80 FR 27216 - Self-Regulatory Organizations; The NASDAQ Stock Market, LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend and Restate Certain Nasdaq Rules That Govern the Nasdaq Market Center

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 91 (May 12, 2015)

Page Range		27216-27217
FR Document		2015-11372

Federal Register, Volume 80 Issue 91 (Tuesday, May 12, 2015)

[Federal Register Volume 80, Number 91 (Tuesday, May 12, 2015)]
[Notices]
[Pages 27216-27217]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-11372]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74881; File No. SR-NASDAQ-2015-024]


Self-Regulatory Organizations; The NASDAQ Stock Market, LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Amend and Restate Certain Nasdaq Rules That 
Govern the Nasdaq Market Center

May 6, 2015.
    On March 16, 2015, The NASDAQ Stock Market LLC (``NASDAQ'' or the 
``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 amend and restate certain Nasdaq rules that 
govern the Nasdaq Market Center in order to provide a clearer and more 
detailed description of certain aspects of its functionality. The 
proposed rule change was published for comment in the Federal Register 
on March 26, 2015.\3\ The Commission received no comment letters 
regarding the proposed rule change.
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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. 74558 (March 20, 
2015), 80 FR 16050 (``Notice'').
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    Section 19(b)(2) of the Act \4\ 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 as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or 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 for this filing is May 10, 2015.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. 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.
    Accordingly, pursuant to Section 19(b)(2) of the Act \5\ and for 
the reasons stated above, the Commission designates June 24, 2015, as 
the date by which the Commission should either approve or disapprove, 
or institute

[[Page 27217]]

proceedings to determine whether to disapprove, the proposed rule 
change.
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-11372 Filed 5-11-15; 8:45 am]
 BILLING CODE 8011-01-P

27216 Federal Register / Vol. 80, No. 91 / Tuesday, May 12, 2015 / Notices

add additional transparency to its rules Electronic Comments SECURITIES AND EXCHANGE
relating to the application process as COMMISSION
well as provide for a reasonable time • Use the Commission’s Internet
comment form http://www.sec.gov/ [Release No. 34–74881; File No. SR–
frame for C2 Permit Holder applicants to NASDAQ–2015–024]
become effective on C2 as Permit rules/sro.shtml); or
Holders. The Exchange notes that, to the • Send an email to rule-comments@ Self-Regulatory Organizations; The
extent that the proposed changes make sec.gov. Please include File Number SR– NASDAQ Stock Market, LLC; Notice of
C2 more attractive for trading, market C2–2015–011 on the subject line. Designation of Longer Period for
participants trading on other exchanges Commission Action on Proposed Rule
are welcome to become Permit Holders Paper Comments
Change To Amend and Restate Certain
and trade at C2 if they determine that • Send paper comments in triplicate Nasdaq Rules That Govern the Nasdaq
this proposed rule change has made C2 to Brent J. Fields, Secretary, Securities Market Center
more attractive or favorable. and Exchange Commission, 100 F Street May 6, 2015.
C. Self-Regulatory Organization’s NE., Washington, DC 20549–1090. On March 16, 2015, The NASDAQ
Statement on Comments on the All submissions should refer to File Stock Market LLC (‘‘NASDAQ’’ or the
Proposed Rule Change Received From Number SR–C2–2015–011. This file ‘‘Exchange’’) filed with the Securities
Members, Participants, or Others number should be included on the and Exchange Commission
subject line if email is used. To help the (‘‘Commission’’), pursuant to Section
The Exchange neither solicited nor 19(b)(1) of the Securities Exchange Act
received comments on the proposed Commission process and review your
comments more efficiently, please use of 1934 (‘‘Act’’) 1 and Rule 19b–4
rule change. thereunder,2 a proposed rule change to
only one method. The Commission will
III. Date of Effectiveness of the amend and restate certain Nasdaq rules
post all comments on the Commission’s
Proposed Rule Change and Timing for that govern the Nasdaq Market Center in
