Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Online Filing of Arbitration Claims, 62901-62902 [2010-25625]

Download as PDF Federal Register / Vol. 75, No. 197 / Wednesday, October 13, 2010 / Notices 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: [FR Doc. 2010–25624 Filed 10–12–10; 8:45 am] Electronic Comments BILLING CODE 8011–01–P • 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–ISE–2010–100 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. mstockstill on DSKH9S0YB1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63046; File No. SR–FINRA– 2010–050] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Online Filing of Arbitration Claims October 5, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Number SR–ISE–2010–100. This file notice is hereby given that on number should be included on the September 27, 2010, the Financial subject line if e-mail is used. To help the Industry Regulatory Authority, Inc. Commission process and review your (‘‘FINRA’’) filed with the Securities and comments more efficiently, please use Exchange Commission (‘‘SEC’’ or only one method. The Commission will ‘‘Commission’’) the proposed rule post all comments on the Commission’s change as described in Items I and II Internet Web site (https://www.sec.gov/ below, which Items have been prepared rules/sro/shtml). Copies of the substantially by FINRA. FINRA has designated the proposed rule change as submission, all subsequent constituting a ‘‘non-controversial’’ rule amendments, all written statements change under paragraph (f)(6) of Rule with respect to the proposed rule 19b–4 under the Act,3 which renders change that are filed with the the proposal effective upon receipt of Commission, and all written this filing by the Commission. The communications relating to the Commission is publishing this notice to proposed rule change between the Commission and any person, other than solicit comments on the proposed rule change from interested persons. those that may be withheld from the I. Self-Regulatory Organization’s public in accordance with the Statement of the Terms of Substance of provisions of 5 U.S.C. 552, will be the Proposed Rule Change available for Web site viewing and printing in the Commission’s Public FINRA is proposing to amend Rules Reference Room, 100 F Street, NE., 12302 and 13302 of the Customer and Washington, DC 20549, on official Industry Codes of Arbitration business days between the hours of 10 Procedure, respectively (‘‘Codes’’) to update the rules relating to online filing a.m. and 3 p.m. Copies of such filing will also be available for inspection and of arbitration claims. The text of the proposed rule change copying at the principal office of the is available on FINRA’s Web site at Exchange. All comments received will https://www.finra.org, at the principal be posted without change; the office of FINRA and at the Commission does not edit personal Commission’s Public Reference Room. identifying information from submissions. You should submit only II. Self-Regulatory Organization’s Statement of the Purpose of, and information that you wish to make Statutory Basis for, the Proposed Rule available publicly. All submissions Change should refer to File No. SR–ISE–2010– 100 and should be submitted on or In its filing with the Commission, before November 3, 2010. FINRA included statements concerning 14 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 1 15 VerDate Mar<15>2010 17:22 Oct 12, 2010 Jkt 223001 PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 62901 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 To initiate an arbitration claim at FINRA, a claimant files a signed and dated Submission Agreement, a Statement of Claim that specifies the relevant facts and remedies requested, and any additional documents supporting the Statement of Claim (‘‘initial documents’’). The claimant may file in hard copy, submitting enough copies of each of the initial documents for the Director, each arbitrator, and each other party. As an alternative, FINRA Rules 12302 and 13302 provide that a claimant may use the Online Arbitration Claim Filing system (‘‘System’’) to complete part of the claim filing process through the Internet. The rules state that the claimant completes a Claim Information Form online, and submits a Statement of Claim (along with supporting documents) electronically through the System. Once the Claim Information Form is complete, the System generates a FINRA Dispute Resolution Tracking Form (‘‘Tracking Form’’) for the claimant to reproduce. The claimant then files, in hard copy, the Tracking Form and any materials not submitted electronically. When a claimant files electronically, FINRA makes copies of the documents submitted through the System for the arbitrators and the other parties in the case. Recently, FINRA implemented programming enhancements that allow claimants to file all of the initial documents electronically if they file through the System. FINRA is proposing to make technical, non-substantive amendments to Rules 12302 and 13302 to update the rule language to reflect that claimants may file all of the initial documents electronically. If the SEC approves the proposed rule change, FINRA would continue to permit claimants to file their claims in hard copy. The proposed rule change specifies that if a claimant does not elect to file electronically, the claimant would be required to file enough copies of the initial documents for the Director, each arbitrator and each other party. E:\FR\FM\13OCN1.SGM 13OCN1 62902 Federal Register / Vol. 75, No. 197 / Wednesday, October 13, 2010 / Notices IV. Solicitation of Comments The System’s User Guide explains, in detail, the methods for filing a claim. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,4 which requires, among other things, that the rules of a national securities association 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 assist in the efficient administration of arbitrations by updating the relevant rule language to reflect that claimants may file all of the initial documents electronically through the System. FINRA believes these technical, nonsubstantive amendments will enhance the Codes by making them easier to understand and apply. 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. mstockstill on DSKH9S0YB1PROD 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 5 and Rule 19b– 4(f)(6) thereunder.6 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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. 78o–3(b)(6). U.S.C. 78s(b)(3)(A). 6 17 CFR 240.19b–4(f)(6). 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–2010–050 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63052; File No. SR–BX– 2010–067] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend BX Rule 4751 To Include Order Collar Functionality October 6, 2010. 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 October 1, 2010, NASDAQ OMX BX, Inc. (the ‘‘Exchange’’ or ‘‘BX’’) filed with the Securities and Exchange Commission Paper Comments (‘‘Commission’’) the proposed rule change as described in Items I and II • Send paper comments in triplicate below, which Items have been prepared to Elizabeth M. Murphy, Secretary, by the Exchange. The Exchange has Securities and Exchange Commission, designated the proposed rule change as 100 F Street, NE., Washington, DC constituting a non-controversial rule 20549–1090. change under Rule 19b–4(f)(6) under the All submissions should refer to File Act,3 which renders the proposal Number SR–FINRA–2010–050. This file effective upon filing with the Commission. The Commission is number should be included on the subject line if e-mail is used. To help the publishing this notice to solicit comments on the proposed rule change Commission process and review your from interested persons. comments more efficiently, please use only one method. The Commission will I. Self-Regulatory Organization’s post all comments on the Commission’s Statement of the Terms of Substance of Internet Web site (https://www.sec.gov/ the Proposed Rule Change rules/sro.shtml). Comments are also The exchange proposes to amend BX available for Web site viewing and Rule 4751 to include Order Collar printing in the Commission’s Public functionality that cancels any portion of Reference Room, 100 F Street, NE., any Unpriced orders (also known as Washington, DC 20549, on official market orders) submitted to the business days between the hours of 10 Exchange that would execute at a price a.m. and 3 p.m. Copies of such filing that is more than $0.25 or 5 percent also will be available for inspection and worse than the national best bid and copying at the principal office of offer at the time the order initially FINRA. All comments received will be reaches the Exchange, whichever is posted without change; the Commission greater. The text of the proposed rule does not edit personal identifying change is available at https:// information from submissions. You nasdaqomxbx.cchwallstreet.com, at BX’s principal office, and at the should submit only information that you wish to make available publicly. All Commission’s Public Reference Room. submissions should refer to File II. Self-Regulatory Organization’s Number SR–FINRA–2010–050 and Statement of the Purpose of, and should be submitted on or before Statutory Basis for, the Proposed Rule November 3, 2010. Change For the Commission, by the Division of In its filing with the Commission, the Trading and Markets, pursuant to delegated Exchange included statements authority.7 concerning the purpose of and basis for Florence E. Harmon, the proposed rule change and discussed any comments it received on the Deputy Secretary. proposed rule change. The text of these [FR Doc. 2010–25625 Filed 10–12–10; 8:45 am] statements may be examined at the BILLING CODE 8011–01–P places specified in Item IV below. The 4 15 1 15 5 15 2 17 VerDate Mar<15>2010 17:22 Oct 12, 2010 7 17 Jkt 223001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). CFR 200.30–3(a)(12). Frm 00148 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM 13OCN1

