Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Modify Chapter VII of the Exchange's Rules Regarding Suspensions of an ETP Holder by Certain Exchange Officers, 33551-33553 [E7-11627]
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Federal Register / Vol. 72, No. 116 / Monday, June 18, 2007 / Notices
or reporting a transaction on an exchange
(including, among other things, any system of
communication to or from the exchange, by
ticker or otherwise, maintained by or with
the consent of the exchange), and any right
of the exchange to the use of any property or
service.8
As explained above, ACES does not
effect trade executions, and it does not
report executed trades to ‘‘the tape.’’
Rather, it merely allows market
participants to route orders to one
another for execution in any manner
that in the participants’ judgment is
consistent with their applicable
obligations. As such, the Exchange
believes that ACES does not constitute
a facility of a national securities
exchange within the meaning of the Act,
and therefore Nasdaq is not required to
file rules regarding its operation.
In the past, when Nasdaq’s parent
entity, The Nasdaq Stock Market, Inc.,
was a subsidiary of the National
Association of Securities Dealers, Inc.
(‘‘NASD’’), ACES rules were not
included in the NASD Manual, based on
an understanding that Commission staff
did not consider ACES to be a facility
of the NASD. During the process of
registering Nasdaq as a national
securities exchange, however,
Commission staff requested that Nasdaq
develop and file rules for ACES to allow
Commission staff to enhance its
understanding of ACES’s operation.
Subsequently, Nasdaq has concluded
that these rules are not required to be
maintained, and therefore Nasdaq is
proposing their deletion. If, at a later
date, Nasdaq proposes to modify the
operations of ACES in a manner that
would cause it to fit within the
definition of a facility of the exchange,
or if Nasdaq proposes to tie ACES fees
to fees for or usage of exchange services,
Nasdaq would file a proposed rule
change with the Commission.
2. Statutory Basis
As explained above, Nasdaq believes
that the proposed rule change is
consistent with the provisions of
Section 6(b) of the Act 9 in that the
provisions to be removed from the
Nasdaq rules are outside the scope of
this Section.
jlentini on PROD1PC65 with NOTICES
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.
8 15
9 15
U.S.C. 78c(a)(2) (emphasis added).
U.S.C. 78f(b).
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18:19 Jun 15, 2007
Jkt 211001
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments on the proposed
rule change 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 the Exchange consents,
the Commission will:
(A) By order approve the proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
33551
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 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–NASDAQ–2007–043 and
should be submitted on or before July 9,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E7–11626 Filed 6–15–07; 8:45 am]
BILLING CODE 8010–01–P
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–2007–043 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55893; File No. SR–NSX–
2007–05]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing of Proposed Rule Change To
Modify Chapter VII of the Exchange’s
Rules Regarding Suspensions of an
ETP Holder by Certain Exchange
Officers
June 11, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on May 9,
2007, National Stock Exchange, Inc.
• Send paper comments in triplicate
(‘‘NSX’’ or the ‘‘Exchange’’) filed with
to Nancy M. Morris, Secretary,
the Securities and Exchange
Securities and Exchange Commission,
Commission (‘‘Commission’’) the
100 F Street, NE., Washington, DC
proposed rule change as described in
20549–1090.
Items I, II, and III below, which Items
All submissions should refer to File
have been substantially prepared by the
Number SR–NASDAQ–2007–043. This
Exchange. The Commission is
file number should be included on the
publishing this notice to solicit
subject line if e-mail is used. To help the
comments on the proposed rule change
Commission process and review your
from interested persons.
comments more efficiently, please use
only one method. The Commission will I. Self-Regulatory Organization’s
post all comments on the Commission’s Statement of the Terms of Substance of
the Proposed Rule Change
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
The Exchange is proposing to modify
submission, all subsequent
Chapter VII of the Exchange’s rules to
amendments, all written statements
provide that the Chairman of the
with respect to the proposed rule
Exchange’s Board of Directors
change that are filed with the
(‘‘Chairman’’) or the Exchange’s Chief
Commission, and all written
communications relating to the
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
proposed rule change between the
2 17 CFR 240.19b–4.
