Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Extend Nasdaq's Authority Under Its Cease and Desist Pilot Program, 41561-41563 [E7-14605]
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mstockstill on PROD1PC66 with NOTICES
Federal Register / Vol. 72, No. 145 / Monday, July 30, 2007 / Notices
available investment options. In this
regard, the proposed Substitutions
retain for Contract owners and
participants the investment flexibility
which is a central feature of the
Contracts.
8. Moreover, the section 26
Applicants will offer Contract owners
and participants the opportunity to
transfer amounts out of the affected
subaccounts without any cost or other
penalty (other than with respect to
implementing policies and procedures
designed to prevent disruptive transfer
and other market timing activity) that
may otherwise have been imposed for a
period beginning on the date of the
supplement notifying Contract owners
and participants of the proposed
Substitutions (which supplement has
been delivered to Contract owners and
participants at least thirty (30) days
before the Substitutions) and ending no
earlier than thirty (30) days after the
proposed Substitutions. The
Substitutions, therefore, will not result
in the type of costly forced redemption
that section 26(c) was designed to
prevent.
9. The section 26 Applicants also note
that the proposed Substitutions are also
unlike the type of substitution that
section 26(c) was designed to prevent in
that by purchasing a Contract or
participating in a group Contract,
Contract owners and participants select
much more than a particular underlying
fund in which to invest their Contract
values. They also select the specific type
of insurance coverage offered by the
section 26 Applicants under the
applicable Contract, as well as
numerous other rights and privileges set
forth in the Contract. Contract owners
and participants also may have
considered the Insurance Company’s
size, financial condition, and its
reputation for service in selecting their
Contract. These factors will not change
as a result of the proposed
Substitutions, nor will the annuity, life
or tax benefits afforded under the
Contracts held by any of the affected
Contract owners or participants.
10. Section 17(a)(1) of the 1940 Act,
in relevant part, prohibits any affiliated
person of a registered investment
company, or any affiliated person of
such a person, acting as principal, from
knowingly selling any security or other
property to that company. Section
17(a)(2) of the 1940 Act generally
prohibits the same persons, acting as
principals, from knowingly purchasing
any security or other property from the
registered investment company.
11. Section 17(b) of the 1940 Act
provides that the Commission may,
upon application, issue an order
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exempting any proposed transaction
from the provisions of Section 17(a) if:
(i) the terms of the proposed
transactions are reasonable and fair and
do not involve overreaching on the part
of any person concerned; (ii) the
proposed transactions are consistent
with the policy of each registered
investment company concerned; and
(iii) the proposed transactions are
consistent with the general purposes of
the 1940 Act.
12. The section 17 Applicants request
an order pursuant to section 17(b) of the
1940 Act exempting them from the
provisions of section 17(a) of the 1940
Act to the extent necessary to permit
them to carry out the In-Kind
Transactions in connection with the
proposed Substitutions.
13. The section 17 Applicants submit
that the terms of the proposed In-Kind
Transactions, including the
consideration to be paid and received,
as described in the application, are
reasonable and fair and do not involve
overreaching on the part of any person
concerned. The In-Kind Transactions
will be effected at the respective net
asset values of each of the relevant
Removed Portfolios and each of the
relevant Replacement Portfolios, as
determined in accordance with the
procedures disclosed in the registration
statement for the relevant investment
company and as required by Rule 22c–
1 under the 1940 Act. The In-Kind
Transactions will not change the dollar
value of any Contract owner’s or
participant’s investment in any of the
Separate Accounts, the value of any
Contract, the accumulation value or
other value credited to any Contract, or
the death benefit payable under any
Contract. After the proposed In-Kind
Transactions, the value of a Separate
Account’s investment in a Replacement
Portfolio will equal the value of its
investments in the corresponding
Removed Portfolio (together with the
value of any pre-existing investments in
the Replacement Portfolio) before the InKind Transactions.
14. The section 17 Applicants state
they will assure themselves that the InKind Transactions will be in substantial
compliance with the conditions of Rule
17a–7 under the 1940 Act. The section
17 Applicants will assure themselves
that the investment companies will
carry out the proposed In-Kind
Transactions in conformity with the
conditions of Rule 17a–7 (or, as
applicable, a Removed Portfolio’s and a
Replacement Portfolio’s normal
valuation procedures, as set forth in the
relevant investment company’s
registration statement), except that the
consideration paid for the securities
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41561
being purchased or sold will not be
cash.
