On January 14th, the SEC published amendments to Section 19(b) of the Securities Exchange Act of 1934, which governs the handling of proposed rule changes submitted by self-regulatory organizations ("SROs"). In accordance with the Dodd-Frank Act, the amendments promulgate new Rules of Practice to formalize the process that the SEC will use when conducting proceedings to determine whether an SRO's proposed rule change should be disapproved under Section 19(b)(2) of the Exchange Act. The rule lays out the process by which the SEC will provide notice to the proposing entity and the public of proceedings to determine whether to disapprove an SRO rule change. The rule also summarizes the process that the proceedings will follow and explains circumstances in which the SEC may disapprove the proposed rule change. The new Rules of Practice will also govern proposed rules of the PCAOB. The new Rules of Practice will be effective upon publication in the Federal Register, which is expected during the week of January 24. SEC Release No. 34-63723.