Self-Regulatory Organizations; NYSE Amex LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to the Formation of a Joint Venture Between the Exchange, Its Ultimate Parent NYSE Euronext, and Seven Other Entities To Operate an Electronic Trading Facility for Options Contracts, 29809-29810 [2011-12575]

Download as PDF Federal Register / Vol. 76, No. 99 / Monday, May 23, 2011 / Notices inasmuch as firms currently are required to have written policies and procedures with respect to the spinning prohibitions in paragraph (b)(2) pursuant to NASD Rule 3010. In addition, upon further discussions with member firms regarding the steps necessary to prepare for compliance with the spinning provisions,8 FINRA proposes to delay the implementation date of paragraph (b), as amended, until September 26, 2011. Paragraph (d)(4) of the Rule (Market Orders) prohibits members from accepting any market order for the purchase of shares of a new issue in the secondary market prior to the commencement of trading of such shares in the secondary market. Members have requested additional time to develop a process for reliably identifying new issues and to modify their order handling systems to prevent the acceptance of market orders in new issue shares in contravention of the Rule. Accordingly, FINRA proposes to delay the implementation date of paragraph (d)(4) until September 26, 2011. FINRA represented that these proposed rule changes would be effective on the date of Commission approval. III. Discussion and Findings srobinson on DSK4SPTVN1PROD with NOTICES After careful review, the Commission finds that the proposed rule change to amend FINRA Rule 5131 is consistent with the requirements of the Act, and the rules and regulations thereunder that are applicable to a national securities association.9 In particular, the Commission finds that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,10 which requires, among other things, that FINRA rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. The proposed rule change reflects the concern that the Rule, as written, would prohibit certain necessary functions traditionally 8 For example, members have requested additional time to: (1) Create additional forms, account documents and other measures of obtaining information from clients necessary to assess eligibility for new issue allocations under the new Rule; (2) build systems and surveillance infrastructure to ensure appropriate blocks of allocations; and (3) develop appropriate compliance policies and procedures and training materials on the new policies and procedures. 9 In approving this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 10 15 U.S.C. 78o–3(b)(6). VerDate Mar<15>2010 16:22 May 20, 2011 Jkt 223001 performed by syndicate personnel. To respond to this concern, the Rule simplifies FINRA members’ obligations with respect to Rule 5131, thereby aiding member compliance efforts and helping to maintain investor confidence in the capital markets. Further, delay of the implementation date of paragraphs (b) and (d)(4) until September 26, 2011 will enable FINRA members to develop a process for reliably identifying new issues and to modify their order handling systems to prevent the acceptance of market orders in new issue shares in contravention of the Rule. In addition, the Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act,11 for approving the proposed rule change on an accelerated basis. Without accelerated approval the Rule would take effect on May 27, 2011, even though the Commission is approving delaying the effective date of the Rule until September 26, 2011. Moreover, accelerated approval is appropriate because the proposed rule changes are minor and do not raise material or novel issues. Accordingly, the Commission finds that good cause exists for approving the rule change on an accelerated basis. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,12 that the proposed rule change (File No. SR– FINRA–2011–017) be, and hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–12620 Filed 5–20–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64511; File No. SR– NYSEAmex–2011–18] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to the Formation of a Joint Venture Between the Exchange, Its Ultimate Parent NYSE Euronext, and Seven Other Entities To Operate an Electronic Trading Facility for Options Contracts May 18, 2011. On March 23, 2011, NYSE Amex LLC (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change relating to the formation of a joint venture between the Exchange, its ultimate parent NYSE Euronext, and seven other entities to establish a Delaware limited liability company to operate an electronic trading facility for options contracts. The proposed rule change was published for comment in the Federal Register on April 4, 2011.3 The Commission received three comments on the proposal.4 Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is May 19, 2011. The Commission is hereby extending the 45-day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change. In particular, the extension 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 64144 (March 29, 2011), 76 FR 18591. 4 See Letter from Andrew Rothlein, to the Commission, dated April 14, 2011; Letter from Benjamin Kerensa, to the Commission, dated April 25, 2011; and Letter from Joan C. Conley, Senior Vice President and Corporate Secretary, Nasdaq OMX Group, Inc., to Elizabeth M. Murphy, Secretary, Commission, dated April 29, 2011. 5 15 U.S.C. 78s(b)(2). 2 17 11 15 U.S.C. 78s(b)(2). U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(12). 12 15 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 29809 E:\FR\FM\23MYN1.SGM 23MYN1 29810 Federal Register / Vol. 76, No. 99 / Monday, May 23, 2011 / Notices of time will ensure that the Commission has sufficient time to consider and take action on the Exchange’s proposal, in light of, among other things, the comments received on the proposal. Accordingly, pursuant to Section 19(b)(2) of the Act,6 the Commission designates July 1, 2011 as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File Number SR–NYSEAmex–2011– 18). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Cathy H. Ahn, Deputy Secretary. Primary Counties (Physical Damage and Economic Injury Loans): Adams, Bolivar, Claiborne, Coahoma, Desoto, Humphreys, Issaquena, Jefferson, Sharkey, Tunica, Warren, Washington, Wilkinson, Yazoo. Contiguous Counties (Economic Injury Loans Only): Mississippi: Amite, Attala, Copiah, Franklin, Hinds, Holmes, Leflore, Lincoln, Madison, Marshall, Panola, Quitman, Sunflower, Tallahatchie, Tate. Arkansas: Chicot, Crittenden, Desha, Lee, Phillips. Louisiana: Concordia, East Carroll, East Feliciana, Madison, Tensas, West Feliciana. Tennessee: Shelby. The Interest Rates are: [FR Doc. 2011–12575 Filed 5–20–11; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #12580 and #12581] Mississippi Disaster #MS–00048 U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for the State of Mississippi (FEMA–1983–DR), dated 05/11/2011. Incident: Flooding. Incident Period: 05/03/2011 and continuing. Effective Date: 05/11/2011. Physical Loan Application Deadline Date: 07/11/2011. Economic Injury (EIDL) Loan Application Deadline Date: 02/13/2012. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 05/11/2011, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: srobinson on DSK4SPTVN1PROD with NOTICES SUMMARY: 6 15 7 17 U.S.C. 78s(b)(2). CFR 200.30–3(a)(31). VerDate Mar<15>2010 17:28 May 20, 2011 Jkt 223001 For Physical Damage: Homeowners With Credit Available Elsewhere ........................ Homeowners Without Credit Available Elsewhere ................ Businesses With Credit Available Elsewhere ................................ Businesses Without Credit Available Elsewhere ........................ Non-Profit Organizations With Credit Available Elsewhere ..... Non-Profit Organizations Without Credit Available Elsewhere ..... For Economic Injury: Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere ................ Non-Profit Organizations Without Credit Available Elsewhere ..... Incident Period: 04/15/2011 and continuing. Effective Date: 05/10/2011. Physical Loan Application Deadline Date: 07/11/2011. Economic Injury (EIDL) Loan Application Deadline Date: 02/10/2012. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing And Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on Percent 05/10/2011, Private Non-Profit organizations that provide essential services of governmental nature may file disaster loan applications at the address 5.375 listed above or other locally announced 2.688 locations. The following areas have been 6.000 determined to be adversely affected by the disaster: 4.000 Primary Counties: Bibb, Blount, Calhoun, Cullman, De Kalb, Elmore, 3.250 Franklin, Jackson, Limestone, Madison, Marion, Marshall, Walker, 3.000 Winston. The Interest Rates are: Percent 4.000 3.000 The number assigned to this disaster for physical damage is 125806 and for economic injury is 125810. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008). James E. Rivera, Associate Administrator for Disaster Assistance. For Physical Damage: Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Non-Profit Organizations Without Credit Available Elsewhere ..................................... 3.250 3.000 3.000 BILLING CODE 8025–01–P The number assigned to this disaster for physical damage is 12584C and for economic injury is 12585C. SMALL BUSINESS ADMINISTRATION (Catalog of Federal Domestic Assistance Numbers 59002 and 59008). [FR Doc. 2011–12522 Filed 5–20–11; 8:45 am] [Disaster Declaration #12584 and #12585] Alabama Disaster #AL–00037 James E. Rivera, Associate Administrator for Disaster Assistance. U.S. Small Business Administration. ACTION: Notice. [FR Doc. 2011–12524 Filed 5–20–11; 8:45 am] This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of labama (FEMA–1971–DR), dated 05/10/2011. Incident: Severe storms, tornadoes, straight-line winds, and flooding. SMALL BUSINESS ADMINISTRATION AGENCY: SUMMARY: PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 BILLING CODE 8025–01–P [Disaster Declaration #12586 and #12587] North Dakota Disaster #ND–00025 U.S. Small Business Administration. AGENCY: E:\FR\FM\23MYN1.SGM 23MYN1

