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]
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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 (https://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
https://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 (https://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 (https://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 https://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 (https://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 (https://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\
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\4\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-1690 Filed 2-1-07; 8:45 am]
BILLING CODE 8010-01-P
