[Federal Register Volume 88, Number 39 (Tuesday, February 28, 2023)]
[Notices]
[Page 12710]
[FR Doc No: 2023-04031]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96963; File No. SR-NASDAQ-2022-079]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change To Amend Rules 4702(b)(14) and (b)(15) Concerning
Dynamic M-ELO Holding Periods

February 22, 2023.
    On December 21, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to replace the static holding period requirements
for Midpoint Extended Life Orders and Midpoint Extended Life Orders
Plus Continuous Book with dynamic holding periods. The proposed rule
change was published for comment in the Federal Register on January 10,
2023.\3\ The Commission received comments on the proposed rule
change.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 92844 (January 4,
2023), 88 FR 1438.
    \4\ All comments received by the Commission on the proposed rule
change are available on the Commission's website at: https://www.sec.gov/comments/sr-nasdaq-2022-079/srnasdaq2022079.htm.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days (i) as the Commission may
designate if it finds such longer period to be appropriate and
publishes its reasons for so finding or (ii) as to which the self-
regulatory organization consents, the Commission shall either approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether the proposed rule change
should be disapproved. The 45th day after publication of the notice for
this proposed rule change is February 24, 2023. The Commission is
extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change and
comments received. Accordingly, pursuant to Section 19(b)(2) of the
Act,\6\ the Commission designates April 10, 2023, as the date by which
the Commission shall either approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
change (File No. SR-NASDAQ-2022-079).
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    \6\ Id.
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    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-04031 Filed 2-27-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: July 21, 2008 (Volume 73, Number 140)]
[Notices]
[Page 42388-42389]
[DOCID:fr21jy08-99]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58154; File No. SR-MSRB-2008-03]

Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Order Granting Approval of Proposed Rule Change, as Modified by
Amendment No. 1, Relating to Rule G-11, on New Issue Syndicate
Practices, and Rule G-12, on Uniform Practice

July 15, 2008.
    On March 18, 2008, the Municipal Securities Rulemaking Board
(``MSRB''), filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change consisting of amendments to Rule-11, on new issue
syndicate practices, and Rule G-12, on uniform practice. The proposed
rule change was published for comment in the Federal Register on April
18, 2008.\3\ The Commission received no comment letters about the
proposed rule change. On June 26, 2008, the MSRB filed Amendment No. 1
to the proposed rule change.\4\ This order approves the proposed rule
change as modified by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57659 (April 14,
2008), 73 FR 21166 (April 18, 2008) (``Commission's Notice'').
    \4\ Amendment No. 1 clarifies a broker, dealer or municipal
securities dealer's existing obligations and does not add any new
requirements. This is a technical amendment and is not subject to
notice and comment.
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    The proposed rule change consists of amendments to Rule G-11 and
Rule G-12 that (a) delete Rule G-12(i); (b) consolidate the remaining
syndicate practice provisions of Rule G-12 into Rule G-11; (c) delete
the syndicate-related sections of Rule G-12; and (d) make minor
technical corrections to Rule G-11. A full description of the proposal
is contained in the Commission's Notice.
    The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to the MSRB \5\ and, in particular, the
requirements of Section 15B(b)(2)(C) of the Act \6\ and the rules and
regulations thereunder. Section 15B(b)(2)(C) of the Act requires, among
other things, that the MSRB's rules be 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 municipal
securities, to remove impediments to and perfect the mechanism of a
free and open market in municipal securities, and, in general, to
protect investors and the public interest.\7\ In particular, the
Commission finds that the proposed rule change is consistent with the
Act because it will facilitate transactions in municipal securities and
protect investors and the public interest by creating a consolidated
rule that seeks to avoid inadvertent rule violations and clarifies and
modernizes its rules to bring them into line with the realities of
current market practice without compromising investor protection.
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    \5\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition and capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78o-4(b)(2)(C).
    \7\ Id.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\8\ that the

proposed rule change (SR-MSRB-2008-03), as modified by Amendment No. 1,
be, and it hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-16589 Filed 7-18-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: January 7, 2009 (Volume 74, Number 4)]
[Notices]
[Page 751-753]
[DOCID:fr07ja09-66]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59176; File No. SR-NYSEALTR-2008-20]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Alternext U.S. LLC
Extending the Implementation of the NYSE Alternext Book Clerk Program
From January 1, 2009 Through March 31, 2009

