Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Correction of an Inadvertent Error in NASDAQ Rule 7019(d), 33017-33018 [2011-13949]

Download as PDF Federal Register / Vol. 76, No. 109 / Tuesday, June 7, 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.19 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: emcdonald on DSK2BSOYB1PROD 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–2011–73 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–2011–73. 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 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–Phlx–2011–73 and should be submitted on or before June 28, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–13940 Filed 6–6–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64579; File No. SR– NASDAQ–2011–071] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Correction of an Inadvertent Error in NASDAQ Rule 7019(d) June 1, 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 May 20, 2011, The NASDAQ Stock Market LLC (‘‘NASDAQ’’) 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 substantially prepared by NASDAQ. The Commission is publishing this notice to solicit comments on the 20 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 19 15 U.S.C. 78s(b)(3)(A)(ii). VerDate Mar<15>2010 17:30 Jun 06, 2011 Jkt 223001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 33017 proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change NASDAQ proposes to make a correction to the definition of ‘‘Direct Access’’ in NASDAQ Rule 7019(d). NASDAQ proposes to implement the proposed rule change immediately. The text of the proposed rule change is available on NASDAQ Web site http://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 NASDAQ proposes to make a correction to NASDAQ Rule 7019(d) of its Market Data Distributor Fees rule to correct an inadvertent error in the definition of ‘‘Direct Access’’ contained in a recent filing (‘‘previous filing’’).3 The previous filing intended to amend the fee schedule to correct an anomaly that effectively exempted certain customers residing within NASDAQ’s co-location facility from paying a monthly fee for direct access to NASDAQ data, while customers that received data from an extranet and resided outside the co-location facility were assessed the fee. The previous filing also deleted outdated verbiage in the fee schedule in order to eliminate confusion regarding application of the fees. However, the rule language contained an inadvertent error that effectively still exempts certain colocated customers receiving NASDAQ data feeds from paying a direct access fee. 3 Securities Exchange Act Release No. 63441 (December 6, 2010), 75 FR 77022, (December 10, 2010) (SR–NASDAQ–2010–152). E:\FR\FM\07JNN1.SGM 07JNN1 33018 Federal Register / Vol. 76, No. 109 / Tuesday, June 7, 2011 / Notices The definition should be corrected to make clear that the definition of ‘‘Direct Access’’ is also applicable to a telecommunications interface with NASDAQ for receiving NASDAQ data feeds (and not NASDAQ data) within the NASDAQ co-location facility as well. NASDAQ is making this change due to an inadvertent clerical error in the previous filing and is making no other changes to NASDAQ Rule 7019. 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. 2. Statutory Basis 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: The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,4 in general, and with Sections 6(b)(5) of the Act,5 in particular. 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 is to correct an inadvertent error in the definition of ‘‘Direct Access’’ in NASDAQ Rule 7019(d) of its Market Data Distributor Fees rule. 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. emcdonald on DSK2BSOYB1PROD with NOTICES 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 4 15 U.S.C. 78f. U.S.C. 78f(b)(5). 6 15 U.S.C. 78s(b)(3)(A). 7 17 CFR 240.19b–4(f)(3). 5 15 VerDate Mar<15>2010 17:30 Jun 06, 2011 Jkt 223001 submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NASDAQ–2011–071 and should be submitted on or before June 28, 2011. For the Commission, by the Division of Trading & Markets, pursuant to delegated authority.8 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–13949 Filed 6–6–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting 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 a Closed Meeting on Thursday, June 9, 2011 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain Paper Comments staff members who have an interest in • Send paper comments in triplicate the matters also may be present. to Elizabeth Murphy, Secretary, The General Counsel of the Securities and Exchange Commission, Commission, or his designee, has 100 F Street, NE., Washington, DC certified that, in his opinion, one or 20549–1090. more of the exemptions set forth in 5 All submissions should refer to File U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) Number SR–NASDAQ–2011–071. This and 17 CFR 200.402(a)(3), (5), (7), 9(ii) file number should be included on the and (10), permit consideration of the subject line if e-mail is used. To help the scheduled matters at the Closed Commission process and review your Meeting. Commissioner Walter, as duty officer, comments more efficiently, please use only one method. The Commission will voted to consider the items listed for the post all comments on the Commission’s Closed Meeting in a closed session. The subject matter of the Closed Internet Web site (http://www.sec.gov/ Meeting scheduled for Thursday, June 9, rules/sro.shtml). Copies of the 2011 will be: submission, all subsequent Institution and settlement of amendments, all written statements injunctive actions; with respect to the proposed rule institution and settlement of change that are filed with the administrative proceedings; and Commission, and all written other matters relating to enforcement communications relating to the proceedings. proposed rule change between the At times, changes in Commission Commission and any person, other than priorities require alterations in the those that may be withheld from the scheduling of meeting items. public in accordance with the For further information and to provisions of 5 U.S.C. 552, will be ascertain what, if any, matters have been available for Web site viewing and added, deleted or postponed, please printing in the Commission’s Public contact: Reference Room, 100 F Street, NE., The Office of the Secretary at (202) Washington, DC 20549, on official 551–5400. business days between the hours of 10 Dated: June 2, 2011. a.m. and 3 p.m. Copies of such filing also will be available for inspection and Elizabeth M. Murphy, Secretary. copying at the principal office of the [FR Doc. 2011–14034 Filed 6–3–11; 11:15 am] Exchange. All comments received will be posted without change; the BILLING CODE 8011–01–P Commission does not edit personal 8 17 CFR 200.30–3(a)(12). identifying information from 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–NASDAQ–2011–071 on the subject line. PO 00000 Frm 00086 Fmt 4703 Sfmt 9990 E:\FR\FM\07JNN1.SGM 07JNN1

