Document ID: SEC-2012-1947-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2012-11-27T05:00Z

[Federal Register Volume 77, Number 228 (Tuesday, November 27, 2012)]
[Notices]
[Pages 70857-70858]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-28758]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68279; File No. SR-NASDAQ-2012-117]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change With Respect to INAV Pegged Orders for ETFs

November 21, 2012.
    On October 2, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend NASDAQ Rule 4751(f)(4) to include a new 
Intraday Net Asset Value (``INAV'') Pegged Order for Exchange-Traded 
Funds (``ETFs'') where the component stocks underlying the ETFs are 
U.S. Component Stocks as defined by Rule 5705(a)(1)(C) and 
5705(b)(1)(D) (``U.S. Component Stock ETFs''). The proposed rule change 
was published for comment in the Federal Register on October 18, 
2012.\3\ The Commission received one comment letter on the proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 68042 (October 12, 
2012), 77 FR 64167.
    \4\ See Letter from Dorothy Donohue, Deputy General Counsel, 
Investment Company Institute, to Elizabeth M. Murphy, Secretary, 
Commission, dated November 8, 2012.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing

[[Page 70858]]

is December 2, 2012. The Commission is extending this 45-day time 
period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change, the 
comments received, and any response to the comments submitted by the 
Exchange. The proposed rule change would, among other things, amend 
NASDAQ Rule 4751(f)(4) to create a new INAV Pegged Order type for U.S. 
Component Stock ETFs.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates January 16, 2012, as the date by which the 
Commission should either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change (File 
Number SR-NASDAQ-2012-117).
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    \6\ 15 U.S.C. 78s(b)(2).

    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)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-28758 Filed 11-26-12; 8:45 am]
BILLING CODE 8011-01-P