Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change Relating to Promissory Note Proceedings, 9838-9840 [2011-3799]

Download as PDF 9838 Federal Register / Vol. 76, No. 35 / Tuesday, February 22, 2011 / Notices Agency name OF HOMELAND DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. DEPARTMENT OF THE INTERIOR DEPARTMENT OF JUSTICE .......... DEPARTMENT OF LABOR ............. SMALL BUSINESS ADMINISTRATION. DEPARTMENT OF STATE ............. DEPARTMENT OF THE TREASURY. Position title Authorization No. Centers for Medicare and Medicaid Services. DEPARTMENT SECURITY. Organization name Confidential Assistant, Centers for Medicare and Medicaid Services. Secretary Briefing Book Coordinator. DH110013 ............... 12/10/2010 DM110023 ............... 12/13/2010 Press Assistant ................... DM110026 ............... 12/13/2010 Special Assistant ................ Special Assistant ................ DM110028 ............... DM110030 ............... 12/13/2010 12/29/2010 Deputy Assistant Secretary for Strategic Communications. Staff Assistant ..................... 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Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change 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. U.S. Office of Personnel Management. John Berry, Director. [FR Doc. 2011–3794 Filed 2–18–11; 8:45 am] BILLING CODE 6325–39–P I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63909; File No. SR–FINRA– 2011–005] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change Relating to Promissory Note Proceedings mstockstill on DSKH9S0YB1PROD with NOTICES February 15, 2011. 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 February 4, 2011, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange 1 15 2 17 FINRA is proposing to amend Rule 13806 of the Code of Arbitration Procedure for Industry Disputes (‘‘Industry Code’’) to provide that FINRA will appoint a chair-qualified public arbitrator to a panel resolving a promissory note dispute instead of appointing a chair-qualified public arbitrator also qualified to resolve a statutory discrimination claim. The text of the proposed rule change is available on FINRA’s Web site at http://www.finra.org, at the principal office of FINRA, and at the Commission’s Public Reference Room. U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Mar<15>2010 16:51 Feb 18, 2011 Jkt 223001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 Effective date 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. 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 In 2009, FINRA implemented new procedures to expedite the administration of cases that solely involve a broker-dealer’s claim that an associated person failed to pay money owed on a promissory note.3 Under 3 See Securities Exchange Act Rel. No. 60132 (June 17, 2009), 74 FR 30191 (June 24, 2009) (File No. SR–FINRA–2009–015). FINRA announced implementation of New Rule 13806 (Promissory E:\FR\FM\22FEN1.SGM 22FEN1 Federal Register / Vol. 76, No. 35 / Tuesday, February 22, 2011 / Notices mstockstill on DSKH9S0YB1PROD with NOTICES these procedures, FINRA appoints a single chair-qualified public arbitrator from the roster of arbitrators approved to hear statutory discrimination claims (a statutory discrimination qualified arbitrator) 4 to resolve the dispute.5 These specially qualified arbitrators are public chair-qualified arbitrators who also are attorneys familiar with employment law and have at least ten years of legal experience. In addition, they may not have represented primarily the views of employers or of employees within the last five years. FINRA proposed using statutory discrimination qualified arbitrators because of the depth of their experience and their familiarity with employment law. At the time that FINRA filed the proposed rule change, these arbitrators were underutilized at the forum. Since implementing the new procedures, FINRA has found that promissory note cases do not require extensive experience or depth of knowledge (or the limitation on representation of employers or of employees within the last five years). In a majority of completed cases, arbitrators decided the case on the pleadings and the respondent broker did not appear.6 Experience with the new procedures leads FINRA to propose amending the Industry Code to provide that FINRA will appoint a chairqualified public arbitrator to a panel resolving a promissory note dispute instead of appointing a statutory discrimination qualified arbitrator. Chair-qualified arbitrators have completed chair training and are attorneys who have served through award on at least two cases, or, if not attorneys, are arbitrators who have served through award on at least three cases.7 In addition, the number of promissory note cases has more than doubled in the Note Proceedings) in Regulatory Notice 09–48. The effective date was September 14, 2009. 4 See Rule 13802(c)(3). 5 Under Rule 13806, if an associated person does not file an answer, or files an answer but does not assert any counterclaims or third party claims, regardless of the amount in dispute, a single statutory discrimination qualified arbitrator decides the case. If an associated person files a counterclaim or third party claim, FINRA bases panel composition on the amount of the counterclaim or third party claim. For counterclaims and third party claims that are not more than $100,000, FINRA appoints a single statutory discrimination qualified arbitrator. For counterclaims and third party claims of more than $100,000, FINRA appoints a threearbitrator panel comprised of a statutory discrimination qualified arbitrator, a public arbitrator, and a non-public arbitrator. 6 Of the first 175 promissory note cases completed, arbitrators decided the case on the pleadings 76 percent of the time (unless the case concluded by settlement or some other means). 7 See Rule 12400(c). VerDate Mar<15>2010 16:51 Feb 18, 2011 Jkt 223001 past two years. As a result of this substantial increase, it is becoming more difficult to appoint panels solely with statutory discrimination qualified arbitrators to these cases. Under the proposed rule change, the number of arbitrators available for appointment in promissory note cases would increase significantly. The proposed rule change would ensure that FINRA has a sufficient number of qualified arbitrators readily available to resolve these matters. FINRA proposes to announce the effective date of the proposed rule change in a Regulatory Notice to be published no later than 60 days following Commission approval. The effective date will be 30 days following publication of the Regulatory Notice announcing 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 is consistent with the provisions of the Act noted above because it would ensure that FINRA has a sufficient number of qualified arbitrators readily available to resolve promissory note cases. 