Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ Stock Market, LLC. Inc. Relating To Amending NASDAQ Options Market (“NOM”) Chapter V, Section 6, Obvious Errors, 9990-9992 [2010-4452]
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9990
Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
19(b)(3)(A) of the Act 13 and Rule 19b–
4(f)(6) thereunder.14
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–Phlx–2010–23 on the
subject line.
mstockstill on DSKH9S0YB1PROD with 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.
All submissions should refer to File
Number SR–Phlx–2010–23. 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 Web site viewing and
printing in the Commission’s Public
Reference Room on official business
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to 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
Exchange has satisfied this requirement.
14 17
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16:39 Mar 03, 2010
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days between the hours of 10 a.m. and
3 p.m.15 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–2010–23 and should
be submitted on or before March 25,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4454 Filed 3–3–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61573; File No. SR–
NASDAQ–2010–022]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NASDAQ
Stock Market, LLC. Inc. Relating To
Amending NASDAQ Options Market
(‘‘NOM’’) Chapter V, Section 6, Obvious
Errors
February 23, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
notice is hereby given that on February
18, 2010, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II, below, which Items have been
prepared by the NASDAQ. 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
NASDAQ proposes to amend
NASDAQ Options Market (‘‘NOM’’) Rule
Chapter V, Section 6, Obvious Errors, to
adopt the ability to review transactions
on NASDAQ’s own motion.
15 The text of the proposed rule change is
available on Phlx’s Web site at https://
www.nasdaqtrader.com, on the Commission’s Web
site at https://www.sec.gov, and at the Commission’s
Public Reference Room.
16 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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Fmt 4703
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The text of the proposed rule change
is available on the Exchange’s Web site
at https://
www.nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
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. 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
The purpose of the proposed rule
change is to amend NOM Chapter V,
Section 6 pertaining to the nullification
and adjustment of options transactions.
Specifically, NASDAQ proposes to
adopt a provision which provides that
in the interest of maintaining a fair and
orderly market and for the protection of
investors, the Chief Regulatory Officer
of NASDAQ or his/her designee who is
an officer (collectively ‘‘NASDAQ
officer’’), may, on his or her own motion
or upon request, determine to review
any transaction occurring on NASDAQ
that is believed to be erroneous.3 A
transaction reviewed pursuant to this
provision may be nullified or adjusted
only if it is determined by the NASDAQ
officer that the transaction is an obvious
error as provided in Chapter V, Section
6. A transaction would be adjusted or
nullified in accordance with the
provision under which it is deemed an
erroneous transaction. The NASDAQ
officer may be assisted by a designated
employee in NASDAQ Regulation that
is trained in the application of this rule
for reviewing a transaction(s).
The NASDAQ officer shall act
pursuant to this paragraph as soon as
possible after receiving notification of
the transaction, and ordinarily would be
expected to act on the same day as the
transaction occurred. However, because
a transaction under review may have
occurred near the close of trading or due
3 In the event a party to a transaction requests that
NASDAQ review a transaction, the NASDAQ officer
nonetheless would need to determine, on his or her
own motion, whether to review the transaction.
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Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
mstockstill on DSKH9S0YB1PROD with NOTICES
to unusual circumstances, the rule
provides that the NASDAQ officer shall
act no later than 9:30 a.m. (ET) on the
next trading day following the date of
the transaction in question. A party
affected by a determination to nullify or
adjust a transaction pursuant to this
provision may appeal such
determination in accordance with
Chapter V, Section 6; however, a
determination by a NASDAQ officer not
to review a transaction, or a
determination not to nullify or adjust a
transaction for which a review was
requested or conducted, is not
appealable. NASDAQ believes it is
appropriate to limit review on appeal to
only those situations in which a
transaction is actually nullified or
adjusted.
This provision is not intended to
replace a party’s obligation to request a
review, within the required time periods
under Chapter V, Section 6, of any
transaction that it believes meets the
criteria for an obvious error. And, if a
transaction is reviewed and a
determination has been rendered
pursuant to Chapter V, Section 6, no
additional relief may be granted under
this new provision. Moreover, NASDAQ
does not anticipate exercising this new
authority in every situation in which a
party fails to make a timely request for
review of this transaction pursuant to
Chapter V, Section 6. NASDAQ believes
this provision should help to protect the
integrity of its marketplace by vesting a
NASDAQ officer with the authority to
review a transaction that may be
erroneous, in those situations where a
party failed to make a timely request for
a review.
