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6228 Federal Register / Vol. 73, No.

22 / Friday, February 1, 2008 / Notices

SECURITIES AND EXCHANGE days from the date of the Listing uncertainty for Nasdaq-listed companies
COMMISSION Council Decision or 180] 360 days from and their investors regarding the
the date of the [Panel Decision] Staff maximum amount of time available
[Release No. 34–57214; File No. SR–
Determination with respect to the under an exception.
NASDAQ–2007–096]
deficiency for which the exception is In order to eliminate these differences
Self-Regulatory Organizations; The granted, in each case where it deems and provide certainty to companies and
NASDAQ Stock Market LLC; Notice of appropriate. investors regarding the Nasdaq delisting
Filing of Proposed Rule Change To (c)—(f) No change. process, Nasdaq proposes to modify the
Modify the Allocation of the Maximum * * * * * computation of the maximum Exception
Time an Adjudicatory Body May Grant Period such that the maximum time that
II. Self-Regulatory Organization’s a Panel can provide is 180 days from the
a Company To Regain Compliance Statement of the Purpose of, and
With the Listing Requirements Without date of the Staff Determination and the
Statutory Basis for, the Proposed Rule maximum time that the Listing Council
Modifying the Maximum Time Available Change
Under Nasdaq Rule 4802 can provide is 360 days from the date
In its filing with the Commission, of the Staff Determination. As such, this
January 28, 2008. Nasdaq included statements concerning proposal will eliminate the competing
Pursuant to Section 19(b)(1) of the the purpose of, and basis for, the deadlines that are based on variable
Securities Exchange Act of 1934 proposed rule change and discussed any events, such as the amount of time it
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 comments it received on the proposed takes to schedule a hearing and issue
notice is hereby given that on December rule change. The text of these statements decisions reflecting the Panel or Listing
3, 2007, The NASDAQ Stock Market may be examined at the places specified Council’s conclusions. As is presently
LLC (‘‘Nasdaq’’) filed with the Securities in Item III below. Nasdaq has prepared the case, these adjudicatory bodies may
and Exchange Commission summaries, set forth in Sections A, B, grant a company a shorter Exception
(‘‘Commission’’) the proposed rule and C below, of the most significant Period, or no Exception Period at all,
change as described in Items I, II, and aspects of such statements. based on their analysis of the applicable
III below, which Items have been facts and circumstances.
A. Self-Regulatory Organization’s
substantially prepared by Nasdaq. The Statement of the Purpose of, and 2. Statutory Basis
Commission is publishing this notice to Statutory Basis for, the Proposed Rule
solicit comments on the proposed rule Nasdaq believes that the proposed
Change rule change is consistent with the
change from interested persons.
1. Purpose provisions of Section 6 of the Act,5 in
I. Self-Regulatory Organization’s general, and with Section 6(b)(5) of the
Nasdaq proposes to modify provisions
Statement of the Terms of Substance of Act,6 in particular. Nasdaq believes that
in the ‘‘Procedure for Review of Nasdaq
the Proposed Rule Change the proposed rule change is designed to
Listing Determinations’’ relating to the
Nasdaq proposes to modify the provide additional transparency to
allocation of the maximum time an
allocation of the maximum time an Nasdaq’s process surrounding the
adjudicatory body may grant a company
adjudicatory body may grant a company review of delisting determinations,
to regain compliance with the listing
to regain compliance with the listing requirements (‘‘Exception Period’’). This thereby protecting investors and
requirements. Nasdaq will implement proposal would not increase the removing an impediment to a free and
the proposed rule immediately upon maximum time potentially available open market.
approval. under the rule. B. Self-Regulatory Organization’s
The text of the proposed rule change Under the current rules, the Exception Statement on Burden on Competition
appears below. Proposed new language Period a Listing Qualifications Panel
Nasdaq does not believe that the
is italicized and proposed deletions are (‘‘Panel’’) can grant is limited to the
proposed rule change will impose any
in brackets.3 lesser of 180 days from the date that
burden on competition that is not
* * * * * Nasdaq staff sends a delisting letter
necessary or appropriate in furtherance
(‘‘Staff Determination’’) or 90 days from
4802. Purpose and General Provisions of the purposes of the Act.
the date of the Panel’s decision in the
(a) No change. matter. Similarly, the maximum C. Self-Regulatory Organization’s
(b) An issuer may file a written Exception Period that the Nasdaq Statement on Comments on the
request for an exception to any of the Listing and Hearing Review Council Proposed Rule Change Received from
standards set forth in the Rule 4000 (‘‘Listing Council’’) can grant when Members, Participants or Others
Series at any time during the pendency reviewing a Panel decision is limited to Written comments were neither
of a proceeding under the Rule 4800 the lesser of 180 days from the date of solicited nor received.
Series. A Listing Qualifications Panel the Panel decision on review or 60 days
may grant exceptions for a period not to from the date of the Listing Council’s III. Solicitation of Comments
exceed [the earlier of 90 days from the decision in the matter. As a result, while Interested persons are invited to
date of the Panel Decision or] 180 days the maximum cumulative exception submit written data, views, and
from the date of the Staff Determination these bodies can grant is 360 days from arguments concerning the foregoing,
with respect to the deficiency for which the date of the Staff Determination, the including whether the proposed rule
the exception is granted, and the Listing actual amount of time can vary from change is consistent with the Act.
Council may grant exceptions for a company to company based on how Comments may be submitted by any of
period not to exceed [the earlier of 60 quickly the company is scheduled for a the following methods:
mstockstill on PROD1PC66 with NOTICES

