Self Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by National Association of Securities Dealers, Inc. Relating to Amendments to Section 13 of Schedule A to the NASD By-Laws (Review Charge for Advertisement, Sales Literature, and Other Such Material Filed With or Submitted to NASD), 4169-4171 [E5-320]
Download as PDF
<![CDATA[
4169
Federal Register / Vol. 70, No. 18 / Friday, January 28, 2005 / Notices
enable FICC to act quickly to protect
itself and its members and participants
and which will better enable FICC to
safeguard the securities and funds in its
custody or control or for which it is
responsible.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
FICC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments relating to the
proposed rule change have not yet been
solicited or received. FICC will notify
the Commission of any written
comments received by FICC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
ninety days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
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–FICC–2005–02 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–FICC–2005–02. This file
15:43 Jan 27, 2005
Jkt 205001
notice is hereby given that on December
8, 2004, the National Association of
Securities Dealers, Inc. (‘‘NASD’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in items I, II, and III below, which items
have been prepared by NASD. NASD
has designated the proposed rule change
as ‘‘establishing or changing a due, fee
or other charge’’ under section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) 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.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–316 Filed 1–27–05; 8:45 am]
*
BILLING CODE 8010–01–P
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:
VerDate jul<14>2003
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 FICC and on FICC’s Web site
at https://www.ficc.com. 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–FICC–
2005–02 and should be submitted on or
before February 18, 2005.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51075; File No. SR–NASD–
2004–179]
Self Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by National
Association of Securities Dealers, Inc.
Relating to Amendments to Section 13
of Schedule A to the NASD By-Laws
(Review Charge for Advertisement,
Sales Literature, and Other Such
Material Filed With or Submitted to
NASD)
January 24, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
PO 00000
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(3).
2 17 CFR 240.19b–4.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NASD is proposing to amend Section
13 of Schedule A to the NASD By-Laws
(‘‘Section 13’’) governing the review
charges for advertisements, sales
literature, and other such material filed
with or submitted to NASD’s
Advertising Regulation Department (the
‘‘Department’’). Below is the text of the
proposed rule change. Proposed new
language is italicized; proposed
deletions are in [brackets].
*
*
*
*
*
SCHEDULE A TO NASD BY-LAWS
*
*
*
*
Section 13—Review Charge for
Advertisement, Sales Literature, and
Other Such Material Filed or Submitted
There shall be a review charge for
each and every item of advertisement,
sales literature, and other such material,
whether in printed, video or other form,
filed with or submitted to NASD, except
for items that are filed or submitted in
response to a written request from
NASD’s Advertising Regulation
Department issued pursuant to the spot
check procedures set forth in NASD’s
Rules as follows: (1) For printed
material reviewed, [$75.00] $100.00,
plus $10.00 for each page reviewed in
excess of 10 pages; and (2) for video or
audio media, [$75.00] $100.00, plus
$10.00 per minute for each minute of
tape reviewed in excess of 10 minutes.
Where a member requests expedited
review of material submitted to the
Advertising Regulation Department
there shall be a review charge of $500.00
per item plus $25 for each page
reviewed in excess of 10 pages.
Expedited review shall be completed
within three business days, not
10 17
1 15
Frm 00086
Fmt 4703
Sfmt 4703
3 15
4 17
E:\FR\FM\28JAN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
28JAN1
4170
Federal Register / Vol. 70, No. 18 / Friday, January 28, 2005 / Notices
including the date the item is received
by the Advertising Regulation
Department, unless a shorter or longer
period is agreed to by the Advertising
Regulation Department. The Advertising
Regulation Department may, in its sole
discretion, refuse requests for expedited
review.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
NASD 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. NASD 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 Department is responsible for
ensuring that all NASD member firms’
communications with the public are
fair, balanced, and not misleading. The
mission of the Department, as provided
in Rule 2210 and the Interpretations
issued thereunder, is to ensure that all
member communications with the
public, including advertisements, sales
literature, and correspondence, are
based on principles of fair dealing and
good faith, are fair and balanced, and
provide a sound basis for evaluating the
facts in regard to any particular security
or type of security, industry, or service.
