Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Billing Policies, 27352-27354 [2015-11481]
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27352
Federal Register / Vol. 80, No. 92 / Wednesday, May 13, 2015 / Notices
present oral statements can be obtained
from the Web site cited above or by
contacting the identified DFO.
Moreover, in view of the possibility that
the schedule for ACRS meetings may be
adjusted by the Chairman as necessary
to facilitate the conduct of the meeting,
persons planning to attend should check
with these references if such
rescheduling would result in a major
inconvenience.
Dated: May 5, 2015.
Mark L. Banks,
Chief, Technical Support Branch, Advisory
Committee on Reactor Safeguards.
[FR Doc. 2015–11580 Filed 5–12–15; 8:45 am]
BILLING CODE 7590–01–P
POSTAL REGULATORY COMMISSION
[Docket No. CP2015–64; Order No. 2474]
New Postal Product
Postal Regulatory Commission.
ACTION: Notice.
AGENCY:
The Commission is noticing a
recent Postal Service filing concerning
an addition to Global Expedited Package
Services 3 negotiated service agreement.
This notice informs the public of the
filing, invites public comment, and
takes other administrative steps.
DATES: Comments are due: May 14,
2015.
ADDRESSES: Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Table of Contents
asabaliauskas on DSK5VPTVN1PROD with NOTICES
The Commission establishes Docket
No. CP2015–64 for consideration of
matters raised by the Notice.
The Commission invites comments on
whether the Postal Service’s filing is
consistent with 39 U.S.C. 3632, 3633, or
3642, 39 CFR part 3015, and 39 CFR
part 3020, subpart B. Comments are due
no later than May 14, 2015. The public
portions of the filing can be accessed via
the Commission’s Web site (https://
www.prc.gov).
The Commission appoints Lyudmila
Y. Bzhilyanskaya to serve as Public
Representative in this docket.
III. Ordering Paragraphs
It is ordered:
1. The Commission establishes Docket
No. CP2015–64 for consideration of the
matters raised by the Postal Service’s
Notice.
2. Pursuant to 39 U.S.C. 505,
Lyudmila Y. Bzhilyanskaya is appointed
to serve as an officer of the Commission
to represent the interests of the general
public in this proceeding (Public
Representative).
3. Comments are due no later than
May 14, 2015.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2015–11478 Filed 5–12–15; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Billing Policies
I. Introduction
On May 6, 2015, the Postal Service
filed notice that it has entered into an
additional Global Expedited Package
Services 3 (GEPS 3) negotiated service
agreement (Agreement).1
To support its Notice, the Postal
Service filed a copy of the Agreement,
May 7, 2015.
1 Notice of United States Postal Service of Filing
a Functionally Equivalent Global Expedited
Package Services 3 Negotiated Service Agreement
and Application for Non-Public Treatment of
Materials Filed Under Seal, May 6, 2015 (Notice).
17:27 May 12, 2015
II. Notice of Commission Action
[Release No. 34–74895; File No. SR–
NASDAQ–2015–050]
I. Introduction
II. Notice of Commission Action
III. Ordering Paragraphs
VerDate Sep<11>2014
a copy of the Governors’ Decision
authorizing the product, a certification
of compliance with 39 U.S.C. 3633(a),
and an application for non-public
treatment of certain materials. It also
filed supporting financial workpapers.
Jkt 235001
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 May 1,
2015, The NASDAQ Stock Market LLC
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00069
Fmt 4703
Sfmt 4703
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III, below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Exchange Rule 7007, and re-title it
‘‘Collection of Exchange Fees and Other
Claims and Billing Policy,’’ and to
require NASDAQ members to submit
billing disputes within a certain time
period.
While changes to the Pricing
Schedule [sic] pursuant to this proposal
are effective upon filing, the Exchange
has designated the proposed
amendment to be operative on July 1,
2015.
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
The purpose of the proposed rule
change is to amend Rule 7007, which
was recently filed,3 to require all pricing
disputes to be submitted to the
Exchange in writing 4 and accompanied
by supporting documentation within
sixty days of receipt of an invoice. The
Exchange believes that this practice will
3 See Securities Exchange Act Release No. 74823
(April 28, 2015) (SR–NASDAQ–2015–046)
(amending Rule 7007).
