Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay Implementation of the Nasdaq Opening Cross Contingency, 36349-36351 [2014-14941]
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Federal Register / Vol. 79, No. 123 / Thursday, June 26, 2014 / Notices
Funds will also transmit to the Fund a
list of the names of each Fund of Funds
Affiliate and Underwriting Affiliate. The
Fund of Funds will notify the Fund of
any changes to the list of the names as
soon as reasonably practicable after a
change occurs. The Fund and the Fund
of Funds will maintain and preserve a
copy of the order, the FOF Participation
Agreement, and the list with any
updated information for the duration of
the investment and for a period of not
less than six years thereafter, the first
two years in an easily accessible place.
10. Before approving any advisory
contract under section 15 of the Act, the
board of directors or trustees of each
Investing Management Company
including a majority of the disinterested
directors or trustees, will find that the
advisory fees charged under such
contract are based on services provided
that will be in addition to, rather than
duplicative of, the services provided
under the advisory contract(s) of any
Fund in which the Investing
Management Company may invest.
These findings and their basis will be
fully recorded in the minute books of
the appropriate Investing Management
Company.
11. Any sales charges and/or service
fees charged with respect to shares of a
Fund of Funds will not exceed the
limits applicable to a fund of funds as
set forth in NASD Conduct Rule 2830.
12. No Fund will acquire securities of
an investment company or company
relying on section 3(c)(1) or 3(c)(7) of
the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act, except
to the extent the Fund acquires
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company pursuant to exemptive relief
from the Commission permitting the
Fund to acquire securities of one or
more investment companies for shortterm cash management purposes.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–14944 Filed 6–25–14; 8:45 am]
BILLING CODE 8011–01–P
tkelley on DSK3SPTVN1PROD with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
[Release Nos. 33–9603; 34–72448; File No.
265–28]
Investor Advisory Committee Meeting
Securities and Exchange
Commission.
AGENCY:
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Notice of Meeting of Securities
and Exchange Commission Dodd-Frank
Investor Advisory Committee.
ACTION:
The Securities and Exchange
Commission Investor Advisory
Committee, established pursuant to
Section 911 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act of 2010, is providing notice that it
will hold a public meeting. The public
is invited to submit written statements
to the Committee.
DATES: The meeting will be held on
Thursday, July 10, 2014 from 10:00 a.m.
until 4:00 p.m. (EDT). Written
statements should be received on or
before July 10, 2014.
ADDRESSES: The meeting will be held in
Multi-Purpose Room LL–006 at the
Commission’s headquarters, 100 F
Street NE., Washington, DC 20549. The
meeting will be webcast on the
Commission’s Web site at www.sec.gov.
Written statements may be submitted by
any of the following methods:
SUMMARY:
36349
Committee’s subcommittees. Persons
needing special accommodations to take
part because of a disability should
notify the contact person listed in FOR
FURTHER INFORMATION CONTACT.
The agenda for the meeting includes:
Remarks from Commissioners; a public
administrative session; a discussion of
the definition of accredited investor
(which may include a recommendation
of the Investor as Purchaser
subcommittee); a discussion of elder
fraud; a briefing by Commission staff on
market structure and the proposed
Market Structure Advisory Committee;
and nonpublic subcommittee meetings.
Dated: June 23, 2014.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–15013 Filed 6–25–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Statements
[Release No. 34–72442; File No. SR–
NASDAQ–2014–066]
D Use the Commission’s Internet
submission form (https://www.sec.gov/
rules/other.shtml); or
D Send an email message to rulescomments@sec.gov. Please include File
No. 265–28 on the subject line; or
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Delay
Implementation of the Nasdaq Opening
Cross Contingency
Paper Statements
June 20, 2014.
D Send paper statements to Kevin M.
O’Neill, Deputy Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File No.
265–28. This file number should be
included on the subject line if email is
used. To help us process and review
your statement more efficiently, please
use only one method.