Among other things, the Department
reviews member communications with
the public for false, exaggerated,
unwarranted, misleading statements or
claims, and exaggerated or unwarranted
claims, opinions or forecasts.
The purpose of the proposed rule
change is to amend Section 13 to raise
the fee that may be charged by the
Department for reviewing each and
every item of advertisement, sales
literature, and other such material,
whether in printed, video or other form,
filed with or submitted to NASD (except
for items that are filed or submitted in
response to a written request from the
Department issued pursuant to the spot
check procedures set forth in NASD’s
Rules).
Despite annual cost increases, NASD
has not adjusted the charge to members
for submitting advertisements, sales
VerDate jul<14>2003
15:43 Jan 27, 2005
Jkt 205001
literature, and other such material to the
Department since 1999. A recent
analysis of the Department’s operating
and technology costs showed that
NASD’s costs have increased
significantly due to increased
responsibilities, economic conditions
and the need for enhanced technology.
Based on this review, NASD proposes to
raise the fee charged for the review of
printed material and video or audio
media from $75.00 to $100.00 to offset
these cost increases.
2. Statutory Basis
NASD believes that the proposed rule
change is consistent with the provisions
of section 15A of the Act 5 in general
and with section 15A(b)(5) of the Act 6in
particular, which requires, among
other things, that NASD’s rules provide
for the equitable allocation of reasonable
dues, fees and other charges among
members and issuers and other persons
using any facility or system that NASD
operates or controls. NASD believes that
the rule change is consistent with
section 15A(b)(5) of the Act in that the
proposed review charge is reasonable
based on NASD’s costs and equitably
allocated among all members that file or
submit advertisements, sales literature,
and other such material, whether in
printed, video or other form.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASD 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, as amended.
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 rule change has become
effective upon filing with the
Commission, pursuant to section
19(b)(3)(A)(ii) of the Act 7 and paragraph
(f)(2) of Rule 19b–4 thereunder,8
because it establishes or changes a due,
fee, or other charge imposed by NASD.
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
PO 00000
5 15
U.S.C. 78o–3.
U.S.C. 78o–3(b)(5).
7 15 U.S.C. 78s(b)(3)(a)(ii).
8 17 CFR 240.19b–4(f)(2).
6 15
Frm 00087
Fmt 4703
Sfmt 4703
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.
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 rulecomments@sec.gov. Please include File
Number SR–NASD–2004–179 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–2004–179. 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 the filing will also be
available for inspection and copying at
the principal office of 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 the File
Number SR–NASD–2004–179 and
should be submitted on or before
February 18, 2005.
E:\FR\FM\28JAN1.SGM
28JAN1
Federal Register / Vol. 70, No. 18 / Friday, January 28, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–320 Filed 1–27–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51048; File No. SR–NYSE–
2004–70]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change and
Amendment No. 1 Thereto by the New
York Stock Exchange, Inc. To Amend
Exchange Rule 104 to Require
Specialists To Yield OrallyConsummated Proprietary Trades to
Later-Arriving System Orders
January 18, 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
13, 2004, the New York Stock Exchange,
Inc. (‘‘NYSE’’ or ‘‘Exchange’’) 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 the Exchange.
On January 7, 2005, the Exchange filed
Amendment No. 1 to the proposed rule
change.3 The Commission is publishing
this notice to solicit comments on the
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Rule 104, Dealings by Specialists,
to require that in transactions between
a specialist and a contra order that have
been orally agreed to but not yet
reported, the specialist must yield to
any system orders that enter the
specialist’s book and can take the
specialist’s position in the orallyconsummated transaction.
The text of the proposed amendments
is set forth below. Italics indicate
additions.
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Form 19b–4 dated January 7, 2004
(‘‘Amendment No. 1’’). In Amendment No. 1, the
NYSE changed the basis under which the proposed
rule change was filed from section 19(b)(3) of the
Act to section 19(b)(2) of the Act.
