[ by Howard Haykin ] FINRA has filed for immediate effectiveness to amend FINRA Rule 11892, Clearly Erroneous Transactions in Exchange-Listed Securities, which currently is scheduled to expire on 7/31/12, by extending the effective date of the pilot until 2/4/13, The pilot, established in 2010 under Rule Filing 10-32, was drafted in consultation with other SROs and SEC staff to provide for uniform treatment: (i) of clearly erroneous execution reviews in Multi-Stock Events involving 20 or more securities; and, (ii) in the event transactions occur that result in the issuance of an individual stock trading pause by the primary listing market and subsequent transactions that occur before the trading pause is in effect for transactions otherwise than on an exchange. FINRA implemented additional changes to the Rule as part of the pilot, so as to reduce the ability of FINRA to deviate from the objective standards set forth in the Rule.  The extension will allow for further assessment of the effect of the pilot on the marketplace, including whether additional measures should be added, whether parameters of the rule should be modified or whether other initiatives should be adopted in lieu of the current pilot.    [FINRA Rule Filing 12-38, 7/23/12]