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 Reduce Routing Charges for Non-NASD Members, 14758-14760 [E6-4175]
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<![CDATA[
14758
Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices
Customer Orders 10 and Firm
Proprietary orders. The amount of the
execution fee and comparison fee for all
Market Maker transactions would be
equal to the execution fee and
comparison fee currently charged by the
Exchange for Market Maker transactions
in equity options.11 The Exchange
believes the proposed rule change will
further the Exchange’s goal of
introducing new products to the
marketplace that are competitively
priced.
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
2. Statutory Basis
The Exchange believes that the
statutory basis for the proposal is the
requirement under Section 6(b)(4) of the
Act 12 that an exchange have an
equitable allocation of reasonable dues,
fees, and other charges among its
members and other persons using its
facilities.
Electronic Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition
ISE believes that the proposed rule
change does not impose 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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
wwhite on PROD1PC61 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 13 and
subparagraph (f)(2) of Rule 19b–4
thereunder 14 because it establishes or
changes a due, fee, or other charge. At
any time within 60 days of the filing of
the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
10 Public Customer Order is defined in Exchange
Rule 100(a)(33) as an order for the account of a
Public Customer. Public Customer is defined in
Exchange Rule 100(a)(32) as a person that is not a
broker or dealer in securities.
11 The execution fee is currently between $.21
and $.12 per contract side, depending on the
Exchange Average Daily Volume, and the
comparison fee is currently $.03 per contract side.
12 15 U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A)(ii).
14 17 CFR 240.19b–4(f)(2).
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16:54 Mar 22, 2006
Jkt 208001
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:
• 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–ISE–2006–13 on the subject
line.
• 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–ISE–2006–13. 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 ISE. 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–ISE–2006–13 and should be
submitted on or before April 13, 2006.
Frm 00082
Fmt 4703
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53505; File No. SR–NASD–
2006–032]
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 Reduce
Routing Charges for Non-NASD
Members
March 16, 2006.
Paper Comments
PO 00000
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Nancy M. Morris,
Secretary.
[FR Doc. E6–4184 Filed 3–22–06; 8:45 am]
Sfmt 4703
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 March 1,
2006, 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 March 15,
2006, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to reduce routing
charges for non-NASD members that use
Nasdaq systems and to eliminate for
those non-members a volume-based port
fee waiver for non-NASD members that
use Nasdaq’s INET facility. The filing
would apply to these non-members a
pricing schedule similar to the schedule
that Nasdaq instituted for members.4
Nasdaq requests approval to implement
these reduced non-member fees on an
accelerated basis with a retroactive
effective date of March 1, 2006, the
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 adds a technical correction
to the rule text.
4 See File No. SR–NASD–2006–031 (March 1,
2006).
1 15
E:\FR\FM\23MRN1.SGM
23MRN1
Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices
same date these fee changes became
applicable to members.
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) through (h) No change.
(i) Nasdaq Market Center, Brut, and
Inet Order Execution and Routing
(1) through (6) No change.
(7) The fees applicable to nonmembers using Nasdaq’s Brut and Inet
Facilities 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,
SR–NASD–2005–071, SR–NASD–2005–
125, SR–NASD–2005–137, SR–NASD–
2005–154, SR–NASD–2006–013, [and]
SR–NASD–2006–023, and SR–NASD–
2006–031, and as applied to nonmembers by SR–NASD–2005–020, SR–
NASD–2005–038, SR–NASD–2005–049,
SR–NASD–2005–072, SR–NASD–2005–
126, SR–NASD–2005–138, SR–NASD–
2005–155, SR–NASD–2006–014, [and]
SR–NASD–2006–024, and SR–NASD–
2006–032.
(j) through (v) No change.
(w) INET System Connectivity
(1) No change.
(2) The INET connectivity fees
applicable to non-members shall be the
fees established for members under Rule
7010(w), as established by SR–NASD–
2005–128 and amended by SR–NASD–
2005–147, [and] SR–NASD–2006–013,
and SR–NASD–2006–031, and as
applied to non-members by SR–NASD–
2005–128, SR–NASD–2005–148, [and]
SR–NASD–2006–014, and SR–NASD–
2006–032.
*
*
*
*
*
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, 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.
VerDate Aug<31>2005
16:54 Mar 22, 2006
Jkt 208001
14759
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
1. Purpose
Nasdaq states that written comments
were neither solicited nor received.
Nasdaq states that this filing would
apply to non-members a pricing
schedule similar to that Nasdaq is
instituting for members.5 Nasdaq states
that under that schedule, NASD
members saw their routing charges
reduced as follows:
(1) From $0.0015 to $0.001, the fee
per share executed for routing orders in
New York Stock Exchange (‘‘NYSE’’)
listed securities to venues other than the
NYSE;
(2) From $0.0035 to $0.003, the fee
per share executed for routing orders in
securities listed on a venue other than
the NYSE and routed to venues other
than the American Stock Exchange
(‘‘AMEX’’);
(3) From $0.0035 to $0.003, the fee
per share executed for routing orders in
Non-Nasdaq Exchange Traded Funds
(‘‘ETFs’’) to venues other than the NYSE
or AMEX.
