Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change and Amendment No. 1 Thereto To Modify the Pricing for Non-Members Using Nasdaq's Brut Facility, 2607-2608 [E6-395]

Download as PDF Federal Register / Vol. 71, No. 10 / Tuesday, January 17, 2006 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53082; File No. SR–NASD– 2005–155] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change and Amendment No. 1 Thereto To Modify the Pricing for Non-Members Using Nasdaq’s Brut Facility January 9, 2006 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 28, 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 and II below, which Items have been prepared by Nasdaq. On December 30, 2005, Nasdaq submitted 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, and at the same time is granting accelerated approval of the proposed rule change, as amended. sroberts on PROD1PC69 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to modify the pricing for non-members using Nasdaq’s Brut Facility (‘‘Brut’’). Nasdaq requests approval to implement the proposed rule change, as amended, retroactively as of January 1, 2006, for a pilot period running through February 28, 2006. The text of the proposed rule change, as amended, is below. Proposed new language is in italics. Proposed deletions are in [brackets]. * * * * * 7010. System Services (a)–(h) No change. (i) Nasdaq Market Center and Brut Facility Order Execution (1)–(5) No change. (6) The fees applicable to nonmembers using Nasdaq’s Brut Facility shall be the fees established for members under Rule 7010(i), as amended by SR–NASD–2005–019, SR– NASD–2005–035, SR–NASD–2005–048, 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Partial Amendment No. 1 clarified that the proposed rule change is a pilot program. 2 17 VerDate Aug<31>2005 15:57 Jan 13, 2006 Jkt 208001 and SR–NASD–2005–071, SR–NASD– 2005–125, [and] SR–NASD–2005–137, and SR–NASD–2005–154, and as applied to non-members by SR–NASD– 2005–020, SR–NASD–2005–038, SR– NASD–2005–049, SR–NASD–2005–072, SR–NASD–2005–126, [and] SR–NASD– 2005–138, and SR–NASD–2005–155. (j)–(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, as amended, and discussed any comments it received on the proposed rule change, as amended. The text of these statements may be examined at the places specified in Item III 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 In SR–NASD–2005–137 and SR– NASD–2005–138,4 Nasdaq created a pilot program under which liquidity providers (i.e., market participants that post quotes or orders that are accessed by incoming orders) 5 may receive a credit of $0.0005 per share executed with respect to forty stocks listed on the New York Stock Exchange.6 4 Securities Exchange Act Release Nos. 52939 (December 9, 2005), 70 FR 75229 (December 19, 2005) (SR–NASD–2005–137) and 52938 (December 9, 2005), 70 FR 75231 (December 19, 2005) (SR– NASD–2005–138). 5 Telephone conversation between John Yetter, Associate General Counsel, Exchange, and Michou Nguyen, Attorney, Division of Market Regulation, Commission, on January 4, 2006. 6 Advanced Micro Devices Inc. (AMD); Apache Corp. (APA); AT&T Corp. (T); Avaya, Inc. (AV); Baker Hughes, Inc. (BHI); BJ Services Co. (BJS); Bristol-Myers Squibb Co. (BMY); Burlington Resources, Inc. (BR); Calpine Corp. (CPN); Charles Schwab Corp. (SCH); Citigroup Inc. (C); ConocoPhillips (COP); Corning Inc. (GLW); Devon Energy Corp. (DVN); EMC Corp. (EMC); Exxon Mobil Corp. (XOM); Ford Motor Co. (F); Gateway, Inc. (GTW); General Electric Co. (GE); Halliburton Co. (HAL); Hewlett-Packard Co. (HPQ); Johnson & Johnson (JNJ); JPMorgan Chase & Co. (JPM); Kohl’s Corp. (KSS); LSI Logic Corp. (LSI); Micron Technology, Inc. (MU); Motorola, Inc. (MOT); Noble Corp. (NE); Occidental Petroleum Corp. (OXY); Office Depot Inc. (ODP); Pfizer Inc. (PFE); Phelps Dodge Corp. (PD); Pulte Homes, Inc. (PHM); Qwest Communications International Inc. (Q); Schlumberger Ltd. (SLB); Solectron Corp. (SLR); Sovereign Bancorp, Inc. (SOV); Time Warner, Inc. (TWX); Valero Energy Corp. (VLO); and