Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter VII, Section 6 of the Rules of the NASDAQ Options Market To Permit the Exchange To Establish Wider Bid/Ask Differentials for Certain Options With High Premiums or Other Special Characteristics, 53179-53181 [2013-20934]
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wreier-aviles on DSK5TPTVN1PROD with NOTICES
Federal Register / Vol. 78, No. 167 / Wednesday, August 28, 2013 / Notices
are reasonable and fair to all Contract
owners. The Section 17 Applicants
maintain that the terms of the proposed
in-kind purchase transactions, including
the consideration to be paid and
received by each Fund, are reasonable,
fair and do not involve overreaching on
the part of any person principally
because the transactions will conform
with all but one of the conditions
enumerated in Rule 17a–7. The
proposed transactions will take place at
relative net asset values as of the date
of substitution in conformity with the
requirements of Section 22(c) of the
1940 Act and Rule 22c–1 thereunder
with no change in the amount of any
Contract owner’s Contract value or
death benefit or in the dollar value of
his or her investment in any of the
Accounts. Contract owners will not
suffer any adverse tax consequences as
a result of the substitution. The fees and
charges under the Contracts will not
increase because of the substitution.
34. Even though the Section 17
Applicants may not rely on Rule 17a–
7, the Section 17 Applicants believe that
the Rule’s conditions outline the type of
safeguards that result in transactions
that are fair and reasonable to registered
investment company participants and
preclude overreaching in connection
with an investment company by its
affiliated persons. The board of the
Replacement Fund has adopted
procedures, as required by paragraph
(e)(1) of Rule 17a–7, pursuant to which
a series may purchase and sell securities
to and from their affiliates. The Section
17 Applicants will carry out the
proposed in-kind purchases in
conformity with all of the conditions of
Rule 17a–7 and the Replacement Fund’s
procedures adopted thereunder, except
that the consideration paid for the
securities being purchased or sold may
not be entirely cash. The investment
adviser for the Replacement Fund will
examine any securities received from an
in-kind redemption, and accept any
securities that they would otherwise
have purchased for cash for the
Replacement Fund to hold. The
circumstances surrounding the
proposed substitution will be such as to
offer the Replacement Fund the same
degree of protection from overreaching
that Rule 17a–7 provides the
Replacement Fund generally in
connection with the purchase and sale
of securities under that Rule in the
ordinary course of its business. In
particular, the proposed transactions
will not be effected at a price that is
disadvantageous to the Replacement
Fund.
35. Although the transactions may not
be entirely for cash, each will be
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effected based upon (1) the independent
market price of the portfolio securities
valued as specified in paragraph (b) of
Rule 17a–7, and (2) the net asset value
per share of each Fund involved valued
in accordance with the procedures
disclosed in its registration statement
and as required by Rule 22c–1 under the
1940 Act. Moreover, consistent with
Rule 17a–7(d), no brokerage
commissions, fees, or other costs or
remuneration will be paid in connection
with the proposed transactions, except
for any brokerage commissions paid in
connection with the liquidation of the
securities that are not distributed as part
of the in-kind redemption, which
brokerage costs will be borne by the
Company or its affiliates and not by
Contract owners.
36. Consistent with Section 17(b) and
Rule 17a–7(c), any in-kind redemptions
and purchases for purposes of the
proposed substitution will be transacted
in a manner consistent with the
investment objectives and policies of
the Funds, as recited in their
registration statements. Any in-kind
redemption will be effected on a prorata basis, where the Replacement Fund
will receive an approximate
proportionate share of every security
position in the Replaced Fund’s
portfolio in accordance with the
Signature Letter, as supplemented by
the SEC in subsequent no-action letters.
CSAM, the adviser to the Replacement
Fund, will examine the securities being
transferred to the Replacement Fund to
ensure they are consistent with the
Replacement Fund’s investment
objective and policies and will retain
only those securities that it would have
acquired for the Replacement Fund in a
cash transaction. In addition, the
redeeming and purchasing values of
such securities will be the same.
37. The Section 17 Applicants submit
that the in-kind redemptions and
purchases described above are
consistent with the general purposes of
the 1940 Act as stated in the Findings
and Declaration of Policy in Section 1
of the 1940 Act and that the proposed
transactions do not present any of the
conditions or abuses that the 1940 Act
was designed to prevent. The
Commission has previously granted
relief to others based on similar facts.
The Section 17 Applicants represent
that the proposed in-kind purchases
meet all the requirements of Section
17(b) of the 1940 Act and request that
the Commission issue an order pursuant
to Section 17(b) of the 1940 Act
exempting them from the provisions of
Section 17(a) to the extent necessary to
permit the Company, on behalf of the
Accounts, to carry out in-kind the
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53179
proposed substitution by redeeming
shares of the Replaced Fund in-kind and
using securities distributed as
redemption proceeds to purchase shares
of the Replacement Fund.
