Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Delivery of Options Disclosure Documents, 55814-55816 [06-8141]
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55814
Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices
rwilkins on PROD1PC63 with NOTICES
negotiate fees lower than those posted
in the rate schedule, they are reluctant
to do so where the fees are disclosed to
other prospective and existing
customers. Applicants submit that the
relief would allow the Adviser to
negotiate more effectively with each
individual Sub-Adviser.
Applicants’ Conditions
Applicants agree that any order
granting the requested relief will be
subject to the following conditions:
1. Before a Fund may rely on the
requested order, the operation of the
Fund in the manner described in the
application will be approved by a
majority of the Fund’s outstanding
voting securities, as defined in the Act,
or, in the case of a Fund whose public
shareholders purchased shares on the
basis of a prospectus containing the
disclosure contemplated by condition 2
below, by the sole initial shareholder
before offering the Fund’s shares to the
public.
2. Each Fund will disclose in its
prospectus the existence, substance, and
effect of any order granted pursuant to
this application. Each Fund will hold
itself out to the public as employing the
management structure described in the
application. The prospectus will
prominently disclose that the Adviser
has ultimate responsibility, subject to
oversight by the Board, for the
investment performance of a Fund due
to its responsibility to oversee SubAdvisers and recommend their hiring,
termination and replacement.
3. Within 90 days of the hiring of a
new Sub-Adviser, the affected Fund’s
shareholders will be furnished all the
information about the new Sub-Adviser
that would be included a proxy
statement, except as modified to permit
the Aggregate Fee Disclosure. This
information will include Aggregate Fee
Disclosure and any change in such
disclosure caused by the addition of a
new Sub-Adviser. To meet this
condition, the affected Fund will
provide Fund shareholders within 90
days of the hiring of a new Sub-Adviser,
with an Information Statement meeting
the requirements of Regulation 14C,
Schedule 14C and Item 22 of Schedule
14A under the Exchange Act, except as
modified by the order to permit
Aggregate Fee Disclosure.
4. The Adviser will not enter into a
Sub-Advisory Agreement with any
Affiliated Sub-Adviser without such
agreement, including the compensation
to be paid thereunder, being approved
by the shareholders of the applicable
Fund.
5. At all times, a majority of the Board
will be Independent Directors, and the
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17:46 Sep 22, 2006
Jkt 208001
nomination of new or additional
Independent Directors will be at the
discretion of the then-existing
Independent Directors.
6. Whenever a Sub-Adviser change is
proposed for a Fund with an Affiliated
Sub-Adviser, the Board, including a
majority of the Independent Directors,
will make a separate finding, reflected
in the Board minutes, that the change is
in the best interests of the Fund and its
shareholders and does not involve a
conflict of interest from which the
Adviser or the Affiliated Sub-Adviser
derives an inappropriate advantage.
7. Independent legal counsel, as
defined in rule 0–1(a)(6) under the Act,
will be engaged to represent the
Independent Directors. The selection of
such counsel will be within the
discretion of the then existing
Independent Directors.
8. The Adviser will provide the
Board, no less frequently than quarterly,
with information about the profitability
of the Adviser on a per-Fund basis. The
information will reflect the impact on
profitability of the hiring or termination
of any Sub-Adviser during the
applicable quarter.
9. Whenever a Sub-Adviser is hired or
terminated, the Adviser will provide the
Board with information showing the
expected impact on the profitability of
the Adviser.
10. The Adviser will provide general
management services to each Fund,
including overall supervisory
responsibility for the general
management and investment of the
Fund’s assets, and, subject to review
and approval by the Board, will: (a) Set
each Fund’s overall investment
strategies, (b) evaluate, select and
recommend Sub-Advisers to manage all
or a part of a Fund’s, (c) allocate and,
when appropriate, reallocate a Fund’s
assets among Sub-Advisers, (d) monitor
and evaluate the performance of the
Sub-Advisers, and (e) implement
procedures reasonably designed to
ensure that the Sub-Advisers comply
with the relevant Fund’s investment
objective, policies and restrictions.
