Federal Register / Vol. 74, No. 203 / Thursday, October 22, 2009 / Notices 54605 

5 If the Fund has been in operation for less than 

six months, the measured period will begin 

immediately following the Fund’s first public 

offering. 

6 If the Fund has been in operation for less than 

five years, the measured period will begin 

immediately following the Fund’s first public 

offering. 

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

2 17 CFR 240.19b–4. 

week rolling period, is greater than the 

Fund’s average annual total return in 

relation to the change in NAV over the 

2-year period ending on the last day of 

such 12-week rolling period; 

then: 

(i) At the earlier of the next regularly 

scheduled meeting or within four 

months of the last day of such 12-week 

rolling period, the Board including a 

majority of the Independent Trustees: 

(1) Will request and evaluate, and the 

Investment Adviser will furnish, such 

information as may be reasonably 

necessary to make an informed 

determination of whether the Plan 

should be continued or continued after 

amendment; 

(2) Will determine whether 

continuation, or continuation after 

amendment, of the Plan is consistent 

with the Fund’s investment objective(s) 

and policies and is in the best interests 

of the Fund and its shareholders, after 

considering the information in 

condition 5(b)(i)(1) above; including, 

without limitation: 

(A) Whether the Plan is 

accomplishing its purpose(s); 

(B) The reasonably foreseeable 

material effects of the Plan on the 

Fund’s long-term total return in relation 

to the market price and NAV of the 

Fund’s common shares; and 

(C) The Fund’s current distribution 

rate, as described in condition 5(b) 

above, compared with the Fund’s 

average annual taxable income or total 

return over the 2-year period, as 

described in condition 5(b), or such 

longer period as the Board deems 

appropriate; and 

(3) Based upon that determination, 

will approve or disapprove the 

continuation, or continuation after 

amendment, of the Plan; and 

(ii) The Board will record the 

information considered by it, including 

its consideration of the factors listed in 

condition 5(b)(i)(2) above, and the basis 

for its approval or disapproval of the 

continuation, or continuation after 

amendment, of the Plan in its meeting 

minutes, which must be made and 

preserved for a period of not less than 

six years from the date of such meeting, 

the first two years in an easily accessible 

place. 

6. Public Offerings 

The Fund will not make a public 

offering of the Fund’s common shares 

other than: 

(a) A rights offering below NAV to 

holders of the Fund’s common shares; 

(b) An offering in connection with a 

dividend reinvestment plan, merger, 

consolidation, acquisition, spin-off or 

reorganization of the Fund; or 

(c) An offering other than an offering 

described in conditions 6(a) and 6(b) 

above, provided that, with respect to 

such other offering: 

(i) The Fund’s annualized distribution 

rate for the six months ending on the 

last day of the month ended 

immediately prior to the most recent 

distribution record date,5 expressed as a 

percentage of NAV per share as of such 

date, is no more than 1 percentage point 

greater than the Fund’s average annual 

total return for the 5-year period ending 

on such date; 6 and 

(ii) The transmittal letter 

accompanying any registration 

statement filed with the Commission in 

connection with such offering discloses 

that the Fund has received an order 

under section 19(b) to permit it to make 

periodic distributions of long-term 

capital gains with respect to its common 

stock as frequently as twelve times each 

year, and as frequently as distributions 

are specified by or determined in 

accordance with the terms of any 

outstanding preferred stock as such 

Fund may issue. 

7. Amendments to Rule 19b–1 

The requested order will expire on the 

effective date of any amendment to rule 

19b–1 that provides relief permitting 

certain closed-end investment 

companies to make periodic 

distributions of long-term capital gains 

with respect to their outstanding 

common stock as frequently as twelve 

times each year. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–25422 Filed 10–21–09; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60826; File No. SR–BX– 

2009–062] 

Self-Regulatory Organizations; 

NASDAQ OMX BX; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 7015 

Governing Access Services To Add an 

Additional Service and Related Fee, 

and To Make a Technical Change 

October 14, 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 October 

5, 2009, NASDAQ OMX BX, Inc. (‘‘BX’’) 

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 BX. The Commission 

is publishing this notice to solicit 

comments on the proposed rule from 

interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

BX proposes to amend Rule 7015 to 

make a new service, TradeInfo BX, 

available to members and charge a 

related fee. The text of the proposed rule 

change is below. Proposed new 

language is italicized and proposed 

deletions are in brackets. 