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 45 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 8 15 PO 00000 U.S.C. 78o–3(b)(6). Frm 00100 Fmt 4703 Sfmt 4703 9839 organization consents, the Commission shall: (A) By order approve or disapprove 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–FINRA–2011–005 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–2011–005. 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 (http://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 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–2011–005 and E:\FR\FM\22FEN1.SGM 22FEN1 9840 Federal Register / Vol. 76, No. 35 / Tuesday, February 22, 2011 / Notices should be submitted on or before March 15, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–3799 Filed 2–18–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63910; File No. SR–FINRA– 2011–006] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change Relating to Motions in Arbitration February 15, 2011. 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 February 4, 2011, 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, 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. mstockstill on DSKH9S0YB1PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rules 12206, 12503, and 12504 of the Code of Arbitration Procedure for Customer Disputes, and Rules 13206, 13503, and 13504 of the Code of Arbitration Procedure for Industry Disputes (collectively, ‘‘Codes’’), to provide moving parties with a five-day period to reply to responses to motions. The text of the proposed rule change is available on FINRA’s Web site at http://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. The text of these 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Mar<15>2010 16:51 Feb 18, 2011 Jkt 223001 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 The Codes specify time periods for a party to respond to a motion,3 including a motion to dismiss.4 They do not expressly provide time periods for the party that made the original motion (the ‘‘moving party’’) to reply to a response, which happens on occasion. FINRA’s practice has been to forward the reply to the arbitrators, even when staff already have sent the motion and response to the arbitrators. Since the Codes do not prescribe a time period for replying to responses to motions, there have been instances where arbitrators reviewed the motion papers and even ruled on a motion before receiving a reply, causing confusion and wasting time. FINRA is proposing to amend Rules 12206 and 13206 (Time Limits), Rules 12503 and 13503 (Motions), and Rules 12504 and 13504 (Motions to Dismiss), to provide a moving party with a fiveday period to reply to a response to a motion. The proposed amendments would codify FINRA’s practice relating to replies to responses to motions and make it transparent. The proposal would provide parties with an opportunity to brief fully the issues in dispute, and ensure that arbitrators have all of the motion papers before issuing a final decision on the motion. FINRA considered whether codifying a reply period might encourage additional replies to responses to motions, or cause significant delays in the arbitration proceeding. FINRA believes that a five-day period for replies gives moving parties sufficient time to react to responses to motions without causing significant delays to proceedings. Currently, FINRA Rules 12512 and 13512 (Subpoenas) provide moving parties with a 10-day period in which to reply to opposing parties’ objections to motions. FINRA has not 3 Rules 12503(b) and 13503(b) (Responding to Motions) provide, generally, that parties have 10 days from the receipt of a written motion to respond to the motion. 4 Rules 12206(b) and 13206(b) (Dismissal under Rule) provide that parties have 30 days to respond to motions. Rules 12504(a) and 13504(a) (Motions to Dismiss Prior to Conclusion of Case in Chief) provide that parties have 45 days to respond to motions. PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 experienced any increase in replies related to subpoenas because of these rules and the 10-day reply period has not caused significant delays. Further, on June 21, 2010, FINRA revised its practice relating to responses to motions and published a Notice to Parties on its Web site stating that moving parties have five calendar days from receipt of a response to a motion to submit a reply to the response.5 After the five-day period, FINRA forwards the motion, any response to the motion, and any reply to the panel at the same time. If FINRA receives a reply after the fiveday period expires, staff forwards the reply to the panel upon its receipt. However, FINRA staff does not delay sending the motion, response to the motion, and reply to the panel after the five-day period expires, and the panel may issue a decision upon receipt of those documents. Based on our experience with the subpoena rules and our revised practice relating to replies to responses, FINRA does not expect the proposal to add a five-day period for replies to responses to motions to result in undue delays. FINRA proposes to announce the effective date of the proposed rule change in a Regulatory Notice to be published no later than 60 days following Commission approval. The effective date will be 30 days following publication of the Regulatory Notice announcing 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,6 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 assist parties in arbitrations by codifying FINRA’s practice relating to replies to responses to motions. The proposed rule change would ensure that parties have an opportunity to brief fully the issues in dispute, and that arbitrators have all of the motion papers before issuing a final decision on the motion. 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 5 See http://www.finra.org/ArbitrationMediation/ Parties/ArbitrationProcess/NoticesToParties/ P121652. 6 15 U.S.C. 78o–3(b)(6). E:\FR\FM\22FEN1.SGM 22FEN1