11. No director or officer of the
Company, or director or officer of the
Adviser, will own directly or indirectly
(other than through a pooled investment
vehicle that is not controlled by such
person), any interest in a Sub-Adviser,
except for (a) ownership of interests in
the Adviser or any entity that controls,
is controlled by, or is under common
control with the Adviser, or (b)
ownership of less than 1% of the
outstanding securities of any class of
equity or debt of a publicly traded
company that is either a Sub-Adviser or
an entity that controls, is controlled by,
PO 00000
Frm 00041
Fmt 4703
Sfmt 4703
or is under common control with a SubAdviser.
12. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
13. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Nancy M. Morris,
Secretary.
[FR Doc. 06–8140 Filed 9–22–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54463; File No. SR–NASD–
2006–100]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Delivery of
Options Disclosure Documents
September 15, 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
17, 2006, the National Association of
Securities Dealers, Inc. (‘‘NASD’’) 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 NASD. NASD
filed the proposed rule change as a
‘‘non-controversial’’ rule change under
Rule 19b–4(f)(6) under the Act,3 which
rendered 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
NASD proposes to amend NASD Rule
2860 (Options) to (1) require that a copy
of each amendment to the options
disclosure document, Characteristics
and Risks of Standardized Options
(‘‘ODD’’), be distributed to each
customer not later than the time of the
delivery of a confirmation of a
transaction in the category of options
issued by The Options Clearing
Corporation (‘‘OCC’’) to which the
amendment pertains and (2) clarify that
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\25SEN1.SGM
25SEN1
Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices
revisions to the Special Statement for
Uncovered Option Writers (‘‘Special
Written Statement’’) be distributed to
each customer approved for writing
uncovered short options not later than
the time of the delivery of a
confirmation of a transaction in options
issued by the OCC. The text of the
proposed rule change is available on
NASD’s Web site, https://www.nasd.com,
at NASD’s Office of the Secretary, 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,
NASD 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. NASD has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
rwilkins on PROD1PC63 with NOTICES
1. Purpose
NASD is proposing revisions to the
requirement to deliver amendments
and/or revisions to the options
disclosure documents in NASD Rule
2860 to conform to similar rules of other
self-regulatory organizations.4
Specifically, NASD is amending the rule
to more clearly delineate the particular
delivery requirements applicable to the
ODD and the Special Written Statement.
Currently, NASD Rule 2860(b)(11)(A)
requires that amendments and revisions
to both disclosure documents be
distributed to each customer not later
than the time a confirmation of a
transaction is delivered to each
customer who enters into a transaction
in options issued by the OCC. By
contrast, the rules of the Options
Exchanges require that amendments to
the ODD be distributed to each customer
not later than the time a confirmation of
a transaction in the category of options
to which the amendment pertains is
delivered to such customer.
NASD believes that the delivery of an
amendment to the ODD is appropriately
triggered by a customer transaction in
an options contract to which such
amendment pertains. Furthermore, the
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17:46 Sep 22, 2006
Jkt 208001
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 6 and subparagraph (f)(6) of
Rule 19b–4 thereunder.7
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.8
2. Statutory Basis
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
4 See CBOE Rule 9.15; ISE Rule 616; Phlx Rule
1029; Amex Rule 926; and NYSE Rule 726
(collectively, ‘‘Options Exchanges’’).
proposed rule change will harmonize
NASD’s rule for amendments to the
ODD with those of the Options
Exchanges.
In addition, through a new
subparagraph (2), NASD is clarifying
that revisions to the Special Written
Statement be distributed to each
customer having an account approved
for writing uncovered short options not
later than the time a confirmation of a
transaction is delivered to each
customer who enters into a transaction
in options issued by the OCC. NASD
states that the rules of the Options
Exchanges do not address delivery of
revisions to the Special Written
Statement.
NASD has filed the proposed rule
change for immediate effectiveness.
