Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees for Filing Documents Pursuant to the Corporate Financing Rule, 9813-9814 [E7-3762]
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Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55360; File No. SR–NASD–
2007–006]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Fees for Filing
Documents Pursuant to the Corporate
Financing Rule
February 27, 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
24, 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 prepared substantially by
NASD. NASD has designated this
proposal as establishing or changing a
due, fee, or other charge imposed by a
self-regulatory organization 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 Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
erjones on PRODPC74 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NASD is proposing to amend Section
7 of Schedule A to the NASD By-Laws
to adjust fees for filing documents
pursuant to NASD Rule 2710 (Corporate
Financing Rule—Underwriting Terms
and Arrangements). The text of the
proposed rule change is available at
NASD, the Commission’s Public
Reference Room, and https://
www.nasd.com/RulesRegulation/
RuleFilings.
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 proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. NASD has prepared
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(2).
2 17
VerDate Aug<31>2005
15:17 Mar 02, 2007
Jkt 211001
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
Under Section 7 of Schedule A to the
NASD By-Laws, the current fee for filing
offering documents with NASD
pursuant to Rule 2710 (Corporate
Financing Rule—Underwriting Term
and Arrangements) is equal to $500 plus
.01% of the proposed maximum
aggregate offering price or other
applicable value of all securities
registered, but not to exceed $75,500.5
However, pursuant to the Commission’s
securities offering reform rulemaking
(‘‘Securities Offering Reform’’),6 which
became effective on December 1, 2005,
Commission rules now permit, among
other things, ‘‘well-known seasoned
issuers’’ or ‘‘WKSIs’’ to file
automatically effective shelf registration
statements without specifying the
amount or value of the securities that
may be offered off the registration
statement for up to three years. WKSIs
are large issuers that generally must
have either $700 million of worldwide
equity market capitalization or an
aggregate of $1 billion of nonconvertible securities issued within the
past three years.7
Most WKSIs are exempt from the shelf
offering filing requirements under
NASD Rule 2710(b)(7), which exempts
an issuer that is eligible to use a Form
S–3 or Form F–3 registration statement
and has been a reporting company
under Section 13(a) or 15(d) of the Act
for at least 36 months. In addition,
NASD has proposed amendments to
Rule 2710 to expressly exempt WKSI
shelf registration statements from the
filing requirements of Rule 2710.8 Thus,
NASD intends that only those WKSIs
with a conflict of interest as defined
under Rule 2720 will be required to file
shelf registration statements with
NASD.9 For these issuers filing
5 Thus, under Section 7 of Schedule A to the
NASD By-Laws, fees are capped with respect to
offerings with an aggregate offering price of $750
million or more.
6 See Securities Exchange Act Release No. 52056
(July 19, 2005), 70 FR 44722 (August 3, 2005).
7 See Rule 405 under the Securities Act of 1933,
17 C.F.R. 230.405.
8 See SR–NASD–2004–022. Amendment No. 4 to
SR–NASD–2004–022 was filed with the
Commission on April 28, 2006. See Securities
Exchange Act Release No. 50749 (November 29,
2004), 69 FR 70735 (December 7, 2004).
9 See NASD Rule 2720(m). Pursuant to Rule
2720(m), all offerings that are within the scope of
Rule 2720 are required to be filed with NASD and
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
9813
documents with NASD pursuant to Rule
2720, NASD will review the proposed
underwriting terms and arrangements to
determine whether they comply with
the substantive requirements of the rule,
including limits on underwriting
compensation and use of a qualified
independent underwriter to provide a
pricing opinion and conduct due
diligence. Upon completion of the
review, if the terms and arrangements
comply with the rule, NASD will issue
an opinion that it has no objection to the
filing.