NASDAQ believes that the provision
would also be useful in situations where
some parties, but not all, to trades
around the same time have requested a
review. Under the rule, reviews are
currently request-based. Under the
proposal, in this situation, NASDAQ
would be able to invoke this provision
to review a series of trades, whether or
not all parties requested it.
2. Statutory Basis
NASDAQ believes that its proposal is
consistent with Section 6(b) of the Act 4
in general, and furthers the objectives of
Section 6(b)(5) of the Act 5 in particular,
in that it is designed to promote just and
equitable principles of trade, 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 notes that a
4 15
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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16:39 Mar 03, 2010
Jkt 220001
NASDAQ officer can adjust or nullify a
transaction under the authority granted
by this provision only if the transaction
meets the objective criteria for an
obvious error under NASDAQ rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NASDAQ does not believe that the
proposed rule change will impose any
burden on competition 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; or (iii) become
operative for 30 days after the date of
the filing, 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 6 and Rule 19b–
4(f)(6) thereunder.7
The Exchange has requested that the
Commission waive the 30-day operative
delay so that the Exchange may
promptly implement the proposed rule
change. The Exchange believes that a
recent trading situation that resulted in
divergent outcomes on some other
options markets could have been
handled in a more clear and orderly way
if the new provision had been in place.
The Commission notes that the
proposed rule change is substantively
identical to a previously approved
proposal from CBOE 8 and thus presents
no new regulatory issues. The
Commission believes that, under the
circumstances, it is appropriate and
consistent with the protection of
investors and the public interest to
waive the 30-day operative delay.
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
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 Exchange
has satisfied this requirement.
8 See Exchange Act Release No. 60978 (November
10, 2009), 74 FR 59296 (November 17, 2009)
(approving SR–CBOE–2009–68).
7 17
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9991
Therefore, the Commission hereby
designates the proposed rule change
operative upon filing.9
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–2010–022 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 No.
SR–NASDAQ–2010–022. 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,10 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 Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
9 For 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).
10 The text of the proposed rule change is
available on the Commission’s Web site at
https://www.sec.gov.
E:\FR\FM\04MRN1.SGM
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9992
Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices
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 No.
SR–NASDAQ–2010–022 and should be
submitted on or before March 25, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4452 Filed 3–3–10; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law (Pub. L. 104–13), the
Paperwork Reduction Act of 1995,
effective October 1, 1995. This notice
includes revisions and extensions of
OMB-approved information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, e-mail, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Director to
the following addresses or fax numbers.
(OMB), Office of Management and
Budget, Attn: Desk Officer for SSA.
Fax: 202–395–6974. E-mail address:
OIRA_Submission@omb.eop.gov.
(SSA), Social Security Administration,
DCBFM, Attn: Director, Center for
Reports Clearance, 1333 Annex
Building, 6401 Security Blvd.,
Baltimore, MD 21235. Fax: 410–965–
0454. E-mail address:
OPLM.RCO@ssa.gov.
I. The information collections below
are pending at SSA. SSA will submit
them to OMB within 60 days from the
date of this notice. To be sure we
consider your comments, we must
receive them no later than May 3, 2010.
Individuals can obtain copies of the
collection instruments by calling the
SSA Director for Reports Clearance at
410–965–0454 or by writing to the
above e-mail address.
1. Application for Lump Sum Death
Payment—20 CFR 404.390–404.392—
0960–0013. SSA uses Form SSA–8–F4
to collect information needed to
authorize payment of the lump sum
death payment (LSDP) to a widow,
widower, or children as defined in
section 202(i) of the Social Security Act.
Respondents complete the application
for this one-time payment via paper
form, telephone, or an in-person
interview with SSA employees.
Respondents are applicants for the
LSDP.
Type of Request: Revision of an OMBapproved information collection.
