Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Equity Securities Using Alternative Settlement Processes in Nasdaq's PORTAL System, 10852-10854 [E8-3733]
Download as PDF
<![CDATA[
10852
Federal Register / Vol. 73, No. 40 / Thursday, February 28, 2008 / Notices
In addition, DTC proposes that under no
circumstance shall DTC be liable for
selecting or accepting any third party as
an agent of DTC, including a transfer
agent participating in the FAST
Program.
DTC believes the proposed rule
change is consistent with the
requirements of Section 17A of the Act,
as amended,18 and the rules and
regulations thereunder because it
improves standards relating to the
eligibility of transfer agents and issues
for its FAST and DRS programs. As
such, it assures the safeguarding of
securities and funds which are in the
custody or control of DTC or for which
it is responsible.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
DTC 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
DTC has neither solicited nor received
written comments on the proposed rule
change.19
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five 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 ninety 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 self-regulatory
organization 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
rwilkins on PROD1PC63 with NOTICES
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:
18 15
U.S.C. 78q–1.
Commission received 29 comment letters
to DTC’s proposed rule change as amended by
Amendments 1 and 2. The comment letters can be
found at https://www.sec.gov/comments/sr-dtc-200616/dtc200616.shtml.
19 The
VerDate Aug<31>2005
18:23 Feb 27, 2008
Jkt 214001
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–DTC–2006–16 in 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57368; File No. SR–
NASDAQ–2008–011]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Equity Securities Using Alternative
Settlement Processes in Nasdaq’s
PORTAL System
February 21, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
All submissions should refer to File
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Number SR–DTC–2006–16. This file
notice is hereby given that on February
number should be included on the
7, 2008, The NASDAQ Stock Market
subject line if e-mail is used. To help the
LLC (‘‘Nasdaq’’) filed with the Securities
Commission process and review your
and Exchange Commission
comments more efficiently, please use
only one method. The Commission will (‘‘Commission’’) the proposed rule
post all comments on the Commission’s change as described in Items I, II, and
III below, which Items have been
Internet Web site (https://www.sec.gov/
prepared primarily by Nasdaq. Nasdaq
rules/sro.shtml). Copies of the
has filed the proposal pursuant to
submission, all subsequent
Section 19(b)(3)(A)(iii) of the Act 3 and
amendments, all written statements
Rule 19b–4(f)(6) thereunder 4 so that the
with respect to the proposed rule
proposal was effective upon filing with
change that are filed with the
the Commission. The Commission is
Commission, and all written
publishing this notice to solicit
communications relating to the
comments on the proposed rule change
proposed rule change between the
Commission and any person, other than from interested persons.
those that may be withheld from the
I. Self-Regulatory Organization’s
public in accordance with the
Statement of the Terms of Substance of
provisions of 5 U.S.C. 552, will be
the Proposed Rule Change
available for inspection and copying in
Nasdaq proposes to allow issuers of
the Commission’s Public Reference
PORTAL equity securities to select
Section, 100 F Street, NE., Washington,
settlement procedures that do not
DC 20549 on official business days
involve submission to The Depository
between the hours of 10 a.m. and 3:30
Trust Company (‘‘DTC’’).
p.m. Copies of such filings also will be
available for inspection and copying at
II. Self-Regulatory Organization’s
the principal office of the DTC and on
Statement of the Purpose of, and
the DTC’s Web site, https://
Statutory Basis for, the Proposed Rule
www.dtcc.com. All comments received
Change
will be posted without change; the
Commission does not edit personal
In its filing with the Commission,
identifying information from
Nasdaq included statements concerning
submissions. You should submit only
the purpose of and basis for the
information that you wish to make
proposed rule change and discussed any
available publicly. All submissions
comments it received on the proposed
should refer to File Number SR–DTC–
rule change. The text of these statements
2006–16 and should be submitted on or may be examined at the places specified
before March 20, 2008.
in Item IV below. Nasdaq has prepared
For the Commission by the Division of
summaries, set forth in Sections A, B,
Trading and Markets, pursuant to delegated
and C below, of the most significant
authority.20
aspects of such statements.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–3730 Filed 2–27–08; 8:45 am]
BILLING CODE 8011–01–P
20 17
PO 00000
Fmt 4703
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
CFR 200.30–3(a)(12).
