Document ID: SEC-2013-0170-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2013-01-29T05:00Z

[Federal Register Volume 78, Number 19 (Tuesday, January 29, 2013)]
[Notices]
[Pages 6154-6155]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-01810]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68707; File No. SR-NASDAQ-2012-090]

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 Amend Rule 4626--Limitation of Liability

 January 23, 2013.

I. Introduction

    On July 23, 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 Exchange Rule 4626--Limitation of 
Liability (``accommodation proposal''). The proposed rule change was 
published for comment in the Federal Register on August 1, 2012.\3\ The 
Commission received 11 comment letters on the accommodation proposal 
\4\ and a response letter from Nasdaq.\5\ On September 12, 2012, the 
Commission extended the time period in which to

[[Page 6155]]

either approve the accommodation proposal, disapprove the accommodation 
proposal, or to institute proceedings to determine whether to approve 
or disapprove the accommodation proposal, to October 30, 2012.\6\ On 
October 26, 2012, the Commission instituted proceedings to determine 
whether to approve or disapprove the accommodation proposal.\7\ The 
Commission subsequently received six additional comment letters on the 
accommodation proposal \8\ and a second response letter from Nasdaq.\9\
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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. 67507 (July 26, 
2012), 77 FR 45706 (``Notice'').
    \4\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Sis DeMarco, Chief Compliance Officer, Triad Securities Corp., 
dated August 20, 2012 (``Triad Letter''); Eugene P. Torpey, Chief 
Compliance Officer, Vandham Securities Corp., dated August 21, 2012 
(``Vandham Letter''); John C. Nagel, Managing Director and General 
Counsel, Citadel LLC, dated August 21, 2012 (``Citadel Letter''); 
Benjamin Bram, Watermill Institutional Trading LLC, dated August 22, 
2012 (``Bram Letter''); Daniel Keegan, Managing Director, Citigroup 
Global Markets Inc., dated August 22, 2012 (``Citi Letter''); 
Theodore R. Lazo, Managing Director and Associate General Counsel, 
Securities Industry and Financial Markets Association, dated August 
22, 2012 (``SIFMA Letter I''); Mark Shelton, Group Managing Director 
and General Counsel, UBS Securities LLC, dated August 22, 2012 
(``UBS Letter I''); Andrew J. Entwistle and Vincent R. Cappucci, 
Entwistle & Cappucci LLP, dated August 22, 2012 (``Entwistle 
Letter''); Douglas G. Thompson, Michael G. McLellan, and Robert O. 
Wilson, Finkelstein Thompson LLP, Christopher Lovell, Victor E. 
Stewart, and Fred T. Isquith, Lovell Stewart Halebian Jacobson LLP, 
Jacob H. Zamansky and Edward H. Glenn, Zamansky & Associates LLC, 
dated August 22, 2012 (``Thompson Letter I''); James J. Angel, 
Associate Professor of Finance, Georgetown University, McDonough 
School of Business, dated August 23, 2012 (``Angel Letter''); and 
Leonard J. Amoruso, General Counsel, Knight Capital Group, Inc., 
dated August 29, 2012 (``Knight Letter'').
    \5\ See letter to Elizabeth M. Murphy, Secretary, Commission, 
from Joan C. Conley, Senior Vice President and Corporate Secretary, 
The NASDAQ Stock Market LLC, dated September 17, 2012 (``Nasdaq 
Letter I'').
    \6\ See Securities Exchange Act Release No. 67842 (September 12, 
2012), 77 FR 57171 (September 17, 2012).
    \7\ See Securities Exchange Act Release No. 68115 (October 26, 
2012), 77 FR 66197 (November 2, 2012) (``Order Instituting 
Proceedings'').
    \8\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from John Robinson dated November 13, 2012 (``Robinson Letter''); 
Theodore R. Lazo, Managing Director and Associate General Counsel, 
Securities Industry and Financial Markets Association, dated 
November 20, 2012 (``SIFMA Letter II''); Jeremy Abelson, MJA 
Capital, dated November 21, 2012 (``Abelson Letter''); Douglas G. 
Thompson, Michael G. McLellan, and Robert O. Wilson, Finkelstein 
Thompson LLP, Christopher Lovell, Victor E. Stewart, and Fred T. 
Isquith, Lovell Stewart Halebian Jacobson LLP, Jacob H. Zamansky and 
Edward H. Glenn, Zamansky & Associates LLC, dated November 23, 2012 
(``Thompson Letter II''); Tim Mann dated November 23, 2012 (``Mann 
Letter''); Mark Shelton, Group Managing Director and General 
Counsel, UBS Securities LLC, dated November 23, 2012 (``UBS Letter 
II'').
    \9\ See letter to Elizabeth M. Murphy, Secretary, Commission, 
from Joan C. Conley, Senior Vice President and Corporate Secretary, 
The NASDAQ Stock Market LLC, dated December 7, 2012 (``Nasdaq Letter 
II'').
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    Section 19(b)(2) of the Act \10\ provides that, after initiating 
disapproval 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 filing of the proposed rule 
change.\11\ The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination.\12\ The 
proposed rule change was published for notice and comment in the 
Federal Register on August 1, 2012. January 28, 2013, is 180 days from 
that date, and March 29, 2013, is 240 days from that date.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
    \12\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
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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 
accommodation proposal, the issues raised in the comment letters that 
have been submitted in response to the accommodation proposal, 
including comment letters submitted in response to the Order 
Instituting Proceedings, and the Exchange's responses to such comments.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\13\ designates March 29, 2013 as the date by which the Commission 
shall either approve or disapprove the proposed rule change (File No. 
SR-NASDAQ-2012-090).
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    \13\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Kevin M. O'Neill,
Deputy Secretary.
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    \14\ 17 CFR 200.30-3(a)(57).
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[FR Doc. 2013-01810 Filed 1-28-13; 8:45 am]
BILLING CODE 8011-01-P