Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Discontinuation of the Nasdaq PostData Pilot Program, 12523-12525 [E5-1058]
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Federal Register / Vol. 70, No. 48 / Monday, March 14, 2005 / Notices
change was published for comment in
the Federal Register on February 3,
2005.3 The Commission received one
comment letter on the proposed rule
change.4 For the reasons discussed
below, the Commission is approving the
proposed rule change.
II. Description of the Proposed Rule
Change
3 Securities Exchange Act Release No. 51097 (Jan.
28, 2005), 70 FR 5715 (Feb. 3, 2005) (the ‘‘Notice’’).
4 See Letter to Jonathan Katz, Secretary,
Commission, from George R. Kramer, Deputy
General Counsel, Securities Industry Association
(‘‘SIA’’), dated February 25, 2005 (‘‘SIA Letter’’).
5 See Exchange Act Release No. 49573 (Apr. 16,
2004), 69 FR 21871 (Apr. 22, 2004) (SR–NASD–
2003–095).
6 For further detail, see the Notice, note 3, supra.
15:31 Mar 11, 2005
Jkt 205001
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1056 Filed 3–11–05; 8:45 am]
BILLING CODE 8010–01–P
B. Comment Summary
A. Description of the Proposal
NASD proposed to adopt a new IM–
10308 to clarify that (1) fees for service
as a mediator are not included in
determining whether an attorney,
accountant, or other professional
derives 10% of his or her annual
revenue from industry-related parties;
and (2) service as a mediator is not
included in determining whether an
attorney, accountant, or other
professional devotes 20% or more of his
or her professional work to securities
industry clients. Recent changes to
NASD’s arbitrator classification rules
amended the definitions of ‘‘public’’
and ‘‘non-public’’ arbitrators (nonpublic arbitrators have some current or
recent connection with the securities
industry, but do not necessarily work in
the industry).5 The changes led, among
other things, to reclassifying some
arbitrators from public to non-public or
from non-public to public, and to
dropping some arbitrators from the
NASD’s roster. One new part of the rule
provided that arbitrators who were
otherwise qualified as public could not
continue to serve as public arbitrators if
their firms derived more than 10% of
their revenue from industry parties.6
Some arbitrators who also serve as
mediators were of the opinion that the
rule change encompassed income in the
form of mediation fees paid by industry
parties such that these individuals
would no longer qualify as public
arbitrators under the new rule. The
NASD Dispute Resolution Board
determined that the rule could be
construed broadly enough to cover
revenue derived from serving as a
mediator but that such a broad
interpretation was not intended. The
proposed rule change would adopt a
clarifying IM that would be printed in
the Code following Rule 10308. The IM
provides, in part, that mediation fees
received by mediators who are also
VerDate jul<14>2003
arbitrators are not to be included in the
definition of ‘‘revenue;’’ that mediation
services performed by mediators who
are also arbitrators are not to be
included in the definition of
‘‘professional work;’’ and that arbitrators
who also serve as mediators must
disclose that information.
12523
The proposal was published for
comment in the Federal Register on
February 3, 2005.7 We received one
comment on the proposal,8 which was
supportive. Citing confusion arising
from the implementation of the NASD’s
2004 changes to the arbitrator
classification rules, the commenter
agreed with the NASD Dispute
Resolution Board that the rules should
not be construed to cover revenues or
work deriving from service as a
mediator. The commenter accordingly
called the proposed rule change
appropriate.
III. Discussion and Findings
The Commission finds the proposed
rule change is consistent with the Act,
and in particular with section 15A(b)(6)
of the Act, which requires, among other
things, that NASD’s rules be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, and, in
general, to protect investors and the
public interest.9 The Commission
believes that the proposed rule change
is consistent with the provisions of the
Act noted above because it provides
clarity to the operation of the rules
regarding arbitrator classification and
addresses an ambiguity in the
interpretation of the arbitrator
classification rules. The Commission
believes that this clarification of the
arbitrator rules will increase efficiency
in the operation of the arbitrator
selection process, as well as provide
additional useful disclosure to
claimants regarding an arbitrator’s
service as a mediator.
IV. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act 10 that the
proposed rule change (SR–NASD–2005–
007) be, and hereby is, approved.11
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51323; File No. SR–NASD–
2005–028]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the
Discontinuation of the Nasdaq
PostData Pilot Program
March 4, 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 February
17, 2005, the National Association of
Securities Dealers, Inc. (‘‘NASD’’),
through its subsidiary, The Nasdaq
Stock Market, Inc. (‘‘Nasdaq’’), filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
items I, II and III below, which items
have been prepared by Nasdaq. Nasdaq
has filed the proposal as a ‘‘noncontroversial’’ rule change pursuant to
section 19(b)(3)(A) of the Act,3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal effective upon filing with
the Commission.5 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq is filing the proposed rule
change to terminate the PostData pilot
program, as of March 31, 2005, the date
that its current pilot approval expires.
