Document ID: SEC-2019-0871-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Financial Industry Regulatory Authority, Inc.
Posted Date: 2019-06-18T04:00Z

[Federal Register Volume 84, Number 117 (Tuesday, June 18, 2019)]
[Notices]
[Pages 28371-28372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12785]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86091; File No. SR-FINRA-2019-012]

Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on a Proposed Rule Change To Amend FINRA Rule 5110 
(Corporate Financing Rule--Underwriting Terms and Arrangements) To Make 
Substantive, Organizational and Terminology Changes

June 12, 2019.
    On April 11, 2019, 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 amend FINRA Rule 5110 (Corporate Financing 
Rule--Underwriting Terms and Arrangements) (the ``Rule'') to make 
substantive, organizational and terminology changes to the Rule. The 
proposed rule change was published for comment in the Federal Register 
on May 1, 2019.\3\ The Commission has received six 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. 85715 (April 25, 
2019), 84 FR 18592.
    \4\ See Letter from Suzanne Rothwell, Managing Member, Rothwell 
Consulting LLC, to Secretary, Commission, dated May 14, 2019; letter 
from Stuart J. Kaswell, Esq., to Vanessa Countryman, Acting 
Director, Commission, dated May 17, 2019; letter from Eversheds 
Sutherland (US) LLP, on behalf of the Committee of Annuity Insurers, 
to Brent J. Fields, Secretary, Commission, dated May 21, 2019; 
letter from Aseel Rabie, Managing Director and Associate General 
Counsel, Securities Industry and Financial Markets Association, to 
Vanessa Countryman, Acting Secretary, Commission, dated May 30, 
2019; letter from Robert E. Buckholz, Chair, Federal Regulation of 
Securities Committee, ABA Business Law Section, American Bar 
Association, to Vanessa Countryman, Acting Secretary, Commission, 
dated May 30, 2019; letter from Davis Polk & Wardwell LLP, to 
Vanessa Countryman, Acting Secretary, Commission, dated June 5, 
2019.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
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 find 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 after publication of the notice for this proposed rule change 
is June 15, 2019. 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 it 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.\6\
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    \6\ Also, by letter dated June 6, 2019, FINRA consented to 
extending to July 30, 2019 the time period for Commission action on 
SR-FINRA-2019-012. See http://www.finra.org/sites/default/files/rule_filing_file/SR-FINRA-2019-012-Extension1.pdf.
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates July 30, 2019, as the date by which the Commission 
shall either approve or disapprove, or institute proceedings to 
determine whether to

[[Page 28372]]

disapprove, the proposed rule change (File No. SR-FINRA-2019-012).
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-12785 Filed 6-17-19; 8:45 am]
BILLING CODE 8011-01-P