Self-Regulatory Organizations, National Association of Securities Dealers, Inc.; Notice of Filing of Proposed Rule Change Regarding Minor Modifications to the Nasdaq Opening Process for Nasdaq-Listed Stocks, 933-935 [05-126]
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Federal Register / Vol. 70, No. 3 / Wednesday, January 5, 2005 / Notices
among Exchange members and other
persons using Exchange facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change will impose
no burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 7 and subparagraph (f)(2) of
Rule 19b–4 thereunder 8 because it
establishes or changes a due, fee, or
other charge imposed by the Exchange.
At any time within 60 days of December
23, 2004, the Commission may
summarily abrogate such proposed rule
change if it appears to the Commission
that such action is necessary or
appropriate in the public interest, for
the protection of investors, or otherwise
in the furtherance of the purposes of the
Act.9
IV. 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:
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Amex–2004–102 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
9 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C), the
Commission considers that period to have
commenced on December 23, 2004, the date the
Exchange filed Amendment No. 1 to the proposed
rule change.
8 17
17:49 Jan 04, 2005
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–128 Filed 1–4–05; 8:45 am]
BILLING CODE 8010–01–M
Electronic Comments
VerDate jul<14>2003
All submissions should refer to File
Number SR–Amex–2004–102. 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, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. 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–Amex–
2004–102 and should be submitted on
or before January 26, 2005.
Jkt 205001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–50930; File No. SR–NASD–
2004–182]
Self-Regulatory Organizations,
National Association of Securities
Dealers, Inc.; Notice of Filing of
Proposed Rule Change Regarding
Minor Modifications to the Nasdaq
Opening Process for Nasdaq-Listed
Stocks
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
13, 2004, the National Association of
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
Frm 00157
Fmt 4703
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. Nasdaq has
designated the proposed rule change as
‘‘non-controversial’’ under section
19(b)(3)(A)3 of the Act and Rule 19b–
4(f)(6) thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. 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 is filing a proposed rule
change to modify the process for
calculating the Nasdaq Official Opening
Price (‘‘NOOP’’). There is no new
proposed rule language for this
proposal.
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 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
Nasdaq previously proposed to create
two new voluntary opening processes—
the Modified Opening Process and the
Nasdaq Opening Cross—that together
constitute the beginning of the trading
day for all Nasdaq-listed securities. The
Commission approved that proposal on
September 16, 2004.5 Nasdaq has
3 15
December 27, 2004.
PO 00000
933
Sfmt 4703
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 Securities Exchange Act Release No. 50405
(September 16, 2004) 69 FR 57118 (September 23,
2004) (approving SR–NASD–2004–071). The
Commission notes that Nasdaq made minor
amendments to the Modified Opening Process and
the Nasdaq Opening Cross as of October 12, 2004,
which were not reflected in this filing. The
Commission has made changes to the filing to
correct this oversight. See Securities Exchange Act
4 17
Continued
E:\FR\FM\05JAN1.SGM
05JAN1
934
Federal Register / Vol. 70, No. 3 / Wednesday, January 5, 2005 / Notices
identified a minor modification to the
operation of the Nasdaq Opening Cross
and Modified Opening Process that will
improve the fair and orderly opening of
the market in Nasdaq listed securities.
Specifically, Nasdaq proposes to
modify the process for calculating the
NOOP. Currently, the NOOP is equal to
the reported price of the first trade
executed by the execution functionality
of the Nasdaq Market Center based upon
orders that are in queue when Nasdaq
begins trading at 9:30 a.m. (‘‘Opening
Match’’).6 If there is no Opening Match
within fifteen seconds after the system
opens at 9:30, the NOOP is based upon
the first, last sale eligible trade that is
submitted to the trade reporting
functionality of the Nasdaq Market
Center.
Nasdaq proposes to change from
fifteen to sixty seconds the length of
time Nasdaq will wait for an Opening
Match within Nasdaq’s execution
functionality before looking for a last
sale eligible trade submitted to Nasdaq’s
trade reporting functionality. If the
system executes a trade sooner than
sixty seconds, the NOOP will be
calculated at that time rather than
waiting the full sixty seconds. By
waiting up to sixty seconds, Nasdaq
increases the likelihood that, in noncross eligible stocks, a Nasdaq market
center execution as opposed to an
internalized trade will serve as the
NOOP. Nasdaq believes that this
outcome is consistent with the Act,
more consistently fulfills the purpose of
adopting the NOOP, and better serves
investors.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of section 15A of the Act,7 in
general, and with section 15A(b)(6) of
the Act,8 in particular, in that section
15A(b)(6) requires the NASD’s rules to
be designed, among other things, to
protect investors and the public interest.
