Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Temporarily Adjust Tier Volume Limits, 76404-76406 [E6-21652]

Download as PDF 76404 Federal Register / Vol. 71, No. 244 / Wednesday, December 20, 2006 / Notices to, and facilitating transactions in municipal securities, to remove impediments to and perfect the mechanism of a free and open market in municipal securities, and, in general, to protect investors and the public interest. The MSRB believes that by conforming Rule G–27 to the relevant NASD rules on supervision and thereby making such requirements specifically applicable to the municipal securities activities of securities firms and bank dealers, the proposed rule change will promote regulatory consistency by facilitating dealer compliance with such requirements, as well as by facilitating the inspection and enforcement thereof. sroberts on PROD1PC70 with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition The MSRB 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 In April 2006 the MSRB published for comment draft amendments to Rule G– 27 which incorporated most of the NASD requirements contained in Rules 3010 and 3012 in order to promote regulatory consistency and make these requirements specifically applicable to the municipal securities activities of securities firms and bank dealers. In response to its notice, the Board received two comment letters, both of which expressed support for the draft amendments. The Investment Company Institute (‘‘ICI’’) noted that conforming MSRB requirements to those of the NASD ‘‘will strengthen the current supervisory systems of municipal securities dealers because NASD rules require a more structured and formalized supervisory system than Rule G–27 in its current form.’’ ICI further stated that the proposal will ‘‘facilitate compliance by those dealers that are dually registered with the MSRB and the NASD * * * [and that this] conformity should also enable the NASD to more efficiently inspect those dealers that are subject to rules of both self-regulatory organizations.’’ The other commentator—BSC Securities—was supportive of the draft amendments but was concerned about ‘‘unintended consequences of rulemaking.’’ BSC noted that, as a small firm, it is particularly concerned with costs of compliance and therefore urged the Board to adopt provisions that are ‘‘identical (not ‘substantially similar’) to other SRO’s rules to ensure the VerDate Aug<31>2005 20:03 Dec 19, 2006 Jkt 211001 coordination of regulatory approaches.’’ While the Board is sensitive to the costs of compliance, particularly in the case of smaller dealers, we believe that the amendments are appropriate and will result, as ICI stated, in ‘‘no substantive difference in the supervisory systems imposed by the rules of the MSRB and the NASD.’’ 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 self-regulatory organization consents, the Commission will: A. By order approve such proposed rule change, or B. institute proceedings to determine whether the proposed rule change should be disapproved. The MSRB has proposed that the amendments become effective six months after Commission approval of the proposed rule change. 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–MSRB–2006–10 on the subject line. 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 MSRB’s offices. 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–MSRB– 2006–10 and should be submitted on or before January 10, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.16 Florence E. Harmon, Deputy Secretary. [FR Doc. E6–21779 Filed 12–19–06; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54933; File No. SR– NASDAQ–2006–051] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Temporarily Adjust Tier Volume Limits December 13, 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 December 1, 2006, The NASDAQ Stock Market Paper Comments LLC (‘‘Nasdaq’’) filed with the Securities and Exchange Commission • Send paper comments in triplicate (‘‘Commission’’) the proposed rule to Nancy M. Morris, Secretary, change as described in Items I, II, and Securities and Exchange Commission, III below, which Items have been Station Place, 100 F Street, NE., substantially prepared by Nasdaq. On Washington, DC 20549–1090. December 7, 2006, the Exchange All submissions should refer to File submitted Amendment No. 1 to the Number SR–MSRB–2006–10. This file proposed rule change. Nasdaq has filed number should be included on the the proposal pursuant to Section subject line if e-mail is used. To help the 19(b)(3)(A) of the Act 3 and Rule 19b– Commission process and review your 4(f)(2) thereunder,4 which renders the comments more efficiently, please use proposal effective upon filing with the only one method. The Commission will post all comments on the Commission’s 16 17 CFR 200.30–3(a)(12). Internet Web site (https://www.sec.gov/ 1 5 U.S.C. 78s(b)(1). rules/sro.shtml). Copies of the 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). submission, all subsequent 4 17 CFR 240.19b–4(f)(2). amendments, all written statements PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\20DEN1.SGM 20DEN1 Federal Register / Vol. 71, No. 244 / Wednesday, December 20, 2006 / Notices Commission. 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 reduce, for the month of December 2006, the average daily volume tiers in Nasdaq-listed securities contained in Nasdaq Rule 7018(a) to qualify for certain fee and rebate levels. Nasdaq would implement the proposed rule change immediately. 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 sroberts on PROD1PC70 with NOTICES Nasdaq is proposing to reduce, for the month of December 2006, the average daily volume tiers for trading and routing in Nasdaq-listed securities contained in Nasdaq Rule 7018(a) to qualify for certain fee and rebate levels. Currently, in order to qualify for a pershare execution fee of $0.0028, members must have an average daily volume through Nasdaq facilities in all securities during a particular month of (i) more than 30 million shares of liquidity provided and (ii) more than 50 million shares of liquidity accessed and/ or routed. For routed orders, to qualify for a fee of the greater of (i) $0.0028 per share executed or (ii) a pass-through of all applicable access fees charged by electronic communications networks that charge more than $0.003 per share executed, a firm must have an average daily volume through Nasdaq facilities in all securities during the month of (i) more than 30 million shares of liquidity provided, and (ii) more than 50 million shares of liquidity access and/or routed. 