Agencies

[Federal Register Volume 76, Number 35 (Tuesday, February 22, 2011)]
[Notices]
[Pages 9838-9840]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-3799]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63909; File No. SR-FINRA-2011-005]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing of Proposed Rule Change Relating to 
Promissory Note Proceedings

February 15, 2011.
    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 February 4, 2011, 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, 
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 Rule 13806 of the Code of Arbitration 
Procedure for Industry Disputes (``Industry Code'') to provide that 
FINRA will appoint a chair-qualified public arbitrator to a panel 
resolving a promissory note dispute instead of appointing a chair-
qualified public arbitrator also qualified to resolve a statutory 
discrimination claim.
    The text of the proposed rule change is available on FINRA's Web 
site at http://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. 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
    In 2009, FINRA implemented new procedures to expedite the 
administration of cases that solely involve a broker-dealer's claim 
that an associated person failed to pay money owed on a promissory 
note.\3\ Under

[[Page 9839]]

these procedures, FINRA appoints a single chair-qualified public 
arbitrator from the roster of arbitrators approved to hear statutory 
discrimination claims (a statutory discrimination qualified arbitrator) 
\4\ to resolve the dispute.\5\ These specially qualified arbitrators 
are public chair-qualified arbitrators who also are attorneys familiar 
with employment law and have at least ten years of legal experience. In 
addition, they may not have represented primarily the views of 
employers or of employees within the last five years. FINRA proposed 
using statutory discrimination qualified arbitrators because of the 
depth of their experience and their familiarity with employment law. At 
the time that FINRA filed the proposed rule change, these arbitrators 
were underutilized at the forum.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Rel. No. 60132 (June 17, 2009), 
74 FR 30191 (June 24, 2009) (File No. SR-FINRA-2009-015). FINRA 
announced implementation of New Rule 13806 (Promissory Note 
Proceedings) in Regulatory Notice 09-48. The effective date was 
September 14, 2009.
    \4\ See Rule 13802(c)(3).
    \5\ Under Rule 13806, if an associated person does not file an 
answer, or files an answer but does not assert any counterclaims or 
third party claims, regardless of the amount in dispute, a single 
statutory discrimination qualified arbitrator decides the case. If 
an associated person files a counterclaim or third party claim, 
FINRA bases panel composition on the amount of the counterclaim or 
third party claim. For counterclaims and third party claims that are 
not more than $100,000, FINRA appoints a single statutory 
discrimination qualified arbitrator. For counterclaims and third 
party claims of more than $100,000, FINRA appoints a three-
arbitrator panel comprised of a statutory discrimination qualified 
arbitrator, a public arbitrator, and a non-public arbitrator.
---------------------------------------------------------------------------

    Since implementing the new procedures, FINRA has found that 
promissory note cases do not require extensive experience or depth of 
knowledge (or the limitation on representation of employers or of 
employees within the last five years). In a majority of completed 
cases, arbitrators decided the case on the pleadings and the respondent 
broker did not appear.\6\ Experience with the new procedures leads 
FINRA to propose amending the Industry Code to provide that FINRA will 
appoint a chair-qualified public arbitrator to a panel resolving a 
promissory note dispute instead of appointing a statutory 
discrimination qualified arbitrator. Chair-qualified arbitrators have 
completed chair training and are attorneys who have served through 
award on at least two cases, or, if not attorneys, are arbitrators who 
have served through award on at least three cases.\7\
---------------------------------------------------------------------------

    \6\ Of the first 175 promissory note cases completed, 
arbitrators decided the case on the pleadings 76 percent of the time 
(unless the case concluded by settlement or some other means).
    \7\ See Rule 12400(c).
---------------------------------------------------------------------------

    In addition, the number of promissory note cases has more than 
doubled in the past two years. As a result of this substantial 
increase, it is becoming more difficult to appoint panels solely with 
statutory discrimination qualified arbitrators to these cases. Under 
the proposed rule change, the number of arbitrators available for 
appointment in promissory note cases would increase significantly. The 
proposed rule change would ensure that FINRA has a sufficient number of 
qualified arbitrators readily available to resolve these matters.
    FINRA proposes to announce the effective date of the proposed rule 
change in a Regulatory Notice to be published no later than 60 days 
following Commission approval. The effective date will be 30 days 
following publication of the Regulatory Notice announcing 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 is 
consistent with the provisions of the Act noted above because it would 
ensure that FINRA has a sufficient number of qualified arbitrators 
readily available to resolve promissory note cases.
---------------------------------------------------------------------------

    \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 45 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 shall:
    (A) By order approve or disapprove 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-FINRA-2011-005 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-2011-005. 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 (http://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 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-2011-005 
and

[[Page 9840]]

should be submitted on or before March 15, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Cathy H. Ahn,
Deputy Secretary.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2011-3799 Filed 2-18-11; 8:45 am]
BILLING CODE 8011-01-P