Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Offer Members the Ability To Pay a Regulatory Fine Pursuant to an Installment Plan, 59439-59441 [2012-23798]
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Federal Register / Vol. 77, No. 188 / Thursday, September 27, 2012 / Notices
authorizes the clearing agency to
implement the proposed changes on an
earlier date, subject to any conditions
imposed by the Commission.
OCC has also filed the advance notice
as a proposed rule change pursuant to
Section 19(b)(1) of the Act 35 and Rule
19b–4 thereunder.36 Pursuant to those
provisions, within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
The clearing agency shall post notice
on its Web site of proposed changes that
are implemented.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing.
Comments may be submitted by any of
the following methods:
erowe on DSK2VPTVN1PROD with
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
Number SR–OCC–2012–14 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–OCC–2012–14. 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
submission, all subsequent
amendments, all written statements
with respect to the advance notice that
are filed with the Commission, and all
written communications relating to the
advance notice 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 filings
also will be available for inspection and
copying at the principal office of OCC
and on OCC’s Web site at https://
www.optionsclearing.com/components/
docs/legal/rules_and_bylaws/
sr_occ_12_14.pdf. 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–OCC–
2012–14 and should be submitted on or
before October 18, 2012.
By the Commission.
Kevin O’Neill,
Deputy Secretary.
[FR Doc. 2012–23816 Filed 9–26–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67904; File No. SR–
NASDAQ–2012–106]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Offer
Members the Ability To Pay a
Regulatory Fine Pursuant to an
Installment Plan
September 21, 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
September 14, 2012, The NASDAQ
Stock Market LLC (‘‘NASDAQ’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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 the Substance
of the Proposed Rule Change
The Exchange proposes a rule change
to offer members the ability to pay a
regulatory fine pursuant to an
installment plan, under certain
conditions. The text of the proposed
rule change is available at https://
nasdaq.cchwallstreet.com, at the
Exchange’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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NASDAQ is proposing to amend Rule
8320 governing ‘‘Payment of Fines,
Other Monetary Sanctions, or Costs;
Summary Action for Failure to Pay’’ to
offer members the ability to pay a
regulatory fine pursuant to an
installment plan, under certain
conditions. In order for a member to be
eligible to pay a regulatory fine via an
installment plan, the fine under the
applicable letter of acceptance, waiver,
and consent (‘‘AWC’’) 3 must be $50,000
or more. A fine of less than $50,000 is
not eligible for the installment plan.
When submitting its AWC, the member
must check the installment plan option
on the election of payment form
included with the AWC. A sample
election of payment form and AWC are
included in Exhibit 3 4 to this proposed
rule change. A down payment of
twenty-five percent (25%) or more of
the total fine must be submitted with
the signed AWC.
After receipt of the AWC and down
payment, an installment package,
including a promissory note and
payment schedule, will be mailed to the
member. A sample promissory note and
payment schedule are included in
Exhibit 3 to this proposed rule change.
The member must then submit an
executed (signed and notarized)
promissory note for the unpaid balance
3 See
NASDAQ Rule 9216(a).
Commission notes that Exhibit 3 is an
exhibit to the proposed rule change, not to this
Notice.
4 The
35 15
36 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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2 17
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Federal Register / Vol. 77, No. 188 / Thursday, September 27, 2012 / Notices
of the fine, along with its first
installment payment. The term of the
installment plan may not exceed four
years after the execution of the AWC.
The member may elect monthly or
quarterly payments.
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,5 in
general, and with Section 6(b)(5) of the
Act,6 in particular, in that 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. In addition, NASDAQ
believes that the proposed rule change
is consistent with the provisions of
Section 6(b)(6) and 6(b)(7) of the Act,7
which require an exchange to provide
fair procedures for the disciplining of
members and persons associated with
members. Specifically, NASDAQ
believes that the proposal will promote
the settlement of disciplinary cases by
allowing members to make installment
payments. NASDAQ believes that
settlement is a beneficial method of
disciplining members because it
imposes meaningful sanctions on the
member while avoiding the cost and
uncertainty of a protracted disciplinary
proceeding. NASDAQ further believes
that affording members with the
opportunity to pay a regulatory fine over
a period of time may allow NASDAQ to
impose higher fines in appropriate
circumstances and diminish the risk
that sanctioned members will fail to
pay.
erowe on DSK2VPTVN1PROD with
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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.
