Federal Register / Vol. 74, No. 78 / Friday, April 24, 2009 / Notices 18779 

favorable as possible under prevailing market 

conditions.’’ However, other FINRA rules also 

apply when handling customer orders. For 

example, NASD Rule 2440 and FINRA Rule 2010 

prohibit members from charging customers more 

than a fair commission or service charge, taking into 

consideration all relevant circumstances. If a 

member interposes a third party that charges a 

commission or service charge, the member must 

ensure that the total resulting commissions or 

service charges paid by the customer are fair. 

Consequently, unnecessarily interposing a third 

party in a transaction and passing on to a customer 

a fee charged by that third party would violate 

NASD Rule 2440 and FINRA Rule 2010. 

5 15 U.S.C. 78o–3(b)(6). 

6 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

However, interpositioning that is 

unnecessary or violates a member’s 

general best execution obligations— 

either because of unnecessary costs to 

the customer or improperly delayed 

executions—would still be prohibited. 

The effective date of the proposed 

rule change will be the date of 

Commission approval. FINRA will 

announce the approval in a Regulatory 

Notice within 30 days following 

Commission approval. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,5 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed rule change will allow for a 

determination of best execution to be 

based on all of the facts and 

circumstances surrounding an order 

rather than a singular focus on one 

aspect of the transaction. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve such proposed 

rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–FINRA–2007–024 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–FINRA–2007–024. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room, 100 F Street, NE., Washington, 

DC 20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

Copies of such filing also will be 

available for inspection and copying at 

the principal office of FINRA. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make publicly available. All 

submissions should refer to File 

Number SR–FINRA–2007–024 and 

should be submitted on or before May 

15, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–9374 Filed 4–23–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59784; File No. SR–FINRA– 

2009–019] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of 

Proposed Rule Change To Adopt 

FINRA Rules 1010 (Electronic Filing 

Requirements for Uniform Forms) and 

2263 (Arbitration Disclosure to 

Associated Persons Signing or 

Acknowledging Form U4) in the 

Consolidated FINRA Rulebook 

April 17, 2009. 

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 April 7, 

2009, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) (f/k/a 

National Association of Securities 

Dealers, Inc. (‘‘NASD’’)) 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 adopt, subject 

to certain amendments, NASD Rules 

1140 (Electronic Filing Rules) and 3080 

(Disclosure to Associated Persons When 

Signing Form U–4) as FINRA rules in 

the consolidated FINRA rulebook. The 

proposed rule change would renumber 

NASD Rule 1140 as FINRA Rule 1010 

(Electronic Filing Requirements for 

Uniform Forms) and NASD Rule 3080 as 

FINRA Rule 2263 (Arbitration 

Disclosure to Associated Persons 

Signing or Acknowledging Form U4) in 

the consolidated FINRA rulebook. 

mstockstill on PROD1PC66 with NOTICES

18780 Federal Register / Vol. 74, No. 78 / Friday, April 24, 2009 / Notices 

3The current FINRA rulebook consists of (1) 

FINRA Rules; (2) NASD Rules; and (3) rules 

incorporated from NYSE (‘‘Incorporated NYSE 

Rules’’) (together, the NASD Rules and Incorporated 

NYSE Rules are referred to as the ‘‘Transitional 

Rulebook’’). While the NASD Rules generally apply 

to all FINRA members, the Incorporated NYSE 

Rules apply only to those members of FINRA that 

are also members of the NYSE (‘‘Dual Members’’). 

The FINRA Rules apply to all FINRA members, 

unless such rules have a more limited application 

by their terms. For more information about the 

rulebook consolidation process, see FINRA 

Information Notice, March 12, 2008 (Rulebook 

Consolidation Process). 

4The Central Registration Depository (CRD®), 

which was developed jointly by FINRA and the 

North American Securities Administrators 

Association (NASAA), was first launched in 1981 

to centralize the registration process for the 

securities industry. Over the past two decades, the 

system has been expanded and modified 

extensively to meet the evolving needs of FINRA’s 

constituencies. CRD became an interactive, webbased registration system (Web CRD) on August 16, 

1999. See NASD Notice to Members 99–63 (August 

1999) (SEC Approves and Adopts Revised Forms 

and Electronic Filing Requirement; New Member 

Applicants Should Continue to File Paper Forms). 

