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]
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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
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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
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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]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing 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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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\
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\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
