Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Fee for the Brut Workstation, 19597-19598 [E6-5549]
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Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
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 or such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which Nasdaq consents, the
Commission will:
(A) by order approve such proposed
rule change, as amended; or
(B) institute proceedings to determine
whether the proposed rule change, as
amended, 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:
wwhite on PROD1PC65 with NOTICES
Electronics 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–NASDAQ–2006–001 on the
subject line.
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–NASDAQ–2006–001 and
should be submitted on or before May
5, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Nancy M. Morris,
Secretary.
[FR Doc. 06–3341 Filed 4–13–06; 8:45 am]
BILLING CODE 8010–01–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53617; File No. SR–NASD–
2006–043]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Establish a Fee for the
Brut Workstation
April 7, 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 31,
2006, the National Association of
Paper Comments
Securities Dealers, Inc. (‘‘NASD’’),
• Send paper comments in triplicate
through its subsidiary, The Nasdaq
to Nancy M. Morris, Secretary,
Stock Market, Inc. (‘‘Nasdaq’’), filed
Securities and Exchange Commission,
with the Securities and Exchange
100 F Street, NE., Washington, DC
Commission (‘‘Commission’’) the
20549–1090.
proposed rule change as described in
All submissions should refer to File
Items I, II, and III below, which Items
Number SR–NASDAQ–2006–001. This
have been prepared by Nasdaq. Nasdaq
file number should be included on the
subject line if e-mail is used. To help the has designated this proposal as one
establishing or changing a due, fee, or
Commission process and review your
other charge imposed by the selfcomments more efficiently, please use
only one method. The Commission will regulatory organization under section
3
post all comments on the Commission’s 19(b)(3)(A)(ii) of the Act and Rule 19b–
4(f)(2) thereunder,4 which renders the
Internet Web site (https://www.sec.gov/
proposal effective upon filing with the
rules/sro.shtml). Copies of the
Commission. The Commission is
submission, all subsequent
publishing this notice to solicit
amendments, all written statements
comments on the proposed rule change
with respect to the proposed rule
from interested persons.
change that are filed with the
Commission, and all written
I. Self-Regulatory Organization’s
communications relating to the
Statement of the Terms of the Substance
proposed rule change between the
of the Proposed Rule Change
Commission and any person, other than
Nasdaq proposes to establish a fee for
those that may be withheld from the
use of the Brut Workstation. Nasdaq
public in accordance with the
states that it will implement the
provisions of 5 U.S.C. 552, will be
proposed rule change on April 3, 2006.
available for inspection and copying in
the Commission’s Public Reference
17 17 CFR 200.30–3(a)(12).
Room. Copies of such filing also will be
1 15 U.S.C. 78s(b)(1).
available for inspection and copying at
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
the principal office of Nasdaq. All
4 17 CFR 240.19b–4(f)(2).
comments received will be posted
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19597
The text of the proposed rule change
is below. Proposed new language is in
italics.5
*
*
*
*
*
7010. System Services
(a) through (e) No change.
(f) Access Services.
(1)–(5) No change.
(6) Brut Workstation
Members using the Brut Workstation
to access Brut will be charged a fee of
$300 per user per month.
(g) through (w) 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 institute a fee of
$300 per user per month for Brut
subscribers that access Brut through the
Brut Workstation. Nasdaq states that the
Brut Workstation is a legacy access
product that the Brut ECN has been
providing its customers for a number of
years. The workstation is owned and
operated by Sungard Trading Systems
(‘‘Sungard’’), the former owner of Brut.
Nasdaq states that after it purchased
Brut, Nasdaq staff decided to continue
to provide the service to Brut ECN
customers until Nasdaq and Brut
integrated their respective books. Since
Brut did not incur fees from Sungard for
provisioning the product, users of the
workstation were not charged. Nasdaq
states that Sungard recently notified
Nasdaq that it plans to charge Nasdaq
$300 per workstation user per month.
Nasdaq would pass along this charge to
the current users of the Brut
5 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 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\14APN1.SGM
14APN1
19598
Federal Register / Vol. 71, No. 72 / Friday, April 14, 2006 / Notices
Workstation. Nasdaq represents that it is
its intention to sunset the Brut
Workstation once Nasdaq and Brut are
integrated later this year. Nasdaq states
that this filing applies solely to
members, as none of the non-member
subscribers of Brut currently use the
Brut Workstation and Nasdaq is not
making the Brut Workstation available
to subscribers that do not currently use
it.
IV. Solicitation of Comments
2. Statutory Basis
• 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–2006–043 on the
subject line.
Nasdaq believes that the proposed
rule change 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 it
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 would pass
along to subscribers a new charge
incurred by Nasdaq in providing the
Brut Workstation to Brut subscribers.
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
Nasdaq states that written comments
were neither solicited nor received.
wwhite on PROD1PC65 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is subject to
section 19(b)(3)(A)(ii) of the Act 8 and
subparagraph (f)(2) of Rule 19b–49
thereunder because it establishes or
changes a due, fee, or other charge
imposed by the self-regulatory
organization. Accordingly, the proposal
is effective upon Commission receipt of
the filing. 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.
