Self-Regulatory Organizations; Order Approving Minor Rule Violation Plan for EDGX Exchange, Inc., 26822-26823 [2010-11259]
Download as PDF
<![CDATA[
26822
Federal Register / Vol. 75, No. 91 / Wednesday, May 12, 2010 / Notices
contained in section 12(d)(1)(A) of the
Act, except to the extent permitted by
exemptive relief from the Commission
permitting the Fund to purchase shares
of other investment companies for shortterm cash management purposes.
20. Before approving any advisory
contract under section 15 of the Act, the
board of directors or trustees of each
Acquiring Management Company,
including a majority of the disinterested
directors or trustees, will find that the
advisory fees charged under such
advisory contract are based on services
provided that will be in addition to,
rather than duplicative of, the services
provided under the advisory contract(s)
of any Fund in which the Acquiring
Management Company may invest.
These findings and their basis will be
recorded fully in the minute books of
the appropriate Acquiring Management
Company.
reform legislation; (v) discussion of
fiduciary duty, in the context of
investment advisers and registered
broker-dealers, including a presentation
by SEC staff; (vi) discussion with an
expert panel on mandatory arbitration;
(vii) discussion of money market funds
and the issue of net asset value (‘‘NAV’’),
including a presentation by SEC staff;
(viii) recommendation by Investor
Education Subcommittee of an investor
education campaign; (ix) reports from
Subcommittees on other activities; and
(x) discussion of next steps and closing
comments.
For further information, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: May 10, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–11446 Filed 5–10–10; 4:15 pm]
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2010–11252 Filed 5–11–10; 8:45 am]
BILLING CODE 8010–01–P
[File No. 500–1]
In the Matter of: Universal Property
Development & Acquisition Corp.;
Order of Suspension of Trading
SECURITIES AND EXCHANGE
COMMISSION
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
Sunshine Act; Notice of Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission Investor Advisory
Committee will hold an Open Meeting
on Monday, May 17, 2010, in the
Multipurpose Room, L–006. The
meeting will begin at 9 a.m. and will be
open to the public, with seating on a
first-come, first-served basis. Doors will
open at 8:30 a.m. Visitors will be subject
to security checks.
On April 26, 2010, the Commission
published notice of the Committee
meeting (Release No. 33–9120),
indicating that the meeting is open to
the public and inviting the public to
submit written comments to the
Committee. This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting.
The agenda for the meeting includes:
(i) Remarks by Dan Ariely, behavioral
economist, on investor reaction to
disclosure; (ii) update on
recommendations previously adopted
by the Committee; (iii) briefing on the
Investor as Owner Subcommittee’s
environmental, social, and governance
disclosure workplan; (iv) update on
certain issues involved in financial
VerDate Mar<15>2010
15:00 May 11, 2010
Jkt 220001
May 10, 2010.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Universal
Property Development & Acquisition
Corp. (‘‘Universal Property’’) because it
has not filed any periodic reports since
the period ended March 31, 2008.
Universal Property is quoted on the
Pink Sheets operated by Pink OTC
Markets, Inc. under the ticker symbol
UPDV.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed company is
suspended for the period from 9:30 a.m.
EDT on May 10, 2010, through 11:59
p.m. EDT on May 21, 2010.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2010–11401 Filed 5–10–10; 4:15 pm]
BILLING CODE 8010–11–P
PO 00000
Frm 00117
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62036; File No. 4–594]
Self-Regulatory Organizations; Order
Approving Minor Rule Violation Plan
for EDGX Exchange, Inc.
May 5, 2010.
On March 19, 2010, EDGX Exchange,
Inc. (‘‘EDGX Exchange’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) a proposed minor rule
violation plan (‘‘MRVP’’) pursuant to
Section 19(d)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19d–1(c)(2) thereunder.2 The proposed
MRVP was published for public
comment on March 29, 2010.3 The
Commission received no comments on
the proposal. This order approves EDGX
Exchange’s proposed MRVP.
EDGX Exchange’s MRVP specifies
those uncontested minor rule violations
with sanctions not exceeding $2,500
which would not be subject to the
provisions of Rule 19d–1(c)(1) under the
Act 4 requiring that a self-regulatory
organization promptly file notice with
the Commission of any final
disciplinary action taken with respect to
any person or organization.5 In
accordance with Rule 19d–1(c)(2), the
Exchange proposed to designate certain
rule violations as minor rule violations,
and requested that it be relieved of the
reporting requirements regarding such
violations, provided it gives notice of
such violations to the Commission on a
quarterly basis. EDGX Exchange
included in its proposed MRVP the
policies and procedures currently
included in EDGX Exchange Rule 8.15
(‘‘Imposition of Fines for Minor
Violation(s) of Rules’’) and the rule
violations included in EDGX Exchange
Rule 8.15.01.6
1 15
U.S.C. 78s(d)(1).
