Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 70597 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 73082 

(September 11, 2014), 79 FR 55845 (September 17, 

2014) (SR–NYSEArca–2014–71) (order approving 

listing and trading on the Exchange of the Treesdale 

Rising Rates ETF under NYSE Arca Equities Rule 

8.600) (‘‘Prior Order’’). See also Securities Exchange 

Act Release No. 72679 (July 28, 2014), 79 FR 44878 

(August 1, 2014) (SR–NYSEArca–2014–71) (‘‘Prior 

Notice,’’ and together with the Prior Order, the 

‘‘Prior Release’’). 

5The Trust is registered under the 1940 Act. On 

September 4, 2013, the Trust filed with the 

Commission an amendment to its registration 

statement on Form N–1A under the Securities Act 

of 1933 (15 U.S.C. 77a) and under the 1940 Act 

relating to the Fund (File Nos. 333–157876 and 

811–22110) and on September 29, 2014, the Trust 

filed with the Commission definitive materials on 

Form 497 (File No. 333–157876) (‘‘Registration 

Statement’’). The description of the operation of the 

Trust and the Fund herein is based, in part, on the 

Registration Statement. In addition, the 

Commission has issued an order granting certain 

exemptive relief to the Trust under the 1940 Act. 

See Investment Company Act Release No. 29291 

(May 28, 2010) (File No. 812–13677) (‘‘Exemptive 

Order’’). 

6The changes described herein have been filed 

with the Commission in definitive materials on 

Form 497. See note 5, supra. The Adviser 

represents that it will manage the Fund in the 

manner described in the Prior Release, and will not 

implement the changes described herein until the 

instant proposed rule change is operative. Shares of 

the Fund have not commenced trading on the 

Exchange. 

duration of the investment and for a 

period of not less than six years 

thereafter, the first two years in an 

easily accessible place. 

10. Before approving any advisory 

contract under section 15 of the Act, the 

board of directors or trustees of each 

Investing Management Company 

including a majority of the disinterested 

directors or trustees, will find that the 

advisory fees charged under such 

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 Investing 

Management Company may invest. 

These findings and their basis will be 

fully recorded in the minute books of 

the appropriate Investing Management 

Company. 

11. Any sales charges and/or service 

fees charged with respect to shares of an 

Investing Fund will not exceed the 

limits applicable to a fund of funds as 

set forth in NASD Conduct Rule 2830. 

12. No Fund will acquire securities of 

an investment company or company 

relying on section 3(c)(1) or 3(c)(7) of 

the Act in excess of the limits contained 

in section 12(d)(1)(A) of the Act, except 

to the extent the Fund acquires 

securities of another investment 

company pursuant to exemptive relief 

from the Commission permitting the 

Fund to acquire securities of one or 

more investment companies for shortterm cash management purposes. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27982 Filed 11–25–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73658; File No. SR– 

NYSEArca–2014–125] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Reflecting a Change in 

The Investment Objective of the 

Treesdale Rising Rates ETF and 

Change in Its Creation and 

Redemption Procedures 

November 20, 2014. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

November 10, 2014, NYSE Arca, Inc. 

(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 self-regulatory 

organization. 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to reflect a 

change in the investment objective of 

the Treesdale Rising Rates ETF and 

changes in its creation and redemption 

procedures. The text of the proposed 

rule change is available on the 

Exchange’s Web site at www.nyse.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 the 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 those 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 Commission has approved listing 

and trading on the Exchange of shares 

(‘‘Shares’’) of the Treesdale Rising Rates 

ETF (the ‘‘Fund’’) under NYSE Arca 

Equities Rule 8.600, which governs the 

listing and trading of Managed Fund 

Shares.4 Shares of the Fund have not 

commenced trading on the Exchange. 

The Fund is a series of the 

AdvisorShares Trust (‘‘Trust’’), a 

statutory trust organized under the laws 

of the State of Delaware and registered 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) as an 

open-end management investment 

company.5 The investment adviser to 

the Fund is AdvisorShares Investment, 

LLC (‘‘Adviser’’). Foreside Fund 

Services, LLC (the ‘‘Distributor’’) is the 

principal underwriter and distributor of 

the Fund’s Shares. The Bank of New 

York Mellon (the ‘‘Administrator’’) 

serves as the administrator, custodian, 

transfer agent and fund accounting 

agent for the Fund. 

