SR-FINRA-2007-038

Proposed Rule Change to Delay the Final Implementation Date of the Rule Changes Approved in SR-NASD-2005-146

Financial Industry Regulatory Authority, Inc. ("FINRA") (f/k/a National Association of Securities Dealers, Inc. ("NASD")) is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to delay the final implementation date of the rule changes approved in SR-NASD-2005-146, which is currently scheduled for January 14, 2008, until 60 days after Commission approval of SR-NASD-2007-041.