80 FR 13923 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding FLEX No Minimum Value Size Pilot
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 51 (March 17, 2015)
Federal Register Volume 80, Issue 51 (March 17, 2015)
| Page Range | 13923-13925 | |
| FR Document | 2015-06011 |
[Federal Register Volume 80, Number 51 (Tuesday, March 17, 2015)] [Notices] [Pages 13923-13925] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06011] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74481; File No. SR-Phlx-2015-22] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding FLEX No Minimum Value Size Pilot March 11, 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 February 27, 2015, NASDAQ OMX PHLX LLC (``Phlx'' 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 is filing with the Commission a proposal to amend Phlx Rule 1079 (FLEX Index, Equity and Currency Options) to extend a pilot program that eliminates minimum value sizes for opening transactions in new series of FLEX index options and FLEX equity options (together known as ``FLEX Options'').\3\ --------------------------------------------------------------------------- \3\ In addition to FLEX Options, FLEX currency options are also traded on the Exchange. These flexible index, equity, and currency options provide investors the ability to customize basic option features including size, expiration date, exercise style, and certain exercise prices; and may have expiration dates within five years. See Rule 1079. FLEX currency options traded on the Exchange are also known as FLEX FX Options. The pilot program discussed herein does not encompass FLEX currency options. --------------------------------------------------------------------------- The text of the amended Exchange rule is set forth immediately below. Additions are in italics and deletions are [bracketed]. Rules of the Exchange Options Rules * * * * * Rule 1079. FLEX Index, Equity and Currency Options A Requesting Member shall obtain quotes and execute trades in certain non-listed FLEX options at the specialist post of the non-FLEX option on the Exchange. The term ``FLEX option'' means a FLEX option contract that is traded subject to this Rule. Although FLEX options are generally subject to the Rules in this section, to the extent that the provisions of this Rule are inconsistent with other applicable Exchange Rules, this Rule takes precedence with respect to FLEX options. (a)-(f) No Change. * * * Commentary: _________ .01 Notwithstanding subparagraphs (a)(8)(A)(i) and (a)(8)(A)(ii) above, for a pilot period ending the earlier of [February 28]August 31, 2015, or the date on which the pilot is approved on a permanent basis, there shall be no minimum value size requirements for FLEX options. * * * * * The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.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 this proposed rule change is to amend Phlx Rule 1079 (FLEX Index, Equity and Currency Options) to extend a pilot program that eliminates minimum value sizes for opening transactions in new series of FLEX Options (the ``Pilot Program'' or ``Pilot'').\4\ --------------------------------------------------------------------------- \4\ The Exchange is also filing a separate proposal to permanently approve the Pilot Program. --------------------------------------------------------------------------- [[Page 13924]] Rule 1079 deals with the process of listing and trading FLEX equity, index, and currency options on the Exchange. Rule 1079(a)(8)(A) currently sets the minimum opening transaction value size in the case of a FLEX Option in a newly established (opening) series if there is no open interest in the particular series when a Request-for-Quote (``RFQ'') is submitted (except as provided in Commentary .01 to Rule 1079): (i) $10 million underlying equivalent value, respecting FLEX market index options, and $5 million underlying equivalent value respecting FLEX industry index options; \5\ (ii) the lesser of 250 contracts or the number of contracts overlying $1 million in the underlying securities, with respect to FLEX equity options (together the ``minimum value size'').\6\ --------------------------------------------------------------------------- \5\ Market index options and industry index options are broad- based index options and narrow-based index options, respectively. See Rule 1000A(b)(11) and (12). \6\ Subsection (a)(8)(A) also provides a third alternative: (iii) 50 contracts in the case of FLEX currency options. However, this alternative is not part of the Pilot Program. --------------------------------------------------------------------------- Presently, Commentary .01 to Rule 1079 states that by virtue of the Pilot Program ending February 28, 2015, or the date on which the pilot is approved on a permanent basis, there shall be no minimum value size requirements for FLEX Options as noted in subsections (a)(8)(A)(i) and (a)(8)(A)(ii) of Rule 1079.\7\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 73474 (October 30, 2014), 79 FR 65742 (November 5, 2014) (SR-Phlx-2014-69) (notice of filing and immediate effectiveness of proposal to extend Pilot Program). The Pilot Program was instituted in 2010. See Securities Exchange Act Release No. 62900 (September 13, 2010), 75 FR 57098 (September 17, 2010) (SR-Phlx-2010-123) (notice of filing and immediate effectiveness of proposal to institute Pilot Program). --------------------------------------------------------------------------- The Exchange now proposes to extend the Pilot Program for a pilot period ending the earlier of August 31, 2015, or the date on which the Pilot is approved on a permanent basis.