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[Federal Register Volume 76, Number 71 (Wednesday, April 13, 2011)]
[Notices]
[Page 20744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8916]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64264; File No. SR-FINRA-2011-008]

Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on Proposed Rule Change To Require Public Disclosure 
of Any Access or Post-Transaction Fees for Executions Against a Public 
Quotation in an OTC Equity Security

April 8, 2011.
    On February 18, 2011, the 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 require each member to disclose on its website 
any fees imposed against its published quotation in any OTC Equity 
Security, consistent with FINRA Rule 6450 (Restrictions on Access 
Fees). The proposed rule change was published for comment in the 
Federal Register on March 3, 2011.\3\ The Commission received two 
comments 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. 63960 (February 24, 
2011), 76 FR 11829 (``Notice'').
    \4\ See Letter from Daniel Zinn, General Counsel, OTC Markets 
Group, Inc., to Elizabeth M. Murphy, Secretary, Commission, dated 
March 22, 2011 (``OTC Markets Letter'') and letter from Kimberly 
Unger, Executive Director, The Security Traders Association of New 
York, Inc. to Elizabeth M. Murphy, Secretary, Commission, dated 
April 6, 2011 (``STANY Letter'').
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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 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 April 17, 2011.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is hereby extending the 45-day period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change. The extension of time will ensure that the 
Commission has sufficient time to consider and take action on FINRA's 
proposal in light of, among other things, the comments received on the 
proposal.
    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act \6\ 
and for the reasons stated above, the Commission designates May 25, 
2011, 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 No. SR-FINRA-2011-008.
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    \6\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-8916 Filed 4-12-11; 8:45 am]
BILLING CODE 8011-01-P
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