26822 Federal Register / Vol. 75, No. 91 / Wednesday, May 12, 2010 / Notices 

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

2 17 CFR 240.19d–1(c)(2). 

3See Securities Exchange Act Release No. 61752 

(March 22, 2010), 75 FR 15475. 

4 17 CFR 240.19d–1(c)(1). 

5The Commission adopted amendments to 

paragraph (c) of Rule 19d–1 to allow self-regulatory 

organizations (‘‘SROs’’) to submit for Commission 

approval plans for the abbreviated reporting of 

minor disciplinary infractions. See Securities 

Exchange Act Release No. 21013 (June 1, 1984), 49 

FR 23828 (June 8, 1984). Any disciplinary action 

taken by an SRO against any person for violation 

of a rule of the SRO which has been designated as 

a minor rule violation pursuant to such a plan shall 

not be considered ‘‘final’’ for purposes of Section 

19(d)(1) of the Act if the sanction imposed consists 

of a fine not exceeding $2,500 and the sanctioned 

person has not sought an adjudication, including a 

hearing, or otherwise exhausted his or her 

administrative remedies. 

6On March 12, 2010, the Commission approved 

EDGX Exchange’s application for registration as a 

contained in section 12(d)(1)(A) of the 

Act, except to the extent permitted by 

exemptive relief from the Commission 

permitting the Fund to purchase shares 

of other investment companies for shortterm cash management purposes. 

20. Before approving any advisory 

contract under section 15 of the Act, the 

board of directors or trustees of each 

Acquiring Management Company, 

including a majority of the disinterested 

directors or trustees, will find that the 

advisory fees charged under such 

advisory contract are based on services 

provided that will be in addition to, 

rather than duplicative of, the services 

provided under the advisory contract(s) 

of any Fund in which the Acquiring 

Management Company may invest. 

These findings and their basis will be 

recorded fully in the minute books of 

the appropriate Acquiring Management 

Company. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–11252 Filed 5–11–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act; Notice of 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 Investor Advisory 

Committee will hold an Open Meeting 

on Monday, May 17, 2010, in the 

Multipurpose Room, L–006. The 

meeting will begin at 9 a.m. and will be 

open to the public, with seating on a 

first-come, first-served basis. Doors will 

open at 8:30 a.m. Visitors will be subject 

to security checks. 

On April 26, 2010, the Commission 

published notice of the Committee 

meeting (Release No. 33–9120), 

indicating that the meeting is open to 

the public and inviting the public to 

submit written comments to the 

Committee. This Sunshine Act notice is 

being issued because a majority of the 

Commission may attend the meeting. 

The agenda for the meeting includes: 

(i) Remarks by Dan Ariely, behavioral 

economist, on investor reaction to 

disclosure; (ii) update on 

recommendations previously adopted 

by the Committee; (iii) briefing on the 

Investor as Owner Subcommittee’s 

environmental, social, and governance 

disclosure workplan; (iv) update on 

certain issues involved in financial 

reform legislation; (v) discussion of 

fiduciary duty, in the context of 

investment advisers and registered 

broker-dealers, including a presentation 

by SEC staff; (vi) discussion with an 

expert panel on mandatory arbitration; 

(vii) discussion of money market funds 

and the issue of net asset value (‘‘NAV’’), 

including a presentation by SEC staff; 

(viii) recommendation by Investor 

Education Subcommittee of an investor 

education campaign; (ix) reports from 

Subcommittees on other activities; and 

(x) discussion of next steps and closing 

comments. 

For further information, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: May 10, 2010. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–11446 Filed 5–10–10; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of: Universal Property 

Development & Acquisition Corp.; 

Order of Suspension of Trading 

May 10, 2010. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Universal 

Property Development & Acquisition 

Corp. (‘‘Universal Property’’) because it 

has not filed any periodic reports since 

the period ended March 31, 2008. 