Finally, Nasdaq states that NASD
members had eliminated the port fee
waiver for Nasdaq’s INET facility
subscribers that for a calendar month
average daily execution of orders in the
INET system of in excess of 30 million
shares of added liquidity.
Nasdaq represents that this filing
seeks to impose these exact changes on
non-NASD members that use Nasdaq
systems and seeks to do so on
accelerated basis and retroactively to
March 1, 2006, the same date these fee
changes became applicable to members.
2. Statutory Basis
Nasdaq believes that the proposed
rule change, as amended, is consistent
with the provisions of Section 15A of
the Act,6 in general, and with Section
15A(b)(5) of the Act,7 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.
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.
5 See
footnote 4, supra.
U.S.C. 78o–3.
7 15 U.S.C. 78o–3(b)(5).
6 15
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
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 rulecomments@sec.gov. Please include File
Number SR–NASD–2006–032 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–2006–032. 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–2006–032 and
should be submitted on or before April
13, 2006.
E:\FR\FM\23MRN1.SGM
23MRN1
14760
Federal Register / Vol. 71, No. 56 / Thursday, March 23, 2006 / Notices
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.8 Specifically, the
Commission believes that the proposed
rule change, as amended, is consistent
with Section 15A(b)(5) of the Act,9
which requires that the rules of the selfregulatory 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.
The Commission notes that this
proposal would retroactively modify
pricing for non-NASD members using
the Nasdaq Facilities that would permit
the schedule for non-NASD members to
mirror the schedule applicable to NASD
members that became effective March 1,
2006, pursuant to SR–NASD–2006–031.
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–2006–
031, which implemented those fees for
NASD members and which became
effective as of March 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,10 to approve the proposed
rule change, as amended, on an
accelerated basis.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change, as amended, (File
No. SR–NASD–2006–032), is approved
on an accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–4175 Filed 3–22–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53504; File No. SR–NASD–
2006–031]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Reduce Routing
Charges for NASD Members
19(b)(3)(A)(ii) 3 of the Act and Rule 19b–
4(f)(2) thereunder,4 which renders the
proposal effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Nasdaq proposes to reduce its routing
fees and eliminate a port fee waiver
currently available to certain INET
users. Nasdaq states that it will
implement the proposed rule change
immediately. Nasdaq states that this
filing is applicable only to NASD
members. Nasdaq states that it is also
submitting a separate filing to establish
the same routing price reductions and
port fee waiver elimination for nonNASD members that use its systems.5
The text of the proposed rule change
is below. Proposed new language is in
italics; proposed deletions are in
[brackets].6
*
*
*
*
*
7010. System Services
March 16, 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 March 1,
2006, 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 designated this proposal as one
establishing or changing a due, fee, or
other charge imposed by the selfregulatory organization under Section
(a) through (h) No change.
(i) Nasdaq Market Center, Brut, and
Inet Order Execution and Routing
(1) The following charges shall apply
to the use of the order execution and
routing services of the Nasdaq Market
Center, Brut, and Inet (the ‘‘Nasdaq
Facilities’’) by members for all Nasdaqlisted securities subject to the Nasdaq
UTP Plan and for Exchange-Traded
Funds that are not listed on Nasdaq. The
term ‘‘Exchange-Traded Funds’’ shall
mean Portfolio Depository Receipts,
Index Fund Shares, and Trust Issued
Receipts as such terms are defined in
Rule 4420(i), (j), and (l), respectively.
Order Execution
wwhite on PROD1PC61 with NOTICES
Order that accesses the Quote/Order of a market participant that does
not charge an access fee to market participants accessing its
Quotes/Orders through the Nasdaq Facilities:
Charge to member entering order:
Members with an average daily volume through the Nasdaq Facilities
in all securities during the month of (i) more than 30 million shares of
liquidity provided, and (ii) more than 50 million shares of liquidity
accessed and/or routed.
Other members .........................................................................................
8 The Commission has considered the proposed
rule’s impact on efficiency, competition and capital
formation. 15 U.S.C. 78c(f).
9 15 U.S.C. 78o–3(b)(5).
10 15 U.S.C. 78s(b)(2).
11 15 U.S.C. 78s(b)(2).
12 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
VerDate Aug<31>2005
16:54 Mar 22, 2006
Jkt 208001
$0.0028 per share executed (or, in the case of executions against
Quotes/Orders at less than $1.00 per share, 0.1% of the total transaction cost).
$0.0030 per share executed (or, in the case of executions against
Quotes/Orders at less than $1.00 per share, 0.1% of the total transaction cost).
2 17
CFR 240.19b–4.
U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 See File No. SR–NASD–2006–32 (March 1,
2006).
