Page 460

with the requirements of this title and the rules and regulations issued under this title that are applicable to such organization. ‘‘(ii) DISAPPROVAL.—The Commission shall dis- approve a proposed rule change of a self-regulatory organization if it does not make a finding described in clause (i). Publication. ‘‘(iii) TIME FOR APPROVAL.—The Commission may not approve a proposed rule change earlier than 30 days after the date of publication under paragraph (1), unless the Commission finds good cause for so doing and publishes the reason for the finding. ‘‘(D) RESULT OF FAILURE TO INSTITUTE OR CONCLUDE PROCEEDINGS.—A proposed rule change shall be deemed to have been approved by the Commission, if— ‘‘(i) the Commission does not approve or disapprove the proposed rule change or begin proceedings under subparagraph (B) within the period described in subparagraph (A); or ‘‘(ii) the Commission does not issue an order approving or disapproving the proposed rule change under subparagraph (B) within the period described in subparagraph (B)(ii). ‘‘(E) PUBLICATION DATE BASED ON FEDERAL REGISTER Notice. PUBLISHING.—For purposes of this paragraph, if, after filing Deadline. a proposed rule change with the Commission pursuant Web posting. to paragraph (1), a self-regulatory organization publishes a notice of the filing of such proposed rule change, together with the substantive terms of such proposed rule change, on a publicly accessible website, the Commission shall thereafter send the notice to the Federal Register for publication thereof under paragraph (1) within 15 days of the date on which such website publication is made. If the Commission fails to send the notice for publication thereof within such 15 day period, then the date of publica- tion shall be deemed to be the date on which such website publication was made. ‘‘(F) RULEMAKING.— Deadline. ‘‘(i) IN GENERAL.—Not later than 180 days after Procedures. the date of enactment of the Investor Protection and Securities Reform Act of 2010, after consultation with other regulatory agencies, the Commission shall promulgate rules setting forth the procedural require- ments of the proceedings required under this para- graph. ‘‘(ii) NOTICE AND COMMENT NOT REQUIRED.—The rules promulgated by the Commission under clause (i) are not required to include republication of proposed rule changes or solicitation of public comment.’’. (b) CLARIFICATION OF FILING DATE.— (1) RULE OF CONSTRUCTION.—Section 19(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78s(b)) is amended by adding at the end the following: ‘‘(10) RULE OF CONSTRUCTION RELATING TO FILING DATE LAWS OF PROPOSED RULE CHANGES.— ‘‘(A) IN GENERAL.—For purposes of this subsection, the date of filing of a proposed rule change shall be deemedPUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00460 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203