Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Postpone Implementation of Changes to Rule 4751(h)(5), 18907-18909 [2015-07965]
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asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
securities purchased during a
comparable period of time in
underwritings other than Affiliated
Underwritings or to a benchmark such
as a comparable market index; and (iii)
whether the amount of securities
purchased by the Fund, or its respective
Master Fund, in Affiliated
Underwritings and the amount
purchased directly from an
Underwriting Affiliate have changed
significantly from prior years. The
Board will take any appropriate actions
based on its review, including, if
appropriate, the institution of
procedures designed to ensure that
purchases of securities in Affiliated
Underwritings are in the best interest of
shareholders of the Fund.
8. Each Fund, or its respective Master
Fund, will maintain and preserve
permanently in an easily accessible
place a written copy of the procedures
described in the preceding condition,
and any modifications to such
procedures, and will maintain and
preserve for a period of not less than six
years from the end of the fiscal year in
which any purchase in an Affiliated
Underwriting occurred, the first two
years in an easily accessible place, a
written record of each purchase of
securities in Affiliated Underwritings
once an investment by a Fund of Funds
in the securities of the Fund exceeds the
limit of section 12(d)(1)(A)(i) of the Act,
setting forth from whom the securities
were acquired, the identity of the
underwriting syndicate’s members, the
terms of the purchase, and the
information or materials upon which
the Board’s determinations were made.
9. Before investing in a Fund in
excess of the limit in section
12(d)(1)(A), a Fund of Funds and the
Trust will execute a FOF Participation
Agreement stating without limitation
that their respective boards of directors
or trustees and their investment
advisers, or trustee and Sponsor, as
applicable, understand the terms and
conditions of the order, and agree to
fulfill their responsibilities under the
order. At the time of its investment in
Shares of a Fund in excess of the limit
in section 12(d)(1)(A)(i), a Fund of
Funds will notify the Fund of the
investment. At such time, the Fund of
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
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17:55 Apr 07, 2015
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18907
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, or its respective Master 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, or its respective Master
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 (i) the Fund, or its
respective Master Fund, acquires
securities of another investment
company pursuant to exemptive relief
from the Commission permitting the
Fund, or its respective Master Fund, to
acquire securities of one or more
investment companies for short-term
cash management purposes or (ii) the
Fund acquires securities of the Master
Fund pursuant to the Master-Feeder
Relief.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 25,
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.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Brent J. Fields,
Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2015–08023 Filed 4–7–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74637; File No. SR–
NASDAQ–2015–028]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Postpone
Implementation of Changes to Rule
4751(h)(5)
April 2, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to postpone
implementation of changes to Rule
4751(h)(5).
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
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.
1. Purpose
NASDAQ is proposing to delay
implementation of changes to Rule
4751(h)(5) relating to processing of
Market Hours IOC (‘‘MIOC’’) orders and
to make clarifying changes to the rule,
which are effective but not yet
implemented. On March 6, 2015, the
Exchange filed an immediately effective
filing 3 to amend the processing of MIOC
orders under Rule 4751(h)(5). MIOC is
a Time in Force 4 characteristic of an
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 74518
(March 17, 2015), 80 FR 15260 (March 23, 2015)
(SR–NASDAQ–2015–022).
4 Time in Force is the period of time that the
System will hold an order for potential execution.
See Rule 4751(h).
2 17
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Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
asabaliauskas on DSK5VPTVN1PROD with NOTICES
order that will cause it (or unexecuted
portion thereof) to be canceled if, after
entry into the System the order (or
unexecuted portion thereof) becomes
non-marketable during the Regular
Market Session, 9:30 a.m. until 4:00
p.m. Eastern Time.5 Currently, MIOC
orders entered from 4 a.m. Eastern Time
to immediately prior to 9:30 a.m.
Eastern Time are held by the System
until 9:30 a.m. Eastern Time, at which
time the System determines whether
such orders are marketable. The
Exchange proposed to no longer accept
MIOC orders entered prior to the
beginning of the Regular Market
Session. The Exchange also proposed
clarifying the rule text to make it clear
that MIOC orders will be available for
order entry and execution beginning at
completion of the Opening Cross.
The Exchange had originally
anticipated implementing the changes
on April 13, 2015. The Exchange,
however, has experienced unanticipated
delay in the development of the changes
to its systems, which has made the
original implementation date
unachievable. The Exchange believes it
will be able to implement the changes
sometime in the second quarter of 2015,
and will provide notice of the
implementation date of the changes in
an Equity Trader Alert not less than 30
days prior to implementation.
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 changes
NASDAQ is making to Rule 4751(h)(5)
promote consistency and transparency
in the process for handling MIOC
orders. Delaying implementation of the
changes for brief period so that
NASDAQ may implement and test the
changes to its systems necessary to
5 As
defined by Rule 4120(b)(4)(D).