7015. Access Services 

The following charges are assessed by 

the Exchange for ports to establish 

connectivity to the NASDAQ OMX BX 

Equities Market, as well as ports to 

receive data from the NASDAQ OMX 

BX Equities Market: 

• $400 per month for each port pair, 

other than Multicast ITCH® data feed 

pairs, for which the fee is $1000 per 

month. [Additional OUCH port pairs 

beyond 15 are at no cost for the months 

of May, June and July 2009. For August 

2009, OUCH port pairs beyond 15 will 

be assessed a pro rata charge on the 

basis of the number of trading days 

during the month during which the antiinternalization functionality introduced 

by Equity Rule 4757(a)(3) is available to 

market participants.] 

• Internet Ports: An additional $200 

per month for each Internet port that 

requires additional bandwidth. 

• TradeInfo BX is available to 

Members for a fee of $95 per user per 

month. 

* * * * * 


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54606 Federal Register / Vol. 74, No. 203 / Thursday, October 22, 2009 / Notices 

3Securities Exchange Act Release No. 55135 

(January 19, 2007), 72 FR 3893 (January 26, 2007) 

(SR–NASDAQ–2006–062). 

4Securities Exchange Act Release No. 59894 (May 

8, 2009), 74 FR 23000 (May 15, 2009) (SR–BX– 

2009–023); see also Securities Exchange Act 

Release No. 60257 (July 7, 2009), 74 FR 34060 (July 

14, 2009) (SR–BX–2009–036). 

5Securities Exchange Act Release No. 60503 

(August 14, 2009), 74 FR 42346 (August 21, 2009) 

(SR–BX–2009–046). 

6 15 U.S.C. 78f. 

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

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

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. BX has satisfied this requirement. 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, BX 

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. BX 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 

BX proposes to amend Rule 7015 to 

initiate fees of $95 per month per user 

for its Web-based TradeInfo BX product. 

Through a secure Web connection, 

TradeInfo BX allows subscribing 

members to scan for their orders 

submitted to BX. Members can scan for 

all orders in a particular security or all 

orders of a particular type, regardless of 

their status (open, canceled, executed, 

etc.). Members are also able to cancel 

open orders at the order, port or MPID 

level. For example, after scanning for 

open orders, the member is then able to 

select an open order and cancel the 

order. TradeInfo BX also allows 

members to scan other order statuses, 

such as executed, cancelled, broken, 

rejected and suspended orders. 

TradeInfo BX enables members to 

generate reports of execution, order or 

cancel information, which can be 

exported into a spreadsheet for review. 

Under the proposed rule, TradeInfo BX 

will be available solely to BX members. 

The Nasdaq Stock Market (‘‘Nasdaq’’) 

TradeInfo product is currently offered to 

Nasdaq members and BX is proposing to 

offer the same functionality to BX 

members with respect to BX equity 

orders as is provided to Nasdaq 

members with respect to their Nasdaq 

equity orders. BX notes that in 

December 2006, Nasdaq filed with the 

Commission a rule change to charge 

subscribing Nasdaq members $95 per 

month, per user for the Nasdaq-based 

TradeInfo product.3 Because the 

TradeInfo BX product provides the same 

functionality with respect to BX 

members’ equity orders on BX as is 

provided by the Nasdaq TradeInfo 

product with respect to Nasdaq equity 

orders, BX is proposing to offer 

TradeInfo BX for the same fee of $95 per 

month, per user as is currently charged 

by Nasdaq. 

BX is also proposing to eliminate 

language from Rule 7015 that discusses 

temporary pricing for additional OUCH 

port pairs beyond 15, which has since 

expired. BX suspended fees for OUCH 

port pairs for the months of May, June 

and July 2009 so that BX could 

implement an anti-internalization 

function, the absence of which was 

causing members to purchase additional 

OUCH ports that they would otherwise 

not need solely to avoid unwanted 

execution against their customer 

orders.4 With the anticipated August 

2009 implementation of the antiinternalization function, BX adopted a 

pro-rated fee for the month of August 

2009 based on the number of trading 

days the anti-internalization function 

was available in that month.5 The antiinternalization function was 

implemented on August 3, 2009. 

