Federal Register / Vol. 66, No. 34 / Tuesday, February 20, 2001 / Notices 10927

3 15 U.S.C. 78o–3(b)(6).

4 15 U.S.C. 78k–1. 5 17 CFR 200.30–2(a)(12).

incurs for the Fund Operations

personnel, who are required to review,

record, and input each fund into the

MFQS system to be available for update

and subsequent dissemination to the

electronic or newspaper subscribers.

Nasdaq proposes to amend NASD

Rule 7090 to assess application and

annual fees for the inclusion of UITs in

the same manner as it currently assesses

those fees for funds, in all but one

respect. Nasdaq proposes to eliminate

the MFQS application fee in the limited

circumstances where a UIT currently

listed in MFQS expires and is replaced

within a three-month period of time by

a trust that is materially the same. This

fee-waiver recognizes the fact that UITs,

unlike open or closed-end funds, often

exist in the market for finite periods of

time, ranging from 12 months to 30

years.

A replacement UIT will be deemed to

be materially similar to an expiring UIT

if it is of the same share class and

objective of the trust it is replacing.

Nasdaq’s Fund Operations staff will be

responsible for reviewing, validating

and approving trusts to determine

whether they meet these criteria. If the

expiring trust is not replaced by a trust

of the same material nature within three

months after expiration, or if Nasdaq

staff determines that the trust is not

materially similar, the listing firm will

be required to pay the application fee

upon listing the new UIT. The feewaiver will operate as follows:

• January 2001: Trust A originally

lists with MFQS. Termination date for

this trust is February 2002. This fund

pays its application fee of $250.00 and

annual listing fee of $275.00 for 2001.

• January 2002: Trust A pays its

annual fee for 2002.

• February 2002: Trust A expires.

• March 2002: Trust A is replaced by

Trust B, which is determined to be

materially like Trust A. Trust B will not

incur any application fee and will

assume the annual listing fee paid by

Trust A.

2. Statutory Basis

Nasdaq believes that the proposed

rule change is consistent with the

provisions of Sections 15A(b)(6)3 and

Section 11A 4 of the Act. Section

15A(b)(6) requires that the rules of a

registered national securities association

be designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principals 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; and are not designed to

permit unfair discrimination between

customers, issuers, brokers, or dealers.

In section 11A(a)(1)(C), Congress found

that is in the public interest and

appropriate for the protection of

investors and the maintenance of fair

and orderly markets to assure: (1)

Economically efficient execution of

securities transactions; (2) fair

competition among brokers and dealers;

(3) the availability to brokers, dealers

and investors of information with

respect to quotations and transactions in

securities; (4) the practicability of

brokers executing investors orders in the

best market; and (5) an opportunity for

investors orders to be executed without

the participation of a dealer.

Nasdaq believes that the proposed

rule change is consistent with the

provisions of Sections 15A(b)(6) and

11A(a)(1)(C) of the Act because the

proposal protects investors and the

public interest by promoting better

processing of price information in UITS.

Nasdaq believes that the proposed

listing fees will encourage the listing of

UITs, thereby providing greater pricing

information for a broader base of

investments for which there is

significant investor interest. Nasdaq also

believes that the proposed listing fees

will enable Nasdaq to identify, screen

and list bona fide UITs with a

meaningful investor base and trading

interest.

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.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Nasdaq has neither solicited nor

received written comments on the

proposed rule change.

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 it reasons for so finding or (ii)

as to which the NASD 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.

Person making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW,

Washington, DC 20549–0609. 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. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD.

All submissions should refer to File

No. SR–NASD–00–82 and should be

submitted by March 13, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3239 Filed 2–16–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43953; File No. SR–NASD–

01–12]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

National Association of Securities

Dealers, Inc. To Extend a Pilot Program

Making Available Certain Nasdaq

Services and Facilities Until 6:30 p.m.

Eastern Time

February 12, 2001.

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

Securities Exchange Act of 1934

10928 Federal Register / Vol. 66, No. 34 / Tuesday, February 20, 2001 / Notices

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

2 17 CFR 240.19b–4.

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

4 17 CFR 240.19b–4(f)(6)

5Nasdaq has asked the Commission to waive the

5-day pre-filing and the 30-day operative waiting

period requirements. See Rule 19b–4(f)(6)(iii). 17

CFR 240.19b–4(f)(6)(iii).

6All references to time are Eastern Time.

7See Securities Exchange Act Release No. 42003

(October 13, 1999), 64 FR 56554 (October 20, 1999)

(SR–NASD–99–57).

8See Securities Exchange Act Release No. 43302

(September 19, 2000), 65 FR 57852 (September 26,

2000) (SR–NASD–00–56).

9 15 U.S.C. 78o–3(b)(6).

10 15 U.S.C. 78s(b)(3)(A).

11 17 CFR 240.19b–4(f)(6).

12For purposes only of accelerating the operative

date of this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

13 17 CFR 200.30–3(a)(12).

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February

6, 2001, the National Association of

Securities Dealers, Inc. (‘‘NASD’’),

through its subsidiary, The Nasdaq

Stock Market, Inc. (‘‘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. Nasdaq

filed the proposal pursuant to section

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

4(f)(6) thereunder,4 which renders the

proposal effective upon filing with the

Commission.5 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 extend, through

March 1, 2002, its pilot program making

available several Nasdaq services and

facilities until 6:30 p.m.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,

Nasdaq included statements concerning

the purpose of and basis for its proposal

and discussed any comments it received

regarding the proposal. 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

Nasdaq proposes to extend, through

March 1, 2002, its pilot program that

makes available certain Nasdaq systems

and facilities until 6:30 p.m. The

Commission originally approved the

pilot on October 13, 1999.7 The pilot

will continue to operate under the same

terms and conditions as set forth in the

Commission’s original approval order,

including mandating 90-second trade

reporting until 6:30 p.m. The pilot is

currently scheduled to terminate on

March 1, 2001.8

2. Statutory Basis

Nasdaq believes that the proposed

extension is consistent with the

provisions of section 15A(b)(6) of the

Act 9 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.

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.

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 10 and Rule 19b–4(f)(6)11

thereunder. 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.

Nasdaq has requested that the

Commission accelerate the operative

date. The Commission finds good cause

to waive the 30-day operative waiting

period, because such designation is

consistent with the protection of

investors and the public interest.

Acceleration of the operative date will

allow Nasdaq to continue the pilot

without interruption, so that investors

may reap the benefits of increased

transparency and oversight of trading

that occurs after-hours. For these

reasons, the Commission finds good

cause to waive both the 5-day pre-filing

requirement and the 30-day operative

waiting period.12

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposal is

consistent with the Act. Persons making

written submissions should file six

copies thereof with the Secretary,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549–0609. 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. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to file number

SR–NASD–01–12 and should be

submitted by March 13, 2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.13

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–4094 Filed 2–16–01; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Request and

Comment Request

The Social Security Administration

(SSA) publishes a list of information

collection packages that will require

clearance by the Office of Management

and Budget (OMB) in compliance with