Section 7 of Schedule A to the NASD
By-Laws provides that the fee imposed
for filing documents required pursuant
to Rule 2710 is based on the proposed
maximum aggregate offering price or
other applicable value of all securities
registered on a Commission registration
statement or included on any other type
of offering document. However, because
WKSIs are not required to specify a
proposed maximum aggregate offering
price or other applicable value on a
registration statement, assessing NASD’s
fee has been problematic. In their filings
pursuant to Rule 2710, most WKSIs
provided a value of securities that will
be offered at or above $750 million,
corresponding with the maximum filing
fee. Since the Commission’s Securities
Offering Reform has been in effect,
NASD has received 71 WKSI filings, of
which 62 (or 87%) have provided a
value of $750 million or more.10 Nine
(or 13%) have specified amounts of
securities with an aggregate value of less
than $750 million; however, these
issuers are eligible to amend their
registration during the three year
effective period to increase the value of
securities registered. Given this activity,
and the fact that a WKSI shelf
registration filing allows the issuer to
offer securities on a registration
statement for a three year period in
amounts above $750 million, NASD is
imposing the maximum filing fee on all
WKSI filings.11
have the fee paid as required by Rule 2710, even
if the offering would be otherwise exempt from
Rule 2710.
10 As noted above, under Commission rules, a
WKSI registration statement is not required to state
a specific value of securities. Nevertheless, for
purposes of NASD’s filing requirements, a value
must be provided, and most issuers have indicated
that they intend to offer at least $750 million.
11 NASD’s electronic filing system does not track
subsequent amendments to WKSI registration
statements to determine whether new securities
have been registered by an amendment, thereby
increasing the size of the offering. Moreover, if
multiple members participate in takedowns of
securities off of a WKSI shelf registration statement
over time, no one member would have the ability
to track the aggregate value of the securities sold by
the multiple members and ensure that the proper
filing fee is paid in connection with the offerings.
E:\FR\FM\05MRN1.SGM
05MRN1
9814
Federal Register / Vol. 72, No. 42 / Monday, March 5, 2007 / Notices
Accordingly, NASD proposes to
amend Section 7 of Schedule A to the
NASD By-Laws expressly to require that
offering documents that are required to
be filed with NASD relating to an
automatically effective shelf registration
statement by a WKSI (which would
currently include all WKSIs not
otherwise exempt from Rule 2710 and,
if SR–NASD–2004–022 is approved by
the Commission, would only include
WKSIs that are broker-dealers or
affiliates of broker-dealers) 12 must be
accompanied by a $75,500 fee.
NASD has filed the proposed rule
change for immediate effectiveness. The
implementation date will be February
26, 2007.
2. Statutory Basis
NASD believes that the proposed rule
change is consistent with Section
15A(b)(5) 13 of the Act, which requires
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 the
proposed rule change, which specifies
the filing fee required for shelf offerings
by WKSIs where no proposed maximum
aggregate offering or other applicable
value of all securities registered is
required to be stated, is necessary to
ensure the appropriate review of
offerings by WKSIs under NASD rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASD does not believe that the
proposed rule change will 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 NASD
has neither solicited nor received
comments on the proposed rule change.
erjones on PRODPC74 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 14 and subparagraph (f)(2) of
Rule 19b–4 thereunder 15 in that it
establishes or changes a due, fee, or
other charge imposed by NASD. At any
time within 60 days of the filing of such
12 Telephone conversation between Kathryn
Moore, Assistant General Counsel, NASD, and
Commission staff on February 26, 2007.
13 15 U.S.C. 78o–3(b)(5).
14 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(2).
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15:17 Mar 02, 2007
Jkt 211001
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
ct.16
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–2007–006 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–2007–006. 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
available for inspection and copying at
the principal offices 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–2007–006 and
should be submitted on or before March
26, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–3762 Filed 3–2–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55343; File No. SR–NYSE–
2007–12]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change and
Amendment No. 1 Thereto To Amend
Section 703.16 of the NYSE Listed
Company Manual To Eliminate
Requirement Regarding Index
Calculation Methodology
February 23, 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 February
5, 2007 the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) 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 the
Exchange. On February 15, 2007, the
Exchange filed Amendment No. 1 to the
proposed rule change. 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
The Exchange proposes to amend
Section 703.16 of the NYSE Listed
Company Manual (‘‘Manual’’), the
Exchange’s generic listing standard for
investment company units (‘‘ICUs’’), to
eliminate the requirement that the
calculation methodology for the index
underlying a series of ICUs must be one
of those enumerated in Section
703.16(C)(4)(a). The proposed rule text
is available at the NYSE, the
Commission’s Public Reference Room,
and https://www.nyse.com.
