56876 Federal Register / Vol. 73, No. 190 / Tuesday, September 30, 2008 / Notices 

28 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Changes are marked to the rule text that appears 

in the electronic Nasdaq Manual found at http:// 

nasdaq.complinet.com. 

4Securities Exchange Act Release No. 27956 

(April 27, 1990), 55 FR 18781 (May 4, 1990) (the 

‘‘original PORTAL rule filing’’). 5Securities Act Release No. 6862 (April 23, 1990), 

55 FR 17933 (April 30, 1990). 

6 17 [sic] U.S.C. 77e. 

7 17 CFR 230.144A(a)(1). 

B. Institute proceedings to determine 

whether the proposed rule change 

should be 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–FINRA–2008–046 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–FINRA–2008–046. 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 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 the filing also will be available 

for inspection and copying at the 

principal office of FINRA. 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–FINRA– 

2008–046 and should be submitted on 

or before October 21, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–22927 Filed 9–29–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58622; File No. SR– 

NASDAQ–2008–072] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Establish a PORTAL Reference 

Database and Related Fees 

September 23, 2008. 

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 

September 16, 2008, the NASDAQ Stock 

Market LLC (‘‘Nasdaq’’) 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 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 proposes to establish a 

PORTAL Reference Database. Nasdaq 

will make the proposed rule change 

effective immediately upon approval. 

The text of the proposed rule change 

is below. Proposed new language is 

italicized.3

* * * * * 

7050. PORTAL Reference Database 

The following charges shall apply to 

access to the PORTAL Reference 

Database: 

(1) For PORTAL data for 2008 and 

future years, the annual fee is: 

1–20 Users ............................ $20,000 

21 to 100 Users .................... $50,000 

101+ Users ........................... $100,000 

(2) For PORTAL data for 1990 to 2007, 

the fee for each year of reference data 

shall be: 

1–20 Users ......... $20,000 (not to exceed 

$200,000 for access to 

all PORTAL historical 

data files from 1990 to 

2007). 

21 to 100 Users $50,000 (not to exceed 

$500,000 for access to 

all PORTAL historical 

data files from 1990 to 

2007). 

101+ Users ......... $100,000 (not to exceed 

$1,000,000 for access 

to all PORTAL historical data files from 

1990 to 2007). 

* * * * * 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Nasdaq 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. Nasdaq 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 

Background 

The National Association of Securities 

Dealers, Inc. (‘‘NASD’’) created the 

PORTAL Market in 1990,4

simultaneously with the SEC’s adoption 

of Rule 144A,5 to be a new trading 

system for the purpose of quoting, 

trading, and reporting trades in 

securities deemed eligible for resale by 

Qualified Institutional Buyers under 

Rule 144A. Rule 144A provides an 

exemption from registration under 

Section 5 of the Securities Act 6 for 

resales of privately placed securities to 

investors that meet the eligibility 

requirements of being a qualified 

institutional buyer (‘‘QIB’’) under Rule 

144A(a)(1),7 i.e., institutional investors 

that in the aggregate own or invest on 

a discretionary basis at least $100 

million in securities and broker/dealers 

that in the aggregate own or invest on 

a discretionary basis at least $10 million 

in securities. The PORTAL Market did 


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Federal Register / Vol. 73, No. 190 / Tuesday, September 30, 2008 / Notices 56877 

8For more information related to the background 

of The PORTAL Market, see Securities Exchange 

Act Release No. 55669 (April 25, 2007); 72 FR 

23874 (May 1, 2007). 

9Securities Exchange Act Release No. 53128 (Jan. 

13, 2006); 71 FR 3550 (Jan. 23, 2006). 

10 15 U.S.C. 78f. 

11 15 U.S.C. 78f(b)(4). 

not develop as anticipated.8 For many 

years, the sole function of the NASD 

related to the PORTAL market was to 

review whether an issue of privately 

placed securities met the eligibility 

requirements of Rule 144A, thereby 

qualifying the securities for DTC bookentry services. 

The staff of Nasdaq has historically 

had responsibility for review of 

PORTAL applications to determine the 

eligibility of securities and, originally, 

PORTAL participants (including broker/ 

dealers and investors). Upon the 

separation of Nasdaq from the NASD 

and the approval of Nasdaq as a 

registered national securities exchange 

under Section 6 of the Act, the review 

functions for PORTAL market eligibility 

were retained by Nasdaq and the 

PORTAL Market Rules in the NASD 

Rule 5300 Series became the Nasdaq 

Rule 6500 Series.9 The NASD 

continued, however, to regulate trading 

reporting for PORTAL-designated 

securities. 

Since 1990, Nasdaq has designated 

over 26,000 equity and debt securities as 

being PORTAL-eligible. This 

designation process includes the 

submission and review of offering 

documents and memorandum related to 

the restricted nature of the security and 

the completion of a PORTAL market 

application form. 

PORTAL Reference Database 

As part of Nasdaq’s continuing efforts 

to enhance the transparency and 

efficiency of trading in Rule 144A 

issues, Nasdaq has created and intends 

to make publicly available, for a fee, a 

consolidated electronic reference 

database of information culled from 

PORTAL offering documents and 

applications submitted to Nasdaq since 

1990. The database is fully electronic 

and allows users to determine, in 

addition to other information, a 

PORTAL issue’s name and offering 

description, CUSIP, country of 

incorporation, security class, maturity 

class and date, currency denomination, 

applicable interest and credit rating, 

convertibility and call provisions, total 

number of shares offered, and date of 

PORTAL designation. As new issues 

seek PORTAL designation, they too will 

be added to the database. Access to the 

database will open to all market 

participants. 