Commission and any person, other than
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
E:\FR\FM\18JNN1.SGM
18JNN1
33552
Federal Register / Vol. 72, No. 116 / Monday, June 18, 2007 / Notices
Regulatory Officer, or their respective
designees, would have the authority to
summarily suspend or place limitations
or conditions on an ETP Holder, or
summarily suspend a person from
access to Exchange services in certain
circumstances. That authority currently
rests with the Chairman or the
Exchange’s President. The text of the
proposed rule change is below.
Proposed new language is in italics;
proposed deletions are enclosed in
brackets.
RULES OF NATIONAL STOCK
EXCHANGE, INC.
*
*
*
*
*
CHAPTER VII
jlentini on PROD1PC65 with NOTICES
Suspension by Chairman [or President]
or Chief Regulatory Officer
Rule 7.1. Imposition of Suspension
(a) An ETP Holder which fails or is
unable to perform any of its contracts,
or is insolvent or is unable to meet the
financial responsibility requirements of
the Exchange, shall immediately inform
the Secretary in writing of such fact.
Upon receipt of said notice, or
whenever it shall appear to the
Chairman of the Board or [President]
Chief Regulatory Officer, or their
respective designees, (after such
verification and with such opportunity
for comment by the ETP Holder as the
circumstances reasonably permit) that
an ETP Holder has failed to perform its
contracts or is insolvent or is in such
financial or operational condition or is
otherwise conducting its business in
such financial or operational condition
or is otherwise conducting its business
in such a manner that it cannot be
permitted to continue in business with
safety to its customers, creditors and
other ETP Holders of the Exchange, the
Chairman or [President] Chief
Regulatory Officer, or their respective
designees, may summarily suspend the
ETP Holder or may impose such
conditions and restrictions upon the
ETP Holder as are reasonably necessary
for the protection of investors, the
Exchange, the creditors and the
customers of such ETP Holder.
(b) No Change.
(c) In the event of suspension of an
ETP Holder, the Exchange shall give
prompt notice of such suspension to the
ETP Holders of the Exchange. Unless
the Chairman or the Chief Regulatory
Officer, or their respective designees,
[President] shall determine that lifting
the suspension without further
proceedings is appropriate, such
suspension shall continue until the ETP
Holder is reinstated as provided in Rule
7.3. of this Chapter.
VerDate Aug<31>2005
18:19 Jun 15, 2007
Jkt 211001
Rules 7.2.–7.5. No Change.
Rule 7.6. Summary Suspension of
Exchange Services
The Chairman [or President] of the
Board or Chief Regulatory Officer, or
their respective designees, (after such
verification with such opportunity for
comment as the circumstances
reasonably permit) may summarily limit
or prohibit: (i) Any person from access
to services offered by the Exchange, if
such person has been and is expelled or
suspended from any self-regulatory
organization or barred or suspended
from being associated with an ETP
Holder of any self-regulatory
organization or is in such financial or
operating difficulty that the Exchange
determines that such person cannot be
permitted to do business with safety to
investors, creditors, Exchange ETP
Holders or the Exchange; or (ii) a person
who is not an ETP Holder from access
to services offered by the Exchange, if
such person does not meet the
qualification requirements or other prerequisites for such access and if such
person cannot be permitted to continue
to have access with safety to investors,
creditors, ETP Holders and the
Exchange. Any person aggrieved by any
such summary action may seek review
under the provisions of the Exchange
Rules relating to adverse action.
Rule 7.7. No Change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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. The
Exchange 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
The Exchange is proposing to modify
Chapter VII of the Exchange’s rules
regarding suspensions of an ETP Holder
by certain Exchange officers.
