Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 2260 To Reflect Changes to Corresponding FINRA Rule, 53989-53991 [2010-21929]
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Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
public on the NRSRO’s corporate
Internet Web site in eXtensible Business
Reporting Language (‘‘XBRL’’) format.7
The rule provides that in preparing the
XBRL disclosure, an NRSRO must use
the List of XBRL Tags as specified on
the Commission’s Internet Web site.8
The Commission established a
compliance date of August 10, 2009 for
this provision. On August 5, 2009, the
Commission provided notice that an
NRSRO subject to the disclosure
provisions of paragraph (d) (now
paragraph (d)(2)) of Rule 17g–2 could
satisfy the requirement to make publicly
available ratings history information in
an XBRL format by using an XBRL
format or any other machine-readable
format, until such time as the
Commission provides further notice.9
The Commission today is providing
notice that a List of XBRL Tags has been
published on the Commission’s Internet
Web site and that NRSROs shall
commence publishing the information
required by Rule 17g–2(d)(2) in XBRL
format using the List of the XBRL Tags
beginning no later than November 1,
2010.
On November 23, 2009, the
Commission further amended Rule 17g–
2 to add paragraph (d)(3), which
requires that an NRSRO must make
publicly available on its corporate
Internet Web site ratings action histories
for all credit ratings initially determined
on or after June 26, 2007 in an
interactive data file that uses a machinereadable format.10 In the case of issuerpaid credit ratings, each new ratings
action is required to be reflected in such
publicly disclosed histories no later
than twelve months after it is taken; in
the case of ratings actions that are not
issuer-paid, each new ratings action is
required to be reflected no later than
twenty-four months after it is taken.11
Rule 17g–2(d)(3) provides that an
NRSRO may use any machine-readable
format to make this data publicly
available until 60 days after the date on
which the Commission publishes a List
of XBRL Tags for NRSROs on its
Internet Web site, at which point the
NRSRO is required to make the
information available in XBRL format
using the List of XBRL Tags for NRSROs
as published by the Commission on its
7 Id.
8 Id. The February 2009 Adopting Release
specified a compliance date of 180 days after
publication in the Federal Register.
9 See Securities Exchange Release No. 60451
(August 5, 2009) 74 FR 40246 (August 11, 2009)
(‘‘August 5, 2009 Notice’’).
10 See Securities Exchange Release No. 61050
(November 23, 2009) 74 FR 63831 (December 4,
2009) (‘‘November 2009 Adopting Release’’).
11 See November 2009 Adopting Release at 63834.
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Internet Web site.12 Today, the
Commission is providing notice that the
List of XBRL Tags has been published
on the Commission’s Internet Web
site.13
The publication of the List of XBRL
Tags on the Commission’s Internet Web
site automatically triggers the 60-day
time frame for compliance with Rule
17(g)(2)(d)(3) using an XBRL format.
However, for purposes of establishing a
uniform compliance date for Rule 17g–
2(d)(2) and Rule 17g–2(d)(3), the
Commission will require that NRSROs
make the information required under
Rule 17g–2(d)(3) available on its
corporate website in XBRL format using
the List of XBRL Tags beginning no later
than November 1, 2010.
The relief provided by the August 5,
2009 Notice is superseded by this
Notice.
Dated: August 27, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–21887 Filed 9–1–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62771; File No. SR–
NASDAQ–2010–102]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
2260 To Reflect Changes to
Corresponding FINRA Rule
August 26, 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 August
16, 2010, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
12 See
13 See
November 2009 Adopting Release at 63834.
List of XBRL Tags available at [Web site
url].
