Document ID: SEC-2005-0234-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: National Association of Securities Dealers, Inc.
Posted Date: 2005-11-14T05:00Z

[Federal Register: November 14, 2005 (Volume 70, Number 218)]
[Notices]               
[Page 69180-69181]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14no05-78]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52746; File No. SR-NASD-2005-106]

 
Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Approving Proposed Rule Change Regarding Fees for 
Closed-End Funds Listing on the Nasdaq Capital Market

November 7, 2005.
    On August 31, 2005, 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''), 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 regarding fees for closed-end funds listing on the 
Nasdaq Capital Market.\3\ Nasdaq has proposed to amend NASD Rules 4510 
and 4520 to: (i) Decrease the entry fee for listing a closed-end fund 
on the Nasdaq Capital Market to $5,000 (of which $1,000 is a non-
refundable application fee) per fund; and (ii) adopt a new annual fee 
schedule for closed-end funds on the Nasdaq Capital Market, which is 
identical to that of funds listed on the Nasdaq National Market.\4\ The 
proposed rule change was published for comment in the Federal Register 
on October 3,

[[Page 69181]]

2005.\5\ The Commission received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Subsequent to the Nasdaq filing of this proposed rule, 
Nasdaq filed, and the Commission approved, another proposed rule 
change which renamed ``The Nasdaq SmallCap Market'' as ``The Nasdaq 
Capital Market.'' See Securities Exchange Act Release No. 52489 
(September 21, 2005) 70 FR 56948 (September 27, 2005).
    \4\ Nasdaq recently adopted new listing fees for Closed-End 
Funds listing on the Nasdaq National Market. See Securities Exchange 
Act Release No. 52277 (August 17, 2005), 70 FR 49347 (August 23, 
2005) (SR-NASD-2005-096).
    \5\ See Securities Exchange Act Release No. 52515 (September 27, 
2005), 70 FR 57638 (October 3, 2005).
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    After careful review, the Commission finds that the proposed rule 
change is consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a self-regulatory organization.\6\ 
In particular, the Commission believes that the proposed rule change is 
consistent with section 15A(b)(6) of the Act \7\ in that it is designed 
to prevent fraudulent and manipulative acts and practices, to promote 
just and equitable principles of trade, 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.
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    \6\ The Commission has considered the proposed rule's impact on 
efficiency, competition and capital formation. 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78o-3(b)(6).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\8\ that the proposed rule change (File No. SR-NASD-2005-106) be, 
and hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
 [FR Doc. E5-6246 Filed 11-10-05; 8:45 am]

BILLING CODE 8010-01-P