\8\ --------------------------------------------------------------------------- \8\ The Exchange notes that any positions established under this Pilot would not be impacted by the expiration of the Pilot. For example, a 10-contract FLEX equity option opening position that overlies less than $1 million in the underlying security and expires in January 2016 could be established during the Pilot. If the Pilot Program were not extended, the position would continue to exist and any further trading in the series would be subject to the minimum value size requirements for continued trading in that series. --------------------------------------------------------------------------- The Exchange believes that there is sufficient investor interest and demand in the Pilot Program to warrant an extension. The Exchange believes that the Pilot Program has provided investors with additional means of managing their risk exposures and carrying out their investment objectives. Extension of the Pilot Program would continue to provide greater opportunities for traders and investors to manage risk through the use of FLEX Options, including investors that may otherwise trade in the unregulated over the counter (``OTC'') market where similar size restrictions do not apply.\9\ --------------------------------------------------------------------------- \9\ The Exchange has not experienced any adverse market effects with respect to the Pilot Program. --------------------------------------------------------------------------- In support of the proposed extension of the Pilot Program, the Exchange has under separate cover submitted to the Commission a Pilot Program Report (``Report'') that provides an analysis of the Pilot Program covering the period during which the Pilot has been in effect. This Report includes: (i) Data and analysis on the open interest and trading volume in (a) FLEX equity options that have an opening transaction with a minimum size of 0 to 249 contracts and less than $1 million in underlying value; (b) FLEX index options that have an opening transaction with a minimum opening size of less than $10 million in underlying equivalent value; and (ii) analysis of the types of investors that initiated opening FLEX Options transactions (i.e., institutional, high net worth, or retail). The Report has been submitted to the Commission and the Exchange has requested confidential treatment under the Freedom of Information Act.\10\ --------------------------------------------------------------------------- \10\ 5 U.S.C. 552. The Exchange notes that it expects to file a proposal for permanent approval of the Pilot Program. With this proposal, the Exchange will submit a Report that is publicly available. In the event the Pilot Program is not permanently approved by August 31, 2015, the Exchange will submit an additional Report covering the extended Pilot period. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange's proposal is consistent with Section 6(b) of the Act \11\ in general, and furthers the objectives of Section 6(b)(5) of the Act \12\ 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, and to remove impediments to and perfect the mechanisms of a free and open market and a national market system. Specifically, the Exchange believes that the proposed extension of the Pilot Program, which eliminates the minimum value size applicable to opening transactions in new series of FLEX Options, would provide greater opportunities for investors to manage risk through the use of FLEX Options. The Exchange notes that it has not experienced any adverse market effects with respect to the Pilot Program. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 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 impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the proposal would give traders and investors the opportunity to more effectively tailor their trading, investing and hedging through FLEX options traded on the Exchange. Prior to the Pilot, options that represented opening transactions in new series that could not meet a minimum value size could not trade via FLEX on the Exchange, but rather had to trade OTC. Extension of the Pilot enables such options to continue to trade on the Exchange. 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 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b- 4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 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, 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ 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 the Exchange may continue its Pilot Program without [[Page 13925]] interruption. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest.\17\ The Commission notes that waiving the 30-day operative delay would prevent the expiration of the Pilot Program prior to the extension of the pilot program becoming operative. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing. --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ 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). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-Phlx-2015-22 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-Phlx-2015-22. 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 (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 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 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-Phlx-2015-22 and should be submitted on or before April 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-06011 Filed 3-16-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 51 / Tuesday, March 17, 2015 / Notices 13923
