Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Eliminate the Expire Time, 23349-23351 [2011-9970]
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srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 76, No. 80 / Tuesday, April 26, 2011 / Notices
Sub-Adviser will waive fees otherwise
payable to the Fund of Funds SubAdviser, directly or indirectly, by the
Investing Management Company in an
amount at least equal to any
compensation received from a Fund or
an Actively-Managed Fund by the Fund
of Funds Sub-Adviser, or an affiliated
person of the Fund of Funds SubAdviser, other than any advisory fees
paid to the Fund of Funds Sub-Adviser
or its affiliated person by the Fund or
the Actively-Managed Fund, as the case
may be, in connection with the
investment by the Investing
Management Company in the Fund or
Actively-Managed Fund, as the case
may be, made at the direction of the
Fund of Funds Sub-Adviser. In the
event that the Fund of Funds SubAdviser waives fees, the benefit of the
waiver will be passed through to the
Investing Management Company.
7. Any sales charges and/or service
fees charged with respect to shares of a
Fund of Funds will not exceed the
limits applicable to a fund of funds as
set forth in NASD Conduct Rule 2830.
8. Once an investment by a Fund of
Funds in the securities of a Fund or an
Actively-Managed Fund exceeds the
limit in section 12(d)(1)(A)(i) of the Act,
the board of trustees of the Fund or
Actively-Managed Fund (‘‘Board’’),
including a majority of directors or
trustees who are not ‘‘interested
persons’’ within the meaning of section
2(a)(19) of the Act (‘‘non-interested
Board members’’), will determine that
any consideration paid by the Fund or
the Actively-Managed Fund to the Fund
of Funds or a Fund of Funds Affiliate
in connection with any services or
transactions: (i) Is fair and reasonable in
relation to the nature and quality of the
services and benefits received by the
Fund or the Actively-Managed Fund; (ii)
is within the range of consideration that
the Fund or the Actively-Managed Fund
would be required to pay to another
unaffiliated entity in connection with
the same services or transactions; and
(iii) does not involve overreaching on
the part of any person concerned. This
condition does not apply with respect to
any services or transactions between a
Fund or an Actively-Managed Fund, as
the case may be, and its investment
adviser(s), or any person controlling,
controlled by or under common control
with such investment adviser(s).
9. The Board of a Fund and of an
Actively-Managed Fund, including a
majority of the non-interested Board
members, will adopt procedures
reasonably designed to monitor any
purchases of securities by the Fund or
the Actively-Managed Fund, as the case
may be, in an Affiliated Underwriting,
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once an investment by a Fund of Funds
in the securities of the Fund or the
Actively-Managed Fund exceeds the
limit of section 12(d)(1)(A)(i) of the Act,
including any purchases made directly
from an Underwriting Affiliate. The
Board will review these purchases
periodically, but no less frequently than
annually, to determine whether the
purchases were influenced by the
investment by the Fund of Funds in the
Fund or the Actively-Managed Fund.
The Board will consider, among other
things: (i) Whether the purchases were
consistent with the investment
objectives and policies of the Fund or
the Actively-Managed Fund, as the case
may be; (ii) how the performance of
securities purchased in an Affiliated
Underwriting compares to the
performance of comparable securities
purchased during a comparable period
of time in underwritings other than
Affiliated Underwritings or to a
benchmark such as a comparable market
index; and (iii) whether the amount of
securities purchased by the Fund or the
Actively-Managed Fund, as the case
may be, in Affiliated Underwritings and
the amount purchased directly from an
Underwriting Affiliate have changed
significantly from prior years. The
Board will take any appropriate actions
based on its review, including, if
appropriate, the institution of
procedures designed to ensure that
purchases of securities in Affiliated
Underwritings are in the best interest of
shareholders.
10. Each Fund and each ActivelyManaged Fund will maintain and
preserve permanently in an easily
accessible place a written copy of the
procedures described in the preceding
condition, and any modifications to
such procedures, and will maintain and
preserve for a period of not less than six
years from the end of the fiscal year in
which any purchase in an Affiliated
Underwriting occurred, the first two
years in an easily accessible place, a
written record of each purchase of
securities in Affiliated Underwritings
once an investment by a Fund of Funds
in the securities of the Fund or the
Actively-Managed Fund, as the case
may be, exceeds the limit of section
12(d)(1)(A)(i) of the Act, setting forth
from whom the securities were
acquired, the identity of the
underwriting syndicate’s members, the
terms of the purchase, and the
information or materials upon which
the Board’s determinations were made.
11. Before approving any advisory
contract under section 15 of the Act, the
board of directors or trustees of each
Investing Management Company
including a majority of the non-
PO 00000
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23349
interested directors or trustees, will find
that the advisory fees charged under
such contract are based on services
provided that will be in addition to,
rather than duplicative of, the services
provided under the advisory contract(s)
of any Fund or any Actively-Managed
Fund in which the Investing
Management Company may invest.
These findings and their basis will be
fully recorded in the minute books of
the appropriate Investing Management
Company.
