Self-Regulatory Organizations; BATS Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Changes Relating to Clearly Erroneous Transactions, 52383 [2010-21095]

Download as PDF Federal Register / Vol. 75, No. 164 / Wednesday, August 25, 2010 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62730; File Nos. SR–BATS– 2010–016; SR–BX–2010–040; SR–CBOE– 2010–056; SR–CHX–2010–13; SR–EDGA– 2010–03; SR–EDGX–2010–03; SR–ISE– 2010–62; SR–NASDAQ–2010–076; SR–NSX– 2010–07; SR–NYSE–2010–47; SR– NYSEAmex–2010–60; SR–NYSEArca– 2010–58] Self-Regulatory Organizations; BATS Exchange, Inc.; NASDAQ OMX BX, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; International Securities Exchange LLC; The NASDAQ Stock Market LLC; National Stock Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Changes Relating to Clearly Erroneous Transactions srobinson on DSKHWCL6B1PROD with NOTICES August 16, 2010. On June 17, 2010, each of BATS Exchange, Inc. (‘‘BATS’’), NASDAQ OMX BX, Inc. (‘‘BX’’), Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), Chicago Stock Exchange, Inc. (‘‘CHX’’), EDGA Exchange, Inc. (‘‘EDGA’’), EDGX Exchange, Inc. (‘‘EDGX’’), International Securities Exchange LLC (‘‘ISE’’), The NASDAQ Stock Market LLC (‘‘Nasdaq’’), National Stock Exchange, Inc. (‘‘NSX’’), New York Stock Exchange LLC (‘‘NYSE’’), NYSE Amex LLC (‘‘NYSE Amex’’), and NYSE Arca, Inc. (‘‘NYSE Arca’’) (collectively, the ‘‘Exchanges’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’),2 and Rule 19b–4 thereunder,3 proposed rule changes to amend certain of their respective rules to set forth clearer standards and curtail their discretion with respect to breaking erroneous trades. Section 19(b)(2) of the Act 4 provides that within thirty-five days of the publication of notice of the filing of a proposed rule change, or within such longer period as the Commission may designate up to ninety days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding, the Commission shall either approve the proposed rule change or institute proceedings to determine whether the proposed rule change should be disapproved. The 35th day for 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 4 15 U.S.C. 78s(b)(2). 2 15 VerDate Mar<15>2010 17:48 Aug 24, 2010 Jkt 220001 the filings submitted by BATS, BX, CBOE, CHX, EDGA, EDGX, ISE, Nasdaq, NSX, NYSE, and NYSE Amex was August 2, 2010.5 The 35th day for the filing submitted by NYSE Arca was August 3, 2010.6 The Commission had received an extension of time from the Exchanges until August 16, 2010.7 The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule changes so that it has sufficient time to consider these proposed rule changes, relating to the amendment of clearly erroneous execution rules to provide greater transparency and certainty to the process of breaking trades, and the comment letters that have been submitted in connection with these filings. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,8 designates August 30, 2010, as the date by which the Commission should either approve or institute proceedings to determine whether to disapprove the proposed rule changes. By the Commission. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–21095 Filed 8–24–10; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–62742, File No. SR–MSRB– 2010–05] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Approving Proposed Rule Change Relating to the Continuing Disclosure Service of the MSRB Electronic Municipal Market Access (EMMA) System August 19, 2010. On June 30, 2010, the Municipal Securities Rulemaking Board (‘‘MSRB’’), filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant 5 See Securities Exchange Act Release Nos. 62330 (June 21, 2010), 75 FR 36725 (June 28, 2010); 62331 (June 21, 2010), 75 FR 36746 (June 28, 2010); 62332 (June 21, 2010), 75 FR 36749 (June 28, 2010); 62333 (June 21, 2010), 75 FR 36759 (June 28, 2010); 62334 (June 21, 2010), 75 FR 36732 (June 28, 2010); 62336 (June 21, 2010), 75 FR 36743 (June 28, 2010); 62337 (June 21, 2010), 75 FR 36739 (June 28, 2010); 62338 (June 21, 2010), 75 FR 36762 (June 28, 2010); 62339 (June 21, 2010), 75 FR 36765 (June 28, 2010); 62340 (June 21, 2010), 75 FR 36768 (June 28, 2010); and 62342 (June 21, 2010), 75 FR 36752 (June 28, 2010). 6 See Securities Exchange Act Release No. 62335 (June 21, 2010), 75 FR 37494 (June 29, 2010). 7 The Exchanges submitted through the Commission’s Electronic Form 19b–4 Filing System extensions of the time period for Commission action through August 16, 2010. 8 15 U.S.C. 78s(b)(2). PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 52383 to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change relating to the continuing disclosure service of the MSRB Electronic Municipal Market Access (EMMA) System. The proposed rule change was published for comment in the Federal Register on July 19, 2010.3 The Commission received one comment letter.4 This order approves the proposed rule change. Currently Exchange Act Rule 15c2–12 provides that an underwriter for a primary offering of municipal securities subject to Exchange Act Rule 15c2–12 is prohibited from underwriting the offering unless the underwriter has determined that the issuer or an obligated person for whom financial information or operating data is presented in the final official statement has undertaken in writing to provide certain items of information to the MSRB. Such items include: (A) Annual financial information; (B) audited financial statements if available and if not included in the annual financial information; (C) notices of certain events (‘‘Rule 15c2–12 Event Notices’’); 5 and (D) notices of failures to provide annual financial information on or before the date specified in the written undertaking. Written undertakings are to provide that all continuing disclosure documents submitted to the MSRB shall be accompanied by identifying information as prescribed by the MSRB. Such submissions are made by issuers, obligated persons and their agents to the MSRB through the EMMA continuing disclosure service and are made available to the public through the EMMA Web site for free and through paid subscriptions. The Commission has recently amended Exchange Act Rule 15c2–12 to modify several provisions relating to the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 62489 (July 13, 2010), 75 FR 41909 (July 19, 2010) (‘‘Commission’s Notice’’). 4 See letter from Steve Apfelbacher, President, National Association of Independent Public Finance Advisors (‘‘NAIPFA’’), dated August 9, 2010. 5 Under Exchange Act Rule 15c2–12(b)(5)(i)(C), notices of the following events currently are required to be submitted to the MSRB, if material: principal and interest payment delinquencies; nonpayment related defaults; unscheduled draws on debt service reserves reflecting financial difficulties; unscheduled draws on credit enhancements reflecting financial difficulties; substitution of credit or liquidity providers, or their failure to perform; adverse tax opinions or events affecting the tax-exempt status of the security; modifications to rights of security holders; bond calls; defeasances; release, substitution, or sale of property securing repayment of the securities; and rating changes. 2 17 E:\FR\FM\25AUN1.SGM 25AUN1