5 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
7 15 U.S.C. 78f(b)(6) and (b)(7).
6 15
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15:00 Sep 26, 2012
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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 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),11 the
Commission may 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 NASDAQ may
offer members that are contemplating
the execution of an AWC the option of
entering into an installment
arrangement as soon as possible. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest as it will provide
members the option of paying large
fines in installments.12 Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposed rule change to be operative
upon filing with the Commission.
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
change should be approved or
disapproved.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of the filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
9 17
PO 00000
Frm 00069
Fmt 4703
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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
Number SR–NASDAQ–2012–106 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–NASDAQ–2012–106. 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
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 offices 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–2012–106, and
should be submitted on or before
October 18, 2012.
E:\FR\FM\27SEN1.SGM
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Federal Register / Vol. 77, No. 188 / Thursday, September 27, 2012 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–23798 Filed 9–26–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67909; File No. SR–EDGA–
2012–42]
Self-Regulatory Organizations; EDGA
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend EDGA Rule
13.9
September 21, 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
September 19, 2012, EDGA Exchange,
Inc. (the ‘‘Exchange’’ or ‘‘EDGA’’) 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
The Exchange is filing with the
Commission a proposed rule change to
amend Rule 13.9, which provides a new
market data product to Members 3 and
non-Members of the Exchange. The text
of the proposed rule change is available
on the Exchange’s Web site at www.
directedge.com, at the Exchange’s
principal office, and at the Public
Reference Room of the Commission.
erowe on DSK2VPTVN1PROD with
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
self-regulatory organization has
prepared summaries, set forth in
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 A Member is any registered broker or dealer that
has been admitted to membership in the Exchange.
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, Proposed Rule
Change
1. Purpose
In SR–EDGA–2012–38 (the ‘‘Filing’’),4
the Exchange introduced a new market
data product, Edge Routed Liquidity
Report (‘‘Edge Routed Liquidity Report’’
or the ‘‘Service’’) to Members and nonMembers of the Exchange (collectively
referred to as ‘‘Subscribers’’). The Edge
Routed Liquidity Report is a data feed
that contains historical order
information for orders routed to away
destinations by the Exchange. The
Filing stated that Edge Routed Liquidity
Report is offered as either a standard
report (the ‘‘Standard Report’’) or a
premium report (the ‘‘Premium Report’’)
(the Standard Report and the Premium
Report shall be collectively referred to
as the ‘‘Reports’’).
The purpose of this proposed rule
change is to amend Rule 13.9 to provide
additional information regarding the
features of the Standard Report and the
Premium Report. The Filing noted that
both the Standard Report and the
Premium Report provide a view of all
marketable orders that are routed to
away destinations by the Exchange. The
Reports are available to the Subscribers
on the morning of the following trading
day (T + 1) and include limit price,
routed quantity, symbol, side (bid/offer),
time of routing, and the National Best
Bid and Offer (NBBO) at the time of
routing.
However, [the] Premium Report also
identifies various categories of routing
destinations. First, the Premium Report
identifies whether the routing
destination is either directed to a
destination that is not an exchange
(‘‘Non-Exchange Destination’’) or
directed to another exchange. If the
order is routed to a Non-Exchange
Destination, the Premium Report will
then also specify one of the following
Non-Exchange Destination categories:
Regular, Fast, Superfast and Midpoint
(collectively, the ‘‘Categories’’). The
Category is determined by the
applicable routing strategy associated
with the relevant order, based on
responsiveness of the destination (i.e.
latency), number of destinations, and/or
type of execution (i.e. midpoint). For
example, a routing strategy that
leverages many dark pools for low-cost,
low impact executions, which takes a
1 15
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(August 31, 2012), 77 FR 55248 (September 7, 2012)
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59441
greater amount of time to fill an order
may be categorized as ‘‘Regular’’ in the
Premium Report, whereas a destination
specific strategy that has fewer NonExchange Destinations and responds
more quickly may be categorized as
‘‘Superfast’’ in the Premium Report.
