Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Practice of Using a Fifth Character Identifier With the Symbol of Foreign Securities, 56571-56573 [E6-15799]
Download as PDF
<![CDATA[
Federal Register / Vol. 71, No. 187 / Wednesday, September 27, 2006 / Notices
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to the File
Number SR–BSE–2006–31 and should
be submitted on or before October 18,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–15793 Filed 9–26–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[(Release No. 34–54475; File No. SR–CBOE–
2005–103)]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Granting Approval
of Proposed Rule Change and
Amendment No. 1 Thereto To Amend
CBOE Rules Relating to the Electronic
Designated Primary Market Maker
Program
September 20, 2006.
I. Introduction
On December 5, 2005, the Chicago
Board Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule
change, pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 to
amend CBOE rules relating to the
Electronic Designated Primary Market
Maker Program (‘‘e-DPM Program’’). On
August 11, 2006, CBOE amended the
proposed rule change.3 The proposed
rule change, as modified by Amendment
No. 1, was published for comment in
the Federal Register on August 18,
2006.4 The Commission received no
comments on the proposal. This order
approves the proposed rule change, as
amended.
rwilkins on PROD1PC63 with NOTICES
II. Description of the Proposal
The Exchange’s e-DPM Program
allows e-DPMs to operate remotely as
competing DPMs by entering bids and
offers electronically from locations other
than the trading floor. Exchange rules
provide that the Exchange will
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 replaced and superseded the
original proposal in its entirety.
4 See Securities Exchange Act Release No. 54311
(August 11, 2006), 71 FR 47834.
determine which option classes to
include in the e-DPM Program and,
accordingly, which classes to allocate to
each respective e-DPM. The proposed
rule change would give the Exchange
the corresponding authority to remove
any e-DPM option class from the e-DPM
Program if certain factors no longer
warranted the continued inclusion of
that option class in the e-DPM Program.
The factors used in making this
determination would relate to the
option class itself and would include
only the following: (i) Market share; (ii)
number of exchanges trading the
product; (iii) average daily trading
volume; and (iv) liquidity in the
product. The Exchange would consider
any one or all of these factors in
determining whether to remove an
option class from the e-DPM Program.
Persons who are aggrieved by the
removal of an option class from the eDPM Program would be permitted to
appeal the decision in accordance with
the Exchange’s standard procedures on
review of Exchange actions, as set forth
in Chapter XIX of the Exchange’s rules.
III. Discussion
After careful consideration, the
Commission finds that the proposed
rule change, as amended, is consistent
with the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.5 In particular, the
Commission finds that the proposal is
consistent with Section 6(b)(5) of the
Act,6 in that it is designed to promote
just and equitable principles of trade
and to remove impediments to and
perfect the mechanism of a free and
open market. The Commission also
finds that the proposal is consistent
with Section 6(b)(7) of the Act,7 in that
it provides a fair procedure for the
limitation by the Exchange of any
person with respect to access to services
offered by the Exchange.
The proposed rule change permits the
Exchange to remove option classes from
the e-DPM Program only if certain
factors no longer warrant the continued
inclusion of that class in the program.
The Commission notes that the factors
to be considered by the Exchange (i.e.,
market share, number of exchanges
trading the product, trading volume,
and liquidity) are objective and would
limit the Exchange’s ability to act in this
area. The proposed factors to be
considered by the Exchange in
12 17
1 15
VerDate Aug<31>2005
16:48 Sep 26, 2006
Jkt 208001
5 In approving the proposed rule change, the
Commission has considered its impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(7).
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
56571
determining whether to remove an
option class from the e-DPM Program,
coupled with the right to appeal the
Exchange’s determination, should help
to protect persons from an unfair
limitation of access to services offered
by the Exchange, while permitting the
Exchange to further the competitive
goals of the e-DPM Program.
Accordingly, the Commission believes
that the amended proposal is consistent
with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,8 that the
proposed rule change (SR–CBOE–2005–
103), as amended, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Nancy M. Morris,
Secretary.
[FR Doc. E6–15794 Filed 9–26–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54477; File No. SR–
NASDAQ–2006–034]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Practice of Using a Fifth Character
Identifier With the Symbol of Foreign
Securities
September 20, 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
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, II, and
III below, which Items have been
prepared by Nasdaq. Nasdaq filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(1)
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.