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(5).
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17:55 Apr 07, 2015
Jkt 235001
ensure that the processing of MIOC
orders operate as planned promotes fair
and orderly markets, and 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 to harmonize and
simplify the processing of orders.
Delaying implementation of the
proposal will ensure the proposed
changes are adequately implemented
and tested.
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)(iii) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange notes that waiving
the operative delay is consistent with
the protection of investors and the
public interest because it will allow the
Exchange to postpone implementation
of the previously proposed changes
immediately, prior to the operative date
of those changes. For this reason, the
Commission waives the operative delay
8 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(a)(ii) [sic].
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 filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
9 15
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
and designates the proposed rule change
to be operative upon filing.11
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
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2015–028 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
Number SR–NASDAQ–2015–028. 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
11 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
10:00 a.m. and 3:00 p.m. Copies of the
filing 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
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2015–028 and should be
submitted on or before April 29, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Brent J. Fields,
Secretary.
[FR Doc. 2015–07965 Filed 4–7–15; 8:45 am]
BILLING CODE 8011–01–P
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
self-regulatory organization 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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74635; File No. SR–
NYSEArca–2015–17]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Amending Rule 6.35 To
Refine the Appointment Process
Utilized by the Exchange
Current Appointment Process
April 2, 2015.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March
20, 2015, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Rule 6.35 (Appointment of Market
Makers) to refine the appointment
process utilized by the Exchange. The
text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
12 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.
1 15
VerDate Sep<11>2014
The Exchange proposes to amend
Rule 6.35 to refine the appointment
process utilized by the Exchange. The
Exchange believes this proposal, which
is consistent with the rules of other
option exchanges,4 would simplify and
enhance the efficiency of the
appointment process for both Market
Makers and the Exchange and add
clarity to Exchange rules.
17:55 Apr 07, 2015
Jkt 235001
To register as a Market Maker, an
applicant must file an application with
the Exchange on a form or forms
prescribed by the Exchange.5 Once
registered, a Market Maker may seek an
appointment in one or more option
classes pursuant to Rule 6.35.
Specifically, this Rule provides that
‘‘[o]n a form or forms prescribed by the
Exchange, a Market Maker must apply
for an appointment in one or more
classes of option contracts.’’ 6
4 See, e.g., BATS Exchange, Inc. (‘‘BATS’’) Rules
22.3(a),(b) (Market Maker Registration); NASDAQ
OMX PHLX (‘‘PHLX) Rule 3212(b) (Registration as
a Market Maker); NASDAQ Options Market
(‘‘NOM’’), Chapter VII (Market Participants),
Section 3(a),(b) (Continuing Market Maker
Registration).
5 See Rule 6.33 (Registration of Market Makers).
See also Rule 6.32(a) (Market Maker Defined) (A
‘‘Market Maker is an individual who is registered
with the Exchange for the purpose of making
transactions as a dealer-specialist on the Floor of
the Exchange or for the purpose of submitting
quotes electronically and making transactions as a
dealer-specialist through the NYSE Arca OX
electronic trading system. Registered Market Makers
are designated as specialists on the Exchange for all
purposes under the Securities Exchange Act of 1934
and the Rules and Regulations thereunder. A
Market Maker on the Exchange will be either a
Market Maker or a Lead Market Maker. Unless
specified, or unless the context requires otherwise,
the term Market Maker refers to both Market Makers
and Lead Market Maker.’’).
6 See Rule 6.35(a).
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
18909
In addition to having the authority to
appoint one Lead Market Maker
(‘‘LMM’’) 7 per option class, ‘‘[t]he
Exchange may appoint an unlimited
number of Market Makers in each class
unless the number of Market Makers
appointed to a particular option class
should be limited’’ based on the
Exchange’s judgment.8 Further, the Rule
provides that ‘‘Market Makers may
select from among any option issues
traded on the Exchange for inclusion in
their appointment, subject to the
approval of the Exchange. In
considering the approval of the
appointment of a Market Maker in each
security,’’ the Exchange will consider
the Market Maker’s preference; the
financial resources available to the
Market Maker; the Market Maker’s
experience, expertise and past
performance in making markets,
including the Market Maker’s
performance in other securities; the
Market Maker’s operational capability;
and the maintenance and enhancement
of competition among Market Makers in
each security in which they are
appointed.9 The Rule also sets forth the
number of Options Trading Permits
(‘‘OTPs’’) required of a Market Maker in
order to have a specified number of
options issues included in the Market
Maker’s appointment (e.g., 1 OTP
affords a Market Maker up to 100 option
issues in their appointment, whereas 4
OTPs enables a Market Maker to include
in their appointment all option issues
traded on the Exchange).10
Under the current Rule, ‘‘Market
Makers may change the option issues in
their appointment, subject to the
approval of the Exchange’’ provided
requests for changes are ‘‘made in a
form and manner prescribed by the
Exchange.’’ 11 In addition, ‘‘Market
Makers may withdraw from trading an
option issue that is within their
appointment by providing the Exchange
with three business days’ written notice
of such withdrawal.’’ 12 If Market
Makers fail to provide this notice, they
‘‘may be subject to formal disciplinary
7 An LMM is ‘‘is an individual or entity that has
been deemed qualified by the Exchange for the
purpose of making transactions on the Exchange in
accordance with the provisions of Rule 6.82. Each
LMM or nominee thereof must be registered with
the Exchange as a Market Maker. Any OTP Holder
or OTP Firm registered as a Market Maker with the
Exchange is eligible to be qualified as an LMM.’’
