Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Optional Routing of Orders in Nasdaq's INET Facility, 14043-14045 [E6-3959]
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Federal Register / Vol. 71, No. 53 / Monday, March 20, 2006 / Notices
under the Act by the compliance date.
Applicants also note that the
Commission has proposed rule 15a–5
under the Act and agree that the
requested order will expire on the
effective date of rule 15a–5 under the
Act, if adopted.3
wwhite on PROD1PC61 with NOTICES
Applicants’ Conditions
Applicants agree that any order
granting the requested relief will be
subject to the following conditions:
1. Before a Fund may rely on the
requested order, the operation of the
Fund in the manner described in the
application will be approved by a
majority of the Fund’s outstanding
voting securities, as defined in the Act,
or, in the case of a Fund whose public
shareholders purchase shares on the
basis of a prospectus containing the
disclosure contemplated by condition 2
below, by the initial shareholder(s)
before offering shares of that Fund to the
public.
2. Each Fund will disclose in its
prospectus the existence, substance and
effect of any order granted pursuant to
the application. In addition, each Fund
will hold itself out to the public as
employing the management structure
described in the application. The
prospectus will prominently disclose
that the Adviser has the ultimate
responsibility (subject to oversight by
the Board) to oversee Subadvisers and
recommend their hiring, termination,
and replacement.
3. Each Fund will comply with the
fund governance standards set forth in
rule 0–1(a)(7) under the Act by the
compliance date for the rule
(‘‘Compliance Date’’). Prior to the
Compliance Date, a majority of the
Board will be Independent Directors,
and the nomination of new or additional
Independent Directors will be at the
discretion of the then-existing
Independent Directors.
4. The Adviser will not enter into a
Subadvisory Agreement with any
Affiliated Subadviser without that
agreement, including the compensation
to be paid thereunder, being approved
by the shareholders of the applicable
Fund.
5. When a Subadviser change is
proposed for a Fund with an Affiliated
Subadviser, the Board, including a
majority of the Independent Directors,
will make a separate finding, reflected
in the Board minutes, that the change is
in the best interests of the Fund and its
shareholders and does not involve a
conflict of interest from which the
Adviser or the Affiliated Subadviser
derives an inappropriate advantage.
6. Within 90 days of the hiring of a
new Subadviser, shareholders of the
affected Fund will be furnished all
information about the new Subadviser
that would be contained in a proxy
statement. Each Fund will meet this
condition by providing shareholders
with an information statement meeting
the requirements of Regulation 14C,
Schedule 14C and Item 22 of Schedule
14A under the Securities Exchange Act
of 1934 within 90 days of the hiring of
a new Subadviser.
7. The Adviser will provide general
management services to each Fund,
including overall supervisory
responsibility for the general
management and investment of each
Fund’s assets, and, subject to review
and approval by the Board, will (a) Set
the Fund’s overall investment strategies;
(b) evaluate, select, and recommend
Subadvisers to manage all or part of the
Fund’s assets; (c) when appropriate,
allocate and reallocate a Fund’s assets
among multiple Subadvisers; (d)
monitor and evaluate the performance
of Subadvisers; and (e) implement
procedures reasonably designed to
ensure that the Subadvisers comply
with each Fund’s investment objectives,
policies and restrictions.
8. No director or officer of the
Company, or director, manager or officer
of the Adviser, will own, directly or
indirectly (other than through a pooled
investment vehicle that is not controlled
by that director, manager or officer), any
interest in a Subadviser, except for (a)
ownership of interests in the Adviser or
any entity that controls, is controlled by,
or is under common control with the
Adviser, or (b) ownership of less than
1% of the outstanding securities of any
class of equity or debt of a publiclytraded company that is either a
Subadviser or an entity that controls, is
controlled by, or is under common
control with a Subadviser.
9. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Nancy M. Morris,
Secretary.
