[Federal Register Volume 67, Number 169 (Friday, August 30, 2002)]
[Notices]
[Pages 55901-55905]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-22217]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46416; File No. SR-NASD-2002-98]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change and Amendment No. 1 by the 
National Association of Securities Dealers, Inc. to Eliminate the 
Regulatory Fee and Institute a New Transaction-Based Trading Activity 
Fee

August 23, 2002.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on July 24, 2002, the National Association of Securities Dealers, Inc. 
(``NASD'' or ``Association'') filed with the Securities and Exchange 
Commission (``Commission'' or ``SEC'') the proposed rule change as 
described in Items I, II, and III below, which Items have been prepared 
by the NASD. On August 21, 2002, the NASD amended the proposed rule 
change.\3\ The NASD designated one portion of the proposed rule change 
as establishing or changing a due, fee, or other charge pursuant to 
section 19(b)(3)(A)(ii) of the Act,\4\ and Rule 19b-4(f)(2) 
thereunder,\5\ which renders that portion of the proposed rule change 
effective upon filing with the Commission. The NASD designated the 
portion of the proposed rule change regarding the corporate name change 
as administrative pursuant to section 19(b)(3)(A)(iii) of the Act,\6\ 
and Rule 19b-4(f)(3) thereunder, \7\ which also renders that portion of 
the proposed rule change effective upon filing with the Commission. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change, as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See August 21, 2002 letter from Barbara Z. Sweeney, Senior 
Vice President and Corporate Secretary, NASD, to Katherine A. 
England, Assistant Director, Division of Market Regulation 
(``Division''), SEC, and attachments (``Amendment No. 1''). In 
Amendment No. 1, the NASD provided new proposed rule language that 
completely replaces and supersedes the original proposed rule 
language, and also made minor technical changes to the proposed rule 
change. For purposes of calculating the 60-day abrogation period, 
the Commission considers the period to have begun on August 21, 
2002, the date the NASD filed Amendment No. 1.
    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 17 CFR 240.19b-4(f)(2).
    \6\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \7\ 17 CFR 240.19b-4(f)(3).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The NASD proposes to amend Schedule A to the NASD By-Laws to amend 
its member regulatory pricing structure. Under the current structure, 
three types of fees and assessments are used to fund the NASD's member 
regulatory activities: Regulatory Fee,\8\ Personnel Assessment, and 
Gross Income Assessment.\9\ The proposed restructuring is comprised of 
four amendments: (1) Eliminate the Regulatory Fee; (2) institute a new 
transaction-based Trading Activity Fee similar to the SEC's Section 31 
Fee; (3) increase the rates assessed to member firms under the 
Personnel Assessment; and (4) implement a simplified three-tiered flat 
rate for the Gross Income Assessment and eliminate current deductions 
and exclusions.\10\ This proposed rule change is a part of a package of 
two separate yet related rule filings \11\ being filed with the 
Commission as a result of a review of the overall NASD pricing 
structure,\12\ and is intended to address the first two amendments to 
the NASD pricing restructuring by eliminating the Regulatory Fee and 
instituting a new transaction-based Trading Activity Fee.
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    \8\ The Regulatory Fee is described in Section 8(a) of Schedule 
A to the NASD By-Laws.
    \9\ The Personnel Assessment and Gross Income Assessment are 
described in Section 1 of Schedule A to the NASD By-Laws.
    \10\ The changes resulting from the proposed restructuring would 
be revenue neutral.
    \11\ See also Securities Exchange Act Release No. 46417 (August 
23, 2002)(SR-NASD-2002-99).
    \12\ The NASD, in its pricing restructuring review, proposed 
changes to the Regulatory Fee in Special Notice To Members 02-09 and 
requested comments. NASD received a number of comments. In response 
to those comments, the proposal set forth in Special Notice to * * 
*.
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    These fees assessed upon and paid by member firms are used by the 
NASD to fund the NASD's member regulatory activities, including the 
supervision and regulation of members through examinations, processing 
of membership applications, financial monitoring, policy, rulemaking, 
interpretative, and enforcement activities. These amendments to this 
pricing structure are intended to serve the following purposes: (1) 
Simplify the NASD's fee structure; (2) ensure fairness in the NASD's 
fee structure by assessing higher fees to those member firms that 
require more NASD regulatory services; (3) assess a transaction-based 
fee in a manner that, unlike the Regulatory Fee, does not influence 
where members choose to execute trades; (4) reduce the cyclical nature 
of the current NASD fee structure; and (5) eliminate the NASD's 
reliance on funds generated from the Regulatory Fee on transactions 
executed through Nasdaq.
    The current structure of assessing Regulatory Fees for Nasdaq 
transactions is no longer appropriate for three reasons. First, Nasdaq 
is separating from the NASD and registering as a national securities 
exchange. Second, the current fee structure is out of step with recent 
changes in the markets, such as the drastic growth in trading volumes, 
reductions in average trade size, decimalization, and trading no longer 
remaining exclusive to the listing exchange. Finally, the Regulatory 
Fee is only assessed against Nasdaq-listed and other transactions that 
are reported through the Automated Confirmation Transaction (``ACT'') 
system,\13\ although these fees are used to support member regulatory 
activities across all markets. In addition, the NASD is proposing 
revisions to the NASD By-Laws that are technical in nature to reflect 
the NASD's change in corporate name. For example, references to ``the 
Association'' have

