Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Applicability to Limited Partnerships of Nasdaq's Direct Registration Program Requirements, 68228-68229 [E7-23397]

Download as PDF 68228 Federal Register / Vol. 72, No. 232 / Tuesday, December 4, 2007 / Notices SECURITIES AND EXCHANGE COMMISSION and (C) below, of the most significant aspects of these statements.3 form, which will facilitate the settlement of securities transactions. [Release No. 34–56825; File No. SR– NASDAQ–2007–066] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change B. Self-Regulatory Organization’s Statement on Burden on Competition Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Applicability to Limited Partnerships of Nasdaq’s Direct Registration Program Requirements November 20, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on July 12, 2007, NASDAQ Stock Market LLC (‘‘Nasdaq’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, II, and III below, which items have been prepared primarily by Nasdaq. The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to clarify that the requirement that all issuers be eligible to participate in the Direct Registration Program (‘‘DRS’’) also applies to issuers that are limited partnerships. The text of the proposed rule change is below.2 4360. Qualitative Listing Requirements for Nasdaq Issuers That Are Limited Partnerships (a)–(i) No Change. (j) Each issuer that is a limited partnership must comply with the requirements to be eligible for a Direct Registration Program, as described in Rule 4350(l). * * * * * mstockstill on PROD1PC66 with NOTICES 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), 1 15 U.S.C. 78s(b)(1). are to the rule text that appears in the electronic manual of Nasdaq found at https:// www.complinet.com/nasdaq. 2 Changes VerDate Aug<31>2005 17:38 Dec 03, 2007 Jkt 214001 1. Purpose In August 2006, the Commission approved changes to Nasdaq Rule 4350(l) to require that Nasdaq-listed securities be eligible to participate in a direct registration program.4 This requirement is currently applicable to newly listing companies and on January 1, 2008, will be fully implemented when all Nasdaq-listed securities will be required to be eligible. In proposing this requirement, Nasdaq intended that the requirement apply to all listed securities except non-equity securities which are book-entry-only.5 However, Rule 4350 does not apply to Nasdaq issuers that are limited partnerships. This filing addresses that oversight by adopting in Rule 4360, which does apply to limited partnerships, the requirement that each issuer be eligible for DRS, as described in Rule 4350(l). 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the requirements of Section 6 of the Act 6 in general and particularly with Section 6(b)(5) of the Act 7 in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transaction in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. Nasdaq believes that requiring securities to be eligible to use DRS will make it easier to trade securities in book-entry 3 The Commission has modified the text of the summaries prepared by the Nasdaq. 4 Securities Exchange Act Release No. 54288 (August 8, 2007), 71 FR 47276 (August 16, 2007) [File No. SR–NASDAQ–2006–008] (order approving listing standards requiring DRS eligibility) (‘‘Approval Order’’). 5 The Approval Order states, ‘‘In order to reduce the number of transactions in securities for which settlement is effected by the physical delivery of securities certificates and thereby reduce the risks, costs, and delays associated with the physical delivery of securities certificates, Nasdaq is proposing to add new Section (l) to its rule 4350 to require that all listed securities be eligible to participate in DRS.’’ 6 15 U.S.C. 78o–3. 7 15 U.S.C. 78o–3(b)(6). PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 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 No written comments relating to the proposed rule change have been solicited or received. Nasdaq will notify the Commission of any written comments received by Nasdaq. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(6) 9 thereunder in that it (1) does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; (iii) by its terms, does not become operative for 30 days after the date of the filing. As such, this proposed rule change is effective upon the Commission’s receipt of this filing pursuant to Section 19(b)(3) and rule 19b–4(f)(6) thereunder. At any time within sixty days of the filing of such 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–NASDAQ–2007–066 on the subject line. 8 15 9 17 E:\FR\FM\04DEN1.SGM U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 04DEN1 Federal Register / Vol. 72, No. 232 / Tuesday, December 4, 2007 / Notices 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–2007–066. 