Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Fees for Non-NASD Members Using Nasdaq's INET Facility, 77220-77222 [E5-8053]
Download as PDF
77220
Federal Register / Vol. 70, No. 249 / Thursday, December 29, 2005 / Notices
wwhite on PROD1PC65 with NOTICES
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–BSE–2005–49 and should
be submitted on or before January 19,
2006.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.5 Specifically, the
Commission believes that the proposal
is consistent with Section 6(b)(5) of the
Act,6 which requires, among other
things, that the rules of national
securities exchange be designed to
prevent fraudulent and manipulative
practices, to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
The Commission notes that, on
account of enhancements to BOX’s
technology, BSE is proposing to allow
BOX to open trading in an options series
promptly following the opening of the
underlying security and to complete the
opening of all the classes in that series
without the existing mandated oneminute opening increments for each
class. The Exchange represents that the
absence of such specified intervals for
opening each class of options in a series
would allow the opening to be
completed within seconds, rather than
minutes. The Commission believes that
a faster opening should benefit investors
because it would allow them to begin
trading closer to the time of the opening
of the underlying security, thus
allowing investors to manage their risks
better as well as enhancing competition
among the options markets.
The Commission notes that the
proposal would also modify the
requirement regarding when BOX
Market Makers must begin quoting in
accordance with BOX minimum
standards. Specifically, the proposal
would require BOX Market Makers to
start quoting at the actual opening of the
market for the underlying security,
5 In approving this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
18:56 Dec 28, 2005
Jkt 208001
rather than one minute preceding the
scheduled opening of the market for the
underlying security. The Exchange
represents that BOX Market Maker
quotes are not needed until the actual
opening of the underlying security, and
that requiring Market Makers to quote at
the opening, rather than earlier, should
encourage BOX Market Makers to
provide tighter quotes.
The Commission finds good cause,
pursuant to Section 19(b)(2) of the Act,7
for approving the proposed rule change,
as amended, prior to the 30th day of the
date of publication of the notice thereof
in the Federal Register. The
Commission notes that the proposed
rule change seeks to provide a faster
opening on BOX. The Commission
believes that granting accelerated
approval to this proposal would allow
BOX to more quickly begin to conduct
faster openings, thus affording investors
the benefits that should flow from the
proposal sooner.8
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–BSE–2005–
49), as amended, is hereby approved on
an accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jonathan G. Katz,
Secretary.
[FR Doc. E5–8045 Filed 12–28–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53006; File No. SR–NASD–
2005–148]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Order Granting Accelerated Approval
of Proposed Rule Change Relating to
Fees for Non-NASD Members Using
Nasdaq’s INET Facility
December 22, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
7 15
U.S.C. 78s(b)(2).
Commission notes that Chapter V, Section
9 of the BOX Rules, which govern BOX’s opening
process, was approved as a pilot program scheduled
to expire on August 6, 2006. The proposed changes
to this rule in the instant filing, while modifying the
opening process, would not extend or otherwise
affect the duration of the pilot, which is scheduled
to end on August 6, 2006.
9 15 U.S.C. 78s(b)(2).
10 17 CFR 200.30–3(a)(12).
8 The
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
9, 2005, the National Association of
Securities Dealers, Inc. (‘‘NASD’’),
through its subsidiary, The Nasdaq
Stock Market, Inc. (‘‘Nasdaq’’), filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by Nasdaq. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons, and at
the same time is granting accelerated
approval of the proposed rule change.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to modify the
pricing for non-members using Nasdaq’s
INET Facility. Nasdaq requests approval
to implement the proposed rule change
retroactively to December 9, 2005. The
text of the proposed rule change is
below. Proposed new language is in
italics.
*
*
*
*
*
7010. System Services
(a)–(v)
No Change.
(w) INET System Order Execution
(1) No Change.