CFR 240.19d–1(c)(2).
3 See Securities Exchange Act Release No. 61752
(March 22, 2010), 75 FR 15475.
4 17 CFR 240.19d–1(c)(1).
5 The Commission adopted amendments to
paragraph (c) of Rule 19d–1 to allow self-regulatory
organizations (‘‘SROs’’) to submit for Commission
approval plans for the abbreviated reporting of
minor disciplinary infractions. See Securities
Exchange Act Release No. 21013 (June 1, 1984), 49
FR 23828 (June 8, 1984). Any disciplinary action
taken by an SRO against any person for violation
of a rule of the SRO which has been designated as
a minor rule violation pursuant to such a plan shall
not be considered ‘‘final’’ for purposes of Section
19(d)(1) of the Act if the sanction imposed consists
of a fine not exceeding $2,500 and the sanctioned
person has not sought an adjudication, including a
hearing, or otherwise exhausted his or her
administrative remedies.
6 On March 12, 2010, the Commission approved
EDGX Exchange’s application for registration as a
2 17
E:\FR\FM\12MYN1.SGM
12MYN1
26823
Federal Register / Vol. 75, No. 91 / Wednesday, May 12, 2010 / Notices
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
Pursuant to the Exchange’s proposed
MRVP, under Rule 8.15, the Exchange
may impose a fine (not to exceed
$2,500) on a member, an associated
person of a member, or a registered or
non-registered employee of a member
with respect to any rule listed in Rule
8.15.01. The Exchange shall serve the
person against whom a fine is imposed
with a written statement setting forth
the rule or rules allegedly violated, the
act or omission constituting each such
violation, the fine imposed, and the date
by which such determination becomes
final or by which such determination
must be contested. If the person against
whom the fine is imposed pays the fine,
such payment shall be deemed to be a
waiver of such person’s right to a
disciplinary proceeding and any review
of the matter under Exchange rules. Any
person against whom a fine is imposed
may contest the Exchange’s
determination by filing with the
Exchange a written response, at which
point the matter shall become a
disciplinary proceeding.
Upon approval of the plan, the
Exchange will provide the Commission
a quarterly report of actions taken on
minor rule violations under the plan.
The quarterly report will include the
Exchange’s internal file number for the
case, the name of the individual and/or
organization, the nature of the violation,
the specific rule provision violated, the
sanction imposed, the number of times
the rule violation has occurred, and the
date of disposition.7
The Commission finds that the
proposed MRVP is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange. In
particular, the Commission believes that
the proposal is consistent with Section
6(b)(5) of the Act,8 which requires that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to remove impediments and to
perfect the mechanism of a free and
open market and national market
system, and, in general, to protect
national securities exchange, including the rules
governing the EDGX Exchange. See Securities
Exchange Act Release No. 61698, 75 FR 13151
(March 18, 2010). In the approval order, the
Commission noted that EDGX Exchange Rule 8.15
provides for the imposition of fines for minor rule
violations pursuant to a minor rule violation plan.
Accordingly, the Commission noted that, EDGX
Exchange Rule 8.15 provides for the imposition of
fines for minor rule violations pursuant to a minor
rule violation plan. Accordingly, the Commission
noted that as a condition to the operation of EDGX
Exchange, the Exchange must file a minor rule
violation plan with the Commission.
7 EDGX Exchange attached a sample form of the
quarterly report with its submission to the
Commission.
8 15 U.S.C. 78f(b)(5).
VerDate Mar<15>2010
15:00 May 11, 2010
Jkt 220001
investors and the public interest. The
Commission also believes that the
proposal is consistent with Sections
6(b)(1) and 6(b)(6) of the Act 9 which
require that the rules of an exchange
enforce compliance with, and provide
appropriate discipline for, violations of
the Commission and Exchange rules. In
addition, because the MRVP offers
procedural rights to a person sanctioned
under Rule 8.15, the Commission
believes that Rule 8.15 provides a fair
procedure for the disciplining of
members and persons associated with
members, consistent with Sections
6(b)(7) and 6(d)(1) of the Act.10
Finally, the Commission finds that the
proposal is consistent with the public
interest, the protection of investors, or
otherwise in furtherance of the purposes
of the Act, as required by Rule 19d–
1(c)(2) under the Act,11 because the
MRVP strengthens EDGX Exchange’s
ability to carry out its oversight and
enforcement responsibilities as an SRO
in cases where full disciplinary
proceedings are unsuitable in view of
the minor nature of the particular
violation.
