Document ID: SEC-2009-1119-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To Extend Fee Holiday for Registration of Associated Persons
Posted Date: 2009-08-10T04:00Z

[Federal Register: August 10, 2009 (Volume 74, Number 152)]
[Notices]               
[Page 39986-39987]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10au09-70]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60427; File No. SR-BX-2009-043]

 
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing of Proposed Rule Change To Extend Fee Holiday for Registration 
of Associated Persons

August 4, 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 July 23, 2009, NASDAQ OMX BX, Inc. (the ``Exchange'') 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 the Exchange. The Commission is publishing this notice 
to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing this proposed rule change to extend a fee 
holiday for registration and processing fees associated with 
registration of associated persons of Exchange members. The Exchange 
proposes to make the proposed rule change retroactive to July 1, 2009, 
subject to Commission approval. The text of the proposed rule change is 
available at http://nasdaqomxbx.cchwallstreet.com, at the Exchange's 
principal office, and at the Commission's Public Reference Room.

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
    In connection with the resumption of trading of cash equities by 
the Exchange in January 2009, the Exchange adopted a new set of Equity 
Rules, which include rules to govern fees charged to members for 
registration of associated persons with the Exchange. New Equity Rule 
7003(b) set fees at levels identical to those established by the 
Exchange prior to its acquisition by The NASDAQ OMX Group, Inc. 
Specifically, the fees are $60 for each initial Form U4 filed for the 
registration of a representative or principal and $40 for each transfer 
or re-licensing of a representative of [sic] principal. However, in 
recognition of the fact that the relaunch of equities trading by the 
Exchange might cause additional firms to become members of the Exchange 
and might cause additional representatives or principals of pre-
existing members to register, the Exchange waived these fees for the 
period from January 1, 2009 to July 1, 2009.\3\ The Exchange is 
proposing to extend this fee waiver period for an additional three 
months, until October 1, 2009, to provide further opportunity for free 
registration of associated persons of firms that are new to equity 
trading through the Exchange. Registration events occurring after 
October 1, 2009 would be subject to the fees. Because the previously 
effective fee holiday lapsed on July 1, 2009, the

[[Page 39987]]

Exchange requests Commission approval to make the change retroactive to 
July 1, 2009.
---------------------------------------------------------------------------

    \3\ The Exchange had also established an annual fee of $50 for 
each registered representative or principal. The annual fee, which 
was historically collected in December of a year to cover the 
succeeding year, was suspended for the period from January 1, 2009 
until such time as the Exchange submits a proposed rule change to 
reinstate it.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\4\ in general, and with 
Section 6(b)(4) of the Act,\5\ in particular, in that it provides an 
equitable allocation of reasonable dues, fees, and other charges among 
its members and other persons using the its facilities. The proposed 
rule change provides for a temporary suspension of initial, transfer, 
and relicensing fees applicable to all associated persons registering 
during the period of the fee holiday.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    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 rule-comments@sec.gov. Please include 
File No. SR-BX-2009-043 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 No. SR-BX-2009-043. 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 BX. 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 No. SR-BX-2009-043 and should be 
submitted on or before August 31, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-19035 Filed 8-7-09; 8:45 am]

BILLING CODE 8010-01-P