Universal Property is quoted on the 

Pink Sheets operated by Pink OTC 

Markets, Inc. under the ticker symbol 

UPDV. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

company. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed company is 

suspended for the period from 9:30 a.m. 

EDT on May 10, 2010, through 11:59 

p.m. EDT on May 21, 2010. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2010–11401 Filed 5–10–10; 4:15 pm] 

BILLING CODE 8010–11–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62036; File No. 4–594] 

Self-Regulatory Organizations; Order 

Approving Minor Rule Violation Plan 

for EDGX Exchange, Inc. 

May 5, 2010. 

On March 19, 2010, EDGX Exchange, 

Inc. (‘‘EDGX Exchange’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) a proposed minor rule 

violation plan (‘‘MRVP’’) pursuant to 

Section 19(d)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19d–1(c)(2) thereunder.2 The proposed 

MRVP was published for public 

comment on March 29, 2010.3 The 

Commission received no comments on 

the proposal. This order approves EDGX 

Exchange’s proposed MRVP. 

EDGX Exchange’s MRVP specifies 

those uncontested minor rule violations 

with sanctions not exceeding $2,500 

which would not be subject to the 

provisions of Rule 19d–1(c)(1) under the 

Act 4 requiring that a self-regulatory 

organization promptly file notice with 

the Commission of any final 

disciplinary action taken with respect to 

any person or organization.5 In 

accordance with Rule 19d–1(c)(2), the 

Exchange proposed to designate certain 

rule violations as minor rule violations, 

and requested that it be relieved of the 

reporting requirements regarding such 

violations, provided it gives notice of 

such violations to the Commission on a 

quarterly basis. EDGX Exchange 

included in its proposed MRVP the 

policies and procedures currently 

included in EDGX Exchange Rule 8.15 

(‘‘Imposition of Fines for Minor 

Violation(s) of Rules’’) and the rule 

violations included in EDGX Exchange 

Rule 8.15.01.6

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Federal Register / Vol. 75, No. 91 / Wednesday, May 12, 2010 / Notices 26823 

national securities exchange, including the rules 

governing the EDGX Exchange. See Securities 

Exchange Act Release No. 61698, 75 FR 13151 

(March 18, 2010). In the approval order, the 

Commission noted that EDGX Exchange Rule 8.15 

provides for the imposition of fines for minor rule 

violations pursuant to a minor rule violation plan. 

Accordingly, the Commission noted that, EDGX 

Exchange Rule 8.15 provides for the imposition of 

fines for minor rule violations pursuant to a minor 

rule violation plan. Accordingly, the Commission 

noted that as a condition to the operation of EDGX 

Exchange, the Exchange must file a minor rule 

violation plan with the Commission. 

7EDGX Exchange attached a sample form of the 

quarterly report with its submission to the 

Commission. 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78f(b)(1) and 78f(b)(6). 

10 15 U.S.C. 78f(b)(7) and 78f(d)(1). 

11 17 CFR 240.19d–1(c)(2). 

12 Id. 

13 17 CFR 200.30–3(a)(44). 

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

2 17 CFR 240.19b–4. 

Pursuant to the Exchange’s proposed 

MRVP, under Rule 8.15, the Exchange 

may impose a fine (not to exceed 

$2,500) on a member, an associated 

person of a member, or a registered or 

non-registered employee of a member 

with respect to any rule listed in Rule 

8.15.01. The Exchange shall serve the 

person against whom a fine is imposed 

with a written statement setting forth 

the rule or rules allegedly violated, the 

act or omission constituting each such 

violation, the fine imposed, and the date 

by which such determination becomes 

final or by which such determination 

must be contested. If the person against 

whom the fine is imposed pays the fine, 

such payment shall be deemed to be a 

waiver of such person’s right to a 

disciplinary proceeding and any review 

of the matter under Exchange rules. Any 

person against whom a fine is imposed 

may contest the Exchange’s 

determination by filing with the 

Exchange a written response, at which 

point the matter shall become a 

disciplinary proceeding. 

