Federal Register / Vol. 73, No. 184 / Monday, September 22, 2008 / Notices 54653 

5Where the use of the term ‘‘allied member’’ in 

the Incorporated NYSE Rules denotes an 

individual’s status as a ‘‘control person’’ of a 

member organization, FINRA proposes to substitute 

‘‘allied member’’ with the newly-created category of 

‘‘principal executive.’’ 

6Supra note 4. 

7 Id. at 1. 

8 Id. at 2. 

9 Id. 

10 Id. 

11 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

12 15 U.S.C. 78o–3(b)(6). 

13See SR–NYSE–2008–80 (filed September 5, 

2008). 

14 Id. 

15 17 CFR 200.30–3(a)(12). 

several amendments to the Incorporated 

NYSE Rules. 

In some instances, FINRA proposes to 

harmonize inconsistencies between the 

Incorporated NYSE Rules and the NASD 

Rules. For example, FINRA proposes to 

delete the term ‘‘allied member’’ from 

the Incorporated NYSE Rules, as that 

concept has no direct FINRA analogue.5

Similarly, FINRA proposes to reposition the Incorporated NYSE Rules 

governing the closing-out of securities 

contracts (‘‘Buy-In Rules’’), combining 

NYSE Rules 283, 285, 286, 287, 288, 

289, and 290 in NYSE Rule 282. This 

proposed change would consolidate the 

NYSE Buy-In Rules into one rule, and 

would make NYSE Rule 282 more 

similar in format to the corresponding 

NASD rule. 

In other instances, FINRA proposes to 

rescind provisions of the Incorporated 

NYSE Rules that are substantively 

addressed by NASD Rules. For example, 

FINRA proposes to rescind NYSE Rule 

404, which regulates the carrying of 

accounts for customers by members, as 

that rule is duplicative of the FINRA 

Letter of Approval. Similarly, FINRA 

proposes to rescind NYSE Rule 446, 

which relates to business continuity and 

contingency plans, as that rule is nearly 

identical to NASD Rules 3510 and 3520. 

FINRA also proposes to delete certain 

NYSE Rules that are outdated, and that 

have no equivalent NASD rules. For 

example, FINRA proposes to rescind 

NYSE Rule 311(h), which prescribes the 

number of partners a member 

organization must have in order for that 

member to conduct business. There is 

no comparable NASD rule, and, 

according to FINRA, this rule no longer 

applies to members’ current business 

models. 

III. Summary of Comments 

The Commission received one 

comment letter in response to the 

proposed rule change.6 That commenter 

supported the proposed rule change, 

and urged that the Commission approve 

it as expeditiously as possible.7

However, that commenter also 

requested that the Commission, upon 

approving the proposed rule change, 

take steps to ensure that NYSE adopts 

conforming changes to its rulebook.8

According to the commenter, until the 

NYSE rulebook is conformed to the 

Incorporated NYSE Rules, Dual 

Members will be subject to the 

Incorporated NYSE Rules, the legacy 

NASD rules that currently form part of 

the FINRA rulebook, and the NYSE 

rules.9 The commenter stated that this 

would be ‘‘entirely inconsistent with 

one of the key benefits in the creation 

of FINRA.’’ 10

IV. Discussion and Commission 

Findings 

The Commission has reviewed the 

proposed rule change and finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

association 11 and, in particular, Section 

15A(b)(6) of the Act,12 which requires 

that FINRA have rules 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’s proposal provides greater 

harmonization between the 

Incorporated NYSE Rules and the NASD 

Rules. The amendments to the 

Incorporated NYSE Rules will reduce 

regulatory disparities, and will lessen 

the regulatory burden on Dual Members. 

Additionally, the concern articulated by 

the commenter has been effectively 

addressed by a recent NYSE filing.13 In 

SR–NYSE–2008–80, NYSE proposes to 

amend its rulebook to conform its rules 

to the Incorporated NYSE Rules.14

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act, that the 

proposed rule change (SR–FINRA– 

2008–036) be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–22012 Filed 9–19–08; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11418 and #11419] 

Louisiana Disaster Number LA–00019 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 3. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of Louisiana 

(FEMA–1786–DR), dated 09/02/2008. 

Incident: Hurricane Gustav. 

Incident Period: 09/01/2008 and 

continuing. 

Effective Date: 09/11/2008. 

Physical Loan Application Deadline 

Date: 11/03/2008. 

EIDL Loan Application Deadline Date: 

06/02/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: The notice 

of the Presidential disaster declaration 

for the State of Louisiana, dated 09/02/ 

2008 is hereby amended to include the 

following areas as adversely affected by 

the disaster: 

Primary Parishes: (Physical Damage and 

Economic Injury Loans): Calcasieu. 

All other parishes contiguous to the 

above named primary parish have 

previously been declared. 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Herbert L. Mitchell, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. E8–22023 Filed 9–19–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Disaster Declaration #11418 and 

#11419 

Louisiana Disaster Number LA–00019 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 4. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for the State of Louisiana 

(FEMA–1786–DR), dated 09/02/2008. 


sroberts on PROD1PC70 with NOTICES