Document ID: SEC-2011-0554-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Financial Industry Regulatory Authority, Inc.
Posted Date: 2011-04-14T04:00Z

[Federal Register Volume 76, Number 72 (Thursday, April 14, 2011)]
[Notices]
[Pages 21084-21085]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9048]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64283; File No. SR-FINRA-2011-012]

Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on Proposed Rule Change Relating to TRACE Reporting 
of Asset-Backed Securities

April 8, 2011.

I. Introduction

    On March 3, 2011, the 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 that would amend the FINRA Rule 6700 Series and 
FINRA Rule 7730 to prepare for the reporting of Asset-Backed Securities 
transactions to TRACE.\3\ The proposed rule change was published for 
comment in the Federal Register on March 21, 2011.\4\
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    \1\ 15 U.S.C. 78s(b)(2).
    \2\ 17 CFR 240.19b-4.
    \3\ On February 22, 2010, the Commission approved a proposed 
rule change that amends the FINRA Rule 6700 Series to define Asset-
Backed Securities as TRACE-Eligible Securities and to require 
members to report transactions in such securities to TRACE, and, 
concomitantly, FINRA Rule 7730, to establish reporting fees for 
transactions in such securities. See Securities Exchange Act Release 
No. 61566 (February 22, 2010), 75 FR 9262 (March 1, 2010) (Order 
Approving File No. SR-FINRA-2009-065) (``TRACE ABS filing'') and 
Regulatory Notice 10-23 (April 2010). The rule amendments in the 
TRACE ABS filing currently are anticipated to become effective on 
May 16, 2011. See Securities Exchange Act Release No. 63223 
(November 1, 2010), 75 FR 68654 (November 8, 2010) (Notice of Filing 
and Immediate Effectiveness of SR-FINRA-2010-054 to Extend the 
Implementation Period for SR-FINRA-2009-065); Regulatory Notice 10-
55 (October 2010) (establishing May 16, 2011 as the effective date).
    \4\ See Securities Exchange Act Release No. 64084 (March 16, 
2011), 76 FR 15352 (``Notice'').
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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 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 May 5, 2011.
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    \5\ 15 U.S.C. 78s(b)(1).

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[[Page 21085]]

    The Commission is hereby extending the 45-day period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change. The extension of time will ensure that the 
Commission has sufficient time to consider and take action on the 
Exchange's proposal.
    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act \6\ 
and for the reasons stated above, the Commission designates June 19, 
2011, 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 No. SR-FINRA-2011-012.
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    \6\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).

    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)(31).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-9048 Filed 4-13-11; 8:45 am]
BILLING CODE 8011-01-P