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 filings also will be available for inspection and copying at the principal office of Nasdaq and on Nasdaq’s Web site, https:// www.complinet.com/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–2007–066 and should be submitted on or before December 26, 2007. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Nancy M. Morris, Secretary. [FR Doc. E7–23397 Filed 12–3–07; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. Notice of reporting requirements submitted for OMB review. mstockstill on PROD1PC66 with NOTICES AGENCY: ACTION: SUMMARY: Under the provisions of the Paperwork Reduction Act (44 U.S.C. 10 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 17:38 Dec 03, 2007 Jkt 214001 Chapter 35), agencies are required to submit proposed reporting and recordkeeping requirements to OMB for review and approval, and to publish a notice in the Federal Register notifying the public that the agency has made such a submission. DATES: Submit comments on or before January 3, 2008. If you intend to comment but cannot prepare comments promptly, please advise the OMB Reviewer and the Agency Clearance Officer before the deadline. Copies: Request for clearance (OMB 83–1), supporting statement, and other documents submitted to OMB for review may be obtained from the Agency Clearance Officer. ADDRESSES: Address all comments concerning this notice to: Agency Clearance Officer, Jacqueline White, Small Business Administration, 409 3rd Street, SW., 5th Floor, Washington, DC 20416; and OMB Reviewer, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Jacqueline White, Agency Clearance Officer, (202) 205–7044. SUPPLEMENTARY INFORMATION: Title: SBA Express and Patriot Express Information. No: 1919, 1920SX, A, B, C, 2237, 2238. Frequency: On Occasion. Description of Respondents: Small Business Clients. Responses: 68,923. Annual Burden: 60,308. Jacqueline White, Chief, Administrative Information Branch. [FR Doc. E7–23404 Filed 12–3–07; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11079 and #11080] California Disaster Number CA–00074 U.S. Small Business Administration. ACTION: Amendment 1. AGENCY: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of California (FEMA–1731–DR), dated 10/24/2007. Incident: Wildfires. Incident Period: 10/21/2007 and Continuing. Effective Date: 11/20/2007. Physical Loan Application Deadline Date: 01/09/2008. EIDL Loan Application Deadline Date: 07/24/2008. PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 68229 Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for the State of California, dated 10/24/2007 is hereby amended to extend the deadline for filing applications for physical damages as a result of this disaster to 01/09/2008. All other information in the original declaration remains unchanged. ADDRESSES: (Catalog of Federal Domestic Assistance Numbers 59002 and 59008). James E. Rivera, Acting Associate Administrator for Disaster Assistance. [FR Doc. E7–23486 Filed 12–3–07; 8:45 am] BILLING CODE 8025–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Fuel Flowmeters Technical Standard Order TSO–C44d Revision Federal Aviation Administration, DOT. ACTION: Notice of availability and request for public comment. AGENCY: SUMMARY: The TSO tells manufacturers seeking TSO authorization or letter of design approval (LODA) what minimum performance standards (MPS) their Fuel Flowmeter must first meet for approval and identification with the applicable TSO markings. This notice announces the cancellation of TSO–C44c, and request public comments on the proposed revision (TSO–C44d) to the cancelled TSO–C44c. DATES: Comments must be received on or before January 3, 2008. ADDRESSES: Send all comments on the proposed revision TSO–44d to: Federal Aviation Administration, Aircraft Certification Service, Aircraft Engineering Division, Room 815, 800 Independence Avenue, SW., Washington, DC 20591. ATTN: Jim Kabbara, AIR–120. You may deliver comments to: Federal Aviation Administration, Room 815, 800 Independence Avenue, SW., Washington, DC, 20591, or electronically submit comments to the following Internet address: 9–AWA– AVR–AIR–TSO44d–Comments@faa.gov. E:\FR\FM\04DEN1.SGM 04DEN1