Agencies

[Federal Register Volume 75, Number 164 (Wednesday, August 25, 2010)]
[Notices]
[Page 52383]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21095]



[[Page 52383]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62730; File Nos. SR-BATS-2010-016; SR-BX-2010-040; SR-
CBOE-2010-056; SR-CHX-2010-13; SR-EDGA-2010-03; SR-EDGX-2010-03; SR-
ISE-2010-62; SR-NASDAQ-2010-076; SR-NSX-2010-07; SR-NYSE-2010-47; SR-
NYSEAmex-2010-60; SR-NYSEArca- 2010-58]


Self-Regulatory Organizations; BATS Exchange, Inc.; NASDAQ OMX 
BX, Inc.; Chicago Board Options Exchange, Incorporated; Chicago Stock 
Exchange, Inc.; EDGA Exchange, Inc.; EDGX Exchange, Inc.; International 
Securities Exchange LLC; The NASDAQ Stock Market LLC; National Stock 
Exchange, Inc.; New York Stock Exchange LLC; NYSE Amex LLC; NYSE Arca, 
Inc.; Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Changes Relating to Clearly Erroneous Transactions

August 16, 2010.
    On June 17, 2010, each of BATS Exchange, Inc. (``BATS''), NASDAQ 
OMX BX, Inc. (``BX''), Chicago Board Options Exchange, Incorporated 
(``CBOE''), Chicago Stock Exchange, Inc. (``CHX''), EDGA Exchange, Inc. 
(``EDGA''), EDGX Exchange, Inc. (``EDGX''), International Securities 
Exchange LLC (``ISE''), The NASDAQ Stock Market LLC (``Nasdaq''), 
National Stock Exchange, Inc. (``NSX''), New York Stock Exchange LLC 
(``NYSE''), NYSE Amex LLC (``NYSE Amex''), and NYSE Arca, Inc. (``NYSE 
Arca'') (collectively, the ``Exchanges'') filed with the Securities and 
Exchange Commission (``Commission''), pursuant to Section 19(b)(1) \1\ 
of the Securities Exchange Act of 1934 (``Act''),\2\ and Rule 19b-4 
thereunder,\3\ proposed rule changes to amend certain of their 
respective rules to set forth clearer standards and curtail their 
discretion with respect to breaking erroneous trades.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that within thirty-five 
days of the publication of notice of the filing of a proposed rule 
change, or within such longer period as the Commission may designate up 
to ninety days of such date if it finds such longer period to be 
appropriate and publishes its reasons for so finding, the Commission 
shall either approve the proposed rule change or institute proceedings 
to determine whether the proposed rule change should be disapproved. 
The 35th day for the filings submitted by BATS, BX, CBOE, CHX, EDGA, 
EDGX, ISE, Nasdaq, NSX, NYSE, and NYSE Amex was August 2, 2010.\5\ The 
35th day for the filing submitted by NYSE Arca was August 3, 2010.\6\ 
The Commission had received an extension of time from the Exchanges 
until August 16, 2010.\7\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release Nos. 62330 (June 21, 
2010), 75 FR 36725 (June 28, 2010); 62331 (June 21, 2010), 75 FR 
36746 (June 28, 2010); 62332 (June 21, 2010), 75 FR 36749 (June 28, 
2010); 62333 (June 21, 2010), 75 FR 36759 (June 28, 2010); 62334 
(June 21, 2010), 75 FR 36732 (June 28, 2010); 62336 (June 21, 2010), 
75 FR 36743 (June 28, 2010); 62337 (June 21, 2010), 75 FR 36739 
(June 28, 2010); 62338 (June 21, 2010), 75 FR 36762 (June 28, 2010); 
62339 (June 21, 2010), 75 FR 36765 (June 28, 2010); 62340 (June 21, 
2010), 75 FR 36768 (June 28, 2010); and 62342 (June 21, 2010), 75 FR 
36752 (June 28, 2010).
    \6\ See Securities Exchange Act Release No. 62335 (June 21, 
2010), 75 FR 37494 (June 29, 2010).
    \7\ The Exchanges submitted through the Commission's Electronic 
Form 19b-4 Filing System extensions of the time period for 
Commission action through August 16, 2010.
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule changes so that it has 
sufficient time to consider these proposed rule changes, relating to 
the amendment of clearly erroneous execution rules to provide greater 
transparency and certainty to the process of breaking trades, and the 
comment letters that have been submitted in connection with these 
filings.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\8\ designates August 30, 2010, as the date by which the Commission 
should either approve or institute proceedings to determine whether to 
disapprove the proposed rule changes.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).

    By the Commission.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-21095 Filed 8-24-10; 8:45 am]
BILLING CODE 8010-01-P
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