Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NSX Rule 11.15 Consistent With the Implementation of the Adoption of Rule 15c3-5 Under the Act, 44057-44059 [2011-18502]
Download as PDF
<![CDATA[
Federal Register / Vol. 76, No. 141 / Friday, July 22, 2011 / Notices
to executive compensation matters as
required by Section 14A of the
Securities Exchange Act, which was
added by the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
By the Commission.
Elizabeth M. Murphy,
Secretary.
Dated: July 19, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–18505 Filed 7–21–11; 8:45 am]
[FR Doc. 2011–18681 Filed 7–20–11; 4:15 pm]
BILLING CODE 8011–01–P
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting.
mstockstill on DSK4VPTVN1PROD with NOTICES
made the necessary showing to justify
granting a temporary exemption.
Accordingly,
It is hereby ordered, pursuant to
section 9(c) of the Act, that the
Applicants and the other Covered
Persons are granted a temporary
exemption from the provisions of
section 9(a), effective forthwith, solely
with respect to the Injunction, subject to
the condition in the application, until
the date the Commission takes final
action on their application for a
permanent order.
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 an Open Meeting
on July 26, 2010 at 11 a.m., in the
Auditorium, Room L–002.
The subject matter of the Open
Meeting will be:
Item 1: The Commission will consider
whether to adopt Rule 13h–1 and Form
13H under Section 13(h) of the
Securities Exchange Act, to establish a
large trader reporting system to identify
market participants that conduct a
substantial amount of trading activity
and collect information on their trading.
Item 2: The Commission will consider
whether to adopt amendments to rules
and forms under the Securities Act of
1933 and Schedule 14A under the
Securities Exchange Act of 1934, to
replace references to credit ratings with
alternative criteria. These amendments
are in light of Section 939A of the DoddFrank Wall Street Reform and Consumer
Protection Act.
Item 3: The Commission will consider
whether to re-propose rules related to
shelf-eligibility for asset-backed
securities and request additional
comment on an outstanding proposal to
require asset-level information about
pool assets.
Item 4: The Commission will consider
whether to adopt rule and form
amendments under the Securities
Exchange Act of 1934 and the
Investment Company Act of 1940 to
require an institutional investment
manager that is subject to Section 13(f)
of the Securities Exchange Act to report
annually how it voted proxies relating
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold an Open Meeting
on July 26, 2011 at 10 a.m., in the
Auditorium, Room L–002, to hear oral
argument in an appeal by International
Power Group, Ltd. (IPWG) from action
by the Depository Trust Company
(DTC).
DTC operates an automated,
centralized system for book-entry
movement of securities positions in the
accounts of its Participants, brokerdealers and other firms, with respect to
trades of Eligible Securities. DTC
provides two levels of services to its
Participants for Eligible Securies: (1) A
full range of depository services
including book-entry delivery and
settlement, and (2) custodial service.
IPWG is a Delaware corporation, the
common stock of which was accepted
by the DTC as an Eligible Security for
all purposes.
On September 30, 2009, DTC issued
an ‘‘Important Notice’’ that stated, ‘‘As
a result of [certain civil litigation], DTC
has suspended all services, except
Custody Services, for [the common
stock of IPWG].’’
IPWG challenges DTC’s issuance of
the Important Notice. Issues likely to be
considered at oral argument include
whether the Commission has
jurisdiction to hear IPWG’s challenge
pursuant to Securities Exchange Act
Section 19(f), and the extent to which
DTC is required to provide fair
procedures to issuers such as IPWG
pursuant to Securities Exchange Act
17A(b)(3)(H).
VerDate Mar<15>2010
17:59 Jul 21, 2011
Jkt 223001
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
44057
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: July 19, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–18680 Filed 7–20–11; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64909; File No. SR–NSX–
2011–07]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
NSX Rule 11.15 Consistent With the
Implementation of the Adoption of
Rule 15c3–5 Under the Act
July 18, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 14,
2011, National Stock Exchange, Inc.
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
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
National Stock Exchange, Inc.