In approving this proposal, the
Commission in no way minimizes the
importance of compliance with
Exchange rules and all other rules
subject to the imposition of sanctions
under Rule 8.15. The Commission
believes that the violation of an SRO’s
rules, as well as Commission rules, is a
serious matter. However, Rule 8.15
provides a reasonable means of
addressing violations that do not rise to
the level of requiring formal
disciplinary proceedings, while
providing greater flexibility in handling
certain violations. The Commission
expects that EDGX Exchange will
continue to conduct surveillance with
due diligence and make determinations
based on its findings, on a case-by-case
basis, whether a sanction under the
MRVP is appropriate, or whether a
violation requires formal disciplinary
action.
It is therefore ordered, pursuant to
Rule 19d–1(c)(2) under the Act,12 that
the proposed MRVP for EDGX
Exchange, File No. 4–594, be, and
hereby is, approved and declared
effective.
U.S.C. 78f(b)(1) and 78f(b)(6).
U.S.C. 78f(b)(7) and 78f(d)(1).
11 17 CFR 240.19d–1(c)(2).
12 Id.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–11259 Filed 5–11–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62044; File No. SR–
NASDAQ–2010–057]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Rules 9552, 9554 and 9559 To Conform
NASDAQ’s Rules to Recent Changes
to the Rules of FINRA
May 5, 2010.
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 May 3,
2010, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or ‘‘Exchange’’) 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 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 is proposing to amend
Rules 9552, 9554 and 9559 to conform
NASDAQ’s rules to recent changes to
the rules of the Financial Industry
Regulatory Authority (‘‘FINRA’’). The
text of the proposed rule change is
below. Proposed new language is
italicized and proposed deletions are in
brackets.
*
*
*
*
*
9550. Expedited Proceedings
*
*
*
*
9552. Failure To Provide Information
or Keep Information Current
(a)–(g) No change.
(h) Defaults
A member or person who is
suspended under this Rule and fails to
request termination of the suspension
within three[six] months of issuance of
9 15
10 15
PO 00000
Frm 00118
Fmt 4703
Sfmt 4703
*
13 17
CFR 200.30–3(a)(44).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\12MYN1.SGM
12MYN1
]]>Agencies
[Federal Register Volume 75, Number 91 (Wednesday, May 12, 2010)]
[Notices]
[Pages 26822-26823]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-11259]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62036; File No. 4-594]
Self-Regulatory Organizations; Order Approving Minor Rule
Violation Plan for EDGX Exchange, Inc.
May 5, 2010.
On March 19, 2010, EDGX Exchange, Inc. (``EDGX Exchange'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') a proposed minor rule violation plan (``MRVP'')
pursuant to Section 19(d)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19d-1(c)(2) thereunder.\2\ The proposed MRVP was
published for public comment on March 29, 2010.\3\ The Commission
received no comments on the proposal. This order approves EDGX
Exchange's proposed MRVP.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(d)(1).
\2\ 17 CFR 240.19d-1(c)(2).
\3\ See Securities Exchange Act Release No. 61752 (March 22,
2010), 75 FR 15475.
---------------------------------------------------------------------------
EDGX Exchange's MRVP specifies those uncontested minor rule
violations with sanctions not exceeding $2,500 which would not be
subject to the provisions of Rule 19d-1(c)(1) under the Act \4\
requiring that a self-regulatory organization promptly file notice with
the Commission of any final disciplinary action taken with respect to
any person or organization.\5\ In accordance with Rule 19d-1(c)(2), the
Exchange proposed to designate certain rule violations as minor rule
violations, and requested that it be relieved of the reporting
requirements regarding such violations, provided it gives notice of
such violations to the Commission on a quarterly basis. EDGX Exchange
included in its proposed MRVP the policies and procedures currently
included in EDGX Exchange Rule 8.15 (``Imposition of Fines for Minor
Violation(s) of Rules'') and the rule violations included in EDGX
Exchange Rule 8.15.01.\6\
---------------------------------------------------------------------------
\4\ 17 CFR 240.19d-1(c)(1).
\5\ The Commission adopted amendments to paragraph (c) of Rule
19d-1 to allow self-regulatory organizations (``SROs'') to submit
for Commission approval plans for the abbreviated reporting of minor
disciplinary infractions. See Securities Exchange Act Release No.
21013 (June 1, 1984), 49 FR 23828 (June 8, 1984). Any disciplinary
action taken by an SRO against any person for violation of a rule of
the SRO which has been designated as a minor rule violation pursuant
to such a plan shall not be considered ``final'' for purposes of
Section 19(d)(1) of the Act if the sanction imposed consists of a
fine not exceeding $2,500 and the sanctioned person has not sought
an adjudication, including a hearing, or otherwise exhausted his or
her administrative remedies.
