Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Application of NASDAQ Rule 4611(d), 4145-4146 [2011-1296]

Download as PDF Federal Register / Vol. 76, No. 15 / Monday, January 24, 2011 / Notices B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition 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 No written comments were either solicited or 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)(ii) of the Act.6 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. 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: mstockstill on DSKH9S0YB1PROD with NOTICES Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2011–005 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–Phlx–2011–005. 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 (http://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 offices 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–Phlx–2011–005, and should be submitted on or before February 14, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–1298 Filed 1–21–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63716; File No. SR– NASDAQ–2011–008] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Application of NASDAQ Rule 4611(d) January 14, 2011. 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 January 6, 2011, The NASDAQ Stock Market LLC (the ‘‘Exchange’’ or ‘‘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 prepared by the Exchange. The Exchange has designated the proposed rule change as constituting a noncontroversial rule change under Rule 7 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 6 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Mar<15>2010 15:51 Jan 21, 2011 Jkt 223001 PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 4145 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 the Substance of the Proposed Rule Change The Exchange is filing this proposed rule change to delay the application of NASDAQ Rule 4611(d) for an additional 90 days. The text of the proposed rule change is available at http:// nasdaq.cchwallstreet.com/, at the Exchange’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, 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 On January 13, 2010, the Commission approved SR–NASDAQ–2008–104 which established new standards for sponsored access as set forth in NASDAQ Rule 4611(d), NASDAQ’s Market Access Rule.4 On November 3, 2010, the Commission adopted Rule 15c–3 [sic] governing risk management controls by broker-dealers with market access which has an effective date of January 14, 2011 and a compliance date of July 14, 2011.5 In response to the new SEC regulation, NASDAQ plans to modify NASDAQ Rule 4611 and to make it effective prior to July 14, 2011 Accordingly, NASDAQ is proposing to delay for an additional 90 days the implementation of new NASDAQ Rule 4611(d). 3 17 CFR 240.19b–4(f)(6). Exchange Act Release No. 61345 (Jan. 13, 2010) (‘‘NASDAQ Market Access Approval Order’’). 5 Securities Exchange Act Release No. 63241 (Nov. 3, 2010). 4 Securities E:\FR\FM\24JAN1.SGM 24JAN1 4146 Federal Register / Vol. 76, No. 15 / Monday, January 24, 2011 / Notices 2. Statutory Basis IV. Solicitation of Comments Nasdaq 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 it is designed to promote just and equitable principles of trade and to protect investors and the public interest. The proposal is consistent with these obligations because market participants require additional time to comply with the new market access provisions. Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: 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 Because the proposed rule change does not (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder.8 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. 6 15 U.S.C. 78f. U.S.C. 78f(b)(5). 8 Pursuant to Rule 19b–4(f)(6)(iii), the Exchange must provide 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 on which the Exchange filed the proposed rule change. The Exchange has requested that the Commission waive the 5-day pre-filing notice requirement. The Commission hereby grants this request. See 17 CFR 240.19b–4(f)(6)(iii). mstockstill on DSKH9S0YB1PROD with NOTICES 7 15 VerDate Mar<15>2010 15:51 Jan 21, 2011 Jkt 223001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Elizabeth M. Murphy, Secretary. [FR Doc. 2011–1296 Filed 1–21–11; 8:45 am] BILLING CODE 8011–01–P Electronic Comments SOCIAL SECURITY ADMINISTRATION • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASDAQ–2011–008 on the subject line. [Docket No. SSA–2011–0010] Future Systems Technology Advisory Panel Meeting AGENCY: Social Security Administration (SSA). ACTION: Notice of Tenth Panel Meeting. February 8, 2011, 10 a.m.–5 p.m., Location: The Latham Hotel, Presidential Ball Room. • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, ADDRESSES: 3000 M Street, NW., Securities and Exchange Commission, Washington, DC 20007. 100 F Street, NE., Washington, DC SUPPLEMENTARY INFORMATION: 20549–1090. Type of meeting: The meeting is open to the public. All submissions should refer to File Purpose: The Panel, under the Federal Number SR–NASDAQ–2011–008. This Advisory Committee Act of 1972, as file number should be included on the amended, (hereinafter referred to as ‘‘the subject line if e-mail is used. To help the FACA’’) shall report to and provide the Commission process and review your Commissioner of Social Security comments more efficiently, please use independent advice and only one method. The Commission will recommendations on the future of post all comments on the Commission’s systems technology and electronic Internet Web site (http://www.sec.gov/ services at the agency five to ten years rules/sro.shtml). Copies of the into the future. The Panel will submission, all subsequent recommend a road map to aid SSA in amendments, all written statements determining what future systems with respect to the proposed rule technologies may be developed to assist change that are filed with the in carrying out its statutory mission. Commission, and all written Advice and recommendations can relate communications relating to the to SSA’s systems in the area of Internet proposed rule change between the application, customer service, or any Commission and any person, other than other arena that would improve SSA’s ability to serve the American people. those that may be withheld from the Agenda: The Panel will meet on public in accordance with the Tuesday, February 8, 2011 from 10 a.m. provisions of 5 U.S.C. 552, will be until 5 p.m. The agenda will be available for Web site viewing and available on the Internet at http:// printing in the Commission’s Public www.ssa.gov/fstap/index.htm or Reference Room, 100 F Street, NE., available by e-mail or fax on request, Washington, DC 20549, on official one week prior to the starting date. business days between the hours of During the tenth meeting, the Panel 10 a.m. and 3 p.m. Copies of such filing may have experts address items of also will be available for inspection and interest and other relevant topics to the copying at the principal office of the Panel. This additional information will Exchange. All comments received will further the Panel’s deliberations and the be posted without change; the effort of the Panel subcommittees. Commission does not edit personal The Panel will hear Public comments identifying information from on Tuesday, February 8, 2011, from 4:30 submissions. You should submit only p.m. until 5 p.m. Individuals interested information that you wish to make in providing comments in person available publicly. All submissions should contact the Panel staff as should refer to File Number SR– outlined below to schedule a time slot. NASDAQ–2011–008, and should be Members of the public must schedule a submitted on or before February 14, 2011. 9 17 CFR 200.30–3(a)(12). DATES: Paper Comments PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\24JAN1.SGM 24JAN1