(2) The fees applicable to nonmembers using Nasdaq’s INET Facility
shall be the fees established for
members under Rule 7010(w), as
established by SR–NASD–2005–128 and
amended by SR–NASD–2005–147, and
as applied to non-members by SR–
NASD–2005–128 and SR–NASD–2005–
148.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item III below. Nasdaq has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
1 15
2 17
E:\FR\FM\29DEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
29DEN1
Federal Register / Vol. 70, No. 249 / Thursday, December 29, 2005 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In SR–NASD–2005–147,3 which
applies to NASD members, Nasdaq
modified the fee schedule for its INET
Facility. In this filing, Nasdaq is
proposing to apply the same
modification to non-NASD members
that use Nasdaq’s INET Facility. In
summary, SR–NASD–2005–147: (1)
Corrected the credit and fee schedule for
American Stock Exchange (‘‘Amex’’)
and New York Stock Exchange
(‘‘NYSE’’) order executions that were
incorrectly inverted in the original fee
schedule; (2) codified current INET fees
for orders executed as part of the
Nasdaq Opening or Closing Cross
Process; (3) codified current INET fee
practices of revenue sharing for Tape B
securities; (4) codified the current INET
fee structure governing connectivity and
terminal charges for its facilities; and (5)
established a new uniform, tiered feestructure for orders routed to the NYSE
through DOT. Nasdaq states that an
important objective of this proposal is to
ensure uniform treatment under NASD’s
rules of members and non-members
alike. Nasdaq requests that the
Commission approve this filing
retroactively as of December 9, 2005,
and that the approval be granted on an
accelerated basis.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 15A of the Act,4 in
general, and with Section 15A(b)(5) of
the Act,5 in particular, in that the
proposed rule change provides for the
equitable allocation of reasonable dues,
fees, and other charges among members
and issuers and other persons using any
facility or system which the NASD
operates or controls. Nasdaq states that
an important objective of this proposal
is to ensure uniform treatment under the
NASD’s rules of members and nonmembers alike.
wwhite on PROD1PC65 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
3 SR–NASD–2005–147, which Nasdaq filed with
the Commission on December 9, 2005, was effective
upon filing pursuant to Section 19(b)(3)(A)(ii) of the
Act and Rule 19b–4(f)(2) thereunder.
4 15 U.S.C. 78o–3.
5 15 U.S.C. 78o–3(b)(5).
VerDate Aug<31>2005
18:56 Dec 28, 2005
Jkt 208001
77221
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
III. Solicitation of Comments
applicable to a self-regulatory
Interested persons are invited to
organization.6 Specifically, the
submit written data, views, and
Commission believes that the proposed
arguments concerning the foregoing,
rule change is consistent with Section
including whether the proposed rule
15A(b)(5) of the Act,7 which requires
change is consistent with the Act.
that the rules of the self-regulatory
Comments may be submitted by any of
organization provide for the equitable
the following methods:
allocation of reasonable dues, fees, and
Electronic Comments
other charges among members and
issuers and other persons using any
• Use the Commission’s Internet
facilities or system which it operates or
comment form (https://www.sec.gov/
controls.
rules/sro.shtml); or
The Commission notes that this
• Send an e-mail to ruleproposal would retroactively modify
comments@sec.gov. Please include File
Number SR–NASD–2005–148 on the
pricing for non-NASD members using
subject line.
Nasdaq’s INET Facility to December 9,
2005. This proposal would permit the
Paper Comments
schedule for non-NASD members to
• Send paper comments in triplicate
mirror the schedule applicable to NASD
to Jonathan G. Katz, Secretary,
members that became effective
Securities and Exchange Commission,
December 9, 2005, pursuant to SR–
100 F Street, NE., Washington, DC
NASD–2005–147.
20549–9303.
