Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Modify the Entry and Annual Fees Paid by a Company That Lists on Nasdaq Upon Emerging from Bankruptcy, 40915-40917 [E7-14315]
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Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices
extend the pilot periods to provide the
Exchange and Commission more data
upon which to evaluate the rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any written
comments from members or other
interested parties.
rwilkins on PROD1PC63 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) 9 of the Act and Rule
19b–4(f)(6) thereunder.10 As required
under Rule 19b–4(f)(6)(iii),11 the
Exchange provided the Commission
with written notice of its intent to file
the proposed rule change, along with a
brief description and text of the
proposed rule change, at least five
business days prior to the date of the
filing of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
ISE requests that the Commission waive
the 30-day operative delay, as specified
in Rule 19b–4(f)(6)(iii),14 which would
make the rule change effective and
operative upon filing. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 Id.
10 17
VerDate Aug<31>2005
19:31 Jul 24, 2007
interest because such waiver would
allow the pilot periods to continue
without interruption until July 25,
2007.15 Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.
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 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 an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2007–62 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–ISE–2007–62. 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
15 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
Jkt 211001
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40915
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the ISE. 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–ISE–2007–62 and should be
submitted on orbefore August 15, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–14355 Filed 7–24–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56092; File No. SR–
NASDAQ–2007–042]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change and
Amendment No. 1 Thereto To Modify
the Entry and Annual Fees Paid by a
Company That Lists on Nasdaq Upon
Emerging from Bankruptcy
July 18, 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 April 13,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ 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.
The Exchange filed Amendment No. 1
to the proposed rule change on June 28,
2007. The Commission is publishing
this notice to solicit comment 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
Nasdaq proposes to modify the entry
and annual fees paid by a company that
lists on Nasdaq upon emerging from
bankruptcy. Nasdaq will implement the
proposed rule as of the date it filed this
proposed change.
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\25JYN1.SGM
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40916
Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 2007 / Notices
The text of the proposed rule change
is set forth below. Proposed new
language is in italics.
*
*
*
*
*
IM–4500–6. Waiver of Fees for
Companies Emerging from Bankruptcy
(a) Entry Fees. Any company that lists
on Nasdaq upon emerging from
bankruptcy is not required to pay the
entry fee (including the application fee)
set forth in Rules 4510(a) and 4520(a).
(b) Annual Fees.
(1) The annual fee for any company
that lists on the Nasdaq Global Market
(including the Nasdaq Global Select
Market) upon emerging from bankruptcy
will be the minimum annual listing fee
specified in Rule 4510(c)(1) for the first
(pro rated) year that such a company is
listed and for each of the subsequent
two full years.
(2) Any company listing on Nasdaq
upon emerging from bankruptcy that
relists during the same year that it had
previously paid an annual fee will not
be subject to a second annual fee in that
year.
*
*
*
*
*
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. 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
rwilkins on PROD1PC63 with NOTICES
1. Purpose
Nasdaq proposes to modify the fees
charged to companies that list upon
emerging from bankruptcy. Specifically,
Nasdaq proposes to waive the entry fee
(which includes a $5,000 nonrefundable application fee) that such
companies would otherwise be required
to pay. In addition, for companies
listing on the NASDAQ Global Market
(including the NASDAQ Global Select
Market), Nasdaq proposes to charge the
company the minimum annual listing
fee applicable to companies on that
market (currently $30,000) for the first
(prorated) year that such a company is
VerDate Aug<31>2005
19:31 Jul 24, 2007
Jkt 211001
listed 3 and for each of the subsequent
two full calendar years.4 Finally,
Nasdaq proposes that a company that
emerges from bankruptcy and relists
during the same year that it has
previously paid an annual fee will not
be required to pay a second annual fee
for that year.
Nasdaq believes that the proposed
fees are justified by the unique
circumstances faced by companies
emerging from bankruptcy. These
companies typically are not raising any
new capital at the time of listing, so the
payment of initial listing fees is more
burdensome than for companies that are
listing upon an initial public offering.
Also, because of the desire in
bankruptcy proceedings to ensure that
creditors are paid as much as possible,
these companies are much more
sensitive to both the initial and
continued costs associated with listing.
As such, Nasdaq believes the proposed
fees are reasonable and equitably
allocated.