Frm 00114
1 15
Sfmt 4703
E:\FR\FM\28FEN1.SGM
28FEN1
rwilkins on PROD1PC63 with NOTICES
Federal Register / Vol. 73, No. 40 / Thursday, February 28, 2008 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Currently, in order to qualify for
inclusion in Nasdaq’s PORTAL Market
(‘‘PORTAL’’), an equity security must be
depository eligible.5 Recently, however,
issuers and market participants have
implemented alternative regular way
non-DTC settlement arrangements for a
small subset of Commission Rule 144A
equity offerings in order to ensure
compliance with various regulatory
obligations or trading conditions for the
security imposed by its issuer including
monitoring the number of record
holders for purposes of determining the
issuer’s reporting obligations under
Section 12(g) of the Act. These
alternative settlement arrangements are
generally implemented through the
execution of written agreements among
the market participants that obligate
them to settle transactions in
accordance with the alternative
settlement process. Having agreed to
follow and be subject to the alternative
settlement process, approved
participants are then given authorizing
credentials that allow them to engage in
transactions in the alternative
settlement security with other
preapproved counter-parties. This
process enhances the likelihood that
trades in such securities settle
appropriately.
In order to provide the enhanced
functionality and transparency of the
PORTAL system to such issuers, Nasdaq
proposes to allow restricted securities
using such alternative settlement
processes access to PORTAL. Under the
proposal, issuers of Rule 144A equity
securities, as defined in Rule 6501(c) of
the PORTAL Market rules (‘‘PORTAL
Equity Securities’’), that intend to use
an alternative settlement process would
have their issues designated as PORTAL
Equity Securities, which would permit
such PORTAL Equity Securities to be
quoted, traded, and reported for
dissemination and regulatory purposes
through the PORTAL System like other
PORTAL Equity Securities. In order to
qualify for PORTAL designation, the
alternative settlement security must use
an alternative settlement process that:
(1) Is mandated by the issuer; (2)
provides adequate disclosure to
investors of the existence of the
alternative settlement process, and (3)
includes information, technology, and
procedures sufficient for Nasdaq to send
5 Rule 6502(b)(1)(C). Nasdaq defines ‘‘depository
eligible’’ in Rule 11310. Although not specifically
required, the primary securities depository for
Nasdaq transactions is DTC.
VerDate Aug<31>2005
18:23 Feb 27, 2008
Jkt 214001
and receive transaction and other
information necessary to the effectuate
the process. For qualified alternative
settlement securities, the PORTAL
system will establish communication
linkages and processes with the
operators of alternative settlement
processes that will be used to seek to
ensure that only PORTAL market
participants that have met the
prerequisites for participation in the
process enter indicative quotes, orders,
or execute a trade through the PORTAL
System in the alternative settlement
security. For example, the PORTAL
system will regularly communicate with
operators of alternative settlement
processes and will prevent entities that
have not been approved by those
operators from entering quotes or orders
in the particular alternative settlement
security into PORTAL. Once a trade in
a PORTAL Equity Security that relies
upon an alternative settlement process
is consummated, details of the trade
will be provided to the alternative
settlement process by the PORTAL
system.
Nasdaq believes that the above
proposal enhances the flexibility for
issuers of Commission Rule 144 equity
securities to choose a non-DTC
settlement process that meets their
needs and also increases the efficiency
and transparency of the trading in such
issues through access to the PORTAL
system.
Nasdaq states that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,6 in general, and
with Sections 6(b)(5) of the Act,7 in
particular, in that the proposal is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. Nasdaq believes that
offering access to its PORTAL system to
equity securities that rely on an
alternative settlement processes will
enhance the efficiency and transparency
of the trading of such securities and will
facilitate the reporting of trades in such
securities.
6 15
7 15
PO 00000
U.S.C. 78f.
U.S.C. 78f(b)(5).
Frm 00115
Fmt 4703
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
Nasdaq did not solicit or receive
written comments on the proposed rule
change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(6) thereunder 9 because it does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate. At
any time within 60 days of the filing of
the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–NASDAQ–2008–011 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 No.
SR–NASDAQ–2008–011. This file
8 15
9 17
Sfmt 4703
10853
E:\FR\FM\28FEN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
28FEN1
10854
Federal Register / Vol. 73, No. 40 / Thursday, February 28, 2008 / Notices
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
Nasdaq’s principal office. 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 No. SR–NASDAQ–
2008–011 and should be submitted on
or before March 20, 2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–3733 Filed 2–27–08; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 6099]
rwilkins on PROD1PC63 with NOTICES
Announcement of Meetings of the
International Telecommunication
Advisory Committee
SUMMARY: This notice announces
meetings of the International
Telecommunication Advisory
Committee (ITAC) to prepare for
meetings of International
Telecommunication Union
Telecommunication Standardization
Sector (ITU–T) technical Study Groups
Sixteen (Multimedia terminals, systems
and applications), and Seventeen
(Security, languages and
telecommunication software); an ITAC
meeting to begin preparation of advice
on the World Telecommunication
10 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
18:23 Feb 27, 2008
Standardization Assembly 2008 (WTSA
08) and other related meetings of the
ITU; and meetings in preparation for a
meeting of the Organization of
American States Inter-American
Telecommunication Commission
(CITEL) Permanent Consultative
Committee II (PCC.II)
(Radiocommunication including
Broadcasting).