Statements also will be available for
Web site viewing and printing in the
Commission’s Public Reference Room,
100 F Street NE., Room 1580,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. All statements
received will be posted without change;
we do not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT:
Marc Sharma, Senior Special Counsel,
Office of the Investor Advocate, at (202)
551–3302, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The
meeting will be open to the public,
except during portions of the meeting
reserved for meetings of the
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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 June 13,
2014, 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 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 the Substance
of the Proposed Rule Change
NASDAQ proposes a rule change to
delay implementation of the Opening
Cross Contingency.
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
1 15
2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
26JNN1
36350
Federal Register / Vol. 79, No. 123 / Thursday, June 26, 2014 / Notices
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
NASDAQ is proposing to delay
implementation of the Opening Cross
Contingency, which was adopted by the
Exchange on May 13, 2014 3 but is not
yet implemented. The Exchange had
originally anticipated implementing the
Opening Cross Contingency in mid-June
2014 at the conclusion of the 30 day
operative delay provided by Rule 19b–
4(f)(6)(iii) under the Act.4 The
Exchange, however, has experienced an
unanticipated delay in the development
of the new process, which has made the
original implementation date
unachievable. The Exchange will
implement the Opening Cross
Contingency in the third quarter of 2014
and will provide at least 30 days prior
notice of the implementation date to
members and investors via an Equity
Trader Alert.5
tkelley on DSK3SPTVN1PROD with NOTICES
2. Statutory Basis
NASDAQ believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,6 in
general, and with Section 6(b)(5) of the
Act,7 in particular, because it 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; and is not designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes that the Opening
Cross Contingency will promote
transparency in the process for handling
3 Securities Exchange Act Release No. 72226 (May
22, 2014), 79 FR 30905 (May 29, 2014) (SR–
NASDAQ–2014–054).
4 17 CFR 240.19b–4(f)(6)(iii).
5 Equity Trader Alerts may be found at this Web
address: https://www.nasdaqtrader.com/
Trader.aspx?id=archiveheadlines&cat_id=2.
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(5).
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failures of the Opening Cross in
calculating an opening price for System
securities, and will promote consistent
results in handling such Opening Cross
failures. Delaying implementation of the
Opening Cross Contingency for a brief
period so that NASDAQ may implement
the changes necessary to ensure the
process operates as planned promotes
fair and orderly markets, the protection
of investors and the public interest.
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.8
The Exchange believes that the proposal
is irrelevant to competition because it is
not driven by, and will have no impact
on, competition. Specifically, the
proposal is representative of the
Exchange’s efforts in contingency
planning. Such efforts are never used by
exchanges for competitive purposes.
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) 9 of the
Act and Rule 19b–4(f)(6) 10 thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) of the Act 11 normally
does not become operative prior to 30
days after the date of the filing.
However, pursuant to Rule 19b–
4(f)(6)(iii) of the Act,12 the Commission
may designate a shorter time if such
action is consistent with the protection
8 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A).
10 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.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
9 15
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of investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay so that the proposal may become
operative immediately upon filing and it
may delay implementation of the
Opening Cross Contingency until the
third quarter of 2014. According to the
Exchange, this delay will allow
sufficient time to make necessary
programming changes to ensure that the
Opening Cross Contingency performs as
the Exchange originally intended. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because waiver will
allow the Exchange to immediately
delay implementation and provide the
Exchange with additional time to make
necessary programming changes to
ensure the Opening Cross Contingency
will operate in the manner intended.
The Commission hereby waives the 30day operative delay and designates the
proposed rule change to be operative
upon filing with the Commission.13
At any time within 60 days of the
filing of such 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–2014–066 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
13 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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Federal Register / Vol. 79, No. 123 / Thursday, June 26, 2014 / Notices
All submissions should refer to File
Number SR–NASDAQ–2014–066. 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, 100 F Street NE.,
Washington, DC 20549, 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
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2014–066, and should be
submitted on or before July 17, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–14941 Filed 6–25–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72441; File No. SR–OC–
2014–02]
Self-Regulatory Organizations;
OneChicago, LLC; Notice of Filing of
Proposed Rule Change To Update
OCX’s Rulebook for Filings Previously
Made with the Commodity Futures
Trading Commission
tkelley on DSK3SPTVN1PROD with NOTICES
June 20, 2014.