4 The Exchange invoice specifies the Exchange
contact persons with whom to dispute the invoice.
E:\FR\FM\13MYN1.SGM
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Federal Register / Vol. 80, No. 92 / Wednesday, May 13, 2015 / Notices
asabaliauskas on DSK5VPTVN1PROD with NOTICES
conserve Exchange resources, which are
expended when untimely billing
disputes require staff to research
applicable fees and order information
beyond two months after the invoice
was issued.
The sixty days limitation would apply
to invoices for transactional activity
occurring in July 2015 and thereafter.5
The Exchange proposes to apply the
billing policy in Rule 7007 to the
following 7000 series Rules: 7001
(Membership Fees), 7014 (Market
Quality Incentive Programs: Investor
Support Program), 7015 (Access
Services), 7016 (Nasdaq Risk
Management), 7018 (Nasdaq Market
Center Order Execution and Routing),
7021 (NasdaqTrader.com Trading and
Compliance Data Package Fee), 7024
(Clearly Erroneous Module), 7027
(Aggregation of Activity of Affiliated
Members), 7029 (Installation, Removal
or Relocation), 7030 (Other Services),
7034 (Co-Location Services), 7038 (StepOuts and Sales Fees Transfers), 7041
(Nasdaq Regulation Reconnaissance
Service), 7042 (Non-Tape Riskless
Submissions), 7043 (Inclusion of
Transaction Fees in Clearing Reports
Submitted to ACT), 7049 (Nasdaq
InterACT), 7051 (Direct Connectivity to
Nasdaq), 7055 (Short Sale Monitor),
7058 (QView), 7060 (Equity Trade
Journal for Clearing Firms) and 7061
(Limit Locator).
Further, this proposal would provide
a cost savings to the Exchange in that it
would alleviate administrative burdens
related to belated billing disputes,
which divert staff resources away from
the Exchange’s regulatory and business
purposes. A similar requirement with
respect to initiating billing disputes is in
place today for Options Participants on
NASDAQ Options Market LLC
(‘‘NOM’’).6
In addition, the Exchange proposes to
amend the title of Exchange Rule 7007
from ‘‘Collection of Exchange Fees and
Other Claims’’ to ‘‘Collection of
Exchange Fees and Other Claims and
Billing Policy.’’ The Exchange believes
that the proposed title provides a more
specific description of Rule 7007.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 7 in general, and furthers the
objectives of Section 6(b)(5) of the Act 8
in particular, in that it is designed to
promote just and equitable principles of
5 This proposal would not apply to invoices
related to June 2015 billing.
6 See NOM Rules at Chapter XV, Section 7,
entitled ‘‘NASDAQ Options Fee Disputes.’’
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014
17:27 May 12, 2015
Jkt 235001
trade, 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, by
providing a uniform practice for
disputing fees.
The Exchange believes the
requirement that billing disputes for
certain specified fees and rebates must
be submitted to the Exchange within
sixty days from receipt of the invoice
will set objective standards and will be
fair to members. The proposal equally
applies to all NASDAQ equity members.
Also, the Exchange’s administrative
costs would be lowered as a result of
this policy.
The Exchange believes that sixty days
is ample time to review an invoice and
dispute any pricing related to the
transactions for that time period. An
identical policy applies today with
respect to NOM billing.9 The Exchange
is seeking to apply this policy to all
NASDAQ members alike in the same
manner.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The billing
policy would apply uniformly to all
NASDAQ equity members as it does
today with all NOM Participants. All
NASDAQ members would be subject to
this policy.
The Exchange believes that this
practice will conserve Exchange
resources, which are expended when
untimely billing disputes require staff to
research applicable fees and order
information beyond two months after
the invoice is issued.
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
9 See
PO 00000
Chapter XV, Section 7 in the NOM Rules.
Frm 00070
Fmt 4703
Sfmt 4703
27353
19(b)(3)(A)(iii) of the Act 10 and
subparagraph (f)(6) of Rule 19b–4
thereunder.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–2015–050 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–2015–050. 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
10 15
U.S.C. 78s(b)(3)(a)(iii).
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.