Agencies

[Federal Register Volume 75, Number 197 (Wednesday, October 13, 2010)]
[Notices]
[Pages 62901-62902]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-25625]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63046; File No. SR-FINRA-2010-050]


 Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of 
Proposed Rule Change Relating to Online Filing of Arbitration Claims

October 5, 2010.
    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 September 27, 2010, the Financial Industry Regulatory Authority, 
Inc. (``FINRA'') 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 substantially 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 Rules 12302 and 13302 of the Customer 
and Industry Codes of Arbitration Procedure, respectively (``Codes'') 
to update the rules relating to online filing of arbitration claims.
    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
    To initiate an arbitration claim at FINRA, a claimant files a 
signed and dated Submission Agreement, a Statement of Claim that 
specifies the relevant facts and remedies requested, and any additional 
documents supporting the Statement of Claim (``initial documents''). 
The claimant may file in hard copy, submitting enough copies of each of 
the initial documents for the Director, each arbitrator, and each other 
party. As an alternative, FINRA Rules 12302 and 13302 provide that a 
claimant may use the Online Arbitration Claim Filing system 
(``System'') to complete part of the claim filing process through the 
Internet. The rules state that the claimant completes a Claim 
Information Form online, and submits a Statement of Claim (along with 
supporting documents) electronically through the System. Once the Claim 
Information Form is complete, the System generates a FINRA Dispute 
Resolution Tracking Form (``Tracking Form'') for the claimant to 
reproduce. The claimant then files, in hard copy, the Tracking Form and 
any materials not submitted electronically. When a claimant files 
electronically, FINRA makes copies of the documents submitted through 
the System for the arbitrators and the other parties in the case.
    Recently, FINRA implemented programming enhancements that allow 
claimants to file all of the initial documents electronically if they 
file through the System. FINRA is proposing to make technical, non-
substantive amendments to Rules 12302 and 13302 to update the rule 
language to reflect that claimants may file all of the initial 
documents electronically.
    If the SEC approves the proposed rule change, FINRA would continue 
to permit claimants to file their claims in hard copy. The proposed 
rule change specifies that if a claimant does not elect to file 
electronically, the claimant would be required to file enough copies of 
the initial documents for the Director, each arbitrator and each other 
party.

[[Page 62902]]

The System's User Guide explains, in detail, the methods for filing a 
claim.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\4\ which requires, among 
other things, that the rules of a national securities association 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 assist in the efficient administration of 
arbitrations by updating the relevant rule language to reflect that 
claimants may file all of the initial documents electronically through 
the System. FINRA believes these technical, non-substantive amendments 
will enhance the Codes by making them easier to understand and apply.
---------------------------------------------------------------------------

    \4\ 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

    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 \5\ and Rule 19b-
4(f)(6) thereunder.\6\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend 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-2010-050 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-2010-050. 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). Comments are also available for Web site viewing and 
printing 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-2010-050 and should be 
submitted on or before November 3, 2010.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-25625 Filed 10-12-10; 8:45 am]
BILLING CODE 8011-01-P
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