[Federal Register Volume 78, Number 49 (Wednesday, March 13, 2013)]
[Notices]
[Pages 15994-15995]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-05719]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69063; File No. SR-FINRA-2013-002]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Designation of Longer Period for Commission
Action on Proposed Rule Change To Amend FINRA Rule 2267 (Investor
Education and Protection)
March 7, 2013.
On January 7, 2013, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``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 Rule 2267 (Investor Education and
Protection) to require that members include a prominent description of
and link to FINRA BrokerCheck, as prescribed by FINRA, on their Web
sites, social media pages, and any comparable Internet presence, and on
Web sites, social media pages, and any comparable Internet presence
relating to a member's investment banking or securities business
maintained by or on behalf of any person associated with a member. The
proposed rule change was published for comment in the Federal Register
on January 25, 2013.\3\ The Commission received 24 comment letters on
the proposal.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 68700 (Jan. 18,
2013), 78 FR 5542.
\4\ See Letter from Charles Barker, dated January 29, 2013;
Letter from David M. Sobel, Esq., Abel/Noser Corp., dated January
30, 2013; Letter from Pamela Albanese, Legal Intern, and Christine
Lazaro, Esq., Acting Director, St. John's University School of Law,
Securities Arbitration Clinic, dated February 4, 2013; Letter from
Peter J. Chepucavage, General Counsel, Plexus Consulting Group, LLC,
dated February 6, 2013; Letter from Jonathan W. Evans and Michael S.
Edmiston, Jonathan W. Evans Associates, dated February 10, 2013;
Letter from Scott R. Shewan, Pape Shewan, LLP, dated February 11,
2013; Letter from David Neuman, Stoltmann Law Offices, dated
February 12, 2013; Letter from Barry D. Estell, dated February 12,
2013; Letter from Scott C. Ilgenfritz, President, Public Investors
Arbitration Bar Association, dated February 13, 2013; Letter from
Bert Savage, dated February 13, 2013; Letter from William A.
Jacobson, Esq., Associate Clinical Professor, Cornell Law School,
Director, Securities Law Clinic, and Alexander Wingate, Cornell Law
School, dated February 14, 2013; Letter from A. Heath Abshure,
President, North American Securities Administrators Association,
Inc., dated February 15, 2013; Letter from Robert J. McCarthy,
Director of Regulatory Policy, Wells Fargo Advisors, LLC, dated
February 15, 2013; Letter from Tamara K. Salmon, Senior Associate
Counsel, Investment Company Institute, dated February 15, 2013;
Letter from David T. Bellaire, Esq., Executive Vice President &
General Counsel, Financial Services Institute, dated February 15,
2013; Letter from Scott A. Eichhorn, Supervising Attorney, and
Julianne S. Bisceglia, Legal Intern, University of Miami School of
Law, Investor Rights Clinic, dated February 15, 2013; Letter from
Melissa MacGregor, Managing Director and Associate General Counsel,
Securities Industry and Financial Markets Association, dated
February 15, 2013; Letter from Brendan Daly, Legal and Compliance
Counsel, Commonwealth Financial Network, dated February 15, 2013;
Letter from James Cooper, Chief Operating Officer, Zions Direct,
dated February 15, 2013; Letter from Melissa Callison, Vice
President, Compliance, Charles Schwab & Co., Inc, dated February 15,
2013; Letter from James Smith, Chief Compliance Officer, BlackRock
Investments, LLC, Ned Montenecourt, Chief Compliance Officer,
BlackRock Capital Markets, LLC, BlackRock Execution Services, and
Joanne Medero, Managing Director, BlackRock, Inc., dated February
15, 2013; Letter from Clifford E. Kirsch and Eric A. Arnold,
Sutherland Asbill & Brennan LLP, for the Committee of Annuity
Insurers, dated February 15, 2013; Letter from Steven B. Caruso,
Maddox Hargett Caruso, P.C., dated February 16, 2013; and Letter
from Lisa Catalano, Esq., dated February 18, 2013.
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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
[[Page 15995]]
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 for this filing is March 11, 2013. The
Commission is extending this 45-day time period.
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\5\ 15 U.S.C. 78s(b)(2).
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The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change, the
comments received, and any response to the comments submitted by FINRA.
The proposed rule change would amend FINRA Rule 2267 to require that
members include a prominent description of and link to FINRA
BrokerCheck, as prescribed by FINRA, on their Web sites, social media
pages, and any comparable Internet presence, and on Web sites, social
media pages, and any comparable Internet presence relating to a
member's investment banking or securities business maintained by or on
behalf of any person associated with a member.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\6\ designates April 25, 2013, as the date by which the Commission
should either approve or disapprove or institute proceedings to
determine whether to disapprove the proposed rule change (File Number
SR-FINRA-2013-002).
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\6\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-05719 Filed 3-12-13; 8:45 am]
BILLING CODE 8011-01-P