Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing of a Proposed Rule Change to Amend NASD Rule 7010(k) Relating to Transaction Reporting and Compliance Engine Transaction Data, 5095-5097 [E7-1690]

Download as PDF Federal Register / Vol. 72, No. 22 / Friday, February 2, 2007 / Notices In addition, the Commission believes that the proposal is consistent with Section 15A(b)(11) of the Act 18 in that Paper Comments it is designed to produce fair and • Send paper comments in triplicate informative quotations, to prevent to Nancy M. Morris, Secretary, fictitious or misleading quotations, and Securities and Exchange Commission, to promote orderly procedures for 100 F Street, NE., Washington, DC collecting, distributing, and publishing 20549–1090. quotations. All submissions should refer to File In approving SR–NASD–2006–091, Number SR–NASD–2007–005. This file which, among other things, amended number should be included on the the ADF rules to align them with subject line if e-mail is used. To help the Regulation NMS, the Commission Commission process and review your considered and addressed the regulatory comments more efficiently, please use issues regarding NASD’s operation of only one method. The Commission will the ADF. The Commission believes the post all comments on the Commission’s instant proposal to make the ADF Internet Web site (http://www.sec.gov/ permanent does not raise any new rules/sro.shtml). Copies of the regulatory issues. For the same reasons submission, all subsequent stated in its order approving SR–NASD– amendments, all written statements 2006–091, the Commission believes that with respect to the proposed rule this proposal is consistent with the change that are filed with the requirements of the Act and the rules Commission, and all written and regulations thereunder applicable to communications relating to the a national securities association. proposed rule change between the NASD has requested that the Commission and any person, other than Commission find good cause for those that may be withheld from the approving the proposed rule change public in accordance with the prior to the thirtieth day after provisions of 5 U.S.C. 552, will be publication of notice thereof in the available for inspection and copying in Federal Register. The Commission the Commission’s Public Reference believes that granting accelerated Room. Copies of such filing also will be approval of the proposed rule change is available for inspection and copying at appropriate because the proposed rule the principal office of NASD. All change does not raise any new comments received will be posted regulatory issues. In addition, SR– without change; the Commission does NASD–2006–091 went through a full not edit personal identifying notice-and-comment period, and no information from submissions. You comments were received. Accelerated should submit only information that approval of this proposal will allow the you wish to make publicly available. All benefits of the ADF to continue without submissions should refer to File a lapse in the pilot due to expire on Number SR–NASD–2007–005 and January 26, 2007. Accordingly, the should be submitted on or before Commission finds good cause, pursuant February 23, 2007. to Section 19(b)(2) of the Act,19 for approving the proposed rule change IV. Commission’s Findings and Order prior to the thirtieth day after the date Granting Accelerated Approval of of publication of notice thereof in the Proposed Rule Change Federal Register. The Commission finds that the proposed rule change is consistent with V. Conclusion the requirements of the Act and the It is therefore ordered, pursuant to rules and regulations thereunder Section 19(b)(2) of the Act,20 that the applicable to a national securities proposed rule change (SR–NASD–2007– association.16 Specifically, the 005) be, and hereby is, approved on an Commission believes that the proposed accelerated basis. rule change is consistent with Section For the Commission, by the Division of 15A(b)(6) of the Act,17 which requires Market Regulation, pursuant to delegated that the rules of the self-regulatory authority.21 organization are designed to prevent Florence E. Harmon, fraudulent and manipulative acts and Deputy Secretary. practices, to promote just and equitable [FR Doc. E7–1688 Filed 2–1–07; 8:45 am] principles of trade, and, in general, to protect investors and the public interest. BILLING CODE 8010–01–P sroberts on PROD1PC70 with NOTICES Number SR–NASD–2007–005 on the subject line. 16 In approving this proposal, the Commission has considered its impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 17 15 U.S.C. 78o–3(b)(6). VerDate Aug<31>2005 16:13 Feb 01, 2007 Jkt 211001 18 15 U.S.C. 78o–3(b)(11). U.S.C. 78s(b)(2). 20 15 U.S.C. 78s(b)(2). 21 17 CFR 200.30–3(a)(12). SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55180; File No. SR–NASD– 2007–004] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing of a Proposed Rule Change to Amend NASD Rule 7010(k) Relating to Transaction Reporting and Compliance Engine Transaction Data January 26, 2007. 