Internet Web site (http://www.sec.gov/ order to provide a clearer and more
Commission Action rules/sro.shtml). Copies of the detailed description of certain aspects of
Because the foregoing proposed rule submission, all subsequent its functionality. The proposed rule
change does not: (i) Significantly affect amendments, all written statements change was published for comment in
the protection of investors or the public with respect to the proposed rule the Federal Register on March 26,
interest; (ii) impose any significant change that are filed with the 2015.3 The Commission received no
burden on competition; and (iii) become Commission, and all written comment letters regarding the proposed
operative for 30 days from the date on communications relating to the rule change.
which it was filed, or such shorter time proposed rule change between the Section 19(b)(2) of the Act 4 provides
as the Commission may designate, it has Commission and any person, other than that within 45 days of the publication of
become effective pursuant to Section those that may be withheld from the notice of the filing of a proposed rule
19(b)(3)(A) of the Act 9 and Rule 19b– public in accordance with the change, or within such longer period up
4(f)(6) 10 thereunder. At any time within provisions of 5 U.S.C. 552, will be to 90 days as the Commission may
60 days of the filing of the proposed rule available for Web site viewing and designate if it finds such longer period
change, the Commission summarily may printing in the Commission’s Public to be appropriate and publishes its
temporarily suspend such rule change if Reference Room, 100 F Street NE., reasons for so finding or as to which the
it appears to the Commission that such Washington, DC 20549 on official self-regulatory organization consents,
action is necessary or appropriate in the business days between the hours of the Commission shall either approve the
public interest, for the protection of 10:00 a.m. and 3:00 p.m. Copies of such proposed rule change, disapprove the
investors, or otherwise in furtherance of filing also will be available for proposed rule change, or institute
the purposes of the Act. If the inspection and copying at the principal proceedings to determine whether the
Commission takes such action, the office of the Exchange. All comments proposed rule change should be
Commission will institute proceedings disapproved. The 45th day for this filing
received will be posted without change;
to determine whether the proposed rule is May 10, 2015.
the Commission does not edit personal
change should be approved or The Commission is extending the 45-
identifying information from day time period for Commission action
disapproved. submissions. You should submit only on the proposed rule change. The
IV. Solicitation of Comments information that you wish to make Commission finds that it is appropriate
available publicly. All submissions to designate a longer period within
Interested persons are invited to should refer to File Number SR–C2– which to take action on the proposed
submit written data, views, and 2015–011, and should be submitted on rule change so that it has sufficient time
arguments concerning the foregoing, or before June 2, 2015. to consider the proposed rule change.
including whether the proposed rule Accordingly, pursuant to Section
For the Commission, by the Division of
change is consistent with the Act. Trading and Markets, pursuant to delegated 19(b)(2) of the Act 5 and for the reasons
Comments may be submitted by any of authority.11 stated above, the Commission
the following methods: designates June 24, 2015, as the date by
Robert W. Errett,
which the Commission should either
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9 15 U.S.C. 78s(b)(3)(A). Deputy Secretary.
approve or disapprove, or institute
10 17 CFR 240.19b–4(f)(6). As required under Rule [FR Doc. 2015–11379 Filed 5–11–15; 8:45 am]
19b–4(f)(6)(iii), the Exchange provided the BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1).
Commission with written notice of its intent to file 2 17
the proposed rule change, along with a brief CFR 240.19b–4.
3 See Securities Exchange Act Release No. 74558
description and the text of the proposed rule
change, at least five business days prior to the date (March 20, 2015), 80 FR 16050 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
of filing of the proposed rule change, or such
shorter time as designated by the Commission. 11 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2).