Agencies

[Federal Register Volume 76, Number 15 (Monday, January 24, 2011)]
[Notices]
[Pages 4145-4146]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-1296]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63716; File No. SR-NASDAQ-2011-008]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Delay the Application of NASDAQ Rule 4611(d)

January 14, 2011.
    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 January 6, 2011, The NASDAQ Stock Market LLC (the ``Exchange'' or 
``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 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).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing this proposed rule change to delay the 
application of NASDAQ Rule 4611(d) for an additional 90 days. The text 
of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at the Exchange'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, 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
    On January 13, 2010, the Commission approved SR-NASDAQ-2008-104 
which established new standards for sponsored access as set forth in 
NASDAQ Rule 4611(d), NASDAQ's Market Access Rule.\4\ On November 3, 
2010, the Commission adopted Rule 15c-3 [sic] governing risk management 
controls by broker-dealers with market access which has an effective 
date of January 14, 2011 and a compliance date of July 14, 2011.\5\ In 
response to the new SEC regulation, NASDAQ plans to modify NASDAQ Rule 
4611 and to make it effective prior to July 14, 2011 Accordingly, 
NASDAQ is proposing to delay for an additional 90 days the 
implementation of new NASDAQ Rule 4611(d).
---------------------------------------------------------------------------

    \4\ Securities Exchange Act Release No. 61345 (Jan. 13, 2010) 
(``NASDAQ Market Access Approval Order'').
    \5\ Securities Exchange Act Release No. 63241 (Nov. 3, 2010).

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[[Page 4146]]

2. Statutory Basis
    Nasdaq 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 it is designed to promote 
just and equitable principles of trade and to protect investors and the 
public interest. The proposal is consistent with these obligations 
because market participants require additional time to comply with the 
new market access provisions.
---------------------------------------------------------------------------

    \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

    Because the proposed rule change does not (i) Significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) 
thereunder.\8\
---------------------------------------------------------------------------

    \8\ Pursuant to Rule 19b-4(f)(6)(iii), the Exchange must provide 
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 on which the Exchange 
filed the proposed rule change. The Exchange has requested that the 
Commission waive the 5-day pre-filing notice requirement. The 
Commission hereby grants this request. See 17 CFR 240.19b-
4(f)(6)(iii).
---------------------------------------------------------------------------

    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, as amended, is consistent with the Act. Comments may be 
submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2011-008 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-2011-008. 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 (http://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 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-2011-008, and should be submitted on or before February 14, 
2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-1296 Filed 1-21-11; 8:45 am]
BILLING CODE 8011-01-P