(‘‘NSX®’’ or ‘‘Exchange’’) is proposing to
amend NSX Rule 11.15 to make certain
changes consistent with the
implementation of the adoption of Rule
15c3–5 under the Act (the ‘‘Market
Access Rule’’).
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nsx.com, at the principal
office of the Exchange, 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
1 15
2 17
E:\FR\FM\22JYN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
22JYN1
44058
Federal Register / Vol. 76, No. 141 / Friday, July 22, 2011 / Notices
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
self-regulatory organization 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
mstockstill on DSK4VPTVN1PROD with NOTICES
Purpose
On November 3, 2010, the
Commission adopted the Market Access
Rule,3 pursuant to which, among other
things, broker-dealers providing market
access are required to implement certain
pre-order entry checks in order to
manage the financial, regulatory, and
certain other risks associated with
providing its customers with market
access. In anticipation of the July 14,
2011 compliance date for the Market
Access Rule, the Exchange is proposing
to amend Rule 11.15 to recognize that
routable orders will be handled
consistent with the Market Access Rule.
Consistent with the Market Access
Rule, NSX Securities LLC (‘‘NSX
Securities’’), as the Exchange’s affiliated
routing broker-dealer, has implemented
certain tests that are designed to limit
the financial exposure that could arise
as a result of market access and to
ensure compliance with all applicable
regulatory requirements in connection
with market access. Consistent with the
requirements of the Market Access Rule,
these tests are designed to reject orders
that are deemed non-compliant with
applicable Market Access Rule
requirements. NSX Securities retains
sole discretion to determine whether to
reject, prior to routing, and/or cancel
after routing, an order or series of orders
based on a violation of applicable pretrade requirements.
Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.4
In particular, the proposed change is
consistent with Section 6(b)(5) of the
Act,5 because it would promote just and
equitable principles of trade, and, in
general, protect investors and the public
interest. The proposed rule is consistent
3 See Securities Exchange Act Release No. 63241
(November 3, 2010), 75 FR 69792 (November 15,
2010).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
VerDate Mar<15>2010
17:59 Jul 21, 2011
Jkt 223001
with the requirements of the Act
because the change recognizes
compliance by the Exchange’s affiliated
broker-dealer, NSX Securities, with the
Market Access Rule. The Exchange also
believes that the proposed changes will
benefit ETP Holders because it provides
clarity regarding compliance with the
Market Access Rule.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Exchange Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
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 from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act6 and Rule 19b–
4(f)(6)(iii) thereunder.7
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.8 However, Rule 19b–
4(f)(6)(iii) 9 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
notes that waiving the 30-day operative
delay will allow NSX Securities to
comply with Rule 15c3–5 under the Act
by July 14, 2011; 10 the compliance date
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
8 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission 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 of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
9 Id.
10 17 CFR 240.15c3–5.
PO 00000
6 15
7 17
Frm 00078
Fmt 4703
Sfmt 4703
for Rule 15c3–5. For this reason, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest, and designates the
proposed rule change to be operative
upon filing with the Commission.11
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 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
No. SR–NSX–2011–07 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–NSX–2011–07. This file number
should be included in the subject line
if e-mail is used. To help the
Commission process and review
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street, NE.,
11 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
E:\FR\FM\22JYN1.SGM
22JYN1
Federal Register / Vol. 76, No. 141 / Friday, July 22, 2011 / Notices
Washington, DC 20549, on official
business days between the hours of
10 a.m. and 3 p.m. eastern time. Copies
of such filings will also 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–NSX–
2011–07 and should be submitted by
August 12, 2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–18502 Filed 7–21–11; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64906; File No. SR–
NYSEArca–2011–49]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending NYSE Arca
Equities Rule 7.45 to Make Changes
Necessary to Allow Its Routing Broker
to Operate Consistent With the
Requirements of Rule 15c3–5 Under
the Securities Exchange Act of 1934
July 18, 2011.
