Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Letters of Guarantee for Options Participants, 46668-46670 [E8-18383]
Download as PDF
<![CDATA[
46668
Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices
comments from members or other
interested parties.
Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6)
thereunder 10 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 filing, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest.11
The Exchange has asked the
Commission to waive the 30-day
operative delay and designate the
proposed rule change as operative upon
filing. The Commission hereby grants
the Exchange’s request and believes that
doing so is consistent with the
protection of investors and the public
interest.12 The Exchange’s proposed
rule change is based on a similar
proposal that was previously approved
by the Commission 13 and does not raise
any novel or significant issues.
Therefore, the Commission designates
the proposed rule change operative
upon filing.
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.
Electronic Comments
[Release No. 34–58282; File No. SR–
NASDAQ–2008–067]
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.
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the self-regulatory
organization to give the Commission 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 filing of the proposed rule change, or such
shorter time as designated by the Commission. ISE
has satisfied this requirement.
12 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).
13 See Securities Exchange Act Release No. 58119
(July 8, 2008), 73 FR 40646 (July 15, 2008) (SR–
CBOE–2008–53).
rmajette on PRODPC74 with NOTICES
10 17
VerDate Aug<31>2005
15:22 Aug 08, 2008
Jkt 214001
• 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–2008–62 on the subject
line.
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding
Letters of Guarantee for Options
Participants
August 1, 2008.
Paper Comments
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 29,
2008, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) filed with the Securities and
All submissions should refer to File
Exchange Commission (‘‘Commission’’)
Number SR–ISE–2008–62. This file
the proposed rule change as described
number should be included on the
in Items I, II, and III below, which Items
subject line if e-mail is used. To help the have been prepared by Nasdaq. Nasdaq
Commission process and review your
has designated the proposed rule change
comments more efficiently, please use
as constituting a non-controversial rule
only one method. The Commission will change under Rule 19b–4(f)(6) under the
post all comments on the Commission’s Act,3 which renders the proposal
Internet Web site (https://www.sec.gov/
effective upon filing with the
rules/sro.shtml). Copies of the
Commission. The Commission is
submission, all subsequent
publishing this notice to solicit
amendments, all written statements
comments on the proposed rule change
with respect to the proposed rule
from interested persons.
change that are filed with the
I. Self-Regulatory Organization’s
Commission, and all written
Statement of the Terms of the Substance
communications relating to the
of the Proposed Rule Change
proposed rule change between the
Commission and any person, other than
Nasdaq is filing a proposed rule
those that may be withheld from the
change for the NASDAQ Options Market
public in accordance with the
(‘‘NOM’’) to modify Chapter VII, Section
provisions of 5 U.S.C. 552, will be
8 of its options rules to require Letters
available for inspection and copying in
of Guarantee for each options
the Commission’s Public Reference
participant, rather than each market
Room, 100 F Street, NE., Washington,
maker.
DC 20549, on official business days
The text of the proposed rule change
between the hours of 10 a.m. and 3 p.m. is below. Proposed new language is in
Copies of such filing also will be
italics; proposed deletions are in
brackets.4
available for inspection and copying at
the principal office of the Exchange. All *
*
*
*
*
comments received will be posted
Chapter VII Market Participants
without change; the Commission does
not edit personal identifying
*
*
*
*
*
information from submissions. You
Sec. 8 Letters of Guarantee
should submit only information that
(a) Required of Each Options
you wish to make publicly available. All
Participant [Market Maker]. No Options
submissions should refer to File
Number SR–ISE–2008–62 and should be Participant [Market Maker] shall make
any transactions on NOM unless a Letter
submitted on or before September 2,
of Guarantee has been issued for such
2008.
