6234 Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 54307 

(August 11, 2006), 71 FR 47551 (August 17, 2006). 

6The expiration of the pilot period coincided 

with the expiration of the ADF pilot period. See 

Securities Exchange Act Release No. 53699 (April 

21, 2006), 71 FR 25271 (April 28, 2006). On January 

26, 2007, the Commission approved a proposed rule 

change to make the ADF rules permanent. See 

Securities Exchange Act Release No. 55181 (January 

26, 2007), 72 FR 5093 (February 2, 2007). 

7See Securities Exchange Act Release No. 55206 

(January 31, 2007), 72 FR 5479 (February 6, 2007). 

8See Securities Exchange Act Release No. 54715 

(November 6, 2006), 71 FR 66354 (November 14, 

2006); see also Securities Exchange Act Release No. 

54715A (November 14, 2006), 71 FR 67183 

(November 20, 2006) (correcting original approval 

order). 

9See Securities Exchange Act Release No. 55206 

(January 31, 2007), 72 FR 5479 (February 6, 2007). 

10 15 U.S.C. 78o–3(b)(6). 

SECURITIES AND EXCHANGE 

COMMISSION 

[(Release No. 34–57217; File No. SR–

FINRA–2008–003] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the Pilot 

Regarding the Use of Multiple MPIDs 

on the Trade Reporting Facilities and 

the Alternative Display Facility 

January 28, 2008. 

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 January 

18, 2008, the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

(f/k/a National Association of Securities 

Dealers, Inc. (‘‘NASD’’)) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been 

substantially prepared by FINRA. 

FINRA has filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(6) 

thereunder,4 which renders the proposal 

effective upon filing with the 

Commission. 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 NASD 

Rules 4613A and 5140 to extend 

through January 30, 2009, the current 

rules regarding the use of multiple 

Market Participant Symbols (‘‘MPIDs’’) 

on the Trade Reporting Facilities 

(‘‘TRFs’’) and the Alternative Display 

Facility (‘‘ADF’’). The text of the 

proposed rule change is available at 

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

office of FINRA, and 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 

(A) NASD Rule 4613A and IM–

4613A–1 

NASD Rule 4613A(b) (Character of 

Quotations) provides that a Registered 

Reporting ADF electronic 

communications network (‘‘ECN’’) may 

request additional MPIDs for displaying 

quotes and orders and reporting trades 

through the ADF trade reporting facility, 

the Trade Reporting and Comparison 

Service, for any ADF-Eligible Security. 

A Registered Reporting ADF ECN that is 

permitted the use of additional MPIDs 

for displaying quotes and orders is 

subject to the same rules applicable to 

the member’s first quotation (i.e., an 

ECN that displays one or more 

additional quotes/orders is required to 

comply with all rules applicable to 

ECNs in their display of quotes/orders). 

A Registered Reporting ADF ECN is also 

prohibited from using an additional 

MPID to accomplish indirectly what it 

is prohibited from doing directly 

through its Primary MPID. In addition, 

FINRA staff retains full discretion to 

determine whether a bona fide 

regulatory and/or business need exists 

for being granted an additional MPID 

and to limit or withdraw the additional 

MPID display privilege at any time. The 

procedures for requesting, and the 

restrictions surrounding the use of, 

multiple MPIDs are set forth in 

IM–4613A–1 (Procedures for Allocation 

of Multiple MPIDs). 

The Commission approved NASD 

Rule 4613A(b) and IM–4613A–1 on a 

pilot basis on August 11, 2006.5 By its 

terms, the initial pilot period expired on 

January 26, 2007.6 On January 31, 2007, 

the Commission approved a one-year 

extension of the pilot period until 

January 25, 2008.7 FINRA believes that 

an additional one-year extension until 

January 30, 2009, will provide 

additional time to analyze the use of 

multiple MPIDs on the ADF. FINRA is 

not proposing any other changes to the 

pilot as this time. 

(B) NASD Rule 5140 and IM–5140 

NASD Rule 5140 (Multiple MPIDs for 

Trade Reporting Facility Participants) 

provides that any Trade Reporting 

Facility Participant that wishes to use 

more than one MPID for purposes of 

reporting trades to a TRF must submit 

a written request to, and obtain approval 

from, NASD Operations for such 

additional MPIDs. In addition, IM–5140 

(Use of Multiple MPIDs) states that 

FINRA considers the issuance of, and 

trade reporting with, multiple MPIDs to 

be a privilege and not a right. A Trade 

Reporting Facility Participant must 

identify the purpose(s) and system(s) for 

which the multiple MPIDs will be used. 