Number of
respondents
Collection method
Estimated completion time
(minutes)
Burden hours
278,825
278,825
29,350
10
9
10
46,471
41,824
4,892
Totals: .................................................................................................................
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MCS ...........................................................................................................................
MCS/Signature Proxy ................................................................................................
Paper .........................................................................................................................
587,000
..............................
93,187
2. Certificate of Responsibility for
Welfare and Care of Child Not in
Applicant’s Custody—20 CFR 404.330,
404.339–341, and 404.348–404.349—
0960–0019. SSA uses Form SSA–781 to
determine if non-custodial parents who
are filing for spouse’s or mother’s and
father’s benefits based on having a child
in their care meet the in-care
requirements. Respondents are
applicants for spouse’s and/or mother’s
and father’s benefits.
Type of Request: Revision of an OMBapproved information collection.
Number of Respondents: 14,000.
Frequency of Response: 1.
Average Burden Per Response: 10
minutes.
Estimated Annual Burden: 2,333
hours.
3. Supplemental Statement Regarding
Farming Activities of Person Living
Outside the U.S.A.—0960–0103. SSA
uses Form SSA–7163A to document
beneficiary or claimant reports of
11 17
working on a farm outside the United
States (U.S.). Specifically, the
information provided on this form helps
us to determine if we should apply
foreign work deductions to the
recipient’s benefits. We collect the
information either annually or every
other year, depending on the
respondent’s country of residence.
Respondents are Social Security
recipients engaged in farming activities
outside the U.S.
Type of Request: Revision of an OMBapproved information collection.
Number of Respondents: 1,000.
Frequency of Response: 1.
Average Burden Per Response: 1 hour.
Estimated Annual Burden: 1,000
hours.
4. Disability Report—Appeal—20 CFR
404.1512, 416.912, 404.916(c),
416.1416(c), 405 Subpart C, 422.140—
0960–0144. SSA requires disability
claimants who are appealing an
unfavorable disability determination to
complete Form SSA–3441–BK. This
form allows claimants to disclose any
changes to their disability or resources
that might influence SSA’s unfavorable
determination. SSA may use the
information to: (1) Reconsider and
review an initial disability
determination; (2) review a continuing
disability; and (3) evaluate a request for
a hearing. This information assists the
State Disability Determination Services
and administrative law judges (ALJ) in:
(1) Preparing for the appeals and
hearings; and (2) issuing a
determination or decision on an
individual’s entitlement (initial or
continuing) to disability benefits.
Respondents are individuals who
appeal denial, reduction, or cessation of
Social Security disability income and
Supplemental Security Income (SSI)
payments, or who are requesting a
hearing before an ALJ.
Type of Request: Revision of an OMBapproved information collection.
CFR 200.30–3(a)(12).
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16:39 Mar 03, 2010
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]]>Agencies
[Federal Register Volume 75, Number 42 (Thursday, March 4, 2010)]
[Notices]
[Pages 9990-9992]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4452]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61573; File No. SR-NASDAQ-2010-022]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NASDAQ Stock Market, LLC. Inc.
Relating To Amending NASDAQ Options Market (``NOM'') Chapter V, Section
6, Obvious Errors
February 23, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given
that on February 18, 2010, The NASDAQ Stock Market LLC (``NASDAQ'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I and
II, below, which Items have been prepared by the NASDAQ. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NASDAQ proposes to amend NASDAQ Options Market (``NOM'') Rule
Chapter V, Section 6, Obvious Errors, to adopt the ability to review
transactions on NASDAQ's own motion.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaq.cchwallstreet.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
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. 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
The purpose of the proposed rule change is to amend NOM Chapter V,
Section 6 pertaining to the nullification and adjustment of options
transactions. Specifically, NASDAQ proposes to adopt a provision which
provides that in the interest of maintaining a fair and orderly market
and for the protection of investors, the Chief Regulatory Officer of
NASDAQ or his/her designee who is an officer (collectively ``NASDAQ
officer''), may, on his or her own motion or upon request, determine to
review any transaction occurring on NASDAQ that is believed to be
erroneous.\3\ A transaction reviewed pursuant to this provision may be
nullified or adjusted only if it is determined by the NASDAQ officer
that the transaction is an obvious error as provided in Chapter V,
Section 6. A transaction would be adjusted or nullified in accordance
with the provision under which it is deemed an erroneous transaction.
