Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the National Association of Securities Dealers, Inc. To Establish the Minimum Quotation Increment for the BRUT ECN System, 1746-1748 [05-396]
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Federal Register / Vol. 70, No. 6 / Monday, January 10, 2005 / Notices
six years from the date of determination,
the first two years in an easily accessible
place, a record of such determination
and the basis upon which the
determination was made. This record
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Commission and its staff.
11. Before an Investing Fund may
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frequently than annually and determine
that any investment of Cash Collateral
in the Central Funds is in the best
interest of the Investing Fund.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–38 Filed 1–7–05; 8:45 am]
BILLING CODE 8010–01–P
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[FR Doc. 05–464 Filed 1–5–05; 4:38 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–50956; File No. SR–NASD–
2004–190]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
National Association of Securities
Dealers, Inc. To Establish the Minimum
Quotation Increment for the BRUT ECN
System
January 3, 2005.
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold the following meeting during
the week of January 10, 2005:
A closed meeting will be held on
Thursday, January 13, 2005 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), (9)(B), and
(10) and 17 CFR 200.402(a)(3), (5), (7),
9(ii) and (10), permit consideration of
the scheduled matters at the closed
meeting.
Commissioner Atkins, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matter of the closed
meeting scheduled for Thursday,
January 13, 2005, will be:
Formal orders of investigations;
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings of an
enforcement nature; and
VerDate jul<14>2003
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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
30, 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
filed the proposal 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. 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 establish a new
NASD Rule 4912 to set the minimum
quotation increment for the BRUT ECN
System (‘‘BRUT’’). Nasdaq has
designated this proposal as noncontroversial and has requested that the
Commission waive the 30-day preoperative waiting period contained in
Rule 19b-4(f)(6)(iii) under the Act.5 If
PO 00000
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 17 CFR 240.19b-4(f)(6)(iii).
2 17
Frm 00054
Fmt 4703
Sfmt 4703
the Commission grants such a waiver,
then this rule proposal, which is
effective upon filing with the
Commission, shall become operative on
January 3, 2005 pursuant to Rule 19b4(f)(6) under the Act.6
The text of the proposed rule change
is below. Proposed new language is
italicized.7
*
*
*
*
*
4912. Minimum Quotation Increment
The minimum quotation increment in
the BRUT ECN System for quotations of
$1.00 or above in Nasdaq-listed
securities and in securities listed on a
national securities exchange shall be
$0.01. The minimum quotation
increment in the BRUT ECN System for
quotations below $1.00 in Nasdaq-listed
securities and in securities listed on a
national securities exchange shall be
$0.0001.
*
*
*
*
*
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
Currently, the minimum quotation
increment in the Nasdaq Market Center
(‘‘NMC’’) is $0.01 for all quotations.
However, in BRUT, which was recently
purchased by Nasdaq, the minimum
quotation increment can be below $0.01
for orders priced under $5.00. Nasdaq
states that the purpose of the proposed
rule change is to bring BRUT closer to
the existing NMC practice by lowering
the $5.00 threshold to $1.00 and setting
the minimum quotation increment at
$0.01 for all Nasdaq-listed and
exchange-listed security quotations of
6 17
CFR 240.19b-4(f)(6).
proposed rule change will add a new NASD
Rule 4912 to a pending new NASD Rule series 4900
(proposed NASD Rules 4901 through 4911), which
has been filed with the Commission. See SR–
NASD–2004–173. When the proposed rule change
contained herein becomes operational, Nasdaq will
make a conforming amendment to the pending
filing.
7 The
E:\FR\FM\10JAN1.SGM
10JAN1
Federal Register / Vol. 70, No. 6 / Monday, January 10, 2005 / Notices
$1.00 or higher.8 As such, the language
of the proposed new rule closely mirrors
the language of similar provisions
applicable to NMC quotations. See
NASD Rules 4613(a)(1)(B) and 6330(d).
The minimum quotation increment for
quotations below $1.00 will remain at
$0.0001.
Nasdaq believes that reducing ‘‘subpenny’’ quoting in BRUT will benefit
investors for many of the same reasons
cited by the Commission in its original
Regulation NMS Proposing Release (the
‘‘Regulation NMS Release’’),9 which
would similarly restrict sub-penny
quoting to under-$1 securities. For
example, this proposal would address
the ‘‘hidden market’’ problem of prices
not being transparent to the general
public, and it would decrease the
incidence of ‘‘flickering quotes’’ and the
attendant difficulties for members. In its
Regulation NMS Release, the
Commission analyzes in great detail the
benefits of limiting sub-penny quoting,
and Nasdaq agrees with this analysis.
