Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices 5951 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5As defined in BATS Rule 11.9(c)(10). 

6 15 U.S.C. 78f. 

7 15 U.S.C. 78f(b)(4). 

information from issuers of publicly 

traded securities so that investors have 

current information upon which to base 

investment decisions. The purpose of 

the regulation is to require: (1) An issuer 

that intentionally discloses material 

information, to do so through public 

disclosure, not selective disclosure; and 

(2) an issuer that learns that it has made 

a non-intentional material selective 

disclosure, issuer to make prompt 

public disclosure of that information. 

Regulation FD was adopted due to a 

concern that the practice of selective 

disclosure leads to a loss of investor 

confidence in the integrity of our capital 

markets. We estimate that 

approximately 13,000 issuers make 

Regulation FD disclosures 

approximately five times a year for a 

total of 58,000 submissions annually, 

not including an estimated 7,000 issuers 

who file Form 8–K to comply with 

Regulation FD. We estimate that it takes 

5 hours per response (58,000 responses 

× 5 hours) for a total burden of 290,000 

hours annually. In addition, we estimate 

that 25% of the 5 hours per response 

(1.25 hours) is prepared by the filer for 

an annual reporting burden of 72,500 

hours (1.25 hours per response × 58,000 

responses). 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information has practical utility; (b) the 

accuracy of the agency’s estimate of the 

burden imposed by the collection of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information 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 Charles Boucher, Director/CIO, 

Securities and Exchange Commission, 

C/O Shirley Martinson, 6432 General 

Green Way, Alexandria, Virginia 22312; 

or send an e-mail to: 

PRA_Mailbox@sec.gov. 

January 26, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2228 Filed 2–2–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59312; File No. SR–BATS– 

2009–005] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Related to Fees for Use 

of BATS Exchange, Inc. 

January 28, 2009. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

23, 2009, BATS Exchange, Inc. (‘‘BATS’’ 

or the ‘‘Exchange’’) 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 the Exchange. BATS has designated 

the proposed rule change as one 

establishing or changing a member due, 

fee, or other charge imposed by the 

Exchange under Section 19(b)(3)(A)(ii) 

of the Act 3 and Rule 19b–4(f)(2) 

thereunder,4 which renders the 

proposed rule change effective upon 

filing with the Commission. 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 modify its 

fee schedule applicable to use of the 

Exchange effective January 23, 2009, in 

order to implement new pricing for 

Destination Specific Orders 5 routed 

away from the Exchange to the 

NASDAQ OMX BX, Inc. (‘‘NASDAQ 

BX’’). 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.batstrading.com, 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 parts of such 

statements. 

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to modify its 

fee schedule applicable to use of the 

Exchange effective January 23, 2009, in 

order to implement new pricing for 

Destination Specific Orders routed away 

from the Exchange to NASDAQ BX. The 

Exchange proposes to charge the same 

price for such Destination Specific 

Orders as it charges for Destination 

Specific Orders routed to NASDAQ 

Stock Market, the International 

Securities Exchange, and the National 

Securities Exchange. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder that 

are applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6 of the Act.6

Specifically, the Exchange believes that 

the proposed rule change is consistent 

with Section 6(b)(4) of the Act,7 in that 

it provides for the equitable allocation 

of reasonable dues, fees and other 

charges among members and other 

persons using any facility or system 

which the Exchange operates or 

controls. The Exchange 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. The 

Exchange believes that its fees and 

credits are competitive with those 

charged by other venues, and notes that 

the charge for Destination Specific 

Orders routed to NASDAQ BX is 

consistent with the fees the Exchange 

charges for certain other Destination 

Specific Orders. Finally, the Exchange 

believes that the proposed rate for 

orders routed to NASDAQ BX is 

equitable in that it applies uniformly to 

all Members of the Exchange. 

(B) Self-Regulatory Organization’s 

Statement of Burden on Competition 

The Exchange does not believe that 

the proposed rule change imposes any 

burden on competition. 


yshivers on PROD1PC62 with NOTICES
5952 Federal Register / Vol. 74, No. 21 / Tuesday, February 3, 2009 / Notices 

8 15 U.S.C. 78s(b)(3)(A)(ii). 

9 17 CFR 240.19b–4(f)(6) [sic]. 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Amendment 1 makes a technical correction to 

conform Commentary .03 to the proposed new rule 

language. 

4Changes are marked to the rule text that appears 

in the electronic NASDAQ Manual found at http:// 

wallstreet.cch.com/nasdaq/. 

(C) Self-Regulatory Organization’s 

Statement on Comments Regarding the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were solicited 

or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change 

has been designated as a fee change 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act 8 and Rule 19b–4(f)(2) thereunder,9

because it establishes or changes a due, 

fee or other charge imposed on members 

by the Exchange. Accordingly, the 

proposal is effective upon filing with 

the Commission. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

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. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposal 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 

No. SR–BATS–2009–005 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 No. 

SR–BATS–2009–005. 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 changes 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 inspection and copying 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 BATS. 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 No. 

SR–BATS–2009–005 and should be 

submitted on or before February 24, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2231 Filed 2–2–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59310; File No. SR– 

NASDAQ–2009–005] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change as 

Modified by Amendment No. 1 Thereto 

To Reduce The Order Exposure Period 

on the NASDAQ Options Market 

January 28, 2009. 

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 January 

23, 2009, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) proposed rule change 

as described in Items I and II below, 

which Items have been prepared by the 

Exchange. Amendment 1 was filed on 

January 27, 2009. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change, 

as amended, from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Specifically, NASDAQ is proposing to 

amend Chapter VII, Section 12 of the 

NASDAQ rule manual governing the 

NASDAQ Options Market to provide 

that: (i) Options Participants may not 

execute as principal against orders on 

the limit order book they represent as 

agent unless such agency orders are first 

exposed on the limit order book for at 

least one (1) second, or the Options 

Participant has been bidding or offering 

on the Exchange for at least one (1) 

second prior to receiving an agency 

order that is executable against such 

order, and (ii) Options Participants must 

expose orders they represent as agent for 

at least one (1) second before such 

orders may be automatically executed, 

in whole or in part, against orders 

solicited from members and nonmember broker-dealers to transact with 

such orders.3

The text of the proposed rule change 

is below. Proposed new language is in 

italics; proposed deletions are in 

brackets.4

* * * * * 

Chapter VII, Market Participants: 

Sec. 12 Order Exposure Requirements: 

With respect to orders routed to NOM, 

Options Participants may not execute as 

principal orders they represent as agent 

unless (i) agency orders are first exposed 

on NOM for at least one (1) second 

[three (3) seconds] or (ii) the Options 

Participant has been bidding or offering 

on NOM for at least one (1) second 

[three (3) seconds] prior to receiving an 

agency order that is executable against 

such bid or offer. 

Commentary: 

.01 and .02 No change. 

.03 With respect to non-displayed 

trading interest, including the reserve 

portion, the exposure requirement of 

subsection (i) is satisfied if the 

displayable portion of the order is 

displayed at its displayable price for one 

[three] seconds. 

.04 No change. 

* * * * * 

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 

self-regulatory organization included 

statements concerning the purpose of, 


yshivers on PROD1PC62 with NOTICES