Verizon Communications, Inc. (VZ). PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 2607 As stated in the prior filings, Nasdaq notes that it planned to run the pilot for a period of at least three months; however, Nasdaq states that, because the authority for this proposal provided by the Nasdaq Board of Directors ran only through December 31, 2005, Nasdaq needed to obtain Board approval for a longer pilot. Having obtained such approval, Nasdaq filed to extend the pilot for NASD members through February 28, 2005.7 In this filing, Nasdaq is proposing to apply the same extension to non-NASD members that use Nasdaq’s Brut Facility. 2. Statutory Basis Nasdaq believes that the proposed rule change, as amended, is consistent with the provisions of section 15A of the Act,8 in general, and with section 15A(b)(5) of the Act,9 in particular, in that the proposed rule change, as amended, provides for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility or system which the NASD operates or controls. The proposed rule change, as amended, applies to nonmembers that use Nasdaq’s Brut Facility a fee change that is being implemented for NASD members that use the Nasdaq Market Center and/or Nasdaq’s Brut Facility. Accordingly, Nasdaq believes that the proposed rule change, as amended, promotes an equitable allocation of fees between members and non-members using Nasdaq’s order execution facilities. Nasdaq states that the proposed change, as amended, will continue a pilot to make a liquidity provider credit available to all market participants that opt to provide liquidity through Nasdaq or Brut to support executions in any of forty stocks included in the pilot program. B. Self-Regulatory Organization’s Statement on Burden on Competition Nasdaq does not believe that the proposed rule change, as amended, will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Nasdaq states that written comments were neither solicited nor received. 7 See SR–NASD–2005–154. U.S.C. 78o–3. 9 15 U.S.C. 78o–3(b)(5). 8 15 E:\FR\FM\17JAN1.SGM 17JAN1 2608 Federal Register / Vol. 71, No. 10 / Tuesday, January 17, 2006 / Notices applicable to a self-regulatory organization.10 Specifically, the Interested persons are invited to Commission believes that the proposed submit written data, views, and rule change, as amended, is consistent arguments concerning the foregoing, with section 15A(b)(5) of the Act,11 including whether the proposed rule which requires that the rules of the selfchange, as amended, is consistent with the Act. Comments may be submitted by regulatory organization provide for the equitable allocation of reasonable dues, any of the following methods: fees, and other charges among members Electronic Comments and issuers and other persons using any facilities or system which it operates or • Use the Commission’s Internet controls. comment form (https://www.sec.gov/ The Commission notes that this rules/sro.shtml); or proposal would retroactively modify • Send an e-mail to rulepricing for non-NASD members using comments@sec.gov. Please include File the Nasdaq’s Brut Facility to extend a Number SR–NASD–2005–155 on the pilot running through February 28, subject line. 2005. This proposal would permit the Paper Comments schedule for non-NASD members to mirror the schedule applicable to NASD • Send paper comments in triplicate members that became effective January to Nancy M. Morris, Secretary, 1, 2006, pursuant to SR–NASD–2005– Securities and Exchange Commission, 154 and that Nasdaq stated it would 100 F Street, NE., Washington, DC implement on a pilot basis from January 20549–9303. 