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:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E6–5549 Filed 4–13–06; 8:45 am]
BILLING CODE 8010–01–P
Electronic Comments
DEPARTMENT OF STATE
[Public Notice 5374]
Notice of Meeting of the Advisory
Committee on International Law
A meeting of the Advisory Committee
on International Law will take place on
Paper Comments
Friday, April 28, 2006, from 10:00 a.m.
to approximately 4:00 p.m., as
• Send paper comments in triplicate
necessary, in Room 1105 of the United
to Nancy M. Morris, Secretary,
States Department of State, 2201 C
Securities and Exchange Commission,
Street, NW., Washington, DC. The
100 F Street, NE., Washington, DC
meeting will be chaired by the Legal
20549–1090.
Adviser of the Department of State, John
All submissions should refer to File
B. Bellinger, III, and will be open to the
Number SR–NASD–2006–043. This file
public up to the capacity of the meeting
number should be included on the
room. The meeting will discuss various
subject line if e-mail is used. To help the issues relating to current international
Commission process and review your
legal topics, including human rights and
comments more efficiently, please use
international humanitarian law,
only one method. The Commission will immunity for visiting artworks,
post all comments on the Commission’s international tribunals, and head of state
Internet Web site (https://www.sec.gov/
immunity.
rules/sro.shtml). Copies of the
Entry to the building is controlled and
submission, all subsequent
will be facilitated by advance
amendments, all written statements
arrangements. Members of the public
with respect to the proposed rule
desiring access to the session should, by
change that are filed with the
Tuesday, April 25, 2006, notify the
Commission, and all written
Office of the Assistant Legal Adviser for
communications relating to the
United Nations Affairs (telephone: 202–
proposed rule change between the
Commission and any person, other than 647–2767) of their name, date of birth;
citizenship (country); ID number, i.e.,
those that may be withheld from the
U.S. government ID (agency), U.S.
public in accordance with the
military ID (branch), passport (country),
provisions of 5 U.S.C. 552, will be
or drivers license (state); professional
available for inspection and copying in
affiliation, address and telephone
the Commission’s Public Reference
Room. Copies of such filing also will be number in order to arrange admittance.
This includes admittance for
available for inspection and copying at
government employees as well as
the principal office of the NASD. All
others. All attendees must use the ‘‘C’’
comments received will be posted
Street entrance, after being screened
without change; the Commission does
through the exterior screening facilities.
not edit personal identifying
One of the following valid IDs will be
information from submissions. You
required for admittance: any U.S.
should submit only information that
you wish to make available publicly. All driver’s license with photo, a passport,
or a U.S. Government agency ID.
submissions should refer to File
Because an escort is required at all
Number SR–NASD–2006–043 and
times, attendees should expect to
should be submitted on or before May
remain in the meeting for the entire
5, 2006.
morning or afternoon session.
6 15
U.S.C. 78o–3.
U.S.C. 78o–3(b)(5).
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(2).
7 15
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10 17
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CFR 200.30–3(a)(12).
14APN1
]]>Agencies
[Federal Register Volume 71, Number 72 (Friday, April 14, 2006)]
[Notices]
[Pages 19597-19598]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-5549]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53617; File No. SR-NASD-2006-043]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Establish a Fee for the Brut Workstation
April 7, 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 31, 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 self-regulatory organization under section
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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
Nasdaq proposes to establish a fee for use of the Brut Workstation.
Nasdaq states that it will implement the proposed rule change on April
3, 2006.
The text of the proposed rule change is below. Proposed new
language is in italics.\5\
---------------------------------------------------------------------------
\5\ 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 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).
---------------------------------------------------------------------------
* * * * *
7010. System Services
(a) through (e) No change.
(f) Access Services.
(1)-(5) No change.
(6) Brut Workstation
Members using the Brut Workstation to access Brut will be charged a
fee of $300 per user per month.
(g) through (w) 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 institute a fee of $300 per user per month for
Brut subscribers that access Brut through the Brut Workstation. Nasdaq
states that the Brut Workstation is a legacy access product that the
Brut ECN has been providing its customers for a number of years. The
workstation is owned and operated by Sungard Trading Systems
(``Sungard''), the former owner of Brut. Nasdaq states that after it
purchased Brut, Nasdaq staff decided to continue to provide the service
to Brut ECN customers until Nasdaq and Brut integrated their respective
books. Since Brut did not incur fees from Sungard for provisioning the
product, users of the workstation were not charged. Nasdaq states that
Sungard recently notified Nasdaq that it plans to charge Nasdaq $300
per workstation user per month. Nasdaq would pass along this charge to
the current users of the Brut
[[Page 19598]]
Workstation. Nasdaq represents that it is its intention to sunset the
Brut Workstation once Nasdaq and Brut are integrated later this year.
Nasdaq states that this filing applies solely to members, as none of
the non-member subscribers of Brut currently use the Brut Workstation
and Nasdaq is not making the Brut Workstation available to subscribers
that do not currently use it.
2. Statutory Basis
Nasdaq believes that the proposed rule change 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 it 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
would pass along to subscribers a new charge incurred by Nasdaq in
providing the Brut Workstation to Brut subscribers.
---------------------------------------------------------------------------
\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 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. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is subject to section 19(b)(3)(A)(ii) of
the Act \8\ and subparagraph (f)(2) of Rule 19b-4\9\ thereunder because
it establishes or changes a due, fee, or other charge imposed by the
self-regulatory organization. Accordingly, the proposal is effective
upon Commission receipt of the filing. 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NASD-2006-043 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-2006-043. 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-2006-043 and should be submitted on or before May
5, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
Nancy M. Morris,
Secretary.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E6-5549 Filed 4-13-06; 8:45 am]
BILLING CODE 8010-01-P