The NASDAQ officer may be assisted by a designated employee in NASDAQ
Regulation that is trained in the application of this rule for
reviewing a transaction(s).
---------------------------------------------------------------------------
\3\ In the event a party to a transaction requests that NASDAQ
review a transaction, the NASDAQ officer nonetheless would need to
determine, on his or her own motion, whether to review the
transaction.
---------------------------------------------------------------------------
The NASDAQ officer shall act pursuant to this paragraph as soon as
possible after receiving notification of the transaction, and
ordinarily would be expected to act on the same day as the transaction
occurred. However, because a transaction under review may have occurred
near the close of trading or due
[[Page 9991]]
to unusual circumstances, the rule provides that the NASDAQ officer
shall act no later than 9:30 a.m. (ET) on the next trading day
following the date of the transaction in question. A party affected by
a determination to nullify or adjust a transaction pursuant to this
provision may appeal such determination in accordance with Chapter V,
Section 6; however, a determination by a NASDAQ officer not to review a
transaction, or a determination not to nullify or adjust a transaction
for which a review was requested or conducted, is not appealable.
NASDAQ believes it is appropriate to limit review on appeal to only
those situations in which a transaction is actually nullified or
adjusted.
This provision is not intended to replace a party's obligation to
request a review, within the required time periods under Chapter V,
Section 6, of any transaction that it believes meets the criteria for
an obvious error. And, if a transaction is reviewed and a determination
has been rendered pursuant to Chapter V, Section 6, no additional
relief may be granted under this new provision. Moreover, NASDAQ does
not anticipate exercising this new authority in every situation in
which a party fails to make a timely request for review of this
transaction pursuant to Chapter V, Section 6. NASDAQ believes this
provision should help to protect the integrity of its marketplace by
vesting a NASDAQ officer with the authority to review a transaction
that may be erroneous, in those situations where a party failed to make
a timely request for a review.
NASDAQ believes that the provision would also be useful in
situations where some parties, but not all, to trades around the same
time have requested a review. Under the rule, reviews are currently
request-based. Under the proposal, in this situation, NASDAQ would be
able to invoke this provision to review a series of trades, whether or
not all parties requested it.
2. Statutory Basis
NASDAQ believes that its proposal is consistent with Section 6(b)
of the Act \4\ in general, and furthers the objectives of Section
6(b)(5) of the Act \5\ in particular, in that it is designed to promote
just and equitable principles of trade, 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 notes that a NASDAQ officer can adjust or nullify a transaction
under the authority granted by this provision only if the transaction
meets the objective criteria for an obvious error under NASDAQ rules.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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 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; or (iii)
become operative for 30 days after the date of the filing, 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 \6\ and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give 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 Exchange has satisfied this requirement.
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The Exchange has requested that the Commission waive the 30-day
operative delay so that the Exchange may promptly implement the
proposed rule change. The Exchange believes that a recent trading
situation that resulted in divergent outcomes on some other options
markets could have been handled in a more clear and orderly way if the
new provision had been in place. The Commission notes that the proposed
rule change is substantively identical to a previously approved
proposal from CBOE \8\ and thus presents no new regulatory issues. The
Commission believes that, under the circumstances, it is appropriate
and consistent with the protection of investors and the public interest
to waive the 30-day operative delay. Therefore, the Commission hereby
designates the proposed rule change operative upon filing.\9\
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\8\ See Exchange Act Release No. 60978 (November 10, 2009), 74
FR 59296 (November 17, 2009) (approving SR-CBOE-2009-68).
\9\ For 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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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 No. SR-NASDAQ-2010-022 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 No. SR-NASDAQ-2010-022. 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,\10\ 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 Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official
[[Page 9992]]
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 No. SR-NASDAQ-2010-022 and should be submitted on or before March
25, 2010.
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\10\ The text of the proposed rule change is available on the
Commission's Web site at https://www.sec.gov.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4452 Filed 3-3-10; 8:45 am]
BILLING CODE 8011-01-P