hearing and the speed with which the


1 15 U.S.C. 78s(b)(1). Panel and Listing Council decisions are at a given time and the availability of Panel or
2 17 CFR 240.19b–4. prepared.4 This variability creates Listing Council members for the review and
3 Changes are marked to the rule text that appears approval of drafts.
5 15 U.S.C. 78f.
in the electronic manual of Nasdaq found at 4 These time frames are influenced by factors

http://nasdaq.complinet.com. including the number of companies in the process 6 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 73, No. 22 / Friday, February 1, 2008 / Notices 6229

Electronic Comments SECURITIES AND EXCHANGE Nasdaq Rule 4613(a)(2) (‘‘Rule’’) that
COMMISSION allows market makers and ECNs to
• Use the Commission’s Internet obtain supplemental MPIDs. The pilot
comment form (http://www.sec.gov/ [Release No. 34–57212; File No. SR–
NASDAQ–2008–004]
inadvertently was permitted to lapse on
rules/sro.shtml); or November 30, 2006. The Rule has
• Send an e-mail to rule- Self-Regulatory Organizations; The operated as a temporary pilot since it
comments@sec.gov. Please include File NASDAQ Stock Market LLC; Notice of was first adopted in June 2003 and
Number SR–NASDAQ–2007–096 on the Filing of Proposed Rule Change although the pilot lapsed, Nasdaq
subject line. Related to Supplemental Market continued to apply the procedures set
Participant Identifiers forth in the Rule and the related
Paper Comments interpretive material.3 The purpose of
January 28, 2008. providing supplemental MPIDs is to
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the provide quoting market participants a
to Nancy M. Morris, Secretary, Securities Exchange Act of 1934 better ability to organize and manage
Securities and Exchange Commission, (‘‘Act’’) 1 and Rule 19b–4 2 thereunder, diverse order flows from their customers
Station Place, 100 F Street, NE., notice is hereby given that on January 9, and to route orders and quotes to
Washington, DC 20549–1090. 2008, The NASDAQ Stock Market LLC Nasdaq’s listed trading facilities from
(‘‘Nasdaq’’) filed with the Securities and different units/desks. To the extent that
All submissions should refer to File
Exchange Commission (‘‘Commission’’) this flexibility provides increased
Number SR–NASDAQ–2007–096. This the proposed rule change as described
file number should be included on the incentives to provide liquidity to
in Items I, II, and III below, which Items Nasdaq systems, Nasdaq believes that
subject line if e-mail is used. To help the have been substantially prepared by
Commission process and review your all market participants benefit. Because
Nasdaq. The Commission is publishing the Rule has benefited market makers
comments more efficiently, please use this notice to solicit comments on the and ECNs and has not had any negative
only one method. The Commission will proposed rule change from interested
impact on the Nasdaq market in the
post all comments on the Commission’s persons.
more than four years that it has been in
Internet Web site (http://www.sec.gov/
I. Self-Regulatory Organization’s place, Nasdaq believes the Rule should
rules/sro.shtml). Copies of the become permanent.
Statement of the Terms of Substance of
submission, all subsequent Nasdaq also proposes to remove the
the Proposed Rule Change
amendments, all written statements current restriction in the Rule that limits
with respect to the proposed rule Nasdaq proposes to make permanent
the pilot program that allows market the number of supplemental MPIDs that
