Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Rule 1160 to Reflect the Availability of the FINRA Contact System to NASDAQ OMX BX Members That Are Not Also Members of FINRA, 68641-68643 [E9-30595]
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Federal Register / Vol. 74, No. 247 / Monday, December 28, 2009 / Notices
and mechanical testing, which
demonstrate that the 10 CFR 50.46
acceptance criteria and 10 CFR 50
Appendix K methods can be applied to
the M5 alloy material, and the planned
placement of the LFAs in non-limiting
core locations, the NRC staff finds it
acceptable to grant a temporary
exemption from the requirements of 10
CFR 50.46 and Appendix K to 10 CFR
Part 50 for the use of up to 16 AREVA
NP LFAs within SONGS 2 and 3.
Based on the above, no new accident
precursors are created by allowing the
use of the LFAs with M5 cladding
material in the SONGS 2 and/or SONGS
3 reactor cores during operating Cycles
16, 17, and 18; therefore, the probability
of postulated accidents is not increased.
Also, based on the above, the
consequences of postulated accidents
are not increased. Therefore, there is no
undue risk to public health and safety
in granting this temporary exemption.
Consistent With Common Defense and
Security
The temporary exemption would
allow up to 16 LFAs, with advanced M5
alloy cladding material, to be inserted
into the SONGS 2 reactor core or
potentially into the SONGS 3 reactor
core. Currently, eight AREVA NP LFAs
are scheduled to be loaded into the
SONGS 2 core for Cycle 16, to be used
for up to three operating cycles (Cycles
16, 17, and 18). This change to the
reactor core configuration does not
affect any existing or planned security
measures. Therefore, the common
defense and security is not impacted by
this temporary exemption.
erowe on DSK5CLS3C1PROD with NOTICES
Special Circumstances
Special circumstances, in accordance
with 10 CFR 50.12(a)(2)(ii), are present
whenever application of the specific
regulation in the particular
circumstance would not serve, or is not
necessary to achieve, the underlying
purpose of the rule. The underlying
purpose of 10 CFR 50.46 and Appendix
K to 10 CFR Part 50 is to establish
acceptance criteria for ECCS
performance. The wording of the
regulations in 10 CFR 50.46 and
Appendix K is not directly applicable to
the M5 advanced cladding alloy, even
though the evaluations discussed above
show that the intent of the regulations
is met. Therefore, since the underlying
purposes of 10 CFR 50.46 and Appendix
K are achieved with the use of the M5
advanced cladding alloy, the special
circumstances required by 10 CFR
50.12(a)(2)(ii) for granting of an
exemption exist.
VerDate Nov<24>2008
11:00 Dec 24, 2009
Jkt 220001
4.0 Conclusion
Accordingly, the Commission has
determined that, pursuant to 10 CFR
50.12(a), the temporary exemption is
authorized by law, will not present an
undue risk to the public health and
safety, and is consistent with the
common defense and security. Also,
special circumstances are present.
Therefore, the Commission hereby
grants SCE temporary exemption from
the requirements of 10 CFR 50.46 and
Appendix K to 10 CFR Part 50 to allow
up to 16 LFAs clad with M5 alloy and
manufactured by AREVA NP, to be
inserted into the SONGS 2 reactor core
or the SONGS 3 reactor core, in nonlimiting core locations, for use for up to
three operating cycles (Cycles 16, 17,
and 18 for the respective units).
Pursuant to 10 CFR 51.32, the
Commission has determined that the
granting of this temporary exemption
will not have a significant effect on the
quality of the human environment (74
FR 51339; October 6, 2009). This
temporary exemption is effective upon
issuance.
Dated at Rockville, Maryland, this 17th day
of December 2009.
For the Nuclear Regulatory Commission.
Joseph G. Giitter,
Director, Division of Operating Reactor
Licensing, Office of Nuclear Reactor
Regulation.