5The initial Form BD is also a Uniform Form. 

However, it is filed with the new membership 

application, pursuant to NASD Rule 1013 (New 

Member Application and Interview). 

6See NASD Rule 1140(a) (requiring all forms 

required to be filed by Article IV, Sections 1 

(Application for Membership), 7 (Transfer and 

Termination of Membership), and 8 (Registration of 

Branch Office) and Article V, Sections 2 

(Application for Registration) and 3 (Notification by 

Member to the Corporation and Associated Person 

of Termination; Amendments to Notification) to be 

filed via electronic process or such other process as 

FINRA may prescribe); see also Securities Exchange 

Act Release No. 41575 (June 29, 1999), 64 FR 36728 

(July 7, 1999) (Order Approving File No. SR– 

NASD–99–28); NASD Notice to Members 99–63 

(August 1999) (informing members of revised Forms 

U4, U5, BD, and BDW and requirement that such 

forms and their amendments must be filed 

electronically pursuant to NASD Rule 1140). 

7NASD Rule 1140 also addresses the continued 

submission of paper fingerprint cards in the Web 

CRD electronic filing environment by requiring a 

member, upon electronically filing a Form U4, to 

promptly submit the fingerprint information for the 

person named in the Form U4. Pursuant to NASD 

Rule 1140, FINRA may make a registration effective 

pending receipt of the fingerprint card and also 

place a person in an inactive status if FINRA does 

not receive the fingerprint card within 30 days of 

the filing of a Form U4. 

8See Securities Exchange Act Release No. 41575 

(June 29, 1999), 64 FR 36728, 36729 (July 7, 1999) 

(Order Approving File No. SR–NASD–99–28) 

(specifically noting that members may use service 

bureaus to submit their electronic filings required 

by NASD Rule 1140 but noting that the members 

remain ultimately responsible for the timeliness 

and content of the filings). 

9Under the CRD system, the member submits the 

form on behalf of the associated person by typing 

the person’s name into the signature box on the 

electronic form. 

10 In February 2008, at FINRA’s request, the SEC 

staff issued a no-action letter regarding the ability 

of FINRA members to rely on Web CRD to satisfy 

their record retention requirements under SEA Rule 

17a–4 with respect to certain Forms U4, U5 and BR 

filed in Web CRD. See Letter from Thomas K. 

McGowan, Assistant Director, Division of Trading 

and Markets, SEC, to Richard E. Pullano, Associate 

Vice President and Chief Counsel, Registration and 

Disclosure, FINRA, dated February 19, 2008. In 

short, such relief extends to, among other things, 

Form U4 amendments that do not require the 

The text of the proposed rule change 

is available on FINRA’s Web site at 

http://www.finra.org, at the principal 

office of FINRA and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

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. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

As part of the process of developing 

a new consolidated rulebook 

(‘‘Consolidated FINRA Rulebook’’),3

FINRA is proposing to adopt, subject to 

certain amendments, NASD Rule 1140 

(Electronic Filing Rules) as new FINRA 

Rule 1010 (Electronic Filing 

Requirements for Uniform Forms) and 

NASD Rule 3080 (Disclosure to 

Associated Persons When Signing Form 

U–4) as new FINRA Rule 2263 

(Arbitration Disclosure to Associated 

Persons Signing or Acknowledging 

Form U4). The details of the proposed 

rule change are described below. 

Proposed FINRA Rule 1010 

Web CRD is an interactive, web-based 

registration system that maintains the 

qualification, employment and 

disclosure information, fingerprint 

requirements, registration fees and 

renewal fees for more than half a 

million registered persons.4 NASD Rule 

1140 supports the information reported 

to Web CRD by requiring each member 

to file its Forms U4, U5, BR, BDW, and 

BD amendments (referred to collectively 

as ‘‘Uniform Forms’’) 5 via electronic 

process or such other process as FINRA 

may prescribe to Web CRD.6 NASD Rule 

1140 also requires that the member 

retain and provide upon regulatory 

request every original, signed initial and 

transfer Form U4 that form the basis of 

the member’s electronically filed Forms 

U4 and every record of the member’s 

electronically filed initial and amended 

Forms U5.7

Additionally, NASD Rule 1140 

requires each member to identify a 

registered principal(s) or corporate 

officer(s) who has a position of authority 

over registration functions to be 

responsible for supervising the firm’s 

electronic filings. Also, the registered 

principal(s) or corporate officer(s) who 

has the responsibility to review and 

approve the electronically filed forms 

must acknowledge, electronically, that 

he is filing the information on behalf of 

the member and the member’s 

associated persons. Finally, the rule 

permits a member to use third-party 

providers to submit electronic filings; 

