Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to the Handling of Stop and Stop Limit Orders, 43620 [2012-18108]

Download as PDF 43620 Federal Register / Vol. 77, No. 143 / Wednesday, July 25, 2012 / Notices are satisfied. The Commission believes that the Exchange’s view is not unreasonable. In approving the proposed rule change, the Commission notes that in any instance in which a listed company relies on the Exception, the company’s board would continue to be required under the proposal to affirmatively determine that the director does not have any relationship which, in the opinion of the board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.22 The Commission further notes that a listed company is permitted to use the Exception only if its board, under exceptional and limited circumstances, determines that membership on the committee by the individual is required by the best interests of the company and its shareholders. Moreover, the Commission notes that any time an issuer relies on the Exception, it is required to make the public disclosures indicated above. Finally, the Commission believes that replacing the undefined term ‘‘officer’’ with the defined term ‘‘Executive Officer,’’ in keeping with the Exchange’s longstanding interpretation of its listing rules, clarifies the applicability of the listing rules. For the reasons discussed above, the Commission finds that the rule change is consistent with the Act. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,23 that the proposed rule change (SR–NASDAQ– 2012–062), be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–18106 Filed 7–24–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67471; File No. SR–FINRA– 2012–26] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to the Handling of Stop and Stop Limit Orders July 19, 2012. On May 24, 2012, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend FINRA’s rules relating to the handling of stop and stop limit orders. The proposed rule change was published for comment in the Federal Register on June 6, 2012.3 The Commission received four comment letters regarding the proposal.4 Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day from the publication of notice of filing of this proposed rule change is July 21, 2012. The Commission is extending the 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on this proposed rule change. In particular, extension of time will ensure the Commission has sufficient time to consider the Exchange’s proposal in U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 67085 (May 31, 2012), 77 FR 33537. 4 See Letters to Elizabeth M. Murphy, Secretary, Commission, from Ann L. Vlcek, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association, dated June 26, 2012; Gary J. Sjostedt, Director, Order Routing and Sales, TD Ameritrade, Inc., dated June 27, 2012; Virgil F. Liptak, dated July 3, 2012; and Christopher Nagy, President, KOR Trading LLC, dated July 9, 2012. The comment letters received by the Commission are available at https://www.sec.gov/ comments/sr-finra-2012-026/finra2012026.shtml. 5 15 U.S.C. 78s(b)(2). light of, among other things, the comments received on the proposal. The extension of time also will allow the Commission sufficient time to consider any responses to the comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 4, 2012, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, this proposed rule change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–18108 Filed 7–24–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67470; File No. SR– NYSEArca–2012–28] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings to Determine Whether To Approve or Disapprove a Proposed Rule Change to List and Trade Shares of the JPM XF Physical Copper Trust Pursuant to NYSE Arca Equities Rule 8.201 July 19, 2012. I. Introduction On April 2, 2012, NYSE Arca, Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares (‘‘Shares’’) of JPM XF Physical Copper Trust (‘‘Trust’’) pursuant to NYSE Arca Equities Rule 8.201. The proposed rule change was published for comment in the Federal Register on April 20, 2012.3 The Commission initially received one comment letter on the proposed rule change.4 On May 30, 2012, the 1 15 srobinson on DSK4SPTVN1PROD with NOTICES 2 17 22 See Nasdaq Rule 5605(a)(2). U.S.C. 78s(b)(2). 24 17 CFR 200.30–3(a)(12). 23 15 VerDate Mar<15>2010 17:49 Jul 24, 2012 Jkt 226001 PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 6 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Securities Exchange Act Release No. 66816 (April 16, 2012), 77 FR 23772 (‘‘Notice’’). 4 See letter from Vandenberg & Feliu, LLP (‘‘V&F’’), received May 9, 2012 (‘‘V&F Letter’’). The V&F Letter is available at https://www.sec.gov/ comments/sr-nysearca-2012-28/ nysearca201228.shtml. In a second comment letter, V&F identified itself as a U.S. law firm that represents RK Capital LLC, an international copper merchant, and four end-users of copper: Southwire Company, Encore Wire Corporation, Luvata, and 7 17 E:\FR\FM\25JYN1.SGM 25JYN1

Agencies

[Federal Register Volume 77, Number 143 (Wednesday, July 25, 2012)]
[Notices]
[Page 43620]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18108]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67471; File No. SR-FINRA-2012-26]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on Proposed Rule Change Relating to the Handling of 
Stop and Stop Limit Orders

July 19, 2012.
    On May 24, 2012, Financial Industry Regulatory Authority, Inc. 
(``FINRA'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend FINRA's rules relating to the handling of 
stop and stop limit orders. The proposed rule change was published for 
comment in the Federal Register on June 6, 2012.\3\ The Commission 
received four comment letters regarding the proposal.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 67085 (May 31, 
2012), 77 FR 33537.
    \4\ See Letters to Elizabeth M. Murphy, Secretary, Commission, 
from Ann L. Vlcek, Managing Director and Associate General Counsel, 
Securities Industry and Financial Markets Association, dated June 
26, 2012; Gary J. Sjostedt, Director, Order Routing and Sales, TD 
Ameritrade, Inc., dated June 27, 2012; Virgil F. Liptak, dated July 
3, 2012; and Christopher Nagy, President, KOR Trading LLC, dated 
July 9, 2012. The comment letters received by the Commission are 
available at https://www.sec.gov/comments/sr-finra-2012-026/finra2012026.shtml.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day from the publication of notice of filing of this proposed rule 
change is July 21, 2012. The Commission is extending the 45-day time 
period.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to take action on this proposed rule change. In 
particular, extension of time will ensure the Commission has sufficient 
time to consider the Exchange's proposal in light of, among other 
things, the comments received on the proposal. The extension of time 
also will allow the Commission sufficient time to consider any 
responses to the comments.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates September 4, 2012, as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, this proposed rule 
change.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-18108 Filed 7-24-12; 8:45 am]
BILLING CODE 8011-01-P
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