[FR Doc. E6–3958 Filed 3–17–06; 8:45 am]
BILLING CODE 8010–01–P
3 Investment Company Act Release No. 26230
(Oct. 23, 2003).
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20:35 Mar 17, 2006
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14043
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53474; File No. SR–NASD–
2006–022]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Thereto Relating to Optional Routing
of Orders in Nasdaq’s INET Facility
March 13, 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 February
10, 2006, the National Association of
Securities Dealers, Inc.(‘‘NASD’’),
through its subsidiary, the Nasdaq Stock
Market, Inc. (‘‘Nasdaq’’), submitted to
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by Nasdaq. Nasdaq filed
the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 which
renders it effective upon filing with the
Commission. On March 9, 2006, Nasdaq
filed Amendment No. 1 to the proposed
rule change.4 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
Nasdaq proposes to create a new
voluntary routing option for its INET
facility that will allow INET users to
instruct that orders being ultimately
directed to the New York Stock
Exchange or the American Stock
Exchange first check INET and then the
Nasdaq Market Center and/or Nasdaq’s
Brut facility for potential execution
before being delivered to those
exchanges. Nasdaq will implement the
proposed rule change immediately. The
text of the proposed rule change is
below. Proposed new language is in
italics; deletions are in [brackets].5
*
*
*
*
*
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 Amendment No. 1 made a non-substantive,
clarifying change to the rule text, as well as
provided rationale for the request for the
Commission to accelerate the operative delay.
5 Changes are marked to the rule text that appears
in the electronic NASD Manual found at
www.nasd.com. Prior to the date when The
NASDAQ Stock Market LLC (‘‘NASDAQ LLC’’)
commences operations, NASDAQ LLC will file a
conforming change to the rules of NASDAQ LLC
2 17
Continued
PO 00000
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14044
Federal Register / Vol. 71, No. 53 / Monday, March 20, 2006 / Notices
4956. Routing
(a) INET Order Routing Process
(1) The INET Order Routing Process
shall be available to Participants from 7
a.m. to 8 p.m. Eastern Time, and shall
route orders as described below:
(A) Exchange-Listed Routing Options
The System provides [five] six routing
options for orders in exchange-listed
securities. Of these [five] six, only [two]
three—DOT Immediate, [and] DOT
Alternative and DOT Nasdaq—are
available for orders ultimately sought to
be directed to either the New York Stock
Exchange (‘‘NYSE’’) or the American
Stock Exchange (‘‘AMEX’’). The System
also allows firms to send individual
orders to the NYSE Direct + System, and
to elect to have orders not be sent to the
AMEX. The [five] six System routing
options for NYSE and/or Amex listed
orders are:
(i)–(v) No Change.
(vi) DOT Nasdaq (‘‘DOTN’’)—under
this option, after checking the INET
System for available shares, orders are
sent to other available market centers
that are owned by Nasdaq, including the
Nasdaq Market Center and/or Nasdaq’s
Brut Facility for potential execution
before the destination exchange. When
checking the INET book, the System will
seek to execute at the price it would
send the order to a non-INET
destination market center as designated
by the entering party. Any un-executed
portion will thereafter be sent to the
NYSE or AMEX, as appropriate, at the
order’s original limit order price. This
option may only be used for orders with
time-in-force parameters of either DAY,
IOC, or market-on-open/close.
(B)–(C) No Change.
*
*
*
*
*
wwhite on PROD1PC61 with 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.
approved in Securities Exchange Act Release No.
53128 (January 13, 2006).
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20:35 Mar 17, 2006
Jkt 208001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq proposes to create a new
voluntary routing option for its INET
facility that will allow INET users to
instruct that orders being ultimately
directed to the New York Stock
Exchange or the American Stock
Exchange first check INET and then the
Nasdaq Market Center and/or Nasdaq’s
Brut facility for potential execution
before being delivered to those
exchanges. Nasdaq believes that the
above option will enhance the choices
available to INET systems users to select
the best method to execute proprietary
and customer orders across multiple
trading venues, and is similar to routing
options available through Nasdaq’s Brut
facility. In addition, this routing option
will allow users to maximize their
participation across Nasdaq-owned
trading venues so as to take advantage
of available volume-based execution fee
discounts resulting from activity on all
Nasdaq systems. Like all Nasdaq system
routing options, applicable principles of
best-execution apply to the use of this
proposed routing option.
