt 4703
Sfmt 4703
member firms that are no longer
conducting business.
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
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,
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–2009–080 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–2009–080. 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
E:\FR\FM\11DEN1.SGM
11DEN1
Federal Register / Vol. 74, No. 237 / Friday, December 11, 2009 / Notices
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–2009–080 and
should be submitted on or before
January 4, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–29524 Filed 12–10–09; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 6837]
jlentini on DSKJ8SOYB1PROD with NOTICES
Bureau of Educational and Cultural
Affairs (ECA) Request for Grant
Proposals: Open Competition for the
Professional Fellows Program
I. Funding Opportunity Description
Announcement Type: New Grant.
Funding Opportunity Number: ECA/
PE/C–10–01.
Catalog of Federal Domestic
Assistance Number: 19.415.
Key Dates:
Application Deadline: February 26,
2010.
Executive Summary: The Office of
Citizen Exchanges of the Bureau of
Educational and Cultural Affairs (ECA/
PE/C) announces an open competition
for grants to conduct a Professional
Fellows Program in Africa, East Asia,
Europe, the Near East, North Africa,
South Central Asia and the Western
Hemisphere.
U.S. public and non-profit
organizations meeting the provisions
9 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
17:33 Dec 10, 2009
Jkt 220001
described in Internal Revenue code
section 26 U.S.C. 501(c)(3) may submit
proposals that support the goals of the
Professional Fellows Program. The goals
of the program, which encompass both
bureau and programmatic goals, are to:
(1) Provide foreign participants from
eligible countries the opportunity for
professional development through fourto eight-week internships in the U.S.; (2)
provide U.S. participants the
opportunity to take part in reciprocal
fellowships and/or to share their
professional expertise with counterparts
in eligible countries; (3) promote mutual
understanding and partnerships
between key professional groups in the
United States and counterpart groups in
eligible countries. Proposed projects
should be two-way exchanges involving
participants from both the U.S. and
foreign countries.
Projects should take place over the
course of one to two years and target
current or potential professional leaders
who will effect positive change in their
communities. Specific themes for
consideration under this competition
include: Climate change, education to
employment, food security, global
health, and legislative development.
Eligible countries and guidance for each
theme are provided in Section I.7 below.
Proposals that target themes and
countries not specifically authorized in
this Request for Grant Proposals will be
considered technically ineligible.
Applicants may submit only one
proposal under this competition. If
multiple proposals are received from the
same applicant, all submissions will be
declared technically ineligible and
receive no further consideration in the
review process. No guarantee is made or
implied that grants will be awarded in
all themes or for all countries listed.
I.1. Authority
Overall grant making authority for
this program is contained in the Mutual
Educational and Cultural Exchange Act
of 1961, Public Law 87–256, as
amended, also known as the FulbrightHays Act. The purpose of the Act is ‘‘to
enable the Government of the United
States to increase mutual understanding
between the people of the United States
and the people of other countries * * *;
to strengthen the ties which unite us
with other nations by demonstrating the
educational and cultural interests,
developments, and achievements of the
people of the United States and other
nations * * * and thus to assist in the
development of friendly, sympathetic
and peaceful relations between the
United States and the other countries of
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
65819
the world.’’ The funding authority for
the program above is provided through
legislation.
I.2. Purpose and Program Description
The Professional Fellows Program is a
two-way exchange involving current or
potential professional leaders from both
the U.S. and foreign countries who will
effect positive change in their
communities. Professional Fellows will
be focused in the following areas:
Climate Change, Education to
Employment, Food Security, Global
Health, and Legislative Development.
I.3. Participants
For the purposes of this program,
‘‘participants’’ are defined as those who
travel under grant funding from their
country of origin to a designated
exchange country. It is acceptable for
there to be more foreign participants
than American participants under this
program model, but applicants are
encouraged to include approximately
the same number of Americans to
emphasize that this program is
reciprocal in nature. Foreign
participants should be selected through
a merit-based, competitive process.
They should be up-and-coming and
mid-level professionals with experience
relevant to one of the specific themes.
They should have good interpersonal
and communication skills including a
command of both oral and written
English that will allow them to function
effectively and independently in a wide
variety of private, public, and
professional settings in the U.S.
Participants should also have
demonstrated leadership abilities and a
commitment to or participation in a
wider program including alumni
projects/affairs.
U.S. participants may include
individuals who act as hosts for the
foreign participants who come to the
United States, as well as professionals
from government and civil society
organizations with expertise relevant to
the project focus. While U.S.
participants are not required to have
foreign language ability or previous
country-specific experience, it is highly
recommended.