12. No Fund or Actively-Managed
Fund will acquire securities of an
investment company or company
relying on section 3(c)(1) or 3(c)(7) of
the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act, except
to the extent permitted by exemptive
relief from the Commission permitting
the Fund or Actively-Managed Fund, as
the case may be, to purchase shares of
other investment companies for shortterm cash management purposes.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–9968 Filed 4–25–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64311; File No. SR–
NASDAQ–2011–052]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Eliminate
the Expire Time
April 20, 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 April 14,
2011, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III 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.
1 15
2 17
E:\FR\FM\26APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
26APN1
23350
Federal Register / Vol. 76, No. 80 / Tuesday, April 26, 2011 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
NASDAQ is filing with the
Commission a proposal for the
NASDAQ Options Market (‘‘NOM’’) to
amend Chapter VI, Trading Systems,
Section 1, Definitions, and Section 6,
Acceptance of Quotes and Orders, to
eliminate the ‘‘Time in Force’’
designation called ‘‘Expire Time.’’
This change is scheduled to be
implemented on NOM on or about
August 1, 2011; the Exchange will
announce the implementation schedule
by Options Trader Alert, once the
rollout schedule is finalized.
The text of the proposed rule change
is available at
nasdaq.cchwallstreet.com, 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
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.
srobinson on DSKHWCL6B1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to eliminate the Expire Time.
Currently, Chapter VI, Section 1(g)
provides that the term ‘‘Time in Force’’
means the period of time that the
System will hold an order for potential
execution. Time in force conditions,
which are listed in subsections 1(g)(1)—
(5), include Expire Time, Immediate or
Cancel, Good-till-Cancelled and WAIT.
At this time, ‘‘Expire Time’’ (or ‘‘EXPR’’)
is being eliminated. Expire Time means
that, for orders so designated, that if
after entry into the System, the order is
not fully executed, the order (or the
unexecuted portion thereof) shall
remain available for potential display
and/or execution for the amount of time
specified by the entering Participant
unless canceled by the entering party.
EXPR Orders are currently available for
entry from the time prior to market open
specified by the Exchange on its Web
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Jkt 223001
site until market close Eastern Time and
for execution from 9:30 a.m. until
market close. Chapter VI, Section 6,
Acceptance of Quotes and Orders, also
currently refers to Expire Time in
subsection (a)(1), which is also
proposed to be amended to eliminate
the reference to Expire Time.
The Exchange proposes to eliminate
Expire Time, as part of some
technological changes to NOM’s trading
system intended to enhance the system
as a whole. The Exchange has
determined not to incorporate this
functionality into its enhanced trading
system, because the same result can be
achieved by Participants cancelling
their orders directly. Also, the Exchange
believes that this proposed rule change
as well as other notification to
Participants will serve to notify
Participants of this change. The other
Time in Force conditions will continue
to be available.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 3 in general, and furthers the
objectives of Section 6(b)(5) of the Act 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, and, in
general, to protect investors and the
public interest. The Exchange believes
that the proposal is appropriate and
reasonable, because, although it
eliminates a time in force condition, this
functionality is not required under the
Act; the Exchange has determined to
eliminate it and believes that this
should have no detrimental effect,
because it is not widely used.
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, 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.
3 15
4 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00079
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 5 and Rule 19b–
4(f)(6) 6 thereunder.
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:
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–2011–052 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–2011–052. 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
5 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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 satisfied this
requirement.
6 17
E:\FR\FM\26APN1.SGM
26APN1
Federal Register / Vol. 76, No. 80 / Tuesday, April 26, 2011 / Notices
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 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–NASDAQ–2011–052 and
should be submitted on or before May
17, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011–9970 Filed 4–25–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt an
Order Price Protection Feature
srobinson on DSKHWCL6B1PROD with NOTICES
April 20, 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 April 14,
2011, The NASDAQ Stock Market LLC
(‘‘NASDAQ’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
16:09 Apr 25, 2011
Jkt 223001
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
NASDAQ is filing with the
Commission a proposal for the
NASDAQ Options Market (‘‘NOM’’) to
amend Chapter VI, Trading Systems, to
adopt new Section 18, Order Price
Protection.
This change is scheduled to be
implemented on NOM on or about
August 1, 2011; the Exchange will
announce the implementation schedule
by Options Trader Alert, once the
rollout schedule is finalized.
The text of the proposed rule change
is available at
nasdaq.cchwallstreet.com, 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
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
[Release No. 34–64312; File No. SR–
NASDAQ–2011–053]
7 17
notice to solicit comments on the
proposed rule change from interested
persons.
1. Purpose
The purpose of the proposed rule
change is to address risks to market
participants of human error in entering
orders at unintended prices. To that
end, the Exchange has developed a
program known as Order Price
Protection (‘‘OPP’’), which would
prevent certain orders from executing or
being placed on the book at prices
outside pre-set standard limits. The
System would reject such orders rather
than executing them automatically. The
operation of the OPP, which is very
similar to PHLX Rule 1080.07, would be
set forth in new Section 18 of Chapter
VI.