In this proposed rule change, the 

Exchange proposes to reflect a change in 

the investment objective of the Fund 

and changes in its creation and 

redemption procedures, as described 

below.6

Investment Objective 

The Prior Release stated that the Fund 

would seek to generate current income 

while providing protection for investors 

against loss of principal in a rising 

interest rate environment. The Adviser 

wishes to revise the description to state 

that the Fund will seek total return 

while providing protection for investors 

against loss of principal in a rising 

interest rate environment. 

Creation and Redemption of Shares 

As stated in the Prior Release, the 

Fund will issue and redeem Shares on 

a continuous basis at net asset value 

(‘‘NAV’’) in aggregated lots which shall 

initially be of 25,000 Shares (each, a 

‘‘Creation Unit’’). 

As stated in the Prior Release, all 

orders to create or redeem Creation 

Units must be received by the 

Distributor no later than 3:00 p.m., 

Eastern Time in order for the creation or 

redemption of Creation Units to be 

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70598 Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 

7The Adviser represents that, to the extent the 

Trust effects the creation of Shares in cash, such 

transactions will be effected in the same manner for 

all authorized participants. 

8The Adviser represents that, to the extent the 

Trust effects the creation of Shares in kind, such 

transactions will be effected in the same manner for 

all authorized participants. 

9The Adviser represents that, to the extent the 

Trust effects the redemption of Shares in cash, such 

transactions will be effected in the same manner for 

all authorized participants. 

10The Adviser represents that, to the extent the 

Trust effects the redemption of Shares in kind, such 

transactions will be effected in the same manner for 

all authorized participants. 

11 15 U.S.C. 78f(b)(5). 

effected based on the NAV of Shares of 

the Fund as next determined on such 

date. 

The Prior Release stated that the 

consideration for purchase of a Creation 

Unit generally would consist of an inkind deposit of a designated portfolio of 

securities—the ‘‘Deposit Securities’’— 

per each Creation Unit constituting a 

substantial replication, or a 

representation, of the securities 

included in the Fund’s portfolio and an 

amount of cash—the ‘‘Cash 

Component.’’ Together, the Deposit 

Securities and the Cash Component 

would constitute the ‘‘Fund Deposit,’’ 

which would represent the minimum 

initial and subsequent investment 

amount for a Creation Unit of the Fund. 

The Prior Release stated that the Cash 

Component would be an amount equal 

to the difference between the NAV of 

the Shares of the Fund (per Creation 

Unit) and the market value of the 

Deposit Securities. The Prior Release 

also stated that the Trust reserved the 

right to permit or require the 

substitution of an amount of cash—i.e., 

a ‘‘cash in lieu’’ amount—to be added to 

the Cash Component to replace any 

Deposit Security which may not be 

available in sufficient quantity for 

delivery or which may not be eligible 

for transfer through the clearing process, 

or which may not be eligible for trading 

by an authorized participant or the 

investor for which it is acting. Finally, 

the Prior Release stated that the Trust 

reserves the right to offer an ‘‘all cash’’ 

option for creations and redemptions of 

Creation Units for the Fund.7

The Advisor wishes to revise the 

description of the consideration for 

purchase of a Creation Unit to state that 

Creation Units of the Fund generally 

will be sold for cash (‘‘Cash Purchase 

Amount’’). The Advisor wishes to revise 

the description to state that Creation 

Units will be sold at the NAV next 

computed, plus a transaction fee, and all 

purchases of the Fund will be effected 

through a transfer of cash directly 

through the Depository Trust Company 

(‘‘DTC’’). The Advisor further wishes to 

revise the description to state that the 

Trust reserves the right to offer an inkind option for creations of Creation 

Units for the Fund 8 and that the Trust 

reserves the absolute right to reject a 

creation order if (a) the order is not in 

proper form; (b) the investor(s), upon 

obtaining the shares ordered, would 

own 80% or more of the currently 

outstanding shares of the Fund; (c) 

acceptance of the Cash Purchase 

Amount would, in the opinion of 

counsel, be unlawful; or (d) in the event 

that circumstances outside the control 

of the Trust, the Distributor and the 

Advisor make it for all practical 

purposes impossible to process creation 

orders. 

As stated in the Prior Release, Shares 

generally may be redeemed in Creation 

Units at their NAV next determined 

after receipt of a redemption request in 

proper form by the Fund through the 

Administrator and only on a business 

day. The Trust will not redeem Shares 

of the Fund in amounts less than 

Creation Units. 