Notwithstanding the foregoing, the
Premium Report will not identify the
specific destination.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,5
in general, and with Section 6(b)(5) of
the Act 6 in particular, which requires,
among other things, that the Exchange’s
rules are not designed to unfairly
discriminate between customers,
issuers, brokers or dealers and are
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.
Specifically, the Exchange believes
that this proposal is in keeping with
those principles by promoting increased
transparency through the dissemination
of an additional market data feed, which
will provide market participants with
the opportunity to obtain additional
data in furtherance of their investment
decisions. The proposed rule change
will contribute to providing such
additional information and afford
Subscribers transparency by
categorizing routed liquidity to various
Non-Exchange Destinations.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
5 15
6 15
E:\FR\FM\27SEN1.SGM
U.S.C. 78f.
U.S.C. 78f(b)(5).
27SEN1
]]>Agencies
[Federal Register Volume 77, Number 188 (Thursday, September 27, 2012)]
[Notices]
[Pages 59439-59441]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-23798]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67904; File No. SR-NASDAQ-2012-106]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Offer Members the Ability To Pay a Regulatory Fine Pursuant to an
Installment Plan
September 21, 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 September 14, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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 the
Substance of the Proposed Rule Change
The Exchange proposes a rule change to offer members the ability to
pay a regulatory fine pursuant to an installment plan, under certain
conditions. The text of the proposed rule change is available at https://nasdaq.cchwallstreet.com, at the Exchange'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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
NASDAQ is proposing to amend Rule 8320 governing ``Payment of
Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure
to Pay'' to offer members the ability to pay a regulatory fine pursuant
to an installment plan, under certain conditions. In order for a member
to be eligible to pay a regulatory fine via an installment plan, the
fine under the applicable letter of acceptance, waiver, and consent
(``AWC'') \3\ must be $50,000 or more. A fine of less than $50,000 is
not eligible for the installment plan. When submitting its AWC, the
member must check the installment plan option on the election of
payment form included with the AWC. A sample election of payment form
and AWC are included in Exhibit 3 \4\ to this proposed rule change. A
down payment of twenty-five percent (25%) or more of the total fine
must be submitted with the signed AWC.
---------------------------------------------------------------------------
\3\ See NASDAQ Rule 9216(a).
\4\ The Commission notes that Exhibit 3 is an exhibit to the
proposed rule change, not to this Notice.
---------------------------------------------------------------------------
After receipt of the AWC and down payment, an installment package,
including a promissory note and payment schedule, will be mailed to the
member. A sample promissory note and payment schedule are included in
Exhibit 3 to this proposed rule change. The member must then submit an
executed (signed and notarized) promissory note for the unpaid balance
[[Page 59440]]
of the fine, along with its first installment payment. The term of the
installment plan may not exceed four years after the execution of the
AWC. The member may elect monthly or quarterly payments.
2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\5\ in general, and with Section
6(b)(5) of the Act,\6\ in particular, in that 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. In addition, NASDAQ believes
that the proposed rule change is consistent with the provisions of
Section 6(b)(6) and 6(b)(7) of the Act,\7\\\ which require an exchange
to provide fair procedures for the disciplining of members and persons
associated with members. Specifically, NASDAQ believes that the
proposal will promote the settlement of disciplinary cases by allowing
members to make installment payments. NASDAQ believes that settlement
is a beneficial method of disciplining members because it imposes
meaningful sanctions on the member while avoiding the cost and
uncertainty of a protracted disciplinary proceeding. NASDAQ further
believes that affording members with the opportunity to pay a
regulatory fine over a period of time may allow NASDAQ to impose higher
fines in appropriate circumstances and diminish the risk that
sanctioned members will fail to pay.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(5).
\7\ 15 U.S.C. 78f(b)(6) and (b)(7).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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
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 \8\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of the filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may 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 NASDAQ may
offer members that are contemplating the execution of an AWC the option
of entering into an installment arrangement as soon as possible. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest as
it will provide members the option of paying large fines in
installments.\12\ Therefore, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change to be operative
upon filing with the Commission.
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 change 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 Number SR-NASDAQ-2012-106 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-NASDAQ-2012-106. 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 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 offices
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-2012-106, and should be submitted on or before October 18, 2012.
[[Page 59441]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-23798 Filed 9-26-12; 8:45 am]
BILLING CODE 8011-01-P
