2016-00469. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Establish Rules To Adopt FINRA Rule 6191(a) To Implement the Quoting ...

January 7, 2016.

On November 13, 2015, 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 to adopt FINRA Rule 6191(a) to implement the quoting and trading requirements of the Plan to Implement a Tick Size Pilot Program.^[3] The proposed rule change was published for comment in the Federal Register on November 25, 2015.^[4] The Commission has received two comment letters on the proposal.^[5]

Section 19(b)(2) of the Act ^[6] provides that, within 45 days of the publication of the 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 January 9, 2016.

The Commission is extending this 45-day time period. 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 proposal.

Accordingly, pursuant to Section 19(b)(2) of the Act,^[7] the Commission designates February 23, 2016, 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-2015-47).

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.⁸

Robert W. Errett,

Deputy Secretary.

Footnotes

1.  15 U.S.C. 78s(b)(1).

2.  17 CFR 240.19b-4.

3.  See Securities Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015) (order approving the Tick Size Pilot).

4.  See Securities Exchange Act Release No. 76483 (November 19, 2015), 80 FR 73853.

5.  See Letters from Mary Lou Von Kaenel, Managing Director, Financial Information Forum, dated December 16, 2015 and Theodore R. Lazo, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association, dated December 18, 2015, to Robert W. Errett, Deputy Secretary, Commission.

6.  15 U.S.C. 78s(b)(2).

7.  Id.

8.  17 CFR 200.30-3(a)(31).