The Prior Release stated that unless 

cash redemptions are available or 

specified, the redemption proceeds for a 

Creation Unit generally would consist of 

‘‘the Fund Securities’’—as announced 

by the Administrator on the business 

day of the request for redemption 

received in proper form—plus cash in 

an amount equal to the difference 

between the NAV of the Shares being 

redeemed, as next determined after a 

receipt of a request in proper form, and 

the value of the Fund Securities, less a 

redemption transaction fee. The Prior 

Release stated that the Administrator, 

through the National Securities Clearing 

Corporation (‘‘NSCC’’), would make 

available immediately prior to the 

opening of business on the Exchange 

(currently 9:30 a.m., Eastern Time) on 

each business day, the Fund Securities 

that will be applicable to redemption 

requests received in proper form on that 

day as well as the estimated Cash 

Component. 

The Prior Release stated that if it is 

not possible to effect deliveries of the 

Fund Securities, for example if the 

investor is not able to accept delivery, 

the Trust could in its discretion exercise 

its option to redeem Shares of the Fund 

in cash, and the redeeming beneficial 

owner would be required to receive its 

redemption proceeds in cash. In 

addition, the Prior Release stated that an 

investor could request a redemption in 

cash which the Fund could, in its sole 

discretion, permit.9 The Prior Release 

stated that in either case, the investor 

would receive a cash payment equal to 

the NAV of its Shares based on the NAV 

of Shares of the Fund next determined 

after the redemption request is received 

in proper form (minus a redemption 

transaction fee and additional charge for 

requested cash redemptions, as 

described in the Registration Statement). 

The Prior Release stated the Fund could 

also, in its sole discretion, upon request 

of a shareholder, provide such redeemer 

a portfolio of securities which differs 

from the exact composition of the 

applicable Fund Securities but does not 

differ in NAV. 

The Prior Release stated that the Fund 

(whether or not it otherwise permits 

cash redemptions) reserves the right to 

redeem Creation Units for cash to the 

extent that the Fund could not lawfully 

deliver specific Fund Securities upon 

redemptions or could not do so without 

first registering the Fund Securities 

under such laws. The Prior Release 

stated that an authorized participant or 

an investor for which it is acting subject 

to a legal restriction with respect to a 

particular stock included in the Fund 

Securities applicable to the redemption 

of a Creation Unit may be paid an 

equivalent amount of cash. 

The Advisor wishes to revise the 

description of redemption to state that 

redemption proceeds for a Creation Unit 

of the Fund generally will consist of 

cash in an amount equal to the NAV of 

the shares being redeemed, as next 

determined after receipt of a request in 

proper form, less a redemption 

transaction fee. The Trust reserves the 

right to offer an in-kind option for 

redemptions of Creation Units for the 

Fund.10

The Shares will conform to the initial 

and continued listing criteria under 

NYSE Arca Equities Rule 8.600. 

Except for the changes noted above, 

all other facts presented and 

representations made in the Prior 

Release remain unchanged. 

All terms referenced but not defined 

herein are defined in the Prior Release. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 11 that an 

exchange have rules that are designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices, and is designed to 

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Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 70599 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change. 

15 17 CFR 240.19b–4(f)(6). 

16 17 CFR 240.19b–4(f)(6)(iii). 

17For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

promote just and equitable principles of 

trade and to protect investors and the 

public interest, in that the change in the 

statement of investment objective will 

specify that the Fund will seek to 

generate total return while providing 

protection for investors against loss of 

principal in a rising interest rate 

environment, thereby providing notice 

to investors regarding the change in the 

investment objective of the Fund before 

Shares of the Fund commence trading 

on the Exchange. The Adviser believes 

such change will enable investors to 

better understand the Fund’s expected 

investment activities and determine if 

and/or to what extent an investment in 

the Fund is appropriate for their 

portfolios. The Adviser represents that 

there are no changes to the Fund’s 

statements regarding how at least 80% 

of its net assets will be invested in 

normal circumstances, how it may 

invest remaining assets, how it will 

calculate NAV, or what information will 

be publicly available regarding the 

Shares and the portfolio holdings of the 

Fund. 