1, 2006 to February 28, 2006. All submissions should refer to File The Commission finds good cause for Number SR–NASD–2005–155. This file approving the proposed rule change, as number should be included on the amended, prior to the 30th day of the subject line if e-mail is used. To help the date of publication of the notice thereof Commission process and review your in the Federal Register. The comments more efficiently, please use Commission notes that the proposed only one method. The Commission will fees for non-NASD members are post all comments on the Commission’s identical to those in SR–NASD–2005– Internet Web site (https://www.sec.gov/ 154, which implemented those fees for rules/sro.shtml). Copies of the NASD members and which became submission, all subsequent effective as of January 1, 2006. The amendments, all written statements Commission notes that this change will with respect to the proposed rule promote consistency in Nasdaq’s fee change that are filed with the schedule by applying the same pricing Commission, and all written schedule with the same date of communications relating to the effectiveness for both NASD members proposed rule change between the and non-NASD members. Therefore, the Commission and any person, other than Commission finds that there is good those that may be withheld from the cause, consistent with section 19(b)(2) public in accordance with the of the Act,12 to approve the proposed provisions of 5 U.S.C. 552, will be rule change, as amended, on an available for inspection and copying in accelerated basis. the Commission’s Public Reference Room. Copies of such filing also will be V. Conclusion available for inspection and copying at It is therefore ordered, pursuant to the principal office of the NASD. All section 19(b)(2) of the Act,13 that the comments received will be posted proposed rule change, as amended, (File without change; the Commission does No. SR–NASD–2005–155), is approved not edit personal identifying on an accelerated basis. information from submissions. You For the Commission, by the Division of should submit only information that Market Regulation, pursuant to delegated you wish to make available publicly. All authority.14 submissions should refer to File Nancy M. Morris, Number SR–NASD–2005–155 and Secretary. should be submitted on or before [FR Doc. E6–395 Filed 1–13–06; 8:45 am] February 7, 2006. sroberts on PROD1PC69 with NOTICES III. Solicitation of Comments IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder VerDate Aug<31>2005 15:57 Jan 13, 2006 Jkt 208001 BILLING CODE 8010–01–P 10 The Commission has considered the proposed rule’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 11 15 U.S.C. 78o–3(b)(5). 12 15 U.S.C. 78s(b)(2). 13 15 U.S.C. 78s(b)(2). 14 17 CFR 200.30–3(a)(12). PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53081; File No. SR–NASD– 2005–154] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Modify Pricing for NASD Members Using the Nasdaq Market Center and Nasdaq’s Brut Facility January 9, 2006. 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 28, 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 December 30, 2005, Nasdaq submitted Amendment No. 1 to the proposed rule change.3 Nasdaq has designated this proposal as one establishing or changing a due, fee, or other charge imposed by the self-regulatory organization under Section 19(b)(3)(A)(ii) 4 of the Act and Rule 19b–4(f)(2) thereunder,5 which renders the proposal effective upon filing with the Commission. 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 the Substance of the Proposed Rule Change Nasdaq proposes to modify the pricing for NASD members using the Nasdaq Market Center and Nasdaq’s Brut Facility (‘‘Brut’’). Nasdaq states that it will implement the proposed rule change on January 1, 2006 for a pilot period running through February 28, 2006. The text of the proposed rule change, as amended, is below. Proposed new language is in italics; proposed deletions are in [brackets]. * * * * * 7010. System Services (a)–(h) No change. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Partial Amendment No. 1 (‘‘Amendment No. 1’’) clarified that the proposed rule change is a pilot program. 4 15 U.S.C. 78s(b)(3)(A)(ii). 5 17 CFR 240.19b–4(f)(2). 2 17 E:\FR\FM\17JAN1.SGM 17JAN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 71, Number 10 (Tuesday, January 17, 2006)]
[Notices]
[Pages 2607-2608]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-395]