Conclusion
For the reasons and upon the facts set
forth above and in the application, the
Substitution Applicants and the Section
17 Applicants believe that the requested
orders meet the standards set forth in
Section 26(c) of the Act and Section
17(b) of the Act, respectively, and
should therefore, be granted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–20955 Filed 8–27–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70245; File No. SR–
NASDAQ–2013–110]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Chapter VII, Section 6 of the Rules of
the NASDAQ Options Market To Permit
the Exchange To Establish Wider Bid/
Ask Differentials for Certain Options
With High Premiums or Other Special
Characteristics
August 22, 2013.
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 August
19, 2013 The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I, II and III 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 proposing to amend
Chapter VII, Section 6 (Market Maker
Quotations) of the rules of the NASDAQ
Options Market (‘‘NOM’’) to permit the
Exchange to establish wider bid/ask
differentials for certain options with
1 15
2 17
E:\FR\FM\28AUN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
28AUN1
53180
Federal Register / Vol. 78, No. 167 / Wednesday, August 28, 2013 / Notices
high premiums or other special
characteristics.
2. Statutory Basis
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 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
Statutory Basis for, the Proposed Rule
Change
wreier-aviles on DSK5TPTVN1PROD with NOTICES
1. Purpose
The purpose of this proposed rule
change is to amend Chapter VII, Section
6 of the rules of NOM to permit the
Exchange to establish wider bid/ask
differentials for certain options with
high premiums or other special
characteristics.
Currently, the spread on options on
equities and index options must not
exceed $5. For in-the-money series
where the market for the underlying
security is wider than $5, the bid/ask
differential may be as wide as the
quotation for the underlying security on
the primary market.3
In this filing, the Exchange seeks the
capability to establish wider bid/ask
differentials for options that have high
premiums or other special
characteristics. For high premium
options, the current five dollar range
can expose market makers to
disproportionate risk in dealing with
those issues thereby discouraging them
from quoting in those instruments. As
such, the Exchange proposes to be able
to modify the bid/ask differential for
one or more series or classes of options,
as appropriate, in response to high
differential prices, market conditions, or
other special factors impacting a
particular option, options series, or class
of option.
The Exchange notes that this
flexibility is already permitted by the
rules of many other options exchanges.4
The proposed rule change is
consistent with the Act and the rules
and regulations thereunder, including
the requirements of Section 6(b) of the
Act.5 In particular, the Exchange
believes the proposed rule change is
consistent with the Section 6(b)(5) 6
requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, to
prevent fraudulent and manipulative
acts, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and to perfect
the mechanism for a free and open
market and a national market system,
and, in general, to protect investors and
the public interest. Here, the proposal
will allow the Exchange to adjust price
differentials in a manner that
encourages quoting and trading activity.
The Exchange believes that the
proposed rule change will enhance
competition because the Exchange will
be able adjust bid/ask differentials in a
manner similar to Phlx, CBOE, ISE, and
NYSE [sic].
B. Self-Regulatory Organization’s
Statement on Burden on Competition
This proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
In this regard and as indicated above,
the Exchange notes that the rule
proposed here is already in use by other
options exchanges.
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)(ii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
3 See
5 15
4 See
6 15
NOM Rule Chapter VII Section 6(d)(ii).
Phlx Rule 1014(c)(i)(A)(1)(a); CBOE Rule
44.4(e); ISE Rule 803(b)(4); NYSE MKT Rule
925NY(b)(4)(E).
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Jkt 229001
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 15 U.S.C. 78s(b)(3)(a)(ii).
8 17 CFR 240.19b–4(f)(6).
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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
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–2013–110 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–2013–110. 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 10:00 a.m.
and 3:00 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
E:\FR\FM\28AUN1.SGM
28AUN1
Federal Register / Vol. 78, No. 167 / Wednesday, August 28, 2013 / Notices
submissions. You should submit only
information that you wish to make
available publicly.
All submissions should refer to File
Number SR–NASDAQ–2013–110, and
should be submitted on or before
September 18, 2013.
a carve-out or spin-off transaction. The
proposed rule change was published for
comment in the Federal Register on July
8, 2013.5 The Commission received one
comment letter on the proposal.6 This
order approves the proposed rule
change.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
II. Description of the Proposal
[FR Doc. 2013–20934 Filed 8–27–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70246; File No. SR–NYSE–
2013–40]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Approving Proposed Rule Change
Amending 303A.00 of the Exchange’s
Listed Company Manual To Provide a
One-Year Transition Period To Comply
With the Internal Audit Requirement of
Section 303A.07(c) for Companies
Listing in Connection With an Initial
Public Offering, or by Means of a
Carve-Out or Spin-Off Transaction
August 22, 2013.