As set forth in the proposed rule text, 

pricing for access to the database will be 

tiered based on the number of users 

authorized for access and the number of 

the years for which access is desired. 

There will be no pro-rating of these 

annual fees and all parties will pay a 

full year’s fee regardless of when they 

elect to seek access to the database. The 

total cost of access to the full database 

will, however, be capped based on the 

number of users at a particular firm. 

Nasdaq believes that this pricing 

structure will allow users to better align 

and control their costs of access with 

their data usage. 

Nasdaq believes that PORTAL 

reference database will materially 

improve the availability of historical 

information about issuances of 

restricted equity and debt and provide 

a more reliable background upon which 

market participants can make 

investment decisions regarding such 

securities. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with the 

provisions of Section 6 of the Act,10 in 

general, and with Section 6(b)(4) of the 

Act,11 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 

Nasdaq operates or controls. Nasdaq 

notes that creation of the PORTAL 

reference database required the 

retrieval, organization, and review of 

hundreds of thousands of pages of hardcopy documents as well as the 

conversion of retrieved information into 

electronic form, and its subsequent 

importation into the database itself. In 

addition, the database also required 

programming an information entry and 

retrieval protocol. On an ongoing basis, 

Nasdaq will also incur hardware and 

software costs for the maintenance and 

storage of PORTAL reference data. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Nasdaq 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. 

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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

A. By order approve such proposed 

rule change, or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be 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–NASDAQ–2008–072 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, Station Place, 100 F Street, 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2008–072. 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 inspection and copying in 

the Commission’s Public Reference 

Room on official business days between 

the hours of 10 a.m. and 3 p.m. Copies 

of such filing also will be available for 


ebenthall on PROD1PC60 with NOTICES
56878 Federal Register / Vol. 73, No. 190 / Tuesday, September 30, 2008 / Notices 

12 17 CFR 200.30–3(a)(12). 

inspection and copying at the principal 

office of Nasdaq. 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–NASDAQ–2008–072 and 

should be submitted on or before 

October 21, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–22859 Filed 9–29–08; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11448] 

Arkansas Disaster #AR–00023 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Arkansas (FEMA–1793–DR), 

dated 09/18/2008. 

Incident: Severe storms and flooding 

associated with Hurricane Gustav. 

Incident Period: 09/02/2008 through 

09/08/2008. 

Effective Date: 09/18/2008. 

Physical Loan Application Deadline 

Date: 11/17/2008. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/18/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

09/18/2008, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: 

Ashley, Bradley, Calhoun, Chicot, 

Clark, Cleveland, Conway, Dallas, 

Drew, Garland, Grant, Hot Spring, 

Lincoln, Montgomery, Perry, 

Prairie, Saline, Van Buren. 

Contiguous Counties (Economic Injury 

Loans Only): 

Arkansas: Arkansas, Cleburne, Desha, 

Faulkner, Howard, Jefferson, 

Nevada, Ouachita, Pike, Polk, Pope, 

Pulaski, Scott, Searcy, Stone, 

Union, Yell. 

Louisiana: East Carroll, Morehouse, 

Union, West Carroll. 

Mississippi: Bolivar, Issaquena, 

Washington. 

The Interest Rates are: 

Percent 

Other (Including Non-Profit Organizations) With Credit Available 

Elsewhere ................................. 5.250 

Businesses And Non-Profit Organizations Without Credit Available Elsewhere ......................... 4.000 

The number assigned to this disaster 

for physical damage and economic 

injury is 11448. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Herbert L. Mitchell, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. E8–22902 Filed 9–29–08; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #11449 and #11450] 

Indiana Disaster #IN–00026 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the State of Indiana (FEMA– 

1795–DR), dated 09/23/2008. 

Incident: Severe storms and flooding. 

Incident Period: 09/12/2008 and 

continuing. 

Effective Date: 09/23/2008. 

Physical Loan Application Deadline 

Date: 11/24/2008. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/23/2009. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

09/23/2008, applications for disaster 

loans may be filed at the address listed 

above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties (Physical Damage and 

Economic Injury Loans): 

La Porte, Lake, Porter. 

Contiguous Counties (Economic Injury 

Loans Only): 

Indiana: Jasper, Newton, St Joseph, 

Starke. 

Illinois: Cook, Kankakee, Will. 

Michigan: Berrien. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 5.750 

Homeowners Without Credit 

Available Elsewhere .............. 2.875 

Businesses With Credit Available Elsewhere ...................... 8.000 

Other (Including Non-Profit Organizations) With Credit 

Available Elsewhere .............. 5.250 

Businesses and Non-Profit Organizations Without Credit 

Available Elsewhere .............. 4.000 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .............. 4.000 

The number assigned to this disaster 

for physical damage is 114496 and for 

economic injury is 114500. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Herbert L. Mitchell, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. E8–22901 Filed 9–29–08; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice: 6380] 

60-Day Notice of Proposed Information 

Collection: Department of State 

Acquisition Regulation (DOSAR), OMB 

Control Number 1405–0050 

ACTION: Notice of request for public 

comments. 

SUMMARY: The Department of State is 

seeking Office of Management and 


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