Agencies

[Federal Register Volume 72, Number 232 (Tuesday, December 4, 2007)]
[Notices]
[Pages 68228-68229]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23397]



[[Page 68228]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56825; File No. SR-NASDAQ-2007-066]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Clarify the Applicability to Limited Partnerships of Nasdaq's Direct 
Registration Program Requirements

November 20, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 12, 2007, NASDAQ 
Stock Market LLC (``Nasdaq'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule change described in Items 
I, II, and III below, which items have been prepared primarily by 
Nasdaq. The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Nasdaq proposes to clarify that the requirement that all issuers be 
eligible to participate in the Direct Registration Program (``DRS'') 
also applies to issuers that are limited partnerships. The text of the 
proposed rule change is below.\2\
---------------------------------------------------------------------------

    \2\ Changes are to the rule text that appears in the electronic 
manual of Nasdaq found at https://www.complinet.com/nasdaq.
---------------------------------------------------------------------------

4360. Qualitative Listing Requirements for Nasdaq Issuers That Are 
Limited Partnerships
    (a)-(i) No Change.
    (j) Each issuer that is a limited partnership must comply with the 
requirements to be eligible for a Direct Registration Program, as 
described in Rule 4350(l).
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Nasdaq included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. Nasdaq has prepared summaries, set forth in sections 
(A), (B), and (C) below, of the most significant aspects of these 
statements.\3\
---------------------------------------------------------------------------

    \3\ The Commission has modified the text of the summaries 
prepared by the Nasdaq.
---------------------------------------------------------------------------

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In August 2006, the Commission approved changes to Nasdaq Rule 
4350(l) to require that Nasdaq-listed securities be eligible to 
participate in a direct registration program.\4\ This requirement is 
currently applicable to newly listing companies and on January 1, 2008, 
will be fully implemented when all Nasdaq-listed securities will be 
required to be eligible. In proposing this requirement, Nasdaq intended 
that the requirement apply to all listed securities except non-equity 
securities which are book-entry-only.\5\ However, Rule 4350 does not 
apply to Nasdaq issuers that are limited partnerships. This filing 
addresses that oversight by adopting in Rule 4360, which does apply to 
limited partnerships, the requirement that each issuer be eligible for 
DRS, as described in Rule 4350(l).
---------------------------------------------------------------------------

    \4\ Securities Exchange Act Release No. 54288 (August 8, 2007), 
71 FR 47276 (August 16, 2007) [File No. SR-NASDAQ-2006-008] (order 
approving listing standards requiring DRS eligibility) (``Approval 
Order'').
    \5\ The Approval Order states, ``In order to reduce the number 
of transactions in securities for which settlement is effected by 
the physical delivery of securities certificates and thereby reduce 
the risks, costs, and delays associated with the physical delivery 
of securities certificates, Nasdaq is proposing to add new Section 
(l) to its rule 4350 to require that all listed securities be 
eligible to participate in DRS.''
---------------------------------------------------------------------------

2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the requirements of Section 6 of the Act \6\ in general and 
particularly with Section 6(b)(5) of the Act \7\ in that it is designed 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transaction in securities, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general, to protect investors and the public interest 
and is not designed to permit unfair discrimination between customers, 
issuers, brokers, or dealers. Nasdaq believes that requiring securities 
to be eligible to use DRS will make it easier to trade securities in 
book-entry form, which will facilitate the settlement of securities 
transactions.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78o-3.
    \7\ 15 U.S.C. 78o-3(b)(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

    No written comments relating to the proposed rule change have been 
solicited or received. Nasdaq will notify the Commission of any written 
comments received by Nasdaq.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective upon filing pursuant 
to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) \9\ 
thereunder in that it (1) does not significantly affect the protection 
of investors or the public interest; (ii) does not impose any 
significant burden on competition; (iii) by its terms, does not become 
operative for 30 days after the date of the filing. As such, this 
proposed rule change is effective upon the Commission's receipt of this 
filing pursuant to Section 19(b)(3) and rule 19b-4(f)(6) thereunder. At 
any time within sixty days of the filing of such 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.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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-2007-066 on the subject line.

[[Page 68229]]

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-2007-066. 
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 filings also will be available for 
inspection and copying at the principal office of Nasdaq and on 
Nasdaq's Web site, https://www.complinet.com/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-2007-066 and should 
be submitted on or before December 26, 2007.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E7-23397 Filed 12-3-07; 8:45 am]
BILLING CODE 8011-01-P
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