however, the member remains 

ultimately responsible for the timeliness 

and content of the filings.8

The proposed rule change amends 

these rule requirements in several 

respects. First, the proposed rule change 

codifies FINRA’s position that every 

initial and transfer electronic Form U4 

must be based on an original, manually 

signed Form U4 provided to the member 

by the person on whose behalf the Form 

U4 is being filed.9 While the current 

rule specifies that an electronic initial 

and transfer Form U4 must be based on 

a signed Form U4, it does not expressly 

state that such signatures be manual. 

FINRA believes it is important to have 

clear evidence of the associated person’s 

execution of the initial and transfer 

Form U4s, including his or her 

agreement to the attestations set forth in 

the form. 

Second, the proposed rule change 

modifies the signature requirement with 

respect to amendments to disclosure 

information in the Form U4. Currently, 

amendments to Form U4 that provide 

disclosure information must be signed 

by the associated person on whose 

behalf the filing is made. However, the 

new FINRA rule would permit a firm to 

file amendments to the Form U4 

disclosure information without 

obtaining the registered person’s manual 

signature if the firm uses reasonable 

efforts to (1) provide the registered 

person with a copy of the amended 

disclosure information prior to filing 

and (2) obtain the registered person’s 

written acknowledgment (which may be 

electronic) prior to filing that the 

information has been received and 

reviewed. The proposed rule change 

also requires a member, as part of its 

recordkeeping requirements, to retain 

the written acknowledgment in 

accordance with SEA Rule 17a-4(e)(1) 

and make it available promptly upon 

regulatory request.10

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 78 / Friday, April 24, 2009 / Notices 18781 

registered person’s signature. Because FINRA’s 

request for no-action relief excluded Form U4 

amendments that provide or update disclosure 

information (on the basis that such amendments 

required the registered person’s signature), FINRA 

sought clarification from SEC staff on the extent of 

the relief in light of the proposed rule change. The 

SEC staff has affirmed in a conversation with 

FINRA staff that, if the proposed rule change is 

approved, the no-action relief provided in the 

February 19, 2008 letter will extend to Form U4 

amendments that provide or update disclosure 

information that are submitted pursuant to the 

proposed rule change without obtaining the 

registered person’s manual signature. Telephone 

conversation between Thomas K. McGowan, 

Assistant Director, Division of Trading and Markets, 

SEC, and Patrice Gliniecki, Senior Vice President & 

Deputy General Counsel and Richard E. Pullano, 

Associate Vice President & Chief Counsel, 

Registration and Disclosure, FINRA, dated March 5, 

2009. 

11FINRA will consider future enhancements to 

the CRD system that may include incorporating a 

‘‘drop down’’ menu, or some substantially similar 

method for recording the reason the registered 

person has not acknowledged the filing, to assist 

firms in completing the signature section in these 

circumstances. 

12See Securities Exchange Act Release No. 41575 

(June 29, 1999), 64 FR 36728, 36729 n.7 (July 7, 

1999) (Order Approving File No. SR–NASD–99–28); 

see also Securities Exchange Act Release No. 37439 

(July 15, 1996), 61 FR 37950 (July 22, 1996) (Order 

Approving File No. SR–NASD–96–21). 

13This proposed change recognizes that recent 

technological improvements to FINRA’s 

fingerprinting plan permit members to submit 

fingerprints and identifying information to FINRA 

using either paper fingerprint cards or by 

electronically sending a digitized image of the 

fingerprints. See Securities Exchange Act Release 

No. 53751 (May 2, 2006), 71 FR 27299 (May 10, 

2006) (Order Approving [sic] NASD Fingerprint 

Plan). The document is entitled, ‘‘Declaration of 

Effectiveness of the Fingerprint Plan of the National 

Association of Securities Dealers, Inc.’’ 

