Self-Regulatory Organizations; The NASDAQ Stock Market, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule To Describe How a Failure To Comply With Nasdaq's Requirements Concerning Direct Registration Programs Is Treated, 21060-21062 [E7-8055]
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21060
Federal Register / Vol. 72, No. 81 / Friday April 27, 2007 / Notices
Therefore, this filing proposes to delete
CBOE Rule 8.11.
Interpretation .01 of CBOE Rule 15.5
This rule pertains to financial reports
that each Exchange member is required
to submit to the Exchange regarding
certain financial information that
pertains to that Exchange member.
Specifically, Interpretation .01 states
that an Exchange Market-Maker must
submit to the Exchange a monthly
report of the use of his/her credit under
Section 220.4(g) of Regulation T of the
Board of Governors of the Federal
Reserve System (‘‘Regulation T’’). Since
Section 220.4(g) was removed from
Regulation T and therefore is no longer
effective, this filing proposes to delete
this interpretation since the underlying
requirement from which it derived from
no longer exists.
Interpretation .03 of Rule 15.5
This filing proposes to add an
interpretation to Rule 15.5 that pertains
to annual FOCUS filers to clarify how
certain FOCUS filers may file their
annual FOCUS report with the
Exchange. Specifically, Interpretation
.03 proposes to clarify that an Exchange
member who files an annual FOCUS
report and who is not net capital
computing has the option to file the
annual FOCUS report by (i) sending a
hard copy to the Exchange’s Department
of Member Firm Regulation (‘‘DMFR’’)
or (ii) filing it electronically with DMFR.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,6 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,7 in particular, in that in that
it should promote just and equitable
principles of trade, serve to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general, to protect investors and the
public interest.
cprice-sewell on PROD1PC66 with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change does not 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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act,8 and Rule 19b–4(f)(6) thereunder.9
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.
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 e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2007–33 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–CBOE–2007–33. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). The Commission notes
that the Exchange satisfied the pre-filing five-day
notice requirement.
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 such filing will also be
available for inspection and copying at
the principal office of the Exchange. 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–CBOE–2007–33 and should be
submitted by or before May 18, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–8056 Filed 4–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55652; File No. SR–
NASDAQ–2007–021]
Self-Regulatory Organizations; The
NASDAQ Stock Market, LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule To Describe How a
Failure To Comply With Nasdaq’s
Requirements Concerning Direct
Registration Programs Is Treated
April 20, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
March 6, 2007, The NASDAQ Stock
Market, LLC (‘‘Nasdaq’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II, and III
below, which items have been prepared
primarily by Nasdaq. Nasdaq filed the
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 2 and
8 15
9 17
6 15
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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15:18 Apr 26, 2007
Jkt 211001
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Sfmt 4703
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(iii).
1 15
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Federal Register / Vol. 72, No. 81 / Friday April 27, 2007 / Notices
Rule 19b–4(f)(6) 3 thereunder so that the
proposal was effective upon filing with
the Commission.4 The Commission is
publishing this notice to solicit
comments on the rule change from
interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The purpose of the rule change is to
describe how a failure to comply with
Nasdaq’s requirements concerning
direct registration programs is to be
treated.
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 these statements.5
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq recently adopted a
requirement that listed securities be
eligible to participate in a direct
registration program.6 In that filing,
Nasdaq inadvertently failed to modify
its procedural rules to govern how a
failure to comply with the new
requirement would be treated. This
filing addresses that oversight by
including the direct registration
requirement in the list of deficiencies
where Nasdaq staff will accept a plan to
regain compliance for the company. As
such, if a company is not eligible for a
direct registration program, Nasdaq staff
would review the company’s plan to
3 17
CFR 240.19b–4(f)(6).
gave the Commission written notice of
its intention to file the proposed rule change on
March 2, 2007. The Commission reviewed the
proposed rule change and gave Nasdaq permission
to file the proposed rule change on March 6, 2007.
Nasdaq has asked the Commission to waive the 30day pre-operative waiting period. See Rule 19b–
4(f)(6). 17 CFR 240.19b–4(f)(6).
5 The Commission has modified the text of the
summaries prepared by Nasdaq.
6 Securities Exchange Act Release No. 54288
(August 8, 2006), 71 FR 47276 (August 16, 2006)
(SR–NASDAQ–2006–008). These rules became
effective for new listings beginning on January 1,
2007, and will become effective for all companies
on January 1, 2008.
cprice-sewell on PROD1PC66 with NOTICES
4 Nasdaq
VerDate Aug<31>2005
15:18 Apr 26, 2007
Jkt 211001
regain compliance and could allow to
company up to 105 days from the date
that Nasdaq notifies the company of the
deficiency to regain compliance.7 If staff
does not accept the company’s plan or
the company does not comply in the
time allowed by the staff, Nasdaq would
issue a delisting letter that could be
appealed under Nasdaq Rule 4805(a).
