Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the List of Securities Eligible for the Select Symbol Program Under Rule 7018(a)(4), 7052-7054 [2015-02498]
Download as PDF
<![CDATA[
7052
Federal Register / Vol. 80, No. 26 / Monday, February 9, 2015 / Notices
submissions of their views, data, and
arguments with respect to the proposal
summarized above and information
described in the Notice,18 as well as any
other concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal is consistent with Section
6(b)(5) or any other provision of the Act,
or the rules and regulations thereunder.
Although there do not appear to be any
issues relevant to approval or
disapproval that would be facilitated by
an oral presentation of views, data, and
arguments, the Commission will
consider, pursuant to Rule 19b–4, any
request for an opportunity to make an
oral presentation.19
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposal should be approved or
disapproved by March 2, 2015. Any
person who wishes to file a rebuttal to
any other person’s submission must file
that rebuttal by March 16, 2015.
The Commission asks that
commenters address the sufficiency and
merit of the Exchange’s and
commenter’s statements in support of
the proposal, in addition to any other
comments they may wish to submit
about the proposed rule change. In
particular, the Commission seeks
comment on the following:
1. Does the Notice contain sufficient
information about the Fund’s proposed
investments in ABS for commenters to
evaluate the liquidity and transparency
of the underlying markets for those
ABS?
2. What are commenters’ views on the
liquidity of the Fund’s proposed
holdings in ABS? What are commenters’
views on pricing transparency in the
market for these ABS? Does the pricing
transparency vary for investors, market
makers, and other market participants?
If so, how and why?
3. The Exchange states that, because
the preponderance of the Fund’s
investments in ABS will be in
investment-grade instruments, ‘‘the
Adviser does not expect that the
proposed additional investments in ABS
that are not mortgage-related will
expose the Fund to additional liquidity
18 See
supra note 3.
19(b)(2) of the Act, as amended by the
Securities Act Amendments of 1975, Public Law
94–29 (June 4, 1975), grants the Commission
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written
comments—is appropriate for consideration of a
particular proposal by a self-regulatory
organization. See Securities Act Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).
mstockstill on DSK4VPTVN1PROD with NOTICES
19 Section
VerDate Sep<11>2014
17:39 Feb 06, 2015
Jkt 235001
risk.’’ Do commenters agree? Why or
why not?
4. Do commenters believe that the
proposal to increase the Fund’s holdings
in ABS would have any effect on the
arbitrage mechanism with respect to the
Fund? If so, what effect and why? If not,
why not? Do commenters believe that
the proposed change in the Fund’s
investments would have any effect on
market pricing of the Fund relative to its
net asset value? Why or why not?
5. What are commenters’ views on
whether the Fund’s proposal to increase
its ABS holdings would affect the ability
of market makers to make markets in the
Shares of the Fund?
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–
NYSEArca–2014–107 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.
All submissions should refer to File
Numbers SR–NYSEArca–2014–107.
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 these
filings also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2014–107 and should be
submitted on or before March 2, 2015.
Rebuttal comments should be submitted
by March 16, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–02512 Filed 2–6–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74190; File No. SR–
NASDAQ–2015–006]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify the
List of Securities Eligible for the Select
Symbol Program Under Rule 7018(a)(4)
February 3, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
27, 2015, The NASDAQ Stock Market
LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘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 the Substance
of the Proposed Rule Change
The Exchange proposes to modify the
list of securities eligible for the Select
Symbol program under Rule 7018(a)(4).
The text of the proposed rule change
is available on the Exchange’s Web site
at https://nasdaq.cchwallstreet.com, at
the principal office of the Exchange, 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
20 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\09FEN1.SGM
09FEN1
Federal Register / Vol. 80, No. 26 / Monday, February 9, 2015 / Notices
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
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to replace the security of a
company that is eligible for reduced fees
under the Select Symbol program under
Rule 7018(a)(4). NASDAQ recently
adopted the Select Symbol program,3
which provides lower execution fees for
a select group of securities where access
fees may be discouraging the use of
public markets. NASDAQ is
implementing the program on February
2, 2015. Since filing the program with
the Commission, one symbol included
in the program no longer exists because
the company was acquired by another
company. Specifically, Avanir
Pharmaceuticals, Inc. (AVNR) was
recently acquired by Otsuka
Pharmaceutical Co., Ltd., and was
suspended from trading on NASDAQ on
January 14, 2015. Accordingly,
NASDAQ is proposing to replace AVNR
with Micron Technology, Inc. (MU),
which has similar off-exchange trading
and other attributes as other Select
Symbol securities in the program.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6 of the Act,4 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,5 in particular, in that 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.
