Document ID: SEC-2014-1619-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The NASDAQ Stock Market, LLC
Posted Date: 2014-09-26T04:00Z

[Federal Register Volume 79, Number 187 (Friday, September 26, 2014)]
[Notices]
[Page 58004]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-22992]

[[Page 58004]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73180; File No. SR-NASDAQ-2012-129]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order 
Granting an Extension to Limited Exemption From Rule 612(c) of 
Regulation NMS in Connection With the Exchange's Retail Price 
Improvement Program Until December 31, 2014

September 23, 2014.
    On February 15, 2013, the Commission issued an order pursuant to 
its authority under Rule 612(c) of Regulation NMS (``Sub-Penny Rule'') 
\1\ that granted the NASDAQ Stock Market LLC (``NASDAQ'') a limited 
exemption from the Sub-Penny Rule in connection with the operation of 
the Exchange's Retail Price Improvement Program (``Program'').\2\ The 
limited exemptions were granted concurrently with the Commission's 
approval of the Exchange's proposals to adopt the Program for a one-
year pilot term.\3\ The exemption was granted coterminous with the 
effectiveness of the pilot Program; both the pilot Program and the 
exemption are scheduled to expire on September 30, 2014.
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    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 68937 (February 15, 
2013), 78 FR 12397 (February 22, 2013) (SR-NASDAQ-2012-129) (``RPI 
Approval Order'').
    \3\ See id.
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    The Exchange now seeks to extend the exemption until December 31, 
2014.\4\ The Exchange's request was made in conjunction with an 
immediately effective filing that extends the operation of the Program 
until December 31, 2014.\5\ In its request to extend the exemption, the 
Exchange notes that given the gradual implementation of the Program and 
the preliminary participation and results, extending the exemption 
would provide additional opportunities for greater participation and 
assessment of the results. Accordingly, the Exchange has asked for 
additional time to allow it and the Commission to analyze data 
concerning the Program, which the Exchange committed to provide to the 
Commission.\6\ For this reason and the reasons stated in the RPI 
Approval Order originally granting the limited exemption, the 
Commission finds that extending the exemption, pursuant to its 
authority under Rule 612(c) of Regulation NMS, is appropriate in the 
public interest and consistent with the protection of investors.
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    \4\ See Letter from Jeffrey S. Davis, Vice President & Deputy 
General Counsel, NASDAQ to Elizabeth M. Murphy, Secretary, 
Commission dated September 11, 2014.
    \5\ See SR-NASDAQ-2014-094.
    \6\ See RPI Approval Order, supra note 2, 78 FR at 12399.
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    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted an extension of the limited 
exemption from Rule 612 of Regulation NMS that allows it to accept and 
rank orders priced equal to or greater than $1.00 per share in 
increments of $0.001, in connection with the operation of its Retail 
Price Improvement Program, until December 31, 2014.
    The limited and temporary exemption extended by this Order is 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Exchange Act. Responsibility for compliance with 
any applicable provisions of the federal securities laws must rest with 
the persons relying on the exemption that are the subject of this 
Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(83).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-22992 Filed 9-25-14; 8:45 am]
BILLING CODE 8011-01-P