I. Introduction
On June 18, 2013, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) 1 of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’),2 and Rule
19b–4 thereunder,3 a proposed rule
change to amend 303A.00 of the
Exchange’s Listed Company Manual
(the ‘‘Manual’’) to provide a one-year
transition period to comply with the
internal audit function requirement of
Section 303A.07(c) for companies listing
in connection with an initial public
offering (as new registrants under the
Exchange Act) (‘‘IPO’’),4 or by means of
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 For purposes of Section 303A other than
Sections 303A.06 (which incorporates Exchange
Act Rule 10A–3 by reference) and 303A.12(b),
Section 303A.00 currently provides that a company
is considered to be listing in conjunction with an
IPO if, immediately prior to listing, it does not have
a class of common stock registered under the
Exchange Act. Consequently, a company whose
common stock has not previously been registered
under the Exchange Act is eligible to avail itself of
the IPO transition periods in Section 303A.00
regardless of whether that company is conducting
a public offering at the time of its initial listing. The
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1 15
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For companies listing on the
Exchange in connection with an IPO,7
or by means of a carve-out or spin-off
transaction, Section 303A.07(c) of the
Manual requires that those companies
comply with the internal audit function
requirement at the time of listing.
Specifically, Section 303A.07(c) of the
Manual requires that any listed
company subject to Section 303A.07
must have an internal audit function to
provide management and the audit
committee with ongoing assessments of
the listed company’s risk management
processes and system of internal
control. A listed company may choose
to outsource this function to a third
party service provider other than its
independent auditor.
According to the Exchange, consistent
with the transition provisions of Section
303A.00 of the Manual, any company
listing upon transfer from another
national securities exchange that does
not have an internal audit function
requirement has one year from the date
of listing to comply with the Exchange’s
internal audit function requirement in
Section 303A.07(c) of the Manual.8
Neither the Nasdaq Stock Market LLC
(‘‘Nasdaq’’) nor NYSE MKT LLC (‘‘NYSE
MKT’’) has an internal audit function
requirement for companies listing on
their exchange. Consequently, any
company transferring its listing from
Nasdaq or NYSE MKT to the NYSE has
one year from the date of listing to
Exchange’s proposed amendment would provide a
one-year transition period for compliance with the
internal audit function requirement to all
companies currently eligible for the IPO transition
periods in Section 303A.00.
5 See Securities Exchange Act Release No. 69914
(July 2, 2013), 78 FR 40816.
6 See Letter from Richard F. Chambers, President
and Chief Executive Officer, The Institute of
Internal Auditors to Elizabeth M. Murphy,
Secretary, Commission, dated July 29, 2013.
7 The Commission notes that companies listing on
the Exchange must register under Section 12(b) of
the Exchange Act.
8 Section 303.00 of the Manual states, among
other things, that a company previously registered
pursuant to Section 12(b) of the Exchange Act must
satisfy the requirements of Section 303A, which
includes the internal audit function requirement of
Section 303A.07(c), within one year of the listing
to the extent that the national securities exchange
on which it was listed did not have the same
requirement, with the exception of Section 303A.06
including, if applicable, the independence
requirements of Section 303A.02, which must be
complied with at the time of listing.
PO 00000
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53181
comply with the requirement of Section
303A.07(c) of the Manual. By contrast,
Section 303A.00 currently does not
provide any transition period for
compliance with the internal audit
function requirement to a company
which is listing in connection with: (i)
Its IPO, or (ii) by means of a carve-out
or spin-off transaction.9 In its filing, the
Exchange stated that it believes that the
lack of a transition period in relation to
the internal audit function requirement
for these categories of newly-listed
companies is anomalous in light of the
treatment of companies transferring
from other markets. Accordingly, the
Exchange has proposed to amend
Section 303A.00 to extend the
application of the one-year transition
period to comply with the internal audit
function requirement to such categories
of newly-listed companies. Further, the
Exchange proposed to amend Section
303A.07 to include a sentence explicitly
stating that, although Section 303A.00
permits certain categories of newlylisted companies to have a transition
period, that all companies that are
subject to Section 303A.07 would be
required to have an internal audit
function no later than one year after
their listing date.