agencies, and the Municipal Securities Dated: March 10, 2015. Rule 1079. FLEX Index, Equity and
Rulemaking Board (‘‘MSRB’’) Brent J. Fields, Currency Options
(collectively, ‘‘SROs’’) to destroy or Secretary. A Requesting Member shall obtain
convert to microfilm or other recording [FR Doc. 2015–05986 Filed 3–16–15; 8:45 am] quotes and execute trades in certain
media records maintained under Rule BILLING CODE 8011–01–P non-listed FLEX options at the specialist
17a–1, if they have filed a record post of the non-FLEX option on the
destruction plan with the Commission Exchange. The term ‘‘FLEX option’’
and the Commission has declared the SECURITIES AND EXCHANGE means a FLEX option contract that is
plan effective. COMMISSION traded subject to this Rule. Although
There are currently 29 SROs: 18
FLEX options are generally subject to
national securities exchanges, 1 national
[Release No. 34–74481; File No. SR–Phlx– the Rules in this section, to the extent
securities association, the MSRB, and 9
2015–22] that the provisions of this Rule are
registered clearing agencies. Of the 29
inconsistent with other applicable
SROs, only 2 SRO respondents have Self-Regulatory Organizations; Exchange Rules, this Rule takes
filed a record destruction plan with the NASDAQ OMX PHLX LLC; Notice of
Commission. The staff calculates that precedence with respect to FLEX
Filing and Immediate Effectiveness of options.
the preparation and filing of a new Proposed Rule Change Regarding (a)–(f) No Change.
record destruction plan should take 160 FLEX No Minimum Value Size Pilot * * * Commentary:
hours. Further, any existing SRO record lllllllll
destruction plans may require revision, March 11, 2015.
.01 Notwithstanding subparagraphs
over time, in response to, for example, Pursuant to Section 19(b)(1) of the (a)(8)(A)(i) and (a)(8)(A)(ii) above, for a
changes in document retention Securities Exchange Act of 1934 pilot period ending the earlier of
technology, which the Commission (‘‘Act’’),1 and Rule 19b–4 thereunder,2 [February 28]August 31, 2015, or the
estimates will take much less than the notice is hereby given that on February date on which the pilot is approved on
160 hours estimated for a new plan. The 27, 2015, NASDAQ OMX PHLX LLC a permanent basis, there shall be no
Commission estimates that each SRO minimum value size requirements for
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
that has filed a destruction plan will
Securities and Exchange Commission FLEX options.
spend approximately 30 hours per year
(‘‘SEC’’ or ‘‘Commission’’) the proposed * * * * *
making required revisions. Thus, the
rule change as described in Items I and The text of the proposed rule change
total annual compliance burden is
II below, which Items have been is available on the Exchange’s Web site
estimated to be 60 hours per year based
prepared by the Exchange. The at http://nasdaqomxphlx.cchwall
on two respondents. The approximate
Commission is publishing this notice to street.com, at the principal office of the
compliance cost per hour is $380,
solicit comments on the proposed rule Exchange, and at the Commission’s
resulting in a total internal cost of
change from interested persons. Public Reference Room.
compliance for these respondents of
$22,800 per year (60 hours @$380 per I. Self-Regulatory Organization’s II. Self-Regulatory Organization’s
hour). Statement of the Terms of Substance of Statement of the Purpose of, and
Written comments are invited on: (a) the Proposed Rule Change Statutory Basis for, the Proposed Rule
Whether the proposed collection of Change
information is necessary for the proper The Exchange is filing with the
performance of the functions of the Commission a proposal to amend Phlx In its filing with the Commission, the
Commission, including whether the Rule 1079 (FLEX Index, Equity and Exchange included statements
information shall have practical utility; Currency Options) to extend a pilot concerning the purpose of and basis for
(b) the accuracy of the Commission’s program that eliminates minimum value the proposed rule change and discussed
estimate of the burden of the collection sizes for opening transactions in new any comments it received on the
of information; (c) ways to enhance the series of FLEX index options and FLEX proposed rule change. The text of these
quality, utility, and clarity of the equity options (together known as statements may be examined at the
information to be collected; and (d) ‘‘FLEX Options’’).3 places specified in Item IV below. The
ways to minimize the burden of the Exchange has prepared summaries, set
The text of the amended Exchange forth in sections A, B, and C below, of
collection of information on rule is set forth immediately below.
respondents, including through the use the most significant aspects of such
of automated collection techniques or Additions are in italics and deletions statements.
other forms of information technology. are [bracketed].