14The proposed rule clarifies that initial and 

amendments to Forms U4 (and related 

acknowledgments) must be retained until at least 

three years after the registered person’s employment 

and any other connection with the member has 

terminated. See SEA Rule 17a–4(e)(1). In addition, 

initial and amendments to Forms U5 must be 

retained for at least three years, the first two years 

in an easily accessible place. See SEA Rule 17a–4. 

15The member is responsible for updating this 

item number on new disclosure statements if it 

changes in later versions of the Form U4. See 

Securities Exchange Act Release No. 42061 (October 

27, 1999), 64 FR 59815, 59817 n.11 (November 3, 

1999) (Order Approving File No. SR–NASD–99–08). 

16FINRA is proposing to renumber NASD Rule 

3110(f) as FINRA Rule 2268 (Requirements When 

Using Predispute Arbitration Agreements for 

Customer Accounts), a stand-alone rule in the 

disclosure section of the Consolidated FINRA 

Rulebook. See FINRA Regulatory Notice 08–25 

(May 2008) (Proposed Consolidated FINRA Rules 

Governing Books and Records Requirements). 

17See FINRA Rule 13201. 

Third, the proposed rule change 

clarifies that a member must submit 

disclosure information to [sic] which it 

has knowledge in those cases where the 

member is not able to obtain an 

associated person’s manual signature or 

written acknowledgment of the 

amendment. FINRA believes it is 

important to codify the firm’s obligation 

to submit such disclosure information, 

consistent with the obligation under 

Article V, Section 2 of the FINRA ByLaws that every Form U4 be kept 

current. Proposed supplementary 

material sets forth examples of reasons 

why a member may not be able to obtain 

the associated person’s manual 

signature or written acknowledgment. 

They include, but are not limited to, the 

associated person refusing to 

acknowledge the information in writing, 

being on active military duty, or 

otherwise being unavailable during the 

period provided for filing the 

amendment. In such instances, the 

proposed supplementary material 

instructs a member to enter 

‘‘Representative Refused to Sign/ 

Acknowledge’’ or ‘‘Representative Not 

Available’’ or a substantially similar 

entry in the signature box to the 

electronic form. This instruction is 

generally consistent with current 

practice in instances where an 

associated person is unable or 

unavailable to sign a disclosure 

information amendment.11

Fourth, the proposed rule change 

incorporates Web CRD’s current practice 

of permitting Form U4 administrative 

information to be amended without 

obtaining the associated person’s 

signature (manual or otherwise).12

Proposed supplementary material 

explains that such administrative 

information includes items such as the 

addition of state or self-regulatory 

organization registrations, exam 

scheduling, and updates to residential, 

business, and personal history. 

Fifth, the proposed rule change 

proposes supplementary material 

expressly permitting the registered 

principal(s) or corporate officer(s) who 

is responsible for supervising a firm’s 

electronic filings to delegate to another 

associated person (who need not be 

registered) the electronic filing of the 

member’s forms via Web CRD. The 

delegatee may also acknowledge, 

electronically, that he is making the 

filing on behalf of the member and the 

member’s associated person. The 

proposed supplementary material makes 

clear, however, that the principal(s) or 

corporate officer(s) may not delegate any 

of his or her supervision, review and 

approval responsibilities and must take 

reasonable and appropriate action to 

ensure that all delegated electronic 

filing functions are properly executed 

and supervised. 

Sixth, the staff proposes to retain, but 

relocate to supplementary material, the 

provision allowing firms to enter into 

third-party agreements for the electronic 

filing of the required forms. The 

supplementary material makes clear that 

the firm remains responsible for 

complying with the requirements of the 

rule. 

Finally, the staff proposes to make 

other technical changes, such as making 

clarifying rule cross-references, 

replacing the reference to fingerprint 

‘‘cards’’ with fingerprint 

‘‘information,’’ 13 and noting the 

applicable retention periods for the 

forms under SEA Rule 17a–4.14

Proposed FINRA Rule 2263 

NASD Rule 3080 (Disclosure to 

Associated Persons When Signing Form 

U4) requires members to provide each 

associated person, whenever the 

associated person is asked to sign a new 

or amended Form U4, with certain 

written disclosures regarding the nature 

and process of arbitration proceedings. 

The associated person agrees to be 

bound by this process upon signing a 

Form U4. The disclosures required by 

NASD Rule 3080 may be given by the 

same member firm to the same 

associated person on more than one 

occasion during that person’s 

employment, if the associated person 

has reason to re-sign the Form U4. 