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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53989
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NASDAQ Rule 2260 and IM–2260 to
reflect recent changes to a
corresponding rule of the Financial
Industry Regulatory Authority
(‘‘FINRA’’). The text of the proposed rule
change is available at https://
nasdaq.cchwallstreet.com, at the
Exchange’s principal office, at the
Commission’s Public Reference Room,
and on the Commission’s Web site at
https://www.sec.gov.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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. The
Exchange 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
Many of NASDAQ’s rules are based
on rules of FINRA (formerly the
National Association of Securities
Dealers (‘‘NASD’’)). During 2008, FINRA
embarked on an extended process of
moving rules formerly designated as
‘‘NASD Rules’’ into a consolidated
FINRA rulebook. In many cases, FINRA
has renumbered these rules, and in
some cases has substantively amended
them. Accordingly, NASDAQ has
initiated a process of modifying its
rulebook to ensure that NASDAQ rules
corresponding to FINRA/NASD rules
continue to mirror them as closely as
practicable.
This filing addresses NASDAQ Rule
2260 and IM–2260, which incorporates
the guidance previously contained in
the corresponding NASD Rules relating
to the forwarding of proxy and other
materials by members and the rates of
reimbursement for such actions. In SR–
FINRA–2009–066,3 FINRA combined
NASD Rule 2260 and IM–2260 into
FINRA Rule 2251 without material
3 Securities Exchange Act Release No. 61052
(November 23, 2009), 74 FR 62857 (December 1,
2009) (SR–FINRA–2009–066).
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53990
Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
amendment to the substance of the rule.
FINRA also made minor clarifying
changes and other changes primarily to
reflect the new formatting and
terminology conventions of the
Consolidated FINRA Rulebook.4
NASDAQ proposes to similarly combine
NASDAQ Rule 2260 and IM–2260 into
new NASDAQ Rule 2251, which will
continue to incorporate the
requirements of the corresponding
FINRA rule.5
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,6
in general, and with Section 6(b)(5) of
the Act,7 in particular, in that the
proposal is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. The
proposed changes will conform
NASDAQ rules to recent changes made
to the corresponding FINRA rules, to
promote application of consistent
regulatory standards.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
4 The Commission notes that, as part of those
changes, FINRA deleted references to NASD Rule
2430. Since FINRA Rule 2251 no longer references
NASD Rule 2430, and Nasdaq is conforming its rule
to reflect the current FINRA rule, Nasdaq is also
proposing to delete references to Nasdaq Rule 2430.
5 NASDAQ intends to make a separate rule filing
to incorporate changes required to this Rule by
Section 957 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(5).
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of the Act 8 and Rule 19b–4(f)(6) 9
thereunder in that it effects a change
that: (i) Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not 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.10 Nasdaq has requested
that the Commission waive the 30-day
operative delay.
The Commission has considered the
Exchange’s request to waive the 30-day
operative delay. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. As noted above, Nasdaq rules
cross-reference certain NASD rules that
no longer exist, and have been updated
in the consolidated FINRA rulebook.
The proposed rule change will update
certain of the references in the
Exchange’s rules that are outdated. The
Commission also notes that these
changes have previously been approved
by the Commission for FINRA. The
Commission believes that allowing this
rule change to become immediately
operative will facilitate the purpose of
this rule change—namely, to eliminate
any potential confusion arising from the
existing rule’s outdated cross-references.
Based on the foregoing, the Commission
finds that waiving the 30-day operative
delay period is consistent with the
protection of investors and the public
interest, and the proposal is therefore
deemed operative upon filing.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend 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.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6). When filing a proposed
rule change pursuant to Rule 19b–4(f)(6) under the
Act, an Exchange is required 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
met this requirement.
11 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
9 17
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Fmt 4703
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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 rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2010–102 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–NASDAQ–2010–102. 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 website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of 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–
NASDAQ–2010–102 and should be
submitted on or before September 23,
2010.