Since the proposed rule change would
bring BRUT’s rules closer to the longestablished NMC rules, Nasdaq believes
that the proposed rule change should
not be seen as controversial, and asks
that the Commission waive the 30-day
pre-operative period applicable to noncontroversial rule changes contained in
Rule 19b-4(f)(6)(iii) under the Act.10
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 15A of the Act,11
in general, and with Section 15A(b)(6)
of the Act,12 in particular, in that it is
designed to promote just and equitable
principles of trade, and to remove
impediments to and perfect the
mechanism of a free and open market.
Specifically, Nasdaq believes that the
proposal would address the ‘‘hidden
market’’ problem of prices not being
transparent to the general public, and
would decrease the incidence of
‘‘flickering quotes’’ and the attendant
difficulties for members.13
8 If BRUT receives a ‘‘sub-penny’’ order priced at
or above the threshold (i.e., at or above $5 today and
$1 when the proposed rule becomes operational),
BRUT automatically adjusts the price of such an
order down (for bids) or up (for offers) to the nearest
penny for display, execution, and routing purposes.
9 Securities Exchange Act Release No. 49325
(February 26, 2004), 69 FR 11126 (March 9, 2004).
10 17 CFR 240.19b-4(f)(6)(iii).
11 15 U.S.C. 78o-3.
12 15 U.S.C. 78o-3(b)(6).
13 Telephone conversation between Alex Kogan,
Associate General Counsel, Nasdaq, and David Liu,
Attorney, Division of Market Regulation,
Commission, on January 3, 2005.
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18:09 Jan 07, 2005
Jkt 205001
1747
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.
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.17
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
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:
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
subject to Section 19(b)(3)(A) of the
Act 14 and Rule 19b–4(f)(6) thereunder 15
because the proposal: (i) does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not become
operative prior to 30 days after the date
of filing or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest; provided that Nasdaq
has given the Commission 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
of the proposed rule change, or such
shorter time as designated by the
Commission.
Nasdaq satisfied the five-day prefiling requirement. In addition, Nasdaq
has requested that the Commission
waive the 30-day operative delay
requirement to permit the proposed rule
change to become operative on January
3, 2005. The Commission believes that
accelerating the operative date is
consistent with the protection of
investors and the public interest
because such acceleration will permit
Nasdaq to lower the minimum quotation
increment threshold for BRUT from
$5.00 to $1.00, thereby more closely
mirroring the minimum quotation
increment applicable to NMC
quotations. For this reason, the
Commission designates the proposal to
be effective upon filing with the
Commission and operative as of January
3, 2005.16
At any time within 60 days of the
filing of such proposed rule change, the
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
16 For purposes only of accelerating the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
PO 00000
14 15
15 17
Frm 00055
Fmt 4703
Sfmt 4703
Electronic Comments
• 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–NASD–2004–190 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–2004–190. 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
Section, 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 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
17 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
E:\FR\FM\10JAN1.SGM
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1748
Federal Register / Vol. 70, No. 6 / Monday, January 10, 2005 / Notices
should refer to File Number SR–NASD–
2004–190 and should be submitted on
or before January 31, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.18
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05–396 Filed 1–7–05; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[Declaration of Disaster #10005]
State of Texas; TX–00001
Guadalupe and Wharton Counties and
the contiguous counties of Austin,
Bexar, Brazoria, Caldwell, Colorado,
Comal, Fort Bend, Gonzales, Hays,
Jackson, Matagorda, and Wilson in the
State of Texas constitute a disaster area
as a result of damages caused by severe
storms, excessive rain, and flooding that
occurred November 19–27, 2004.
Applications for loans for physical
damage as a result of this disaster may
be filed until the close of business on
March 7, 2005 and for economic injury
until the close of business on October 4,
2005 at the address listed below or other
locally announced locations:
U.S. Small Business Administration, Disaster
Area 1 Office, 360 Rainbow Blvd., South
3rd Floor, Niagara Falls, NY 14303.
The interest rates are:
Percent
For Physical Damage:
Homeowners with Credit Available Elsewhere ........................
18 17
CFR 200.30–3(a)(12).
