SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed rule changes to NYSE Rule 472 and NASD Rule 2711, File Nos. SR-NYSE-2006-77 and SR-NASD-2006-112. The proposed changes would codify existing interpretive guidance relating to the self-regulatory organizations (SRO) rules and make nonsubstantive technical changes to clarify the intended meaning of the SRO rules.  SIFMA believes that changes that require member firms to conduct supervisory and review and approval of research reports by third parties will require greater scrutiny and consideration.