Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Date for Compliance With Regulation NMS, 45876-45878 [E6-13004]
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45876
Federal Register / Vol. 71, No. 154 / Thursday, August 10, 2006 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
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:
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after 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 8 and subparagraph (f)(6) of
Rule 19b–4 thereunder.9 The Exchange
has requested that the Commission
waive the 30-day operative delay period
for ‘‘non-controversial’’ proposals and
make the proposed rule change effective
and operative upon filing. The
Commission hereby grants the request.
The Commission believes that waiver of
the 30-day operative delay is consistent
with the protection of investors and the
public interest. In this regard, the
Commission believes that the proposal
should be implemented without delay
because of its immediate applicability
with respect to the RSA among ISE,
CBOE and the other ORSA
participants.10 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 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
interest, for the protection of investors,
or otherwise in the furtherance of the
purposes of the Act.11
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 The Commission notes that the proposed rule
change is based on a similar rule of the Boston
Stock Exchange, Inc. See Securities Exchange Act
Release No. 53436 (March 7, 2006), 71 FR 13194
(March 14, 2006) (SR–BSE–2006–08).
11 See 15 U.S.C. 78s(b)(3)(C). 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 July 7, 2006, the date on which the
Exchange submitted Amendment No. 1.
rwilkins on PROD1PC61 with NOTICES
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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–ISE–2006–34 on the subject
line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54271; File No. SR–
NASDAQ–2006–027]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify the
Date for Compliance With Regulation
NMS
August 3, 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 August 2,
Paper Comments
2006, The NASDAQ Stock Market LLC
• Send paper comments in triplicate
(‘‘Nasdaq’’) filed with the Securities and
to Nancy M. Morris, Secretary,
Exchange Commission (‘‘Commission’’)
Securities and Exchange Commission,
the proposed rule change as described
100 F Street, NE., Washington, DC
in Items I and II below, which Items
20549–1090.
have been prepared by Nasdaq. Nasdaq
All submissions should refer to File
has filed the proposal pursuant to
Number SR–ISE–2006–34. This file
Section 19(b)(3)(A) of the Act 3 and Rule
number should be included on the
4
subject line if e-mail is used. To help the 19b–4(f)(6) thereunder, which renders
the proposal effective upon filing with
Commission process and review your
the Commission. The Commission is
comments more efficiently, please use
only one method. The Commission will publishing this notice to solicit
post all comments on the Commission’s comments on the proposed rule change
from interested persons.
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements
the Proposed Rule Change
with respect to the proposed rule
change that are filed with the
Nasdaq proposes to modify the date
Commission, and all written
upon which its execution systems
communications relating to the
would be in compliance with
proposed rule change between the
Regulation NMS under the Act
Commission and any person, other than (‘‘Regulation NMS’’). The text of the
those that may be withheld from the
proposed rule change is available on
public in accordance with the
Nasdaq’s Web site at https://
provisions of 5 U.S.C. 552, will be
www.nasdaq.com, at the principal office
available for inspection and copying in
of Nasdaq, and at the Commission’s
the Commission’s Public Reference
Public Reference Room.
Room. Copies of such filing also will be
II. Self-Regulatory Organization’s
available for inspection and copying at
the principal office of the Exchange. All Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
comments received will be posted
Change
without change; the Commission does
not edit personal identifying
In its filing with the Commission,
information from submissions. You
Nasdaq included statements concerning
should submit only information that
the purpose of and basis for the
you wish to make available publicly. All
proposed rule change and discussed any
submissions should refer to File
Number SR–ISE–2006–34 and should be comments it received on the proposed
submitted on or before August 31, 2006. rule change. The text of these statements
may be examined at the places specified
For the Commission, by the Division of
in Item IV below. Nasdaq has prepared
Market Regulation, pursuant to delegated
summaries, set forth in sections A, B,
authority.12
and C below, of the most significant
Nancy M. Morris,
aspects of such statements.
Secretary.
[FR Doc. E6–13006 Filed 8–9–06; 8:45 am]
BILLING CODE 8010–01–P
12 17
PO 00000
Fmt 4703
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
CFR 200.30–3(a)(12).
Frm 00112
1 15
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Federal Register / Vol. 71, No. 154 / Thursday, August 10, 2006 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq proposes to modify certain of
its rules that become effective upon the
compliance date for Regulation NMS. In
a previous proposal, Nasdaq had listed
the compliance date as May 21, 2007,5
the date established by the Commission
for full industry compliance.6 The
Commission has established February 5,
2007, as the date of compliance for all
automated trading centers such as
Nasdaq. Accordingly, Nasdaq is
proposing to modify its approved rules
to demonstrate compliance with
Regulation NMS by February 5, 2007, to
conform with the Commission’s
scheduled compliance date.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,7 in
general, and with Sections 6(b)(5) of the
Act,8 in particular, in that the proposal
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. Nasdaq believes that the
proposed rule change clarifies certain
terms in Nasdaq’s rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
interest, for the protection of investors
or otherwise in furtherance of the
purposes of the Act.