The OPP feature would prevent
certain day limit, good til cancelled or
immediate or cancel orders at prices
outside of certain pre-set limits from
being accepted by the System. OPP
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
23351
would apply to all options, but would
not apply to market orders or
Intermarket Sweep Orders. OPP would
be operational each trading day after the
opening until the close of trading,
except during trading halts. The
Exchange would also be able to
temporarily deactivate OPP from time to
time on an intraday basis at its
discretion if it determined that volatility
warranted deactivation. Participants
would be notified of intraday OPP
deactivation due to volatility and any
subsequent intraday reactivation by the
Exchange through the issuance of
system status messages.
The OPP will help Participants
control risk by checking each order,
before it is accepted into the System,
against certain parameters established
by new Chapter VI, Section 18. It would
compare price instructions on the order
against the current contraside National
Best Bid Offer (‘‘NBBO’’),3 and would
automatically reject the order if it is
priced outside the range established in
Section 18.
The range of permissible orders
depends on whether the contra-side of
an incoming order is greater than $1.00,
or equal to or less than $1.00. If the
NBBO on the contra-side of an incoming
order were greater than $1.00, orders
with a limit more than 50% through
such contra-side NBBO would be
rejected by the System upon receipt. For
example, if the NBBO on the offer side
were $1.10, an order to buy options for
more than $1.65 would be rejected.
Similarly, if the NBBO on the bid side
were $1.10, an order to sell options for
less than $0.55 would be rejected.
If the NBBO on the contra-side of an
incoming order were less than or equal
to $1.00, orders with a limit more than
100% through such contra-side NBBO
would be rejected by the System upon
receipt. For example, if the NBBO on
the offer side were $1.00, an order to
buy options for more than $2.00 would
be rejected. However, if the NBBO of the
bid side of an incoming order to sell
were less than or equal to $1.00, the
OPP limits set forth above would result
in all incoming sell orders being
accepted regardless of their limit.
Like the PHLX’s OPP, NOM’s will be
available for Participants’ orders, but
not for market making.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 4 in general, and furthers the
3 See
4 15
E:\FR\FM\26APN1.SGM
Chapter I, Section 1(a)(33).
U.S.C. 78f(b).
26APN1
]]>Agencies
[Federal Register Volume 76, Number 80 (Tuesday, April 26, 2011)]
[Notices]
[Pages 23349-23351]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9970]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64311; File No. SR-NASDAQ-2011-052]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Eliminate the Expire Time
April 20, 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 April 14, 2011, The NASDAQ Stock Market LLC (``NASDAQ'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
[[Page 23350]]
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
NASDAQ is filing with the Commission a proposal for the NASDAQ
Options Market (``NOM'') to amend Chapter VI, Trading Systems, Section
1, Definitions, and Section 6, Acceptance of Quotes and Orders, to
eliminate the ``Time in Force'' designation called ``Expire Time.''
This change is scheduled to be implemented on NOM on or about
August 1, 2011; the Exchange will announce the implementation schedule
by Options Trader Alert, once the rollout schedule is finalized.
The text of the proposed rule change is available at
nasdaq.cchwallstreet.com, 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 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 the proposed rule change is to eliminate the Expire
Time. Currently, Chapter VI, Section 1(g) provides that the term ``Time
in Force'' means the period of time that the System will hold an order
for potential execution. Time in force conditions, which are listed in
subsections 1(g)(1)--(5), include Expire Time, Immediate or Cancel,
Good-till-Cancelled and WAIT. At this time, ``Expire Time'' (or
``EXPR'') is being eliminated. Expire Time means that, for orders so
designated, that if after entry into the System, the order is not fully
executed, the order (or the unexecuted portion thereof) shall remain
available for potential display and/or execution for the amount of time
specified by the entering Participant unless canceled by the entering
party. EXPR Orders are currently available for entry from the time
prior to market open specified by the Exchange on its Web site until
market close Eastern Time and for execution from 9:30 a.m. until market
close. Chapter VI, Section 6, Acceptance of Quotes and Orders, also
currently refers to Expire Time in subsection (a)(1), which is also
proposed to be amended to eliminate the reference to Expire Time.
The Exchange proposes to eliminate Expire Time, as part of some
technological changes to NOM's trading system intended to enhance the
system as a whole. The Exchange has determined not to incorporate this
functionality into its enhanced trading system, because the same result
can be achieved by Participants cancelling their orders directly. Also,
the Exchange believes that this proposed rule change as well as other
notification to Participants will serve to notify Participants of this
change. The other Time in Force conditions will continue to be
available.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \3\ in general, and furthers the objectives of Section
6(b)(5) of the Act \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, and, in general, to protect
investors and the public interest. The Exchange believes that the
proposal is appropriate and reasonable, because, although it eliminates
a time in force condition, this functionality is not required under the
Act; the Exchange has determined to eliminate it and believes that this
should have no detrimental effect, because it is not widely used.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 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, 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 foregoing 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \5\ and Rule 19b-4(f)(6) \6\
thereunder.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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 satisfied this requirement.
---------------------------------------------------------------------------
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:
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-2011-052 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-2011-052. 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
[[Page 23351]]
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 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-NASDAQ-2011-052 and
should be submitted on or before May 17, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-9970 Filed 4-25-11; 8:45 am]
BILLING CODE 8011-01-P