2. Statutory Basis
Nasdaq believes that the proposed
rule change, as amended, is consistent
with Section 15A of the Act,6 in general,
and furthers the objectives of Section
15A(b)(6) of the Act,7 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.
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 on the proposed
rule change were neither solicited nor
received.
6 15
7 15
PO 00000
U.S.C. 78o–3.
U.S.C. 78o–3(6).
Frm 00101
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Nasdaq has filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 8 and subparagraph (f)(6) of
Rule 19b–4 thereunder.9 Because the
foregoing proposed 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 of filing, 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 and Rule 19b–
4(f)(6) thereunder. As required under
Rule 19b–4(f)(6)(iii), Nasdaq provided
the Commission with written notice of
its intent to file the proposed rule
change at least five business days prior
to filing the proposal with the
Commission or such shorter period as
designated by the Commission. Nasdaq
has requested that the Commission
waive 30-day delayed operational date
provisions contained in the above rule,
based upon a representation that the
proposed rule filing would benefit
investors and permit them to select the
execution venues that best suit their
trading goals, and should, therefore, be
provided to investors as soon as
possible. For this reason, the
Commission designates the proposal to
be effective and operative upon filing
with the Commission.
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.10
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
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 The effective date of the original proposed rule
change is February 10, 2006 and the effective date
of Amendment No. 1 is March 9, 2006. For
purposes of calculating the 60-day period within
which the Commission may summarily abrogate the
proposed rule change, as amended, under section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on March 9, 2006, the date
on which Nasdaq submitted Amendment No. 1. See
15 U.S.C. 78s(b)(3)(C).
9 17
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Federal Register / Vol. 71, No. 53 / Monday, March 20, 2006 / Notices
14045
the Act. Comments may be submitted by
any of the following methods:
SECURITIES AND EXCHANGE
COMMISSION
any purpose other than seeking the best
execution of the entire order.
Electronic Comments
[Release No. 34–53469; File No. SR–PCX–
2006–10]
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
• 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–2006–022 on the
subject line.
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing of
Proposed Rule Change Relating to
Trade Shredding
March 10, 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 February
• Send paper comments in triplicate
3, 2006, the Pacific Exchange, Inc.
to Nancy M. Morris, Secretary,
(‘‘PCX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission,
Securities and Exchange Commission
100 F Street, NE., Washington, DC
(‘‘Commission’’) the proposed rule
20549–1090.
change as described in Items I, II and III
All submissions should refer to File
below, which Items have been prepared
Number SR–NASD–2006–022. This file
by the Exchange.3 The Commission is
number should be included on the
publishing this notice to solicit
subject line if e-mail is used. To help the comment on the proposed rule change
Commission process and review your
from interested persons.
comments more efficiently, please use
I. Self-Regulatory Organization’s
only one method. The Commission will
Statement of the Terms of Substance of
post all comments on the Commission’s
the Proposed Rule Change
Internet Web site (https://www.sec.gov/
The Exchange, through its wholly
rules/sro.shtml). Copies of the
owned subsidiary NYSE Arca Equities,
submission, all subsequent
Inc., proposes to amend its rules
amendments, all written statements
governing the NYSE Arca Marketplace,
with respect to the proposed rule
the equities trading facility of the NYSE
change that are filed with the
Arca Equities, Inc. With this filing, the
Commission, and all written
Exchange proposes to amend its rules to
communications relating to the
prohibit the practice of splitting orders
proposed rule change between the
into multiple smaller orders for any
Commission and any person, other than
purpose other than seeking the best
those that may be withheld from the
execution of the entire order. The text
public in accordance with the
of the proposed rule change appears
provisions of 5 U.S.C. 552, will be
below. Additions are in italics.