Applicants should strive to maximize
the number of participants and the
length of the U.S.-based program given
funding levels. Therefore, applicants
who engage public and private partners
for programming support, and employ
other creative techniques to increase or
stretch funding dollars will be deemed
more competitive than those that do not,
under the cost effectiveness and costsharing review criteria.
E:\FR\FM\11DEN1.SGM
11DEN1
]]>Agencies
[Federal Register Volume 74, Number 237 (Friday, December 11, 2009)]
[Notices]
[Pages 65817-65819]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-29524]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61116; File No. SR-FINRA-2009-080]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Proposed Rule Change To Adopt
FINRA Rule 4570 (Custodian of Books and Records) in the Consolidated
FINRA Rulebook
December 4, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``SEA'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that on November 17, 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, II, and III below, which Items have been 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 adopt NASD Rule 3121 (Custodian of the
Record) as FINRA Rule 4570 (Custodian of Books and Records) in the
consolidated FINRA rulebook with minor changes.
The text of the proposed rule change is below. Proposed new
language is italicized; proposed deletions are in brackets:
4500. BOOKS, RECORDS AND REPORTS
* * * * *
[3121]4570. Custodian of [the] Books and Records
A member who files a [Securities and Exchange Commission] Form BDW
shall designate on the Form BDW, as the custodian of the member's books
and records, a person associated with the
[[Page 65818]]
member at the time that the Form BDW is filed.
* * * * *
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
As part of the process of developing a new consolidated rulebook
(``Consolidated FINRA Rulebook''),\3\ FINRA is proposing to adopt NASD
Rule 3121 as FINRA Rule 4570 in the Consolidated FINRA Rulebook with
minor changes as described below.
---------------------------------------------------------------------------
\3\ 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 Information Notice, March 12, 2008 (Rulebook
Consolidation Process).
---------------------------------------------------------------------------
Background
SEA Rule 17a-4 requires members to retain their books and records
for specified retention periods.\4\ Pursuant to SEA Rule 17a-4(g), a
member that ceases doing business as a registered broker-dealer has a
continuing obligation to retain its required books and records for the
remainder of the specified retention periods.\5\
---------------------------------------------------------------------------
\4\ 17 CFR 240.17a-4.
\5\ 17 CFR 240.17a-4(g).
---------------------------------------------------------------------------
To that end, Form BDW (Uniform Request for Broker-Dealer
Withdrawal) requires that the member identify and provide the contact
information of the person who will have custody of the firm's books and
records after the firm has discontinued its business operations. The
form also requires that the firm provide the address where the books
and records will be located, if different than the custodian's address.
In addition, Form BDW provides that the firm and the person signing the
form on behalf of the firm must certify that the firm's books and
records will be preserved and made available for inspection.
NASD Rule 3121 requires a member to designate as the custodian of
its required books and records on Form BDW a person who is associated
with the firm at the time Form BDW is filed. The rule, which was
approved by the Commission in 2000,\6\ is intended to enhance FINRA's
ability to obtain required books and records from firms that are no
longer conducting business and to ensure that the custodian of the
books and records has been subject to certain background checks.\7\
There is no comparable Incorporated NYSE Rule.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 43102 (August 1,
2000), 65 FR 48266 (August 7, 2000) (Order Approving File No. SR-
NASD-99-76).
\7\ For example, associated persons who have custody of a
member's original books and records relating to securities or funds
are subject to the fingerprinting requirements of SEA Rule 17f-2 for
purposes of a criminal background check.
---------------------------------------------------------------------------
Proposal
FINRA proposes to adopt NASD Rule 3121 as FINRA Rule 4570 in the
Consolidated FINRA Rulebook, with only minor changes. Specifically,
NASD Rule 3121 currently states that a member must designate an
associated person ``as the custodian of the record''; FINRA proposes to
revise the text of the rule to reflect that the associated person is
designated ``as the custodian of the member's books and records,''
which is consistent with the terminology used in Form BDW. For similar
reasons, FINRA proposes to change the title of the rule from
``Custodian of the Record'' to ``Custodian of Books and Records.''
FINRA will announce the implementation date of the proposed rule
change in a Regulatory Notice to be published no later than 90 days
following Commission approval.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\8\ 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 will
further the purposes of the Act by, among other things, enhancing
FINRA's ability to obtain required books and records from member firms
that are no longer conducting business.
---------------------------------------------------------------------------
\8\ 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.
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
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, 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-2009-080 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-2009-080. 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
[[Page 65819]]
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-2009-080 and should be submitted on or before January 4, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-29524 Filed 12-10-09; 8:45 am]
BILLING CODE 8011-01-P