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 January 16, 2007, 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 substantially 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 amend NASD Rule 7010(k) relating to Transaction Reporting and Compliance Engine (‘‘TRACE’’) transaction data to offer the ability to receive, for a reduced fee, a ‘‘snapshot’’ of real-time TRACE transaction data (‘‘TRACE data’’) once each day rather than continuously throughout the day. The text of the proposed rule change is available on NASD’s Web site at http://www.nasd.com/RulesRegulation/ RuleFilings/2007RuleFilings/index.htm, at NASD’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NASD included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposal. 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. 19 15 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 5095 1 15 2 17 E:\FR\FM\02FEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 02FEN1 5096 Federal Register / Vol. 72, No. 22 / Friday, February 2, 2007 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change sroberts on PROD1PC70 with NOTICES 1. Purpose NASD proposes to amend its Rule 7010(k) to lower the fee related to the receipt of TRACE data by persons opting to receive the data once a day (‘‘Snapshot TRACE data’’) rather than on a continuous basis. Specifically, NASD is proposing to amend Rule 7010(k)(3)(A)(ii) to provide persons that choose to receive Snapshot TRACE data (‘‘Snapshot TRACE data Subscribers’’) the option of paying $250 per month for the receipt of Snapshot TRACE data rather than paying $1,500 per month to receive TRACE data continuously throughout the day as is the case today. A Snapshot TRACE data Subscriber would be able to choose the specific time of day it would receive Snapshot TRACE data each day, and NASD expects that many institutional Snapshot TRACE data Subscribers would choose to receive Snapshot TRACE data at or shortly after 4 p.m. (Eastern Standard Time) each day and use it to value certain positions held in their investment portfolios. Today, NASD’s TRACE data dissemination, and the fees charged for it, contemplates only continuous intraday dissemination of TRACE data.3 However, based on discussions with certain TRACE data vendors and institutional market participants, NASD believes that an additional program of single intra-day or end-of-day price dissemination also would be useful. This is especially true for those institutional investors that need only one price per security per day to assign a value to a particular position. Transaction data for these types of position valuation purposes typically has been made available through vendor services such as IDC and the Reuters Pricing Service. Vendors usually charge for pricing requests for securities held in individual portfolios either on a perCUSIP basis or for a fixed monthly fee for a specified group of securities. NASD believes, based on conversations its staff has undertaken with certain vendors of TRACE data and certain institutional market participants, that the current price charged to persons receiving TRACE data continuously throughout the day ($1,500 per month) 3 NASD has proposed adding the phrase ‘‘receipt of continuous’’ to the text of Rule 7010(k)(3)(a)(ii) that today sets forth the $1,500 per month fee for TRACE data to further clarify the distinction between the current and proposed frequency of delivery of TRACE data to persons subscribing to receive such data. VerDate Aug<31>2005 16:13 Feb 01, 2007 Jkt 211001 is unnecessarily expensive for persons that would like to exclusively use TRACE data to value portfolio positions. In this regard, NASD notes that, to date, no institutional market participants have subscribed for the receipt of TRACE data continuously throughout the day. If the proposed rule change is approved by the Commission, NASD intends to work with third-party ‘‘Retransmission Vendors’’ that would redistribute Snapshot TRACE data to Snapshot TRACE data Subscribers. As is the case today with the distribution of TRACE data to desktop display applications, NASD does not intend to develop its own capabilities to distribute Snapshot TRACE data directly to Snapshot TRACE data Subscribers. NASD believes that the proposed fee of $250 per month for Snapshot TRACE data is reasonable, particularly as it is a charge more in line with what NASD perceives to be the more tailored information requirements of a subset of institutional market participants that today are foregoing TRACE data at the higher costs per month for continuous data. NASD would announce the effective date of the proposed rule change in a Notice to Members to be published no later than 60 days following Commission approval, if approval is given. The effective date would be not later than 45 days following publication of the Notice to Members announcing Commission approval. 2. Statutory Basis NASD believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act, which requires, among other things, that NASD rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest and Section 15A(b)(5) of the Act, which requires, among other things, that NASD rules provide for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility or system that NASD operates or controls. NASD believes that offering Snapshot TRACE data for a reduced charge should result in more persons subscribing to receive TRACE data with a concomitant increase in market transparency resulting from the wider dissemination and use of TRACE data. PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 B. Self-Regulatory Organization’s Statement on Burden on Competition NASD does not believe that proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. 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 NASD 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. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASD–2007–004 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NASD–2007–004. 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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements E:\FR\FM\02FEN1.SGM 02FEN1 Federal Register / Vol. 72, No. 22 / Friday, February 2, 2007 / Notices 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 NASD. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NASD–2007–004 and should be submitted on or before February 23, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.4 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–1690 Filed 2–1–07; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #10794 and #10795] filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Office, ASW–640, Fort Worth, Texas 76193–0640. In addition, one copy of any comments submitted to the FAA must be mailed or delivered to Mayor James E. Mayo at the following address: Office Primary Counties: Bedford. of the Mayor, P.O. Box 123, Monroe, LA Contiguous Counties: Pennsylvania; Blair, 71210. Cambria, Fulton, Huntingdon, Somerset. Maryland; Allegany. FOR FURTHER INFORMATION CONTACT: The Interest Rates are: Joseph G. Washington, Manager, Federal Aviation Administration, Louisiana/ Percent New Mexico Airports Development Office, ASW–640, 2601 Meacham Blvd., Homeowners With Credit Available Elsewhere ................................... 6.000 Fort Worth, Texas 76193–0640. The request to release property may Homeowners Without Credit Available Elsewhere ........................... 3.000 be reviewed in person at this same location. Businesses With Credit Available Elsewhere ................................... 8.000 SUPPLEMENTARY INFORMATION: The FAA Businesses & Small Agricultural invites public comment on the request Cooperatives Without Credit Available Elsewhere .................... 4.000 to release property at the Monroe Regional Airport. Other (Including Non-Profit OrganiOn January 24, 2007, the FAA zations) With Credit Available Elsewhere ................................... 5.250 determined that the request to release property at Monroe Regional Airport Businesses and Non-Profit Organizations Without Credit Available submitted by the City of Monroe met the Elsewhere ................................... 4.000 procedural requirements of the Federal Aviation Regulations, Part 155. The The number assigned to this disaster FAA may approve the request, in whole for physical damage is 10794 5 and for or in part, no later than March 5, 2007. economic injury is 10795 0. The following is a brief overview of The States which received an EIDL the request: Declaration # are: Pennsylvania, The City of Monroe, Louisiana requests the Maryland. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008). AGENCY: Dated: January 25, 2007. Steven C. Preston, Administrator. [FR Doc. E7–1705 Filed 2–1–07; 8:45 am] ACTION: BILLING CODE 8025–01–P sroberts on PROD1PC70 with NOTICES Pennsylvania Disaster #PA–00008 Small Business Administration. Notice. SUMMARY: This is a notice of an Administrative declaration of a disaster for the Commonwealth of Pennsylvania Dated 01/25/2007. Incident: Fire. Incident Period: 01/11/2007. Effective Date: 01/25/2007. Physical Loan Application Deadline Date: 03/26/2007. Economic Injury (EIDL) Loan Application Deadline Date: 10/25/2007. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the Administrator’s disaster declaration, applications for disaster loans may be 4 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:58 Feb 01, 2007 Jkt 211001 5097 DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Intent To Rule on Request To Release Airport Property at Monroe Regional Airport, Monroe, LA Federal Aviation Administration (FAA) DOT. ACTION: Request for public comment. AGENCY: SUMMARY: The FAA proposes to rule and invites public comment on the release of land at Monroe Regional Airport under the provisions of Title 49, U.S.C. 47153(c). Comments must be received on or before March 5, 2007. ADDRESSES: Comments on this application may be mailed or delivered to the FAA at the following address: Mr. Joseph G. Washington, Manager, Federal Aviation Administration, Southwest Region, Airports Division, Louisiana/ New Mexico Airports Development release of 7.588 acres of airport property. The release of property will allow for construction of a new 80,000 square foot warehouse facility and rail access for Allied Building Stores, Inc. to proceed. The sale is estimated to provide $91,000.00 whereas the proceeds will go to continue the Bermuda Release Program (turf improvement on the airfield) and expansion of the security camera system in the terminal building and on the airfield. Any person may inspect the request in person at the FAA office listed above under FOR FURTHER INFORMATION CONTACT. In addition, any person may, upon request, inspect the application, notice and other documents germane to the application in person at the Monroe Regional Airport, Monroe, Louisiana. Issued in Fort Worth, Texas, on January 26, 2007. Kelvin L. Solco, Manager, Airports Division. [FR Doc. 07–468 Filed 2–1–07; 8:45 am] BILLING CODE 4910–13–M DATES: PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 DEPARTMENT OF TRANSPORTATION Federal Highway Administration Environmental Impact Statement: Bell County, TX Federal Highway Administration (FHWA), DOT. AGENCY: E:\FR\FM\02FEN1.SGM 02FEN1