A. Self-Regulatory Organization’s
Consideration will be given to Rules of the Exchange Statement of the Purpose of, and
comments and suggestions submitted in Statutory Basis for, the Proposed Rule
Options Rules
writing within 60 days of this Change
publication. * * * * *
An agency may not conduct or 1. Purpose
sponsor, and a person is not required to 1 15U.S.C. 78s(b)(1). The purpose of this proposed rule
respond to, a collection of information 2 17 CFR 240.19b–4.
change is to amend Phlx Rule 1079
under the PRA unless it displays a 3 In addition to FLEX Options, FLEX currency
(FLEX Index, Equity and Currency
options are also traded on the Exchange. These
mstockstill on DSK4VPTVN1PROD with NOTICES
currently valid OMB control number. Options) to extend a pilot program that
flexible index, equity, and currency options provide
Please direct your written comments investors the ability to customize basic option eliminates minimum value sizes for
to: Pamela Dyson, Director/Chief features including size, expiration date, exercise opening transactions in new series of
Information Officer, Securities and style, and certain exercise prices; and may have FLEX Options (the ‘‘Pilot Program’’ or
Exchange Commission, c/o Remi Pavlik- expiration dates within five years. See Rule 1079.
FLEX currency options traded on the Exchange are ‘‘Pilot’’).4
Simon, 100 F Street NE., Washington, also known as FLEX FX Options. The pilot program
DC 20549, or send an email to: PRA_ discussed herein does not encompass FLEX 4 The Exchange is also filing a separate proposal
Mailbox@sec.gov. currency options. to permanently approve the Pilot Program.
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![Federal Register / Vol. 80, No. 51 / Tuesday, March 17, 2015 / Notices 13925
interruption. The Commission believes proposed rule change between the I. Self-Regulatory Organization’s
that waiving the 30-day operative delay Commission and any person, other than Statement of the Terms of the Substance
is consistent with the protection of those that may be withheld from the of the Proposed Rule Change
investors and the public interest.17 The public in accordance with the Nasdaq proposes to provide a limited
Commission notes that waiving the 30- provisions of 5 U.S.C. 552, will be price guarantee to certain companies
day operative delay would prevent the available for Web site viewing and that switch their listing to Nasdaq from
expiration of the Pilot Program prior to printing in the Commission’s Public another securities exchange. The text of
the extension of the pilot program Reference Room, 100 F Street NE., the proposed rule change is available on
becoming operative. Therefore, the Washington, DC 20549, on official the Exchange’s Web site at http://
Commission hereby waives the 30-day business days between the hours of nasdaq.cchwallstreet.com, at the
operative delay and designates the 10:00 a.m. and 3:00 p.m. Copies of the principal office of the Exchange, and at
proposal operative upon filing. filing also will be available for the Commission’s Public Reference
At any time within 60 days of the inspection and copying at the principal Room.
filing of the proposed rule change, the office of the Exchange. All comments
Commission summarily may II. Self-Regulatory Organization’s
received will be posted without change; Statement of the Purpose of, and
temporarily suspend such rule change if the Commission does not edit personal
it appears to the Commission that such Statutory Basis for, the Proposed Rule
identifying information from Change
action is: (i) Necessary or appropriate in
submissions. You should submit only
the public interest; (ii) for the protection In its filing with the Commission, the
information that you wish to make Exchange included statements
of investors; or (iii) otherwise in
furtherance of the purposes of the Act. available publicly. All submissions concerning the purpose of and basis for
If the Commission takes such action, the should refer to File Number SR–Phlx– the proposed rule change and discussed
Commission shall institute proceedings 2015–22 and should be submitted on or any comments it received on the
to determine whether the proposed rule before April 7, 2015. proposed rule change. The text of these
should be approved or disapproved. For the Commission, by the Division of statements may be examined at the
Trading and Markets, pursuant to delegated places specified in Item IV below. The
IV. Solicitation of Comments Exchange has prepared summaries, set
authority.18
Interested persons are invited to Brent J. Fields, forth in sections A, B, and C below, of
submit written data, views, and the most significant aspects of such
Secretary.
arguments concerning the foregoing, statements.