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act 8 and
with Section 6(b)(5) of the Act 9 in
particular because the proposed rule is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest. The proposed rule
change clarifies how Nasdaq will treat
non-compliance with its rules.
(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, as amended.
(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
has become effective upon filing
pursuant to Section 19(b)(3)(A)(iii) of
the Act 10 and Rule 19b–4(f)(6) 11
thereunder because it: (i) Does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) by its terms, does
not become operative for 30 days after
the date of filing or such shorter time as
the Commission may designate if
7 Nasdaq
Rule 4803(b).
U.S.C. 78f.
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A)(iii).
11 17 CFR 240.19b–4(f)(6).
8 15
PO 00000
Frm 00079
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Sfmt 4703
21061
consistent with the protection of
investors and the public interest.
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.
Nasdaq requested that the
Commission waive the thirty-day
operative delay contained in Rule 19b–
4(f)(6)(iii) under the Act.12 Because this
proposed rule rectifies an oversight to
update Nasdaq procedural rules to
govern how a failure to comply with a
new substantive requirement would be
treated, the Commission believes waiver
of the thirty-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission
designated the proposal to be effective
and operative upon filing with the
Commission.13
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–2007–021 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–2007–021. 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
12 17
CFR 240.19b–4(f)(6)(iii).
purposes only of waiving the thirty-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
13 For
E:\FR\FM\27APN1.SGM
27APN1
21062
Federal Register / Vol. 72, No. 81 / Friday April 27, 2007 / Notices
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
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filings also
will be available for inspection and
copying at the principal office of Nasdaq
and on Nasdaq’s Web site at https://
www.complinet.com/file_store/pdf/
rulebooks/NASDAQ_SR–NASDAQ–
2007–021.pdf. 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–2007–021 and should be
submitted on or before May 18, 2007.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–8055 Filed 4–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55656; File No. SR–NYSE–
2007–15]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving Proposed Rule Change
Regarding the Amendment of NYSE
Rule 300 Relating to Trading Licenses
cprice-sewell on PROD1PC66 with NOTICES
April 23, 2007.
On February 13, 2007, the New York
Stock Exchange LLC (‘‘NYSE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder, 2 a proposed rule change to
amend NYSE Rule 300 relating to
trading licenses to charge a premium of
$5,000, for a total annualized rate of
$55,000, for those trading licenses
purchased after the annual application
period. The proposed rule change was
published for comment in the Federal
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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15:18 Apr 26, 2007
Jkt 211001
Register on March 5, 2007.3 The
Commission received no comments
regarding the proposal.
The Exchange previously required the
payment of a 10% premium to
encourage participation in its ‘‘Dutch’’
auction method of allocating trading
licenses, but recently eliminated this
premium when it adopted a fixed
$50,000 annual fee for each trading
license.4 The Exchange believes that the
10% premium for licenses purchased
after the annual application period will
provide the Exchange with greater
predictability regarding the number of
trading licenses issued. The Exchange
represents that this predictability not
only facilitates business planning and
administration by member organizations
and the NYSE, but also reduces both
business and regulatory systems
changes to reflect fluctuations in trading
licenses issued. The Exchange confirms
that, during the December 2006 trading
license application period, it notified its
members of its intent to submit a rule
filing to apply the proposed premium
for trading licenses purchased after the
application period.5 The Exchange also
confirms that the premium will only be
effective for trading licenses purchased
after the approval of this proposed rule
change.6
The Commission finds that the
proposed rule change is consistent with
the Act, and particularly with Section
6(b)(4) 7 of the Act, which requires that
an exchange have rules that provide for
the equitable allocation of reasonable
dues, fees, and other charges among its
members and issuers and other persons
using its facilities.8 The Commission
believes that the Exchange’s proposed
10% premium for trading licenses
purchased after the annual application
period is reasonable and should help
facilitate the Exchange’s administration
of trading licenses and member
organizations’ business planning with
respect to the issuance of trading
licenses.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
3 See Securities Exchange Act Release No. 55345
(February 26, 2007), 72 FR 9816.
4 See Securities Exchange Act Release No. 54998
(December 21, 2006), 71 FR 78496 (December 29,
2006) (SR–NYSE–2006–98).
5 E-mail communication between Leah Mesfin,
Special Counsel, Division of Market Regulation,
Commission, and Janet Kissane, Vice President and
Associate General Counsel, NYSE, on April 13,
2007.
6 Id.
7 15 U.S.C. 78f(b)(4).
8 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
9 15 U.S.C. 78s(b)(2).