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Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–21929 Filed 9–1–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62772; File No. SR–ISE–
2010–91]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change To Adopt a Pilot Program To
List Additional Expiration Months for
Each Class of Options Opened for
Trading on the Exchange
August 26, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on August
25, 2010, the International Securities
Exchange, LLC (the ‘‘Exchange’’ or ‘‘ISE’’)
filed with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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
The ISE is proposing to amend its
rules to adopt a pilot program to list
additional expiration months for each
class of options opened for trading on
the Exchange. The text of the proposed
rule change is provided below (italics
indicate additions; [brackets] indicate
deletions):
Rule 504. Series of Options Contracts
Open for Trading
*
*
*
*
*
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
Supplementary Material to Rule 504
.01–.07 No Change
.08 Additional Expiration Months
Pilot Program (‘‘Pilot Program’’). For a
Pilot Program expiring on [insert date 12
months from the next full month from
approval], the Exchange may select up
to 20 options classes for which it may
list up to two (2) additional expiration
months in addition to the expiration
months the Exchange currently lists
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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15:22 Sep 01, 2010
Jkt 220001
pursuant to Rule 504(e). Additional
expiration months listed pursuant to
this Supplementary Material .08 will be
the nearest months that were not
previously listed. The Exchange may
also list additional expiration months
for option classes that are selected by
other securities exchanges that employ
a similar program under their respective
rules.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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.
The self-regulatory organization 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
rules to adopt a pilot program to list
additional expiration months for each
class of options opened for trading on
the Exchange.
Pursuant to ISE Rule 504(e), the
Exchange currently opens four
expiration months for each class of
options open for trading on the
Exchange: the first two being the two
nearest months, regardless of the
quarterly cycle on which that class
trades; the third and fourth being the
next two months of the quarterly cycle
previously designated by the Exchange
for that specific class. For example, if
the Exchange listed in late May a new
equity option on a January-April-JulyOctober quarterly cycle, the Exchange
would list the two nearest term months
(June and July) and the next two
expiration months of the cycle (October
and January). When the June series
expires, the Exchange would add the
August series as the next nearest month.
And when the July series expire, the
Exchange would add the September
series as the next month of the cycle.
The Exchange believes that there is
market demand for a greater number of
expiration months. The Exchange
therefore proposes to adopt a pilot
program pursuant to which it will list
up to an additional two expiration
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Frm 00045
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Sfmt 4703
53991
months, for a total of six expiration
months for each class of options open
for trading on the Exchange. The
proposal will become effective on a
pilot basis for a period twelve months
to commence on the next full month
after approval is received to establish
the pilot program. Under the proposal,
the additional months listed pursuant to
the pilot program will result in four
consecutive expiration months plus two
months from the quarterly cycle. For
example, for option classes in the
January cycle that have expiration
months of June, July, October, and
January, the Exchange would
additionally list the August and
September series. For option classes in
the February quarterly cycle that have
expiration months of October,
November, February and May, the
Exchange would additionally list the
December and January series. Under the
proposal, no additional LEAP series will
be created.
The Exchange seeks to limit the
proposed rule change to the 20 most
actively traded options classes. By
limiting the pilot to a small number of
classes, the Exchange will be able to
gauge interest in the pilot while limiting
any additional demands on system
resources. ISE estimates that this pilot
could add up to six or seven percent to
current quote traffic, although changes
in market maker quoting behavior will
likely reduce that increase by up to half.
The Exchange believes that a limited
pilot is a prudent step to determine
actual market demand for additional
expiration months.
If the Exchange were to propose an
extension or an expansion of the pilot
program, or should the Exchange
propose to make the pilot program
permanent, ISE will submit, along with
any filing proposing such amendments
to the pilot program, a pilot program
report (‘‘Report’’) that will provide an
analysis of the pilot program covering
the first nine months of the pilot
program and shall submit the Report to
the Commission at least sixty (60) days
prior to the expiration date of the pilot
program. The Report will include, at a
minimum: (1) Data and written analysis
on the open interest and trading volume
in the classes for which additional
expiration months were opened; (2) an
assessment of the appropriateness of the
option classes selected for the pilot
program; (3) an assessment of the
impact of the pilot program on the
capacity on ISE, OPRA and on market
data vendors (to the extent data from
market data vendors is available); (4)
any capacity problems or other
problems that arose during the
operation of the pilot program and how
E:\FR\FM\02SEN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 170 (Thursday, September 2, 2010)]
[Notices]
[Pages 53989-53991]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21929]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62771; File No. SR-NASDAQ-2010-102]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 2260 To Reflect Changes to Corresponding FINRA Rule
August 26, 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 August 16, 2010, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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
The Exchange proposes to amend NASDAQ Rule 2260 and IM-2260 to
reflect recent changes to a corresponding rule of the Financial
Industry Regulatory Authority (``FINRA''). The text of the proposed
rule change is available at https://nasdaq.cchwallstreet.com, at the
Exchange's principal office, at the Commission's Public Reference Room,
and on the Commission's Web site at https://www.sec.gov.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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. The Exchange 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
Many of NASDAQ's rules are based on rules of FINRA (formerly the
National Association of Securities Dealers (``NASD'')). During 2008,
FINRA embarked on an extended process of moving rules formerly
designated as ``NASD Rules'' into a consolidated FINRA rulebook. In
many cases, FINRA has renumbered these rules, and in some cases has
substantively amended them. Accordingly, NASDAQ has initiated a process
of modifying its rulebook to ensure that NASDAQ rules corresponding to
FINRA/NASD rules continue to mirror them as closely as practicable.