Specifically, the proposal provides that
the Chairman or the Chief Regulatory
Officer, or their respective designees,
would now have the authority to
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
summarily suspend or place limitations
or conditions on an ETP Holder under
Rule 7.1, and lift suspensions pursuant
to Rule 7.1(c) without further
proceedings. The proposal also provides
that the Chairman or the Chief
Regulatory Officer, or their respective
designees, shall also have the authority
to summarily limit or suspend Exchange
services to certain persons under Rule
7.6. In both cases, that authority
currently rests with the Chairman or the
President.
The proposal also provides that in the
event either the Chairman or the Chief
Regulatory Officer is not available, a
person may be designated to act in their
place for purposes of Chapter VII. The
designee for the Chairman would be the
Chairman of the Exchange’s Regulatory
Oversight Committee (‘‘ROC’’), a
member of the ROC, or another
comparable member of the Exchange’s
Board of Directors who is an
Independent Director,3 in that order of
priority. The designee for the Chief
Regulatory Officer would be an officer
in the Regulatory Services Division of
the Exchange. This provision would
provide continuity in the event the
Chairman or the Chief Regulatory
Officer is unavailable.
This rule change proposal would
impact who has authority to act under
Chapter VII but in no way changes the
substantive provisions of this Chapter
VII.
2. Statutory Basis
The proposed rule change is
consistent with the Act and the rules
and regulations under the Act
applicable to a national securities
exchange and, in particular, the
requirements of Section 6(b) 4 of the Act.
Specifically, the Exchange believes the
proposed rule change is consistent with
the requirements of Section 6(b)(5) 5 of
the Act that the rules of an exchange be
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts and
practices, and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate burden on
3 Section 1.1. I of the NSX By-Laws defines
Independent Director as a member of the Board that
the Board has determined to have no material
relationship with the Exchange or any affiliate of
the Exchange, or any ETP Holder or any affiliate of
any such ETP Holder, other than as a member of
the Board.
4 15 U.S.C. § 78f(b).
5 15 U.S.C. § 78f(b)(5).
E:\FR\FM\18JNN1.SGM
18JNN1
Federal Register / Vol. 72, No. 116 / Monday, June 18, 2007 / Notices
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange 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:
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 NSX. 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 the File
Number SR–NSX–2007–05 and should
be submitted on or before July 9, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Nancy M. Morris,
Secretary.
[FR Doc. E7–11627 Filed 6–15–07; 8:45 am]
BILLING CODE 8010–01–P
[Disaster Declaration #10883 and #10884]
Iowa Disaster Number IA–00008
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
jlentini on PROD1PC65 with NOTICES
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–NSX–2007–05 on the
subject line.
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Iowa (FEMA–
1705–DR), dated 05/25/2007.
Incident: Severe Storms, Flooding and
Tornadoes.
Incident Period: 05/05/2007 through
05/07/2007.
EFFECTIVE DATE: 06/08/2007.
Paper Comments
Physical Loan Application Deadline
• Send paper comments in triplicate
Date: 07/24/2007.
to Nancy M. Morris, Secretary,
EIDL Loan Application Deadline Date:
Securities and Exchange Commission,
02/25/2008.
100 F Street, NE., Washington, DC
ADDRESSES: Submit completed loan
20549–1090.
applications to: U.S. Small Business
All submissions should refer to File
Administration, Processing and
Number SR–NSX–2007–05. This file
Disbursement Center, 14925 Kingsport
number should be included in the
subject line if e-mail is used. To help the Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Commission process and review your
Escobar, Office of Disaster Assistance,
comments more efficiently, please use
only one method. The Commission will U.S. Small Business Administration,
post all comments on the Commission’s 409 3rd Street, SW., Suite 6050,
Washington, DC 20416
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
SUPPLEMENTARY INFORMATION: The notice
submission, all subsequent
of the Presidential disaster declaration
amendments, all written statements
for the State of Iowa, dated 05/25/2007,
with respect to the proposed rule
is hereby amended to include the
change that are filed with the
6 17 CFR 200.30–3(a)(12).