Agencies

[Federal Register Volume 76, Number 109 (Tuesday, June 7, 2011)]
[Notices]
[Pages 33017-33018]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-13949]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64579; File No. SR-NASDAQ-2011-071]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Regarding the Correction of an Inadvertent Error in NASDAQ Rule 7019(d)

 June 1, 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 May 20, 2011, The NASDAQ Stock Market LLC (``NASDAQ'') 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 substantially 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.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    NASDAQ proposes to make a correction to the definition of ``Direct 
Access'' in NASDAQ Rule 7019(d). NASDAQ proposes to implement the 
proposed rule change immediately.
    The text of the proposed rule change is available on NASDAQ Web 
site http://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
    NASDAQ proposes to make a correction to NASDAQ Rule 7019(d) of its 
Market Data Distributor Fees rule to correct an inadvertent error in 
the definition of ``Direct Access'' contained in a recent filing 
(``previous filing'').\3\ The previous filing intended to amend the fee 
schedule to correct an anomaly that effectively exempted certain 
customers residing within NASDAQ's co-location facility from paying a 
monthly fee for direct access to NASDAQ data, while customers that 
received data from an extranet and resided outside the co-location 
facility were assessed the fee. The previous filing also deleted 
outdated verbiage in the fee schedule in order to eliminate confusion 
regarding application of the fees. However, the rule language contained 
an inadvertent error that effectively still exempts certain co-located 
customers receiving NASDAQ data feeds from paying a direct access fee.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 63441 (December 6, 
2010), 75 FR 77022, (December 10, 2010) (SR-NASDAQ-2010-152).

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[[Page 33018]]

    The definition should be corrected to make clear that the 
definition of ``Direct Access'' is also applicable to a 
telecommunications interface with NASDAQ for receiving NASDAQ data 
feeds (and not NASDAQ data) within the NASDAQ co-location facility as 
well. NASDAQ is making this change due to an inadvertent clerical error 
in the previous filing and is making no other changes to NASDAQ Rule 
7019.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\4\ in general, and with 
Sections 6(b)(5) of the Act,\5\ in particular. 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 is 
to correct an inadvertent error in the definition of ``Direct Access'' 
in NASDAQ Rule 7019(d) of its Market Data Distributor Fees rule.
---------------------------------------------------------------------------

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

    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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NASDAQ-2011-071 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2011-071. 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-2011-071 and should be submitted on or before June 28, 2011.

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

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

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-13949 Filed 6-6-11; 8:45 am]
BILLING CODE 8011-01-P