This filing addresses NASDAQ Rule 2260 and IM-2260, which
incorporates the guidance previously contained in the corresponding
NASD Rules relating to the forwarding of proxy and other materials by
members and the rates of reimbursement for such actions. In SR-FINRA-
2009-066,\3\ FINRA combined NASD Rule 2260 and IM-2260 into FINRA Rule
2251 without material
[[Page 53990]]
amendment to the substance of the rule. FINRA also made minor
clarifying changes and other changes primarily to reflect the new
formatting and terminology conventions of the Consolidated FINRA
Rulebook.\4\ NASDAQ proposes to similarly combine NASDAQ Rule 2260 and
IM-2260 into new NASDAQ Rule 2251, which will continue to incorporate
the requirements of the corresponding FINRA rule.\5\
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 61052 (November 23,
2009), 74 FR 62857 (December 1, 2009) (SR-FINRA-2009-066).
\4\ The Commission notes that, as part of those changes, FINRA
deleted references to NASD Rule 2430. Since FINRA Rule 2251 no
longer references NASD Rule 2430, and Nasdaq is conforming its rule
to reflect the current FINRA rule, Nasdaq is also proposing to
delete references to Nasdaq Rule 2430.
\5\ NASDAQ intends to make a separate rule filing to incorporate
changes required to this Rule by Section 957 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\6\ in general, and with
Section 6(b)(5) of the Act,\7\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. The proposed
changes will conform NASDAQ rules to recent changes made to the
corresponding FINRA rules, to promote application of consistent
regulatory standards.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) \9\ thereunder in that
it effects a change that: (i) Does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
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.\10\ Nasdaq has
requested that the Commission waive the 30-day operative delay.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6). When filing a proposed rule change
pursuant to Rule 19b-4(f)(6) under the Act, an Exchange is required
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 met this requirement.
---------------------------------------------------------------------------
The Commission has considered the Exchange's request to waive the
30-day operative delay. The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. As noted above, Nasdaq rules cross-reference certain
NASD rules that no longer exist, and have been updated in the
consolidated FINRA rulebook. The proposed rule change will update
certain of the references in the Exchange's rules that are outdated.
The Commission also notes that these changes have previously been
approved by the Commission for FINRA. The Commission believes that
allowing this rule change to become immediately operative will
facilitate the purpose of this rule change--namely, to eliminate any
potential confusion arising from the existing rule's outdated cross-
references. Based on the foregoing, the Commission finds that waiving
the 30-day operative delay period is consistent with the protection of
investors and the public interest, and the proposal is therefore deemed
operative upon filing.\11\
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\11\ For the purposes only of waiving the operative date of this
proposal, 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 summarily may temporarily suspend 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 Number SR-NASDAQ-2010-102 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-NASDAQ-2010-102. 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 website
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of 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-
NASDAQ-2010-102 and should be submitted on or before September 23,
2010.
[[Page 53991]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-21929 Filed 9-1-10; 8:45 am]
BILLING CODE 8010-01-P