Pursuant to Section 19(b)(7) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1, notice is hereby given that on
May 14, 2014, OneChicago, LLC
(‘‘OneChicago,’’ ‘‘OCX,’’ or the
I. Self-Regulatory Organization’s
Description of the Proposed Rule
Change
OneChicago is proposing to file with
the SEC certain rule changes and
Notices to Members (‘‘NTMs’’) that the
Exchange has previously filed with the
CFTC, but did not file with the SEC.
Those rule filings and NTMs relate to
reporting, sales practices, and OCX’s
obligation to enforce the securities laws.
Rule Changes Relating to Reporting
During the Review Period,
OneChicago issued one NTM
interpreting OCX’s reporting
requirements. NTM 2012–13, which was
filed with the CFTC on June 19, 2012,
provides guidance with regard to the
requirement that market participants
trading bilateral blocks and Exchange of
Future for Physical (‘‘EFPs’’) on OCX
report the trades ‘‘without delay.’’
NTM 2012–13
Market participants trading bilateral
EFPs in accordance with OCX Rule 416
or bilateral blocks in accordance with
OCX Rule 417 must report their trade to
the Exchange without delay. The
requirement that bilateral block trades
be reported without delay is codified in
OCX Rule 417(c). NTM 2012–13
clarifies the term ‘‘without delay’’ with
regard to the reporting of a block trade,
and also extends the ‘‘without delay’’
reporting requirement to EFPs.
In order for trade prices to accurately
reflect current market conditions,
OneChicago requires market
participants trading blocks and EFPs
bilaterally to report their block and EFP
trades to the Exchange without delay.
NTM 2012–13 provides guidance by
interpreting the term ‘‘without delay.’’
NTM 2012–13 provides that the term
‘‘without delay’’ means that a bilateral
block trade or EFP trade must be
14 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(7).
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
changes described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
changes from interested persons.
OneChicago has previously filed these
rule changes with the Commodity
Futures Trading Commission (‘‘CFTC’’).
OneChicago filed written certifications
with the CFTC under Section 5c(c) of
the Commodity Exchange Act (‘‘CEA’’) 2
between June 19, 2012, and July 9, 2013
(the ‘‘Review Period’’).
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36351
reported to the Exchange within five
minutes of the deal being completed.
The NTM notes that the five minute
requirement exists during normal
market conditions. There may be
extenuating circumstances in which it is
not possible for, or reasonable to expect,
a market participant to report a trade or
series of trades within five minutes. For
example, firms may require additional
time to report a trade when reporting
multiple fills simultaneously.
Furthermore, since OneChicago’s Block
and EFP Trading System (‘‘OCX.BETS’’)
requires that one party post and the
other party accept a trade, the NTM
explains that the posting party must
post the trade within five minutes, and
the accepting party then has five
minutes from the time of posting to
accept the trade.
Rule Changes Relating to Sales Practices
During the Review Period OCX made
three filings related to Sales Practices.
Two of those filings, NTM 2012–14 and
NTM 2013–09, relate to the requirement
that an executing firm fully disclose the
price of EFP trades to its customer.
These two filings apply to all EFPs
executed on OneChicago, regardless
whether executed bilaterally or
electronically. The other filing, NTM
2013–12, relates to the requirement that
a firm engaging in a payment for order
flow arrangement disclose the existence
of such an arrangement to its customers.
NTM 2012–14
On July 2, 2012, OneChicago filed
NTM 2012–14 with the CFTC. NTM
2012–14 allows for the practice of
‘‘marking up’’ or ‘‘marking down’’
(collectively ‘‘marking’’) the cash leg of
an EFP when trading an EFP for a
customer.3 An EFP involves the
simultaneous purchase (sale) of futures
and sale (purchase) of stock. The price
of the EFP is represented by the
difference between the stock price and
the futures price. For example, if an EFP
buyer buys futures at $30.75 and sells
the underlying stock at $30.25, that EFP
buyer is said to have paid $0.50 for the
EFP.
