Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Technical and Conforming Changes to Nasdaq Rule 7018, 46952-46954 [E6-13316]
Download as PDF
<![CDATA[
46952
Federal Register / Vol. 71, No. 157 / Tuesday, August 15, 2006 / Notices
Proposed ISE Rule 2117 (Settlement
Through Clearing Corporations) adds
provisions governing the settlement and
clearing of equities.
Proposed ISE Rules 2113 (Long and
Short Sales) and 2114 (Doing Business
With the Public) have been filed
separately.41
The following Rules have been
incorporated from the Exchange’s
options rules: ISE Rule 100 (Definitions)
is being expanded to include equities in
the following definitions: bid, clearing
corporation, offer and order; ISE Rule
500 (Designation of Securities) is being
amended to accommodate for the newly
adopted rules in Chapter 21; ISE Rules
702 and 703 (Trading Halts and Trading
Halts Due to Extraordinary Market
Volatility, respectively) are being
amended to account for halting trading
in equity securities. In addition, the
Exchange proposes to apply certain of
its options rules to the trading of equity
securities on the ISE Stock Exchange, as
set forth in Appendix A to proposed
Chapter 21 of the ISE Rules.
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 on this
proposal from members, participants, or
others.
2. Statutory Basis
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:
ISE believes the proposal is consistent
with the requirements of the Act and the
rules and regulations promulgated
thereunder that are applicable to a
national securities exchange, and in
particular, with Section 6(b) of the
Act.42 ISE believes that the proposal is
consistent with Section 6(b)(5) of the
Act,43 in that it is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. In particular, the ISE
believes that the proposal is designed to
enable it to promote competition in the
trading of equity securities through
establishing a new marketplace.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
mstockstill on PROD1PC61 with NOTICES
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.
41 See File Nos. SR–ISE–2006–42 (filed on July
25, 2006) and SR–ISE–2006–41 (filed on July 25,
2006), respectively.
42 15 U.S.C. 78f(b).
43 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
15:41 Aug 14, 2006
Jkt 208001
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 of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding, or
(ii) as to which the Exchange consents,
the Commission will:
A. By order approve the proposed rule
change; or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–2006–48 on the subject
line.
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 the Exchange. 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–2006–48 and should be
submitted on or before September 5,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.44
Nancy M. Morris,
Secretary.
[FR Doc. E6–13335 Filed 8–14–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54285; File No. SR–
NASDAQ–2006–023]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding
Technical and Conforming Changes to
Nasdaq Rule 7018
August 8, 2006.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on July 31,
• Send paper comments in triplicate
2006, The NASDAQ Stock Market LLC
to Nancy M. Morris, Secretary,
(‘‘Nasdaq’’) filed with the Securities and
Securities and Exchange Commission,
Exchange Commission (‘‘Commission’’)
100 F Street, NE., Washington, DC
the proposed rule change as described
20549–1090.
in Items I, II, and III below, which Items
All submissions should refer to File
have been prepared by Nasdaq. Nasdaq
Number SR–ISE–2006–48. This file
filed the proposed rule change pursuant
number should be included on the
to section 19(b)(3)(A)(ii) of the Act,3 and
subject line if e-mail is used. To help the rule 19b–4(f)(2) thereunder,4 which
Commission process and review your
renders the proposal effective upon
comments more efficiently, please use
filing with the Commission. The
only one method. The Commission will Commission is publishing this notice to
post all comments on the Commission’s solicit comments on the proposed rule
Internet Web site (https://www.sec.gov/
change from interested persons.
rules/sro.shtml). Copies of the
submission, all subsequent
44 17 CFR 200.30–3(a)(12).
amendments, all written statements
1 15 U.S.C. 78s(b)(1).
with respect to the proposed rule
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
change that are filed with the
4 17 CFR 240.19b–4(f)(2).
