SR-FINRA-2008-037

Proposed Rule Change to Amend NASD Rule 11890 (Clearly Erroneous Transactions)

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 amend NASD Rule 11890 (Clearly Erroneous Transactions) to extend the time limit that FINRA has to take action on a transaction under the rule; and clarify the circumstances under which FINRA initiates a review of a transaction.