8 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
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)(1).
9 17
E:\FR\FM\27SEN1.SGM
27SEN1
56572
Federal Register / Vol. 71, No. 187 / Wednesday, September 27, 2006 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq is filing with the Commission
a proposed rule change to clarify the
non-applicability of the record-keeping
fee in Nasdaq Rule 4510(e) and Nasdaq
Rule 4520(d) when a non-U.S. issuer
requests to eliminate the fifth character
identifier affixed to the symbol of its
securities.5
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
rwilkins on PROD1PC63 with NOTICES
Prior to 1999, Nasdaq required an ‘‘F’’
or ‘‘Y’’ be affixed to the symbol of all
non-U.S. securities and American
Depositary Receipts that traded on the
Nasdaq Stock Market. In 1999, Nasdaq
ceased this practice for new listings and
allowed existing non-U.S. listed
companies to remove the fifth character
identifier upon request.6 For those nonU.S. issuers that have not so requested,
Nasdaq continues to include the fifth
character identifier on the symbol of
their securities. Nasdaq is making this
filing to clarify that the record-keeping
fee in Rule 4510(e) and Rule 4520(d) is
not applicable to a non-U.S. issuer that
requests that Nasdaq eliminate the fifth
character identifier.
The $2,500 record-keeping fee set
forth in Nasdaq Rule 4510(e) and
Nasdaq Rule 4520(d) is used to address
the costs associated with revising
Nasdaq’s records when issuers engage in
certain actions, including a voluntary
change in trading symbol. However,
Nasdaq notes that these non-U.S. issuers
did not choose to have the fifth
5 This proposal does not require changes to
Nasdaq’s rule text. Telephone conversation between
Jonathan F. Cayne, Associate General Counsel, The
Nasdaq Stock Market, Inc., and Nataliya Cowen,
Special Counsel, Division of Market Regulation,
Commission, on September 19, 2006.
6 See Securities Exchange Act Release No. 41076
(Feb. 19, 1999); 64 FR 9552 (Feb. 26, 1999).
VerDate Aug<31>2005
16:48 Sep 26, 2006
Jkt 208001
character identifier, as before 1999 it
was mandatory. Further, these issuers
are not requesting any change to their
‘‘root’’ four letter symbol. Accordingly,
Nasdaq believes that these changes
should not be treated as a voluntary
symbol change and, therefore, it is
inappropriate to charge the $2,500
record-keeping fee when a non-U.S.
issuer drops the fifth character
identifier.
IV. Solicitation of Comments
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with Section
6(b) of the Act 7 in general and furthers
the objectives of Section 6(b)(5) 8 in
particular, 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 of, a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
• 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–2006–034 on the
subject line.
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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(i) of the Act 9 and
subparagraph (f)(1) of Rule 19b–4
thereunder 10 in that it constitutes a
stated policy, practice or interpretation
with respect to the meaning,
administration, or enforcement of an
existing rule. As such, this proposed
rule change is effective upon 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.
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
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
Number SR–NASDAQ–2006–034. 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 offices 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–2006–034 and
should be submitted on or before
October 18, 2006.
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A)(i).
10 17 CFR 240.19b–4(f)(1).
8 15
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
E:\FR\FM\27SEN1.SGM
27SEN1
Federal Register / Vol. 71, No. 187 / Wednesday, September 27, 2006 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E6–15799 Filed 9–26–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54479; File No. SR–NASD–
2006–108]
Self-Regulatory Organizations:
National Association of Securities
Dealers, Inc.; Notice of Filing of a
Proposed Rule Change Relating to a
New NASD Trade Reporting Facility
Established in Conjunction With the
National Stock Exchange
September 21, 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 14, 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. 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 is proposing to adopt rules
relating to a new Trade Reporting
Facility (the ‘‘NASD/NSX TRF’’) to be
established by NASD, in conjunction
with the National Stock Exchange
(‘‘NSX’’), that would provide members
another mechanism for reporting trades
in Nasdaq-listed equity securities
effected otherwise than on an exchange.
