Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change, and Amendment No. 1 Thereto, National Association of Securities Dealers, Inc. Eliminating the Directed Order Process in The Nasdaq Market Center, 25869-25871 [E5-2399]
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Federal Register / Vol. 70, No. 93 / Monday, May 16, 2005 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51673; File No. SR–FICC–
2005–06]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Order
Approving Proposed Rule Change To
Change the Minimum Margin
Deficiency Call Amount for
Participants in Its Mortgage-Backed
Securities Division
May 9, 2005.
I. Introduction
On March 11, 2005, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) proposed
rule change SR–FICC–2005–06 pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’).1 Notice
of the proposal was published in the
Federal Register on April 4, 2005.2 No
comment letters were received. For the
reasons discussed below, the
Commission is approving the proposed
rule change.
II. Description
FICC is amending the minimum
margin deficiency call amount for
participants in its Mortgage-Backed
Securities Division (‘‘MBSD’’) to the
lesser of $250,000 or 25 percent of the
value of a participant’s margin deposit.
Currently, the MBSD’s procedures
establish a minimum margin deficiency
call amount of $1,000. Upon review,
FICC has determined that the minimum
margin deficiency call amount creates
unnecessary operational burdens and
allocation of resources for a collection of
margin calls that FICC believes is
insubstantial from a risk perspective. On
average, the MBSD makes 17 margin
calls per day of which approximately
five are for amounts under $250,000.
FICC seeks to harmonize the rules of
its two divisions, the Government
Securities Division (‘‘GSD’’) and MSBD,
wherever prudent and possible. The
rules of the GSD provide for a minimum
Clearing Fund deficiency call amount
for margin requirement increases of the
lesser of $250,000 or 25 percent of the
value of the member’s collateral
deposits.3 Under the proposed rule, the
minimum margin deficiency call
amount for MBSD participants will be
the lesser of $250,000 or 25 percent of
1 15
U.S.C. 78s(b)(1).
Exchange Act Release No. 51441
(March 28, 2005), 70 FR 17133 (April 4, 2005).
3 There is no minimum amount for deficiency
calls where the subject member is subject to
enhanced monitoring on what is known as the
‘‘watch list.’’
2 Securities
VerDate jul<14>2003
16:37 May 13, 2005
Jkt 205001
the value of a participant’s margin
deposit. FICC believes this will
eliminate the operational burdens
associated with the collection of de
minimis margin amounts and will
harmonize the rules of FICC’s two
divisions.4
III. Discussion
Section 17A(b)(3)(F) of the Act
requires that the rules of a clearing
agency be designed to assure the
safeguarding of securities and funds
which are in the custody or control of
the clearing agency or for which it is
responsible.5 The Commission finds
that FICC’s proposed rule change is
consistent with this requirement
because it will allow for a less
burdensome application of its margin
call process without presenting material
risk to FICC or its participants. This
should allow FICC to reallocate
resources formerly associated with the
collection of de minimis margin
amounts, which will better enable FICC
to safeguard the securities and funds in
its custody or control or for which it is
responsible.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act and in
particular Section 17A of the Act and
the rules and regulations thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (File No. SR–
FICC–2005–06) be and hereby is
approved.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.6
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2408 Filed 5–13–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51668; File No. SR–NASD–
2005–056]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change,
and Amendment No. 1 Thereto,
National Association of Securities
Dealers, Inc. Eliminating the Directed
Order Process in The Nasdaq Market
Center
May 9, 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 April 21,
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. On May
2, 2005, Nasdaq filed Amendment No. 1
to the proposed rule change.3 The
Commission is publishing this notice, as
amended, to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Nasdaq is filing a proposed rule
change to eliminate the Directed Order
Process from the Nasdaq Market
Center.4 Nasdaq will implement the
proposed rule change within 90 days of
approval with the exact date being
provided to market participants via a
Head Trader Alert on https://
www.nasdaqtrader.com. The text of the
proposed rule change is available on
Nasdaq’s Web site (https://
www.nasdaq.com/
LegalCompliance.stm), at Nasdaq’s
principal office, and at the
Commission’s Public Reference Room.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, Nasdaq amended NASD
Rule 7010 to reflect the proposed elimination of the
Directed Order Process.
4 Nasdaq notes it has previously filed to eliminate
the Directed Order Process as part of File No.