[[Page 2607]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53082; File No. SR-NASD-2005-155]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Notice of Filing and Order Granting Accelerated Approval 
of a Proposed Rule Change and Amendment No. 1 Thereto To Modify the 
Pricing for Non-Members Using Nasdaq's Brut Facility

 January 9, 2006
    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 28, 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 and 
II below, which Items have been prepared by Nasdaq. On December 30, 
2005, Nasdaq submitted 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, and at the 
same time is granting accelerated approval of the proposed rule change, 
as amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Partial Amendment No. 1 clarified that the proposed rule 
change is a pilot program.w
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Nasdaq proposes to modify the pricing for non-members using 
Nasdaq's Brut Facility (``Brut''). Nasdaq requests approval to 
implement the proposed rule change, as amended, retroactively as of 
January 1, 2006, for a pilot period running through February 28, 2006. 
The text of the proposed rule change, as amended, is below. Proposed 
new language is in italics. Proposed deletions are in [brackets].
* * * * *
7010. System Services
    (a)-(h) No change.
    (i) Nasdaq Market Center and Brut Facility Order Execution
    (1)-(5) No change.
    (6) The fees applicable to non-members using Nasdaq's Brut Facility 
shall be the fees established for members under Rule 7010(i), as 
amended by SR-NASD-2005-019, SR-NASD-2005-035, SR-NASD-2005-048, and 
SR-NASD-2005-071, SR-NASD-2005-125, [and] SR-NASD-2005-137, and SR-
NASD-2005-154, and as applied to non-members by SR-NASD-2005-020, SR-
NASD-2005-038, SR-NASD-2005-049, SR-NASD-2005-072, SR-NASD-2005-126, 
[and] SR-NASD-2005-138, and SR-NASD-2005-155.
    (j)-(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, as 
amended, and discussed any comments it received on the proposed rule 
change, as amended. The text of these statements may be examined at the 
places specified in Item III 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
    In SR-NASD-2005-137 and SR-NASD-2005-138,\4\ Nasdaq created a pilot 
program under which liquidity providers (i.e., market participants that 
post quotes or orders that are accessed by incoming orders) \5\ may 
receive a credit of $0.0005 per share executed with respect to forty 
stocks listed on the New York Stock Exchange.\6\
---------------------------------------------------------------------------

    \4\ Securities Exchange Act Release Nos. 52939 (December 9, 
2005), 70 FR 75229 (December 19, 2005) (SR-NASD-2005-137) and 52938 
(December 9, 2005), 70 FR 75231 (December 19, 2005) (SR-NASD-2005-
138).
    \5\ Telephone conversation between John Yetter, Associate 
General Counsel, Exchange, and Michou Nguyen, Attorney, Division of 
Market Regulation, Commission, on January 4, 2006.
    \6\ Advanced Micro Devices Inc. (AMD); Apache Corp. (APA); AT&T 
Corp. (T); Avaya, Inc. (AV); Baker Hughes, Inc. (BHI); BJ Services 
Co. (BJS); Bristol-Myers Squibb Co. (BMY); Burlington Resources, 
Inc. (BR); Calpine Corp. (CPN); Charles Schwab Corp. (SCH); 
Citigroup Inc. (C); ConocoPhillips (COP); Corning Inc. (GLW); Devon 
Energy Corp. (DVN); EMC Corp. (EMC); Exxon Mobil Corp. (XOM); Ford 
Motor Co. (F); Gateway, Inc. (GTW); General Electric Co. (GE); 
Halliburton Co. (HAL); Hewlett-Packard Co. (HPQ); Johnson & Johnson 
(JNJ); JPMorgan Chase & Co. (JPM); Kohl's Corp. (KSS); LSI Logic 
Corp. (LSI); Micron Technology, Inc. (MU); Motorola, Inc. (MOT); 
Noble Corp. (NE); Occidental Petroleum Corp. (OXY); Office Depot 
Inc. (ODP); Pfizer Inc. (PFE); Phelps Dodge Corp. (PD); Pulte Homes, 
Inc. (PHM); Qwest Communications International Inc. (Q); 
Schlumberger Ltd. (SLB); Solectron Corp. (SLR); Sovereign Bancorp, 
Inc. (SOV); Time Warner, Inc. (TWX); Valero Energy Corp. (VLO); and 
Verizon Communications, Inc. (VZ).
---------------------------------------------------------------------------