Commission, and all written
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
E:\FR\FM\15AUN1.SGM
15AUN1
Federal Register / Vol. 71, No. 157 / Tuesday, August 15, 2006 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to conform Nasdaq
Rule 7018 to changes made to Rule
7010(i) of the rules of the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) since approval of Nasdaq’s
rules by the Commission in January
2006, and to make changes to the rule
to reflect Nasdaq’s operation as an
exchange for Nasdaq-listed securities in
advance of its operation for other
securities. Nasdaq proposes to
implement the proposed rule change on
August 1, 2006. 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.
operate as an exchange for non-Nasdaq
stocks, the charges or credits for
transactions in non-Nasdaq securities
through the ITS/CAES System operated
by The Nasdaq Stock Market, Inc. and
Brut and Inet are set forth in NASD Rule
7010(i). Finally, because the fee
schedule for Nasdaq-listed stocks traded
on Nasdaq is based directly on the
predecessor fee schedule of The Nasdaq
Stock Market, Inc., which in turn has
based the level of certain fees and
credits on a market participants’
combined volume in all securities
traded through The Nasdaq Stock
Market, Inc., Nasdaq is adding language
to provide that its fees and credits will
be based on volume in all securities
traded through both Nasdaq exchange
systems and systems operated by The
Nasdaq Stock Market, Inc. for trading
non-Nasdaq-listed securities. Nasdaq
believes the effect of this language is to
ensure that Nasdaq’s fees and credits
remain consistent with the fees and
credits previously in effect.
2. Statutory Basis
1. Purpose
Nasdaq is filing this proposed rule
change to conform Nasdaq rule 7018 to
changes made to NASD rule 7010(i)
since approval of Nasdaq’s rules by the
Commission in January 2006, and to
make changes to the rule to reflect
Nasdaq’s operation as an exchange for
Nasdaq-listed securities in advance of
its operation for other securities.
Specifically, Nasdaq is amending
Nasdaq Rule 7018 to reflect changes
made to NASD rule 7010(i) by SR–
NASD–2005–141, SR–NASD–2006–013,
SR–NASD–2006–023, SR–NASD–2005–
057, and SR–NASD–2006–061.5 Nasdaq
is also adding language to the rule to
clarify that until Nasdaq begins to
mstockstill on PROD1PC61 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Nasdaq believes that the proposed
rule change is consistent with the
provisions of section 6 of the Act,6 in
general, and with section 6(b)(4) 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
Nasdaq operates or controls. Nasdaq
believes the proposed rule change
conforms Nasdaq Rule 7018 to changes
made to NASD Rule 7010(i) since
approval of Nasdaq’s rules by the
Commission in January 2006, and makes
changes to the rule to reflect Nasdaq’s
operation as an exchange for Nasdaqlisted securities in advance of its
operation for other securities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
5 Securities Exchange Act Release Nos. 52978
(December 19, 2005), 70 FR 76842 (December 27,
2005) (SR–NASD–2005–141); 53256 (February 8,
2006), 71 FR 8020 (February 15, 2006) (SR–NASD–
2006–013); 53320 (February 15, 2006), 71 FR 9395
(February 23, 2006) (SR–NASD–2006–023); 54160
(July 17, 2006), 71 FR 42696 (July 27, 2006) (SR–
NASD–2006–057); and 53931 (June 1, 2006), 71 FR
33325 (June 8, 2006) (SR–NASD–2006–061).
VerDate Aug<31>2005
15:41 Aug 14, 2006
Jkt 208001
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 rule change is subject to
section 19(b)(3)(A)(ii) of the Act 8 and
subparagraph (f)(2) of Rule 19b–4
thereunder 9 because it establishes or
changes a due, fee, or other charge
applicable only to a member 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 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 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 rulecomments@sec.gov. Please include File
No. SR–NASDAQ–2006–023 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
No. SR–NASDAQ–2006–023. 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
6 15
8 15
77
9 17
PO 00000
U.S.C. 78f.
15 U.S.C. 78f(b)(4).
Frm 00065
Fmt 4703
Sfmt 4703
46953
E:\FR\FM\15AUN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
15AUN1
46954
Federal Register / Vol. 71, No. 157 / Tuesday, August 15, 2006 / Notices
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 will also be
available for inspection and copying at
the principal office of the 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 No.