NASD–2004–181. See Securities Exchange Act
Release No. 50845, (December 13. 2004), 69 FR
76022 (December 20, 2004). Nasdaq will amend
NASD–2004–181 to reflect the proposed
elimination of the Directed Order process in the
immediate filing.
2 17
4 As proposed and consistent with the applicable
GSD rule, a minimum amount will not apply to
deficiency calls where the subject participant is on
the ‘‘watch list.’’
5 15 U.S.C. 78q–1(b)(3)(F).
6 17 CFR 200.30–3(a)(12).
PO 00000
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25869
E:\FR\FM\16MYN1.SGM
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25870
Federal Register / Vol. 70, No. 93 / Monday, May 16, 2005 / Notices
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 eliminate the
Directed Order process from the Nasdaq
Market Center. The Directed Order
Process replicates SelectNet
functionality that pre-dated the
implementation of Nasdaq’s
SuperMontage system (since re-named
the Nasdaq Market Center). Directed
Orders are not integrated with the NonDirected Order process and are
processed independently of NonDirected Orders in the Nasdaq Market
Center.
Currently, member A can send a
Directed Order to sell to member B, who
is displaying quotes in the Nasdaq
Market Center. Unless member B has
expressly indicated it will accept
liability orders through the Directed
Order process, member B is not
obligated to trade with the incoming
order. Member B can reject the order,
respond with a counter offer, or execute
the order. Because the Directed Order
process is used to negotiate trades,
orders can be executed at prices inferior
to the best prices displayed in the
Nasdaq Market Center. In addition,
because Directed Orders are not
integrated in Non-Directed Order
execution algorithm, trades are executed
without consideration of the time
priority of orders in the Non-Directed
Order process.
The maintenance of a separate order
delivery processing infrastructure for
Directed Orders, outside of the Nasdaq
Market Center’s main Non-Directed
Order process, increases costs and
system complexity for Nasdaq. In
addition, the current ability of Directed
Orders to be processed without regard
for the best prices displayed in the
Nasdaq Market Center, or the time
priority of other orders in the system,
impairs the overall trading efficiency of
the system and Nasdaq’s ongoing efforts
VerDate jul<14>2003
16:37 May 13, 2005
Jkt 205001
to enhance price/time priority within
the Nasdaq Market Center. Finally,
given recent elimination of Nasdaq’s
pre-open Trade-or-Move requirements
that obligated market participants to
send Directed Orders containing a
Trade-or-Move messages, Nasdaq feels
that now is an appropriate time to
eliminate the Directed Order Process
from the Nasdaq Market Center.
2. Statutory Basis
Nasdaq 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)(6) of
the Act,6 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, remove impediments to a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Nasdaq believes that the proposed
changes are consistent with the
obligations of Section 15A(b)(6) of the
Act because they will provide for greater
time priority protection in Nasdaq’s
execution service. In addition, because
the obligations under Section 15A(b)(6)
and Section 6(b)(5) are the same, the
proposed changes also are consistent
with the obligations applicable to
registered exchanges.
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
Within 35 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
90 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
PO 00000
5 15
6 15
U.S.C. 78o–3.
U.S.C. 78o–3(b)(6).
Frm 00069
Fmt 4703
Sfmt 4703
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, 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–2005–056 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–
056. This file number should be
included on the subject line if e-mail is
used. To help the Commission process
and review your comments more
efficiently, please use only one method.
The Commission will post all comments
on the Commission’s Internet Web site
(https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the NASD. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly.
All submissions should refer to File
Number SR–NASD–2005–056 and
should be submitted on or before June
6, 2005.
E:\FR\FM\16MYN1.SGM
16MYN1
Federal Register / Vol. 70, No. 93 / Monday, May 16, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2399 Filed 5–13–05; 8:45 am]
Dated: April 29, 2005.
William A. Chatfield,
Director.
[FR Doc. 05–9621 Filed 5–13–05; 8:45 am]
BILLING CODE 8015–01–M
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
SELECTIVE SERVICE SYSTEM
[Disaster Declaration # 10111 and # 10112]
Form Submitted to the Office of
Management and Budget for Extension
of Clearance
AGENCY:
ACTION:
Selective Service System.
U.S. Small Business
Administration.
AGENCY:
Notice.
The following form has been
submitted to the Office of Management
and Budget (OMB) for extension of
clearance in compliance with the
Paperwork Reduction Act (44 U.S.
Chapter 35):
SSS–1
Title: The Selective Service System
Registration Form.