The proposed rule change will not
affect Nasdaq’s commitment of
resources to its regulatory oversight of
the listing process or its other regulatory
programs. Specifically, Nasdaq
historically has not listed a large
number of companies emerging from
bankruptcy in any given year.5 Further,
Nasdaq will still conduct a complete
review of these companies for
compliance with Nasdaq listing
standards in the same manner as any
other company applying for listing on
Nasdaq. The company must successfully
complete that review process and
demonstrate compliance with the initial
listing requirements prior to being
approved for listing.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act 6 in
general, and with Section 6(b)(4) of the
Act 7 in particular, which requires that
Nasdaq’s rules provide for the equitable
allocation of reasonable dues, fees, and
other charges among its issuers. Nasdaq
believes that the proposed waivers are
equitable and reasonable in light of the
unique circumstances faced by
companies emerging from bankruptcy.
3 Nasdaq prorates the annual fee for the year a
company lists, based on the month in which the
company lists.
4 All domestic companies on the NASDAQ
Capital Market pay the same annual fee.
5 Nasdaq listed four companies upon their
emergence from bankruptcy from January 1, 2006,
through March 31, 2007.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4).
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Fmt 4703
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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.
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.
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–2007–042 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–2007–042. 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
E:\FR\FM\25JYN1.SGM
25JYN1
Federal Register / Vol. 72, No. 142 / Wednesday, July 25, 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
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
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–2007–042 and
should be submitted on or before
August 15, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–14315 Filed 7–24–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56096; File No. SR–
NASDAQ–2007–037]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Amendment No. 2 and Order
Granting Accelerated Approval of
Proposed Rule Change, as Modified by
Amendment Nos. 1 and 2, To Modify
Order Audit Trail System Rules To
Provide an Exemption From
Transmission Requirements for
Proprietary Orders
rwilkins on PROD1PC63 with NOTICES
July 18, 2007.
I. Introduction
On April 3, 2007, The NASDAQ Stock
Market LLC (‘‘Nasdaq’’) 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
provide an exemption from OATS
transmission requirements for certain
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
19:31 Jul 24, 2007
Jkt 211001
proprietary orders. On June 4, 2007,
Nasdaq filed Amendment No. 1. The
proposed rule change, as amended, was
published for comment in the Federal
Register on June 6, 2007.3 The
Commission received one comment
letter expressing support for the
proposal.4 On July 17, 2007, Nasdaq
filed Amendment No. 2. This notice and
order notices Amendment No. 2; solicits
comments from interested persons on
Amendment No. 2; and approves the
proposed rule change, as amended, on
an accelerated basis.
II. Description of Proposal
Nasdaq proposes to modify its OATS
rules to adopt a limited exemption from
OATS 5 order data transmission
requirements for proprietary trading
firms. Nasdaq proposes to define a
‘‘Proprietary Trading Firm’’ as a Nasdaq
member that trades its own capital, with
all the trading being done in the firm’s
accounts by traders that are owners of,
employees of, or contractors to the firm.
A Proprietary Trading Firm would not
have ‘‘customers,’’ as that term is
defined in Nasdaq Rule 0120(g) and
would not be a member of the NASD.
Nasdaq proposes to amend Nasdaq
Rule 6955 regarding transmission of
OATS data to provide that a Proprietary
Trading Firm would be required to
transmit OATS order data information
to Nasdaq Regulation only upon
request.6 Although a Proprietary
Trading Firm would not be required to
transmit the order data information to
Nasdaq Regulation unless requested, it
still would be responsible for
maintaining and retaining the
information in a format that could be
easily integrated into the NASD’s OATS
system in the event Nasdaq Regulation
makes a request for such information.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning Amendment No.
2, including whether Amendment No. 2
is consistent with the Act. Comments
3 See Securities Exchange Act Release No. 55870,
72 FR 32692 (June 13, 2007).
4 See letter from Stephen Schuler, Managing
Member, Global Electronic Trading Company, LLC
to Nancy M. Morris, Secretary, Commission, dated
July 3, 2007.
5 OATS is an integrated audit trail of order, quote,
and trade information for Nasdaq securities used to
recreate events in the life cycle of orders and more
completely monitor the trading practices of member
firms.
6 Rule 0130 provides that the term Nasdaq
Regulation should be understood as also referring
to NASD staff, NASD Regulation staff, and NASD
departments acting on behalf of Nasdaq pursuant to
a regulatory services agreement between Nasdaq
and the NASD.
PO 00000
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40917
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–2007–037 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–2007–037. 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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of Nasdaq. 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–2007–037 and
should be submitted on or before
August 15, 2007.
IV. Discussion
After careful review, the Commission
finds that the proposed rule change, as
amended, is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange,7 and, in
7 The Commission has considered the amended
proposed rule change’s impact on efficiency,
competition and capital formation. 15 U.S.C. 78c(f).