SR–NASDAQ–2006–023 and should be
submitted on or before September 5,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E6–13316 Filed 8–14–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change To
Eliminate Registration of Foreign
Associates Under Nasdaq Membership
Rules
August 8, 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 21,
2006, The NASDAQ Stock Market LLC
(‘‘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. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
mstockstill on PROD1PC61 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to eliminate the
requirement for ‘‘foreign associates’’ to
register with Nasdaq. Nasdaq will
implement the proposed rule change
immediately upon approval by the
Commission. The text of the proposed
rule change is below. Proposed new
language is in italics; proposed
deletions are in [brackets].
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
16:36 Aug 14, 2006
Jkt 208001
(a) The following persons associated
with a member are not required to be
registered with Nasdaq:
(1)–(4) No change.
(5) Persons associated with a member
that are not citizens, nationals, or
residents of the United States or any of
its territories or possessions and that
will conduct all of their securities
activities in areas outside the
jurisdiction of the United States and will
not engage in any securities activities
with or for any citizen, national or
resident of the United States.
For purposes of Rule 1060(a)(4), the
terms ‘‘option’’ and ‘‘direct participation
program’’ shall have the meanings
assigned to such terms by NASD Rules
2860 and 1022(e)(1)(A), respectively,
and the definitions contained in such
NASD rules shall apply to Nasdaq
members as if such Rules were part of
Nasdaq’s Rules.
(b) No change.
1100. [Foreign Associates] Reserved
[Release No. 34–54284; File No. SR–
NASDAQ–2006–016]
10 17
1060. Persons Exempt from Registration.
[(a) All persons associated with a
member who are designated as Foreign
Associates shall be required to be
registered but shall be exempt from the
requirement to pass a Qualification
Examination. Persons associated with a
member shall be designated as Foreign
Associates if they meet the following
criteria:]
[(1) They are not citizens, nationals,
or residents of the United States or any
of its territories or possessions;]
[(2) They will conduct all of their
securities activities in areas outside the
jurisdiction of the United States and
they will not engage in any securities
activities with or for any citizen,
national or resident of the United
States.]
[(b) Prior to the time the exemption
provided for in paragraph (a) hereof may
become effective, the member desiring
to employ any such person must file
with Nasdaq a ‘‘Uniform Application for
Securities Industry Registration or
Transfer’’ for each such person and
must certify that such person meets the
criteria of paragraph (a), as well as that:]
[(1) Such person is not subject to any
of the prohibitions to registration with
Nasdaq;]
[(2) Service of process for any
proceeding instituted by Nasdaq in
respect to such person may be sent to
an address designated by the member.]
[(c) In the event of the termination of
the employment of a Foreign Associate,
the member must notify Nasdaq
immediately by filing a notice of
termination.]
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
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 had 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 eliminate the
‘‘foreign associate’’ registration category
under Nasdaq Rule 1100 and add an
exemption to Nasdaq Rule 1060 for
persons formerly covered by this
registration category. Nasdaq’s rule is
based on NASD Rule 1100, which
provides that an associated person of a
member may be designated as a ‘‘foreign
associate’’ if the person (i) is not a
citizen, national, or resident of the
United States, and (ii) will conduct all
of his or her securities activities outside
the jurisdiction of the United States and
will not engage in any securities
activities with or for any citizen,
national or resident of the United States.
The NASD rule provides that a foreign
associate is not required to pass any
qualification examinations but must
register with NASD.
In its current form, Nasdaq Rule 1100
duplicates the NASD requirement.
Nasdaq believes, however, that it does
not have a compelling policy reason for
duplicating the NASD’s registration
requirement or extending it to nonNASD members. Nasdaq members that
are NASD members will already be
required to register their foreign
associates with the NASD. The NASD’s
role as the primary regulator with
respect to firms with public customers
may be indicative of a need to pursue
broad registration of broker-dealer
employees even if such employees have
no nexus with U.S. securities markets,
but a duplicative requirement by
Nasdaq would serve no regulatory
purpose. With respect to the small
number of non-NASD members that
become Nasdaq members, Nasdaq has
no reason to expect that any would have
associated persons categorized as
foreign associates and believes that
there would be no regulatory benefit
E:\FR\FM\15AUN1.SGM
15AUN1
]]>Agencies
[Federal Register Volume 71, Number 157 (Tuesday, August 15, 2006)]
[Notices]
[Pages 46952-46954]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-13316]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54285; File No. SR-NASDAQ-2006-023]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Regarding Technical and Conforming Changes to Nasdaq Rule 7018
August 8, 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 31, 2006, The NASDAQ Stock Market LLC (``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 filed the proposed rule change
pursuant to section 19(b)(3)(A)(ii) of the Act,\3\ 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).