Participant by a Clearing Participant and
For the Commission, by the Division of
filed with Nasdaq Regulation, and
Trading and Markets, pursuant to delegated
unless such Letter of Guarantee has not
14
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, Station Place, 100 F Street,
NE., Washington, DC 20549–1090.
authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–18367 Filed 8–8–08; 8:45 am]
BILLING CODE 8010–01–P
14 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00087
Fmt 4703
Sfmt 4703
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
4 Changes are marked to the rule text that appears
in the electronic manual of The NASDAQ Stock
Market, LLC found at https://
nasdaq.cchwallstreet.com/.
2 17
E:\FR\FM\11AUN1.SGM
11AUN1
Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices
been revoked pursuant to paragraph (c)
of this Section.
(b)–(c) No change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
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.
rmajette on PRODPC74 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq has determined that requiring
a Letter of Guarantee for each options
participant would decrease the
individual risk exposure of each options
participant as well as the systemic risk
of exposure to Nasdaq’s options
marketplace. Requiring a Letter of
Guarantee of market makers provides a
measure of protection but it does not
provide protection with respect to
options participants that enter orders
and liquidity into the market in the
same fashion as market makers but to a
lesser degree. It will also provide
incremental protection to clearing
brokers by providing advanced notice
and requiring acknowledgment that a
new firm will be using their clearing
services.
Nasdaq’s determination is based in
part on conversations with current
options participants as well as potential
options participants. It is also based on
Rule 3.28 of the Chicago Board Options
Exchange which requires letters of
guarantee for all trading activity on that
exchange regardless of whether the firm
is a registered specialist or not. In
addition, all options participants are
required by Chapter VI, Section 15 of
Nasdaq’s options rules to document its
relationship with a clearing firm by
submitting one of several documents,
including a Letter of Guarantee.
Nasdaq will work with its
membership to ensure full and timely
compliance with this proposed rule
change. While many members are
familiar with Letters of Guarantee
through, for example, compliance with
Chapter VI, Section 15 or their
membership at other exchanges, Nasdaq
VerDate Aug<31>2005
15:22 Aug 08, 2008
Jkt 214001
will provide all members 45 days from
the date of filing of the proposed rule
change to comply with the new
requirement. In addition, Nasdaq will
issue an Options Trader Alert to
members explaining the new
requirement and providing notice of the
compliance date.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the
Securities Exchange Act of 1934, in
general and with Section 6(b)(5) of the
Act, in particular, in that it is designed
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 are not designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers,
or to regulate by virtue of any authority
conferred by this title matters not
related to the purposes of this title or
the administration of the exchange. The
proposed changes are consistent with
the statute in that they are designed to
facilitate transactions in options on the
Nasdaq Options Market by minimizing
counter-party risk and encouraging
participants to provide liquidity in
Quarterly Options Series.
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. To the
contrary, the proposal is designed to
enhance competition and is based upon
the rules of another national securities
exchange that trades standardized
options.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments 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
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
46669
19(b)(3)(A) of the Act 5 and Rule 19b–
4(f)(6) thereunder.6 Nasdaq will make
the proposed rule change operative 45
days from the date of filing this
proposal.
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
Number SR–NASDAQ–2008–067 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2008–067. 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
5 15
6 17
E:\FR\FM\11AUN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11AUN1
46670
Federal Register / Vol. 73, No. 155 / Monday, August 11, 2008 / Notices
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 Number SR–
NASDAQ–2008–067, and should be
submitted on or before September 2,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–18383 Filed 8–8–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58299; File No. SR–NYSE–
2008–68]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Enable the Exchange To Determine
That a Company Meets the Exchange’s
Market Value Requirements by Relying
on a Third-Party Valuation of the
Company
August 4, 2008.
