Page:United States Statutes at Large Volume 124.djvu/1861

 124 STAT. 1835 PUBLIC LAW 111–203—JULY 21, 2010 to be the date on which the Commission receives the pro- posed rule change. ‘‘(B) EXCEPTION.—A proposed rule change has not been received by the Commission for purposes of subparagraph (A) if, not later than 7 business days after the date of receipt by the Commission, the Commission notifies the self-regulatory organization that such proposed rule change does not comply with the rules of the Commission relating to the required form of a proposed rule change, except that if the Commission determines that the proposed rule change is unusually lengthy and is complex or raises novel regulatory issues, the Commission shall inform the self- regulatory organization of such determination not later than 7 business days after the date of receipt by the Commission and, for the purposes of subparagraph (A), a proposed rule change has not been received by the Commission, if, not later than 21 days after the date of receipt by the Commission, the Commission notifies the self-regulatory organization that such proposed rule change does not comply with the rules of the Commission relating to the required form of a proposed rule change.’’. (2) PUBLICATION.—Section 19(b)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)(1)) is amended by striking ‘‘upon’’ and inserting ‘‘as soon as practicable after the date of’’. (c) EFFECTIVE DATE OF PROPOSED RULES.—Section 19(b)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)(3)) is amended— (1) in subparagraph (A)— (A) by striking ‘‘may take effect’’ and inserting ‘‘shall take effect’’; and (B) by inserting ‘‘on any person, whether or not the person is a member of the self-regulatory organization’’ after ‘‘charge imposed by the self-regulatory organization’’; and (2) in subparagraph (C)— (A) by amending the second sentence to read as follows: ‘‘At any time within the 60-day period beginning on the date of filing of such a proposed rule change in accordance with the provisions of paragraph (1), the Commission sum- marily may temporarily suspend the change in the rules of the self-regulatory organization made thereby, if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this title.’’; (B) by inserting after the second sentence the following: ‘‘If the Commission takes such action, the Commission shall institute proceedings under paragraph (2)(B) to deter- mine whether the proposed rule should be approved or disapproved.’’; and (C) in the third sentence, by striking ‘‘the preceding sentence’’ and inserting ‘‘this subparagraph’’. (d) CONFORMING CHANGE.—Section 19(b)(4)(D) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)(4)(D)) is amended to read as follows: Time period. Deadlines. Notification.