Federal Register / Vol. 76, No. 64 / Monday, April 4, 2011 / Notices 18587 

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

2 17 CFR 240.19b–4. 

3The term ‘‘inactive nominee’’ means a natural 

person associated with and designated as such by 

a member organization and who has been approved 

for such status and is registered as such with the 

Membership Department. An inactive nominee 

shall have no rights or privileges under a permit 

unless and until said inactive nominee becomes 

admitted as a member of the Exchange pursuant to 

the By-Laws and Rules of the Exchange. An inactive 

nominee merely stands ready to exercise rights 

under a permit upon notice by the member 

organization to the Membership Department on an 

expedited basis. See Exchange Rule 1(i). 

4An Inactive Nominee is currently required to 

pay $500 every 6 months for the privilege of 

maintaining an Inactive Nominee Status. See the 

Inactive Nominee Fee on the Exchange’s Fee 

Schedule. See also Exchange By-Law Article X, 

Section 12–10. 

only during those portions of the 

meeting that are open to the public. 

Detailed procedures for the conduct of 

and participation in ACRS meetings 

were published in the Federal Register 

on October 21, 2010, (75 FR 65038– 

65039). 

Detailed meeting agendas and meeting 

transcripts are available on the NRC 

Web site at http://www.nrc.gov/readingrm/doc-collections/acrs. Information 

regarding topics to be discussed, 

changes to the agenda, whether the 

meeting has been canceled or 

rescheduled, and the time allotted to 

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: March 29, 2011. 

Yoira Diaz-Sanabria, 

Reactor Safety Branch B, Advisory Committee 

on Reactor Safeguards. 

[FR Doc. 2011–7889 Filed 4–1–11; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Corestream Energy, 

Inc. (f/k/a Zealous, Inc.); Order of 

Suspension of Trading 

March 31, 2011. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Corestream 

Energy, Inc. (‘‘Corestream’’) (f/k/a 

Zealous, Inc.) because it has failed to 

file certain periodic reports with the 

Commission and because of questions 

regarding the accuracy and adequacy of 

statements made by Corestream in press 

releases concerning, among other things, 

the acquisition of certain oil wells. 

Corestream is quoted on OTC Link 

(previously the Pink Sheets) operated by 

OTC Markets Group, Inc. under the 

ticker symbol ‘‘ZLUS.’’ 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

company. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed company is 

suspended for the period from 9:30 a.m. 

EDT on March 31, 2011, through 11:59 

p.m. EDT on April 13, 2011. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–8038 Filed 3–31–11; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64141; File No. SR–Phlx– 

2011–32] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NASDAQ 

OMX PHLX LLC Relating to Inactive 

Nominees and Dividend and Merger 

Strategy Definitions 

March 29, 2011. 

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 March 24, 

2011, 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, 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 Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

Exchange’s Fee Schedule to apply the 

Trading Floor Personnel Registration 

Fee to Inactive Nominees.3 In addition, 

the Exchange is proposing to amend the 

dividend and merger strategy text in the 

Exchange’s Fee Schedule to add 

specificity to those definitions. 

While changes to the Fee Schedule 

pursuant to this proposal are effective 

upon filing, the Exchange has 

designated these changes to be operative 

on April 1, 2011. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqtrader.com/ 

micro.aspx?id=PHLXfilings, 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 the Exchange’s Fee 

Schedule to provide that an Inactive 

Nominee must pay the Trading Floor 

Personnel Registration Fee in order to 

recover certain administrative expenses 

associated with Inactive Nominees. An 

Inactive Nominee’s status requires 

additional administration because the 

Inactive Nominee is also deemed a clerk 

for the purpose of Exchange Rule 1090. 

Pursuant to By-Law Article X, Section 

12–10, to be eligible as an Inactive 

Nominee, an individual must be 

approved as eligible to hold a permit in 

accordance with the Exchange’s ByLaws and Rules. An Inactive Nominee 

does not have any rights or privileges of 

a permit holder unless and until the 

Inactive Nominee becomes an effective 

permit holder and all applicable 

Exchange fees are paid.4

The Inactive Nominee allows a 

member to have additional flexibility in 

obtaining coverage on the trading floor. 

An Inactive Nominee stands ready to 

assume a membership upon notice by 

the member requesting that a specific 

permit be transferred intra-firm on an 

expedited and temporary basis. This 

transfer allows an Inactive Nominee to 

become an effective member of the 


Emcdonald on DSK2BSOYB1PROD with NOTICES
18588 Federal Register / Vol. 76, No. 64 / Monday, April 4, 2011 / Notices 

5The Inactive Nominee is required to notify the 

Membership Department in writing prior to the 

trading day on which they will act in place of a 

member. The Exchange requires an Inactive 

Nominee on the Exchange’s trading floor to wear a 

badge which is provided by the Exchange and 

contains identifying information. The Inactive 

Nominee cannot simultaneously act as a member 

and a clerk on the same day. 