available for inspection and copying in
Rules of NYSE Arca Equities, Inc.
the Commission’s Public Reference
Room. Copies of such filing also will be Rule 6 Business Conduct
available for inspection and copying at
Prohibited Acts
the principal office of Nasdaq. All
comments received will be posted
Rule 6.2 Any ETP Holder or any
associated person thereof found guilty
without change; the Commission does
in accordance with the Rules and
not edit personal identifying
procedures of the Corporation of any of
information from submissions. You
the following prohibited acts shall be
should submit only information that
you wish to make available publicly. All subject to the imposition of penalties in
accordance with the Rules of the
submissions should refer to File
Corporation.
Number SR–NASD–2006–022 and
*
*
*
*
*
should be submitted on or before April
(g) An ETP Holder may not split any
10, 2006.
order into multiple smaller orders for
wwhite on PROD1PC61 with NOTICES
Paper Comments
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E6–3959 Filed 3–17–06; 8:45 am]
BILLING CODE 8010–01–P
11 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
20:35 Mar 17, 2006
Jkt 208001
1 15
U.S.C. 78s(b)(l).
CFR 240.19b–4.
3 On March 6, 2006, the Exchange filed with the
Commission a proposed rule change, which was
effective upon filing, to change the name of the
Exchange, as well as several other related entities,
to reflect the recent acquisition of PCX by
Archipelago Holdings, Inc. (‘‘Archipelago’’) and the
merger of the NYSE with Archipelago. See File No.
SR–PCX–2006–24. All references herein have been
changed to reflect the aforementioned rule change.
2 17
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to amend NYSE Arca Equities
Rule 6 (Business Conduct) to prohibit
trade shredding. More specifically, the
Exchange is proposing to add language
to its existing rules to prohibit Equity
Trading Permit Holders (‘‘ETP Holders’’)
from splitting large orders into multiple
smaller orders for any purpose other
than best execution.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,4
in general, and furthers the objectives of
Section 6(b)(5) of the Act,5 in particular,
in that it is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
4 15
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 71, Number 53 (Monday, March 20, 2006)]
[Notices]
[Pages 14043-14045]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3959]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53474; File No. SR-NASD-2006-022]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1 Thereto Relating to Optional Routing of
Orders in Nasdaq's INET Facility
March 13, 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 February 10, 2006, the National Association of Securities Dealers,
Inc.(``NASD''), through its subsidiary, the Nasdaq Stock Market, Inc.
(``Nasdaq''), submitted to the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by Nasdaq. Nasdaq filed the
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\
which renders it effective upon filing with the Commission. On March 9,
2006, Nasdaq filed Amendment No. 1 to the proposed rule change.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, 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\ Amendment No. 1 made a non-substantive, clarifying change to
the rule text, as well as provided rationale for the request for the
Commission to accelerate the operative delay.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to create a new voluntary routing option for its
INET facility that will allow INET users to instruct that orders being
ultimately directed to the New York Stock Exchange or the American
Stock Exchange first check INET and then the Nasdaq Market Center and/
or Nasdaq's Brut facility for potential execution before being
delivered to those exchanges. Nasdaq will implement the proposed rule
change immediately. The text of the proposed rule change is below.
Proposed new language is in italics; deletions are in [brackets].\5\
---------------------------------------------------------------------------
\5\ Changes are marked to the rule text that appears in the
electronic NASD Manual found at www.nasd.com. Prior to the date when
The NASDAQ Stock Market LLC (``NASDAQ LLC'') commences operations,
NASDAQ LLC will file a conforming change to the rules of NASDAQ LLC
approved in Securities Exchange Act Release No. 53128 (January 13,
2006).