17 17
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
1 15
16 See
PO 00000
15 U.S.C. 78s(b)(3)(C).
Frm 00090
Fmt 4703
Sfmt 4703
E:\FR\FM\05MRN1.SGM
05MRN1
Agencies
[Federal Register Volume 72, Number 42 (Monday, March 5, 2007)]
[Notices]
[Pages 9813-9814]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-3762]
[[Page 9813]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55360; File No. SR-NASD-2007-006]
Self-Regulatory Organizations; National Association of Securities
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Fees for Filing Documents Pursuant to the
Corporate Financing Rule
February 27, 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 24, 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 prepared substantially by NASD.
NASD has designated this proposal as establishing or changing a due,
fee, or other charge imposed by a self-regulatory organization 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 Commission. 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.
\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
NASD is proposing to amend Section 7 of Schedule A to the NASD By-
Laws to adjust fees for filing documents pursuant to NASD Rule 2710
(Corporate Financing Rule--Underwriting Terms and Arrangements). The
text of the proposed rule change is available at NASD, the Commission's
Public Reference Room, and https://www.nasd.com/RulesRegulation/
RuleFilings.
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 proposed rule change. 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Under Section 7 of Schedule A to the NASD By-Laws, the current fee
for filing offering documents with NASD pursuant to Rule 2710
(Corporate Financing Rule--Underwriting Term and Arrangements) is equal
to $500 plus .01% of the proposed maximum aggregate offering price or
other applicable value of all securities registered, but not to exceed
$75,500.\5\ However, pursuant to the Commission's securities offering
reform rulemaking (``Securities Offering Reform''),\6\ which became
effective on December 1, 2005, Commission rules now permit, among other
things, ``well-known seasoned issuers'' or ``WKSIs'' to file
automatically effective shelf registration statements without
specifying the amount or value of the securities that may be offered
off the registration statement for up to three years. WKSIs are large
issuers that generally must have either $700 million of worldwide
equity market capitalization or an aggregate of $1 billion of non-
convertible securities issued within the past three years.\7\
---------------------------------------------------------------------------
\5\ Thus, under Section 7 of Schedule A to the NASD By-Laws,
fees are capped with respect to offerings with an aggregate offering
price of $750 million or more.
\6\ See Securities Exchange Act Release No. 52056 (July 19,
2005), 70 FR 44722 (August 3, 2005).
\7\ See Rule 405 under the Securities Act of 1933, 17 C.F.R.
230.405.
---------------------------------------------------------------------------
Most WKSIs are exempt from the shelf offering filing requirements
under NASD Rule 2710(b)(7), which exempts an issuer that is eligible to
use a Form S-3 or Form F-3 registration statement and has been a
reporting company under Section 13(a) or 15(d) of the Act for at least
36 months. In addition, NASD has proposed amendments to Rule 2710 to
expressly exempt WKSI shelf registration statements from the filing
requirements of Rule 2710.\8\ Thus, NASD intends that only those WKSIs
with a conflict of interest as defined under Rule 2720 will be required
to file shelf registration statements with NASD.\9\ For these issuers
filing documents with NASD pursuant to Rule 2720, NASD will review the
proposed underwriting terms and arrangements to determine whether they
comply with the substantive requirements of the rule, including limits
on underwriting compensation and use of a qualified independent
underwriter to provide a pricing opinion and conduct due diligence.
Upon completion of the review, if the terms and arrangements comply
with the rule, NASD will issue an opinion that it has no objection to
the filing.
---------------------------------------------------------------------------
\8\ See SR-NASD-2004-022. Amendment No. 4 to SR-NASD-2004-022
was filed with the Commission on April 28, 2006. See Securities
Exchange Act Release No. 50749 (November 29, 2004), 69 FR 70735
(December 7, 2004).