mstockstill on DSK4VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that July 13, 2011,
NYSE Arca, Inc. (‘‘NYSE Arca’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Arca Equities Rule 7.45 to make
changes necessary to allow its Routing
Broker to operate consistent with the
requirements of Rule 15c3–5 under the
Securities Exchange Act of 1934
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
17:59 Jul 21, 2011
Jkt 223001
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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8011–01–P
12 17
(‘‘Act’’).4 The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
1. Purpose
The Exchange proposes to amend
NYSE Arca Equities Rule 7.45 to permit
its Routing Broker to operate consistent
with the requirements of SEC Rule
15c3–5.5 Specifically, the proposed rule
change would allow the Routing Broker,
in its sole discretion, to reject orders
pursuant to risk management controls
and supervisory procedures maintained
by the Routing Broker pursuant to SEC
Rule 15c3–5. The Exchange is proposing
substantially similar rule changes for its
options market, and the Exchange’s
affiliates, New York Stock Exchange
LLC (‘‘NYSE’’) and NYSE Amex LLC
(‘‘NYSE Amex’’), also are proposing
substantially similar rule changes.6
Archipelago Securities LLC (‘‘Arca
Securities’’) currently is the primary
outbound Routing Broker for the
Exchange. The outbound routing
function for the Exchange is governed
by NYSE Arca Equities Rule 7.45. NYSE
Arca Equities Rule 7.45(b)(1) currently
provides that the Routing Broker cannot
change the terms of an order or the
routing instructions, nor can it exercise
any discretion about where to route an
order.
CFR 240.15c3–5.
5 NYSE Arca Equities Rule 7.45(a) defines
‘‘Routing Broker’’ as ‘‘the broker-dealer affiliate of
NYSE Arca, LLC and/or any other non-affiliate
third-party broker-dealer that acts as a facility of
NYSE Arca, LLC for routing orders entered into
Exchange systems to other market centers for
execution whenever such routing is required by the
Rules of the Corporation and federal securities laws.
The Routing Brokers will operate as described in
this Rule 7.45.’’
6 See SR–NYSEArca–2011–50 (options), SR–
NYSE–2011–34, SR–NYSEAmex–2011–52
(equities), and SR–NYSEAmex–2011–53 (options).
PO 00000
4 17
Frm 00079
Fmt 4703
Sfmt 4703
44059
On November 3, 2010, the
Commission adopted SEC Rule 15c3–5,7
pursuant to which, among other things,
broker-dealers providing market access
are required to implement certain preorder entry checks in order to manage
the financial, regulatory, and other risks
associated with providing their
customers with market access. In
anticipation of the upcoming July 14,
2011 compliance date for SEC Rule
15c3–5, the Exchange is proposing to
amend NYSE Arca Equities Rule 7.45 to
describe the manner in which the
Routing Broker will handle routable
orders consistent with SEC Rule 15c3–
5.8
Specifically, the Exchange proposes to
adopt NYSE Arca Equities Rule
7.45(b)(1)(B) to provide that, in the
Routing Broker’s sole discretion,
pursuant to risk management controls
and supervisory procedures maintained
by the Routing Broker pursuant to SEC
Rule 15c3–5, the Routing Broker may
reject any order or series of orders as
necessary to manage the financial,
regulatory, and other risks of the
Routing Brokers(s) providing ‘‘market
access,’’ as that term is defined in SEC
Rule 15c3–5(a)(1).9 The Routing
Broker’s policies and procedures for
compliance with SEC Rule 15c3–5 will
address two circumstances: (1) When
the Routing Broker routes orders on
behalf of the Exchange for the purpose
of accessing other trading centers with
protected quotations in compliance with
Rule 611 of Regulation NMS under the
Act 10 for ‘‘NMS stocks’’ (as that term is
defined in Rule 600 of Regulation
NMS),11 or in compliance with a
national market system plan for listed
options (‘‘exempt orders’’); and (2) when
the Routing Broker routes orders on
behalf of the Exchange for any other
purpose, including pursuant to the
terms of an order type adopted by the
Exchange or pursuant to a routing
strategy through which the Routing
Broker routes orders to market centers
that are not posting ‘‘protected
quotations’’ (as that term is defined in
7 See Securities Exchange Act Release No. 63241
(November 3, 2010), 75 FR 69792 (November 15,
2010) (File No. S7–03–10).