11 17
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27354
Federal Register / Vol. 80, No. 92 / Wednesday, May 13, 2015 / Notices
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–2015–050, and should be
submitted on or before June 3, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–11481 Filed 5–12–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74898; File No. SR–CBOE–
2015–039]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the
Nullification and Adjustment of
Options Transactions Including
Obvious Errors
asabaliauskas on DSK5VPTVN1PROD with NOTICES
May 7, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b-4 thereunder,2
notice is hereby given that on May 6,
2015, Chicago Board Options Exchange,
Incorporated (the ‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b-4(f)(6).
1 15
VerDate Sep<11>2014
17:27 May 12, 2015
Jkt 235001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange seeks to amend
Exchange rules related to the
nullification and adjustment of options
transactions including obvious errors.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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
Background
For several months the Exchange has
been working with other options
exchanges to identify ways to improve
the process related to the adjustment
and nullification of erroneous options
transactions. The goal of the process
that the options exchanges have
undertaken is to adopt harmonized rules
related to the adjustment and
nullification of erroneous options
transactions as well as a specific
provision related to coordination in
connection with large-scale events
involving erroneous options
transactions. As described below, the
Exchange believes that the changes the
options exchanges and the Exchange
have agreed to propose will provide
transparency and finality with respect to
the adjustment and nullification of
erroneous options transactions.
Particularly, the proposed changes seek
to achieve consistent results for
participants across U.S. options
exchanges while maintaining a fair and
orderly market, protecting investors and
protecting the public interest.
The Proposed Rule is the culmination
of this coordinated effort and reflects
discussions by the options exchanges to
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
universally adopt: (1) certain provisions
already in place on one or more options
exchanges; and (2) new provisions that
the options exchanges collectively
believe will improve the handling of
erroneous options transactions. Thus,
although the Proposed Rule is in many
ways similar to and based on the
Exchange’s Current Rule, the Exchange
is adopting various provisions to
conform with existing rules of one or
more options exchanges and also to
adopt rules that are not currently in
place on any options exchange. As
noted above, in order to adopt a rule
that is similar in most material respects
to the rules adopted by other options
exchanges, the Exchange proposes to
delete the Current Rule in its entirety
and to replace it with the Proposed
Rule.
The Exchange notes that it has
proposed additional objective standards
in the Proposed Rule as compared to the
Current Rule. The Exchange also notes
that the Proposed Rule will ensure that
the Exchange will have the same
standards as all other options
exchanges. However, there are still areas
under the Proposed Rule where
subjective determinations need to be
made by Exchange personnel with
respect to the calculation of Theoretical
Price. The Exchange notes that the
Exchange and all other options
exchanges have been working to further
improve the review of potentially
erroneous transactions as well as their
subsequent adjustment by creating an
objective and universal way to
determine Theoretical Price in the event
a reliable NBBO is not available. For
instance, the Exchange and all other
options exchanges may utilize an
independent third party to calculate and
disseminate or make available
Theoretical Price. However, this
initiative requires additional exchange
and industry discussion as well as
additional time for development and
implementation. The Exchange will
continue to work with other options
exchanges and the options industry
towards the goal of additional
objectivity and uniformity with respect
to the calculation of Theoretical Price.
As additional background, the
Exchange believes that the Proposed
Rule supports an approach consistent
with long-standing principles in the
options industry under which the
general policy is to adjust rather than
nullify transactions. The Exchange
acknowledges that adjustment of
transactions is contrary to the operation
of analogous rules applicable to the
equities markets, where erroneous
transactions are typically nullified
rather than adjusted and where there is
E:\FR\FM\13MYN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 92 (Wednesday, May 13, 2015)]
[Notices]
[Pages 27352-27354]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11481]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74895; File No. SR-NASDAQ-2015-050]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Billing Policies
May 7, 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 May 1, 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, II, and III, below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 7007, and re-title it
``Collection of Exchange Fees and Other Claims and Billing Policy,''
and to require NASDAQ members to submit billing disputes within a
certain time period.
While changes to the Pricing Schedule [sic] pursuant to this
proposal are effective upon filing, the Exchange has designated the
proposed amendment to be operative on July 1, 2015.