Agencies

[Federal Register Volume 76, Number 99 (Monday, May 23, 2011)]
[Notices]
[Pages 29809-29810]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-12575]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64511; File No. SR-NYSEAmex-2011-18]


Self-Regulatory Organizations; NYSE Amex LLC; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change Relating to the Formation of a Joint Venture Between the 
Exchange, Its Ultimate Parent NYSE Euronext, and Seven Other Entities 
To Operate an Electronic Trading Facility for Options Contracts

May 18, 2011.
    On March 23, 2011, NYSE Amex LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change relating to the 
formation of a joint venture between the Exchange, its ultimate parent 
NYSE Euronext, and seven other entities to establish a Delaware limited 
liability company to operate an electronic trading facility for options 
contracts. The proposed rule change was published for comment in the 
Federal Register on April 4, 2011.\3\ The Commission received three 
comments on the proposal.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 64144 (March 29, 
2011), 76 FR 18591.
    \4\ See Letter from Andrew Rothlein, to the Commission, dated 
April 14, 2011; Letter from Benjamin Kerensa, to the Commission, 
dated April 25, 2011; and Letter from Joan C. Conley, Senior Vice 
President and Corporate Secretary, Nasdaq OMX Group, Inc., to 
Elizabeth M. Murphy, Secretary, Commission, dated April 29, 2011.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is May 19, 2011.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission is hereby extending the 45-day time period for 
Commission action on the proposed rule change. The Commission finds 
that it is appropriate to designate a longer period within which to 
take action on the proposed rule change. In particular, the extension

[[Page 29810]]

of time will ensure that the Commission has sufficient time to consider 
and take action on the Exchange's proposal, in light of, among other 
things, the comments received on the proposal.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\6\ the 
Commission designates July 1, 2011 as the date by which the Commission 
should either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File Number 
SR-NYSEAmex-2011-18).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Cathy H. Ahn,
Deputy Secretary.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(31).
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[FR Doc. 2011-12575 Filed 5-20-11; 8:45 am]
BILLING CODE 8011-01-P