Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Modify the Rules of the Nasdaq Global Select Market, 66998-66999 [E6-19424]
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66998
Federal Register / Vol. 71, No. 222 / Friday, November 17, 2006 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–Amex–2006–78. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the Amex. 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–Amex–2006–78 and should
be submitted on or before December 8,
2006.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,39 that the
proposed rule change (SR–Amex–2006–
78), as modified by Amendments No. 1
and 2, is hereby approved on an
accelerated basis.
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.40
Nancy M. Morris,
Secretary.
[FR Doc. E6–19415 Filed 11–16–06; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54732; File No. SR–
NASDAQ–2006–044]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto To Modify
the Rules of the Nasdaq Global Select
Market
November 9, 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 October
10, 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 this
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. On November 2, 2006,
Nasdaq filed Amendment No. 1 to the
proposed rule change.5 The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to modify the rules
related to closed-end funds listed on the
Nasdaq Global Select Market to clarify
the treatment of business development
companies. The text of the proposed
rule change, as amended, is below.
Proposed new language is italicized.6
*
*
*
*
*
4426. Nasdaq Global Select Market
Listing Requirements
(a) No change.
(b) Liquidity Requirements
(1)–(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
BILLING CODE 8011–01–P
1 15
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).
5 In Amendment No. 1, Nasdaq, among other
things, added the requirement of $80 million
market value of listed securities for business
development companies exempt from registration
pursuant to the Investment Company Act of 1940.
6 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at
https://www.complinet.com/nasdaq.
jlentini on PROD1PC65 with NOTICES
2 17
39 15
U.S.C. 78s(b)(2).
40 17 CFR 200.30–3(a)(12).
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16:31 Nov 16, 2006
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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 or exempt from
registration as a business development
company as defined in Section 2 of the
Investment Company Act of 1940.
(c)–(d) No change.
(e) Closed End Management
Investment Companies.
(1)–(2) No change.
(3) A closed end management
investment company that is exempt
from registration as a business
development company as defined in
Section 2 of the Investment Company
Act of 1940 shall not be required to meet
paragraph (c) of this Rule 4426 but must
have a market value of listed securities
of at least $80 million.
*
*
*
*
*
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, as amended, 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 recently amended the listing
standards for the Nasdaq Global Select
Market, in part, to clarify the treatment
of closed-end management investment
companies.7 In that filing, Nasdaq
inadvertently failed to describe the rules
applicable to closed end management
investment companies that elect to be
treated as business development
companies. This filing clarifies that, like
other closed-end funds, business
development companies do not have to
meet the financial requirements of
Nasdaq Rule 4426(c). However, such
companies must have a market value of
7 See Securities Exchange Act Release No. 54274
(August 3, 2006), 71 FR 45878 (August 10, 2006)
(SR–NASDAQ–2006–020).
E:\FR\FM\17NON1.SGM
17NON1
Federal Register / Vol. 71, No. 222 / Friday, November 17, 2006 / Notices
listed securities of at least $80 million
to be eligible for initial listing.
2. Statutory Basis
Nasdaq believes that the proposed
rule change, as amended, is consistent
with the provisions of Section 6 of the
Act,8 in general, and with Section
6(b)(5) of the Act,9 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, as amended, clarifies Nasdaq’s
rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change, as amended,
would result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposal does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days after the date of the 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, as
amended, has become effective pursuant
to Section 19(b)(3)(A) of the Act 10 and
Rule 19b–4(f)(6) thereunder.11
Nasdaq requests that the Commission
waive the 30-day operative period under
U.S.C. 78f.
U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6). As required by Rule
19b–4(f)(6)(iii) of the Act, Nasdaq provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description of the text of the proposed rule change,
at least five business days prior to the date of the
filing of the proposed rule change.
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9 15
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IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
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–2006–044 on the
subject line.
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.
8 15
Rule 19b–4(f)(6)(iii).12 The Commission
believes that it is consistent with the
protection of investors and the public
interest to waive the 30-day operative
delay,13 because the proposal is
consistent with the treatment afforded
business development companies by
other markets.14
At any time within 60 days of the
filing of such proposed rule change, as
amended, 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.15
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–2006–044. 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
12 17
CFR 240.19b–4(f)(6)(iii).
purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
14 See Section 102.04 of the New York Stock
Exchange Listed Company Manual.
15 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on November 2, 2006, the
date Nasdaq filed Amendment No. 1 to the
proposed rule change. See Section 19(b)(3)(C) of the
Act, 15 U.S.C. 78s(b)(3)(C).
