Document ID: SEC-2013-0491-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Financial Industry Regulatory Authority, Inc.
Posted Date: 2013-03-13T04:00Z

[Federal Register Volume 78, Number 49 (Wednesday, March 13, 2013)]
[Notices]
[Pages 15994-15995]
From the Federal Register Online via the Government Printing 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