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
The purpose of the proposed rule change is to amend Rule 7007,
which was recently filed,\3\ to require all pricing disputes to be
submitted to the Exchange in writing \4\ and accompanied by supporting
documentation within sixty days of receipt of an invoice. The Exchange
believes that this practice will
[[Page 27353]]
conserve Exchange resources, which are expended when untimely billing
disputes require staff to research applicable fees and order
information beyond two months after the invoice was issued.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 74823 (April 28,
2015) (SR-NASDAQ-2015-046) (amending Rule 7007).
\4\ The Exchange invoice specifies the Exchange contact persons
with whom to dispute the invoice.
---------------------------------------------------------------------------
The sixty days limitation would apply to invoices for transactional
activity occurring in July 2015 and thereafter.\5\ The Exchange
proposes to apply the billing policy in Rule 7007 to the following 7000
series Rules: 7001 (Membership Fees), 7014 (Market Quality Incentive
Programs: Investor Support Program), 7015 (Access Services), 7016
(Nasdaq Risk Management), 7018 (Nasdaq Market Center Order Execution
and Routing), 7021 (NasdaqTrader.com Trading and Compliance Data
Package Fee), 7024 (Clearly Erroneous Module), 7027 (Aggregation of
Activity of Affiliated Members), 7029 (Installation, Removal or
Relocation), 7030 (Other Services), 7034 (Co-Location Services), 7038
(Step-Outs and Sales Fees Transfers), 7041 (Nasdaq Regulation
Reconnaissance Service), 7042 (Non-Tape Riskless Submissions), 7043
(Inclusion of Transaction Fees in Clearing Reports Submitted to ACT),
7049 (Nasdaq InterACT), 7051 (Direct Connectivity to Nasdaq), 7055
(Short Sale Monitor), 7058 (QView), 7060 (Equity Trade Journal for
Clearing Firms) and 7061 (Limit Locator).
---------------------------------------------------------------------------
\5\ This proposal would not apply to invoices related to June
2015 billing.
---------------------------------------------------------------------------
Further, this proposal would provide a cost savings to the Exchange
in that it would alleviate administrative burdens related to belated
billing disputes, which divert staff resources away from the Exchange's
regulatory and business purposes. A similar requirement with respect to
initiating billing disputes is in place today for Options Participants
on NASDAQ Options Market LLC (``NOM'').\6\
---------------------------------------------------------------------------
\6\ See NOM Rules at Chapter XV, Section 7, entitled ``NASDAQ
Options Fee Disputes.''
---------------------------------------------------------------------------
In addition, the Exchange proposes to amend the title of Exchange
Rule 7007 from ``Collection of Exchange Fees and Other Claims'' to
``Collection of Exchange Fees and Other Claims and Billing Policy.''
The Exchange believes that the proposed title provides a more specific
description of Rule 7007.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of Section
6(b)(5) of the Act \8\ in particular, in that it is designed to promote
just and equitable principles of trade, 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,
by providing a uniform practice for disputing fees.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the requirement that billing disputes for
certain specified fees and rebates must be submitted to the Exchange
within sixty days from receipt of the invoice will set objective
standards and will be fair to members. The proposal equally applies to
all NASDAQ equity members. Also, the Exchange's administrative costs
would be lowered as a result of this policy.
The Exchange believes that sixty days is ample time to review an
invoice and dispute any pricing related to the transactions for that
time period. An identical policy applies today with respect to NOM
billing.\9\ The Exchange is seeking to apply this policy to all NASDAQ
members alike in the same manner.
---------------------------------------------------------------------------
\9\ See Chapter XV, Section 7 in the NOM Rules.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The billing policy would
apply uniformly to all NASDAQ equity members as it does today with all
NOM Participants. All NASDAQ members would be subject to this policy.
The Exchange believes that this practice will conserve Exchange
resources, which are expended when untimely billing disputes require
staff to research applicable fees and order information beyond two
months after the invoice is issued.
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 \10\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(a)(iii).
\11\ 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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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-2015-050 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-2015-050. 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
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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-2015-050, and should be submitted on or before
June 3, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Robert W. Errett,
Deputy Secretary.
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\12\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2015-11481 Filed 5-12-15; 8:45 am]
BILLING CODE 8011-01-P
