Day Tradexchange Inc. (SYNJ)

[Dragonwing]

You're welcome and here's another summary

Rule 10b-17 under the Securities Exchange Act of 1934 (the “Act”) provides that the failure of an issuer to provide advance notice to regulatory authorities in connection with certain actions constitutes a manipulative or deceptive device or contrivance within the meaning of Section 10(b) of the Act.

Under Rule 10b-17(b)(1), an issuer must provide the National Association of Securities Dealers (now FINRA) with 10 calendar days advance notice of certain company-related actions.

FINRA’s part in this advance disclosure system has traditionally been ministerial in nature. After all, FINRA does not maintain listing standards, and it lacks direct formal jurisdiction over issuers.

Purportedly in response to a growing concern that FINRA’s company-related action processing services could be utilized to further fraudulent activities, Rule 6490, which became effective on September 27, 2010, clarifies and expands the role of FINRA in this process by providing for FINRA to become more active in the review of advance notice filings and by setting forth limited investigative powers, as well as by attaching fees and monetary penalties to the advance notification process.

Under Rule 6490, FINRA now has the authority to exercise discretion in reviewing notifications and to request additional documentation when necessary. Additionally, FINRA now has the authority to conduct detailed reviews of notifications and delay requests to announce company-related action on a case by case basis.

http://dodd-frank.com/newly-effective-rule-6490-gives-finra-a-larger-role-in-advance-notifications/