Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding a Clerical Change to Nasdaq Rules, 16027-16028 [E9-7866]

Download as PDF Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices 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, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx– 2009–24 and should be submitted on or before April 29, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–7865 Filed 4–7–09; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59673; File No. SR– NASDAQ–2009–031] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding a Clerical Change to Nasdaq Rules rwilkins on PROD1PC63 with NOTICES April 1, 2009. 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 March 26, 2009, 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 proposes to make a clerical correction to the Nasdaq rulebook under Rule 19b–4(f)(3) 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. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change Nasdaq proposes to make clerical corrections to the Nasdaq rulebook. Nasdaq proposes to implement the proposed rule change immediately. The text of the proposed rule change is available on Nasdaq’s Web site https:// nasdaq.cchwallstreet.com, at Nasdaq’s principal office, and at the Commission’s Public Reference Room. Proposed new language is in italics; proposed deletions are in brackets.4 * * * * * 7048. [7047.] Nasdaq Custom Data Feeds 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 proposes to make a clerical correction to the Nasdaq rulebook. Specifically, Nasdaq proposes to renumber Nasdaq Rule 7047 to Nasdaq Rule 7048. Nasdaq is renumbering this rule because Nasdaq has filed another proposed rule change that necessitates a renumbering of the existing Rule 7047. Nasdaq is making no changes to Rule 7047, other than to change the rule number to 7048. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,5 in general, and with Section 6(b)(5) of the Act,6 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. The proposed rule change makes a minor clerical change to renumber an existing Nasdaq rule. 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, as amended. 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 Pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b–4(f)(3) thereunder,8 Nasdaq has designated this proposal as one that is concerned solely with the administration of the self-regulatory organization. Accordingly, Nasdaq believes that its proposal should become immediately effective. 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–2009–031 on the subject line. 3 17 17:05 Apr 07, 2009 6 15 CFR 240.19b–4(f)(3). are marked to the rule text that appears in the electronic manual of Nasdaq found at https:// nasdaq.cchwallstreet.com/. CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Nov<24>2008 5 15 4 Changes 9 17 Jkt 217001 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 16027 U.S.C. 78f. U.S.C. 78f(b)(5). 7 15 U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(3). E:\FR\FM\08APN1.SGM 08APN1 16028 Federal Register / Vol. 74, No. 66 / Wednesday, April 8, 2009 / Notices Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59627; File No. SR– NYSEAmex–2009–02] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE All submissions should refer to File Amex LLC Formally Adopting and Number SR–NASDAQ–2009–031. This Codifying Its Wireless Data file number should be included on the subject line if e-mail is used. To help the Communications Initiatives Commission process and review your April 2, 2009. comments more efficiently, please use Correction: In FR Document No. E9– only one method. The Commission will 7291, published on Wednesday, April 1, post all comments on the Commission’s 2009, beginning on page 14834, third Internet Web site (https://www.sec.gov/ column, first paragraph, fifth line, the rules/sro.shtml). Copies of the name of the exchange is corrected to submission, all subsequent read ‘‘NYSE Amex LLC’’. amendments, all written statements Florence E. Harmon, with respect to the proposed rule Deputy Secretary. change that are filed with the [FR Doc. E9–7973 Filed 4–7–09; 8:45 am] Commission, and all written BILLING CODE 8010–01–P communications relating to the proposed rule change between the Commission and any person, other than SECURITIES AND EXCHANGE those that may be withheld from the COMMISSION public in accordance with the [Release No. 34–59695; File No. SR–DTC– provisions of 5 U.S.C. 552, will be 2009–02] available for inspection and copying in the Commission’s Public Reference Self-Regulatory Organizations; The Room, 100 F Street, NE., Washington, Depository Trust Company; Order DC 20549, on official business days Approving Proposed Rule Change To between the hours of 10 a.m. and 3 p.m. Implement a Maturity Presentment Copies of such filing also will be Pend Function to Replace the Maturity available for inspection and copying at Presentment Contingency System the principal office of Nasdaq. All April 2, 2009. comments received will be posted without change; the Commission does I. Introduction not edit personal identifying On January 13, 2009, The Depository information from submissions. You Trust Company (‘‘DTC’’) filed with the should submit only information that Securities and Exchange Commission you wish to make available publicly. All (‘‘Commission’’) proposed rule change submissions should refer to File SR–DTC–2009–02 pursuant to Section Number SR–NASDAQ–2009–031 and 19(b)(1) of the Securities Exchange Act should be submitted on or before April of 1934 (‘‘Act’’).1 The proposed rule 29, 2009. change was published for comment in the Federal Register on February 19, For the Commission, by the Division of 2009.2 No comment letters were Trading and Markets, pursuant to delegated received on the proposal. This order 9 authority. approves the proposal. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–7866 Filed 4–7–09; 8:45 am] rwilkins on PROD1PC63 with NOTICES BILLING CODE 1080–01–P II. Description The proposed rule change implements a Maturity Presentment Pend function (‘‘IPA MP Pend Function’’) that will replace the Maturity Presentment Contingency System. A. Current MMI Maturity Payment Procedure: Maturity Presentment Contingency System Currently, as part of DTC’s Money Market Instrument (‘‘MMI’’) program 1 15 U.S.C. 78s(b)(1). Exchange Act Release No. 59388 (Feb. 11, 2009), 74 FR 7714. 2 Securities 9 17 CFR 200.30–3(a)(12). VerDate Nov<24>2008 17:05 Apr 07, 2009 Jkt 217001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 maturity payment procedures, DTC sweeps maturing MMI positions from investors’ custodians accounts and generates Maturity Presentments (‘‘MPs’’) 3 to the designated Issuing Agent or Paying Agent’s (collectively, ‘‘IPA’’) accounts. DTC debits the IPA’s account by the amount of the maturity proceeds for settlement that day and credits the same amount to the investor’s custodian account for payment that day. Because MPs are processed against an IPA’s DTC account, IPAs may refuse to pay for a specific issuer’s MP in the event that the issuer defaults on its obligation to the IPA. DTC allows IPAs to enter refusal to pay notifications through the Participant Terminal System (‘‘PTS’’) until 3 p.m. Eastern Time on the date of maturity.4 Under extraordinary circumstances or in times of unusual market stress, DTC may use the Maturity Presentment Contingency System (‘‘MPCS’’) after consultation with the Commission on the days following a disaster to allow IPAs to review and manually release MPs. IPAs are able to release MPs for processing on a CUSIP or issuer acronym level basis. At the close of settlement, MPs that have not been released are rolled into the next business day’s processing queue for presentation along with that day’s scheduled obligations. This process continues until all maturities are funded and the IPA releases the MP, the IPA notifies DTC of its refusal to pay, or the MPCS contingency procedure is terminated. B. Proposed MMI Maturity Payment Procedure: Maturity Presentment Pend Function DTC is enhancing its systems in order to provide IPAs the ability to monitor their credit exposure to MMI issuers. DTC’s IPA MP Pend Function will enable IPAs to review and manually release MPs in the ordinary course of business. IPAs will have the ability to set the pend request anytime prior to the MP sweep or at any point during the day for unknown rate maturities, based on acronym, product type, or the issuer MMI base CUSIP number. Each day by 3 References to MPs also cover other payment obligations of MMI issuers such as periodic payments and periodic interest payments. 4 If the IPA refuses to pay, then DTC follows its Defaulting Issuer procedures, which include devaluing the collateral value of all of the defaulting issuer’s MMI to zero, reversing all of the issuer’s issuances and maturities processed that day, notifying DTC participants of the default, and blocking all further issuances by the issuer from entering DTC. If an IPA then contacts DTC to reverse the refusal to pay instruction, DTC undoes all the actions it took under its Defaulting Issuer procedures. E:\FR\FM\08APN1.SGM 08APN1