\6\ On March 12, 2010, the Commission approved EDGX Exchange's
application for registration as a national securities exchange,
including the rules governing the EDGX Exchange. See Securities
Exchange Act Release No. 61698, 75 FR 13151 (March 18, 2010). In the
approval order, the Commission noted that EDGX Exchange Rule 8.15
provides for the imposition of fines for minor rule violations
pursuant to a minor rule violation plan. Accordingly, the Commission
noted that, EDGX Exchange Rule 8.15 provides for the imposition of
fines for minor rule violations pursuant to a minor rule violation
plan. Accordingly, the Commission noted that as a condition to the
operation of EDGX Exchange, the Exchange must file a minor rule
violation plan with the Commission.
---------------------------------------------------------------------------
[[Page 26823]]
Pursuant to the Exchange's proposed MRVP, under Rule 8.15, the
Exchange may impose a fine (not to exceed $2,500) on a member, an
associated person of a member, or a registered or non-registered
employee of a member with respect to any rule listed in Rule 8.15.01.
The Exchange shall serve the person against whom a fine is imposed with
a written statement setting forth the rule or rules allegedly violated,
the act or omission constituting each such violation, the fine imposed,
and the date by which such determination becomes final or by which such
determination must be contested. If the person against whom the fine is
imposed pays the fine, such payment shall be deemed to be a waiver of
such person's right to a disciplinary proceeding and any review of the
matter under Exchange rules. Any person against whom a fine is imposed
may contest the Exchange's determination by filing with the Exchange a
written response, at which point the matter shall become a disciplinary
proceeding.
Upon approval of the plan, the Exchange will provide the Commission
a quarterly report of actions taken on minor rule violations under the
plan. The quarterly report will include the Exchange's internal file
number for the case, the name of the individual and/or organization,
the nature of the violation, the specific rule provision violated, the
sanction imposed, the number of times the rule violation has occurred,
and the date of disposition.\7\
---------------------------------------------------------------------------
\7\ EDGX Exchange attached a sample form of the quarterly report
with its submission to the Commission.
---------------------------------------------------------------------------
The Commission finds that the proposed MRVP is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange. In particular, the
Commission believes that the proposal is consistent with Section
6(b)(5) of the Act,\8\ which requires that the rules of an exchange be
designed to promote just and equitable principles of trade, to remove
impediments and to perfect the mechanism of a free and open market and
national market system, and, in general, to protect investors and the
public interest. The Commission also believes that the proposal is
consistent with Sections 6(b)(1) and 6(b)(6) of the Act \9\ which
require that the rules of an exchange enforce compliance with, and
provide appropriate discipline for, violations of the Commission and
Exchange rules. In addition, because the MRVP offers procedural rights
to a person sanctioned under Rule 8.15, the Commission believes that
Rule 8.15 provides a fair procedure for the disciplining of members and
persons associated with members, consistent with Sections 6(b)(7) and
6(d)(1) of the Act.\10\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(5).
\9\ 15 U.S.C. 78f(b)(1) and 78f(b)(6).
\10\ 15 U.S.C. 78f(b)(7) and 78f(d)(1).
---------------------------------------------------------------------------
Finally, the Commission finds that the proposal is consistent with
the public interest, the protection of investors, or otherwise in
furtherance of the purposes of the Act, as required by Rule 19d-1(c)(2)
under the Act,\11\ because the MRVP strengthens EDGX Exchange's ability
to carry out its oversight and enforcement responsibilities as an SRO
in cases where full disciplinary proceedings are unsuitable in view of
the minor nature of the particular violation.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19d-1(c)(2).
---------------------------------------------------------------------------
In approving this proposal, the Commission in no way minimizes the
importance of compliance with Exchange rules and all other rules
subject to the imposition of sanctions under Rule 8.15. The Commission
believes that the violation of an SRO's rules, as well as Commission
rules, is a serious matter. However, Rule 8.15 provides a reasonable
means of addressing violations that do not rise to the level of
requiring formal disciplinary proceedings, while providing greater
flexibility in handling certain violations. The Commission expects that
EDGX Exchange will continue to conduct surveillance with due diligence
and make determinations based on its findings, on a case-by-case basis,
whether a sanction under the MRVP is appropriate, or whether a
violation requires formal disciplinary action.
It is therefore ordered, pursuant to Rule 19d-1(c)(2) under the
Act,\12\ that the proposed MRVP for EDGX Exchange, File No. 4-594, be,
and hereby is, approved and declared effective.
---------------------------------------------------------------------------
\12\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(44).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-11259 Filed 5-11-10; 8:45 am]
BILLING CODE 8010-01-P
