Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding a Clerical Change to Nasdaq Rule 5730, 4610-4611 [2012-1892]
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4610
Federal Register / Vol. 77, No. 19 / Monday, January 30, 2012 / Notices
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 No. SR–EDGA–
2012–01 and should be submitted on or
before February 21, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–1916 Filed 1–27–12; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–66230; File No. SR–
NASDAQ–2012–008]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding a
Clerical Change to Nasdaq Rule 5730
January 24, 2012.
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 January
11, 2012, 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 prepared
by Nasdaq. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
emcdonald on DSK29S0YB1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Nasdaq proposes to make clerical
corrections to correct cross references in
Rule 5730 of the Nasdaq rulebook.
Nasdaq proposes to implement the
proposed rule change immediately.
The text of the proposed rule change
is available on Nasdaq’s Web site
https://nasdaq.cchwallstreet.com, at
Nasdaq’s principal office, and at the
Commission’s Public Reference Room.
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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15:09 Jan 27, 2012
Jkt 226001
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
SECURITIES AND EXCHANGE
COMMISSION
18 17
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Nasdaq proposes to make clerical
corrections to update certain crossreferences in Rules 5730(b)(2) and (b)(3).
Nasdaq incorrectly changed these crossreferences when the listing rules were
relocated from the Rule 4000 Series of
the Nasdaq Rulebook to the Rule 5000
Series 3 and they now reference rules
that do not exist. This rule filing will
correct those cross-references. The
Exchange is not making any substantive
changes to Rule 5730.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,4 in
general, and with Section 6(b)(5) of the
Act,5 in particular, in that the proposal
is designed to promote just and
equitable principles of trade, 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 consistent with these
provisions in that it will eliminate
confusion about Nasdaq rules by
correcting inaccurate cross-references to
rules that have been renumbered,
without changing the substance of the
rules.
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.
3 Securities Exchange Act Release No. 59663
(March 31, 2009), 74 FR 15552 (April 6, 2009) (SR–
NASDAQ–2009–018).
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
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 this proposal should become
immediately effective.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
No. SR–NASDAQ–2012–008 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 No.
SR–NASDAQ–2012–008. This file
number should be included on the
subject line if email 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the
6 15
7 17
E:\FR\FM\30JAN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(3).
30JAN1
Federal Register / Vol. 77, No. 19 / Monday, January 30, 2012 / Notices
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
Nasdaq. 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 No.
SR–NASDAQ–2012–008 and should be
submitted on or before February 21,
2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–1892 Filed 1–27–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–66226; File No. SR–BX–
2012–004]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Extend the
Pilot Period of Amendments to the
Clearly Erroneous Rule
emcdonald on DSK29S0YB1PROD with NOTICES
January 24, 2012.
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 January
12, 2012, NASDAQ OMX BX, Inc.
(‘‘Exchange’’) 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
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
15:09 Jan 27, 2012
Jkt 226001
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 extend the
pilot period of recent amendments to
Rule 11890, concerning clearly
erroneous transactions, so that the pilot
will now expire on July 31, 2012.
The text of the proposed rule change
is below. Proposed new language is
italicized; proposed deletions are in
brackets.
*
*
*
*
*
11890. Clearly Erroneous Transactions
The provisions of paragraphs (C), (c)(1),
(b)(i), and (b)(ii) of this Rule, as amended on
September 10, 2010, shall be in effect during
a pilot period set to end on July 31, 2012
[January 31, 2012]. If the pilot is not either
extended or approved permanent by July 31,
2012 [January 31, 2012], the prior versions of
paragraphs (C), (c)(1), and (b) shall be in
effect.
(a)–(f) No change.