15. The section 17 Applicants also
assert that the proposed In-Kind
Transactions do not involve
overreaching on the part of any person
concerned. Furthermore, the section 17
Applicants represent that the proposed
In-Kind Transactions will be consistent
with the policies of the Removed and
corresponding Replacement Portfolios,
as recited in their respective current
registration statements, and that the
proposed In-Kind Transactions are
consistent with the general purposes of
the 1940 Act and do not present any
conditions or abuses that the 1940 Act
was designed to prevent.
Conclusion
For the reasons set forth in the
application, the Applicants each
respectively request that the
Commission issue an order of approval
pursuant to section 26(c) of the 1940 Act
and an order of exemption pursuant to
section 17(b) of the 1940 Act.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–14663 Filed 7–27–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56120; File No. SR–
NASDAQ–2007–060]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto To Extend
Nasdaq’s Authority Under Its Cease
and Desist Pilot Program
Date: July 24, 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 June 19,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been substantially prepared by
Nasdaq. Nasdaq has filed the proposal
as a ‘‘non-controversial’’ rule change
pursuant to section 19(b)(3)(A) of the
1 15
2 17
E:\FR\FM\30JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
30JYN1
41562
Federal Register / Vol. 72, No. 145 / Monday, July 30, 2007 / Notices
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission. On
July 20, 2007, Nasdaq filed Amendment
No. 1 to the proposed rule change. The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes a rule change to
extend for a two-year period, to June 23,
2009, Nasdaq’s authority under its cease
and desist pilot program. At this time,
Nasdaq is not proposing any substantive
changes to the rules covered by the pilot
program. The text of the proposed rule
change is available at Nasdaq, the
Commission’s Public Reference Room,
and https://nasdaq.complinet.com.
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 such statements.
mstockstill on PROD1PC66 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In May 2003, the Commission
approved, on a pilot basis, a rule change
that gave the National Association of
Securities Dealers, Inc. (‘‘NASD’’) the
authority to issue temporary cease and
desist orders and made explicit NASD’s
ability to impose permanent cease and
desist orders as a remedy in disciplinary
cases.5 When Nasdaq registered as a
national securities exchange, it also
adopted a cease and desist program.
Because NASD is Nasdaq’s regulatory
services provider and administers
Nasdaq’s disciplinary program under
contract, Nasdaq generally seeks to
maintain comparability between its
disciplinary procedure rules and
NASD’s. NASD recently extended the
above mentioned pilot rule through June
23, 2009.6 Accordingly, Nasdaq is
proposing a comparable extension.
Although Nasdaq has not had occasion
to use the authority to date, the pilot
extension will ensure that the authority
remains available for the next two years.
The authority under the rule will expire
after the additional two-year period
unless the pilot program is further
extended or adopted on a permanent
basis with Commission approval.
Nasdaq is also amending Nasdaq Rules
9556 and 9800 to delete erroneous
cross-references.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of section 6 of the Act,7 in
general, and with sections 6(b)(5) and
(6) of the Act,8 in particular, in that the
proposal is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, and, in general, to
protect investors and the public interest,
and is further designed to provide that
Nasdaq members, or persons associated
with its members, are appropriately
disciplined for violations of any
provisions of the Act or Nasdaq rules.
The extension of the pilot program is
consistent with Nasdaq’s obligations
under the Act, because cease and desist
orders are designed to stop violative
conduct that is likely to cause
dissipation or conversion of assets or
other significant harm to investors.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
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
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, it has
become effective pursuant to section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10 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 has requested that the
Commission waive the 5-day pre-filing
notice requirement and the 30-day
operative delay of the proposal. Nasdaq
represents that such waivers will allow
Nasdaq to implement the proposed rule
change prior to the time of the
expiration of the current pilot. The
Commission believes that it is
consistent with the protection of
investors and the public interest to
waive the 5-day pre-filing notice
requirement and 30-day operative delay
and make this proposed rule change
immediately effective.11 The
Commission believes that the waiver
will allow Nasdaq to continue, without
interruption, the existing operation of
the pilot until June 23, 2009.