Specifically, the proposed change
3 Securities Exchange Act Release No. 73967
(December 30, 2014), 80 FR 594 (January 6, 2015)
(SR–NASDAQ–2014–128)
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
17:39 Feb 06, 2015
Jkt 235001
furthers these objectives because it
replaces a Select Symbol security that
no longer exists with another security
that has similar attributes. Removal of
the Select Symbol security from the
program will serve to avoid any investor
confusion concerning trading in a
security that no longer exists. Adding a
replacement security to the list of
symbols eligible for the reduced
transaction fees of the program ensures
that the program has an adequate
number of securities on which the
Exchange may gather data as part of its
analysis of the impact of reducing fees
on exchange trading. The Exchange
notes that, in selecting the replacement
security, it applied the same eligibility
criteria as it did in selecting the current
symbols eligible for the program.
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.
Specifically, the change does not alter
the meaning or application of the fees
and credits provided under Rule
7018(a)(4), but rather affects only which
securities are included in the Select
Symbol program. The Select Symbol
program is designed to benefit market
quality and ultimately, price
competition among market participants
on the Exchange, and the proposed
change to the program furthers those
goals. Accordingly, the proposed change
does not place any burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or 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 6 and
subparagraph (f)(6) of Rule 19b–4
thereunder.7
6 15
U.S.C. 78s(b)(3)(a)(ii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
7 17
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
7053
A proposed rule change filed under
Rule 19b–4(f)(6) 8 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),9 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 remove AVNR from the
list of Select Symbols and add MU
immediately. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest
because it will allow NASDAQ to
remove a company that no longer exists
from the Select Symbols immediately,
and add another company that meets
the same criteria as the other companies
in the Select Symbols, enabling
NASDAQ to implement the program
with a full complement of securities.
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
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
8 17 CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6)(iii).
10 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).
E:\FR\FM\09FEN1.SGM
09FEN1
7054
Federal Register / Vol. 80, No. 26 / Monday, February 9, 2015 / Notices
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2015–006 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–74191; File No. SR–CME–
2015–003]
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2015–006. 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–2015–006, and should be
submitted on or before March 2, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–02498 Filed 2–6–15; 8:45 am]
mstockstill on DSK4VPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
Self-Regulatory Organizations;
Chicago Mercantile Exchange Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Change to
CME Rule 814 To Clarify Certain
Operational Details Regarding Current
CME Settlement Cycles
February 3, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
21, 2015, Chicago Mercantile Exchange
Inc. (‘‘CME’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II and III,
below, which Items have been prepared
primarily by CME. CME filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act,3 and Rule 19b–4(f)(4)(ii) 4
thereunder, so that the proposal was
effective upon filing with the
Commission. 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
CME is filing a proposed rule change
that is limited to its business as a
derivatives clearing organization
(‘‘DCO’’). More specifically, the
proposed change would amend the text
of current CME Rule 814 to clarify
certain operational details regarding
current CME settlement cycles.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CME included statements concerning
the purpose 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. CME has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4)(ii).
2 17
11 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:39 Feb 06, 2015
Jkt 235001
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
CME is registered as a derivatives
clearing organization with the
Commodity Futures Trading
Commission (‘‘CFTC’’) and currently
offers clearing services for many
different futures and swaps products.
With this filing, CME proposes to make
rulebook changes that are limited to its
business clearing futures and swaps
under the exclusive jurisdiction of the
CFTC. More specifically, the proposed
changes would amend the text of
current CME Rule 814 to clarify certain
operational details regarding current
CME settlement cycles.
The first proposed change to CME
Rule 814 would add further detail
regarding the settlement cycle for
commodity contracts that are options.