Nasdaq’s current proposal is consistent
with the NASD’s obligations under
these provisions of the Act because it
will result in a more orderly opening for
all Nasdaq stocks. The proposed rule
change will create a fair, orderly, and
unified opening for Nasdaq stocks,
prevent the occurrence of locked and
crossed markets in halted securities, and
preserve price discovery and
Release No. 50602 (October 28, 2004), 69 FR 64350
(November 4, 2004) (SR–NASD–2004–152).
6 Securities Exchange Act Release No. 48997
(December 29, 2003), 69 FR 716 (January 6, 2004)
(approving SR–NASD–2003–161).
7 15 U.S.C. 78o–3.
8 15 U.S.C. 78o–3(b)(6).
VerDate jul<14>2003
17:49 Jan 04, 2005
Jkt 205001
transparency that is vital to an effective
opening of trading.
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 neither solicited nor received
written comments with respect to the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, if consistent with the
protection of investors and the public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6), thereunder.10
At any time within 60 days of the filing
of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
Nasdaq has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow Nasdaq to
implement the proposed rule change
which should help Nasdaq to maintain
a fair and orderly market at the critical
period of opening of trading. For this
reason, the Commission designates the
proposal to be effective and operative
upon filing with the Commission.11
U.S.C. 78o–3.
U.S.C. 78o–3(b)(6). Nasdaq provided written
notice of its intent to file the proposed rule change,
along with a brief description and the text of the
proposed rule change at least five business days
before the date of filing of the proposed rule change.
11 For purposes only of waiving the 30-day
operative delay of the proposed rule change, the
Commission considered the proposed rule’s impact
on efficiency, competition, and capital formation.
15 U.S.C. 78c(f).
PO 00000
9 15
10 15
Frm 00158
Fmt 4703
Sfmt 4703
IV. 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
comments form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NASD–2004–182 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
All submissions should refer to File
Number SR–NASD–2004–182. 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
Intenet Web site (https://www.sec.gov/
rules/sro.html). 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 the 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–2004–182 and
should be submitted on or before
January 26, 2005.
E:\FR\FM\05JAN1.SGM
05JAN1
Federal Register / Vol. 70, No. 3 / Wednesday, January 5, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–126 Filed 1–4–05; 8:45 am]
BILLING CODE 8010–01–M
DEPARTMENT OF STATE
[Public Notice 4947]
30-Day Notice of Proposed Information
Collection: DS–10, Birth Affidavit, OMB
Control Number 1405–0132
Notice of request for public
comment and submission to OMB of
proposed collection of information.
ACTION:
SUMMARY: The Department of State has
submitted the following information
collection request to the Office of
Management and Budget (OMB) for
approval in accordance with the
Paperwork Reduction Act of 1995.
• Title of Information Collection:
Birth Affidavit.
• OMB Control Number: 1405–0132.
• Type of Request: Revision of a
currently approved collection.
• Originating Office: Bureau of
Consular Affairs, CA/PPT/FO/FC.
• Form Number: DS–10.
• Respondents: U.S. citizens.
• Estimated Number of Respondents:
81,500 per year.
• Estimated Number of Responses:
81,500 per year.
• Average Hours Per Response: .25
(15 minutes).
• Total Estimated Burden: 20,375.
• Frequency: On Occasion.
• Obligation to Respond: Required To
Obtain or Retain a Benefit.
DATES: Submit comments to the Office
of Management and Budget (OMB) for
up to 30 days from January 5, 2005.
ADDRESSES: Direct comments and
questions to Alex Hunt, the Department
of State Desk Officer in the Office of
Information and Regulatory Affairs at
the Office of Management and Budget
(OMB), who may be reached on 202–
395–7860. You may submit comments
by any of the following methods:
• E-mail:
Alexander_T._Hunt@omb.eop.gov. You
must include the DS form number (if
applicable), information collection title,
and OMB control number in the subject
line of your message.
• Hand Delivery or Courier: OIRA,
Department of State Desk Officer, Office
of Management and Budget, 725 17th
Street, NW., Washington DC 20503.
12 17
CFR 200.30–3(a)(12).
VerDate jul<14>2003
17:49 Jan 04, 2005
Jkt 205001
• Fax: 202–395–6974.
FOR FURTHER INFORMATION CONTACT:
You
may obtain copies of the proposed
information collection and supporting
documents from Margaret A. Dickson,
U.S. Department of State, CA/PPT/FO/
FC, 2100 Pennsylvania Avenue, NW.,
3rd Floor, Washington, DC 20037, who
may be reached on 202–663–2460 and at
dicksonma@state.gov.
