
[Federal Register: September 3, 2010 (Volume 75, Number 171)]
[Notices]               
[Page 54210-54211]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03se10-113]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62798; File No. SR-FINRA-2010-032]

 
Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on Proposed Rule Change Relating to Clearly Erroneous 
Transactions

August 30, 2010.
    On June 17, 2010, the Financial Industry Regulatory Authority, Inc. 
(``FINRA'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) \1\ of the Securities 
Exchange Act of 1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ a 
proposed rule change to amend its rules to set forth clearer standards 
and curtail its discretion with respect to breaking erroneous trades.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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    Section 19(b)(2) of the Act \4\ provides that within thirty-five 
days of the publication of notice of the filing of a proposed rule 
change, or within such longer period as the Commission may designate up 
to ninety days of such date if it finds such longer period to be 
appropriate and publishes its reasons for so finding, the Commission 
shall either approve the proposed rule change or institute proceedings 
to determine whether the proposed rule change should be disapproved. 
The 35th day for this filing was August 2, 2010.\5\ The Commission had 
received an extension of time from FINRA until August 16, 2010.\6\ The 
Commission extended this time period until August 30, 2010.\7\ The 
Commission is again extending this time period.
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 62341 (June 21, 
2010), 75 FR 36756 (June 28, 2010).
    \6\ FINRA submitted through the Commission's Electronic Form 
19b-4 Filing System an extension of time period for Commission 
action through August 16, 2010.
    \7\ See Securities Exchange Act Release No. 62729 (August 16, 
2010), 75 FR 52384 (August 25, 2010).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider this proposed rule change, relating to the 
amendment of clearly erroneous execution rules to provide greater 
transparency and certainty to the process of breaking trades, and the 
comment letters that have been submitted in connection with the filing.

[[Page 54211]]

    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\8\ designates September 10, 2010, as the date by which the 
Commission should either approve or institute proceedings to determine 
whether to disapprove the proposed rule change.
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    \8\ 15 U.S.C. 78s(b)(2).

    By the Commission.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-22029 Filed 9-2-10; 8:45 am]
BILLING CODE 8011-01-P