Commission, and all written
VerDate Aug<31>2005
18:19 Jun 15, 2007
Jkt 211001
following areas as adversely affected by
the disaster:
Primary Counties:
Dallas.
Contiguous Counties:
Iowa: Boone, Greene, Polk, Warren.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Jane M. Pease,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. E7–11683 Filed 6–15–07; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #10866 and #10867]
Kansas Disaster Number KS–00018
U.S. Small Business
Administration.
AGENCY:
ACTION:
SMALL BUSINESS ADMINISTRATION
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
33553
Amendment 6.
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Kansas (FEMA–
1699–DR), dated 05/06/2007.
Incident: Severe Storms, Tornadoes,
and Flooding.
Incident Period: 05/04/2007 through
05/18/2007.
Effective Date: 06/11/2007.
Physical Loan Application Deadline
Date: 07/05/2007.
EIDL Loan Application Deadline Date:
02/06/2008.
Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
ADDRESSES:
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
The notice
of the Presidential disaster declaration
for the State of Kansas, dated 05/06/
2007 is hereby amended to include the
following areas as adversely affected by
the disaster:
Primary Counties:
Ellsworth, Dickinson.
All other counties contiguous to the
above named primary counties have
previously been declared.
All other information in the original
declaration remains unchanged.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\18JNN1.SGM
18JNN1
]]>Agencies
[Federal Register Volume 72, Number 116 (Monday, June 18, 2007)]
[Notices]
[Pages 33551-33553]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11627]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55893; File No. SR-NSX-2007-05]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change To Modify Chapter VII of the
Exchange's Rules Regarding Suspensions of an ETP Holder by Certain
Exchange Officers
June 11, 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 May 9, 2007, National Stock Exchange, Inc. (``NSX'' or the
``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. 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
The Exchange is proposing to modify Chapter VII of the Exchange's
rules to provide that the Chairman of the Exchange's Board of Directors
(``Chairman'') or the Exchange's Chief
[[Page 33552]]
Regulatory Officer, or their respective designees, would have the
authority to summarily suspend or place limitations or conditions on an
ETP Holder, or summarily suspend a person from access to Exchange
services in certain circumstances. That authority currently rests with
the Chairman or the Exchange's President. The text of the proposed rule
change is below. Proposed new language is in italics; proposed
deletions are enclosed in brackets.
RULES OF NATIONAL STOCK EXCHANGE, INC.
* * * * *
CHAPTER VII
Suspension by Chairman [or President] or Chief Regulatory Officer
Rule 7.1. Imposition of Suspension
(a) An ETP Holder which fails or is unable to perform any of its
contracts, or is insolvent or is unable to meet the financial
responsibility requirements of the Exchange, shall immediately inform
the Secretary in writing of such fact. Upon receipt of said notice, or
whenever it shall appear to the Chairman of the Board or [President]
Chief Regulatory Officer, or their respective designees, (after such
verification and with such opportunity for comment by the ETP Holder as
the circumstances reasonably permit) that an ETP Holder has failed to
perform its contracts or is insolvent or is in such financial or
operational condition or is otherwise conducting its business in such
financial or operational condition or is otherwise conducting its
business in such a manner that it cannot be permitted to continue in
business with safety to its customers, creditors and other ETP Holders
of the Exchange, the Chairman or [President] Chief Regulatory Officer,
or their respective designees, may summarily suspend the ETP Holder or
may impose such conditions and restrictions upon the ETP Holder as are
reasonably necessary for the protection of investors, the Exchange, the
creditors and the customers of such ETP Holder.
(b) No Change.