NASD will announce the
implementation date of the proposed
rule change in a Notice to Members to
be published no later than 60 days
following the filing of the rule change
with the Commission for immediate
effectiveness. The implementation date
will be 30 days after the date of the
Notice to Members.
55815
NASD believes that the proposed rule
change is consistent with Section
15A(b)(6) 5 of the Act in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, and, in general, to protect
investors and the public interest. NASD
is proposing the rule change to
harmonize NASD’s rule for delivery of
amendments to the ODD with those of
the Options Exchanges and to clarify
members’ delivery obligations for
revisions to the Special Written
Statement.
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
Number SR–NASD–2006–100 on the
subject line.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASD 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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants or Others
NASD has neither solicited nor
received written comments on the
proposed rule change.
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–2006–100. 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
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
8 See 15 U.S.C. 78s(b)(3)(C).
7 17
5 15
PO 00000
U.S.C. 78o–3(b)(6).
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55816
Federal Register / Vol. 71, No. 185 / Monday, September 25, 2006 / Notices
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 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–2006–100 and
should be submitted on or before
October 16, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Nancy M. Morris,
Secretary.
[FR Doc. 06–8141 Filed 9–22–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54462; File No. SR–NASD–
2006–107]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Related to Thru Orders
for Nasdaq’s INET Facility
rwilkins on PROD1PC63 with NOTICES
September 15, 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
September 11, 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. 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
9 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).
4 17 CFR 240.19b–4(f)(6).
1 15
VerDate Aug<31>2005
17:46 Sep 22, 2006
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 proposes to introduce a new
Thru order type for Nasdaq’s INET
Facility that will allow users to direct
that their order be delivered by the INET
system to the American Stock Exchange
(‘‘Amex’’) or New York Stock Exchange
(‘‘NYSE’’), as appropriate. Nasdaq has
designated this proposal as noncontroversial and has requested that the
Commission waive the 30-day preoperative waiting period contained in
Rule 19b–4(f)(6)(iii) under the Act.5
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are in
[brackets].
*
*
*
*
*
4956. Routing
(a) INET Order Routing Process
(1) The INET Order Routing Process
shall be available to Participants from 7
a.m. to 8 p.m. Eastern Time, and shall
route orders as described below:
(A) Routing Options.
The System provides [eight] nine
routing options for orders. Of these
eight, [five] six—DOT Immediate , DOT
Alternative, DOT Alternative 2, Reactive
Only DOT, [and] DOT Nasdaq—and
Thru DOT—are available for orders
ultimately sought to be directed to
either the New York Stock Exchange
(‘‘NYSE’’) or the American Stock
Exchange (‘‘AMEX’’). The System also
allows firms to send individual orders
to the NYSE Direct + System, and to
elect to have orders not be sent to the
AMEX. The [eight] nine System routing
options are:
(i)–(viii) No Change.
(ix) Thru DOT (‘‘TDOT’’)—under this
option, orders are sent directly to either
the NYSE or AMEX, as directed by the
entering party. If unexecuted, the order
(or unexecuted portion thereof) shall be
returned to the entering party. This
option may only be used for orders with
time-in-force parameters of either DAY,
IOC, or market-on-open/close.
(B) 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
5 17
Jkt 208001
PO 00000
CFR 240.19b–4(f)(6)(iii).
Frm 00043
Fmt 4703
Sfmt 4703
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. Nasdaq has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq proposes to create a new order
routing option for its INET facility that
would allow users to direct that their
orders be delivered by the INET system
to the NYSE or the Amex, as
appropriate. Nasdaq notes that this
direct delivery functionality already
exists in Nasdaq’s Brut facility as the
Thru Brut order 6 and would provide
additional flexibility and functionality
to INET system users that desire to send
orders to the NYSE or the Amex.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 15A of the Act,7 in
general, and with Section 15A(b)(6) of
the Act,8 in particular, in that it is
designed to promote just and equitable
principles of trade, and to remove
impediments to a free and open market
and a national market system.
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
6 See
NASD Rule 4903(b).
U.S.C. 78o–3.
8 15 U.S.C. 78o–3(b)(6).