The Commission finds good cause for
All submissions should refer to File
approving the proposed rule change
Number SR–NASD–2005–148. This file
prior to the 30th day of the date of
number should be included on the
publication of the notice thereof in the
subject line if e-mail is used. To help the Federal Register. The Commission notes
Commission process and review your
that the proposed fees for non-NASD
comments more efficiently, please use
members are identical to those in SR–
only one method. The Commission will
NASD–2005–147, which implemented
post all comments on the Commission’s
those fees for NASD members and
Internet Web site (https://www.sec.gov/
which became effective as of December
rules/sro.shtml). Copies of the
9, 2005. The Commission notes that this
submission, all subsequent
change will promote consistency in
amendments, all written statements
Nasdaq’s fee schedule by applying the
with respect to the proposed rule
same pricing schedule with the same
change that are filed with the
date of effectiveness for both NASD
Commission, and all written
members and non-NASD members.
communications relating to the
Therefore, the Commission finds that
proposed rule change between the
Commission and any person, other than there is good cause, consistent with
Section 19(b)(2) of the Act,8 to approve
those that may be withheld from the
the proposed change on an accelerated
public in accordance with the
provisions of 5 U.S.C. 552, will be
basis.
available for inspection and copying in
V. Conclusion
the Commission’s Public Reference
Room. Copies of such filing also will be
It is therefore ordered, pursuant to
available for inspection and copying at
Section 19(b)(2) of the Act,9 that the
the principal office of the NASD. All
proposed rule change (File No. SR–
comments received will be posted
NASD–2005–148), is approved on an
without change; the Commission does
accelerated basis.
not edit personal identifying
information from submissions. You
should submit only information that
6 The Commission has considered the proposed
you wish to make available publicly. All rule’s impact on efficiency, competition and capital
submissions should refer to File
formation. 15 U.S.C. 78c(f).
7 15 U.S.C. 78o–3(b)(5).
Number SR–NASD–2005–148 and
8 15 U.S.C. 78s(b)(2).
should be submitted on or before
9 15 U.S.C. 78s(b)(2).
January 19, 2006.
Nasdaq states that written comments
were neither solicited nor received.
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
E:\FR\FM\29DEN1.SGM
29DEN1
77222
Federal Register / Vol. 70, No. 249 / Thursday, December 29, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jonathan G. Katz,
Secretary.
[FR Doc. E5–8053 Filed 12–28–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52997; File No. SR–NASD–
2005–143]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Allow Nasdaq Capital
Market Issuers That Transfer Their
Listing to the Nasdaq National Market
To Apply the Amount of the Capital
Market Entry Fee Toward the Entry Fee
Payable for Listing on the National
Market, and To Make Other Clarifying
Changes
December 22, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
1, 2005, the National Association of
Securities Dealers, Inc. (‘‘NASD’’),
through its subsidiary, The Nasdaq
Stock Market, Inc. (‘‘Nasdaq’’), filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by Nasdaq. Nasdaq
filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission.5 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to add new language
to NASD Rules 4510(a) and 4520(a) to
allow Nasdaq Capital Market issuers
that transfer their listing to the Nasdaq
wwhite on PROD1PC65 with NOTICES
10 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 As required by Rule 19b–4(f)(6)(iii), 17 CFR
240.19b–4(f)(6)(iii), the Nasdaq submitted written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing.
VerDate Aug<31>2005
18:56 Dec 28, 2005
Jkt 208001
National Market to apply the amount of
the Capital Market entry fee previously
paid to the entry fee payable for listing
on the National Market, and to make
other clarifying changes. The text of the
proposed rule change is below.
Proposed additions are in italics.
4510. The Nasdaq National Market
(a) Entry Fee
(1)–(8) No change.
(9) An issuer that transfers its listing
from The Nasdaq Capital Market to The
Nasdaq National Market shall pay the
entry fee described in this Rule 4510(a)
less the entry fee that was previously
paid by the issuer to Nasdaq in
connection with listing on The Nasdaq
Capital Market. Such issuer is not
required to pay the application fee
described in Rule 4510(a) in connection
with the application to transfer listing.
(10) An issuer that submits an
application for listing on The Nasdaq
Capital Market, but prior to listing
revises its application to seek listing on
The Nasdaq National Market, is not
required to pay the application fee
described in Rule 4510(a) in connection
with the revised application.