---------------------------------------------------------------------------
[[Page 46953]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to conform Nasdaq Rule 7018 to changes made to Rule
7010(i) of the rules of the National Association of Securities Dealers,
Inc. (``NASD'') since approval of Nasdaq's rules by the Commission in
January 2006, and to make changes to the rule to reflect Nasdaq's
operation as an exchange for Nasdaq-listed securities in advance of its
operation for other securities. Nasdaq proposes to implement the
proposed rule change on August 1, 2006. 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Nasdaq is filing this proposed rule change to conform Nasdaq rule
7018 to changes made to NASD rule 7010(i) since approval of Nasdaq's
rules by the Commission in January 2006, and to make changes to the
rule to reflect Nasdaq's operation as an exchange for Nasdaq-listed
securities in advance of its operation for other securities.
Specifically, Nasdaq is amending Nasdaq Rule 7018 to reflect changes
made to NASD rule 7010(i) by SR-NASD-2005-141, SR-NASD-2006-013, SR-
NASD-2006-023, SR-NASD-2005-057, and SR-NASD-2006-061.\5\ Nasdaq is
also adding language to the rule to clarify that until Nasdaq begins to
operate as an exchange for non-Nasdaq stocks, the charges or credits
for transactions in non-Nasdaq securities through the ITS/CAES System
operated by The Nasdaq Stock Market, Inc. and Brut and Inet are set
forth in NASD Rule 7010(i). Finally, because the fee schedule for
Nasdaq-listed stocks traded on Nasdaq is based directly on the
predecessor fee schedule of The Nasdaq Stock Market, Inc., which in
turn has based the level of certain fees and credits on a market
participants' combined volume in all securities traded through The
Nasdaq Stock Market, Inc., Nasdaq is adding language to provide that
its fees and credits will be based on volume in all securities traded
through both Nasdaq exchange systems and systems operated by The Nasdaq
Stock Market, Inc. for trading non-Nasdaq-listed securities. Nasdaq
believes the effect of this language is to ensure that Nasdaq's fees
and credits remain consistent with the fees and credits previously in
effect.
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release Nos. 52978 (December 19,
2005), 70 FR 76842 (December 27, 2005) (SR-NASD-2005-141); 53256
(February 8, 2006), 71 FR 8020 (February 15, 2006) (SR-NASD-2006-
013); 53320 (February 15, 2006), 71 FR 9395 (February 23, 2006) (SR-
NASD-2006-023); 54160 (July 17, 2006), 71 FR 42696 (July 27, 2006)
(SR-NASD-2006-057); and 53931 (June 1, 2006), 71 FR 33325 (June 8,
2006) (SR-NASD-2006-061).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of section 6 of the Act,\6\ in general, and with section
6(b)(4) 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 Nasdaq operates or controls. Nasdaq believes the proposed
rule change conforms Nasdaq Rule 7018 to changes made to NASD Rule
7010(i) since approval of Nasdaq's rules by the Commission in January
2006, and makes changes to the rule to reflect Nasdaq's operation as an
exchange for Nasdaq-listed securities in advance of its operation for
other securities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 7 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 rule change is subject to section 19(b)(3)(A)(ii) of
the Act \8\ and subparagraph (f)(2) of Rule 19b-4 thereunder \9\
because it establishes or changes a due, fee, or other charge
applicable only to a member 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 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 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 No. SR-NASDAQ-2006-023 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-NASDAQ-2006-023. 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
[[Page 46954]]
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 will also be available for inspection and copying at the
principal office of the 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 No. SR-NASDAQ-2006-023 and should be submitted on or before
September 5, 2006.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
Nancy M. Morris,
Secretary.
[FR Doc. E6-13316 Filed 8-14-06; 8:45 am]
BILLING CODE 8010-01-P