rmajette on PRODPC74 with NOTICES
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’),2 and Rule 19b–4
thereunder,3 notice is hereby given that
on July 31, 2008, New York Stock
Exchange LLC (the ‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission the proposed
rule changes as described in Items I, II
and III below, which items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
changes from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
sections 102.01B and 102.01C of the
Exchange’s Listed Company Manual
(the ‘‘Manual’’) to provide that the
Exchange will, on a case by case basis,
exercise discretion to list a company
whose stock is not previously registered
under the Exchange Act, where such a
company is listing without a related
underwritten offering upon
effectiveness of a registration statement
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
215 U.S.C. 78a.
317 CFR 240.19b–4.
15:22 Aug 08, 2008
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
self-regulatory organization 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 NYSE has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
sections 102.01B and 102.01C of the
Manual to provide that the Exchange
will, on a case by case basis, exercise
discretion to list a company whose stock
is not previously registered under the
Exchange Act, where such a company is
listing without a related underwritten
offering upon effectiveness of a
registration statement registering only
the resale of shares sold by the company
in earlier private placements. The
proposed amendment would allow the
Exchange to determine that such a
company has met its market value
requirements by relying on a third-party
valuation of the company.
Section 102.01B of the Manual
requires that companies listing on the
Exchange in connection with their
initial public offering (‘‘IPO’’) or as a
result of a spin-off or under the
Affiliated Company standard must have
$60 million in market value of publiclyheld shares at the time of listing and all
other companies must have a market
value of publicly-held shares of $100
million.4 In addition, the Valuation/
Revenue with Cash Flow, Pure
4 Shares held by directors, officers, or their
immediate families and other concentrated holding
of 10 percent or more are excluded in calculating
the number of publicly-held shares.
115
VerDate Aug<31>2005
registering only the resale of shares sold
by the company in earlier private
placements. The proposed amendment
would permit the Exchange to
determine that such a company has met
its market value requirements by relying
on a third-party valuation of the
company.
The text of the proposed rule change
is available at https://www.nyse.com, the
NYSE, and the Commission’s Public
Reference Room.
Jkt 214001
PO 00000
Frm 00089
Fmt 4703
Sfmt 4703
Valuation/Revenue, and Affiliated
Company standards of Section 102.01C
require global market capitalization of
$500 million, $750 million, and $500
million, respectively. Sections 102.01B
and 102.01C provide that, in connection
with a company’s IPO, the Exchange
will rely on a written commitment from
the underwriter to represent the
anticipated value of the company’s
offering in order to determine a
company’s compliance with this listing
standard. In the case of a spin-off, the
company may rely on a letter from the
parent company’s investment banker or
other financial adviser.
The Exchange has in recent years
been approached by a number of private
companies that would like to list upon
the effectiveness of a selling shareholder
registration statement. These private
companies typically have sold a
significant amount of their common
stock to qualified institutional buyers in
one or more private placements and, as
a condition to those sales, will have
agreed to file a registration statement to
facilitate the resale of the privatelyplaced shares. These companies may
meet all of the financial criteria for
listing on the Exchange, except that they
have not had any prior public market for
their common stock and they are not
contemplating an underwritten offering
in connection with their selling
shareholder registration statement. As
such, the Exchange cannot rely on
trading on any predecessor public
market to evaluate the company’s
market value, as would be possible with
a company transferring from another
market. Nor is there a public offering
whose price would provide the basis for
a letter of the type provided by
underwriters for companies listing in
conjunction with an IPO.
The Exchange believes that a
company of this sort which otherwise
meets the Exchange’s listing criteria
should not be barred from listing. As
such, the Exchange proposes to list such
companies if there is available an
independent third-party valuation of the
company (a ‘‘Valuation’’) and
information regarding trading in a
private placement trading market that,
taken together, provide evidence that
the company meets the relevant market
value tests.