The foregoing proposed rule change is
subject to Section 19(b)(3)(A)(iii) of the
Act 9 and Rule 19b–4(f)(6) thereunder 10
because the proposal: (i) Does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not become
operative prior to 30 days after the date
of filing or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest; provided that Nasdaq
has given the Commission notice of its
intent to file the proposed rule change,
along with a brief description and text
of the proposed rule change, at least five
business days prior to the date of filing
of the proposed rule change, or such
shorter time as designated by the
Commission.
Nasdaq has requested that the
Commission waive the five-day prefiling requirement and the 30-day preoperative delay. Nasdaq believes that
the filing may appropriately be
designated as ‘‘non-controversial’’
because the filing would conform
certain of Nasdaq’s rules to changes
made in Regulation NMS. Accordingly,
Nasdaq believes that its proposal should
become immediately effective and the
Commission should grant Nasdaq’s
request to waive the 5-day pre-filing
requirement and the 30-day preoperative waiting period. The
Commission believes that waiving the
five-day pre-filing requirement and the
30-day pre-operative delay is consistent
with the protection of investors and the
public interest because such waiver
would permit Nasdaq to clarify the
proposed rule change prior to the
launch of Nasdaq’s new integrated
system, Single Book. For this reason, the
Commission designates the proposed
rule change to be effective and operative
upon filing with the Commission.11
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
IV. Solicitation of Comments
9 15
rwilkins on PROD1PC61 with NOTICES
5 See
Securities Exchange Act Release No. 54155
(July 14, 2006), 71 FR 41291 (July 20, 2006).
6 See Securities Exchange Act Release No. 53829
(May 18, 2006), 71 FR 30038 (May 24, 2006).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
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45877
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
11 For the purposes only of waiving the 30-day
pre-operative delay, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
10 17
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
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 rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2006–027 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–NASDAQ–2006–027. 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 the 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–NASDAQ–2006–027 and
should be submitted on or before
August 31, 2006.
E:\FR\FM\10AUN1.SGM
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45878
Federal Register / Vol. 71, No. 154 / Thursday, August 10, 2006 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–13004 Filed 8–9–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54274; File No. SR–
NASDAQ–2006–020]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change to Clarify the
Rules of the Nasdaq Global Select
Market
August 3, 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 July 28,
2006, The NASDAQ Stock Market LLC
(‘‘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. Nasdaq
filed the proposal as a non-controversial
rule change pursuant to section
19(b)(3)(A)(iii) of the Act3 and Rule
19b–4(f)(6) 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 Substance of
the Proposed Rule Change
Nasdaq clarifies certain rules related
to the Nasdaq Global Select Market and
corrects a typographical error. The text
of the proposed rule change is below.
Proposed new language is italicized;
proposed deletions are [bracketed].5
*
*
*
*
*
4425. Nasdaq Global Select Market
(a) An issuer that applies for listing on
the [Nasdsaq] Nasdaq Global Market
and meets the requirements for initial
listing contained in Rule 4426 shall be
listed on the Nasdaq Global Select
Market.
(b)–(f) No change.
rwilkins on PROD1PC61 with NOTICES
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at https://
www.nasdaqtrader.com.
1 15
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4426. Nasdaq Global Select Market
Listing Requirements
(a) No change.
(b) Liquidity Requirements
(1) The security must demonstrate
either:
(A)–(B) No change.
(C) a minimum of 450 beneficial
shareholders, in the case of: (i) An
issuer listing in connection with [its
emergence from a bankruptcy or
reorganization proceeding;] a courtapproved reorganization under the
federal bankruptcy laws or comparable
foreign laws; or (ii) an issuer that is
affiliated with another company listed
on the Global Select Market.
(2) No change.
(3) The publicly held shares must
have either:
(A)–(B) No change.
(C) a market value of at least $70
million in the case of: (i) An issuer
listing in connection with its initial
public offering; (ii) an issuer that is
affiliated with, or a spin-off from,
another company listed on the Global
Select Market; and (iii) a closed end
management investment company
registered under the Investment
Company Act of 1940.
(c)–(d) No change.
(e) Closed End Management
Investment Companies.
(1) A closed end management
investment company registered under
the Investment Company Act of 1940
shall not be required to meet paragraph
(c) of this Rule 4426.
(2) In lieu of the requirement in
paragraph (b)(3) of this Rule 4426, a
closed end management investment
company that is listed concurrently
with other closed end management
investment companies that have a
common investment adviser [(]or whose
investment advisers are ‘‘affiliated
persons,’’ as defined in the Investment
Company Act of 1940[)] (a ‘‘Fund
Family’’) shall be eligible if: (A) the total
market value of publicly held shares in
such Fund Family is at least $220
million; (B) the average market value of
publicly held shares for all funds in the
Fund Family is $50 million; and (C)
each fund in the Fund Family has a
market value of publicly held shares of
at least $35 million.
