On November 2nd, the SEC published a proposed program for the allocation of regulatory responsibilities relating to Regulation NMS Rules. FINRA would assume examination and enforcement responsibility relating to Regulation NMS compliance by those who are members of both FINRA and a participating exchange. Covered Regulation NMS Rules would not include the application of any rule of a participating exchange or FINRA, or any rule or regulation under the Exchange Act, to the extent that it pertains to violations of insider trading activities, because such matters are covered by a separate multiparty agreement. The participating exchanges and FINRA would retain full responsibility for surveillance and enforcement with respect to trading activities or practices involving its own marketplace. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of November 8. SEC Release No. 34-63230.