The Exchange also believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices, and is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest, in that the proposed rule 

change would provide notice to 

investors of the proposed changes in the 

creation and redemption procedures of 

the Fund, including notice that Creation 

Units of the Fund generally will be sold 

for the Cash Purchase Amount, that 

Creation Units will be sold at the NAV 

next computed, plus a transaction fee, 

and purchases of the Fund generally 

will be effected through a transfer of 

cash directly through the DTC. In 

addition, the proposed rule change 

would provide notice that the 

redemption proceeds for a Creation Unit 

of the Fund generally will consist of 

cash in an amount equal to the NAV of 

the shares being redeemed, as next 

determined after receipt of a request in 

proper form, less a redemption 

transaction fee. The proposed rule 

change would also provide notice that 

the Trust reserves the right to offer inkind options for creations and 

redemptions of Creation Units for the 

Fund, and that to the extent such inkind creations and/or redemptions are 

effected, such transactions will be 

effected in the same manner for all 

authorized participants. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

the Shares will be listed and traded on 

the Exchange pursuant to the initial and 

continued listing requirements in NYSE 

Arca Equities Rule 8.600. Except for the 

changes noted above, all other 

representations made in the Prior 

Release remain unchanged. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange 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. The 

Exchange notes that the proposed rule 

change will facilitate the listing and 

trading of an additional type of activelymanaged exchange-traded product that 

will enhance competition among market 

participants, to the benefit of investors 

and the marketplace. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 12 and Rule 19b– 

4(f)(6) thereunder.13 Because the 

foregoing proposed rule change does 

not: (i) Significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it is filed, or such shorter time as 

the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act and Rule 19b– 

4(f)(6) thereunder.14

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 15 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 16

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. In support of its request, the 

Exchange states that waiver of the 30- 

day operative delay is consistent with 

the protection of investors and the 

public interest in that the proposed 

changes will facilitate the listing and 

trading of an additional type of activelymanaged exchange-traded product that 

will enhance competition among market 

participants, to the benefit of investors 

and the marketplace. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Therefore, the Commission 

hereby waives the operative delay and 

designates the proposed rule change 

operative upon filing.17

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 

change 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 email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2014–125 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–NYSEArca–2014–125. 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 

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70600 Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices 

18 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 

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 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will 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 Number SR– 

NYSEArca–2014–125, and should be 

submitted on or before December 17, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27976 Filed 11–25–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73662; File No. SR– 

NASDAQ–2014–106] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Short Interest Reports 

November 20, 2014. 

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 November 

12, 2014, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III, 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to change the 

model of pricing for Short Interest 

Reports under the category of Historical 

Research and Administrative Reports 

under NASDAQ Rule 7022. Specifically, 

NASDAQ proposes to replace the 

current subscriber-based model with a 

fee based on internal or external 

distribution of the reports. Although the 

proposed rule is effective upon filing, 

NASDAQ plans to implement the fee on 

January 1, 2015. 

The text of the proposed rule change 

is below; proposed new language is 

italicized; proposed deletions are in 

brackets. 

* * * * * 

7022. Historical Research and 

Administrative Reports 

(a) No Change. 

(b) The charge to be paid by the 

purchaser of an Historical Research 

Report regarding a Nasdaq security that 

wishes to obtain a license to redistribute 

the information contained in the report 

to subscribers shall be determined in 

accordance with the following schedule: 

NUMBER OF SUBSCRIBERS

1–500 501–999 1,000–4,999 5,000–9,999 10,000+ 

A. Market Summary Statistics: 

More often than once a month ..................................... $250 $350 $450 $550 $750 

Once a month, quarter, or year .................................... 125 175 225 275 375 

B. Reserved. 

C. Nasdaq Issues Summary Statistics: 

More often than once a month ..................................... [500 600 700 800 1,000] 

Internal Distribution ................................................ 1,000 1,000 1,000 1,000 1,000 

External Distribution .............................................. 2,500 2,500 2,500 2,500 2,500 

Once a month, quarter, or year .................................... 250 300 350 400 500 

Aggregation of data on an annual basis ...................... 3,000 3,000 3,000 3,000 3,000 

D. Intra-Day Quote and Intra-Day Time and Sales Data: 

For a security and/or a market participant for a day .... 200 300 400 500 700 

For all market participants for a day or for all securities for a day ............................................................. 1,000 1,500 2,500 3,500 5,000 

(c) No change. 

(d) 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 

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 

NASDAQ proposes to modify the 

pricing model for historical research 

and administrative reports categorized 

as Nasdaq Issues Summary Statistics 

under subsection C of NASDAQ Rule 

7022(b). The current pricing schedule 

for Nasdaq Issues Summary Statistics 

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