6 Changes are marked to the rule text that appears
in the electronic NASD Manual found at https://
www.nasd.com. Prior to the date when The Nasdaq
3 15
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
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), 71 FR 3550 (January 23, 2006) (File No.
10–131).
E:\FR\FM\23MRN1.SGM
23MRN1
]]>Agencies
[Federal Register Volume 71, Number 56 (Thursday, March 23, 2006)]
[Notices]
[Pages 14758-14760]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4175]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53505; File No. SR-NASD-2006-032]
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 Reduce Routing
Charges for Non-NASD Members
March 16, 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 March 1, 2006, 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 March 15, 2006,
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\ Amendment No. 1 adds a technical correction to the rule
text.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to reduce routing charges for non-NASD members that
use Nasdaq systems and to eliminate for those non-members a volume-
based port fee waiver for non-NASD members that use Nasdaq's INET
facility. The filing would apply to these non-members a pricing
schedule similar to the schedule that Nasdaq instituted for members.\4\
Nasdaq requests approval to implement these reduced non-member fees on
an accelerated basis with a retroactive effective date of March 1,
2006, the
[[Page 14759]]
same date these fee changes became applicable to members.
---------------------------------------------------------------------------
\4\ See File No. SR-NASD-2006-031 (March 1, 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) through (h) No change.
(i) Nasdaq Market Center, Brut, and Inet Order Execution and Routing
(1) through (6) No change.
(7) The fees applicable to non-members using Nasdaq's Brut and Inet
Facilities 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, SR-NASD-2005-071, SR-NASD-2005-125, SR-NASD-2005-137, SR-
NASD-2005-154, SR-NASD-2006-013, [and] SR-NASD-2006-023, and SR-NASD-
2006-031, 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, SR-
NASD-2005-138, SR-NASD-2005-155, SR-NASD-2006-014, [and] SR-NASD-2006-
024, and SR-NASD-2006-032.
(j) through (v) No change.
(w) INET System Connectivity
(1) No change.
(2) The INET connectivity fees applicable to non-members shall be
the fees established for members under Rule 7010(w), as established by
SR-NASD-2005-128 and amended by SR-NASD-2005-147, [and] SR-NASD-2006-
013, and SR-NASD-2006-031, and as applied to non-members by SR-NASD-
2005-128, SR-NASD-2005-148, [and] SR-NASD-2006-014, and SR-NASD-2006-
032.
* * * * *
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
Nasdaq states that this filing would apply to non-members a pricing
schedule similar to that Nasdaq is instituting for members.\5\ Nasdaq
states that under that schedule, NASD members saw their routing charges
reduced as follows:
---------------------------------------------------------------------------
\5\ See footnote 4, supra.
---------------------------------------------------------------------------
(1) From $0.0015 to $0.001, the fee per share executed for routing
orders in New York Stock Exchange (``NYSE'') listed securities to
venues other than the NYSE;
(2) From $0.0035 to $0.003, the fee per share executed for routing
orders in securities listed on a venue other than the NYSE and routed
to venues other than the American Stock Exchange (``AMEX'');
(3) From $0.0035 to $0.003, the fee per share executed for routing
orders in Non-Nasdaq Exchange Traded Funds (``ETFs'') to venues other
than the NYSE or AMEX.
Finally, Nasdaq states that NASD members had eliminated the port
fee waiver for Nasdaq's INET facility subscribers that for a calendar
month average daily execution of orders in the INET system of in excess
of 30 million shares of added liquidity.
Nasdaq represents that this filing seeks to impose these exact
changes on non-NASD members that use Nasdaq systems and seeks to do so
on accelerated basis and retroactively to March 1, 2006, the same date
these fee changes became applicable to members.
2. Statutory Basis
Nasdaq believes that the proposed rule change, as amended, is
consistent with the provisions of Section 15A of the Act,\6\ in
general, and with Section 15A(b)(5) of the Act,\7\ 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78o-3.
\7\ 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.
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-2006-032 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-2006-032. 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-2006-032 and should be submitted on or before April
13, 2006.
[[Page 14760]]
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.\8\
Specifically, the Commission believes that the proposed rule change, as
amended, is consistent with Section 15A(b)(5) of the Act,\9\ 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.
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\8\ The Commission has considered the proposed rule's impact on
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
\9\ 15 U.S.C. 78o-3(b)(5).
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The Commission notes that this proposal would retroactively modify
pricing for non-NASD members using the Nasdaq Facilities that would
permit the schedule for non-NASD members to mirror the schedule
applicable to NASD members that became effective March 1, 2006,
pursuant to SR-NASD-2006-031.
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-2006-031, which implemented those fees for NASD members and which
became effective as of March 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,\10\
to approve the proposed rule change, as amended, on an accelerated
basis.
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\10\ 15 U.S.C. 78s(b)(2).
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V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\11\ that the proposed rule change, as amended, (File No. SR-NASD-
2006-032), is approved on an accelerated basis.
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\11\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-4175 Filed 3-22-06; 8:45 am]
BILLING CODE 8010-01-P