[FR Doc. 2015–06011 Filed 3–16–15; 8:45 am]
including whether the proposed rule A. Self-Regulatory Organization’s
change is consistent with the Act. BILLING CODE 8011–01–P
Statement of the Purpose of, and
Comments may be submitted by any of Statutory Basis for, the Proposed Rule
the following methods: Change
SECURITIES AND EXCHANGE
Electronic Comments COMMISSION 1. Purpose
• Use the Commission’s Internet Nasdaq recently adopted an all-
comment form (http://www.sec.gov/ [Release No. 34–74472; File No. SR– inclusive annual listing fee, which
rules/sro.shtml); or NASDAQ–2015–017] simplifies billing and provides
• Send an email to rule-comments@ transparency and certainty to companies
sec.gov. Please include File Number SR– Self-Regulatory Organizations; The as to the annual cost of listing.3 This
Phlx–2015–22 on the subject line. NASDAQ Stock Market LLC; Notice of new fee structure was designed,
Filing and Immediate Effectiveness of primarily, to address customer
Paper Comments
Proposed Rule Change To Provide a complaints about the number and in
• Send paper comments in triplicate Limited Price Guarantee to Certain some cases the variable nature of certain
to Secretary, Securities and Exchange Companies That Switch Their Listing of Nasdaq’s listing fees. It also provides
Commission, 100 F Street NE., to Nasdaq From Another Exchange benefits to Nasdaq, including
Washington, DC 20549–1090. eliminating the multiple invoices that
All submissions should refer to File March 11, 2015.
were sent to a company each year and
Number SR–Phlx–2015–22. This file Pursuant to Section 19(b)(1) of the providing more certainty as to revenue.4
number should be included on the Securities Exchange Act of 1934 While this new fee structure will
subject line if email is used. To help the (‘‘Act’’) 1, and Rule 19b–4 thereunder,2 become operative for all listed
Commission process and review your notice is hereby given that, on February companies in 2018, currently listed
comments more efficiently, please use 25, 2015, The NASDAQ Stock Market companies were allowed to elect to be
only one method. The Commission will LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed subject to the all-inclusive annual
post all comments on the Commission’s with the Securities and Exchange listing fee effective January 1, 2015, and
Internet Web site (http://www.sec.gov/ Commission (‘‘SEC’’ or ‘‘Commission’’) were provided certain incentives to do
rules/sro.shtml). Copies of the the proposed rule change as described so.5 In addition, because they may have
submission, all subsequent in Items I, II, and III below, which Items made their listing decision based on
amendments, all written statements have been prepared by the Exchange. Nasdaq’s prior fee schedule, any
with respect to the proposed rule company that applied to list on Nasdaq
mstockstill on DSK4VPTVN1PROD with NOTICES
The Commission is publishing this
change that are filed with the notice to solicit comments on the prior to January 1, 2015, and lists after
Commission, and all written proposed rule change from interested that date, is also provided an
communications relating to the persons. 3 Securities Exchange Act Release No. 73647
17 Forpurposes only of waiving the 30-day (November 19, 2014), 79 FR 70232 (November 25,
18 17 CFR 200.30–3(a)(12). 2014) (approving SR–NASDAQ–2014–087).
operative delay, the Commission has considered the
1 15 U.S.C. 78s(b)(1). 4 Id.
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. 5 See IM–5910–1(b)(1) and IM–5920–1(b)(1).
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Document Created: 2015-12-18 12:01:32
Document Modified: 2015-12-18 12:01:32
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 13923 |
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