The Securities and Exchange Commission ("Commission") is amending its rules to delegate authority to the Director of the Division of Trading and Markets ("Division") to disapprove a proposed rule change pursuant to Section 19(b) of the Securities Exchange Act of 1934 ("Exchange Act"); to temporarily suspend a proposed rule change of a self-regulatory organization ("SRO"); to notify an SRO that a proposed rule change does not comply with the rules of the Commission relating to the required form of a proposed rule change; and to determine that a proposed rule change is unusually lengthy and complex or raises novel regulatory issues and to inform the SRO of such determination. In addition, the Commission is amending its rules to delegate authority to the Director of the Division ("Director") to determine the appropriateness of extending the time periods specified in Section 19(b) and publish the reasons for such determination as well as to effect any such extension; to update the references to proceedings to determine whether to disapprove a proposal and to provide to the SRO notice of the grounds for disapproval under consideration; to find good cause to approve a proposal on an accelerated basis and to publish the reasons for such determination; and to extend the period for consideration of a national market system plan or an amendment to such plan. This delegation is intended to conserve Commission resources and to increase the effectiveness and efficiency of the Commission's SRO rule filing process.