1 15
VerDate jul<14>2003
15:43 Jan 27, 2005
Jkt 205001
Rule 104
Dealings by Specialists
*
*
*
*
4171
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
llllllllllllllllll
l Statutory Basis for, the Proposed Rule
Change
llllllllllllllllll
l
1. Purpose
Functions of Specialists
The Exchange proposes to amend
.10
NYSE Rule 104 to provide that where a
*
*
*
*
*
specialist has completed, but not yet
(11)(i) Notwithstanding the ability of a reported, a transaction as principal with
specialist to trade for his or her dealer
an order in the book or in the crowd, the
account, dealer transactions by a
specialist must yield to any order
specialist that have not yet been
received through SuperDOT that could
reported by the specialist must yield to
take the specialist’s place in the
any order or orders received through an unreported principal transaction.
Exchange order delivery system after the
Exchange rules provide that
oral commitment to transact, provided
specialists must always yield to
that such order or orders are capable of
customer orders on the book when
trading in place of the specialist in the
trading in the specialist’s specialty
consummated transaction.
securities for the dealer account. When
(ii) The provisions of subparagraph (i) no other interest is present on the book,
above shall not apply if the specialist’s
specialists may trade for their own
trade for his or her dealer account:
account with interests represented on
(a) Is to correct an error on a
the book or by a broker in the crowd; in
previously reported transaction;
such situations, the specialist may trade
(b) Is executed in satisfaction of the
either fully or in parity with other
specialist’s obligation to give up a trade contra interests represented in the
to an agency order;
crowd, as the case may be. The
(c) Is a non-regular way trade between Exchange proposes to amend NYSE
the specialist and a Crowd broker;
Rule 104.10 to include new section (11)
(d) Is the result of the election of
to require that, notwithstanding the
‘‘stop’’ orders as required in Rule
ability of a specialist to trade as
123A.40;
principal with either a system order or
(e) Is in connection with the execution a broker in the crowd, if a marketable
of ‘‘stop’’ orders or CAP orders executed order arrives on the book before the
as part of the opening of trading;
report of the specialist’s trade as
(f) Participates on the closing
principal is completed, the specialist
transaction in a security to offset a
must yield to such order. Where the
market-at-the-close and/or limit-at-thespecialist is required to yield, the
close order imbalance; or
customer whose order entered the book
(g) Is a report of principal
would be reported as the contra party
participation on a commitment sent to
for the trade instead of the specialist.
another market center through the ITS
The proposed rule would provide
system.
seven limited exceptions, representing
(iii) Transactions by a specialist
situations in which it would continue to
pursuant to subparagraph (ii) above
be appropriate for the specialist to act as
must be documented and reported to
principal, notwithstanding the presence
the Exchange in such manner and
of a new customer order on the book.
within such time as the Exchange shall
These exceptions are:
designate.
(1) Corrections of bona fide specialist
*
*
*
*
*
errors;
(2) Trading in satisfaction of the
II. Self-Regulatory Organization’s
specialist’s obligation to give up a trade
Statement of the Purpose of, and
to an agency order;
Statutory Basis for, the Proposed Rule
(3) Reports of non-regular-way
Change
principal-to-crowd transactions;
In its filing with the Commission, the
(4) Principal participation on stop
Exchange included statements
order electing transactions;
concerning the purpose of, and basis for,
(5) Principal participation in
the proposed rule change and discussed connection with opening transactions;
any comments it received on the
(6) Closing transactions involving
proposed rule change. The text of these
market-on-close (‘‘MOC’’) imbalances;
statements may be examined at the
and
(7) Report of principal participation
places specified in item IV below. The
on a commitment sent to another market
Exchange has prepared summaries, set
Supplementary Material
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
E:\FR\FM\28JAN1.SGM
28JAN1
]]>Agencies
[Federal Register Volume 70, Number 18 (Friday, January 28, 2005)]
[Notices]
[Pages 4169-4171]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-320]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51075; File No. SR-NASD-2004-179]
Self Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by National Association of
Securities Dealers, Inc. Relating to Amendments to Section 13 of
Schedule A to the NASD By-Laws (Review Charge for Advertisement, Sales
Literature, and Other Such Material Filed With or Submitted to NASD)
January 24, 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 8, 2004, the National Association of Securities Dealers,
Inc. (``NASD'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
items I, II, and III below, which items have been prepared by NASD.
