Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Withdrawal of Proposed Rule Change To Modify Exchange Rule 3307 To Institute a Five Millisecond Delay in the Execution Time of Marketable Orders on NASDAQ OMX PSX, 55885 [2012-22218]
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Federal Register / Vol. 77, No. 176 / Tuesday, September 11, 2012 / Notices
Dated:September 7, 2012.
Kevin M. O’Neill,
Deputy Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2012–22446 Filed 9–7–12; 4:15 pm]
[Release No. 34–67784; File No. SR–FINRA–
2012–040]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67780; File No. SR–Phlx–
2012–106]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Withdrawal of Proposed Rule Change
To Modify Exchange Rule 3307 To
Institute a Five Millisecond Delay in the
Execution Time of Marketable Orders
on NASDAQ OMX PSX
September 5, 2012.
On August 9, 2012, NASDAQ OMX
PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 1 and Rule 19b–
4 thereunder,2 a proposed rule change
to institute a five millisecond delay in
the execution time of marketable orders
on NASDAQ OMX PSX. Notice of the
proposed rule change was published in
the Federal Register on August 23,
2012.3 The Commission received no
comments on the proposed rule change.
On August 30, 2012, Phlx withdrew the
proposed rule change (SR–Phlx–2012–
106).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.4
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–22218 Filed 9–10–12; 8:45 am]
BILLING CODE 8011–01–P
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change To Amend the
By-Laws of FINRA Dispute Resolution,
Inc. To Clarify That Services Provided
by Mediators Should Not Cause Them
To Be Classified as Industry Members
Under the By-Laws
September 5, 2012.
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 August
23, 2012, 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 prepared by FINRA. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to amend the ByLaws of FINRA Dispute Resolution, Inc.
(By-Laws) to clarify that services
provided by mediators, when acting in
such capacity and not representing
parties in mediation, should not cause
the individuals to be classified as
Industry Members under the By-Laws.
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.
srobinson on DSK4SPTVN1PROD with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 67680
(August 17, 2012), 77 FR 51073.
4 17 CFR 200.30–3(a)(12).
2 17
VerDate Mar<15>2010
19:10 Sep 10, 2012
Jkt 226001
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.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00092
Fmt 4703
Sfmt 4703
55885
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Background
FINRA believes that mediators who
are otherwise qualified should be
eligible to become Public Members of
the National Arbitration and Mediation
Committee (NAMC), a committee
appointed by the Board of Directors of
FINRA Dispute Resolution, Inc. (FINRA
DR). Currently, they cannot because of
the definitions of Industry Member 3
and Public Member 4 in the FINRA
Dispute Resolution By-Laws (By-Laws).
In a FINRA mediation, all parties
agree on the selection of a mediator,
agree on the compensation of the
mediator, and agree on how to allocate
the mediator’s compensation among the
parties. Thus, a mediator receives part
of the compensation in each case from
an industry party. However, for
mediations to which investors are
parties, mediators represent neither the
investors nor the FINRA-registered
individuals or entities. Similarly, for
mediations involving industry parties
only, mediators represent neither the
FINRA-registered individuals nor
entities. In both types of mediations,
FINRA believes that the revenue
mediators receive from FINRAregistered individuals or firms for their
mediation activity should not prevent
mediators from being classified as
Public Members under the By-Laws.
Pursuant to the Plan of Allocation and
Delegation of Functions by FINRA to
Subsidiaries (Delegation Plan), the
NAMC has the powers and authority
pursuant to FINRA’s Rules to advise the
FINRA DR Board on the development
and maintenance of an equitable and
efficient system of dispute resolution
that will equally serve the needs of
public investors and FINRA members,
to monitor rules and procedures
governing the conduct of dispute
resolution, and to have such other
powers and authority as is necessary to
effectuate the purposes of FINRA’s
Rules.5 The Delegation Plan provides
that the FINRA DR Board must appoint
the NAMC, whose membership must
3 See Dispute Resolution By-Laws, Article I(s)
(Definitions—Industry Member).
4 See Dispute Resolution By-Laws, Article I(x)
(Definitions—Public Member).
5 See Plan of Allocation and Delegation of
Functions by FINRA to Subsidiaries—NASD
Dispute Resolution, § III(C)(1)(b).
E:\FR\FM\11SEN1.SGM
11SEN1
]]>Agencies
[Federal Register Volume 77, Number 176 (Tuesday, September 11, 2012)]
[Notices]
[Page 55885]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-22218]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67780; File No. SR-Phlx-2012-106]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Withdrawal of Proposed Rule Change To Modify Exchange Rule 3307 To
Institute a Five Millisecond Delay in the Execution Time of Marketable
Orders on NASDAQ OMX PSX
September 5, 2012.
On August 9, 2012, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to institute a
five millisecond delay in the execution time of marketable orders on
NASDAQ OMX PSX. Notice of the proposed rule change was published in the
Federal Register on August 23, 2012.\3\ The Commission received no
comments on the proposed rule change. On August 30, 2012, Phlx withdrew
the proposed rule change (SR-Phlx-2012-106).
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 67680 (August 17,
2012), 77 FR 51073.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\4\
---------------------------------------------------------------------------
\4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-22218 Filed 9-10-12; 8:45 am]
BILLING CODE 8011-01-P