The text of the proposed rule change is
below. Proposed new language is in
12 17
note 3, supra.
8 See note 4, supra.
9 15 U.S.C. 78o–3(b)(6).
10 15 U.S.C. 78s(b)(2).
11 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
PO 00000
7 See
Frm 00086
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 Nasdaq asked the Commission to waive the fiveday pre-filing notice requirement. See Rule 19b–
4(f)(6)(iii). 17 CFR 240.19b–4(f)(6)(iii). The
Commission granted Nasdaq’s request.
1 15
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12524
Federal Register / Vol. 70, No. 48 / Monday, March 14, 2005 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
italics; proposed deletions are in
brackets.6
7010. System Services
(a)–(r) No change.
(s) Reserved [NasdaqTrader.com
Volume and Issue Data Package Fee
The charge to be paid by the
subscriber for each entitled user
receiving the Nasdaq Volume and Issue
Data Package via NasdaqTrader.com
shall be $70 per month. The charge to
be paid by market data distributors for
this information shall be $35 per month
for each end user receiving the
information through the data vendor.
The availability of this service through
NasdaqTrader.com shall be limited to
NASD members, Qualified Institutional
Buyers (as defined in Rule 144A of the
Securities Act of 1933) and data
vendors. The Volume and Issue Data
package includes:
(1) Daily Share Volume Reports
(2) Daily Issue Data
(3) Monthly Volume Summaries
(4) Buy Volume Report
(5) Sell Volume Report
(6) Crossed Volume Report
(7) Consolidated Activity Volume
Report
All fees assessed under this
subsection will be waived for a period
of up to two months for all new
subscribers and potential new
subscribers. This fee waiver period
would be applied on a rolling basis,
determined by the date on which a new
subscriber or potential subscriber
contacts Nasdaq to receive access to
PostData.]
(t)–(v) No change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the 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.
6 The proposed rule change is marked to show
changes from the rule text appearing in the NASD
Manual available at https://www.nasd.com.
VerDate jul<14>2003
15:31 Mar 11, 2005
Jkt 205001
1. Purpose
Nasdaq is proposing to terminate the
PostData pilot program, as of March 31,
2005, the date that its current pilot
approval expires, because Nasdaq
would like to reassess the demand for
and the composition of data in this
product. On January 11, 2002, the
Commission first approved Nasdaq
PostData, a voluntary trading data
distribution facility, accessible to NASD
members, buy-side institutions and
market data vendors through the
NasdaqTrader.com Web site.7 Nasdaq
periodically expanded the content of
Nasdaq PostData and extended this pilot
on a number of occasions, most recently
through March 31, 2005.8
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with section
15A(b)(5) 9 and section 15A(b)(6) 10 of
the Act. Section 15A(b)(5) requires the
equitable allocation of reasonable fees
and charges among members and other
users of facilities operated or controlled
by a national securities association.
Nasdaq believes that it is not possible to
offer Nasdaq PostData at a reasonable
fee that equitably allocates fees and
charges among its members and users.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will impose any
burden on competition 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 has neither solicited nor
received comments on the proposed
rule change.
7 See Securities Exchange Act Release No. 45270
(Jan. 11, 2002), 67 FR 2712 (Jan. 18, 2002) (SR–
NASD–99–12).
8 See Securities Exchange Act Release Nos. 49376
(Mar. 9, 2004), 69 FR 12188 (Mar. 15, 2004) (SR–
NASD–2004–038) (extending pilot through March
31, 2005); 48576 (Sept. 30, 2003), 68 FR 57946 (Oct.
7, 2003) (SR–NASD–2003–142) (extending pilot
through March 2004); 47634 (April 4, 2003), 68 FR
17714 (April 10, 2003) (SR–NASD–2003–60)
(extending pilot through September 2003); 47503
(March 14, 2003), 68 FR 13745 (March 20, 2003)
(SR–NASD–2003–35) (extending pilot through
March 2003); and 47210 (Jan. 17, 2003), 68 FR 3912
(Jan. 27, 2003) (SR–NASD–2003–02) (extending
pilot through February 2003).
9 15 U.S.C. 78o–3(b)(5).
10 15 U.S.C. 78o–3(b)(6).
PO 00000
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Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not 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, the proposed rule
change has become effective pursuant to
section 19(b)(3)(A) of the Act 11 and
Rule 19b–4(f)(6) thereunder.12
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.
