Page:United States Statutes at Large Volume 124.djvu/1859

 124 STAT. 1833 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 916. STREAMLINING OF FILING PROCEDURES FOR SELF-REGU - LATORY ORGANIZATIONS. (a) FILING PROCEDURES.—Section 19(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)) is amended by striking paragraph (2) (including the undesignated matter immediately fol- lowing subparagraph (B)) and inserting the following: ‘‘(2) APPROVAL PROCESS.— ‘‘(A) APPROVAL PROCESS ESTABLISHED.— ‘‘(i) IN GENERAL.—Except as provided in clause (ii), not later than 45 days after the date of publication of a proposed rule change under paragraph (1), the Commission shall— ‘‘(I) by order, approve or disapprove the pro- posed rule change; or ‘‘(II) institute proceedings under subparagraph (B) to determine whether the proposed rule change should be disapproved. ‘‘(ii) EXTENSION OF TIME PERIOD.—The Commission may extend the period established under clause (i) by not more than an additional 45 days, if— ‘‘(I) the Commission determines that a longer period is appropriate and publishes the reasons for such determination; or ‘‘(II) the self-regulatory organization that filed the proposed rule change consents to the longer period. ‘‘(B) PROCEEDINGS.— ‘‘(i) NOTICE AND HEARING.—If the Commission does not approve or disapprove a proposed rule change under subparagraph (A), the Commission shall provide to the self-regulatory organization that filed the pro- posed rule change— ‘‘(I) notice of the grounds for disapproval under consideration; and ‘‘(II) opportunity for hearing, to be concluded not later than 180 days after the date of publica- tion of notice of the filing of the proposed rule change. ‘‘(ii) ORDER OF APPROVAL OR DISAPPROVAL.— ‘‘(I) IN GENERAL.—Except as provided in sub- clause (II), not later than 180 days after the date of publication under paragraph (1), the Commis- sion shall issue an order approving or disapproving the proposed rule change. ‘‘(II) EXTENSION OF TIME PERIOD.—The Commission may extend the period for issuance under clause (I) by not more than 60 days, if— ‘‘(aa) the Commission determines that a longer period is appropriate and publishes the reasons for such determination; or ‘‘(bb) the self-regulatory organization that filed the proposed rule change consents to the longer period. ‘‘(C) STANDARDS FOR APPROVAL AND DISAPPROVAL.— ‘‘(i) APPROVAL.—The Commission shall approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent Publication. Publication. Deadlines.