The ITAC will meet to begin
preparation of advice for the
government on the ITU World
Telecommunication Standardization
Assembly 2008 (WTSA 08) and related
meetings such as the
Telecommunication Sector Advisory
Group (TSAG), various groups meeting
on the International Telecommunication
Regulations, cybersecurity, and other
subjects relevant to the ITU–T for the
coming 12 months. The meeting will be
held on Monday afternoon March 17,
2008 2–4 p.m. EST hosted by AT&T,
1120 20th Street, 10th floor,
Washington, DC. The ITAC will hold
further meetings with similar agendas
on April 24, May 12, and June 17.
Federal Register notices will be
published for each of these meetings
with the specific agenda and meeting
details, at the appropriate time.
The ITAC will meet to prepare advice
on submission of contributions to CITEL
PCC.II on March 25, April 1 and April
8, 2008, 2–4 p.m. at the Federal
Communications Commission, 445 12th
Street, SW., Washington, DC.
The ITAC will meet to prepare advice
on submission of contributions to
ITU–T SG17 on March 20, 2008, 10 a.m.
to noon EST, by conference call. Call in
information is either +1 210 839–8500
or 1 888 455–9640, passcode 52902.
The ITAC will meet to prepare advice
on submission of contributions to
ITU–T SG16 on April 24, 2008
beginning at 10 a.m. EST, by conference
call. People desiring to participate in
this meeting should call either +1 210
839–8500 or 1 888 455–9640, passcode
52902.
All these meetings are open to the
public as seating capacity allows. The
public will have an opportunity to
provide comments at these meetings.
People desiring further information on
these meetings may apply to the
secretariat at minardje@state.gov.
Dated: February 19, 2008.
Richard C. Beaird,
International Communications & Information
Policy, Department of State.
[FR Doc. E8–3815 Filed 2–27–08; 8:45 am]
BILLING CODE 4710–07–P
Jkt 214001
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Notice of Intent To Rule on Change in
Use of Aeronautical Property at
Louisville International Airport,
Louisville, KY
Federal Aviation
Administration (FAA), Department of
Transportation (DOT).
ACTION: Request for public comment.
AGENCY:
SUMMARY: The FAA is requesting public
comment on the request by the
Louisville Regional Airport Authority to
change a portion of airport property
from aeronautical to non-aeronautical
use at the Louisville International
Airport, Louisville, Kentucky. The
request consists approximately of 8.65
acres of formal release. This action is
taken under the provisions of Section
125 of the Wendell H. Ford Aviation
Investment Reform Act for the 21st
Century (AIR 21).
DATES: Comments must be received on
or before March 31, 2008.
ADDRESSES: Comments on this notice
may be mailed or delivered in triplicate
to the FAA at the following address:
Memphis Airports District Office, 2862
Business Park Drive, Building G,
Memphis, TN 38118.
In addition, one copy of any
comments submitted to the FAA must
be mailed or delivered to Mr. Charles T.
Miller, Executive Director, Louisville
Regional Airport Authority, P.O. Box
9129, Louisville, KY 40209–0129.
FOR FURTHER INFORMATION CONTACT: Mr.
Tommy L. Dupree, Team Lead/Civil
Engineer, Federal Aviation
Administration, Memphis Airports
District Office, 2862 Business Park
Drive, Building G, Memphis, TN 38118,
(901) 322–8185. The application may be
reviewed in person at this same
location, by appointment.
SUPPLEMENTARY INFORMATION: The FAA
proposes to rule and invites public
comment on the request to release
approximately 8.65 acres at the
Louisville International Airport,
Louisville, KY. Under the provisions of
AIR 21 (49 U.S.C. 47107(h)(2)).
On February 20, 2008, the FAA
determined that the request to release
property at the Louisville International
Airport submitted by the airport owner
meets the procedural requirements of
the Federal Aviation Administration.
The FAA may approve the request, in
whole or in part, no later than March 31,
2008.