Therefore, the Exchange proposes to
amend sections 102.01B and 102.10C to
provide that, in the case of a company
whose stock is not previously registered
under the Exchange Act that is listing
upon effectiveness of a registration
statement without a related
underwritten offering, the Exchange will
have the discretion to determine that
such company has met the applicable
E:\FR\FM\11AUN1.SGM
11AUN1
]]>Agencies
[Federal Register Volume 73, Number 155 (Monday, August 11, 2008)]
[Notices]
[Pages 46668-46670]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-18383]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58282; File No. SR-NASDAQ-2008-067]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Regarding Letters of Guarantee for Options Participants
August 1, 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 July 29, 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 by Nasdaq. Nasdaq has designated the proposed rule
change as constituting a non-controversial rule change under Rule 19b-
4(f)(6) under the Act,\3\ which renders the proposal 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
Nasdaq is filing a proposed rule change for the NASDAQ Options
Market (``NOM'') to modify Chapter VII, Section 8 of its options rules
to require Letters of Guarantee for each options participant, rather
than each market maker.
The text of the proposed rule change is below. Proposed new
language is in italics; proposed deletions are in brackets.\4\
---------------------------------------------------------------------------
\4\ Changes are marked to the rule text that appears in the
electronic manual of The NASDAQ Stock Market, LLC found at https://
nasdaq.cchwallstreet.com/.
---------------------------------------------------------------------------
* * * * *
Chapter VII Market Participants
* * * * *
Sec. 8 Letters of Guarantee
(a) Required of Each Options Participant [Market Maker]. No Options
Participant [Market Maker] shall make any transactions on NOM unless a
Letter of Guarantee has been issued for such Participant by a Clearing
Participant and filed with Nasdaq Regulation, and unless such Letter of
Guarantee has not
[[Page 46669]]
been revoked pursuant to paragraph (c) of this Section.
(b)-(c) No change.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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
Nasdaq has determined that requiring a Letter of Guarantee for each
options participant would decrease the individual risk exposure of each
options participant as well as the systemic risk of exposure to
Nasdaq's options marketplace. Requiring a Letter of Guarantee of market
makers provides a measure of protection but it does not provide
protection with respect to options participants that enter orders and
liquidity into the market in the same fashion as market makers but to a
lesser degree. It will also provide incremental protection to clearing
brokers by providing advanced notice and requiring acknowledgment that
a new firm will be using their clearing services.
Nasdaq's determination is based in part on conversations with
current options participants as well as potential options participants.
It is also based on Rule 3.28 of the Chicago Board Options Exchange
which requires letters of guarantee for all trading activity on that
exchange regardless of whether the firm is a registered specialist or
not. In addition, all options participants are required by Chapter VI,
Section 15 of Nasdaq's options rules to document its relationship with
a clearing firm by submitting one of several documents, including a
Letter of Guarantee.
Nasdaq will work with its membership to ensure full and timely
compliance with this proposed rule change. While many members are
familiar with Letters of Guarantee through, for example, compliance
with Chapter VI, Section 15 or their membership at other exchanges,
Nasdaq will provide all members 45 days from the date of filing of the
proposed rule change to comply with the new requirement. In addition,
Nasdaq will issue an Options Trader Alert to members explaining the new
requirement and providing notice of the compliance date.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities Exchange Act of
1934, in general and with Section 6(b)(5) of the Act, in particular, in
that it is designed 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 are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers, or to regulate by virtue of any authority
conferred by this title matters not related to the purposes of this
title or the administration of the exchange. The proposed changes are
consistent with the statute in that they are designed to facilitate
transactions in options on the Nasdaq Options Market by minimizing
counter-party risk and encouraging participants to provide liquidity in
Quarterly Options Series.
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. To the contrary, the proposal
is designed to enhance competition and is based upon the rules of
another national securities exchange that trades standardized options.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments 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 \5\ and Rule 19b-
4(f)(6) thereunder.\6\ Nasdaq will make the proposed rule change
operative 45 days from the date of filing this proposal.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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 rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2008-067 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2008-067. 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
[[Page 46670]]
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 Number
SR-NASDAQ-2008-067, and should be submitted on or before September 2,
2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18383 Filed 8-8-08; 8:45 am]
BILLING CODE 8010-01-P