NASD has designated the proposed rule change as ``establishing or
changing a due, fee or other charge'' under section 19(b)(3)(A)(ii) of
the Act \3\ and Rule 19b-4(f)(2) 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)(3).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASD is proposing to amend Section 13 of Schedule A to the NASD By-
Laws (``Section 13'') governing the review charges for advertisements,
sales literature, and other such material filed with or submitted to
NASD's Advertising Regulation Department (the ``Department''). Below is
the text of the proposed rule change. Proposed new language is
italicized; proposed deletions are in [brackets].
* * * * *
SCHEDULE A TO NASD BY-LAWS
* * * * *
Section 13--Review Charge for Advertisement, Sales Literature, and
Other Such Material Filed or Submitted
There shall be a review charge for each and every item of
advertisement, sales literature, and other such material, whether in
printed, video or other form, filed with or submitted to NASD, except
for items that are filed or submitted in response to a written request
from NASD's Advertising Regulation Department issued pursuant to the
spot check procedures set forth in NASD's Rules as follows: (1) For
printed material reviewed, [$75.00] $100.00, plus $10.00 for each page
reviewed in excess of 10 pages; and (2) for video or audio media,
[$75.00] $100.00, plus $10.00 per minute for each minute of tape
reviewed in excess of 10 minutes.
Where a member requests expedited review of material submitted to
the Advertising Regulation Department there shall be a review charge of
$500.00 per item plus $25 for each page reviewed in excess of 10 pages.
Expedited review shall be completed within three business days, not
[[Page 4170]]
including the date the item is received by the Advertising Regulation
Department, unless a shorter or longer period is agreed to by the
Advertising Regulation Department. The Advertising Regulation
Department may, in its sole discretion, refuse requests for expedited
review.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, NASD 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. NASD 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 Department is responsible for ensuring that all NASD member
firms' communications with the public are fair, balanced, and not
misleading. The mission of the Department, as provided in Rule 2210 and
the Interpretations issued thereunder, is to ensure that all member
communications with the public, including advertisements, sales
literature, and correspondence, are based on principles of fair dealing
and good faith, are fair and balanced, and provide a sound basis for
evaluating the facts in regard to any particular security or type of
security, industry, or service. Among other things, the Department
reviews member communications with the public for false, exaggerated,
unwarranted, misleading statements or claims, and exaggerated or
unwarranted claims, opinions or forecasts.
The purpose of the proposed rule change is to amend Section 13 to
raise the fee that may be charged by the Department for reviewing each
and every item of advertisement, sales literature, and other such
material, whether in printed, video or other form, filed with or
submitted to NASD (except for items that are filed or submitted in
response to a written request from the Department issued pursuant to
the spot check procedures set forth in NASD's Rules).
Despite annual cost increases, NASD has not adjusted the charge to
members for submitting advertisements, sales literature, and other such
material to the Department since 1999. A recent analysis of the
Department's operating and technology costs showed that NASD's costs
have increased significantly due to increased responsibilities,
economic conditions and the need for enhanced technology. Based on this
review, NASD proposes to raise the fee charged for the review of
printed material and video or audio media from $75.00 to $100.00 to
offset these cost increases.
2. Statutory Basis
NASD believes that the proposed rule change is consistent with the
provisions of section 15A of the Act \5\ in general and with section
15A(b)(5) of the Act \6\in particular, which requires, among other
things, that NASD's rules provide for the equitable allocation of
reasonable dues, fees and other charges among members and issuers and
other persons using any facility or system that NASD operates or
controls. NASD believes that the rule change is consistent with section
15A(b)(5) of the Act in that the proposed review charge is reasonable
based on NASD's costs and equitably allocated among all members that
file or submit advertisements, sales literature, and other such
material, whether in printed, video or other form.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78o-3.
\6\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASD 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, as amended.
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 rule change has become effective upon filing with the
Commission, pursuant to section 19(b)(3)(A)(ii) of the Act \7\ and
paragraph (f)(2) of Rule 19b-4 thereunder,\8\ because it establishes or
changes a due, fee, or other charge imposed by NASD. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(a)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2004-179 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-2004-179. 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 the
filing will also be available for inspection and copying at the
principal office of 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 the File
Number SR-NASD-2004-179 and should be submitted on or before February
18, 2005.
[[Page 4171]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-320 Filed 1-27-05; 8:45 am]
BILLING CODE 8010-01-P