8 The Commission extended the compliance date
to November 30, 2011 for all of the requirements
for fixed income securities and the requirements of
SEC Rule 15c3–5(c)(1)(i) for all securities. See
Securities Exchange Act Release No. 64748 (June
27, 2011), 76 FR 38293 (June 30, 2011) (File No. S7–
03–10).
9 The existing text of NYSE Arca Equities Rule
7.45(b)(1) would be renumbered as NYSE Arca
Equities Rule 7.45(b)(1)(A).
10 17 CFR 242.611.
11 17 CFR 242.600(47).
E:\FR\FM\22JYN1.SGM
22JYN1
]]>Agencies
[Federal Register Volume 76, Number 141 (Friday, July 22, 2011)]
[Notices]
[Pages 44057-44059]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-18502]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-64909; File No. SR-NSX-2011-07]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend NSX Rule 11.15 Consistent With the Implementation of the Adoption
of Rule 15c3-5 Under the Act
July 18, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 14, 2011, National Stock Exchange, Inc. 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 Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
National Stock Exchange, Inc. (``NSX[supreg]'' or ``Exchange'') is
proposing to amend NSX Rule 11.15 to make certain changes consistent
with the implementation of the adoption of Rule 15c3-5 under the Act
(the ``Market Access Rule'').
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nsx.com, at the principal office of the
Exchange, 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
[[Page 44058]]
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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
Purpose
On November 3, 2010, the Commission adopted the Market Access
Rule,\3\ pursuant to which, among other things, broker-dealers
providing market access are required to implement certain pre-order
entry checks in order to manage the financial, regulatory, and certain
other risks associated with providing its customers with market access.
In anticipation of the July 14, 2011 compliance date for the Market
Access Rule, the Exchange is proposing to amend Rule 11.15 to recognize
that routable orders will be handled consistent with the Market Access
Rule.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 63241 (November 3,
2010), 75 FR 69792 (November 15, 2010).
---------------------------------------------------------------------------
Consistent with the Market Access Rule, NSX Securities LLC (``NSX
Securities''), as the Exchange's affiliated routing broker-dealer, has
implemented certain tests that are designed to limit the financial
exposure that could arise as a result of market access and to ensure
compliance with all applicable regulatory requirements in connection
with market access. Consistent with the requirements of the Market
Access Rule, these tests are designed to reject orders that are deemed
non-compliant with applicable Market Access Rule requirements. NSX
Securities retains sole discretion to determine whether to reject,
prior to routing, and/or cancel after routing, an order or series of
orders based on a violation of applicable pre-trade requirements.
Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\4\ In particular, the
proposed change is consistent with Section 6(b)(5) of the Act,\5\
because it would promote just and equitable principles of trade, and,
in general, protect investors and the public interest. The proposed
rule is consistent with the requirements of the Act because the change
recognizes compliance by the Exchange's affiliated broker-dealer, NSX
Securities, with the Market Access Rule. The Exchange also believes
that the proposed changes will benefit ETP Holders because it provides
clarity regarding compliance with the Market Access Rule.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
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 from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act\6\ and Rule 19b-
4(f)(6)(iii) thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\8\ However,
Rule 19b-4(f)(6)(iii) \9\ permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange has asked the Commission to waive the
30-day operative delay so that the proposal may become operative
immediately upon filing. The Exchange notes that waiving the 30-day
operative delay will allow NSX Securities to comply with Rule 15c3-5
under the Act by July 14, 2011; \10\ the compliance date for Rule 15c3-
5. For this reason, the Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest, and designates the proposed rule change to be
operative upon filing with the Commission.\11\
---------------------------------------------------------------------------
\8\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission 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 of filing
of the proposed rule change, or such shorter time as designated by
the Commission. The Exchange has satisfied this requirement.
\9\ Id.
\10\ 17 CFR 240.15c3-5.
\11\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 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 No. SR-NSX-2011-07 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-NSX-2011-07. This file
number should be included in the subject line if e-mail is used. To
help the Commission process and review comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
[[Page 44059]]
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. eastern time. Copies of such filings will also 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-NSX-
2011-07 and should be submitted by August 12, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-18502 Filed 7-21-11; 8:45 am]
BILLING CODE 8011-01-P