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Federal Register / Vol. 80, No. 91 / Tuesday, May 12, 2015 / Notices 27217

proceedings to determine whether to II. Self-Regulatory Organization’s 30, 2007.6 Rules 16 and 17T are
disapprove, the proposed rule change. Statement of the Purpose of, and accordingly obsolete.
Statutory Basis for, the Proposed Rule Second, the Exchange proposes to
For the Commission, by the Division of
Change remove the following outdated
Trading and Markets, pursuant to delegated
references to the ITS Plan in Rules 45,
authority.6
In its filing with the Commission, the 47, 52, 54, 93, 94, 95, 104A.50 and 123: 7
Robert W. Errett, self-regulatory organization included • Rule 45 governs the application of
Deputy Secretary. statements concerning the purpose of, Exchange Rules 46 to 294 to contracts
[FR Doc. 2015–11372 Filed 5–11–15; 8:45 am] and basis for, the proposed rule change made on the Exchange. Rule 45 would
BILLING CODE 8011–01–P and discussed any comments it received be amended to remove the second
on the proposed rule change. The text paragraph carving out transactions
of those statements may be examined at effected pursuant to ITS, which are
SECURITIES AND EXCHANGE the places specified in Item IV below. subject to the Rules specified in Rule 15.
COMMISSION The Exchange has prepared summaries, Rule 15 was amended in 2007, which
set forth in sections A, B, and C below, had been rendered obsolete following
of the most significant parts of such adoption of the NMS Linkage Plan.8
[Release No. 34–74889; File No. SR–NYSE–
statements. • Rule 47, which provides that Floor
2015–23]
Officials have the power to supervise
A. Self-Regulatory Organization’s and regulate active openings and
Self-Regulatory Organizations; New
Statement of the Purpose of, and unusual situations, would be amended
York Stock Exchange, LLC; Notice of
Statutory Basis for, the Proposed Rule to delete the second sentence of the
Filing and Immediate Effectiveness of
Change Rule providing that Floor Officials can
Proposed Rule Change Deleting Rules also supervise and regulate the
16 and 17T Related to the Terminated 1. Purpose operation of ITS during active openings
Intermarket Trading System, NMS and unusual situations.
The Exchange proposes to (1) delete
Linkage Plans, and Amending Rules • Rule 52, which provides that
45, 47, 52, 54, 93, 94, 95, 104A.50 and Rules 16 and 17T related to the
dealings on the Exchange are limited to
123 To Remove Outdated References terminated ITS and NMS Linkage Plans,
business hours, would be amended to
to the ITS Plan respectively, and (2) amend Rules 45,
remove the clause prohibiting members
47, 52, 54, 93, 94, 95, 104A.50 and 123 from issuing a commitment to trade
May 6, 2015. to remove outdated references to the ITS through ITS outside of business hours
Pursuant to Section 19(b)(1) 1 of the Plan. and the clause relating to DMM pre-
Securities Exchange Act of 1934 (the First, the Exchange proposes to delete opening notifications and pre-opening
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Rules 16 and 17T in their entirety. Rule responses sent pursuant to ITS.
notice is hereby given that on May 4, 16 governs Exchange liability for use of • Rule 54 provides that only members
2015, New York Stock Exchange LLC ITS 4 and the ITS Pre-Opening can make or accept bids and offers,
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with Application.5 ITS was eliminated on consummate transactions or otherwise
the Securities and Exchange June 30, 2007. Similarly, Rule 17T was transact business on the Exchange
Commission (the ‘‘Commission’’) the adopted in October 2006 as an interim trading Floor. Rule 54 would be
proposed rule change as described in measure in order to provide member amended to delete the second sentence
Items I, II, and III below, which Items access to other market center of subpart (a) to remove the exception
participants in the NMS Linkage Plan. for commitments or obligations to trade
have been prepared by the self-
The NMS Linkage Plan became effective through ITS.
regulatory organization. The • Rule 93 prohibits members from
Commission is publishing this notice to on October 1, 2006 and ran concurrently
with the ITS Plan until March 5, 2007, directly or indirectly holding any
solicit comments on the proposed rule interest or participation in an
change from interested persons. at which time the Order Protection Rule
unreported joint account. Rule 93 would
of Reg. NMS became operative. The
I. Self-Regulatory Organization’s be amended to remove Supplementary
NMS Linkage Plan terminated on June
Statement of the Terms of the Substance Material .10, which provides that
of the Proposed Rule Change 4 Between 1978 and 1997, ITS was the principal
members issuing ITS commitments or
means of electronically transmitting orders between
obligations to trade are deemed to be
The Exchange proposes to (1) delete market centers to avoid trading through superior initiating a purchase or a sale of a
Rules 16 and 17T related to the quotes in those markets. When the Commission security on the Exchange for purposes of
terminated Intermarket Trading System adopted Regulation National Market System (‘‘Reg. Rule 93. Rule 93 would also be
NMS’’), the ITS Plan participants terminated the amended to remove the explanatory
(‘‘ITS’’) and NMS Linkage Plans, governing agreement, the ITS Plan, and replaced it
respectively, and (2) amend Rules 45, with the NMS Linkage Plan. See Securities note that certain portions of the Rule
47, 52, 54, 93, 94, 95, 104A.50 and 123 Exchange Act Release No. 54551 (September 29, were repositioned from Rule 423
to remove outdated references to the ITS 2006), 71 FR 194 (October 6, 2006). The purpose of effective April 27, 1983.
Plan. The text of the proposed rule
the NMS Linkage Plan was to enable the plan • Rule 94 prohibits DMMs from
participants to act jointly in planning, developing,
change is available on the Exchange’s operating and regulating the NMS Linkage System
directly or indirectly acquiring or
Web site at www.nyse.com, at the that would electronically link the participant
markets to one another. 6 See Securities Exchange Act Release No. 57003
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principal office of the Exchange, and at 5 Prior to its amendment in 2007, Rule 15 defined (December 20, 2007), 72 FR 73949, 73950
the Commission’s Public Reference an ‘‘Pre-Opening Application’’ as ‘‘the application (December 28, 2007) (SR–NYSE–2007–112) (‘‘Rule
Room. of the System that permits a market-maker in one 15 Amendment’’).
7 In 2014, the Exchange amended Rules 15A and
Participant market who wishes to open his market
in an Eligible Listed Security to obtain from other 123D to remove outdated references to the ITS Plan.
6 17 CFR 200.30–3(a)(31). market-makers registered in that security in other See Securities Exchange Act Release No. 72916
1 15 U.S.C.78s(b)(1). Participant markets any pre-opening interests such (August 26, 2014), 79 FR 52094 (September 2, 2014)
2 15 U.S.C. 78a. (SR–NYSE–2014–44).
other market-makers might decide to disclose as set
3 17 CFR 240.19b–4. forth in the ITS Plan.’’ 8 See Rule 15 Amendment, 72 FR at 73950.

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Document Created: 2015-12-16 07:55:28
Document Modified: 2015-12-16 07:55:28

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 27216