9 15 U.S.C. 78s(b)(3)(A)(iii).
10 17 CFR 240.19b–4(f)(6).
7 15
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]]>Agencies
[Federal Register Volume 71, Number 185 (Monday, September 25, 2006)]
[Notices]
[Pages 55814-55816]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8141]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54463; File No. SR-NASD-2006-100]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Delivery of Options Disclosure Documents
September 15, 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 17, 2006, the National Association of Securities Dealers,
Inc. (``NASD'') 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 NASD. NASD filed the
proposed rule change as a ``non-controversial'' rule change under Rule
19b-4(f)(6) under the Act,\3\ which rendered 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASD proposes to amend NASD Rule 2860 (Options) to (1) require that
a copy of each amendment to the options disclosure document,
Characteristics and Risks of Standardized Options (``ODD''), be
distributed to each customer not later than the time of the delivery of
a confirmation of a transaction in the category of options issued by
The Options Clearing Corporation (``OCC'') to which the amendment
pertains and (2) clarify that
[[Page 55815]]
revisions to the Special Statement for Uncovered Option Writers
(``Special Written Statement'') be distributed to each customer
approved for writing uncovered short options not later than the time of
the delivery of a confirmation of a transaction in options issued by
the OCC. The text of the proposed rule change is available on NASD's
Web site, https://www.nasd.com, at NASD's Office of the Secretary, 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, NASD 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. NASD 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
NASD is proposing revisions to the requirement to deliver
amendments and/or revisions to the options disclosure documents in NASD
Rule 2860 to conform to similar rules of other self-regulatory
organizations.\4\ Specifically, NASD is amending the rule to more
clearly delineate the particular delivery requirements applicable to
the ODD and the Special Written Statement.
---------------------------------------------------------------------------
\4\ See CBOE Rule 9.15; ISE Rule 616; Phlx Rule 1029; Amex Rule
926; and NYSE Rule 726 (collectively, ``Options Exchanges'').
---------------------------------------------------------------------------
Currently, NASD Rule 2860(b)(11)(A) requires that amendments and
revisions to both disclosure documents be distributed to each customer
not later than the time a confirmation of a transaction is delivered to
each customer who enters into a transaction in options issued by the
OCC. By contrast, the rules of the Options Exchanges require that
amendments to the ODD be distributed to each customer not later than
the time a confirmation of a transaction in the category of options to
which the amendment pertains is delivered to such customer.
NASD believes that the delivery of an amendment to the ODD is
appropriately triggered by a customer transaction in an options
contract to which such amendment pertains. Furthermore, the proposed
rule change will harmonize NASD's rule for amendments to the ODD with
those of the Options Exchanges.
In addition, through a new subparagraph (2), NASD is clarifying
that revisions to the Special Written Statement be distributed to each
customer having an account approved for writing uncovered short options
not later than the time a confirmation of a transaction is delivered to
each customer who enters into a transaction in options issued by the
OCC. NASD states that the rules of the Options Exchanges do not address
delivery of revisions to the Special Written Statement.
NASD has filed the proposed rule change for immediate
effectiveness. NASD will announce the implementation date of the
proposed rule change in a Notice to Members to be published no later
than 60 days following the filing of the rule change with the
Commission for immediate effectiveness. The implementation date will be
30 days after the date of the Notice to Members.
2. Statutory Basis
NASD believes that the proposed rule change is consistent with
Section 15A(b)(6) \5\ of the Act in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and, in general, to protect investors
and the public interest. NASD is proposing the rule change to harmonize
NASD's rule for delivery of amendments to the ODD with those of the
Options Exchanges and to clarify members' delivery obligations for
revisions to the Special Written Statement.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASD 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.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others
NASD 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
\6\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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.\8\
---------------------------------------------------------------------------
\8\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-2006-100 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-2006-100. 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
[[Page 55816]]
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 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-2006-100 and should be
submitted on or before October 16, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. 06-8141 Filed 9-22-06; 8:45 am]
BILLING CODE 8010-01-P