The following is a brief overview of
the request:
E:\FR\FM\28FEN1.SGM
28FEN1
]]>Agencies
[Federal Register Volume 73, Number 40 (Thursday, February 28, 2008)]
[Notices]
[Pages 10852-10854]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3733]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57368; File No. SR-NASDAQ-2008-011]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Equity Securities Using Alternative Settlement Processes in
Nasdaq's PORTAL System
February 21, 2008.
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 February 7, 2008, The NASDAQ Stock Market LLC (``Nasdaq'') 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 prepared primarily by Nasdaq. Nasdaq has filed the
proposal pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder \4\ so that the proposal was effective upon
filing with the Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\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 to allow issuers of PORTAL equity securities to
select settlement procedures that do not involve submission to The
Depository Trust Company (``DTC'').
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.
[[Page 10853]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
Currently, in order to qualify for inclusion in Nasdaq's PORTAL
Market (``PORTAL''), an equity security must be depository eligible.\5\
Recently, however, issuers and market participants have implemented
alternative regular way non-DTC settlement arrangements for a small
subset of Commission Rule 144A equity offerings in order to ensure
compliance with various regulatory obligations or trading conditions
for the security imposed by its issuer including monitoring the number
of record holders for purposes of determining the issuer's reporting
obligations under Section 12(g) of the Act. These alternative
settlement arrangements are generally implemented through the execution
of written agreements among the market participants that obligate them
to settle transactions in accordance with the alternative settlement
process. Having agreed to follow and be subject to the alternative
settlement process, approved participants are then given authorizing
credentials that allow them to engage in transactions in the
alternative settlement security with other preapproved counter-parties.
This process enhances the likelihood that trades in such securities
settle appropriately.
---------------------------------------------------------------------------
\5\ Rule 6502(b)(1)(C). Nasdaq defines ``depository eligible''
in Rule 11310. Although not specifically required, the primary
securities depository for Nasdaq transactions is DTC.
---------------------------------------------------------------------------
In order to provide the enhanced functionality and transparency of
the PORTAL system to such issuers, Nasdaq proposes to allow restricted
securities using such alternative settlement processes access to
PORTAL. Under the proposal, issuers of Rule 144A equity securities, as
defined in Rule 6501(c) of the PORTAL Market rules (``PORTAL Equity
Securities''), that intend to use an alternative settlement process
would have their issues designated as PORTAL Equity Securities, which
would permit such PORTAL Equity Securities to be quoted, traded, and
reported for dissemination and regulatory purposes through the PORTAL
System like other PORTAL Equity Securities. In order to qualify for
PORTAL designation, the alternative settlement security must use an
alternative settlement process that: (1) Is mandated by the issuer; (2)
provides adequate disclosure to investors of the existence of the
alternative settlement process, and (3) includes information,
technology, and procedures sufficient for Nasdaq to send and receive
transaction and other information necessary to the effectuate the
process. For qualified alternative settlement securities, the PORTAL
system will establish communication linkages and processes with the
operators of alternative settlement processes that will be used to seek
to ensure that only PORTAL market participants that have met the
prerequisites for participation in the process enter indicative quotes,
orders, or execute a trade through the PORTAL System in the alternative
settlement security. For example, the PORTAL system will regularly
communicate with operators of alternative settlement processes and will
prevent entities that have not been approved by those operators from
entering quotes or orders in the particular alternative settlement
security into PORTAL. Once a trade in a PORTAL Equity Security that
relies upon an alternative settlement process is consummated, details
of the trade will be provided to the alternative settlement process by
the PORTAL system.
Nasdaq believes that the above proposal enhances the flexibility
for issuers of Commission Rule 144 equity securities to choose a non-
DTC settlement process that meets their needs and also increases the
efficiency and transparency of the trading in such issues through
access to the PORTAL system.
Nasdaq states that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\6\ in general, and with Sections
6(b)(5) of the Act,\7\ in particular, in that the proposal is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Nasdaq believes that
offering access to its PORTAL system to equity securities that rely on
an alternative settlement processes will enhance the efficiency and
transparency of the trading of such securities and will facilitate the
reporting of trades in such securities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Nasdaq did not solicit or receive written comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder \9\
because it does not: (1) Significantly affect the protection of
investors or the public interest; (2) impose any significant burden on
competition; and (3) become operative for 30 days from the date on
which it was filed, or such shorter time as the Commission may
designate. 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.
---------------------------------------------------------------------------
\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 No. SR-NASDAQ-2008-011 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 No. SR-NASDAQ-2008-011. This file
[[Page 10854]]
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 Nasdaq's principal office. 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 No. SR-NASDAQ-2008-011 and should be
submitted on or before March 20, 2008.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E8-3733 Filed 2-27-08; 8:45 am]
BILLING CODE 8011-01-P