If FINRA determines that the use of 

multiple MPIDs is detrimental to the 

marketplace, or that a Trade Reporting 

Facility Participant is using one or more 

additional MPIDs improperly or for 

other than the purpose(s) identified by 

the Participant, FINRA staff retains full 

discretion to limit or withdraw its grant 

of the additional MPID(s) to such Trade 

Reporting Facility Participant. FINRA 

believes that Rule 5140 and IM–5140 are 

necessary to consolidate the process of 

issuing, and tracking the use of, 

multiple MPIDs used to report trades to 

TRFs. 

The Commission approved NASD 

Rule 5140 on a pilot basis on November 

6, 2006.8 By its terms, the pilot period 

expired on January 26, 2007. On January 

31, 2007, the Commission approved a 

one-year extension of the pilot period 

until January 25, 2008.9 FINRA believes 

that an additional one-year extension 

until January 30, 2009, will provide 

additional time to analyze the use of 

multiple MPIDs on the TRFs. FINRA is 

not proposing any other changes to the 

pilot as this time. 

FINRA is proposing to implement the 

proposed rule change on January 25, 

2008. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,10 which 

requires, among other things, that 

FINRA rules be designed to prevent 

fraudulent and manipulative acts and 

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Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices 6235 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19–4(f)(6). In addition, Rule 19–

4(f)(6)(iii) requires that a self-regulatory 

organization submit to the Commission written 

notice of its intent to file the proposed rule change, 

along with a brief description and text of the 

proposed rule change, at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. FINRA has satisfied this requirement. 

13See supra notes 5 through 9. 

14For purposes only of waiving the 30-day preoperative period, the Commission has considered 

the impact of the proposed rule change on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

15 15 U.S.C. 78s(b)(3)(A). 16 17 CFR 200.30–3(a)(12). 

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 is consistent with these 

requirements because it will provide a 

process by which ECNs (in the case of 

the ADF) and Trade Reporting Facility 

Participants (in the case of TRFs) can 

request, and FINRA can properly 

allocate, the use of additional MPIDs for 

displaying quotes and orders through 

the ADF or reporting trades to a TRF. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will impose 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 

FINRA has neither solicited nor 

received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: 

(i) Significantly affect the protection 

of investors or the public interest; 

(ii) Impose any significant burden on 

competition; and 

(iii) Become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate, if consistent with the 

protection of investors and public 

interest, it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 11 and Rule 19b–4(f)(6) 

thereunder.12

FINRA has requested that the 

Commission waive the 30-day operative 

delay, which would make the rule 

change operative immediately upon 

filing with the Commission. The 

Commission believes waiving the 30- 

day operative date is consistent with the 

protection of investors and the public 

interest because the proposed rule 

change extends without interruption the 

benefits of a pilot program that the 

Commission approved and previously 

extended.13 Furthermore, the 

Commission agrees that extending the 

pilot for another year will provide 

additional time for FINRA to analyze 

the use of multiple MPIDs on the ADR. 

For these reasons, the Commission 

designates the proposal to be effective 

and operative upon filing with the 

Commission.14

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act.15

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–2008–003 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–FINRA–2008–003. 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–2008–003 and 

should be submitted on or before 

February 22, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Nancy M. Morris, 

Secretary. 

[FR Doc. E8–1850 Filed 1–31–08; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 6086] 

Bureau of Educational and Cultural 

Affairs (ECA) Request for Grant 

Proposals: The Rhythm RoadAmerican Music Abroad 

Announcement Type: New 

Cooperative Agreement. 

Funding Opportunity Number: ECA/ 

PE/C–CU–08–29. 

Catalog of Federal Domestic 

Assistance Number: 00.000. 

Key Dates: 

Application Deadline: March 20, 

2008. 

Executive Summary: The Cultural 

Programs Division in the Office of 

Citizen Exchanges in the Bureau of 

Educational and Cultural Affairs (ECA) 

announces an open competition for a 

cooperative agreement to administer 

The Rhythm Road-American Music 

Abroad program. The program will 

consist of up to ten tours for a selected 

number of professional American artists 

in jazz, urban music, and American 

roots music (e.g. country-western, 

bluegrass, zydeco, Cajun, etc.) The 

musicians selected for this program 

must demonstrate high artistic ability 

and be conversant with the broader 

aspects of contemporary American 

society and culture. Tours will include 

workshops, master classes, and outreach 

activities, in addition to concerts. 

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