\9\ See NASD Rule 2720(m). Pursuant to Rule 2720(m), all
offerings that are within the scope of Rule 2720 are required to be
filed with NASD and have the fee paid as required by Rule 2710, even
if the offering would be otherwise exempt from Rule 2710.
---------------------------------------------------------------------------
Section 7 of Schedule A to the NASD By-Laws provides that the fee
imposed for filing documents required pursuant to Rule 2710 is based on
the proposed maximum aggregate offering price or other applicable value
of all securities registered on a Commission registration statement or
included on any other type of offering document. However, because WKSIs
are not required to specify a proposed maximum aggregate offering price
or other applicable value on a registration statement, assessing NASD's
fee has been problematic. In their filings pursuant to Rule 2710, most
WKSIs provided a value of securities that will be offered at or above
$750 million, corresponding with the maximum filing fee. Since the
Commission's Securities Offering Reform has been in effect, NASD has
received 71 WKSI filings, of which 62 (or 87%) have provided a value of
$750 million or more.\10\ Nine (or 13%) have specified amounts of
securities with an aggregate value of less than $750 million; however,
these issuers are eligible to amend their registration during the three
year effective period to increase the value of securities registered.
Given this activity, and the fact that a WKSI shelf registration filing
allows the issuer to offer securities on a registration statement for a
three year period in amounts above $750 million, NASD is imposing the
maximum filing fee on all WKSI filings.\11\
---------------------------------------------------------------------------
\10\ As noted above, under Commission rules, a WKSI registration
statement is not required to state a specific value of securities.
Nevertheless, for purposes of NASD's filing requirements, a value
must be provided, and most issuers have indicated that they intend
to offer at least $750 million.
\11\ NASD's electronic filing system does not track subsequent
amendments to WKSI registration statements to determine whether new
securities have been registered by an amendment, thereby increasing
the size of the offering. Moreover, if multiple members participate
in takedowns of securities off of a WKSI shelf registration
statement over time, no one member would have the ability to track
the aggregate value of the securities sold by the multiple members
and ensure that the proper filing fee is paid in connection with the
offerings.
---------------------------------------------------------------------------
[[Page 9814]]
Accordingly, NASD proposes to amend Section 7 of Schedule A to the
NASD By-Laws expressly to require that offering documents that are
required to be filed with NASD relating to an automatically effective
shelf registration statement by a WKSI (which would currently include
all WKSIs not otherwise exempt from Rule 2710 and, if SR-NASD-2004-022
is approved by the Commission, would only include WKSIs that are
broker-dealers or affiliates of broker-dealers) \12\ must be
accompanied by a $75,500 fee.
---------------------------------------------------------------------------
\12\ Telephone conversation between Kathryn Moore, Assistant
General Counsel, NASD, and Commission staff on February 26, 2007.
---------------------------------------------------------------------------
NASD has filed the proposed rule change for immediate
effectiveness. The implementation date will be February 26, 2007.
2. Statutory Basis
NASD believes that the proposed rule change is consistent with
Section 15A(b)(5) \13\ of the Act, which requires 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
the proposed rule change, which specifies the filing fee required for
shelf offerings by WKSIs where no proposed maximum aggregate offering
or other applicable value of all securities registered is required to
be stated, is necessary to ensure the appropriate review of offerings
by WKSIs under NASD rules.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
NASD does not believe that the proposed rule change will 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 NASD has
neither solicited nor received comments on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and subparagraph (f)(2) of Rule 19b-4
thereunder \15\ in that it establishes or changes a due, fee, or other
charge imposed by NASD. At any time within 60 days of the filing of
such 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 ct.\16\
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(2).
\16\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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-2007-006 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-2007-006. 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 available for inspection and copying at the principal
offices 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-2007-006 and should be submitted on or before March 26, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-3762 Filed 3-2-07; 8:45 am]
BILLING CODE 8010-01-P