Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 2260 To Reflect Changes to Corresponding FINRA Rule, 53992-53994 [2010-21931]
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53992
Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
ISE addressed such problems; (5) any
complaints that ISE received during the
operation of the pilot program and how
ISE addressed them; and (6) any
additional information that would assist
the Commission in assessing the
operation of the pilot program.
Finally, the Exchange represents that
it has the necessary systems capacity to
support new options series that will
result from the introduction of
additional expiration months listed
pursuant to this proposed rule change.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 3 of the
Securities Exchange Act of 1934 (the
‘‘Act’’), in general, and furthers the
objectives of Section 6(b)(5) 4 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system in a
manner consistent with the protection
of investors and the public interest. In
particular, the Exchange believes listing
additional near-term expiration months
will offer investors more variety in
trading options series that were
previously not available. The Exchange
believes this proposed rule change will
also generate additional volume in these
option classes without significantly
taxing system resources.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition.
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
3 15
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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15:22 Sep 01, 2010
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to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
such proposed rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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–ISE–2010–91 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–ISE–2010–91. 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, 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
PO 00000
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Fmt 4703
Sfmt 4703
available publicly. All submissions
should refer to File Number SR–ISE–
2010–91 and should be submitted on or
before September 23, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.5
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–21930 Filed 9–1–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62774; File No. SR–BX–
2010–058]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; 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 thereunder,2
notice is hereby given that on August
17, 2010, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’ or ‘‘BX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated the proposed rule change as
constituting a non-controversial rule
change under Rule 19b–4(f)(6) under the
Act,3 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend BX
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.
5 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
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Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
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
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
1. Purpose
Many of the Exchange’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, BX has initiated a
process of modifying its rulebook to
ensure that BX rules corresponding to
FINRA/NASD rules continue to mirror
them as closely as practicable.
This filing addresses BX 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–2009–066,4 FINRA combined
NASD Rule 2260 and IM–2260 into
FINRA Rule 2251 without material
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.5 The
Exchange proposes to similarly combine
BX Rule 2260 and IM–2260 into new BX
Rule 2251, which will continue to
incorporate the requirements of the
corresponding FINRA rule.6
4 Securities
Exchange Act Release No. 61052
(November 23, 2009), 74 FR 62857 (December 1,
2009) (SR–FINRA–2009–066).
5 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 BX is conforming its rule to
reflect the current FINRA rule, BX is also proposing
to delete references to Nasdaq Rule 2430.
6 BX intends to make a separate rule filing to
incorporate changes required to this Rule by
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15:22 Sep 01, 2010
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2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,7
in general, and with Section 6(b)(5) of
the Act,8 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 the
Exchange’s 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.
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 9 and Rule 19b–4(f)(6) 10
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.11 The Exchange has
Section 957 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
11 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
PO 00000
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Fmt 4703
Sfmt 4703
53993
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, BX rules crossreference 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.12
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 rulecomments@sec.gov. Please include File
Number SR–BX–2010–058 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
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.
12 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).
E:\FR\FM\02SEN1.SGM
02SEN1
53994
Federal Register / Vol. 75, No. 170 / Thursday, September 2, 2010 / Notices
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–BX–2010–058. 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, 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–BX–
2010–058 and should be submitted on
or before September 23, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–21931 Filed 9–1–10; 8:45 am]
wwoods2 on DSK1DXX6B1PROD with NOTICES_PART 1
BILLING CODE 8010–01–P
[Release No. 34–62782; File No. SR–
NASDAQ–2010–107]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change To
Modify the Eligibility Criteria for the
Second Compliance Period for a Bid
Price Deficiency on the Nasdaq Capital
Market
August 27, 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 August
25, 2010, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
substantially 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 the Substance
of the Proposed Rule Change
Nasdaq proposes to modify the
eligibility criteria for a company to
receive a second compliance period for
a bid price deficiency on the Nasdaq
Capital Market. The text of the proposed
rule change is below. Proposed new
language is in italics; proposed
deletions are in brackets.3
*
*
*
*
*
5810. Notification of Deficiency by
the Listing Qualifications Department
When the Listing Qualifications
Department determines that a Company
does not meet a listing standard set forth
in the Rule 5000 Series, it will
immediately notify the Company of the
deficiency. As explained in more detail
below, deficiency notifications are of
four types:
(1)–(4) No change.
Notifications of deficiencies that
allow for submission of a compliance
plan or an automatic cure or compliance
period may result, after review of the
compliance plan or expiration of the
cure or compliance period, in issuance
of a Staff Delisting Determination or a
Public Reprimand Letter.