change that are filed with the market makers and ECNs can request for
Commission, and all written makers and Electronic Communications
Networks (‘‘ECNs’’) to obtain displaying attributable quotes or orders.
communications relating to the In accordance with the pilot program,
supplemental market participant
proposed rule change between the market makers and ECNs may be issued
identifiers (‘‘MPIDs’’). Nasdaq also
Commission and any person, other than proposes to remove any restrictions on a maximum of nine supplemental
those that may be withheld from the the number of MPIDs market MPIDs. The reason for this restriction
public in accordance with the participants can request. The text of the was a technological limitation that
provisions of 5 U.S.C. 552, will be proposed rule change is available at existed at the time the Rule was
available for inspection and copying in Nasdaq, the Commission’s Public adopted, but this limitation no longer
the Commission’s Public Reference Reference Room and exists. Therefore, Nasdaq proposes to
Room on official business days between nasdaq.complinet.com. remove the restriction.
the hours of 10 a.m. and 3 p.m. Copies In addition, Nasdaq proposes to
II. Self-Regulatory Organization’s remove IM–4613, which sets forth the
of such filing also will be available for
Statement of the Purpose of, and procedures for allocating supplemental
inspection and copying at the principal
Statutory Basis for, the Proposed Rule MPIDs. The removal of Nasdaq’s
office of Nasdaq. All comments received Change
will be posted without change; the technological limitation on the number
In its filing with the Commission, of MPIDs for a given security makes the
Commission does not edit personal
Nasdaq included statements concerning procedures unnecessary.
identifying information from The decision to remove any
submissions. You should submit only the purpose of, and basis, for the
proposed rule change. The text of these restriction on the number of
information that you wish to make supplemental MPIDs must be balanced
statements may be examined at the
available publicly. All submissions against the need to protect the integrity
places specified in Item IV below.
should refer to File Number SR– of the Nasdaq market. Accordingly,
Nasdaq has prepared summaries, set
NASDAQ–2007–096 and should be forth in Sections A, B, and C below, of market makers and ECNs would be
submitted on or before February 22, the most significant aspects of such prohibited from using a supplemental
2008. statements. MPID to accomplish indirectly what
For the Commission, by the Division of they are prohibited from doing directly
A. Self-Regulatory Organization’s through a single MPID. For example,
Trading and Markets, pursuant to delegated
Statement of the Purpose of, and the members would not be permitted to use
authority.7
Statutory Basis for, the Proposed Rule a supplemental MPID to avoid their
Florence E. Harmon, Change Manning obligations under IM–2110–2,
Deputy Secretary.
best execution obligations under Nasdaq
mstockstill on PROD1PC66 with NOTICES

1. Purpose
[FR Doc. E8–1832 Filed 1–31–08; 8:45 am] Rule 2320, or their obligations under the
BILLING CODE 8011–01–P
Nasdaq proposes to make permanent
the pilot program incorporated in 3 See Securities Exchange Act Release No. 47954

(May 30, 2003), 68 FR 34017 (June 6, 2003). See also


1 15 U.S.C. 78s(b)(1). IM–4613—Procedures for Allocation of Second
7 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. Displayable MPIDs.

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