6The term ‘‘Clerk ’’ means any registered on-floor 

person employed by or associated with a member, 

member organization, participant, or participant 

organization who is not a member and is not 

eligible to effect transactions on the Options Floor 

as a Specialist, Registered Options Trader, or Floor 

Broker. See Exchange Rule 1090. For purposes of 

Rule 1090, an Inactive Nominee shall be deemed a 

Clerk. 

7See Securities Exchange Act Release No. 46505 

(September 17, 2002), 67 FR 60273 (September 25, 

2002) (SR–Phlx–2001–104). 

8See SR–Phlx–2011–20. 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4). 11 15 U.S.C. 78s(b)(3)(A)(ii). 

Exchange.5 By way of example, an 

Inactive Nominee would be activated in 

the event of an emergency due to illness 

or other factors. This would allow a 

member organization to have a full staff 

available to conduct business on the 

Exchange trading floor. 

An Inactive Nominee is also deemed 

a clerk for purposes of Exchange Rule 

1090.6 Rule 1090 was enacted to 

identify categories of persons that are 

not members of the Exchange and who 

are not eligible to effect transactions, but 

are located on the Exchange’s trading 

floor. In order for Rule 1090 to apply to 

all categories of registered persons 

located on the Exchange’s Options Floor 

that are generally not eligible to effect 

transactions, Inactive Nominees are 

deemed to be Clerks for purposes of that 

Rule.7

Currently, the Exchange assesses a 

$100 per month Trading Floor 

Personnel Registration Fee. This fee is 

imposed on member/participant 

organizations for individuals who are 

employed by such member/participant 

organizations and who work on the 

Exchange’s trading floor, such as clerks, 

interns, stock execution clerks that 

handle equity orders that are part of an 

options contingency order and other 

associated persons, but who are not 

registered as members or participants. 

The Exchange currently does not 

impose the Trading Floor Personnel 

Registration Fee on Inactive Nominees 

because an Inactive Nominee is required 

to register as a member. 

The Exchange is proposing to 

eliminate the following qualifying 

language applicable to the Trading Floor 

Personnel Fee ‘‘* * * but who are not 

registered as members or participants.’’ 

In addition, the Exchange is proposing 

to add the following clarifying language 

‘‘[t]his fee is not imposed on permit 

holders.’’ The Exchange also proposes to 

add a parenthetical to indicate that for 

purposes of the Trading Floor Personnel 

Registration Fee a Clerk includes an 

Inactive Nominee. This would add 

Inactive Nominees to the list of 

individuals who are employed on the 

Exchange’s trading floor and are subject 

to the Trading Floor Personnel 

Registration Fee. The only participants 

that would not be subject to the fee 

would be permit holders. 

Additionally, the Exchange is 

proposing to amend the definitions of 

dividend and merger strategies in 

Section II of the Fee Schedule titled 

‘‘Equity Options Fees.’’ The Exchange 

recently amended the definitions of 

dividend and merger strategy to provide 

clarity with respect to the text ‘‘prior to 

the date.’’ 8 The Exchange added the 

word ‘‘immediately’’ to both definitions 

to make clear that the timing of the 

trigger event must occur the first 

business day prior to the trigger event. 

For example, with respect to a dividend 

strategy, the Exchange would interpret 

the proposed term ‘‘immediately’’ to 

mean the first business day prior to the 

date on which the underlying stock goes 

ex-dividend. With respect to a merger 

strategy, the Exchange would interpret 

the proposed term ‘‘immediately’’ to 

mean the first business day prior to the 

date on which shareholders of record 

are required to elect their respective 

form of consideration. In order that the 

meaning of immediately is clear, the 

Exchange is proposing to replace the 

words ‘‘immediately’’ with ‘‘the first 

business day’’ in both the dividend and 

merger strategy definitions in Section II 

of the Fee Schedule. 

2. Statutory Basis 

The Exchange believes that its 

proposal to amend its Fee Schedule is 

consistent with Section 6(b) of the Act 9

in general, and furthers the objectives of 

Section 6(b)(4) of the Act 10 in 

particular, in that it is an equitable 

allocation of reasonable fees and other 

charges among Exchange members and 

other persons using its facilities. 

The Exchange believes that applying 

the Trading Floor Personnel Registration 

Fee to Inactive Nominees is reasonable 

because Inactive Nominees are not 

subject to the permit fees which permit 

holders are required to pay to maintain 

their membership. Permit holders are 

required to pay a monthly Permit Fee in 

order to transact business at the 

Exchange. Similar to clerks, interns and 

stock execution clerks, Inactive 

Nominees do not pay a permit fee. 

