Sunshine Act Meeting, 76204 [2011-31457]
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76204
Federal Register / Vol. 76, No. 234 / Tuesday, December 6, 2011 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2011–31210 Filed 12–5–11; 8:45 am]
BILLING CODE 7710–FW–P
[Release No. 34–65854; File No.
SR–NASDAQ–2011–159]
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 Wednesday, December 7, 2011 at
9:30 a.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in
5 U.S.C. 552b(c)(10) and 17 CFR
200.402(a)(10), permit consideration of
the scheduled matter at the Closed
Meeting.
Commissioner Walter, as duty officer,
voted to consider the item listed for the
Closed Meeting in closed session, and
determined that no earlier notice thereof
was possible.
The subject matter of the Closed
Meeting scheduled for Wednesday,
December 7, 2011 will be:
A matter relating to enforcement
proceedings.
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.
Dated: December 2, 2011.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–31457 Filed 12–2–11; 4:15 pm]
jlentini on DSK4TPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
November 30, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on November
22, 2011, The NASDAQ Stock Market
LLC (the ‘‘Exchange’’ or ‘‘NASDAQ’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘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
NASDAQ is filing with the Securities
and Exchange Commission
(‘‘Commission’’) a proposal for the
NASDAQ Options Market (‘‘NOM’’) to
eliminate Exchange Direct Orders.
Specifically, NASDAQ proposes to
delete Chapter VI, Section 1(e)(7) and
Section 6(a)(2), to delete Exchange
Direct Orders from its rules. The
Exchange proposes to eliminate this
order type, effective November 30, 2011,
as explained further below.
The text of the proposed rule change
is available at https://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, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
2 17
VerDate Mar<15>2010
17:04 Dec 05, 2011
Jkt 226001
1. Purpose
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Eliminate
Exchange Direct Orders
1 15
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00085
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The purpose of the proposed rule
change is to eliminate Exchange Direct
Orders due to the new requirements of
the recently adopted Market Access
Rule.3 Exchange Direct Orders, defined
in Chapter VI, Section 1(e)(7), are orders
that are directed to an exchange other
than NOM as directed by the entering
party without checking the NOM book.
If unexecuted, the order (or unexecuted
portion thereof) shall be returned to the
entering party. This order type may only
be used for orders with time-in-force
parameters of IOC. NASDAQ proposes
to delete this definition as well as a
reference to Exchange Direct Orders in
Chapter VI, Section 6(a)(2).
In adopting the Exchange Direct Order
type, NASDAQ explained that Exchange
Direct Orders are routed by its affiliate,
NASDAQ Options Services LLC
(‘‘NOS’’). NOS is a broker-dealer and
member of NASDAQ as well as other
exchanges.4 The specific functions of
NOS, as a facility of NASDAQ and its
affiliates, have been approved by the
Commission. On November 30, 2011,
certain requirements of the Market
Access Rule (Rule 15c3–5 under the
Act) 5 become operative, such that
broker-dealers like NOS become subject
to those provisions. Specifically, the
Commission extended the deadline for
compliance with Rule 15c3–5(c)(1)(i),6
which requires the implementation of
risk management controls and
supervisory procedures that are
reasonably designed to prevent the entry
of orders that exceed appropriate pre-set
credit or capital thresholds, because the
type of controls required by the Rule are
not currently in place at many brokerdealers, and developing and
implementing appropriate controls in
this area can be a complex exercise.
NASDAQ and NOS have determined
that the adoption of these controls and
procedures exceeds the scope of NOS’
current functions and, therefore, NOS
would cease accepting Exchange Direct
Orders, because the acceptance of those
3 See Securities Exchange Act Release No. 63241
(November 3, 2010), 75 FR 69792 (November 15,
2010) (File No. S7–03–10).
4 See Securities Exchange Act Release No. 59420
(February 19, 2009), 74 FR 8597 (February 25, 2011)
(SR–NASDAQ–2009–011).
5 17 CFR 240.15c3–5.
6 See Securities Exchange Act Release No. 64748
(June 27, 2011), 76 FR 38293 (June 30, 2011) (File
No. S7–03–10).
E:\FR\FM\06DEN1.SGM
06DEN1
]]>Agencies
[Federal Register Volume 76, Number 234 (Tuesday, December 6, 2011)]
[Notices]
[Page 76204]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-31457]
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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 Wednesday,
December 7, 2011 at 9:30 a.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(10) and 17 CFR 200.402(a)(10), permit consideration
of the scheduled matter at the Closed Meeting.
Commissioner Walter, as duty officer, voted to consider the item
listed for the Closed Meeting in closed session, and determined that no
earlier notice thereof was possible.
The subject matter of the Closed Meeting scheduled for Wednesday,
December 7, 2011 will be:
A matter relating to enforcement proceedings.
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.
Dated: December 2, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-31457 Filed 12-2-11; 4:15 pm]
BILLING CODE 8011-01-P
