70310 Federal Register / Vol. 75, No. 221 / Wednesday, November 17, 2010 / Notices 

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

2 17 CFR 240.19b–4. 

Management & Professional Earnings in 

the Securities Industry 2009, as 

modified by Commission staff to 

account for an 1,800 hour work year and 

multiplied by 5.35 to account for 

bonuses, firm size, employee benefits 

and overhead. The Commission 

estimates the total cost for all 1,000 

municipal advisors to hire outside 

counsel to review their compliance with 

the requirements of Rule 15Ba2–6T and 

Form MA–T to be approximately 

$400,000. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to: Thomas Bayer, Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

6432 General Green Way, Alexandria, 

Virginia 22312 or send an e-mail to: 

PRA_Mailbox@sec.gov. 

November 12, 2010. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–28983 Filed 11–16–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold an Open Meeting 

on November 19, 2010 at 10 a.m., in the 

Auditorium, Room L–002. 

The subject matter of the Open 

Meeting will be: 

1. The Commission will consider 

whether to propose new rules and rule 

amendments under the Investment 

Advisers Act of 1940 to implement 

provisions of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act. These rules and rule amendments 

are designed to give effect to provisions 

of Title IV of the Dodd-Frank Act that, 

among other things, increase the 

statutory threshold for registration by 

investment advisers with the 

Commission, require advisers to hedge 

funds and other private funds to register 

with the Commission, and address 

reporting by certain investment advisers 

that are exempt from registration. 

2. The Commission will consider 

whether to propose rules that would 

implement new exemptions from the 

registration requirements of the 

Investment Advisers Act of 1940 for 

advisers to venture capital funds and 

advisers with less than $150 million in 

private fund assets under management 

in the United States. These exemptions 

were enacted as part of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act. The proposed rules also 

would clarify the meaning of certain 

terms included in a new exemption for 

foreign private advisers. 

3. The Commission will consider 

whether to propose new rules under 

Section 763(i) of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act governing the security-based swap 

data repository registration process, the 

duties of such repositories, and the core 

principles applicable to such 

repositories. 

4. The Commission will consider 

whether to propose Regulation SBSR 

under Title VII of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act to provide for the reporting of 

security-based swap information to 

registered security-based swap data 

repositories or the Commission and the 

public dissemination of security-based 

swap transaction, volume, and pricing 

information. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: The Office of the Secretary at 

(202) 551–5400. 

Dated: November 12, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–29075 Filed 11–15–10; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63285; File No. SR–BX– 

2010–074] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Modify Fees 

for the NASDAQ OMX BX Equities 

System 

November 9, 2010. 

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 October 

27, 2010, NASDAQ OMX BX, Inc. 

(‘‘BX’’) 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 BX. 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 

BX proposes to modify pricing for BX 

members using the NASDAQ OMX BX 

Equities System. BX will implement the 

proposed change on November 1, 2010. 

The text of the proposed rule change is 

available at http:// 

nasdaqomxbx.cchwallstreet.com, at 

BX’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, BX 

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. BX 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 

BX is proposing to modify its fees for 

trades that execute at prices at or above 

$1. 

BX has a pricing model under which 

members are charged for the execution 

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Federal Register / Vol. 75, No. 221 / Wednesday, November 17, 2010 / Notices 70311 

3See, e.g., Securities Exchange Act Release No. 

63053 (October 6, 2010), 75 FR 63237 (October 14, 

2010) (SR–EDGA–2010–14); Securities Exchange 

Act Release No. 63054 (October 6, 2010), 75 FR 

63227 (October 14, 2010) (SR–EDGX–2010–13); 

Securities Exchange Act Release No. 63149 (October 

21, 2010), 75 FR 66180 (October 27, 2010) (SR– 

BYX–2010–004). 

4 15 U.S.C. 78f. 

5 15 U.S.C. 78f(b)(4). 6 15 U.S.C. 78s(b)(3)(a)(ii). 7 17 CFR 200.30–3(a)(12). 

of quotes/orders posted on the BX book 

(i.e., quotes/orders that provide 

liquidity), while providing a rebate to 

orders that access liquidity. Currently, 

the charge to provide liquidity is 

$0.0003 per share executed, while the 

rebate for accessing liquidity is $0.0001 

per share executed. Effective November 

1, 2010, BX will increase the rebate for 

accessing liquidity to $0.0002 per share 

executed. In addition, BX will introduce 

a tiered pricing structure for the fee to 

add liquidity, under which members 

adding a daily average of more than 50 

million shares of liquidity during a 

month will be charged $0.00025 per 

share executed, while members adding 

a daily average of 50 million or fewer 

shares during the month will be charged 

$0.0004 per share executed. Thus, while 

the fee change will result in a small fee 

increase for members providing low 

volumes of liquidity on BX, it will 

reduce fees charged to members 

providing higher volumes of liquidity 

and members accessing liquidity. The 

fee changes are reflective of the ongoing 

intense level of competition for order 

flow in the cash equities markets.3

2. Statutory Basis 

BX believes that the proposed rule 

change is consistent with the provisions 

of Section 6 of the Act,4 in general, and 

with Section 6(b)(4) of the Act,5 in 

particular, in that it 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 BX operates or 

controls. The impact of the price 

changes upon the net fees paid by a 

particular market participant will 

depend upon a number of variables, 

including the relative availability of 

liquidity on BX and other venues, the 

prices of the market participant’s quotes 

and orders relative to the national best 

bid and offer (i.e., its propensity to add 

or remove liquidity), and the volume of 

liquidity provided by the member. 

BX notes that it operates in a highly 

competitive market in which market 

participants can readily direct order 

flow to competing venues if they deem 

fee levels at a particular venue to be 

excessive. Accordingly, if particular 

market participants object to the 

proposed fee changes, they can avoid 

paying the fees by directing orders to 

other venues. BX believes that its fees 

continue to be reasonable and equitably 

allocated to members on the basis of 

whether they opt to direct orders to BX. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

BX does not believe that the proposed 

rule change will result in any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act, as amended. 

Because the market for order execution 

and routing is extremely competitive, 

members may readily direct orders to 

BX’s competitors if they object to the 

proposed rule change. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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.6 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. 

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–BX–2010–074 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–BX–2010–074. 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, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing will 

also be available for inspection and 

copying at the principal office of the 

self-regulatory organization. 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–BX–2010–074 and should 

be submitted on or before December 8, 

2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–28892 Filed 11–16–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63291; File No. SR– 

NYSEArca–2010–97] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by NYSE 

Arca, Inc. Relating to Fees for NYSE 

Arca Depth-of-Book Data 

November 9, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

mstockstill on DSKH9S0YB1PROD with NOTICES