NASD Rule 3080 does not address any 

private arbitration agreements that the 

associated person might enter into with 

the member firm. 

The disclosure language in NASD 

Rule 3080 explains that the Form U4 

contains a predispute arbitration clause, 

indicates in which Item of the Form U4 

the clause is located 15 and advises the 

associated person to read the predispute 

arbitration clause. Rule 3080 was 

modeled on the disclosure given to 

customers when signing predispute 

arbitration agreements with member 

firms, as contained in NASD Rule 

3110(f).16

Specifically, NASD Rule 3080 

provides that, before signing a Form U4, 

an associated person should understand 

the following (1) the associated person 

is giving up the right to sue a member, 

customer or another associated person 

in court, except as provided by the rules 

of the arbitration forum in which a 

claim is to be filed; (2) there is an 

exception to the arbitration requirement 

for claims of statutory employment 

discrimination 17 (such a claim may be 

arbitrated at FINRA only if the parties 

have agreed to arbitrate it); (3) 

arbitration awards are generally final 

and binding; (4) discovery is generally 

more limited in arbitration than in 

court; (5) arbitrators do not have to 

explain the reasons for their awards; (6) 

the panel of arbitrators may include 

either public or industry arbitrators; and 

mstockstill on PROD1PC66 with NOTICES

18782 Federal Register / Vol. 74, No. 78 / Friday, April 24, 2009 / Notices 

18See Securities Exchange Act Release No. 59358 

(Feb. 4, 2009), 74 FR 6928 (Feb. 11, 2009) (Order 

Approving File No. SR–FINRA–2008–051). 

19 15 U.S.C. 78o–3(b)(6). 20 17 CFR 200.30–3(a)(12). 

(7) the rules of some arbitration forums 

may impose time limits for bringing a 

claim in arbitration; in some cases, a 

claim that is ineligible for arbitration 

may be brought in court. 

The proposed rule change transfers 

NASD Rule 3080 into the Consolidated 

FINRA Rulebook as FINRA Rule 2263 

with several minor changes. First, the 

proposed rule change amends the 

current title ‘‘Disclosure to Associated 

Person When Signing Form U–4’’ to 

clarify that the rule relates to arbitration 

disclosures. Accordingly, the new 

proposed title is ‘‘Arbitration Disclosure 

to Associated Persons Signing or 

Acknowledging Form U4.’’ 

Second, proposed FINRA Rule 2263 

clarifies that a member must provide the 

required arbitration disclosures 

whenever a member asks an associated 

person, pursuant to proposed FINRA 

Rule 1010 (as described above), to 

manually sign an initial or amended 

Form U4, or to otherwise provide 

written (which may be electronic) 

acknowledgement of an amendment to 

the Form. 

Lastly, the proposed rule change 

updates the rule language to reflect 

recent amendments to FINRA’s Code of 

Arbitration Procedure requiring 

arbitrators to provide an explained 

decision to the parties in eligible cases 

if there is a joint request by all parties 

at least 20 days before the first 

scheduled hearing date.18

FINRA will announce the 

implementation date of the proposed 

rule change in a Regulatory Notice to be 

published no later than 90 days 

following Commission approval. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,19 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed changes to NASD Rule 1140 

will clarify and streamline the Form U4 

electronic filing and amendment 

requirements for both members and 

members’ associated persons, consistent 

with the goals of investor protection. 

FINRA also believes that the proposed 

changes to NASD Rule 3080 will clarify 

the required arbitration disclosures and 

when members must provide those 

disclosures to their associated persons. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve such proposed 

rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–FINRA–2009–019 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–FINRA–2009–019. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room, 100 F Street, NE., Washington, 

DC 20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

Copies of such filing also will be 

available for inspection and copying at 

the principal office of FINRA. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–FINRA–2009–019 and 

should be submitted on or before May 

15, 2009 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–9372 Filed 4–23–09; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Proposed Request and 

Comment Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law (Pub. L.) 104–13, the 

Paperwork Reduction Act of 1995, 

effective October 1, 1995. This notice 

includes revisions and extensions of 

OMB-approved Information Collections 

and a new collection. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize the burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, e-mail, or 

fax your comments and 

mstockstill on PROD1PC66 with NOTICES