[FR Doc. E9–30674 Filed 12–24–09; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61197; File No. SR–BX–
2009–081]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Update Rule
1160 to Reflect the Availability of the
FINRA Contact System to NASDAQ
OMX BX Members That Are Not Also
Members of FINRA
68641
proposed rule change as constituting a
non-controversial rule change under
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 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 Substance of
the Proposed Rule Change
BX submits this proposed rule change
to Rule 1160 to extend the availability
of the FINRA Contact System to BX
members that are not also members of
FINRA.
The text of the proposed rule change
is below. Proposed new language is in
italics and proposed deletions are in
brackets.
1160. Contact Information
Requirements
(a) Each member shall report to the
Exchange all contact information
required by the Exchange via the FINRA
[NASD] Contact System [(in the case of
Exchange members that are FINRA
members) or via electronic mail or paper
mail (in the case of Exchange members
that are not FINRA members)].
(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, BX
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. BX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
December 17, 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 December
9, 2009, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’ or ‘‘BX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. BX has designated the
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BX is proposing to update Rule 1160
to reflect the availability of the FINRA
Contact System (‘‘System’’) to BX
members that are not also members of
FINRA, and to make a technical change
to the name of the System. The System
maintains contact information records
required by both BX and NASD Rules
1120, 1150, 3011, and 3520. Both BX
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00076
Fmt 4703
3 15
4 17
Sfmt 4703
E:\FR\FM\28DEN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
28DEN1
68642
Federal Register / Vol. 74, No. 247 / Monday, December 28, 2009 / Notices
erowe on DSK5CLS3C1PROD with NOTICES
and FINRA use this information for
regulatory communications, and
compliance purposes, among other
things. The information is provided to
FINRA as part of the membership
application. If the applicant is approved
for membership, the new member is
provided access to the System and is
responsible for entering the required
information into the System as well as
keeping it current thereafter.
Historically, FINRA permitted access to
the System only to members of FINRA.
A BX member that was already a
member of FINRA could access the
System to fulfill its ongoing obligation
to keep the required information
current; however, BX members that
were not also members of FINRA were
not permitted access to the System. As
a consequence, such firms could only
fulfill their obligation to keep the
required information current by
submitting the information to BX via email or paper mail.
FINRA recently made changes to the
System so that BX-only members may
also access the System, thus eliminating
the need for the existing methods of
providing such information. BX believes
that having a central electronic location
for this information is superior to the
paper and e-mail-based methods of
warehousing the information. BX will
have access to the information
maintained in the System for BX-only
members in the same way as it has
historically had with respect to BX
members that are also members of
FINRA. As such, BX is proposing to
eliminate the language from Rule 1160
that requires BX-only members to
provide required information by means
other than the System. BX is also
proposing to update the rule to reflect
the new name of the System adopted by
FINRA.5
2. Statutory Basis
BX believes 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 it 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
5 https://www.finra.org/Industry/Compliance/
RegulatoryFilings/FCS/P005662.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(5).
VerDate Nov<24>2008
11:00 Dec 24, 2009
Jkt 220001
system, and, in general, to protect
investors and the public interest. The
proposed rule change is consistent with
these provisions in that it will make
available to all BX members an efficient
means by which they may provide
information required by Exchange rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
BX does not believe that the proposed
rule change will impose any burden on
competition 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 were either
solicited or 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, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
Normally, a proposed rule change
filed under 19b–4(f)(6) may not become
operative prior to 30 days after the date
of filing. However, Rule 19b–
4(f)(6)(iii) 10 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. BX has
requested that the Commission waive
the 30-day operative delay. In its filing,
BX noted that the proposal would
provide a means for firms to comply
with regulatory requirements more
easily and quickly, and that keeping
such information in a centralized,
electronic location would enhance BX’s
and FINRA’s oversight of these
members.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
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. The Commission notes that BX has
satisfied the five-day pre-filing notice requirement.
10 17 CFR 240.19b–4(f)(6)(iii).