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–2007–060 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–2007–060. This
file number should be included on the
subject line if e-mail is used. To help the
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 For purposes only of waiving the 30-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).
10 17
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 47925
(May 23, 2003), 68 FR 33548 (June 4, 2003) (SR–
NASD–98–80).
4 17
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Securities Exchange Act Release No. 55819
(May 25, 2007), 72 FR 30895 (June 4, 2007) (SR–
NASD–2007–033).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5) and (6).
PO 00000
6 See
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Federal Register / Vol. 72, No. 145 / Monday, July 30, 2007 / Notices
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–2007–060 and
should be submitted on or before
August 20, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–14605 Filed 7–27–07; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–56119; File No. SR–
NYSEArca–2007–70]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Extend the Quarterly
Options Series Pilot
mstockstill on PROD1PC66 with NOTICES
Date: July 24, 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 July 23,
2007, NYSE Arca, Inc. (‘‘Exchange’’ or
‘‘NYSE Arca’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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22:24 Jul 27, 2007
Jkt 211001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to extend
the Quarterly Options Series pilot
program (‘‘Pilot Program’’) through July
10, 2008. The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.nysearca.com), at
the Exchange’s principal office, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, 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
SECURITIES AND EXCHANGE
COMMISSION
12 17
below, which Items have been
substantially prepared by the Exchange.
The Exchange has designated this
proposal as non-controversial under
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
1. Purpose
On July 12, 2006, the Exchange filed
with the Commission a proposed rule
change that allowed it to establish the
Pilot Program, pursuant to which the
Exchange lists and trades Quarterly
Options Series.5 The rule change was
effective upon filing. The Pilot Program,
which was originally due to expire on
July 10, 2007, was extended for a twoweek interim period through July 24,
2007, while the Exchange finalized its
Pilot Program Report (‘‘Report’’).6 The
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 54166
(July 18, 2006), 71 FR 42151 (July 25, 2006) (File
No. SR–NYSEArca–2006–45).
6 See Securities Exchange Act Release No. 56040
(July 10, 2007), 72 FR 39112 (July 17, 2007) (File
No. SR–NYSEArca–2007–67) (‘‘Interim Extension
Release’’).
PO 00000
3 15
4 17
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41563
Exchange hereby proposes to extend the
Pilot Program through July 10, 2008.
In the Interim Extension Release, the
Exchange stated that it would submit
the Report in connection with this
proposal to extend the Pilot Program
through July 10, 2008. The Report
provides an analysis of the Pilot
Program covering the entire period for
which the program was in effect. The
Exchange has submitted its Report as
Exhibit 3 to the Form 19b–4 filed with
the Commission. The Report may be
examined at the places specified in Item
IV below. The Report includes: (1) Data
and written analysis on the open
interest and trading volume in the
classes for which Quarterly Options
Series were opened; (2) an assessment of
the appropriateness of the option classes
selected for the Pilot Program; (3) an
assessment of the impact of the Pilot
Program on the capacity on the
Exchange, OPRA, and market data
vendors (to the extent data from market
data vendors is available); (4) any
capacity problems or other problems
that arose during the operation of the
Pilot Program and how the Exchange
addressed such problems; (5) any
complaints that the Exchange received
during the operation of the Pilot
Program and how the Exchange
addressed them; and (6) any additional
information that would assist the
Commission in assessing the operation
of the Pilot Program.
The Exchange represents that the
Report supports its belief that extension
of the Pilot Program is proper. Among
other things, the Report shows the
strength of the Pilot Program as reflected
by the overall volume and open interest
of Quarterly Options Series traded on
the both NYSE Arca and other national
options exchanges. The Report shows
that the Pilot Program has not created,
and in the future should not create, any
capacity, operational, or regulatory
problems attributable to Quarterly
Option Series.
Finally, NYSE Arca represents that
the Exchange has the necessary system
capacity to support any additional series
listed as part of the Pilot Program.
