Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
                -                       the agency docket number / agency internal file number                    
                -                       the RIN which identifies each regulatory action listed in                      the Unified Agenda of Federal Regulatory and Deregulatory                      Actions                    

                    See the                                          Document Drafting Handbook                                        for more details.                  

###### Securities and Exchange Commission

          - [Release No. 34-50860; File No. SR-NASD-2004-166]

                    On October 29, 2004, the National Association of Securities Dealers, Inc. (“NASD”), 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 modifying the Other Securities fee schedule in NASD Rule 4530 by establishing a new, separate, non-refundable application fee for “other securities” and SEEDS and raising the applicable annual fee levels. The proposed rule change was published for comment in the                     **Federal Register**                     on November 10, 2004.[3]                                          The Commission received no comments on the proposal.                

                    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]                                          and, in particular, the requirements of section 15A of the Act [5]                                          and the rules and regulations thereunder. The Division finds specifically that the proposed rule change is consistent with section 15A(b)(5) of the Act,[6]                                          which requires that the rules of an association provide 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 association operates or controls. Specifically, the increase is intended to reflect the costs that Nasdaq has represented it incurs for the services provided to issuers.                

*It is therefore ordered,*                     pursuant to section 19(b)(2) of the Act,[7]                                          that the proposed rule change (File NO. SR-NASD-2004-166) be, and hereby is, approved.                

                        For the Commission, by the Division of Market Regulation, pursuant to delegated authority.[8] 

Margaret H. McFarland,

Deputy Secretary.

# Footnotes

1.                             15 U.S.C. 78s(b)(1).                    
        Back to Citation      

2.                             17 CFR 240.19b-4.                    
        Back to Citation      

3.                                                     *See*                         Securities Exchange Act Release No. 50629 (November 3, 2004), 69 FR 65237.                    
        Back to Citation      

4.                             In approving this proposed rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).                    
        Back to Citation      

5.                             15 U.S.C. 78*o*                        -3.                    
        Back to Citation      

6.                             15 U.S.C. 78*o*                        -3(b)(5).                    
        Back to Citation      

7.                             15 U.S.C. 78s(b)(2).                    
        Back to Citation      

8.                                 17 CFR 200.30-3(a)(12).                        
        Back to Citation      

[FR Doc. 04-27942  Filed 12-30-04; 8:45 am]

BILLING CODE 8010-01-M