Several provisions in Section 303A.07
set forth duties of the audit committee
with respect to the internal audit
function requirement. In its filing, the
Exchange has proposed to amend those
provisions to clarify the duties of the
audit committee with respect to the
internal audit function during any
transition period applicable to IPOs,
transfers from another national
securities exchange, carve-outs and
spin-offs. The Exchange has proposed to
amend the following sections of the
Manual as described below:
• Section 303A.07(b)(i)(A) currently
requires that the audit committee’s
charter must provide that the committee
will assist board oversight of: (1) The
integrity of the listed company’s
financial statements, (2) the listed
company’s compliance with legal and
regulatory requirements, (3) the
independent auditor’s qualifications
and independence, and (4) the
9 Section 102.01B of the Manual defines a carveout as the initial offering of an equity security to
the public by a publicly traded company for an
underlying interest in its existing business (which
may be subsidiary, division, or business unit). For
all practical purposes, a carve-out is the same as an
IPO, as it involves the listing of a newly-public
company in connection with the initial public
offering of its common stock. A spin-off involves
the distribution by a listed company of all of the
outstanding common stock of a subsidiary to the
listed company’s shareholders and the listing of the
new company, generally without any concurrent
offering.
E:\FR\FM\28AUN1.SGM
28AUN1
]]>Agencies
[Federal Register Volume 78, Number 167 (Wednesday, August 28, 2013)]
[Notices]
[Pages 53179-53181]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-20934]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70245; File No. SR-NASDAQ-2013-110]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Chapter VII, Section 6 of the Rules of the NASDAQ Options Market
To Permit the Exchange To Establish Wider Bid/Ask Differentials for
Certain Options With High Premiums or Other Special Characteristics
August 22, 2013.
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 August 19, 2013 The NASDAQ Stock Market LLC (``NASDAQ'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change as described in Items I, II and
III 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
NASDAQ is proposing to amend Chapter VII, Section 6 (Market Maker
Quotations) of the rules of the NASDAQ Options Market (``NOM'') to
permit the Exchange to establish wider bid/ask differentials for
certain options with
[[Page 53180]]
high premiums or other special characteristics.
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 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to amend Chapter VII,
Section 6 of the rules of NOM to permit the Exchange to establish wider
bid/ask differentials for certain options with high premiums or other
special characteristics.
Currently, the spread on options on equities and index options must
not exceed $5. For in-the-money series where the market for the
underlying security is wider than $5, the bid/ask differential may be
as wide as the quotation for the underlying security on the primary
market.\3\
---------------------------------------------------------------------------
\3\ See NOM Rule Chapter VII Section 6(d)(ii).
---------------------------------------------------------------------------
In this filing, the Exchange seeks the capability to establish
wider bid/ask differentials for options that have high premiums or
other special characteristics. For high premium options, the current
five dollar range can expose market makers to disproportionate risk in
dealing with those issues thereby discouraging them from quoting in
those instruments. As such, the Exchange proposes to be able to modify
the bid/ask differential for one or more series or classes of options,
as appropriate, in response to high differential prices, market
conditions, or other special factors impacting a particular option,
options series, or class of option.
The Exchange notes that this flexibility is already permitted by
the rules of many other options exchanges.\4\
---------------------------------------------------------------------------
\4\ See Phlx Rule 1014(c)(i)(A)(1)(a); CBOE Rule 44.4(e); ISE
Rule 803(b)(4); NYSE MKT Rule 925NY(b)(4)(E).
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with the Act and the rules
and regulations thereunder, including the requirements of Section 6(b)
of the Act.\5\ In particular, the Exchange believes the proposed rule
change is consistent with the Section 6(b)(5) \6\ requirements that the
rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts, to
foster cooperation and coordination with persons engaged in
facilitating transactions in securities, to remove impediments to and
to perfect the mechanism for a free and open market and a national
market system, and, in general, to protect investors and the public
interest. Here, the proposal will allow the Exchange to adjust price
differentials in a manner that encourages quoting and trading activity.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change will enhance
competition because the Exchange will be able adjust bid/ask
differentials in a manner similar to Phlx, CBOE, ISE, and NYSE [sic].
B. Self-Regulatory Organization's Statement on Burden on Competition
This proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. In this regard and as indicated above, the Exchange notes that
the rule proposed here is already in use by other options exchanges.
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)(ii) of the Act \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(a)(ii).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
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-2013-110 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-2013-110. 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 10:00 a.m. and 3:00 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
[[Page 53181]]
submissions. You should submit only information that you wish to make
available publicly.
All submissions should refer to File Number SR-NASDAQ-2013-110, and
should be submitted on or before September 18, 2013.
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\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20934 Filed 8-27-13; 8:45 am]
BILLING CODE 8011-01-P