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–2005–028 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–2005–028. 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
11 15
12 17
E:\FR\FM\14MRN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
14MRN1
Federal Register / Vol. 70, No. 48 / Monday, March 14, 2005 / Notices
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 offices of Nasdaq. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NASD–2005–028 and
should be submitted on or before April
4, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1058 Filed 3–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51319; File No. SR–NYSE–
2004–61]
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Order
Approving Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto To
Rescind a Type of Order Known as an
Institutional XPress Order Through
Amendments to Exchange Rules 13, 60
and 72
March 4, 2005.
On October 28, 2004, the New York
Stock Exchange, Inc. (‘‘NYSE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
rescind a type of order known as an
Institutional XPress Order (‘‘XPress
Order’’) by amending NYSE Rules 13
(Definitions of Orders), 60
(Dissemination of Quotation) and 72
(Priority and Precedence of Bids and
Offers). On December 3, 2004, the
Exchange filed Amendment No. 1 to the
proposed rule change.3 The proposed
13 CFR
200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Partial Amendment dated December 3, 2004
(‘‘Amendment No. 1’’). In Amendment No. 1, the
Exchange changed the basis under which the
1 15
VerDate jul<14>2003
15:31 Mar 11, 2005
Jkt 205001
rule change, as amended by
Amendment No. 1, was published for
notice and comment in the Federal
Register on December 29, 2004.4 The
Commission received no comment
letters on the proposal, as amended. On
January 25, 2005, the Exchange filed
Amendment No. 2 to the proposed rule
change.5 This order approves the
proposed rule change, as amended.
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange,6 and, in particular,
the requirements of section 6 of the
Act 7 and the rules and regulations
thereunder. The Commission finds
specifically that the proposed rule
change, as amended, is consistent with
section 6(b)(5) of the Act 8 in that it is
designed to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
According to the Exchange, the
XPress Order has not been widely used 9
and if the Hybrid Market initiative 10 is
approved and implemented, the need
for XPress Orders will be further
diminished. Therefore, the Commission
believes that it is consistent with the
Act to eliminate this type of order.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,11 that the
proposed rule change (SR–NYSE–2004–
61), as amended, be, and hereby is,
approved.
proposed rule change was filed from Section
19(b)(3)(A) of the Act to Section 19(b)(2) of the Act.
4 See Securities Exchange Act Release No. 50912
(December 22, 2004), 69 FR 78084.
5 See Partial Amendment dated January 25, 2005
(‘‘Amendment No. 2’’). In Amendment No. 2, the
Exchange made minor, technical corrections to the
proposed rule text. Accordingly, this Amendment is
not subject to notice and comment.
6 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
9 Telephone conversation between Cyndi N.
Rodriguez, Special Counsel, Division of Market
Regulation, Commission, and Jeffrey S. Rosenstrock,
Special Counsel, Market Surveillance, NYSE, on
March 1, 2005. The NYSE also represented that the
proposed rule change would be implemented on or
about April 1, 2005. Id.
10 See Securities Exchange Act Release Nos.
50173 (August 10, 2004), 69 FR 50407 (August 16,
2004) and 50667 (November 15, 2004), 69 FR 67980
(November 22, 2004) (SR–NYSE–2004–05).
11 15 U.S.C. 78s(b)(2).
PO 00000
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Sfmt 4703
12525
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1057 Filed 3–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51331; File No. SR–OCC–
2002–16]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing of a Proposed Rule Change
Relating to Unsegregation of Long
Option Positions
March 8, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
July 9, 2002, the Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on December 12,
2002, and January 11, 2005, amended,
the proposed rule change as described
in items I, II, and III below, which items
have been prepared primarily by OCC.
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
OCC Rule 611 permits a clearing
member to issue instructions to OCC to
release from segregation a long option
position carried in a customers’ account
or firm non-lien account provided that
the clearing member is simultaneously
carrying in such account for such
customer a short position in option
contracts and the margin requirement of
the customer has been reduced as a
result of carrying the long option
position. The proposed rule change
would amend Rule 611 to permit a
clearing member to issue such spread
instructions where one leg of the spread
is a long option position and the other
is a position in a security futures
contract.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC included statements concerning
the purpose of and basis for the
12 17
1 15
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CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
14MRN1
]]>Agencies
[Federal Register Volume 70, Number 48 (Monday, March 14, 2005)]
[Notices]
[Pages 12523-12525]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1058]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51323; File No. SR-NASD-2005-028]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Discontinuation of the Nasdaq PostData
Pilot Program
March 4, 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 February 17, 2005, the National Association of Securities Dealers,
Inc. (``NASD''), through its subsidiary, The Nasdaq Stock Market, Inc.