20:03 Dec 19, 2006 Jkt 211001 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 Sections 6(b)(4) of the Act,7 in particular, in that the proposal provides for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition 1. Purpose VerDate Aug<31>2005 For the month of December 2006, Nasdaq is proposing to reduce those qualification volume tiers to 27 million shares and 47 million shares, respectively. In addition, Nasdaq is also reducing for the month of December 2006 the monthly average daily volume tier required to obtain the $0.0025 credit rebate from its current 30 million share level to 27 million shares.5 Nasdaq states that the reduction is designed to respond to certain processing issues associated with Nasdaq’s implementation of its new single-book execution facility that can result in inhibiting the ability of users to submit orders to the system and thus not reach their usual levels of participation that would historically entitle them to the most competitive fee and rebate levels. Nasdaq believes that a temporary reduction of the qualification tiers is appropriate while both Nasdaq and its users gain more familiarity with the new single-book trading environment. 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)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b–4 thereunder 9 because it 5 In addition, Nasdaq is also making certain nonsubstantive and corrective changes to Nasdaq Rule 7018(a) to reflect, among other things, the recent termination of the operation of Nasdaq’s Brut Facility. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(4). 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 240.19b–4(f)(2). PO 00000 Frm 00135 Fmt 4703 Sfmt 4703 76405 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.10 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–NASDAQ–2006–051 on the subject line. Paper Comments: • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2006–051. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of the filing also will be 10 15 U.S.C. 78s(b)(3)(C). For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposal, the Commission considers the period to commence on December 7, 2006, the date on which the Exchange submitted Amendment No. 1. E:\FR\FM\20DEN1.SGM 20DEN1 76406 Federal Register / Vol. 71, No. 244 / Wednesday, December 20, 2006 / Notices 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–2006–051 and should be submitted on or before January 10, 2007. SECURITIES AND EXCHANGE COMMISSION For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E6–21652 Filed 12–19–06; 8:45 am] December 13, 2006. BILLING CODE 8011–01–P [Release No. 34–54932; File No. SR–NASD– 2006–132] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Pricing for NASD Members Using ITS/CAES and Inet 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 December 1, 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, II, and III below, which Items have been substantially 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 [Order charged a fee by the NYSE specialist] ....................................... Order that attempts to execute in the Nasdaq Facilities prior to routing: [and that is not charged a fee by the NYSE specialist or that is routed to NYSE via ITS]. Order for Exchange-Traded Fund .......................................................... All other orders ........................................................................................ Order that does not attempt to execute in the Nasdaq Facilities prior to routing: [and that is not charged a fee by the NYSE specialist]. Order for Exchange-Traded Fund .......................................................... All other orders ........................................................................................ II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change sroberts on PROD1PC70 with NOTICES 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, 11 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)(ii). 4 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 20:03 Dec 19, 2006 Jkt 211001 1. Purpose Nasdaq is modifying its price schedule for routing orders to the New York Stock Exchange LLC (‘‘NYSE’’) in response to significant pricing changes that were filed and announced by NYSE on November 30, 2006 and implemented by it on December 1, 2006.6 Specifically, the NYSE filings establish an increased execution fee of Frm 00136 Fmt 4703 7010. System Services (a)–(h) No change. (i) ITS/CAES System and Inet Order Execution and Routing (1)–(6) No change. (7) The following charges shall apply to the use of the Nasdaq Facilities by members for routing to the NYSE for all securities[, including Exchange-Traded Funds]: $0.003 per share executed $0.000275 per share executed A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change PO 00000 Nasdaq proposes to modify the pricing for NASD members using the ITS/CAES System and Nasdaq’s Inet facility (collectively, the ‘‘Nasdaq Facilities’’). Nasdaq states that it will implement this rule change on December 1, 2006. The text of the proposed rule change is set forth below. Proposed new language is in italics; proposed deletions are in [brackets].5 $0.0028 per share executed $0.000225 per share executed [$0.0003 per share executed (but no more than $75,000 per month)] 5 Nasdaq states that changes are marked to the rule text that appears in the electronic NASD Manual found at https://www.nasd.com, as further amended on an immediately effective basis by File No. SR–NASD–2006–130 (filed on November 30, 2006). 1 15 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change [$0.01 per share executed] [$0.0002 per share executed (but no more than $25,000 per month)] and C below, of the most significant aspects of such statements. (8) No change. (j)—(y) No change. * * * * * 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. Sfmt 4703 $0.000275 per share executed for securities other than exchange-traded funds and a fee of $0.003 per share executed for most orders for exchangetraded funds, eliminate a $750,000 monthly fee cap, and eliminate specialist commissions on transactions. To ensure that its fees for routing orders to the NYSE accurately reflect the costs that Nasdaq will incur and provide appropriate incentives for Nasdaq market participants to seek liquidity on Nasdaq rather than routing directly to NYSE, Nasdaq is instituting the following fees: • $0.003 per share executed for exchange-traded fund orders that route 6 See Securities Exchange Act Release Nos. 54856 (December 1, 2006) (notice of filing and immediate effectiveness of File No. SR–NYSE–2006–106 to increase transaction execution fees and eliminate fee cap) and 54850 (November 30, 2006) (notice of filing and immediate effectiveness of File No. SR– NYSE–2006–105 to eliminate specialist fees). E:\FR\FM\20DEN1.SGM 20DEN1