VerDate jul<14>2003
18:09 Jan 07, 2005
Jkt 205001
5.875
2459], Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 [112 Stat.
Homeowners
without
Credit
2681, et seq.; 22 U.S.C. 6501 note, et
Available Elsewhere ................
2.937 seq.], Delegation of Authority No. 234 of
Businesses with Credit Available
October 1, 1999 [64 FR 56014],
Elsewhere ................................
5.800
Delegation of Authority No. 236 of
Businesses and Non-Profit OrgaOctober 19, 1999 [64 FR 57920], as
nizations without Credit Available Elsewhere ........................
4.000 amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
Others (Including Non-Profit Organizations) with Credit AvailI hereby determine that the objects to be
able Elsewhere ........................
4.750 included in the exhibition, ‘‘From
For Economic Injury:
Filippo Lippi to Piero della Francesca:
Businesses and Small AgriculFra Carnevale and the Making of a
tural Cooperatives without
Renaissance Master,’’ imported from
Credit Available Elsewhere .....
4.000
abroad for temporary exhibition within
the United States, are of cultural
The number assigned to this disaster
significance. The objects are imported
for physical damage is 10005 and for
pursuant to loan agreements with the
economic damage is 10006.
foreign lenders. I also determine that the
(Catalog of Federal Domestic Assistance
exhibition or display of the exhibit
Program Nos. 59002 and 59008.)
objects at the Metropolitan Museum of
Dated: January 4, 2005.
Art, New York, New York, from on or
Hector V. Barreto,
about January 31, 2005, to on or about
May 1, 2005, and at possible additional
Administrator.
venues yet to be determined, is in the
[FR Doc. 05–413 Filed 1–7–05; 8:45 am]
national interest. Public Notice of these
BILLING CODE 8025–01–P
determinations is ordered to be
published in the Federal Register.
DEPARTMENT OF STATE
FOR FURTHER INFORMATION CONTACT: For
further information or a listing of
[Public Notice 4953]
objects, contact Paul W. Manning,
Culturally Significant Objects Imported Attorney-Adviser, Office of the Legal
Adviser, 202/619–5997, and the address
for Exhibition; Determinations: ‘‘From
is United States Department of State,
Filippo Lippi to Piero della Francesca:
SA–44, Room 668–10, 301 4th Street,
Fra Carnevale and the Making of a
SW., Washington, DC 20547–0001.
Renaissance Master’’
Percent
Department of State.
ACTION: Notice.
AGENCY:
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 [79 Stat. 985; 22 U.S.C.
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
Dated: December 22, 2004.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. 05–433 Filed 1–7–05; 8:45 am]
BILLING CODE 4710–08–P
E:\FR\FM\10JAN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 6 (Monday, January 10, 2005)]
[Notices]
[Pages 1746-1748]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-396]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-50956; File No. SR-NASD-2004-190]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the National Association of
Securities Dealers, Inc. To Establish the Minimum Quotation Increment
for the BRUT ECN System
January 3, 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 30, 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 filed
the proposal 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. 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 proposes to establish a new NASD Rule 4912 to set the
minimum quotation increment for the BRUT ECN System (``BRUT''). Nasdaq
has designated this proposal as non-controversial and has requested
that the Commission waive the 30-day pre-operative waiting period
contained in Rule 19b-4(f)(6)(iii) under the Act.\5\ If the Commission
grants such a waiver, then this rule proposal, which is effective upon
filing with the Commission, shall become operative on January 3, 2005
pursuant to Rule 19b-4(f)(6) under the Act.\6\
---------------------------------------------------------------------------
\5\ 17 CFR 240.19b-4(f)(6)(iii).
\6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
The text of the proposed rule change is below. Proposed new
language is italicized.\7\
---------------------------------------------------------------------------
\7\ The proposed rule change will add a new NASD Rule 4912 to a
pending new NASD Rule series 4900 (proposed NASD Rules 4901 through
4911), which has been filed with the Commission. See SR-NASD-2004-
173. When the proposed rule change contained herein becomes
operational, Nasdaq will make a conforming amendment to the pending
filing.
---------------------------------------------------------------------------
* * * * *
4912. Minimum Quotation Increment
The minimum quotation increment in the BRUT ECN System for
quotations of $1.00 or above in Nasdaq-listed securities and in
securities listed on a national securities exchange shall be $0.01. The
minimum quotation increment in the BRUT ECN System for quotations below
$1.00 in Nasdaq-listed securities and in securities listed on a
national securities exchange shall be $0.0001.