(b)–(e) No change.
4520. The Nasdaq Capital Market
(a) Entry Fee
(1)–(7) No change.
(8) An issuer that submits an
application for listing on The Nasdaq
National Market, but prior to listing
revises its application to seek listing on
The Nasdaq Capital Market, is not
required to pay the application fee
described in Rule 4520(a) in connection
with the revised application.
(b)–(d) No change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposal.
The text of these statements may be
examined at the places specified in Item
IV below. Nasdaq has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to permit existing Nasdaq
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
issuers that seek to transfer their listing
from the Nasdaq Capital Market to the
Nasdaq National Market to apply the
amount of the Capital Market entry fee
previously paid to the entry fee payable
for listing on the National Market.
Currently, issuers listing a class of
securities on the Nasdaq Capital Market
pay an entry fee based on total shares
outstanding that ranges from $25,000 to
$50,000.6 Under the existing rules, an
issuer that later applies to ‘‘phase up’’
its listing from the Capital Market to the
National Market is required to pay the
applicable entry fee for new issuers
listing on the National Market, which
currently ranges from $100,000 to
$150,000.7
Under the proposed rule change, a
Capital Market issuer that applies to
‘‘phase up’’ its listing would pay the
applicable National Market entry fee
less the amount of the entry fee that it
paid to list on the Capital Market.
Because the issuer previously paid a
non-refundable application fee when
applying to list on the Capital Market,
the issuer would not be required to pay
an additional application fee in
connection with the transfer to the
National Market. For example, an issuer
that paid an entry fee of $50,000 (of
which $5,000 was a non-refundable
application fee) upon inclusion of a
class of securities in the Capital Market
would receive a $45,000 credit toward
the applicable National Market entry fee
upon phase up and the application fee
would be waived.
Nasdaq believes that the reduction in
fees resulting from the entry fee credit
is justified by the corresponding
reduction in time and effort needed to
review a phase up application. Nasdaq’s
experience has shown that the review
process for phase up applications
generally is less time-consuming for the
staff than the review required for issuers
that list on the National Market after an
initial public offering or through other
means. Furthermore, the proposed rule
change creates an incentive for issuers
that list on the Capital Market to transfer
to the National Market rather than seek
a listing elsewhere, thereby promoting
competition between Nasdaq and
exchange markets.
6 NASD Rule 4520(a)(1). This fee includes a
$5,000 non-refundable application fee that is
submitted with the issuer’s initial listing
application. The remainder of the entry fee is
assessed on the date of entry on the Capital Market.
7 NASD Rule 4510(a)(1). This fee includes a
$5,000 non-refundable application fee that is
submitted with the issuer’s initial listing
application. The remainder of the entry fee is
assessed on the date of entry on the National
Market. Under Rule 4510(a)(3), Closed-End Funds
pay an entry fee of $5,000 per class of securities (of
which $1,000 is a non-refundable application fee).
E:\FR\FM\29DEN1.SGM
29DEN1
Agencies
[Federal Register Volume 70, Number 249 (Thursday, December 29, 2005)]
[Notices]
[Pages 77220-77222]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-8053]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53006; File No. SR-NASD-2005-148]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Notice of Filing and Order Granting Accelerated Approval
of Proposed Rule Change Relating to Fees for Non-NASD Members Using
Nasdaq's INET Facility
December 22, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 9, 2005, the National Association of Securities Dealers,
Inc. (``NASD''), through its subsidiary, The Nasdaq Stock Market, Inc.
(``Nasdaq''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by Nasdaq. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons, and at the same time is granting accelerated
approval of the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to modify the pricing for non-members using
Nasdaq's INET Facility. Nasdaq requests approval to implement the
proposed rule change retroactively to December 9, 2005. The text of the
proposed rule change is below. Proposed new language is in italics.
* * * * *
7010. System Services
(a)-(v) No Change.