See Rule 6.82(a)(1).
8 See Rule 6.35(b).
9 See Rule 6.35(c).
10 See Rule 6.35(d).
11 See Rule 6.35(e). In considering the change
request, the Exchange will consider the factors set
forth in Rule 6.35(c).
12 See Rule 6.35(f).
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]]>Agencies
[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)]
[Notices]
[Pages 18907-18909]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07965]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74637; File No. SR-NASDAQ-2015-028]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Postpone Implementation of Changes to Rule 4751(h)(5)
April 2, 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 March 25, 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 Substance
of the Proposed Rule Change
The Exchange proposes to postpone implementation of changes to Rule
4751(h)(5).
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 any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
NASDAQ is proposing to delay implementation of changes to Rule
4751(h)(5) relating to processing of Market Hours IOC (``MIOC'') orders
and to make clarifying changes to the rule, which are effective but not
yet implemented. On March 6, 2015, the Exchange filed an immediately
effective filing \3\ to amend the processing of MIOC orders under Rule
4751(h)(5). MIOC is a Time in Force \4\ characteristic of an
[[Page 18908]]
order that will cause it (or unexecuted portion thereof) to be canceled
if, after entry into the System the order (or unexecuted portion
thereof) becomes non-marketable during the Regular Market Session, 9:30
a.m. until 4:00 p.m. Eastern Time.\5\ Currently, MIOC orders entered
from 4 a.m. Eastern Time to immediately prior to 9:30 a.m. Eastern Time
are held by the System until 9:30 a.m. Eastern Time, at which time the
System determines whether such orders are marketable. The Exchange
proposed to no longer accept MIOC orders entered prior to the beginning
of the Regular Market Session. The Exchange also proposed clarifying
the rule text to make it clear that MIOC orders will be available for
order entry and execution beginning at completion of the Opening Cross.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 74518 (March 17, 2015),
80 FR 15260 (March 23, 2015) (SR-NASDAQ-2015-022).
\4\ Time in Force is the period of time that the System will
hold an order for potential execution. See Rule 4751(h).
\5\ As defined by Rule 4120(b)(4)(D).
---------------------------------------------------------------------------
The Exchange had originally anticipated implementing the changes on
April 13, 2015. The Exchange, however, has experienced unanticipated
delay in the development of the changes to its systems, which has made
the original implementation date unachievable. The Exchange believes it
will be able to implement the changes sometime in the second quarter of
2015, and will provide notice of the implementation date of the changes
in an Equity Trader Alert not less than 30 days prior to
implementation.
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 changes NASDAQ is making to
Rule 4751(h)(5) promote consistency and transparency in the process for
handling MIOC orders. Delaying implementation of the changes for brief
period so that NASDAQ may implement and test the changes to its systems
necessary to ensure that the processing of MIOC orders operate as
planned promotes fair and orderly markets, and 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 to harmonize
and simplify the processing of orders. Delaying implementation of the
proposal will ensure the proposed changes are adequately implemented
and tested.
---------------------------------------------------------------------------
\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
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)(iii) of the Act \9\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(a)(ii) [sic].
\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 filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Exchange notes that waiving the operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to postpone implementation of the
previously proposed changes immediately, prior to the operative date of
those changes. For this reason, the Commission waives the operative
delay and designates the proposed rule change to be operative upon
filing.\11\
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\11\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (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
Send an email to rule-comments@sec.gov. Please include
File Number SR-NASDAQ-2015-028 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 Number SR-NASDAQ-2015-028. 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
[[Page 18909]]
10:00 a.m. and 3:00 p.m. Copies of the filing 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 available publicly. All
submissions should refer to File Number SR-NASDAQ-2015-028 and should
be submitted on or before April 29, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-07965 Filed 4-7-15; 8:45 am]
BILLING CODE 8011-01-P
