Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by The NASDAQ Stock Market LLC To Clarify the Implementation Date of the NASDAQ Options Market Professional Filing, 66811-66812 [2010-27336]

Download as PDF Federal Register / Vol. 75, No. 209 / Friday, October 29, 2010 / Notices securities as specified in Rule 17a–7(b) and will include only securities for which market quotations are readily available on the Substitution Date. In accordance with Rule 17a–7(c), Section 17(b) Applicants assert that the proposed In-Kind Transactions will be consistent with the policy of each registered investment company and separate series thereof participating in the In-Kind Transactions, as recited in the relevant registered investment company’s registration statement and reports. As specified in Rule 17a–7(d), the Application states that no brokerage commission, fee (except for any customary transfer fees), or other remuneration will be paid in connection with the proposed In-Kind Transactions. Likewise, Section 17(b) Applicants represent that Trust’s Board of Trustees has adopted and implemented the fund governance and oversight procedures as required by Rule 17a–7(e) and (f). The Application also states, ‘‘pursuant to Rule 17a–7(e)(3), during the calendar quarter following the quarter in which any In-Kind Transactions occur, the Trust’s Board of Trustees will review reports submitted by NFA in respect of such In-Kind Transactions in order to determine that all such In-Kind Transactions made during the preceding quarter were effected in accordance with the representations stated herein.’’ Finally, Applicants represent that a written record of the procedures for the proposed In-Kind Transactions will be maintained and preserved in accordance with Rule 17a–7(g). Conclusions WReier-Aviles on DSKGBLS3C1PROD with NOTICES Section 26 Applicants submit that for the reasons summarized above the proposed Substitutions meet the standards of Section 26(c) of the 1940 Act and request that the Commission issue an order of approval pursuant to Section 26(c) of the 1940 Act. Section 17 Applicants submit that the proposed InKind Transactions meet the standards of Section 17(b) of the 1940 Act and request that the Commission issue an order of exemption pursuant to Section 17(b) of the 1940 Act. For the Commission, by the Division of Investment Management pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–27367 Filed 10–28–10; 8:45 am] BILLING CODE 8011–01–P VerDate Mar<15>2010 15:23 Oct 28, 2010 Jkt 223001 66811 SECURITIES AND EXCHANGE COMMISSION The Office of the Secretary at (202) 551–5400. Sunshine Act Meeting Dated: October 27, 2010. Elizabeth M. Murphy, Secretary. 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 will hold an Open Meeting on November 3, 2010 at 10 a.m., in the Auditorium, Room L–002. The subject matter of the Open Meeting will be: 1. The Commission will consider whether to adopt new Rule 15c3–5, Risk Management Controls for Brokers or Dealers with Market Access, under the Securities Exchange Act of 1934. The new rule would require brokers or dealers with access to trading directly on an exchange or alternative trading system (‘‘ATS’’), including those providing sponsored or direct market access to customers or other persons, to implement risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks of this business activity. Among other things, new Rule 15c3–5 would effectively prohibit broker-dealers from providing ‘‘unfiltered’’ or ‘‘naked’’ sponsored access to any exchange or ATS. 2. The Commission will consider whether to propose a new rule under Section 763(g) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, to prohibit fraud, manipulation, and deception in connection with security-based swaps. 3. The Commission will consider whether to propose rules and forms to implement Section 21F of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) entitled ‘‘Securities Whistleblower Incentives and Protection.’’ Section 21F, as added by Section 922 of the DoddFrank Wall Street Reform and Consumer Protection Act, provides that the Commission shall pay awards, under regulations prescribed by the Commission and subject to certain limitations, to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the Federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 [FR Doc. 2010–27493 Filed 10–27–10; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63151; File No. SR– NASDAQ–2010–132] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by The NASDAQ Stock Market LLC To Clarify the Implementation Date of the NASDAQ Options Market Professional Filing October 21, 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 October 14, 2010, The NASDAQ Stock Market LLC (‘‘NASDAQ’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, 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 filing with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) a proposal that clarifies when the NASDAQ Options Market (‘‘NOM’’ or ‘‘Exchange’’) intends to implement a recent filing that adopted a definition of ‘‘Professional’’ on the Exchange and required that all Professional orders be appropriately marked (the ‘‘NOM Professional filing’’). The text of the proposed rule change is available from NASDAQ’s Web site at https://nasdaq.cchwallstreet.com/ Filings/, at NASDAQ’s principal office, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NASDAQ included statements concerning the purpose of and basis for the proposed rule change and discussed 1 15 2 17 E:\FR\FM\29OCN1.SGM U.S.C. 78s(b)(1) CFR 240.19b–4. 29OCN1 66812 Federal Register / Vol. 75, No. 209 / Friday, October 29, 2010 / Notices 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. NASDAQ has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change WReier-Aviles on DSKGBLS3C1PROD with NOTICES 1. Purpose The purpose of this filing is to clarify when the Exchange intends to implement the recent NOM Professional filing that amended Chapter I, Section 1 (Definitions) to adopt a definition of ‘‘Professional’’ on the Exchange and require that all Professional orders be appropriately marked by Exchange Participants or members. In the NOM Professional filing, the Exchange indicated that it intended to notify its Participants (members) via an Options Trading Alert (‘‘OTA’’) or Options Regulatory Alert (‘‘ORA’’) that the proposal would be implemented on the first trading day of the month after approval of the proposal, which would be November 1, 2010.3 The Exchange has heard from Participants that would be responsible for appropriately marking Professional orders that the November 1 implementation date is too short in light of internal technological requirements. As a result, the Exchange is proposing to clarify that it intends to implement the NOM Professional filing on the first trading day of December 2010, and will so notify its Participants via an OTA or ORA. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,4 in general, and with Section 6(b)(5) of the Act,5 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 3 See Securities Exchange Act Release No. 62724 (August 16, 2010), 75 FR 51509 (August 20, 2010) (SR–NASDAQ–2010–099) (notice of filing). See also Securities Exchange Act Release Nos. 63028 (October 1, 2010), 75 FR 62443 (October 8, 2010) (SR–NASDAQ–2010–099) (approval order). 4 15 U.S.C. 78f. 5 15 U.S.C. 78f(b)(5). VerDate Mar<15>2010 15:23 Oct 28, 2010 Jkt 223001 general, to protect investors and the public interest. The proposed rule change proposes to clarify for Participants the implementation date of a recently-approved Professional designation filing. B. Self-Regulatory Organization’s Statement on Burden on Competition NASDAQ 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. 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 Pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b–4(f)(3) thereunder,7 Nasdaq has designated this proposal as one that is concerned solely with the administration of the self-regulatory organization. Accordingly, Nasdaq believes that its proposal should become immediately effective. 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or 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: 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–2010–132. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of 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–2010–132 and should be submitted on or before November 19, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–27336 Filed 10–28–10; 8:45 am] BILLING CODE 8011–01–P 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–2010–132 on the subject line. 6 15 7 17 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(3). Frm 00097 Fmt 4703 8 17 Sfmt 9990 E:\FR\FM\29OCN1.SGM CFR 200.30–3(a)(12). 29OCN1