*
*
*
*
*
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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On September 10, 2010, the
Commission approved, for a pilot period
to end December 10, 2010, a proposed
rule change submitted by the Exchange,
together with related rule changes of the
BATS Exchange, Inc., Chicago Board
Options Exchange, Incorporated,
Chicago Stock Exchange, Inc., EDGA
Exchange, Inc., EDGX Exchange, Inc.,
International Securities Exchange LLC,
The NASDAQ Stock Market LLC, New
York Stock Exchange LLC, NYSE Amex
LLC, NYSE Arca, Inc., and National
Stock Exchange, Inc., to amend certain
of their respective rules to set forth
clearer standards and curtail discretion
with respect to breaking erroneous
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
4611
trades.3 The changes were adopted to
address concerns that the lack of clear
guidelines for dealing with clearly
erroneous transactions may have added
to the confusion and uncertainty faced
by investors on May 6, 2010. On
December 7, 2010, the Exchange filed an
immediately effective filing to extend
the existing pilot program for four
months, so that the pilot would expire
on April 11, 2011.4 On March 31, 2011,
the Exchange filed an immediately
effective filing to extend the existing
pilot program for four months, so that
the pilot would expire on the earlier of
August 11, 2011 or the date on which
a limit up/limit down mechanism to
address extraordinary market volatility,
if adopted, applies.5 On August 5, 2011,
the Exchange filed an immediately
effective filing removed language from
the rule that tied the expiration of the
pilot to the adoption of a limit up/limit
down mechanism to address
extraordinary market volatility, and
further extended the pilot period, so
that the pilot would expire on January
31, 2012.6 On August 8, 2011, the
Exchange filed an immediately effective
filing to amend Rule 11890 so that it
would continue to operate in the same
manner after changes to the single stock
trading pause process became effective.7
The Exchange believes that the pilot
program has been successful in
providing greater transparency and
certainty to the process of breaking
erroneous trades. The Exchange also
believes that an additional extension of
the pilot is warranted so that it may
continue to monitor the effects of the
pilot on the markets and investors, and
consider appropriate adjustments, as
necessary.
Accordingly, the Exchange is filing to
further extend the pilot program until
July 31, 2012.
2. Statutory Basis
The statutory basis for the proposed
rule change is Section 6(b)(5) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),8 which requires the rules of an
exchange to promote just and equitable
3 Securities Exchange Act Release No. 62886
(September 10, 2010), 75 FR 56613 (September 16,
2010).
4 Securities Exchange Act Release No. 63490
(December 9, 2010), 75 FR 78299 (December 15,
2010) (SR–BX–2010–086).
5 Securities Exchange Act Release No. 64240
(April 7, 2011), 76 FR 20732 (April 13, 2011) (SR–
BX–2011–019).
6 Securities Exchange Act Release No. 65059
(August 9, 2011), 76 FR 50522 (August 15, 2011)
(SR–BX–2011–054).
7 Securities Exchange Act Release No. 65105
(August 11, 2011), 76 FR 51108 (August 17, 2011)
(SR–BX–2011–056).
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\30JAN1.SGM
30JAN1
]]>Agencies
[Federal Register Volume 77, Number 19 (Monday, January 30, 2012)]
[Notices]
[Pages 4610-4611]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1892]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-66230; File No. SR-NASDAQ-2012-008]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Regarding a Clerical Change to Nasdaq Rule 5730
January 24, 2012.
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 January 11, 2012, 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 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
Nasdaq proposes to make clerical corrections to correct cross
references in Rule 5730 of the Nasdaq rulebook. Nasdaq proposes to
implement the proposed rule change immediately.
The text of the proposed rule change is available on Nasdaq's Web
site 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, 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 clerical corrections to update certain
cross-references in Rules 5730(b)(2) and (b)(3). Nasdaq incorrectly
changed these cross-references when the listing rules were relocated
from the Rule 4000 Series of the Nasdaq Rulebook to the Rule 5000
Series \3\ and they now reference rules that do not exist. This rule
filing will correct those cross-references. The Exchange is not making
any substantive changes to Rule 5730.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 59663 (March 31, 2009),
74 FR 15552 (April 6, 2009) (SR-NASDAQ-2009-018).
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(5) of the Act,\5\ in particular, in that the proposal is designed
to promote just and equitable principles of trade, 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 consistent with these
provisions in that it will eliminate confusion about Nasdaq rules by
correcting inaccurate cross-references to rules that have been
renumbered, without changing the substance of the rules.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 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
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 this 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File No. SR-NASDAQ-2012-008 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 No. SR-NASDAQ-2012-008. This file
number should be included on the subject line if email 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 (https://www.sec.gov/rules/sro.shtml). Copies of the
[[Page 4611]]
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 Nasdaq. 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 No. SR-NASDAQ-2012-008 and should be submitted on
or before February 21, 2012.
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-1892 Filed 1-27-12; 8:45 am]
BILLING CODE 8011-01-P