Agencies

[Federal Register Volume 74, Number 66 (Wednesday, April 8, 2009)]
[Notices]
[Pages 16027-16028]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-7866]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59673; File No. SR-NASDAQ-2009-031]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Regarding a Clerical Change to Nasdaq Rules

April 1, 2009.
    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 March 26, 2009, 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 proposes to make a clerical 
correction to the Nasdaq rulebook under Rule 19b-4(f)(3) 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)(3).
---------------------------------------------------------------------------

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

    Nasdaq proposes to make clerical corrections to the Nasdaq 
rulebook. Nasdaq proposes to implement the proposed rule change 
immediately.
    The text of the proposed rule change is available on Nasdaq's Web 
site https://nasdaq.cchwallstreet.com, at Nasdaq's principal office, and 
at the Commission's Public Reference Room.
    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 Nasdaq found at https://nasdaq.cchwallstreet.com/.
---------------------------------------------------------------------------

* * * * *
    7048. [7047.] Nasdaq Custom Data Feeds
    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 proposes to make a clerical correction to the Nasdaq 
rulebook. Specifically, Nasdaq proposes to renumber Nasdaq Rule 7047 to 
Nasdaq Rule 7048. Nasdaq is renumbering this rule because Nasdaq has 
filed another proposed rule change that necessitates a renumbering of 
the existing Rule 7047. Nasdaq is making no changes to Rule 7047, other 
than to change the rule number to 7048.
2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\5\ in general, and with Section 
6(b)(5) of the Act,\6\ 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. The proposed rule change 
makes a minor clerical change to renumber an existing Nasdaq rule.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f.
    \6\ 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, as amended.

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

    Pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(3) 
thereunder,\8\ Nasdaq has designated this proposal as one that is 
concerned solely with the administration of the self-regulatory 
organization. Accordingly, Nasdaq believes that its proposal should 
become immediately effective.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

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-2009-031 on the subject line.

[[Page 16028]]

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2009-031. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room, 100 F Street, 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of Nasdaq. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NASDAQ-2009-031 and should 
be submitted on or before April 29, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E9-7866 Filed 4-7-09; 8:45 am]
BILLING CODE 1080-01-P
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