E:\FR\FM\25JYN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 142 (Wednesday, July 25, 2007)]
[Notices]
[Pages 40915-40917]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14315]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56092; File No. SR-NASDAQ-2007-042]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To
Modify the Entry and Annual Fees Paid by a Company That Lists on Nasdaq
Upon Emerging from Bankruptcy
July 18, 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 April 13, 2007, The NASDAQ Stock Market LLC (``Nasdaq'' 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. The Exchange filed Amendment No. 1 to the proposed rule
change on June 28, 2007. The Commission is publishing this notice to
solicit comment on the proposed rule change, as amended, 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
Nasdaq proposes to modify the entry and annual fees paid by a
company that lists on Nasdaq upon emerging from bankruptcy. Nasdaq will
implement the proposed rule as of the date it filed this proposed
change.
[[Page 40916]]
The text of the proposed rule change is set forth below. Proposed
new language is in italics.
* * * * *
IM-4500-6. Waiver of Fees for Companies Emerging from Bankruptcy
(a) Entry Fees. Any company that lists on Nasdaq upon emerging from
bankruptcy is not required to pay the entry fee (including the
application fee) set forth in Rules 4510(a) and 4520(a).
(b) Annual Fees.
(1) The annual fee for any company that lists on the Nasdaq Global
Market (including the Nasdaq Global Select Market) upon emerging from
bankruptcy will be the minimum annual listing fee specified in Rule
4510(c)(1) for the first (pro rated) year that such a company is listed
and for each of the subsequent two full years.
(2) Any company listing on Nasdaq upon emerging from bankruptcy
that relists during the same year that it had previously paid an annual
fee will not be subject to a second annual fee in that year.
* * * * *
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. 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
Nasdaq proposes to modify the fees charged to companies that list
upon emerging from bankruptcy. Specifically, Nasdaq proposes to waive
the entry fee (which includes a $5,000 non-refundable application fee)
that such companies would otherwise be required to pay. In addition,
for companies listing on the NASDAQ Global Market (including the NASDAQ
Global Select Market), Nasdaq proposes to charge the company the
minimum annual listing fee applicable to companies on that market
(currently $30,000) for the first (prorated) year that such a company
is listed \3\ and for each of the subsequent two full calendar
years.\4\ Finally, Nasdaq proposes that a company that emerges from
bankruptcy and relists during the same year that it has previously paid
an annual fee will not be required to pay a second annual fee for that
year.
---------------------------------------------------------------------------
\3\ Nasdaq prorates the annual fee for the year a company lists,
based on the month in which the company lists.
\4\ All domestic companies on the NASDAQ Capital Market pay the
same annual fee.
---------------------------------------------------------------------------
Nasdaq believes that the proposed fees are justified by the unique
circumstances faced by companies emerging from bankruptcy. These
companies typically are not raising any new capital at the time of
listing, so the payment of initial listing fees is more burdensome than
for companies that are listing upon an initial public offering. Also,
because of the desire in bankruptcy proceedings to ensure that
creditors are paid as much as possible, these companies are much more
sensitive to both the initial and continued costs associated with
listing. As such, Nasdaq believes the proposed fees are reasonable and
equitably allocated.
The proposed rule change will not affect Nasdaq's commitment of
resources to its regulatory oversight of the listing process or its
other regulatory programs. Specifically, Nasdaq historically has not
listed a large number of companies emerging from bankruptcy in any
given year.\5\ Further, Nasdaq will still conduct a complete review of
these companies for compliance with Nasdaq listing standards in the
same manner as any other company applying for listing on Nasdaq. The
company must successfully complete that review process and demonstrate
compliance with the initial listing requirements prior to being
approved for listing.
---------------------------------------------------------------------------
\5\ Nasdaq listed four companies upon their emergence from
bankruptcy from January 1, 2006, through March 31, 2007.
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act \6\ in general, and with Section
6(b)(4) of the Act \7\ in particular, which requires that Nasdaq's
rules provide for the equitable allocation of reasonable dues, fees,
and other charges among its issuers. Nasdaq believes that the proposed
waivers are equitable and reasonable in light of the unique
circumstances faced by companies emerging from bankruptcy.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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.
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.
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-2007-042 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-2007-042. 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 40917]]
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, 100 F Street, NE., Washington, DC 20549, on official
business days between the hours of 10 a.m. and 3 p.m. 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-2007-042 and should be submitted on or before
August 15, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-14315 Filed 7-24-07; 8:45 am]
BILLING CODE 8010-01-P