Agencies

[Federal Register Volume 72, Number 22 (Friday, February 2, 2007)]
[Notices]
[Pages 5095-5097]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-1690]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55180; File No. SR-NASD-2007-004]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Notice of Filing of a Proposed Rule Change to Amend NASD 
Rule 7010(k) Relating to Transaction Reporting and Compliance Engine 
Transaction Data

January 26, 2007.
    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 January 16, 2007, 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 substantially prepared by NASD. 
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.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASD is proposing to amend NASD Rule 7010(k) relating to 
Transaction Reporting and Compliance Engine (``TRACE'') transaction 
data to offer the ability to receive, for a reduced fee, a ``snapshot'' 
of real-time TRACE transaction data (``TRACE data'') once each day 
rather than continuously throughout the day.
    The text of the proposed rule change is available on NASD's Web 
site at http://www.nasd.com/RulesRegulation/RuleFilings/2007RuleFilings/index.htm, at NASD's principal office, and at the 
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NASD included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposal. 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.

[[Page 5096]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NASD proposes to amend its Rule 7010(k) to lower the fee related to 
the receipt of TRACE data by persons opting to receive the data once a 
day (``Snapshot TRACE data'') rather than on a continuous basis. 
Specifically, NASD is proposing to amend Rule 7010(k)(3)(A)(ii) to 
provide persons that choose to receive Snapshot TRACE data (``Snapshot 
TRACE data Subscribers'') the option of paying $250 per month for the 
receipt of Snapshot TRACE data rather than paying $1,500 per month to 
receive TRACE data continuously throughout the day as is the case 
today. A Snapshot TRACE data Subscriber would be able to choose the 
specific time of day it would receive Snapshot TRACE data each day, and 
NASD expects that many institutional Snapshot TRACE data Subscribers 
would choose to receive Snapshot TRACE data at or shortly after 4 p.m. 
(Eastern Standard Time) each day and use it to value certain positions 
held in their investment portfolios.
    Today, NASD's TRACE data dissemination, and the fees charged for 
it, contemplates only continuous intra-day dissemination of TRACE 
data.\3\ However, based on discussions with certain TRACE data vendors 
and institutional market participants, NASD believes that an additional 
program of single intra-day or end-of-day price dissemination also 
would be useful. This is especially true for those institutional 
investors that need only one price per security per day to assign a 
value to a particular position. Transaction data for these types of 
position valuation purposes typically has been made available through 
vendor services such as IDC and the Reuters Pricing Service. Vendors 
usually charge for pricing requests for securities held in individual 
portfolios either on a per-CUSIP basis or for a fixed monthly fee for a 
specified group of securities.
---------------------------------------------------------------------------

    \3\ NASD has proposed adding the phrase ``receipt of 
continuous'' to the text of Rule 7010(k)(3)(a)(ii) that today sets 
forth the $1,500 per month fee for TRACE data to further clarify the 
distinction between the current and proposed frequency of delivery 
of TRACE data to persons subscribing to receive such data.
---------------------------------------------------------------------------

    NASD believes, based on conversations its staff has undertaken with 
certain vendors of TRACE data and certain institutional market 
participants, that the current price charged to persons receiving TRACE 
data continuously throughout the day ($1,500 per month) is 
unnecessarily expensive for persons that would like to exclusively use 
TRACE data to value portfolio positions. In this regard, NASD notes 
that, to date, no institutional market participants have subscribed for 
the receipt of TRACE data continuously throughout the day.
    If the proposed rule change is approved by the Commission, NASD 
intends to work with third-party ``Retransmission Vendors'' that would 
redistribute Snapshot TRACE data to Snapshot TRACE data Subscribers. As 
is the case today with the distribution of TRACE data to desktop 
display applications, NASD does not intend to develop its own 
capabilities to distribute Snapshot TRACE data directly to Snapshot 
TRACE data Subscribers.
    NASD believes that the proposed fee of $250 per month for Snapshot 
TRACE data is reasonable, particularly as it is a charge more in line 
with what NASD perceives to be the more tailored information 
requirements of a subset of institutional market participants that 
today are foregoing TRACE data at the higher costs per month for 
continuous data.
    NASD would announce the effective date of the proposed rule change 
in a Notice to Members to be published no later than 60 days following 
Commission approval, if approval is given. The effective date would be 
not later than 45 days following publication of the Notice to Members 
announcing Commission approval.
2. Statutory Basis
    NASD believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act, which requires, among other 
things, that NASD rules must be designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest and Section 15A(b)(5) of the Act, which requires, among 
other things, that NASD rules provide for the equitable allocation of 
reasonable dues, fees, and other charges among members and issuers and 
other persons using any facility or system that NASD operates or 
controls. NASD believes that offering Snapshot TRACE data for a reduced 
charge should result in more persons subscribing to receive TRACE data 
with a concomitant increase in market transparency resulting from the 
wider dissemination and use of TRACE data.

B. Self-Regulatory Organization's Statement on Burden on Competition

    NASD does not believe that proposed rule change would impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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 NASD 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.

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASD-2007-004 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASD-2007-004. 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 (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements

[[Page 5097]]

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 NASD. 
All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-NASD-2007-004 
and should be submitted on or before February 23, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\4\
---------------------------------------------------------------------------

    \4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1690 Filed 2-1-07; 8:45 am]
BILLING CODE 8010-01-P