Need and/or Use: Is used to register
men and establish a data base for use in
identifying manpower to the military
services during a national emergency.
Respondents: All 18-year-old males
who are United States citizens and those
male immigrants residing in the United
States at the time of their 18th birthday
are required to register with the
Selective Service System.
Frequency: Registration with the
Selective Service System is a one-time
occurrence.
Burden: A burden of 2 minutes or less
on the individual respondent.
Copies of the above identified form
can be obtained upon written request to:
Selective Service System, Reports
Clearance Officer, 1515 Wilson
Boulevard, Arlington, Virginia 22209–
2425.
Written comments and
recommendations for the proposal
extension of clearance of the form
should be sent within 30 days of
publication of this notice to: Selective
Service System, Reports Clearance
Officer, 1515 Wilson Boulevard,
Arlington, Virginia 22209–2425.
A copy of the comments should be
sent to: Office of Information and
Regulatory Affairs, Attention: Desk
Officer, Selective Service System, Office
of Management and Budget, New
Executive Office Building, Room 3235,
Washington, DC 20503.
7 CFR
Pennsylvania Disaster Number PA–
00001
ACTION:
Amendment 2.
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Pennsylvania
(FEMA–1587–DR), dated 04/14/2005.
Incident: Flooding.
Incident Period: 04/02/2005 through
04/23/2005.
04/29/2005.
Physical Loan Application Deadline
Date: 06/14/2005.
EIDL Loan Application Deadline Date:
01/09/2006.
EFFECTIVE DATE:
Submit completed loan
applications to U.S. Small Business
Administration, Disaster Area Office 1,
360 Rainbow Blvd. South, 3rd Floor,
Niagara Falls, NY 14303.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, Suite 6050, Washington,
DC 20416.
FOR FURTHER INFORMATION CONTACT:
The notice
of the Presidential disaster declaration
for the State of Pennsylvania dated 04/
14/2005, is hereby amended to include
the following areas as adversely affected
by the disaster.
SUPPLEMENTARY INFORMATION:
Primary Counties: Susquehanna.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Cheri L. Cannon,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 05–9650 Filed 5–13–05; 8:45 am]
BILLING CODE 8025–01–P
200.30–3(a)(12).
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16:37 May 13, 2005
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25871
DEPARTMENT OF STATE
[Public Notice 5081]
60-Day Notice of Proposed Information
Collection: DS–7001 and SV–1999–
011–A, DOS-Sponsored Academic
Exchange Program Application and
Evaluation, OMB Control No. 1405–
0138
Notice of request for public
comments.
ACTION:
SUMMARY: The Department of State is
seeking Office of Management and
Budget (OMB) approval for the
information collection described below.
The purpose of this notice is to allow 60
days for public comment in the Federal
Register preceding submission to OMB.
We are conducting this process in
accordance with the Paperwork
Reduction Act of 1995.
• Title of Information Collection:
DOS-sponsored Academic Exchange
Program Application and Evaluation.
• OMB Control Number: 1405–0138.
• Type of Request: Revision of a
Currently Approved Collection.
• Originating Office: Bureau of
Educational and Cultural Affairs, ECA/
A/E/EUR.
• Form Number: N/A.
• Respondents: Applicants, current
participants, and program alumni.
• Estimated Number of Respondents:
20,500.
• Estimated Number of Responses:
20,500.
• Average Hours Per Response: 0.74.
• Total Estimated Burden: 15,250.
• Frequency: On occasion.
• Obligation to Respond: Voluntary.
DATES: The Department will accept
comments from the public up to 60 days
from May 16, 2005.
ADDRESSES: You may submit comments
by any of the following methods:
• E-mail: AlamiLT@state.gov. You
must include the DS form number (if
applicable), information collection title,
and OMB control number in the subject
line of your message.
• Mail (paper, disk, or CD-ROM
submissions): ECA/A/E/EUR, Laura
Alami, SA–44, Room 246, 301 Fourth
Street, SW., Washington, DC 20547.
• Fax: 202–260–7985.
• Hand Delivery or Courier: Same as
mailing address.