Accordingly, BX is eliminating 

reference in Rule 7015 to the temporary 

pricing. 

2. Statutory Basis 

BX believes that the proposed rule 

change is consistent with the provisions 

of Section 6 of the Act,6 in general, and 

with Section 6(b)(4) of the Act,7 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 BX operates or 

controls. The proposed fee change 

applies uniformly to all BX members 

and is equal to the fee charged to 

Nasdaq members for the same 

functionality provided with respect to 

Nasdaq orders. 

BX also believes that the proposed 

rule change is consistent with the 

provisions of Section 6(b)(5) of the Act 8

in that it is designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. The 

proposed rule change amends Rule 7015 

to add TradeInfo BX, a new Web-based 

product available to BX members to 

assist them with their management of 

BX orders, a Nasdaq version of which is 

currently offered to Nasdaq members for 

their Nasdaq orders. In addition, BX is 

proposing to offer the new product to 

BX members for the same fee as is 

currently charged to Nasdaq members 

for the analogous Nasdaq product. Last, 

BX is proposing to eliminate rule text 

that had a limited timeframe during 

which it applied, which has since 

expired. The elimination of the expired 

rule text will serve to avoid potential 

confusion that may be caused by 

keeping such text in the rules. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange 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 

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 was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 9 and Rule 19b– 

4(f)(6) thereunder.10

A proposed rule change filed 

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

Act 11 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6) 12

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 


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Federal Register / Vol. 74, No. 203 / Thursday, October 22, 2009 / Notices 54607 

13For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposal’s impact on efficiency, competition, and 

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

14See supra note 3 and accompanying text. 15 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. 60405 

(July 30, 2009), 74 FR 39362 (August 6, 2009) (File 

No. 4–546) (Order Approving the National Market 

System Plan Relating to Options Order Protection 

and Locked/Crossed Market Plan). Terms not 

otherwise defined herein shall have the meaning 

proscribed in the BOX Rules. 

4See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005). 

public interest. BX requests that the 

Commission waive the 30-day operative 

delay so that this proposed rule change 

to implement TradeInfo BX will 

immediately assist BX members in the 

management of their orders. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because it will allow BX 

members the capability to scan their 

orders, cancel open orders (e.g., should 

the member experience technical 

difficulties with its systems or 

connections), and reconcile its record of 

orders against data provide in the 

TradeInfo BX reports.13 Additionally, 

this product will allow subscribing 

members to immediately take advantage 

of the different types of TradeInfo BX 

open order cancellation capabilities: 

either canceling a single open order, 

canceling all open orders associated 

with a particular connection, or 

canceling all open orders associate with 

a particular MPID. Application of the 

new rule should help foster consistency 

among those exchanges that adopt rules 

substantially similar to those previously 

approved by the Commission.14 For 

these reasons, the Commission 

designates that the proposed rule 

change become immediately operative. 

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 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–BX–2009–062 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–BX–2009–062. 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 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 publicly available. All 

submissions should refer to File 

Number SR–BX–2009–062 and should 

be submitted on or before November 12, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–25339 Filed 10–21–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60832; File No. SR–BX– 

2009–066] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Order Granting Accelerated 

Approval of Proposed Rule Change 

Relating to Chapter XII of the BOX 

Rules 

October 16, 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 October 

14, 2009, NASDAQ OMX BX, Inc. (the 

‘‘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 the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons, and is 

approving the proposal on an 

accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Chapter XII of the Boston Options 

Exchange (‘‘BOX’’) Rules by adding a 

new Section 5. The text of the proposed 

rule change is available at the 

Commission’s Public Reference Room, 

the principal office of the Exchange, and 

on its Web site at http:// 

nasdaqomxbx.cchwallstreet.com/ 

NASDAQOMXBX/Filings. 

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 in 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 amended Chapter XII of 

the BOX Rules to reflect the Exchange’s 

filing to become a participant in the 

Options Order Protection and Locked/ 

Crossed Market Plan (‘‘Decentralized 

Plan’’).3 The Decentralized Plan applies 

many of the Regulation NMS 4 priceVerDate Nov<24>2008 15:13 Oct 21, 2009 Jkt 220001 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 E:\FR\FM\22OCN1.SGM 22OCN1

dcolon on DSK2BSOYB1PROD with NOTICES