(a)–(b) No change.
IM–5810–1 No change.
(c) Types of Deficiencies and
Notifications
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at https://
nasdaqomx.cchwallstreet.com.
2 17
13 17
CFR 200.30–3(a)(12).
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15:22 Sep 01, 2010
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The type of deficiency at issue
determines whether the Company will
be immediately suspended and delisted,
or whether it may submit a compliance
plan for review or is entitled to an
automatic cure or compliance period
before a Staff Delisting Determination is
issued. In the case of a deficiency not
specified below, Staff will issue the
Company a Staff Delisting
Determination or a Public Reprimand
Letter.
(1)–(2) No change.
IM–5810–2 No change.
(3) Deficiencies for which the Rules
Provide a Specified Cure or Compliance
Period
With respect to deficiencies related to
the standards listed in (A)—(E) below,
Staff’s notification will inform the
Company of the applicable cure or
compliance period provided by these
Rules and discussed below. If the
Company does not regain compliance
within the specified cure or compliance
period, the Listing Qualifications
Department will immediately issue a
Staff Delisting Determination letter.
(A) Bid Price
A failure to meet the continued listing
requirement for minimum bid price
shall be determined to exist only if the
deficiency continues for a period of 30
consecutive business days. Upon such
failure, the Company shall be notified
promptly and shall have a period of 180
calendar days from such notification to
achieve compliance. Compliance can be
achieved during any compliance period
by meeting the applicable standard for
a minimum of 10 consecutive business
days during the applicable compliance
period, unless Staff exercises its
discretion to extend this 10 day period
as discussed in Rule 5810(c)(3)(F).
(i) Global Select Market and Global
Market
If a Company listed on The Nasdaq
Global Market has not been deemed in
compliance prior to the expiration of the
180 day compliance period, it may
transfer to The Nasdaq Capital Market,
provided that it meets the applicable
market value of publicly held shares
requirement for continued listing and all
other applicable requirements for initial
listing on the Capital Market [, other
than the minimum] (except for the bid
price requirement) based on the
Company’s most recent public filings
and market information and notifies
Nasdaq of its intent to cure this
deficiency. [A Company listed on The
Nasdaq Global Market transferring to
The Nasdaq Capital Market must pay
any applicable entry fees set forth in
Rule 5920(a). The Company may also
request a hearing to remain on The
Nasdaq Global Market pursuant to the
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]]>Agencies
[Federal Register Volume 75, Number 170 (Thursday, September 2, 2010)]
[Notices]
[Pages 53992-53994]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21931]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62774; File No. SR-BX-2010-058]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; 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 thereunder,\2\ notice is hereby given that
on August 17, 2010, NASDAQ OMX BX, Inc. (the ``Exchange'' or ``BX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange has designated the
proposed rule change as constituting a non-controversial rule change
under Rule 19b-4(f)(6) under the Act,\3\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend BX 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.
[[Page 53993]]
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 the Exchange'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, BX has initiated a process of
modifying its rulebook to ensure that BX rules corresponding to FINRA/
NASD rules continue to mirror them as closely as practicable.
This filing addresses BX 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,\4\
FINRA combined NASD Rule 2260 and IM-2260 into FINRA Rule 2251 without
material 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.\5\ The Exchange proposes to similarly combine BX Rule 2260
and IM-2260 into new BX Rule 2251, which will continue to incorporate
the requirements of the corresponding FINRA rule.\6\
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 61052 (November 23,
2009), 74 FR 62857 (December 1, 2009) (SR-FINRA-2009-066).
\5\ 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 BX is conforming its rule to
reflect the current FINRA rule, BX is also proposing to delete
references to Nasdaq Rule 2430.
\6\ BX 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,\7\ in general, and with
Section 6(b)(5) of the Act,\8\ 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 the Exchange's rules to recent changes made to the
corresponding FINRA rules, to promote application of consistent
regulatory standards.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\8\ 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 \9\ and Rule 19b-4(f)(6) \10\ 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.\11\ The Exchange has
requested that the Commission waive the 30-day operative delay.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 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, BX 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.\12\
---------------------------------------------------------------------------
\12\ 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-BX-2010-058 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 53994]]
Securities and Exchange Commission, 100 F Street, NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-BX-2010-058. 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, 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-BX-2010-058 and should be
submitted on or before September 23, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-21931 Filed 9-1-10; 8:45 am]
BILLING CODE 8010-01-P