NTM 2012–14 imposes the
requirement that a firm executing EFPs
for a customer provide the original stock
price that the executing firm received on
the trade. This requirement allows EFP
3 OCX issued NTM 2012–14 to provide guidance
to its market participants because uncertainty had
developed regarding the permissibility of markups
and markdowns in EFP trades. Markups (and by
extension markdowns) are generally permissible in
the securities industry. See NASD IM–2440–1;
Securities Exchange Act Release No. 3574 (June 1,
1944); Securities Exchange Act Release No. 3623
(Nov. 25, 1944). See also FINRA Regulatory Notice
13–07 (January 2013).
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]]>Agencies
[Federal Register Volume 79, Number 123 (Thursday, June 26, 2014)]
[Notices]
[Pages 36349-36351]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-14941]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72442; File No. SR-NASDAQ-2014-066]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Delay Implementation of the Nasdaq Opening Cross Contingency
June 20, 2014.
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 June 13, 2014, 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 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.
---------------------------------------------------------------------------
\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 a rule change to delay implementation of the
Opening Cross Contingency.
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
[[Page 36350]]
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
NASDAQ is proposing to delay implementation of the Opening Cross
Contingency, which was adopted by the Exchange on May 13, 2014 \3\ but
is not yet implemented. The Exchange had originally anticipated
implementing the Opening Cross Contingency in mid-June 2014 at the
conclusion of the 30 day operative delay provided by Rule 19b-
4(f)(6)(iii) under the Act.\4\ The Exchange, however, has experienced
an unanticipated delay in the development of the new process, which has
made the original implementation date unachievable. The Exchange will
implement the Opening Cross Contingency in the third quarter of 2014
and will provide at least 30 days prior notice of the implementation
date to members and investors via an Equity Trader Alert.\5\
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 72226 (May 22, 2014), 79
FR 30905 (May 29, 2014) (SR-NASDAQ-2014-054).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
\5\ Equity Trader Alerts may be found at this Web address:
https://www.nasdaqtrader.com/Trader.aspx?id=archiveheadlines&cat_id=2.
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2. Statutory Basis
NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\6\ in general, and with Section
6(b)(5) of the Act,\7\ in particular, because it 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; and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers. The Exchange believes that the Opening Cross Contingency will
promote transparency in the process for handling failures of the
Opening Cross in calculating an opening price for System securities,
and will promote consistent results in handling such Opening Cross
failures. Delaying implementation of the Opening Cross Contingency for
a brief period so that NASDAQ may implement the changes necessary to
ensure the process operates as planned promotes fair and orderly
markets, the protection of investors and the public interest.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 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.\8\ The Exchange
believes that the proposal is irrelevant to competition because it is
not driven by, and will have no impact on, competition. Specifically,
the proposal is representative of the Exchange's efforts in contingency
planning. Such efforts are never used by exchanges for competitive
purposes.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
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) \9\ of the Act and
Rule 19b-4(f)(6) \10\ thereunder.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 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) of the Act \11\
normally does not become operative prior to 30 days after the date of
the filing. However, pursuant to Rule 19b-4(f)(6)(iii) of the Act,\12\
the Commission may designate a shorter time if such action is
consistent with the protection of investors and the public interest.
The Exchange has requested that the Commission waive the 30-day
operative delay so that the proposal may become operative immediately
upon filing and it may delay implementation of the Opening Cross
Contingency until the third quarter of 2014. According to the Exchange,
this delay will allow sufficient time to make necessary programming
changes to ensure that the Opening Cross Contingency performs as the
Exchange originally intended. The Commission believes that waiving the
30-day operative delay is consistent with the protection of investors
and the public interest because waiver will allow the Exchange to
immediately delay implementation and provide the Exchange with
additional time to make necessary programming changes to ensure the
Opening Cross Contingency will operate in the manner intended. The
Commission hereby waives the 30-day operative delay and designates the
proposed rule change to be operative upon filing with the
Commission.\13\
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 such 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-2014-066 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
[[Page 36351]]
All submissions should refer to File Number SR-NASDAQ-2014-066. 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, 100 F Street NE.,
Washington, DC 20549, 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 submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-NASDAQ-2014-
066, and should be submitted on or before July 17, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-14941 Filed 6-25-14; 8:45 am]
BILLING CODE 8011-01-P
