Document ID: SEC-2012-1879-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove Proposed Rule Change To Establish "Benchmark Orders" Under NASDAQ Rule 4751(f)
Posted Date: 2012-11-16T05:00Z

[Federal Register Volume 77, Number 222 (Friday, November 16, 2012)]
[Notices]
[Page 68873]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-27868]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68199; File No. SR-NASDAQ-2012-059]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings to Determine Whether to Approve or Disapprove Proposed Rule 
Change To Establish ``Benchmark Orders'' Under NASDAQ Rule 4751(f)

 November 9, 2012.
    On May 1, 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 establish various ``Benchmark Orders'' under 
NASDAQ Rule 4751(f). The proposed rule change was published for comment 
in the Federal Register on May 17, 2012.\3\ On June 26, 2012, the 
Commission extended to August 15, 2012, the time period in which to 
approve the proposed rule change, disapprove the proposed rule change, 
or institute proceedings to determine whether to disapprove the 
proposed rule change.\4\ On August 14, 2012, the Commission instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\5\ In response to the Order Instituting Proceedings, the 
Commission received two comment letters on the proposed rule change.\6\
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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. 66972 (May 11, 
2012), 77 FR 29435 (May 17, 2012) (``Notice'').
    \4\ See Securities Exchange Act Release No. 67258 (June 26, 
2012), 77 FR 39314 (July 2, 2012).
    \5\ See Securities Exchange Act Release No. 67655 (August 14, 
2012), 77 FR 50191 (August 20, 2012) (``Order Instituting 
Proceedings.'').
    \6\ See Letters to the Commission from James J. Angel, dated 
August 16, 2012; and Theodore R. Lazo, Managing Director and 
Associate General Counsel, SIFMA, dated October 5, 2012.
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    Section 19(b)(2) of the Act \7\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of the filing. The Commission may, 
however, extend the period for issuing an order approving or 
disapproving the proposed rule change by up to 60 days if the 
Commission determines that a longer period is appropriate and publishes 
the reasons for such determination. In this case, the proposed rule 
change was published for notice and comment in the Federal Register on 
May 17, 2012; November 13, 2012, is 180 days from that date, and 
January 12, 2013, is 240 days from that date.
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    \7\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposal and 
the issues that commenters have raised concerning the proposal.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\8\ designates January 12, 2013, as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NASDAQ-2012-059).
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Kevin M. O'Neill,
Deputy Secretary.
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    \9\ 17 CFR 200.30-3(a)(57).
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[FR Doc. 2012-27868 Filed 11-15-12; 8:45 am]
BILLING CODE 8011-01-P