The current version of Rule 814 is silent
on the settlement cycle for commodity
contracts that are options, and so
additional language is proposed to
ensure that the market is aware that
settlement of option value operates
differently than settlement for nonoption commodity contracts. The
proposed rule change is consistent with
the current settlement process so no
operational changes are needed to
implement the proposed rules. The
second proposed change is to amend
Rule 814 so that it explicitly reflects the
fact that the current CME settlement
process results in outstanding exposures
being settled to zero fair value during
each settlement cycle. The third
proposed change is to add further clarity
regarding settlement finality at the CME
clearing house. Lastly, certain terms in
the Rule 814 text are being modified in
order to provide additional clarity to the
marketplace and regulators. As
described above, none of these revisions
would change any aspect of current
operations but, rather, would merely
clarify certain operational details of the
clearing cycle currently in place in the
text of Rule 814.
The proposed rule change that is
described in this filing is limited to
CME’s business as a derivatives clearing
organization clearing products under
the exclusive jurisdiction of the CFTC.
CME has not cleared security based
swaps and does not plan to and
therefore the proposed rule change does
not impact CME’s security-based swap
clearing business in any way. The
proposed rule change will become
effective immediately. CME notes that it
has also submitted the proposed rule
change that is the subject of this filing
E:\FR\FM\09FEN1.SGM
09FEN1
]]>Agencies
[Federal Register Volume 80, Number 26 (Monday, February 9, 2015)]
[Notices]
[Pages 7052-7054]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02498]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74190; File No. SR-NASDAQ-2015-006]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify the List of Securities Eligible for the Select Symbol Program
Under Rule 7018(a)(4)
February 3, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 27, 2015, The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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.
---------------------------------------------------------------------------
\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 to modify the list of securities eligible for
the Select Symbol program under Rule 7018(a)(4).
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, 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
[[Page 7053]]
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
The purpose of the proposed rule change is to replace the security
of a company that is eligible for reduced fees under the Select Symbol
program under Rule 7018(a)(4). NASDAQ recently adopted the Select
Symbol program,\3\ which provides lower execution fees for a select
group of securities where access fees may be discouraging the use of
public markets. NASDAQ is implementing the program on February 2, 2015.
Since filing the program with the Commission, one symbol included in
the program no longer exists because the company was acquired by
another company. Specifically, Avanir Pharmaceuticals, Inc. (AVNR) was
recently acquired by Otsuka Pharmaceutical Co., Ltd., and was suspended
from trading on NASDAQ on January 14, 2015. Accordingly, NASDAQ is
proposing to replace AVNR with Micron Technology, Inc. (MU), which has
similar off-exchange trading and other attributes as other Select
Symbol securities in the program.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 73967 (December 30,
2014), 80 FR 594 (January 6, 2015) (SR-NASDAQ-2014-128)
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act,\4\ in general, and furthers the objectives
of Section 6(b)(5) of the Act,\5\ in particular, in that 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. Specifically, the proposed change furthers these objectives
because it replaces a Select Symbol security that no longer exists with
another security that has similar attributes. Removal of the Select
Symbol security from the program will serve to avoid any investor
confusion concerning trading in a security that no longer exists.
Adding a replacement security to the list of symbols eligible for the
reduced transaction fees of the program ensures that the program has an
adequate number of securities on which the Exchange may gather data as
part of its analysis of the impact of reducing fees on exchange
trading. The Exchange notes that, in selecting the replacement
security, it applied the same eligibility criteria as it did in
selecting the current symbols eligible for the program.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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.
Specifically, the change does not alter the meaning or application of
the fees and credits provided under Rule 7018(a)(4), but rather affects
only which securities are included in the Select Symbol program. The
Select Symbol program is designed to benefit market quality and
ultimately, price competition among market participants on the
Exchange, and the proposed change to the program furthers those goals.
Accordingly, the proposed change does not place any burden on
competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or 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 \6\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(a)(ii).
\7\ 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 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) \8\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\9\ 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
remove AVNR from the list of Select Symbols and add MU immediately. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow NASDAQ to remove a company that no longer exists
from the Select Symbols immediately, and add another company that meets
the same criteria as the other companies in the Select Symbols,
enabling NASDAQ to implement the program with a full complement of
securities. 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\
---------------------------------------------------------------------------
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ 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).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
[[Page 7054]]
Send an email to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2015-006 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2015-006. 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-2015-
006, and should be submitted on or before March 2, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-02498 Filed 2-6-15; 8:45 am]
BILLING CODE 8011-01-P
