13680 Federal Register / Vol. 77, No. 45 / Wednesday, March 7, 2012 / Notices 

6 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. 66159 

(January 13, 2012), 77 FR 3021. 

4See Letter from David A. Donohoe, Jr., Donohoe 

Advisory Associates LLC, to Elizabeth M. Murphy, 

Secretary, Commission, dated February 10, 2012. 

5 15 U.S.C. 78s(b)(2). 

6 15 U.S.C. 78s(b)(2). 

7 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Chicago Stock Exchange, Inc. Fee Schedule, 

Section E(1). 

be submitted on or before March 28, 

2012. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Kevin O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5472 Filed 3–6–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66499; File No. SR– 

NASDAQ–2012–002] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on Proposed Rule 

Change To Adopt an Alternative to the 

$4 Initial Listing Bid Price Requirement 

for the Nasdaq Capital Market of Either 

$2 or $3, if Certain Other Listing 

Requirements Are Met 

March 1, 2012. 

On January 3, 2012, The NASDAQ 

Stock Market LLC (‘‘Exchange’’ or 

‘‘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 

proposal to adopt an alternative to the 

$4 minimum bid price initial listing 

requirement for the Nasdaq Capital 

Market of either $2 or $3, if certain other 

listing requirements are met. The 

proposed rule change was published for 

comment in the Federal Register on 

January 20, 2012.3 The Commission 

received one comment on the proposal.4

Section 19(b)(2) of the Act 5 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day for this filing 

is March 5, 2012. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. The 

Commission finds that it is appropriate 

to designate a longer period to take 

action on the proposed rule change so 

that it has sufficient time to consider the 

Exchange’s proposal and the comment 

received. The Exchange’s proposal 

would, among other things, allow a 

company’s primary equity securities to 

be initially listed on the Nasdaq Capital 

Market if those securities have a 

minimum bid price of $2 or $3 per share 

and certain other listing requirements 

are met. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,6

designates April 19, 2012, as the date by 

which the Commission should either 

approve or disapprove or institute 

proceedings to determine whether to 

disapprove the proposed rule change. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5471 Filed 3–6–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66498; File No. SR–CBOE– 

2012–020] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend the CBOE 

Stock Exchange Fees Schedule 

March 1, 2012. 

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 February 

22, 2012, the Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘CBOE’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 

CBOE Stock Exchange (‘‘CBSX’’) Fees 

Schedule. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.com/ 

AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 Exchange proposes to amend 

CBSX Maker and Taker fees for 

competitive and business purposes. 

First, CBSX proposes to increase the 

Maker fee for transactions in securities 

priced $1 or greater by $0.0001 per 

share, to $0.0018. CBSX also proposes to 

increase the Maker fee for transactions 

in securities priced $1 or greater 

executed by a market participant that 

adds two million or more shares of 

liquidity that day by $0.0001 per share, 

to $0.0016. 

The Exchange also proposes to amend 

Maker and Taker fees for transactions in 

securities priced less than $1. The 

Exchange proposes to assess no Maker 

fee for such transactions in order to 

attract liquidity. The Exchange also 

proposes to increase the Taker fee for 

transactions in securities priced less 

than $1 to 0.30% of the dollar value of 

the transaction in order to normalize the 

Taker fee to equivalent offerings by 

other exchanges.3

The proposed changes are to take 

effect March 1, 2012. 


srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 45 / Wednesday, March 7, 2012 / Notices 13681 

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

5 15 U.S.C. 78f(b)(4). 

6See footnote 1. 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 C.F.R. 240.19b–4(f)(2). 9 17 CFR 200.30–3(a)(12). 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.4 Specifically, 

the Exchange believes the proposed rule 

change is consistent with Section 6(b)(4) 

of the Act,5 which provides that 

Exchange rules may provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

Trading Permit Holders and other 

persons using its facilities. The slight 

increases to the Maker fees for 

transactions in securities priced $1 or 

greater are reasonable because the 

amount of the increase is minimal, and 

the amounts of the fees are within the 

range of Maker fees that have been 

assessed previously. The slight 

increases to the Maker fees for 

transactions in securities priced $1 or 

greater are equitable and not unfairly 

discriminatory because the fees will be 

assessed to all market participants 

equally. 

The change to eliminate the Maker for 

transactions in securities priced less 

than $1 fee is reasonable because it will 

allow market participants to no longer 

have to pay a Maker fee for such 

transactions. This change is equitable 

and not unfairly discriminatory because 

it will allow all market participants to 

avoid paying such a fee. The change to 

increase the Taker fee for transactions in 

securities priced less than $1 is 

reasonable because the new amount of 

the fee is within the range of fees for 

similar transactions at other exchanges,6

and is equitable and not unfairly 

discriminatory because it will be 

assessed to all market participants 

equally. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is 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 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The proposed rule change is 

designated by the Exchange as 

establishing or changing a due, fee, or 

other charge, thereby qualifying for 

effectiveness on filing pursuant to 

Section 19(b)(3)(A) of the Act 7 and 

subparagraph (f)(2) of Rule 19b–4 8

thereunder. 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. 

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 email to rulecomments@sec.gov. Please include File 

Number SR–CBOE–2012–020 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–CBOE–2012–020. This file 

number should be included on the 

subject line if email 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 such filing 

will also be available for inspection and 

copying at the principal office 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 No. SR–CBOE– 

2012–020 and should be submitted on 

or before March 28, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5470 Filed 3–6–12; 8:45 am] 

BILLING CODE 8011–01–P 

SOCIAL SECURITY ADMINISTRATION 

Agency Information Collection 

Activities: Proposed Request 

The Social Security Administration 

(SSA) publishes a list of information 

collection packages requiring clearance 

by the Office of Management and 

Budget (OMB) in compliance with 

Public Law 104–13, the Paperwork 

Reduction Act (PRA) of 1995, effective 

October 1, 1995. This notice includes an 

extension and two revisions of OMBapproved information collections. 

SSA is soliciting comments on the 

accuracy of the agency’s burden 

estimate; the need for the information; 

its practical utility; ways to enhance its 

quality, utility, and clarity; and ways to 

minimize burden on respondents, 

including the use of automated 

collection techniques or other forms of 

information technology. Mail, email, or 

fax your comments and 

recommendations on the information 

collection(s) to the OMB Desk Officer 

and SSA Reports Clearance Officer at 

the following addresses or fax numbers. 

(OMB) 

Office of Management and Budget, 

Attn: Desk Officer for SSA, Fax: 202– 

395–6974, Email address: 

OIRA_Submission@omb.eop.gov. 

(SSA) 

Social Security Administration, 

DCRDP, Attn: Reports Clearance Officer, 

107 Altmeyer Building, 6401 Security 

Blvd., Baltimore, MD 21235, Fax: 410– 


srobinson on DSK4SPTVN1PROD with NOTICES