(f) 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
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
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 recently created a new listing
segment known as the Nasdaq Global
Select Market. Issuers listed on the
Nasdaq Global Select Market must meet
higher initial listing requirements and
will receive certain differentiated
services from Nasdaq.6 While Nasdaq
originally filed the rules related to the
Nasdaq Global Select Market as changes
to Nasdaq Rules that will be operative
once Nasdaq begins operations as a
national securities exchange,7 in order
to implement the new segment on July
1, 2006, prior to Nasdaq’s operation as
an exchange, Nasdaq also filed these
rules as changes to the rules of NASD
(the ‘‘NASD Filing’’).8 This filing
incorporates into Nasdaq Rules certain
clarifying changes made in the NASD
Filing and corrects a typographical
error.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of section 6 of the Act,9 in
general, and section 6(b)(5) of the Act,10
in particular, in that the proposal 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
6 These differentiated services involve the
provision of academic, research, and corporate
governance materials and support that recognize the
size and stature of companies on the Nasdaq Global
Select Market. For example, companies on the
Nasdaq Global Select Market may receive access to
additional reports through Nasdaq’s Market
Intelligence Desk and Nasdaq Online, peer and
industry information derived from surveys and
third parties, and access to third-party research
about their companies.
7 See Securities Exchange Act Release No. 53799
(May 12, 2006), 71 FR 29195 (May 19, 2006) (SR–
NASDAQ–2006–007).
8 See Securities Exchange Act Release No. 54071
(June 29, 2006), 71 FR 38922 (July 10, 2006) (SR–
NASD–2006–068).
9 15 U.S.C. 78f.
10 15 U.S.C. 78f(b)(5).
E:\FR\FM\10AUN1.SGM
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]]>Agencies
[Federal Register Volume 71, Number 154 (Thursday, August 10, 2006)]
[Notices]
[Pages 45876-45878]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-13004]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54271; File No. SR-NASDAQ-2006-027]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify the Date for Compliance With Regulation NMS
August 3, 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 August 2, 2006, The NASDAQ Stock Market LLC (``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. Nasdaq has filed the proposal pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) 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).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to modify the date upon which its execution systems
would be in compliance with Regulation NMS under the Act (``Regulation
NMS''). The text of the proposed rule change is available on Nasdaq's
Web site at https://www.nasdaq.com, at the principal office of Nasdaq,
and at the Commission's Public Reference Room.
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.
[[Page 45877]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Nasdaq proposes to modify certain of its rules that become
effective upon the compliance date for Regulation NMS. In a previous
proposal, Nasdaq had listed the compliance date as May 21, 2007,\5\ the
date established by the Commission for full industry compliance.\6\ The
Commission has established February 5, 2007, as the date of compliance
for all automated trading centers such as Nasdaq. Accordingly, Nasdaq
is proposing to modify its approved rules to demonstrate compliance
with Regulation NMS by February 5, 2007, to conform with the
Commission's scheduled compliance date.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54155 (July 14,
2006), 71 FR 41291 (July 20, 2006).
\6\ See Securities Exchange Act Release No. 53829 (May 18,
2006), 71 FR 30038 (May 24, 2006).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\7\ in general, and with
Sections 6(b)(5) of the Act,\8\ in particular, in that the proposal 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. Nasdaq
believes that the proposed rule change clarifies certain terms in
Nasdaq's rules.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is subject to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder \10\
because the proposal: (i) Does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) does not become operative
prior to 30 days after the date of filing or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest; provided that Nasdaq has given the Commission
notice of its intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule change,
or such shorter time as designated by the Commission.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Nasdaq has requested that the Commission waive the five-day pre-
filing requirement and the 30-day pre-operative delay. Nasdaq believes
that the filing may appropriately be designated as ``non-
controversial'' because the filing would conform certain of Nasdaq's
rules to changes made in Regulation NMS. Accordingly, Nasdaq believes
that its proposal should become immediately effective and the
Commission should grant Nasdaq's request to waive the 5-day pre-filing
requirement and the 30-day pre-operative waiting period. The Commission
believes that waiving the five-day pre-filing requirement and the 30-
day pre-operative delay is consistent with the protection of investors
and the public interest because such waiver would permit Nasdaq to
clarify the proposed rule change prior to the launch of Nasdaq's new
integrated system, Single Book. For this reason, the Commission
designates the proposed rule change to be effective and operative upon
filing with the Commission.\11\
---------------------------------------------------------------------------
\11\ For the purposes only of waiving the 30-day pre-operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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.
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-NASDAQ-2006-027 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-NASDAQ-2006-027. 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 the
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-NASDAQ-2006-027 and should be submitted on or before
August 31, 2006.
[[Page 45878]]
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. E6-13004 Filed 8-9-06; 8:45 am]
BILLING CODE 8010-01-P