Agencies

[Federal Register Volume 75, Number 209 (Friday, October 29, 2010)]
[Notices]
[Pages 66811-66812]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-27336]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63151; File No. SR-NASDAQ-2010-132]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of a Proposed Rule Change by The NASDAQ Stock Market LLC 
To Clarify the Implementation Date of the NASDAQ Options Market 
Professional Filing

October 21, 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 October 14, 2010, The NASDAQ Stock Market LLC (``NASDAQ'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III, 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.
---------------------------------------------------------------------------

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

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NASDAQ is filing with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') a proposal that clarifies when the NASDAQ 
Options Market (``NOM'' or ``Exchange'') intends to implement a recent 
filing that adopted a definition of ``Professional'' on the Exchange 
and required that all Professional orders be appropriately marked (the 
``NOM Professional filing'').
    The text of the proposed rule change is available from NASDAQ's Web 
site at https://nasdaq.cchwallstreet.com/Filings/, at NASDAQ's principal 
office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, NASDAQ included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed

[[Page 66812]]

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. 
NASDAQ has prepared summaries, set forth in sections A, B, and C below, 
of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to clarify when the Exchange intends 
to implement the recent NOM Professional filing that amended Chapter I, 
Section 1 (Definitions) to adopt a definition of ``Professional'' on 
the Exchange and require that all Professional orders be appropriately 
marked by Exchange Participants or members.
    In the NOM Professional filing, the Exchange indicated that it 
intended to notify its Participants (members) via an Options Trading 
Alert (``OTA'') or Options Regulatory Alert (``ORA'') that the proposal 
would be implemented on the first trading day of the month after 
approval of the proposal, which would be November 1, 2010.\3\ The 
Exchange has heard from Participants that would be responsible for 
appropriately marking Professional orders that the November 1 
implementation date is too short in light of internal technological 
requirements. As a result, the Exchange is proposing to clarify that it 
intends to implement the NOM Professional filing on the first trading 
day of December 2010, and will so notify its Participants via an OTA or 
ORA.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 62724 (August 16, 
2010), 75 FR 51509 (August 20, 2010) (SR-NASDAQ-2010-099) (notice of 
filing). See also Securities Exchange Act Release Nos. 63028 
(October 1, 2010), 75 FR 62443 (October 8, 2010) (SR-NASDAQ-2010-
099) (approval order).
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2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\4\ in general, and with Section 
6(b)(5) of the Act,\5\ 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 rule change 
proposes to clarify for Participants the implementation date of a 
recently-approved Professional designation filing.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ does not believe that the proposed rule change will result 
in any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(3) 
thereunder,\7\ Nasdaq has designated this proposal as one that is 
concerned solely with the administration of the self-regulatory 
organization. Accordingly, Nasdaq believes that its proposal should 
become immediately effective.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

    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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or 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 rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2010-132 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-2010-132. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for Web site 
viewing and printing in the Commission's Public Reference Room on 
official business days between the hours of 10 a.m. and 3 p.m. Copies 
of such filing also will be available for inspection and copying at the 
principal office of 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-2010-132 and should be submitted on or before 
November 19, 2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-27336 Filed 10-28-10; 8:45 am]
BILLING CODE 8011-01-P
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