Upon approval of the plan, the 

Exchange will provide the Commission 

a quarterly report of actions taken on 

minor rule violations under the plan. 

The quarterly report will include the 

Exchange’s internal file number for the 

case, the name of the individual and/or 

organization, the nature of the violation, 

the specific rule provision violated, the 

sanction imposed, the number of times 

the rule violation has occurred, and the 

date of disposition.7

The Commission finds that the 

proposed MRVP is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange. In 

particular, the Commission believes that 

the proposal is consistent with Section 

6(b)(5) of the Act,8 which requires that 

the rules of an exchange be designed to 

promote just and equitable principles of 

trade, to remove impediments and to 

perfect the mechanism of a free and 

open market and national market 

system, and, in general, to protect 

investors and the public interest. The 

Commission also believes that the 

proposal is consistent with Sections 

6(b)(1) and 6(b)(6) of the Act 9 which 

require that the rules of an exchange 

enforce compliance with, and provide 

appropriate discipline for, violations of 

the Commission and Exchange rules. In 

addition, because the MRVP offers 

procedural rights to a person sanctioned 

under Rule 8.15, the Commission 

believes that Rule 8.15 provides a fair 

procedure for the disciplining of 

members and persons associated with 

members, consistent with Sections 

6(b)(7) and 6(d)(1) of the Act.10

Finally, the Commission finds that the 

proposal is consistent with the public 

interest, the protection of investors, or 

otherwise in furtherance of the purposes 

of the Act, as required by Rule 19d– 

1(c)(2) under the Act,11 because the 

MRVP strengthens EDGX Exchange’s 

ability to carry out its oversight and 

enforcement responsibilities as an SRO 

in cases where full disciplinary 

proceedings are unsuitable in view of 

the minor nature of the particular 

violation. 

In approving this proposal, the 

Commission in no way minimizes the 

importance of compliance with 

Exchange rules and all other rules 

subject to the imposition of sanctions 

under Rule 8.15. The Commission 

believes that the violation of an SRO’s 

rules, as well as Commission rules, is a 

serious matter. However, Rule 8.15 

provides a reasonable means of 

addressing violations that do not rise to 

the level of requiring formal 

disciplinary proceedings, while 

providing greater flexibility in handling 

certain violations. The Commission 

expects that EDGX Exchange will 

continue to conduct surveillance with 

due diligence and make determinations 

based on its findings, on a case-by-case 

basis, whether a sanction under the 

MRVP is appropriate, or whether a 

violation requires formal disciplinary 

action. 

It is therefore ordered, pursuant to 

Rule 19d–1(c)(2) under the Act,12 that 

the proposed MRVP for EDGX 

Exchange, File No. 4–594, be, and 

hereby is, approved and declared 

effective. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–11259 Filed 5–11–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62044; File No. SR– 

NASDAQ–2010–057] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Rules 9552, 9554 and 9559 To Conform 

NASDAQ’s Rules to Recent Changes 

to the Rules of FINRA 

May 5, 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 May 3, 

2010, The NASDAQ Stock Market LLC 

(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by NASDAQ. 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 

NASDAQ is proposing to amend 

Rules 9552, 9554 and 9559 to conform 

NASDAQ’s rules to recent changes to 

the rules of the Financial Industry 

Regulatory Authority (‘‘FINRA’’). The 

text of the proposed rule change is 

below. Proposed new language is 

italicized and proposed deletions are in 

brackets. 

* * * * * 

9550. Expedited Proceedings 

* * * * * 

9552. Failure To Provide Information 

or Keep Information Current 

(a)–(g) No change. 

(h) Defaults 

A member or person who is 

suspended under this Rule and fails to 

request termination of the suspension 

within three[six] months of issuance of 

WReier-Aviles on DSKGBLS3C1PROD with NOTICES