13010 Federal Register / Vol. 76, No. 46 / Wednesday, March 9, 2011 / Notices 

11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 62818 

(September 1, 2010), 75 FR 54665 (‘‘Notice’’). 

4See Letters to Elizabeth M. Murphy, Secretary, 

Commission, from William F. Galvin, Secretary of 

the Commonwealth, Commonwealth of 

Massachusetts, dated September 28, 2010; Michael 

R. Trocchio, Bingham McCutchen LLP, on behalf of 

Pink OTC Markets Inc., dated October 3, 2010; and 

Tom A. Alberg, Managing Director and Founder, 

Madrona Venture Group, dated December 1, 2010. 

5See Securities Exchange Act Release No. 63105 

(October 14, 2010), 75 FR 64772 (October 20, 2010) 

(‘‘Extension’’). 

6See Securities Exchange Act Release No. 63597 

(December 22, 2010), 75 FR 82098 (December 29, 

2010) (‘‘Amendment No. 1’’). 

7See Securities Exchange Act Release No. 63448 

(December 7, 2010), 75 FR 77036 (December 10, 

2010) (‘‘Order Instituting Proceedings’’). 

8See Letters to Elizabeth M. Murphy, Secretary, 

Commission, from James J. Angel, Ph.D., CFA, 

dated January 14, 2011; K. Richard B. Niehoff, 

Chairman and CEO, United States OTC Markets, 

Inc., dated January 20, 2011; Mark G. Heesen, 

President, National Venture Capital Association, 

dated January 21, 2011; Alan F. Eisenberg, 

Executive Vice President, Emerging Companies and 

Business Development, Biotechnology Industry 

Organization, dated January 24, 2011; Michael R. 

Trocchio, Bingham McCutchen LLP, on behalf of 

OTC Markets Group Inc., dated January 24, 2011; 

Rey Ramsey, President and CEO, TechNet, dated 

January 24, 2011; and William F. Galvin, Secretary 

of the Commonwealth, Commonwealth of 

Massachusetts, dated January 26, 2011. 

9See Letter to Elizabeth M. Murphy, Secretary, 

Commission, from Joan C. Conley, Senior Vice 

President and Corporate Secretary, The NASDAQ 

OMX Group, dated February 17, 2011. 

10 15 U.S.C. 78s(b)(2). 

11The Exchange believes that a BX listing could 

help companies that are being delisted from another 

national securities exchange for failure to meet its 

quantitative listing standards and companies with 

smaller market capitalization contemplating an 

initial exchange listing to raise capital, and in turn 

promote job creation within the United States. See 

Amendment No. 1, supra note 6 at 82100. The 

Exchange further believes that the proposed listing 

venue will provide a transparent, well-regulated 

marketplace for these companies and their 

investors. See id. at 82099. 

12See Order Instituting Proceedings, supra note 7 

at 77040. 

13 15 U.S.C. 78s(b)(2). 

14 17 CFR 200.30–3(a)(57). 

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 website 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 

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– 

NASDAQ–2011–029, and should be 

submitted on or before March 30, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–5380 Filed 3–8–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64028; File No. SR–BX– 

2010–059] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of 

Designation of Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Disapprove 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Create a Listing 

Market on the Exchange 

March 3, 2011. 

On August 20, 2010, NASDAQ OMX 

BX, Inc. (the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

create a listing market on the Exchange. 

The proposed rule change was 

published for comment in the Federal 

Register on September 8, 2010.3 The 

Commission received three comment 

letters on the proposal.4 The 

Commission subsequently extended the 

time period in which to either approve 

the proposed rule change, disapprove 

the proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change, to 

December 7, 2010.5 On December 6, 

2010, the Exchange filed Amendment 

No. 1 to the proposed rule change.6 On 

December 7, 2010, the Commission 

instituted proceedings to determine 

whether to disapprove the proposed 

rule change, as modified by Amendment 

No. 1.7 The Commission thereafter 

received seven comments on the 

proposal.8 The Exchange responded to 

these comments on February 17, 2011.9

Section 19(b)(2) of the Act 10 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of the filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

September 8, 2010. March 7, 2011 is 180 

days from that date, and May 6, 2011 is 

an additional 60 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

this proposed rule change, the issues 

raised in the comment letters that have 

been submitted in connection with this 

proposed rule change, and the 

Exchange’s response to such issues in 

its response letter. Specifically, while 

the Exchange noted a number of benefits 

to the proposal,11 as the Commission 

noted in the Order Instituting 

Proceedings, the proposal raises issues 

such as whether BX-listed securities 

could be more prone to manipulation, 

and whether investors will understand 

that BX-listed securities could pose 

substantially more risk than those listed 

on other markets.12

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,13 designates May 6, 2011, as the 

date by which the Commission should 

either approve or disapprove the 

proposed rule change. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–5379 Filed 3–8–11; 8:45 am] 

BILLING CODE 8011–01–P 


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