FOR FURTHER INFORMATION CONTACT:
Direct requests for additional
information regarding the collection
listed in this notice, including requests
for copies of the proposed information
collection and supporting documents, to
Laura Alami, U.S. Department of State,
Bureau of Educational and Cultural
E:\FR\FM\16MYN1.SGM
16MYN1
]]>Agencies
[Federal Register Volume 70, Number 93 (Monday, May 16, 2005)]
[Notices]
[Pages 25869-25871]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2399]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51668; File No. SR-NASD-2005-056]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change, and Amendment No. 1 Thereto, National Association of Securities
Dealers, Inc. Eliminating the Directed Order Process in The Nasdaq
Market Center
May 9, 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 April 21, 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. On May 2,
2005, Nasdaq filed Amendment No. 1 to the proposed rule change.\3\ The
Commission is publishing this notice, as amended, 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\ In Amendment No. 1, Nasdaq amended NASD Rule 7010 to reflect
the proposed elimination of the Directed Order Process.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
Nasdaq is filing a proposed rule change to eliminate the Directed
Order Process from the Nasdaq Market Center.\4\ Nasdaq will implement
the proposed rule change within 90 days of approval with the exact date
being provided to market participants via a Head Trader Alert on http:/
/www.nasdaqtrader.com. The text of the proposed rule change is
available on Nasdaq's Web site (https://www.nasdaq.com/
LegalCompliance.stm), at Nasdaq's principal office, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------
\4\ Nasdaq notes it has previously filed to eliminate the
Directed Order Process as part of File No. NASD-2004-181. See
Securities Exchange Act Release No. 50845, (December 13. 2004), 69
FR 76022 (December 20, 2004). Nasdaq will amend NASD-2004-181 to
reflect the proposed elimination of the Directed Order process in
the immediate filing.
---------------------------------------------------------------------------
[[Page 25870]]
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 eliminate the Directed Order process from
the Nasdaq Market Center. The Directed Order Process replicates
SelectNet functionality that pre-dated the implementation of Nasdaq's
SuperMontage system (since re-named the Nasdaq Market Center). Directed
Orders are not integrated with the Non-Directed Order process and are
processed independently of Non-Directed Orders in the Nasdaq Market
Center.
Currently, member A can send a Directed Order to sell to member B,
who is displaying quotes in the Nasdaq Market Center. Unless member B
has expressly indicated it will accept liability orders through the
Directed Order process, member B is not obligated to trade with the
incoming order. Member B can reject the order, respond with a counter
offer, or execute the order. Because the Directed Order process is used
to negotiate trades, orders can be executed at prices inferior to the
best prices displayed in the Nasdaq Market Center. In addition, because
Directed Orders are not integrated in Non-Directed Order execution
algorithm, trades are executed without consideration of the time
priority of orders in the Non-Directed Order process.
The maintenance of a separate order delivery processing
infrastructure for Directed Orders, outside of the Nasdaq Market
Center's main Non-Directed Order process, increases costs and system
complexity for Nasdaq. In addition, the current ability of Directed
Orders to be processed without regard for the best prices displayed in
the Nasdaq Market Center, or the time priority of other orders in the
system, impairs the overall trading efficiency of the system and
Nasdaq's ongoing efforts to enhance price/time priority within the
Nasdaq Market Center. Finally, given recent elimination of Nasdaq's
pre-open Trade-or-Move requirements that obligated market participants
to send Directed Orders containing a Trade-or-Move messages, Nasdaq
feels that now is an appropriate time to eliminate the Directed Order
Process from the Nasdaq Market Center.
2. Statutory Basis
Nasdaq 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)(6) of the Act,\6\ in particular, in that it is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, remove impediments to a free
and open market and a national market system, and, in general, to
protect investors and the public interest. Nasdaq believes that the
proposed changes are consistent with the obligations of Section
15A(b)(6) of the Act because they will provide for greater time
priority protection in Nasdaq's execution service. In addition, because
the obligations under Section 15A(b)(6) and Section 6(b)(5) are the
same, the proposed changes also are consistent with the obligations
applicable to registered exchanges.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78o-3.
\6\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 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 90 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
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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-2005-056 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-2005-056. This file number should be included on the subject
line if e-mail is used. To help the Commission process and review your
comments more efficiently, please use only one method. The Commission
will post all comments on the Commission's Internet Web site (https://
www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent
amendments, all written statements with respect to the proposed rule
change that are filed with the Commission, and all written
communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for inspection and copying in the Commission's Public
Reference Room. Copies of such filing also will be available for
inspection and copying at the principal office of the NASD. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly.
All submissions should refer to File Number SR-NASD-2005-056 and
should be submitted on or before June 6, 2005.
[[Page 25871]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-2399 Filed 5-13-05; 8:45 am]
BILLING CODE 8010-01-P
