Sunshine Act Meeting, 23389 [2014-09744]
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Federal Register / Vol. 79, No. 81 / Monday, April 28, 2014 / Notices
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 Thursday, May 1, 2014 at 2:00 p.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 her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session.
The subject matter of the Closed
Meeting will be:
Institution and settlement of
injunctive actions;
institution and settlement of
administrative proceedings;
adjudicatory matters;
an opinion; and
other matters 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: April 24, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–09744 Filed 4–24–14; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
tkelley on DSK3SPTVN1PROD with NOTICES
[Release No. 34–71990; File No. SR–
NASDAQ–2014–034]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing of Proposed Rule Change
Relating to Proposed Changes To
Remove From the Exchange Rules Fee
Provisions Regarding ReTransmission of ‘‘Third-Party Data’’
April 22, 2014.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
VerDate Mar<15>2010
17:06 Apr 25, 2014
Jkt 232001
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 7,
2014, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’ or the ‘‘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 NASDAQ. 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 proposes changes to remove
from the Exchange rules fee provisions
with respect to re-transmission of
‘‘Third-Party Data’’ that NASDAQ
receives from multiple sources and then
re-transmits via multiple channels.
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,
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 receives Third-Party Data
from multiple national securities
exchanges at its Co-Location facility
located in Carteret, New Jersey. It then
re-transmits that data for a fee to clients
located in the Co-Location facility. The
fee for such Third-Party Data varies by
delivery method (with lower prices for
data received via fiber-optic
transmission and higher prices for
wireless transmission) required
bandwidth (lower bandwidth data
requirements have lower fees) and our
costs (redistribution fees charged by
originating party, network costs, etc.).
NASDAQ has routinely filed proposed
rule changes seeking approval to receive
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00073
Fmt 4703
Sfmt 4703
23389
such data and to assess fees for offering
it to Co-Location clients; and the
Commission has routinely approved or
accepted such rule changes since 2008.
NASDAQ believes that Third-Party
Data is not a facility of the Exchange
within the meaning of the Act, and that
previous proposed rule changes with
respect to such Third-Party Data were
unnecessary under the Act. Congress
enacted the Exchange Act to impose
federal regulation on stock exchanges,
and included in its definition of
‘‘exchange’’ ‘‘the market facilities
maintained by such exchange.’’ 3 The
Exchange Act separately defines
‘‘facility,’’ providing that ‘‘[t]he term
‘facility’ when used with respect to an
exchange includes [1] its premises, [2]
tangible or intangible property whether
on the premises or not, [3] any right to
the use of such premises or property or
any service thereof for the purpose of
effecting or reporting a transaction on an
exchange (including among other
things, any system of communication to
or from the exchange, by ticker or
otherwise, maintained by or with the
consent of the exchange), and [4] any
right of the exchange to the use of any
property or service.’’ Id. The
Commission has not separately
interpreted the definition of ‘‘facility.’’ 4
Third Party Data does not satisfy any
of the four prongs set forth in the
statutory definition of ‘‘facility.’’ First, it
is not the ‘‘premises’’ of the Nasdaq
Exchange. The term ‘‘premises’’ is
generally understood to refer to a
building, its land, and appurtenances.
Second, the Third Party Data is not
tangible or intangible property of the
Nasdaq Exchange. Indeed, the Exchange
has no ownership interest in the Third
Party Data at all. Rather, NASDAQ
merely redistributes the Third Party
Data as one of many vendors of the
Third Party Data. Third, the Third Party
Data is not used on the Nasdaq
Exchange’s premises ‘‘for the purpose of
effecting or reporting a transaction’’ on
a NASDAQ exchange.5 Fourth,
NASDAQ, in its capacity as an
exchange, does not hold any right to use
the Third Party Data other than as a
consumer of that data for which it pays
all applicable fees.
Market data created by and emanating
from NASDAQ’s execution systems is
currently considered a facility of the
3 15
U.S.C. 78c(a)(1).
Exchange Act Release No. 26708, at
4 n. 28 (1989) (recognizing that the definition of the
term ‘‘facility’’ has not changed since it was
originally adopted and that no hearing testimony
referred to it because ‘‘the Committee felt that the
definition was ‘self-explanatory’ ’’) (citation
omitted).
5 15 U.S.C. 78c(a)(2).
4 Securities
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28APN1
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[Federal Register Volume 79, Number 81 (Monday, April 28, 2014)]
[Notices]
[Page 23389]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09744]
[[Page 23389]]
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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 Thursday, May 1,
2014 at 2:00 p.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 her designee, has
certified that, in her opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer, voted to consider the items
listed for the Closed Meeting in closed session.
The subject matter of the Closed Meeting will be:
Institution and settlement of injunctive actions;
institution and settlement of administrative proceedings;
adjudicatory matters;
an opinion; and
other matters 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: April 24, 2014.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09744 Filed 4-24-14; 4:15 pm]
BILLING CODE 8011-01-P