9 17
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
The Commission believes that waiver
of the 30-day operative period is
consistent with the protection of
investors and the public interest. The
proposed rule change would allow
contact information, utilized for
regulatory communications and
compliance purposes, among other
things, to be more efficiently collected
in a centralized location. In addition,
the modification of the rule to reflect the
new name of the System will add clarity
to BX’s rules. Finally, the Commission
notes that it recently published and
waived the 30-day pre-operative delay
for a substantially similar proposal
submitted by Nasdaq which was filed
for immediate effectiveness.11
Accordingly, the Commission
designates the proposal to be effective
upon filing with the Commission.12
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–BX–2009–081 on the
subject line.
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–BX–2009–081. 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
11 See Securities Exchange Act Release No. 61151
(December 10, 2009) (SR–NASDAQ–2009–109).
12 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
E:\FR\FM\28DEN1.SGM
28DEN1
Federal Register / Vol. 74, No. 247 / Monday, December 28, 2009 / Notices
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 the 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–BX–
2009–081 and should be submitted on
or before January 19, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–30595 Filed 12–24–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61177; File No. SR–NYSE–
2009–105]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving a Proposed Rule Change
Relating to the Designation of NYSE
Arca, Inc., as the NYSE’s Alternative
Trading Facility in an Emergency
December 16, 2009.
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I. Introduction
On October 13, 2009, the New York
Stock Exchange LLC (‘‘NYSE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (the ‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposal to adopt NYSE
Rule 49, ‘‘Emergency Powers,’’ to allow
a qualified NYSE officer to designate the
NYSE’s corporate affiliate, NYSE Arca,
Inc. (‘‘NYSE Arca’’) to receive and
process bids and offers in NYSE-listed
securities and to execute orders in
NYSE-listed securities on behalf of the
NYSE in the event that an emergency
condition prevents the NYSE from
operating normally.3 The proposed rule
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The Commission today is approving a
companion proposal by NYSE Arca that allows
NYSE Arca to serve as the NYSE’s alternative
1 15
VerDate Nov<24>2008
11:00 Dec 24, 2009
Jkt 220001
change was published for comment in
the Federal Register on November 12,
2009.4 The Commission received no
comments regarding the proposal. This
order approves the proposed rule
change.
II. Description of the Proposal
The NYSE proposes to adopt NYSE
Rule 49 to provide a qualified NYSE
officer with the authority to declare an
emergency condition with respect to
trading on or through the systems and
facilities of the NYSE.5 An emergency
condition will not be declared under
NYSE Rule 49 unless: (i) There exists a
regional or national emergency that
would prevent the NYSE from operating
normally; and (ii) such declaration is
necessary so that the securities markets
in general, and the NYSE’s systems and
facilities, including the Trading Floor,
in particular, may continue to operate in
a manner consistent with the protection
of investors and in pursuit of the public
interest.6 For purposes of NYSE Rule 49,
an ‘‘emergency’’ is an emergency as
defined in Section 12(k)(7) of the Act,7
and the NYSE’s authority under NYSE
Rule 49 is intended to be invoked only
in the event of such an emergency.8 The
NYSE will make reasonable efforts to
contact the Commission prior to taking
action under NYSE Rule 49.9
In the event that an emergency
condition is declared with respect to
trading on or through the NYSE’s
systems and facilities, the NYSE may
designate its corporate affiliate, NYSE
Arca, to receive and process bids and
offers in NYSE-listed securities and to
execute orders in NYSE-listed securities
on behalf of the NYSE.10 Thus, the
NYSE would use NYSE Arca as the
execution engine for NYSE trades and
would ensure that these trades are
executed in compliance with Regulation
NMS under the Act.11 Under NYSE Rule
49, quotes or orders for NYSE-listed
trading facility in the event of an emergency
condition. See Securities Exchange Act Release No.
61178 (order approving File No. SR–NYSE Arca–
2009–90) (‘‘NYSE Arca Order’’).
4 See Securities Exchange Act Release No. 60922
(November 3, 2009), 74 FR 58341 (‘‘Notice’’).
5 For purposes of NYSE Rule 49, a ‘‘qualified
Exchange officer’’ is the NYSE Euronext Chief
Executive Officer or his or her designee, or the
NYSE Regulation, Inc. Chief Executive Officer or
his or her designee. If these individuals are unable
to act due to incapacitation, the most senior
surviving officer of NYSE Euronext or NYSE
Regulation, Inc. will be a ‘‘qualified Exchange
officer’’ for purposes of NYSE Rule 49. See NYSE
Rule 49(a)(3)(ii).