(``Nasdaq''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in items I, II
and III below, which items have been prepared by Nasdaq. Nasdaq has
filed the proposal as a ``non-controversial'' rule change pursuant to
section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposal effective upon filing with the
Commission.\5\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ Nasdaq asked the Commission to waive the five-day pre-filing
notice requirement. See Rule 19b-4(f)(6)(iii). 17 CFR 240.19b-
4(f)(6)(iii). The Commission granted Nasdaq's request.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq is filing the proposed rule change to terminate the PostData
pilot program, as of March 31, 2005, the date that its current pilot
approval expires. The text of the proposed rule change is below.
Proposed new language is in
[[Page 12524]]
italics; proposed deletions are in brackets.\6\
---------------------------------------------------------------------------
\6\ The proposed rule change is marked to show changes from the
rule text appearing in the NASD Manual available at https://www.nasd.com.
---------------------------------------------------------------------------
7010. System Services
(a)-(r) No change.
(s) Reserved [NasdaqTrader.com Volume and Issue Data Package Fee
The charge to be paid by the subscriber for each entitled user
receiving the Nasdaq Volume and Issue Data Package via NasdaqTrader.com
shall be $70 per month. The charge to be paid by market data
distributors for this information shall be $35 per month for each end
user receiving the information through the data vendor. The
availability of this service through NasdaqTrader.com shall be limited
to NASD members, Qualified Institutional Buyers (as defined in Rule
144A of the Securities Act of 1933) and data vendors. The Volume and
Issue Data package includes:
(1) Daily Share Volume Reports
(2) Daily Issue Data
(3) Monthly Volume Summaries
(4) Buy Volume Report
(5) Sell Volume Report
(6) Crossed Volume Report
(7) Consolidated Activity Volume Report
All fees assessed under this subsection will be waived for a period
of up to two months for all new subscribers and potential new
subscribers. This fee waiver period would be applied on a rolling
basis, determined by the date on which a new subscriber or potential
subscriber contacts Nasdaq to receive access to PostData.]
(t)-(v) No change.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Nasdaq included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the 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 is proposing to terminate the PostData pilot program, as of
March 31, 2005, the date that its current pilot approval expires,
because Nasdaq would like to reassess the demand for and the
composition of data in this product. On January 11, 2002, the
Commission first approved Nasdaq PostData, a voluntary trading data
distribution facility, accessible to NASD members, buy-side
institutions and market data vendors through the NasdaqTrader.com Web
site.\7\ Nasdaq periodically expanded the content of Nasdaq PostData
and extended this pilot on a number of occasions, most recently through
March 31, 2005.\8\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 45270 (Jan. 11,
2002), 67 FR 2712 (Jan. 18, 2002) (SR-NASD-99-12).
\8\ See Securities Exchange Act Release Nos. 49376 (Mar. 9,
2004), 69 FR 12188 (Mar. 15, 2004) (SR-NASD-2004-038) (extending
pilot through March 31, 2005); 48576 (Sept. 30, 2003), 68 FR 57946
(Oct. 7, 2003) (SR-NASD-2003-142) (extending pilot through March
2004); 47634 (April 4, 2003), 68 FR 17714 (April 10, 2003) (SR-NASD-
2003-60) (extending pilot through September 2003); 47503 (March 14,
2003), 68 FR 13745 (March 20, 2003) (SR-NASD-2003-35) (extending
pilot through March 2003); and 47210 (Jan. 17, 2003), 68 FR 3912
(Jan. 27, 2003) (SR-NASD-2003-02) (extending pilot through February
2003).
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2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
section 15A(b)(5) \9\ and section 15A(b)(6) \10\ of the Act. Section
15A(b)(5) requires the equitable allocation of reasonable fees and
charges among members and other users of facilities operated or
controlled by a national securities association. Nasdaq believes that
it is not possible to offer Nasdaq PostData at a reasonable fee that
equitably allocates fees and charges among its members and users.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78o-3(b)(5).
\10\ 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 impose
any burden on competition 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 has neither solicited nor received comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change: (1) Does not significantly
affect the protection of investors or the public interest; (2) does not
impose any significant burden on competition; and (3) does not 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, the proposed rule
change has become effective pursuant to section 19(b)(3)(A) of the Act
\11\ and Rule 19b-4(f)(6) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
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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.
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-2005-028 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-2005-028. 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
[[Page 12525]]
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 offices of Nasdaq. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NASD-2005-028 and should be
submitted on or before April 4, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1058 Filed 3-11-05; 8:45 am]
BILLING CODE 8010-01-P