SUPPLEMENTARY INFORMATION: We are
soliciting public comments to permit
the Department to:
• Evaluate whether the proposed
information collection is necessary to
properly perform our functions.
• Evaluate the accuracy of our
estimate of the burden of the proposed
collection, including the validity of the
methodology and assumptions used.
• Enhance the quality, utility, and
clarity of the information to be
collected.
• Minimize the reporting burden on
those who are to respond, including the
use of automated collection techniques
or other forms of technology.
Abstract of proposed collection: The
Birth Affidavit is submitted in
conjunction with an application for a
U.S. passport and used by Passport
Services to collect information for the
purpose of establishing the citizenship
of a passport applicant who has not
submitted an acceptable United States
birth certificate with his/her passport
application.
Methodology: When needed, a Birth
Affidavit is completed at the time a U.S.
citizen applies for a U.S. passport.
Dated: November 19, 2004.
Frank Moss,
Deputy Assistant Secretary for Passport
Services, Bureau of Consular Affairs,
Department of State.
[FR Doc. 05–191 Filed 1–4–05; 8:45 am]
BILLING CODE 4710–06–P
DEPARTMENT OF STATE
[Public Notice: 4948]
30-Day Notice of Proposed Information
Collection: DS–60, Affidavit Regarding
a Change of Name, OMB Control
Number 1405–0133
Notice of request for public
comment and submission to OMB of
proposed collection of information.
ACTION:
SUMMARY: The Department of State has
submitted the following information
collection request to the Office of
Management and Budget (OMB) for
approval in accordance with the
Paperwork Reduction Act of 1995.
• Title of Information Collection:
Affidavit Regarding A Change of Name.
PO 00000
Frm 00159
Fmt 4703
Sfmt 4703
935
• OMB Control Number: 1405–0133.
• Type of Request: Revision of a
Currently Approved Collection.
• Originating Office: Bureau of
Consular Affairs, CA/PPT/FO/FC.
• Form Number: DS–60.
• Respondents: U.S. citizens.
• Estimated Number of Respondents:
106,800 per year.
• Estimated Number of Responses:
106,800 per year.
• Average Hours Per Response: .25
(15 minutes).
• Total Estimated Burden: 26,700
hours per year.
• Frequency: On Occasion.
• Obligation to Respond: Required to
Obtain or Retain a Benefit.
DATES: Submit comments to the Office
of Management and Budget (OMB) for
up to 30 days from January 5, 2005.
ADDRESSES: Direct comments and
questions to Alex Hunt, the Department
of State Desk Officer in the Office of
Information and Regulatory Affairs at
the Office of Management and Budget
(OMB), who may be reached on 202–
395–7860. You may submit comments
by any of the following methods:
• E-mail:
Alexander_T._Hunt@omb.eop.gov. You
must include the DS form number (if
applicable), information collection title,
and OMB control number in the subject
line of your message.
• Hand Delivery or Courier: OIRA,
Department of State Desk Officer, Office
of Management and Budget, 725 17th
Street, NW., Washington, DC 20503
• Fax: 202–395–6974
FOR FURTHER INFORMATION CONTACT: You
may obtain copies of the proposed
information collection and supporting
documents from Margaret A. Dickson,
U.S. Department of State, CA/PPT/FO/
FC, 2100 Pennsylvania Avenue, NW.,
3rd Floor, Washington, DC 20037, who
may be reached on 202–663–2460 or at
dicksonma@state.gov.
SUPPLEMENTARY INFORMATION: We are
soliciting public comments to permit
the Department to:
• Evaluate whether the proposed
information collection is necessary to
properly perform our functions.
• Evaluate the accuracy of our
estimate of the burden of the proposed
collection, including the quality, utility,
and clarity of the information to be
collected.
• Minimize the reporting burden on
those who are to respond, including the
use of automated collection techniques
or other forms of technology.
Abstract of proposed collection: The
Affidavit Regarding a Change of Name is
submitted in conjunction with an
application for a U.S. passport. It is used
E:\FR\FM\05JAN1.SGM
05JAN1
]]>Agencies
[Federal Register Volume 70, Number 3 (Wednesday, January 5, 2005)]
[Notices]
[Pages 933-935]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-126]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-50930; File No. SR-NASD-2004-182]
Self-Regulatory Organizations, National Association of Securities
Dealers, Inc.; Notice of Filing of Proposed Rule Change Regarding Minor
Modifications to the Nasdaq Opening Process for Nasdaq-Listed Stocks
December 27, 2004.