6 See NYSE Rule 49(a)(2).
7 15 U.S.C. 78l(k)(7).
8 See NYSE Rule 49(a)(3)(i) and Notice, supra
note 4, at note 5 and accompanying text.
9 See NYSE Rule 49(c)(1).
10 See NYSE Rule 49(b)(1).
11 See Notice, supra note 4, at note 9.
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
68643
securities entered or executed on or
through the systems and facilities of
NYSE Arca would be reported to the
Consolidated Quotation System or the
Consolidated Tape as quotations or
executions, respectively, made on or
through the systems and facilities of the
NYSE.12 Bids and offers entered
pursuant to NYSE Rule 49 would be
deemed to be bids and offers of the
NYSE.13
NYSE members and Sponsored
Participants would be permitted to enter
quotations and to execute orders on or
through the systems and facilities of
NYSE Arca regardless of whether they
were members or sponsored participants
of NYSE Arca when the emergency
condition was declared.14 NYSE
members registered as Designated
Market Makers (‘‘DMMs’’) that are
designated as temporary members of
NYSE Arca in accordance with the
NYSE Arca Equities Rules (‘‘NYSE Arca
Rules’’) 15 would not be considered
DMMs for the duration of the
designation, but would be considered
‘‘Market Makers’’ pursuant to NYSE
Arca Rules for the purpose of trading
Exchange-listed securities on and
through the systems and facilities of
NYSE Arca.16
All trades in Exchange-listed
securities entered or executed on or
through the systems and facilities of
12 See NYSE Rule 49(b)(2)(ii). Accordingly, for the
duration of the emergency condition, trades in
NYSE-listed securities would print as ‘‘N’’ trades on
the Consolidated Tape and quotes would be
designated as NYSE quotes in the Consolidated
Quotation System, notwithstanding the fact that
they were processed on or through the systems and
facilities of NYSE Arca. See Notice, supra note 4,
at note 14 and accompanying text.
13 See NYSE Rule 49(b)(3)(i).
14 See NYSE Rule 49(b)(3)(i)(A). As described in
greater detail in the Notice, supra note 4, NYSE
Arca will provide temporary membership and/or
access to NYSE members and Sponsored
Participants that are not already NYSE Arca
members or sponsored participants when the
emergency condition is declared. Similarly, the
NYSE may designate NYSE Arca members that are
not members of the NYSE at the time the emergency
condition is declared as temporary members of the
NYSE, and may authorize temporary access for
sponsored participants of NYSE Arca that do not
have sponsored access to the NYSE. The temporary
memberships or access will be valid only until
regular trading resumes on the NYSE’s systems and
facilities. See NYSE Rule 49(b)(3)(ii) and (iii).
15 See NYSE Arca Rule 2.100(b)(3)(i)(C) (approved
in the NYSE Arca Order, supra note 3).
16 See NYSE Rule 49(b)(3)(i)(B). According to the
NYSE, NYSE Arca is not able to support DMMs
operating in the same manner as they operate on
the NYSE because of differences between the
systems of the NYSE and NYSE Arca. The NYSE
notes that DMMs will not have access to orders on
the NYSE Arca system different from that of other
market participants. DMMs designated as Market
Makers under the NYSE Arca Rules will be
obligated to meet the requirements of those rules.
See Notice, supra note 4, at note 13 and
accompanying text.
E:\FR\FM\28DEN1.SGM
28DEN1
]]>Agencies
[Federal Register Volume 74, Number 247 (Monday, December 28, 2009)]
[Notices]
[Pages 68641-68643]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30595]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61197; File No. SR-BX-2009-081]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Update
Rule 1160 to Reflect the Availability of the FINRA Contact System to
NASDAQ OMX BX Members That Are Not Also Members of FINRA
December 17, 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 December 9, 2009, NASDAQ OMX BX, Inc. (the ``Exchange'' or ``BX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. BX has designated the proposed rule
change as constituting a non-controversial rule change under Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\
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\ 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
BX submits this proposed rule change to Rule 1160 to extend the
availability of the FINRA Contact System to BX members that are not
also members of FINRA.