* * * * *
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
Currently, the minimum quotation increment in the Nasdaq Market
Center (``NMC'') is $0.01 for all quotations. However, in BRUT, which
was recently purchased by Nasdaq, the minimum quotation increment can
be below $0.01 for orders priced under $5.00. Nasdaq states that the
purpose of the proposed rule change is to bring BRUT closer to the
existing NMC practice by lowering the $5.00 threshold to $1.00 and
setting the minimum quotation increment at $0.01 for all Nasdaq-listed
and exchange-listed security quotations of
[[Page 1747]]
$1.00 or higher.\8\ As such, the language of the proposed new rule
closely mirrors the language of similar provisions applicable to NMC
quotations. See NASD Rules 4613(a)(1)(B) and 6330(d). The minimum
quotation increment for quotations below $1.00 will remain at $0.0001.
---------------------------------------------------------------------------
\8\ If BRUT receives a ``sub-penny'' order priced at or above
the threshold (i.e., at or above $5 today and $1 when the proposed
rule becomes operational), BRUT automatically adjusts the price of
such an order down (for bids) or up (for offers) to the nearest
penny for display, execution, and routing purposes.
---------------------------------------------------------------------------
Nasdaq believes that reducing ``sub-penny'' quoting in BRUT will
benefit investors for many of the same reasons cited by the Commission
in its original Regulation NMS Proposing Release (the ``Regulation NMS
Release''),\9\ which would similarly restrict sub-penny quoting to
under-$1 securities. For example, this proposal would address the
``hidden market'' problem of prices not being transparent to the
general public, and it would decrease the incidence of ``flickering
quotes'' and the attendant difficulties for members. In its Regulation
NMS Release, the Commission analyzes in great detail the benefits of
limiting sub-penny quoting, and Nasdaq agrees with this analysis.
---------------------------------------------------------------------------
\9\ Securities Exchange Act Release No. 49325 (February 26,
2004), 69 FR 11126 (March 9, 2004).
---------------------------------------------------------------------------
Since the proposed rule change would bring BRUT's rules closer to
the long-established NMC rules, Nasdaq believes that the proposed rule
change should not be seen as controversial, and asks that the
Commission waive the 30-day pre-operative period applicable to non-
controversial rule changes contained in Rule 19b-4(f)(6)(iii) under the
Act.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 15A of the Act,\11\ in general, and with
Section 15A(b)(6) of the Act,\12\ in particular, in that it is designed
to promote just and equitable principles of trade, and to remove
impediments to and perfect the mechanism of a free and open market.
Specifically, Nasdaq believes that the proposal would address the
``hidden market'' problem of prices not being transparent to the
general public, and would decrease the incidence of ``flickering
quotes'' and the attendant difficulties for members.\13\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78o-3.
\12\ 15 U.S.C. 78o-3(b)(6).
\13\ Telephone conversation between Alex Kogan, Associate
General Counsel, Nasdaq, and David Liu, Attorney, Division of Market
Regulation, Commission, on January 3, 2005.
---------------------------------------------------------------------------
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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is subject to Section
19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) thereunder \15\
because the proposal: (i) does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) does not become operative
prior to 30 days after the date of filing or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest; provided that Nasdaq has given the Commission
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 of the proposed rule change,
or such shorter time as designated by the Commission.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Nasdaq satisfied the five-day pre-filing requirement. In addition,
Nasdaq has requested that the Commission waive the 30-day operative
delay requirement to permit the proposed rule change to become
operative on January 3, 2005. The Commission believes that accelerating
the operative date is consistent with the protection of investors and
the public interest because such acceleration will permit Nasdaq to
lower the minimum quotation increment threshold for BRUT from $5.00 to
$1.00, thereby more closely mirroring the minimum quotation increment
applicable to NMC quotations. For this reason, the Commission
designates the proposal to be effective upon filing with the Commission
and operative as of January 3, 2005.\16\
---------------------------------------------------------------------------
\16\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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.\17\
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\17\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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 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-2004-190 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-2004-190. 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 Section, 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 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
[[Page 1748]]
should refer to File Number SR-NASD-2004-190 and should be submitted on
or before January 31, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05-396 Filed 1-7-05; 8:45 am]
BILLING CODE 8010-01-P