13 For
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
66999
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 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–2006–044 and
should be submitted on or before
December 8, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Nancy M. Morris,
Secretary.
[FR Doc. E6–19424 Filed 11–16–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54730; File No. SR–
NYSEArca–2006–04]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and Order
Granting Accelerated Approval to
Proposed Rule Change and
Amendments No. 1, 2 and 3 Thereto
Relating to the Criteria for Securities
that Underlie Options Traded on the
Exchange
November 9, 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 April 11,
2006, NYSE Arca, Inc. (‘‘Exchange’’ or
‘‘NYSE Arca’’) 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 the Exchange. NYSE Arca filed
Amendment No. 1 to the proposed rule
change on August 18, 2006.3 NYSE Arca
filed Amendment No. 2 to the proposed
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 replaced the original filing in
its entirety.
1 15
E:\FR\FM\17NON1.SGM
17NON1
]]>Agencies
[Federal Register Volume 71, Number 222 (Friday, November 17, 2006)]
[Notices]
[Pages 66998-66999]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-19424]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54732; File No. SR-NASDAQ-2006-044]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto To Modify the Rules of the Nasdaq Global
Select Market
November 9, 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 October 10, 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 this 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. On November 2, 2006, Nasdaq filed Amendment No. 1 to the
proposed rule change.\5\ The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, 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).
\5\ In Amendment No. 1, Nasdaq, among other things, added the
requirement of $80 million market value of listed securities for
business development companies exempt from registration pursuant to
the Investment Company Act of 1940.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to modify the rules related to closed-end funds
listed on the Nasdaq Global Select Market to clarify the treatment of
business development companies. The text of the proposed rule change,
as amended, is below. Proposed new language is italicized.\6\
---------------------------------------------------------------------------
\6\ Changes are marked to the rule text that appears in the
electronic manual of Nasdaq found at https://www.complinet.com/
nasdaq.
---------------------------------------------------------------------------
* * * * *
4426. Nasdaq Global Select Market Listing Requirements
(a) No change.
(b) Liquidity Requirements
(1)-(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
or exempt from registration as a business development company as
defined in Section 2 of the Investment Company Act of 1940.
(c)-(d) No change.
(e) Closed End Management Investment Companies.
(1)-(2) No change.
(3) A closed end management investment company that is exempt from
registration as a business development company as defined in Section 2
of the Investment Company Act of 1940 shall not be required to meet
paragraph (c) of this Rule 4426 but must have a market value of listed
securities of at least $80 million.
* * * * *
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, as
amended, 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 recently amended the listing standards for the Nasdaq Global
Select Market, in part, to clarify the treatment of closed-end
management investment companies.\7\ In that filing, Nasdaq
inadvertently failed to describe the rules applicable to closed end
management investment companies that elect to be treated as business
development companies. This filing clarifies that, like other closed-
end funds, business development companies do not have to meet the
financial requirements of Nasdaq Rule 4426(c). However, such companies
must have a market value of
[[Page 66999]]
listed securities of at least $80 million to be eligible for initial
listing.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 54274 (August 3,
2006), 71 FR 45878 (August 10, 2006) (SR-NASDAQ-2006-020).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change, as amended, is
consistent with the provisions of Section 6 of the Act,\8\ in general,
and with Section 6(b)(5) of the Act,\9\ 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, as amended, clarifies
Nasdaq's rules.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 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, as amended,
would 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
Because the proposal does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of the 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, as amended, has
become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and
Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6). As required by Rule 19b-
4(f)(6)(iii) of the Act, Nasdaq provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description of the text of the proposed rule change, at least
five business days prior to the date of the filing of the proposed
rule change.
---------------------------------------------------------------------------
Nasdaq requests that the Commission waive the 30-day operative
period under Rule 19b-4(f)(6)(iii).\12\ The Commission believes that it
is consistent with the protection of investors and the public interest
to waive the 30-day operative delay,\13\ because the proposal is
consistent with the treatment afforded business development companies
by other markets.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
\14\ See Section 102.04 of the New York Stock Exchange Listed
Company Manual.
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change, as amended, 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.\15\
---------------------------------------------------------------------------
\15\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on November 2, 2006, the date Nasdaq filed Amendment No.
1 to the proposed rule change. See Section 19(b)(3)(C) of the Act,
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, as amended, 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-2006-044 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-2006-044. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of 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-2006-044 and should be submitted on or before
December 8, 2006.
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
Nancy M. Morris,
Secretary.
[FR Doc. E6-19424 Filed 11-16-06; 8:45 am]
BILLING CODE 8011-01-P