    As stated in the prior filings, Nasdaq notes that it planned to run 
the pilot for a period of at least three months; however, Nasdaq states 
that, because the authority for this proposal provided by the Nasdaq 
Board of Directors ran only through December 31, 2005, Nasdaq needed to 
obtain Board approval for a longer pilot. Having obtained such 
approval, Nasdaq filed to extend the pilot for NASD members through 
February 28, 2005.\7\ In this filing, Nasdaq is proposing to apply the 
same extension to non-NASD members that use Nasdaq's Brut Facility.
---------------------------------------------------------------------------

    \7\ See SR-NASD-2005-154.
---------------------------------------------------------------------------

2. Statutory Basis
    Nasdaq believes that the proposed rule change, as amended, is 
consistent with the provisions of section 15A of the Act,\8\ in 
general, and with section 15A(b)(5) of the Act,\9\ in particular, in 
that the proposed rule change, as amended, provides for the equitable 
allocation of reasonable dues, fees, and other charges among members 
and issuers and other persons using any facility or system which the 
NASD operates or controls. The proposed rule change, as amended, 
applies to non-members that use Nasdaq's Brut Facility a fee change 
that is being implemented for NASD members that use the Nasdaq Market 
Center and/or Nasdaq's Brut Facility. Accordingly, Nasdaq believes that 
the proposed rule change, as amended, promotes an equitable allocation 
of fees between members and non-members using Nasdaq's order execution 
facilities. Nasdaq states that the proposed change, as amended, will 
continue a pilot to make a liquidity provider credit available to all 
market participants that opt to provide liquidity through Nasdaq or 
Brut to support executions in any of forty stocks included in the pilot 
program.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78o-3.
    \9\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq does not believe that the proposed rule change, as amended, 
will result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Nasdaq states that written comments were neither solicited nor 
received.

[[Page 2608]]

III. 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-2005-155 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.

All submissions should refer to File Number SR-NASD-2005-155. 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-2005-155 and should be submitted on or before 
February 7, 2006.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a self-regulatory organization.\10\ 
Specifically, the Commission believes that the proposed rule change, as 
amended, is consistent with section 15A(b)(5) of the Act,\11\ which 
requires that the rules of the self-regulatory organization provide for 
the equitable allocation of reasonable dues, fees, and other charges 
among members and issuers and other persons using any facilities or 
system which it operates or controls.
---------------------------------------------------------------------------

    \10\ The Commission has considered the proposed rule's impact on 
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
    \11\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------

    The Commission notes that this proposal would retroactively modify 
pricing for non-NASD members using the Nasdaq's Brut Facility to extend 
a pilot running through February 28, 2005. This proposal would permit 
the schedule for non-NASD members to mirror the schedule applicable to 
NASD members that became effective January 1, 2006, pursuant to SR-
NASD-2005-154 and that Nasdaq stated it would implement on a pilot 
basis from January 1, 2006 to February 28, 2006.
    The Commission finds good cause for approving the proposed rule 
change, as amended, prior to the 30th day of the date of publication of 
the notice thereof in the Federal Register. The Commission notes that 
the proposed fees for non-NASD members are identical to those in SR-
NASD-2005-154, which implemented those fees for NASD members and which 
became effective as of January 1, 2006. The Commission notes that this 
change will promote consistency in Nasdaq's fee schedule by applying 
the same pricing schedule with the same date of effectiveness for both 
NASD members and non-NASD members. Therefore, the Commission finds that 
there is good cause, consistent with section 19(b)(2) of the Act,\12\ 
to approve the proposed rule change, as amended, on an accelerated 
basis.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\13\ that the proposed rule change, as amended, (File No. SR-NASD-
2005-155), is approved on an accelerated basis.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-395 Filed 1-13-06; 8:45 am]
BILLING CODE 8010-01-P

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