2. Statutory Basis
The Exchange believes that the
continuation of the Quarterly Options
Series Pilot Program will stimulate
customer interest in options by creating
greater trading opportunities and
flexibility in investment choices. The
Exchange further believes that
continuation of the Pilot Program will
provide the ability to more closely tailor
investment strategies and provide a
valuable hedging tool for investors. For
these reasons, the Exchange believes the
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]]>Agencies
[Federal Register Volume 72, Number 145 (Monday, July 30, 2007)]
[Notices]
[Pages 41561-41563]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14605]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56120; File No. SR-NASDAQ-2007-060]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto To Extend Nasdaq's Authority Under Its
Cease and Desist Pilot Program
Date: July 24, 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 June 19, 2007, The NASDAQ Stock Market LLC (``Nasdaq'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
substantially prepared by Nasdaq. Nasdaq has filed the proposal as a
``non-controversial'' rule change pursuant to section 19(b)(3)(A) of
the
[[Page 41562]]
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. On July 20, 2007, Nasdaq
filed Amendment No. 1 to the proposed rule change. The Commission is
publishing this notice to solicit comments on the proposed rule change,
as amended, from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes a rule change to extend for a two-year period, to
June 23, 2009, Nasdaq's authority under its cease and desist pilot
program. At this time, Nasdaq is not proposing any substantive changes
to the rules covered by the pilot program. The text of the proposed
rule change is available at Nasdaq, the Commission's Public Reference
Room, and https://nasdaq.complinet.com.
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 such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In May 2003, the Commission approved, on a pilot basis, a rule
change that gave the National Association of Securities Dealers, Inc.
(``NASD'') the authority to issue temporary cease and desist orders and
made explicit NASD's ability to impose permanent cease and desist
orders as a remedy in disciplinary cases.\5\ When Nasdaq registered as
a national securities exchange, it also adopted a cease and desist
program. Because NASD is Nasdaq's regulatory services provider and
administers Nasdaq's disciplinary program under contract, Nasdaq
generally seeks to maintain comparability between its disciplinary
procedure rules and NASD's. NASD recently extended the above mentioned
pilot rule through June 23, 2009.\6\ Accordingly, Nasdaq is proposing a
comparable extension. Although Nasdaq has not had occasion to use the
authority to date, the pilot extension will ensure that the authority
remains available for the next two years. The authority under the rule
will expire after the additional two-year period unless the pilot
program is further extended or adopted on a permanent basis with
Commission approval. Nasdaq is also amending Nasdaq Rules 9556 and 9800
to delete erroneous cross-references.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 47925 (May 23,
2003), 68 FR 33548 (June 4, 2003) (SR-NASD-98-80).
\6\ See Securities Exchange Act Release No. 55819 (May 25,
2007), 72 FR 30895 (June 4, 2007) (SR-NASD-2007-033).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of section 6 of the Act,\7\ in general, and with
sections 6(b)(5) and (6) of the Act,\8\ in particular, in that the
proposal is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, and, in
general, to protect investors and the public interest, and is further
designed to provide that Nasdaq members, or persons associated with its
members, are appropriately disciplined for violations of any provisions
of the Act or Nasdaq rules. The extension of the pilot program is
consistent with Nasdaq's obligations under the Act, because cease and
desist orders are designed to stop violative conduct that is likely to
cause dissipation or conversion of assets or other significant harm to
investors.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 15 U.S.C. 78f(b)(5) and (6).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
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
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, it has become
effective pursuant to section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\ 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Nasdaq has requested that the Commission waive the 5-day pre-filing
notice requirement and the 30-day operative delay of the proposal.
Nasdaq represents that such waivers will allow Nasdaq to implement the
proposed rule change prior to the time of the expiration of the current
pilot. The Commission believes that it is consistent with the
protection of investors and the public interest to waive the 5-day pre-
filing notice requirement and 30-day operative delay and make this
proposed rule change immediately effective.\11\ The Commission believes
that the waiver will allow Nasdaq to continue, without interruption,
the existing operation of the pilot until June 23, 2009.
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\11\ For purposes only of waiving the 30-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).
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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-2007-060 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-2007-060. This
file number should be included on the subject line if e-mail is used.
To help the
[[Page 41563]]
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-2007-060 and should be submitted
on or before August 20, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-14605 Filed 7-27-07; 8:45 am]
BILLING CODE 8010-01-P