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 13, 2004, 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. Nasdaq has
designated the proposed rule change as ``non-controversial'' under
section 19(b)(3)(A)\3\ of the Act and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposed rule change effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq is filing a proposed rule change to modify the process for
calculating the Nasdaq Official Opening Price (``NOOP''). There is no
new proposed rule language for this proposal.
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 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
Nasdaq previously proposed to create two new voluntary opening
processes--the Modified Opening Process and the Nasdaq Opening Cross--
that together constitute the beginning of the trading day for all
Nasdaq-listed securities. The Commission approved that proposal on
September 16, 2004.\5\ Nasdaq has
[[Page 934]]
identified a minor modification to the operation of the Nasdaq Opening
Cross and Modified Opening Process that will improve the fair and
orderly opening of the market in Nasdaq listed securities.
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release No. 50405 (September 16,
2004) 69 FR 57118 (September 23, 2004) (approving SR-NASD-2004-071).
The Commission notes that Nasdaq made minor amendments to the
Modified Opening Process and the Nasdaq Opening Cross as of October
12, 2004, which were not reflected in this filing. The Commission
has made changes to the filing to correct this oversight. See
Securities Exchange Act Release No. 50602 (October 28, 2004), 69 FR
64350 (November 4, 2004) (SR-NASD-2004-152).
---------------------------------------------------------------------------
Specifically, Nasdaq proposes to modify the process for calculating
the NOOP. Currently, the NOOP is equal to the reported price of the
first trade executed by the execution functionality of the Nasdaq
Market Center based upon orders that are in queue when Nasdaq begins
trading at 9:30 a.m. (``Opening Match'').\6\ If there is no Opening
Match within fifteen seconds after the system opens at 9:30, the NOOP
is based upon the first, last sale eligible trade that is submitted to
the trade reporting functionality of the Nasdaq Market Center.
---------------------------------------------------------------------------
\6\ Securities Exchange Act Release No. 48997 (December 29,
2003), 69 FR 716 (January 6, 2004) (approving SR-NASD-2003-161).
---------------------------------------------------------------------------
Nasdaq proposes to change from fifteen to sixty seconds the length
of time Nasdaq will wait for an Opening Match within Nasdaq's execution
functionality before looking for a last sale eligible trade submitted
to Nasdaq's trade reporting functionality. If the system executes a
trade sooner than sixty seconds, the NOOP will be calculated at that
time rather than waiting the full sixty seconds. By waiting up to sixty
seconds, Nasdaq increases the likelihood that, in non-cross eligible
stocks, a Nasdaq market center execution as opposed to an internalized
trade will serve as the NOOP. Nasdaq believes that this outcome is
consistent with the Act, more consistently fulfills the purpose of
adopting the NOOP, and better serves investors.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of section 15A of the Act,\7\ in general, and with
section 15A(b)(6) of the Act,\8\ in particular, in that section
15A(b)(6) requires the NASD's rules to be designed, among other things,
to protect investors and the public interest. Nasdaq's current proposal
is consistent with the NASD's obligations under these provisions of the
Act because it will result in a more orderly opening for all Nasdaq
stocks. The proposed rule change will create a fair, orderly, and
unified opening for Nasdaq stocks, prevent the occurrence of locked and
crossed markets in halted securities, and preserve price discovery and
transparency that is vital to an effective opening of trading.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78o-3.
\8\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------
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 neither solicited nor received written comments with respect
to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest;
(ii) Impose any significant burden on competition; and
(iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6), thereunder.\10\ At any time within 60 days of the
filing of the proposed rule change, the Commission may summarily
abrogate such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78o-3.
\10\ 15 U.S.C. 78o-3(b)(6). Nasdaq provided written notice of
its intent to file the proposed rule change, along with a brief
description and the text of the proposed rule change at least five
business days before the date of filing of the proposed rule change.
---------------------------------------------------------------------------
Nasdaq has requested that the Commission waive the 30-day operative
delay. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest
because it will allow Nasdaq to implement the proposed rule change
which should help Nasdaq to maintain a fair and orderly market at the
critical period of opening of trading. For this reason, the Commission
designates the proposal to be effective and operative upon filing with
the Commission.\11\
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\11\ For purposes only of waiving the 30-day operative delay of
the proposed rule change, the Commission considered the proposed
rule's impact on efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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IV. 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 comments form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NASD-2004-182 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-NASD-2004-182. 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 Intenet Web site (https://www.sec.gov/
rules/sro.html). 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 the
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-2004-182 and should be submitted on or before
January 26, 2005.
[[Page 935]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05-126 Filed 1-4-05; 8:45 am]
BILLING CODE 8010-01-M