The proposed NASD/NSX TRF structure
and rules are substantially similar to the
Trade Reporting Facility (‘‘TRF’’)
established by NASD and Nasdaq Stock
Market, Inc. (the ‘‘NASD/Nasdaq TRF’’)
and rules relating thereto, which were
approved by the Commission pursuant
to proposed rule change SR–NASD–
2005–087.3 Pursuant to the proposed
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 54084
(June 30, 2006), 71 FR 38935 (July 10, 2006) (SR–
NASD–2005–087) (‘‘Approval Order’’). SR–NASD–
2005–087 became effective upon the date on which
The NASDAQ Stock Market LLC (the ‘‘Nasdaq
Exchange’’) commenced operation as a national
securities exchange for Nasdaq-listed securities,
which was August 1, 2006.
rwilkins on PROD1PC63 with NOTICES
1 15
VerDate Aug<31>2005
16:48 Sep 26, 2006
Jkt 208001
rule change, NASD is also proposing: (1)
Amendments to certain NASD rules to
reflect the operation of more than one
Trade Reporting Facility established by
NASD; and (2) new NASD Rule 5140
relating to the use of multiple Market
Participant Symbols by members
reporting trades to a Trade Reporting
Facility established by NASD.
The text of the proposed rule change
is available on NASD’s Web site at
(https://www.nasd.com), at the principal
office of the NASD, at the Commission’s
Public Reference Room, and the
Commission’s Web site at (https://
www.sec.gov).
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
On June 30, 2006, the Commission
approved SR–NASD–2005–087.4 Among
other things, the Approval Order
proposed: (1) Amendments to the NASD
Delegation Plan, NASD By-Laws and
NASD rules to reflect a proposed phased
implementation strategy for the
operation of the Nasdaq Exchange as a
national securities exchange with
respect to Nasdaq-listed securities
during a transitional period; and (2)
rules for reporting trades effected
otherwise than on an exchange to the
NASD/Nasdaq TRF. Pursuant to SR–
NASD–2005–087, NASD proposed the
NASD Rule 4000 Series (The Trade
Reporting Facility) and the NASD Rule
6100 Series (Clearing and Comparison
Rules), which generally apply to trade
reporting and clearing and comparison
services via the NASD/Nasdaq TRF.
NASD/NSX Trade Reporting Facility
The NASD proposes to establish a
new NASD/NSX TRF on substantially
the same terms as the NASD/Nasdaq
TRF.5 The NASD/NSX TRF will provide
4 Id.
5 In response to comments submitted to the
Commission in connection with the Approval
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
56573
members another mechanism, which
has been developed by NSX, for
reporting transactions in Nasdaq-listed
equity securities executed otherwise
than on an exchange.6 Members will
match and/or execute orders internally
or through proprietary systems and
submit these trades to the NASD/NSX
TRF with the appropriate information
and modifiers. The NASD/NSX TRF
will report the trades to the appropriate
exclusive securities information
processor (‘‘SIP’’).7 As with trades
reported to the NASD/Nasdaq TRF,
NASD/NSX TRF transactions
disseminated to the media will include
a modifier indicating the source of such
transactions that would distinguish
them from transactions executed on or
through the NSX. In addition, the
NASD/NSX TRF will provide NASD
with a real-time copy of each trade
report for regulatory review purposes.
At the option of the participant, the
NASD/NSX TRF may also provide the
necessary clearing information
regarding transactions to the National
Securities Clearing Corporation
(‘‘NSCC’’).
Like the NASD/Nasdaq TRF, the
NASD/NSX TRF will be a facility of
NASD, subject to regulation by NASD
and NASD’s registration as a national
securities association. It will not be a
service ‘‘for the purpose of effecting or
reporting a transaction’’ on the NSX;
rather, it will be a service for the
purpose of reporting over-the-counter
transactions in Nasdaq-listed equity
securities to NASD.8 Thus, members
that meet all applicable requirements
will now have the option of reporting
transactions in Nasdaq-listed equity
securities executed otherwise than on
an exchange to the NASD/NSX TRF,
Order, NASD indicated that it was prepared to
implement a TRF with any exchange based on
whatever technology the exchange has available to
it. See Letter to Honorable Christopher Cox,
Chairman, Commission, dated May 2, 2006 from
Robert Glauber, Chairman and Chief Executive
Officer, NASD.