Agencies

[Federal Register Volume 71, Number 244 (Wednesday, December 20, 2006)]
[Notices]
[Pages 76404-76406]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-21652]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54933; File No. SR-NASDAQ-2006-051]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
and Amendment No. 1 Thereto To Temporarily Adjust Tier Volume Limits

December 13, 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 December 1, 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 substantially prepared by Nasdaq. On December 7, 2006, 
the Exchange submitted Amendment No. 1 to the proposed rule change. 
Nasdaq has filed the proposal pursuant to Section 19(b)(3)(A) of the 
Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal 
effective upon filing with the

[[Page 76405]]

Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change, as amended, from interested 
persons.
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    \1\ 5 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)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Nasdaq proposes to reduce, for the month of December 2006, the 
average daily volume tiers in Nasdaq-listed securities contained in 
Nasdaq Rule 7018(a) to qualify for certain fee and rebate levels. 
Nasdaq would implement the proposed rule change immediately. The text 
of the proposed rule change is available on Nasdaq's Web site at http:/
/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 proposing to reduce, for the month of December 2006, the 
average daily volume tiers for trading and routing in Nasdaq-listed 
securities contained in Nasdaq Rule 7018(a) to qualify for certain fee 
and rebate levels. Currently, in order to qualify for a per-share 
execution fee of $0.0028, members must have an average daily volume 
through Nasdaq facilities in all securities during a particular month 
of (i) more than 30 million shares of liquidity provided and (ii) more 
than 50 million shares of liquidity accessed and/or routed. For routed 
orders, to qualify for a fee of the greater of (i) $0.0028 per share 
executed or (ii) a pass-through of all applicable access fees charged 
by electronic communications networks that charge more than $0.003 per 
share executed, a firm must have an average daily volume through Nasdaq 
facilities in all securities during the month of (i) more than 30 
million shares of liquidity provided, and (ii) more than 50 million 
shares of liquidity access and/or routed. For the month of December 
2006, Nasdaq is proposing to reduce those qualification volume tiers to 
27 million shares and 47 million shares, respectively. In addition, 
Nasdaq is also reducing for the month of December 2006 the monthly 
average daily volume tier required to obtain the $0.0025 credit rebate 
from its current 30 million share level to 27 million shares.\5\
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    \5\ In addition, Nasdaq is also making certain non-substantive 
and corrective changes to Nasdaq Rule 7018(a) to reflect, among 
other things, the recent termination of the operation of Nasdaq's 
Brut Facility.
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    Nasdaq states that the reduction is designed to respond to certain 
processing issues associated with Nasdaq's implementation of its new 
single-book execution facility that can result in inhibiting the 
ability of users to submit orders to the system and thus not reach 
their usual levels of participation that would historically entitle 
them to the most competitive fee and rebate levels. Nasdaq believes 
that a temporary reduction of the qualification tiers is appropriate 
while both Nasdaq and its users gain more familiarity with the new 
single-book trading environment.
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 
Sections 6(b)(4) of the Act,\7\ in particular, in that the proposal 
provides for the equitable allocation of reasonable dues, fees, and 
other charges among its members and issuers and other persons using its 
facilities.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(4).
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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)(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.\10\
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    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
    \10\ 15 U.S.C. 78s(b)(3)(C). For purposes of calculating the 60-
day period within which the Commission may summarily abrogate the 
proposal, the Commission considers the period to commence on 
December 7, 2006, the date on which the Exchange submitted Amendment 
No. 1.
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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 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-2006-051 on the subject line.

Paper Comments:

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE, 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2006-051. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room. Copies of the 
filing also will be

[[Page 76406]]

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-
051 and should be submitted on or before January 10, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E6-21652 Filed 12-19-06; 8:45 am]
BILLING CODE 8011-01-P