(w) INET System Order Execution
(1) No Change.
(2) The fees applicable to non-members using Nasdaq's INET Facility
shall be the fees established for members under Rule 7010(w), as
established by SR-NASD-2005-128 and amended by SR-NASD-2005-147, and as
applied to non-members by SR-NASD-2005-128 and SR-NASD-2005-148.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Nasdaq included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item III below. Nasdaq has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.
[[Page 77221]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In SR-NASD-2005-147,\3\ which applies to NASD members, Nasdaq
modified the fee schedule for its INET Facility. In this filing, Nasdaq
is proposing to apply the same modification to non-NASD members that
use Nasdaq's INET Facility. In summary, SR-NASD-2005-147: (1) Corrected
the credit and fee schedule for American Stock Exchange (``Amex'') and
New York Stock Exchange (``NYSE'') order executions that were
incorrectly inverted in the original fee schedule; (2) codified current
INET fees for orders executed as part of the Nasdaq Opening or Closing
Cross Process; (3) codified current INET fee practices of revenue
sharing for Tape B securities; (4) codified the current INET fee
structure governing connectivity and terminal charges for its
facilities; and (5) established a new uniform, tiered fee-structure for
orders routed to the NYSE through DOT. Nasdaq states that an important
objective of this proposal is to ensure uniform treatment under NASD's
rules of members and non-members alike. Nasdaq requests that the
Commission approve this filing retroactively as of December 9, 2005,
and that the approval be granted on an accelerated basis.
---------------------------------------------------------------------------
\3\ SR-NASD-2005-147, which Nasdaq filed with the Commission on
December 9, 2005, was effective upon filing pursuant to Section
19(b)(3)(A)(ii) of the Act and Rule 19b-4(f)(2) thereunder.
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 15A of the Act,\4\ in general, and with
Section 15A(b)(5) of the Act,\5\ in particular, in that the proposed
rule change provides for the equitable allocation of reasonable dues,
fees, and other charges among members and issuers and other persons
using any facility or system which the NASD operates or controls.
Nasdaq states that an important objective of this proposal is to ensure
uniform treatment under the NASD's rules of members and non-members
alike.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78o-3.
\5\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Nasdaq states that written comments were neither solicited nor
received.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NASD-2005-148 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-NASD-2005-148. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the NASD. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NASD-2005-148 and should be submitted on or before
January 19, 2006.
IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a self-regulatory organization.\6\
Specifically, the Commission believes that the proposed rule change is
consistent with Section 15A(b)(5) of the Act,\7\ which requires that
the rules of the self-regulatory organization provide for the equitable
allocation of reasonable dues, fees, and other charges among members
and issuers and other persons using any facilities or system which it
operates or controls.
---------------------------------------------------------------------------
\6\ The Commission has considered the proposed rule's impact on
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
\7\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------
The Commission notes that this proposal would retroactively modify
pricing for non-NASD members using Nasdaq's INET Facility to December
9, 2005. This proposal would permit the schedule for non-NASD members
to mirror the schedule applicable to NASD members that became effective
December 9, 2005, pursuant to SR-NASD-2005-147.
The Commission finds good cause for approving the proposed rule
change prior to the 30th day of the date of publication of the notice
thereof in the Federal Register. The Commission notes that the proposed
fees for non-NASD members are identical to those in SR-NASD-2005-147,
which implemented those fees for NASD members and which became
effective as of December 9, 2005. The Commission notes that this change
will promote consistency in Nasdaq's fee schedule by applying the same
pricing schedule with the same date of effectiveness for both NASD
members and non-NASD members. Therefore, the Commission finds that
there is good cause, consistent with Section 19(b)(2) of the Act,\8\ to
approve the proposed change on an accelerated basis.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (File No. SR-NASD-2005-148), is
approved on an accelerated basis.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
[[Page 77222]]
---------------------------------------------------------------------------
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-8053 Filed 12-28-05; 8:45 am]
BILLING CODE 8010-01-P