As the Commission noted in its Approval Order,
the Act does not prohibit NASD from establishing
different facilities for purposes of fulfilling its
regulatory obligations. See Approval Order.
6 NASD will submit a second proposed rule
change relating to reporting to the NASD/NSX TRF
of transactions in all exchange-listed securities
executed otherwise than on an exchange.
7 The NASD/NSX TRF will have controls in place
to ensure that transactions that are reported to the
NASD/NSX TRF, but are priced significantly away
from the current market, will not be submitted to
the SIP. This is consistent with current practice,
which is designed to preserve the integrity of the
tape; today, such trades are not submitted to the SIP
by the ADF or the NASD/Nasdaq TRF.
8 See Approval Order.
E:\FR\FM\27SEN1.SGM
27SEN1
]]>Agencies
[Federal Register Volume 71, Number 187 (Wednesday, September 27, 2006)]
[Notices]
[Pages 56571-56573]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-15799]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54477; File No. SR-NASDAQ-2006-034]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Practice of Using a Fifth Character Identifier With the
Symbol of Foreign Securities
September 20, 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 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, II, and III below, which Items
have been prepared by Nasdaq. Nasdaq filed the proposal pursuant to
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(1) 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)(1).
---------------------------------------------------------------------------
[[Page 56572]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq is filing with the Commission a proposed rule change to
clarify the non-applicability of the record-keeping fee in Nasdaq Rule
4510(e) and Nasdaq Rule 4520(d) when a non-U.S. issuer requests to
eliminate the fifth character identifier affixed to the symbol of its
securities.\5\
---------------------------------------------------------------------------
\5\ This proposal does not require changes to Nasdaq's rule
text. Telephone conversation between Jonathan F. Cayne, Associate
General Counsel, The Nasdaq Stock Market, Inc., and Nataliya Cowen,
Special Counsel, Division of Market Regulation, Commission, on
September 19, 2006.
---------------------------------------------------------------------------
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Prior to 1999, Nasdaq required an ``F'' or ``Y'' be affixed to the
symbol of all non-U.S. securities and American Depositary Receipts that
traded on the Nasdaq Stock Market. In 1999, Nasdaq ceased this practice
for new listings and allowed existing non-U.S. listed companies to
remove the fifth character identifier upon request.\6\ For those non-
U.S. issuers that have not so requested, Nasdaq continues to include
the fifth character identifier on the symbol of their securities.
Nasdaq is making this filing to clarify that the record-keeping fee in
Rule 4510(e) and Rule 4520(d) is not applicable to a non-U.S. issuer
that requests that Nasdaq eliminate the fifth character identifier.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 41076 (Feb. 19,
1999); 64 FR 9552 (Feb. 26, 1999).
---------------------------------------------------------------------------
The $2,500 record-keeping fee set forth in Nasdaq Rule 4510(e) and
Nasdaq Rule 4520(d) is used to address the costs associated with
revising Nasdaq's records when issuers engage in certain actions,
including a voluntary change in trading symbol. However, Nasdaq notes
that these non-U.S. issuers did not choose to have the fifth character
identifier, as before 1999 it was mandatory. Further, these issuers are
not requesting any change to their ``root'' four letter symbol.
Accordingly, Nasdaq believes that these changes should not be treated
as a voluntary symbol change and, therefore, it is inappropriate to
charge the $2,500 record-keeping fee when a non-U.S. issuer drops the
fifth character identifier.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
Section 6(b) of the Act \7\ in general and furthers the objectives of
Section 6(b)(5) \8\ in particular, 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 of, a free and open market and a national market system,
and in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \9\ and subparagraph (f)(1) of Rule 19b-4
thereunder \10\ in that it constitutes a stated policy, practice or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule. As such, this proposed rule change is
effective upon filing.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(i).
\10\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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 rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2006-034 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 Number SR-NASDAQ-2006-034. 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 offices 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-2006-034 and should be submitted on or before
October 18, 2006.
[[Page 56573]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-15799 Filed 9-26-06; 8:45 am]
BILLING CODE 8010-01-P