The text of the proposed rule change is below. Proposed new
language is in italics and proposed deletions are in brackets.
1160. Contact Information Requirements
(a) Each member shall report to the Exchange all contact
information required by the Exchange via the FINRA [NASD] Contact
System [(in the case of Exchange members that are FINRA members) or via
electronic mail or paper mail (in the case of Exchange members that are
not FINRA members)].
(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, BX 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. BX 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
BX is proposing to update Rule 1160 to reflect the availability of
the FINRA Contact System (``System'') to BX members that are not also
members of FINRA, and to make a technical change to the name of the
System. The System maintains contact information records required by
both BX and NASD Rules 1120, 1150, 3011, and 3520. Both BX
[[Page 68642]]
and FINRA use this information for regulatory communications, and
compliance purposes, among other things. The information is provided to
FINRA as part of the membership application. If the applicant is
approved for membership, the new member is provided access to the
System and is responsible for entering the required information into
the System as well as keeping it current thereafter. Historically,
FINRA permitted access to the System only to members of FINRA. A BX
member that was already a member of FINRA could access the System to
fulfill its ongoing obligation to keep the required information
current; however, BX members that were not also members of FINRA were
not permitted access to the System. As a consequence, such firms could
only fulfill their obligation to keep the required information current
by submitting the information to BX via e-mail or paper mail.
FINRA recently made changes to the System so that BX-only members
may also access the System, thus eliminating the need for the existing
methods of providing such information. BX believes that having a
central electronic location for this information is superior to the
paper and e-mail-based methods of warehousing the information. BX will
have access to the information maintained in the System for BX-only
members in the same way as it has historically had with respect to BX
members that are also members of FINRA. As such, BX is proposing to
eliminate the language from Rule 1160 that requires BX-only members to
provide required information by means other than the System. BX is also
proposing to update the rule to reflect the new name of the System
adopted by FINRA.\5\
---------------------------------------------------------------------------
\5\ https://www.finra.org/Industry/Compliance/RegulatoryFilings/FCS/P005662.
---------------------------------------------------------------------------
2. Statutory Basis
BX believes 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 it 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 is
consistent with these provisions in that it will make available to all
BX members an efficient means by which they may provide information
required by Exchange rules.
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\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
BX does not believe that the proposed rule change will impose any
burden on competition 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 were either solicited or 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, if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires that a self-regulatory organization submit to the
Commission written 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. The Commission notes that BX has satisfied the five-day
pre-filing notice requirement.
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Normally, a proposed rule change filed under 19b-4(f)(6) may not
become operative prior to 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) \10\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. BX has requested that the Commission
waive the 30-day operative delay. In its filing, BX noted that the
proposal would provide a means for firms to comply with regulatory
requirements more easily and quickly, and that keeping such information
in a centralized, electronic location would enhance BX's and FINRA's
oversight of these members.
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\10\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission believes that waiver of the 30-day operative period
is consistent with the protection of investors and the public interest.
The proposed rule change would allow contact information, utilized for
regulatory communications and compliance purposes, among other things,
to be more efficiently collected in a centralized location. In
addition, the modification of the rule to reflect the new name of the
System will add clarity to BX's rules. Finally, the Commission notes
that it recently published and waived the 30-day pre-operative delay
for a substantially similar proposal submitted by Nasdaq which was
filed for immediate effectiveness.\11\ Accordingly, the Commission
designates the proposal to be effective upon filing with the
Commission.\12\
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\11\ See Securities Exchange Act Release No. 61151 (December 10,
2009) (SR-NASDAQ-2009-109).
\12\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-BX-2009-081 on the subject line.
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-BX-2009-081. 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
[[Page 68643]]
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 the 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-BX-2009-081 and should be
submitted on or before January 19, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30595 Filed 12-24-09; 8:45 am]
BILLING CODE 8011-01-P