December 30, 2008.
    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 December 29, 2008, NYSE Alternext U.S. LLC (the
``Exchange'' or ``NYSE Alternext'') 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
NYSE Alternext. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to extend the implementation of the NYSE
Alternext Book Clerk program from January 1, 2009 through March 31,
2009.
    The text of the proposed rule change is available at http://
www.nyse.com, NYSE Alternext, and 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 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
    The Commission previously approved a proposed rule change by the
American Stock Exchange (``Amex''), the predecessor of the Exchange
before Amex's acquisition by NYSE Euronext, Inc. on October 1, 2008
(the ``Acquisition''), to (1) Eliminate the obligation and ability of
an Amex options specialist to act as an agent in connection with orders
in his or her assigned options classes, (2) establish an Amex Book
Clerk (now NYSE Alternext Book Clerk) program (``ABC program'') to
designate unaffiliated persons responsible for operating and
maintaining the customer limit order book and effecting proper
executions, and (3) amending certain Amex rules relating to the
operation of the ABC program.\4\
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    \4\ See Securities Exchange Act Release No. 56804 (November 16,
2007), 72 FR 66002 (November 26, 2007) (SR-Amex-2006-107) (``ABC
Proposal'').
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    Exchange Rule 995-ANTE originally provided that the roll-out of the
ABC program would occur over a six-month period ending on May 1, 2008.
On May 1, 2008, Amex filed a proposal to extend the roll-out of the ABC
program from May 2, 2008 through December 31, 2008, and that proposal
was designated by the Commission as operative upon filing.\5\ Due to
integration activities subsequent to the Acquisition, the Exchange
seeks an additional extension of the roll-out period from January 1,

2009 through March 31, 2009. The Exchange submits that complexities
associated with the aforementioned integration activities, including
plans to replace the Exchange's current technology with NYSE Arca
electronic trading technology and to move the Exchange's trading floor
operations to a new options trading floor located at 11 Wall Street in
February 2009, have caused a delay in the revised ABC program roll-out
schedule. The Exchange believes that an extension of the roll-out
period of the ABC program through March 31, 2009 will allow the
Exchange sufficient time to resolve the integration activity that has
delayed completion of the roll-out.
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    \5\ See Securities Exchange Act Release No. 57770 (May 2, 2008),
73 FR 26452 (May 9, 2008) (SR-Amex-2008-37).
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    As set forth in the ABC Proposal and Amex Regulatory Circular 2008-
03 (January 23, 2008), during the roll-out period, options specialists
who continue to operate the customer limit order book will continue to
be subject to the same agency obligations as are currently provided
under Exchange Rules 950-ANTE(l) and 958-ANTE(e).
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \6\ of the
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers
the objectives of Section 6(b)(5) \7\ 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 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. Additionally, the proposed
rule change is not designed to permit unfair discrimination between
customers, issuers, brokers and dealers.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    More specifically, the Exchange believes that extending the
completion date for the roll-out of the ABC program will allow the
Exchange to keep its primary focus on transitioning options trading to
the NYSE Arca electronic trading technology. This technology update
will provide the Exchange's options traders with a faster, more
transparent marketplace with greater capacity, thereby contributing to
perfecting the mechanism of a free and open market and a national
market system, and which is also consistent with the protection of
investors and the public interest.\8\
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    \8\ The Exchange notes that the new options trading platform
will have functionality that is similar to the ABC program.
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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.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms, does not become operative for 30 days after the
date of filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest,
the proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing.\11\ However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. NYSE Alternext requested that the Commission waive
the 30-day operative delay, as specified in Rule 19b-4(f)(6)(iii),\12\
which would make the rule change effective and operative upon filing.
The Exchange noted that this proposal merely extends the implementation
date of the ABC program due to circumstances (i.e., the Acquisition)
that it did not foresee at the time the previous extension was granted.
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    \11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the self-regulatory organization to give the
Commission notice of its intent to file the proposed rule change,
along with a brief description and text of 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.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
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    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 the Exchange to extend the roll-out of the ABC
program without interruption.\13\ In particular, prompt effectiveness
of this extension will allow the Exchange to focus its resources on the
integration activities resulting from the Acquisition and the upgrading
of its options trading platforms. Therefore, the Commission designates
the proposal operative upon filing.
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    \13\ 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 such proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.\14\
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    \14\ 15 U.S.C. 78s(b)(3)(C).
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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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEALTR-2008-20 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-NYSEALTR-2008-20. This
file number should be included on the subject line if e-mail 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 (http://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 inspection and copying in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such 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-NYSEALTR-2008-20 and should be submitted
on or before January 28, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E9-2 Filed 1-6-09; 8:45 am]

BILLING CODE 8011-01-P