The Exchange believes that applying 

the Trading Floor Personnel Registration 

Fee to Inactive Nominees is equitable 

because it would uniformly apply to all 

inactive nominees and overall the fee 

would apply to all individuals that do 

not maintain a permit. 

The Exchange believes that it is 

reasonable to amend the definitions of 

dividend and merger strategies to 

provide members with a definition that 

is clear and unambiguous. In addition, 

the Exchange believes that the amended 

definitions would provide members 

clear guidance on the applicability of 

the equity option transaction charges 

and the available caps. 

The Exchange believes that the 

proposed amendments are equitable 

because the proposed new definitions 

would apply equally to all members 

transacting dividend or merger 

strategies. The Exchange would 

uniformly apply the definitions to all 

members who transacted such dividend 

and/or merger strategies when assessing 

equity option transaction charges and 

applying caps. 

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. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.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 

necessary or appropriate in the public 

interest, for the protection of investors, 

or 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. 


Emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 64 / Monday, April 4, 2011 / Notices 18589 

12 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. 60905 

(Oct. 30, 2009), 74 FR 57544 (Nov. 6, 2009)) (SR– 

NASDAQ–2009–033); Securities Exchange Act 

Release No. 57822 (May 15, 2008), 73 FR 29800 

(May 22, 2008)) (SR–NASDAQ–2008–045); 

Securities Exchange Act Release No. 57977 (June 

17, 2008), 73 FR 35429 (June 23, 2008) (SR– 

NASDAQ–2008–052). 

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 rulecomments@sec.gov. Please include File 

Number SR–Phlx–2011–32 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–Phlx–2011–32. 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 Web site viewing and 

printing in the Commission’s Public 

Reference Room 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 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–Phlx–2011–32, and should 

be submitted on or before April 25, 

2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–7814 Filed 4–1–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–64143; File No. SR– 

NASDAQ–2011–037] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change to 

Modify Chapter VI, Section 8 of the 

Exchange’s Rules 

March 29, 2011. 

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 March 15, 

2011, The NASDAQ Stock Market LLC 

(‘‘NASDAQ’’), filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by NASDAQ. 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 

NASDAQ proposes to modify Chapter 

VI, Section 8 of the Exchange’s rules, 

dealing with the Nasdaq Opening Cross. 

Additionally, NASDAQ is proposing to 

establish a Halt Cross that is nearly 

identical to the modified Opening Cross 

on NOM. The Exchange proposes to 

implement these changes on or about 

May 31, 2011. 

The text of the proposed rule change 

is available at http:// 

nasdaq.cchwallstreet.com/, at 

NASDAQ’s principal office, 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, 

NASDAQ 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. 

NASDAQ 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 

Nasdaq proposes to modify Chapter 

VI, Section 8 of the rules governing 

NOM, and in particular governing the 

opening of trading at the start of the 

trading day and at the resumption of 

trading following a halt. Since NOM 

was launched on March 31, 2008 

Nasdaq has monitored the operation of 

the market to identify instances where 

market efficiency can be enhanced.3

NASDAQ believes that the opening of 

the market, while currently quite 

effective, can be further enhanced, and 

that a Halt Cross would create a more 

orderly opening following a trading halt. 

First, NOM currently employs a series 

of tie-breakers that resolve instances 

where multiple prices satisfy the 

conditions for executing the cross. 

These tie-breakers govern the 

calculation of the Current Reference 

Price that is disseminated to market 

participants prior to the execution of a 

cross. The tie-breakers also govern the 

calculation of the actual cross price. The 

tiebreakers are criteria that operate in a 

hierarchy. If one and only one price 

satisfies the first criterion, the system 

has no need to move to the second. 

Conversely, if multiple prices satisfy the 

first criterion, the algorithm turns to the 

second criteria and if multiple prices 

satisfy the second criterion, the 

algorithm then turns to the third 

criterion. 

NASDAQ is proposing to eliminate 

what currently serves as the second tiebreaker that NOM employs to establish 

the Current Reference Price as set forth 

in Chapter VI, Section 8(a)(2(A)(ii) [sic] 

and the Cross price as set forth in 

subsection (b)(2)(B) of that Rule. This 

tie-breaker resolves price disputes based 

on minimizing order imbalances. In 

other words, under the current system, 

when more than one price satisfies 

equally the first condition for the 

Opening Cross, the system will choose 

that price which minimizes the order 

imbalance remaining if the cross were to 

be executed. 

NASDAQ has determined to eliminate 

this tie-breaker because it has not 

proven useful in augmenting price 

discovery prior to the cross or in 


Emcdonald on DSK2BSOYB1PROD with NOTICES