---------------------------------------------------------------------------
* * * * *
[[Page 14044]]
4956. Routing
(a) INET Order Routing Process
(1) The INET Order Routing Process shall be available to
Participants from 7 a.m. to 8 p.m. Eastern Time, and shall route orders
as described below:
(A) Exchange-Listed Routing Options
The System provides [five] six routing options for orders in
exchange-listed securities. Of these [five] six, only [two] three--DOT
Immediate, [and] DOT Alternative and DOT Nasdaq--are available for
orders ultimately sought to be directed to either the New York Stock
Exchange (``NYSE'') or the American Stock Exchange (``AMEX''). The
System also allows firms to send individual orders to the NYSE Direct +
System, and to elect to have orders not be sent to the AMEX. The [five]
six System routing options for NYSE and/or Amex listed orders are:
(i)-(v) No Change.
(vi) DOT Nasdaq (``DOTN'')--under this option, after checking the
INET System for available shares, orders are sent to other available
market centers that are owned by Nasdaq, including the Nasdaq Market
Center and/or Nasdaq's Brut Facility for potential execution before the
destination exchange. When checking the INET book, the System will seek
to execute at the price it would send the order to a non-INET
destination market center as designated by the entering party. Any un-
executed portion will thereafter be sent to the NYSE or AMEX, as
appropriate, at the order's original limit order price. This option may
only be used for orders with time-in-force parameters of either DAY,
IOC, or market-on-open/close.
(B)-(C) 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 proposes to create a new voluntary routing option for its
INET facility that will allow INET users to instruct that orders being
ultimately directed to the New York Stock Exchange or the American
Stock Exchange first check INET and then the Nasdaq Market Center and/
or Nasdaq's Brut facility for potential execution before being
delivered to those exchanges. Nasdaq believes that the above option
will enhance the choices available to INET systems users to select the
best method to execute proprietary and customer orders across multiple
trading venues, and is similar to routing options available through
Nasdaq's Brut facility. In addition, this routing option will allow
users to maximize their participation across Nasdaq-owned trading
venues so as to take advantage of available volume-based execution fee
discounts resulting from activity on all Nasdaq systems. Like all
Nasdaq system routing options, applicable principles of best-execution
apply to the use of this proposed routing option.
2. Statutory Basis
Nasdaq believes that the proposed rule change, as amended, is
consistent with Section 15A of the Act,\6\ in general, and furthers the
objectives of Section 15A(b)(6) of the Act,\7\ 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78o-3.
\7\ 15 U.S.C. 78o-3(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 on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Nasdaq has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\9\ Because the foregoing proposed 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 of filing,
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
and Rule 19b-4(f)(6) thereunder. As required under Rule 19b-
4(f)(6)(iii), Nasdaq provided the Commission with written notice of its
intent to file the proposed rule change at least five business days
prior to filing the proposal with the Commission or such shorter period
as designated by the Commission. Nasdaq has requested that the
Commission waive 30-day delayed operational date provisions contained
in the above rule, based upon a representation that the proposed rule
filing would benefit investors and permit them to select the execution
venues that best suit their trading goals, and should, therefore, be
provided to investors as soon as possible. For this reason, the
Commission designates the proposal to be effective and operative upon
filing with the Commission.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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.\10\
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\10\ The effective date of the original proposed rule change is
February 10, 2006 and the effective date of Amendment No. 1 is March
9, 2006. For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change, as
amended, under section 19(b)(3)(C) of the Act, the Commission
considers the period to commence on March 9, 2006, the date on which
Nasdaq submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, is consistent with
[[Page 14045]]
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-2006-022 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 20549-1090.
All submissions should refer to File Number SR-NASD-2006-022. 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 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-2006-022 and should be submitted on or before April
10, 2006.
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\11\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
Nancy M. Morris,
Secretary.
[FR Doc. E6-3959 Filed 3-17-06; 8:45 am]
BILLING CODE 8010-01-P