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
proposed rule change (SR–NYSE–2007–
15) be, and hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–8097 Filed 4–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55653; File No. SR–OCC–
2006–09]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing of a Proposed Rule Change
Relating to Choice of Law and Forum
Selection
April 20, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
May 22, 2006, The Options Clearing
Corporation (‘‘OCC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on December 12,
2006, amended the proposed rule
change as described in Items I, II, and
III below, which items have been
prepared primarily by OCC. 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
The proposed rule change would
provide for the addition of new general
choice of law and forum selection
provisions to OCC’s By-Laws.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC 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. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.2
10 17 CFR 200.30–3(a)(12); 17 CFR 200.30–
3(a)(44).
1 15 U.S.C. 78s(b)(1).
2 The Commission has modified parts of these
statements.
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]]>Agencies
[Federal Register Volume 72, Number 81 (Friday, April 27, 2007)]
[Notices]
[Pages 21060-21062]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-8055]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55652; File No. SR-NASDAQ-2007-021]
Self-Regulatory Organizations; The NASDAQ Stock Market, LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule To
Describe How a Failure To Comply With Nasdaq's Requirements Concerning
Direct Registration Programs Is Treated
April 20, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on March 6, 2007, The NASDAQ
Stock Market, LLC (``Nasdaq'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change described in Items
I, II, and III below, which items have been prepared primarily by
Nasdaq. Nasdaq filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \2\ and
[[Page 21061]]
Rule 19b-4(f)(6) \3\ thereunder so that the proposal was effective upon
filing with the Commission.\4\ The Commission is publishing this notice
to solicit comments on the rule change from interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(iii).
\3\ 17 CFR 240.19b-4(f)(6).
\4\ Nasdaq gave the Commission written notice of its intention
to file the proposed rule change on March 2, 2007. The Commission
reviewed the proposed rule change and gave Nasdaq permission to file
the proposed rule change on March 6, 2007. Nasdaq has asked the
Commission to waive the 30-day pre-operative waiting period. See
Rule 19b-4(f)(6). 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The purpose of the rule change is to describe how a failure to
comply with Nasdaq's requirements concerning direct registration
programs is to be treated.
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 these
statements.\5\
---------------------------------------------------------------------------
\5\ The Commission has modified the text of the summaries
prepared by Nasdaq.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Nasdaq recently adopted a requirement that listed securities be
eligible to participate in a direct registration program.\6\ In that
filing, Nasdaq inadvertently failed to modify its procedural rules to
govern how a failure to comply with the new requirement would be
treated. This filing addresses that oversight by including the direct
registration requirement in the list of deficiencies where Nasdaq staff
will accept a plan to regain compliance for the company. As such, if a
company is not eligible for a direct registration program, Nasdaq staff
would review the company's plan to regain compliance and could allow to
company up to 105 days from the date that Nasdaq notifies the company
of the deficiency to regain compliance.\7\ If staff does not accept the
company's plan or the company does not comply in the time allowed by
the staff, Nasdaq would issue a delisting letter that could be appealed
under Nasdaq Rule 4805(a).
---------------------------------------------------------------------------
\6\ Securities Exchange Act Release No. 54288 (August 8, 2006),
71 FR 47276 (August 16, 2006) (SR-NASDAQ-2006-008). These rules
became effective for new listings beginning on January 1, 2007, and
will become effective for all companies on January 1, 2008.
\7\ Nasdaq Rule 4803(b).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act \8\ and with Section 6(b)(5) of
the Act \9\ in particular because the proposed rule is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest. The proposed rule change
clarifies how Nasdaq will treat non-compliance with its rules.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f.
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
(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, as amended.
(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 has become effective upon filing
pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and Rule 19b-
4(f)(6) \11\ thereunder because it: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) by its terms,
does not become operative for 30 days after the date of filing or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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.
Nasdaq requested that the Commission waive the thirty-day operative
delay contained in Rule 19b-4(f)(6)(iii) under the Act.\12\ Because
this proposed rule rectifies an oversight to update Nasdaq procedural
rules to govern how a failure to comply with a new substantive
requirement would be treated, the Commission believes waiver of the
thirty-day operative delay is consistent with the protection of
investors and the public interest. Accordingly, the Commission
designated the proposal to be effective and operative upon filing with
the Commission.\13\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the thirty-day operative delay
of this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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-2007-021 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-2007-021. 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
[[Page 21062]]
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 Section, 100 F Street, NE., Washington, DC 20549. Copies of
such filings also will be available for inspection and copying at the
principal office of Nasdaq and on Nasdaq's Web site at https://
www.complinet.com/file_store/pdf/rulebooks/NASDAQ_SR-NASDAQ-2007-
021.pdf. 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-2007-021 and should be submitted on or before May 18, 2007.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-8055 Filed 4-26-07; 8:45 am]
BILLING CODE 8010-01-P
