[Federal Register Volume 77, Number 143 (Wednesday, July 25, 2012)]
[Notices]
[Page 43620]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-18108]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67471; File No. SR-FINRA-2012-26]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on Proposed Rule Change Relating to the Handling of 
Stop and Stop Limit Orders

July 19, 2012.
    On May 24, 2012, 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's rules relating to the handling of 
stop and stop limit orders. The proposed rule change was published for 
comment in the Federal Register on June 6, 2012.\3\ The Commission 
received four comment letters regarding 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. 67085 (May 31, 
2012), 77 FR 33537.
    \4\ See Letters to Elizabeth M. Murphy, Secretary, Commission, 
from Ann L. Vlcek, Managing Director and Associate General Counsel, 
Securities Industry and Financial Markets Association, dated June 
26, 2012; Gary J. Sjostedt, Director, Order Routing and Sales, TD 
Ameritrade, Inc., dated June 27, 2012; Virgil F. Liptak, dated July 
3, 2012; and Christopher Nagy, President, KOR Trading LLC, dated 
July 9, 2012. The comment letters received by the Commission are 
available at http://www.sec.gov/comments/sr-finra-2012-026/finra2012026.shtml.
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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 from the publication of notice of filing of this proposed rule 
change is July 21, 2012. The Commission is extending the 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 this proposed rule change. In 
particular, extension of time will ensure the Commission has sufficient 
time to consider the Exchange's proposal in light of, among other 
things, the comments received on the proposal. The extension of time 
also will allow the Commission sufficient time to consider any 
responses to the comments.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates September 4, 2012, as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, this proposed rule 
change.
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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)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-18108 Filed 7-24-12; 8:45 am]
BILLING CODE 8011-01-P