[Federal Register Volume 69, Number 26 (Monday, February 9, 2004)]
[Notices]
[Page 6009]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-2695]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49169; File No. SR-NASD-2003-178]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the National Association of Securities Dealers, 
Inc. To Modify Certain Listing Fees for Foreign Issuers and To Make a 
Technical Change to the Rule Pertaining to Record-Keeping Fees for 
Issuers Listed on the Nasdaq SmallCap Market

February 2, 2004.
    On December 3, 2003, the National Association of Securities 
Dealers, Inc. (``NASD'' or ``Association''), through its subsidiary, 
the Nasdaq Stock Market, Inc. (``Nasdaq''), 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 modify certain listing fees 
for foreign issuers and to make a technical change to the rule that 
pertains to record-keeping fees for issuers listed on The Nasdaq 
SmallCap Market.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on December 15, 2003.\3\ The Commission received no comments 
on the proposal. This order approves the proposed rule change.
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    \3\ See Securities Exchange Act Release No. 48889 (December 5, 
2003), 68 FR 69736.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities association.\4\ In 
particular, the Commission believes that the proposed rule change is 
consistent with section 15A(b)(5) of the Act,\5\ in particular, in that 
the proposal provides for the equitable allocation of reasonable dues, 
fees, and other charges among members and issuers and other persons 
using any facility or system which the NASD operates or controls. 
Specifically, the Commission believes that the revised fee schedules 
should reduce the current disparity in the entry and annual fees that 
are paid by Nasdaq issuers.
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    \4\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o-3(b)(5).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-NASD-2003-178) be, and it 
hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-2695 Filed 2-6-04; 8:45 am]
BILLING CODE 8010-01-P