(c) In the event of suspension of an ETP Holder, the Exchange shall
give prompt notice of such suspension to the ETP Holders of the
Exchange. Unless the Chairman or the Chief Regulatory Officer, or their
respective designees, [President] shall determine that lifting the
suspension without further proceedings is appropriate, such suspension
shall continue until the ETP Holder is reinstated as provided in Rule
7.3. of this Chapter.
Rules 7.2.-7.5. No Change.
Rule 7.6. Summary Suspension of Exchange Services
The Chairman [or President] of the Board or Chief Regulatory
Officer, or their respective designees, (after such verification with
such opportunity for comment as the circumstances reasonably permit)
may summarily limit or prohibit: (i) Any person from access to services
offered by the Exchange, if such person has been and is expelled or
suspended from any self-regulatory organization or barred or suspended
from being associated with an ETP Holder of any self-regulatory
organization or is in such financial or operating difficulty that the
Exchange determines that such person cannot be permitted to do business
with safety to investors, creditors, Exchange ETP Holders or the
Exchange; or (ii) a person who is not an ETP Holder from access to
services offered by the Exchange, if such person does not meet the
qualification requirements or other pre-requisites for such access and
if such person cannot be permitted to continue to have access with
safety to investors, creditors, ETP Holders and the Exchange. Any
person aggrieved by any such summary action may seek review under the
provisions of the Exchange Rules relating to adverse action.
Rule 7.7. No Change.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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. The Exchange 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
The Exchange is proposing to modify Chapter VII of the Exchange's
rules regarding suspensions of an ETP Holder by certain Exchange
officers. Specifically, the proposal provides that the Chairman or the
Chief Regulatory Officer, or their respective designees, would now have
the authority to summarily suspend or place limitations or conditions
on an ETP Holder under Rule 7.1, and lift suspensions pursuant to Rule
7.1(c) without further proceedings. The proposal also provides that the
Chairman or the Chief Regulatory Officer, or their respective
designees, shall also have the authority to summarily limit or suspend
Exchange services to certain persons under Rule 7.6. In both cases,
that authority currently rests with the Chairman or the President.
The proposal also provides that in the event either the Chairman or
the Chief Regulatory Officer is not available, a person may be
designated to act in their place for purposes of Chapter VII. The
designee for the Chairman would be the Chairman of the Exchange's
Regulatory Oversight Committee (``ROC''), a member of the ROC, or
another comparable member of the Exchange's Board of Directors who is
an Independent Director,\3\ in that order of priority. The designee for
the Chief Regulatory Officer would be an officer in the Regulatory
Services Division of the Exchange. This provision would provide
continuity in the event the Chairman or the Chief Regulatory Officer is
unavailable.
---------------------------------------------------------------------------
\3\ Section 1.1. I of the NSX By-Laws defines Independent
Director as a member of the Board that the Board has determined to
have no material relationship with the Exchange or any affiliate of
the Exchange, or any ETP Holder or any affiliate of any such ETP
Holder, other than as a member of the Board.
---------------------------------------------------------------------------
This rule change proposal would impact who has authority to act
under Chapter VII but in no way changes the substantive provisions of
this Chapter VII.
2. Statutory Basis
The proposed rule change is consistent with the Act and the rules
and regulations under the Act applicable to a national securities
exchange and, in particular, the requirements of Section 6(b) \4\ of
the Act. Specifically, the Exchange believes the proposed rule change
is consistent with the requirements of Section 6(b)(5) \5\ of the Act
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts and
practices, and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. Sec. 78f(b).
\5\ 15 U.S.C. Sec. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate burden on
[[Page 33553]]
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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange 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-NSX-2007-05 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-NSX-2007-05. This file
number should be included in 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 such
filing also will be available for inspection and copying at the
principal office of NSX. 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 the File
Number SR-NSX-2007-05 and should be submitted on or before July 9,
2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
Nancy M. Morris,
Secretary.
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\6\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E7-11627 Filed 6-15-07; 8:45 am]
BILLING CODE 8010-01-P