[[Page 55902]]

been replaced with ``NASD'' throughout the By-Laws.
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    \13\ This package of filings proposes rule changes to the NASD's 
Member Regulation fees. It is not related to the recent Nasdaq 
filing regarding Nasdaq Regulatory Fee. See SR-NASD-2002-61.
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    The text of the proposed rule change is below. Proposed additions 
are in italics; proposed deletions are in brackets.

Schedule A to [the] NASD By-Laws

    Assessments and fees pursuant to the provisions of Article VI of 
the By-Laws of [the] NASD shall be determined on the following basis.
* * * * *

Section [8] 2--Member Regulation [Transaction] Fees

    [(a) NASD fee on cleared transactions. Each member shall be 
assessed a transaction charge of $.0625 per 1,000 shares, with a 
minimum charge per side of $.025 and a maximum charge per side of 
$.46875 for each over-the-counter transaction with another member of 
the Association reportable through ACT in which the member acts either 
as an agent or a principal for the purchase and/or sale of equity 
securities.]
    [(b) SEC transaction fee. Each member shall be assessed a SEC 
transaction fee. The amount shall be determined by the SEC in 
accordance with Section 31 of the Act.]
    (a) Recovery of cost of services. NASD shall, in accordance with 
this section, collect Member Regulation fees that are designed to 
recover the costs to NASD of the supervision and regulation of members, 
including performing examinations, processing of membership 
applications, financial monitoring, policy, rulemaking, interpretive, 
and enforcement activities. NASD shall periodically review these 
revenues in conjunction with these costs to determine the applicable 
rate. NASD shall publish notices of the fees and adjustments to the 
assessment rates applicable under this section.
    (b) Each member shall be assessed a Trading Activity Fee for the 
sale of covered securities.
    (1) Covered Securities. For purposes of the rule, covered 
securities shall mean:
    (i) All exchange registered securities wherever executed (other 
than bonds, debentures, and other evidence of indebtedness);
    (ii) All other equity securities traded otherwise than on an 
exchange; and
    (iii) All security futures wherever executed.
    (2) Transactions exempt from the fee. The following shall be exempt 
from the Trading Activity Fee:
    (i) Transactions in securities offered pursuant to an effective 
registration statement under the Securities Act of 1933 (except 
transactions in put or call options issued by the Options Clearing 
Corporation) or offered in accordance with an exemption from 
registration afforded by Section 3(a) or 3(b) thereof, or a rule 
thereunder;
    (ii) Transactions by an issuer not involving any public offering 
within the meaning of Section 4(2) of the Securities Act of 1933;
    (iii) The purchase or sale of securities pursuant to and in 
consummation of a tender or exchange offer;
    (iv) The purchase or sale of securities upon the exercise of a 
warrant or right (except a put or call), or upon the conversion of a 
convertible security; and
    (v) Transactions which are executed outside the United States and 
are not reported, or required to be reported, to a transaction 
reporting association as defined in Rule 11Aa3-1 and any approved plan 
filed thereunder.
    NASD may exempt other securities and transactions as it deems 
appropriate.
    (3) Fee Rates
    (i) Each member shall pay to NASD a fee per share for each sale of 
a covered security.
    (ii) Each member shall pay to NASD a fee per contract for each sale 
of an option.
    (iii) Each member shall pay to NASD a fee for each round turn 
transaction (treated as including one purchase and one sale of a 
contract of sale for future delivery) of a security future.
    (4) Reporting of Transactions. Members shall report to NASD the 
aggregate share, contract, and/or round turn volume of sales of covered 
securities in a manner as prescribed by NASD from time to time.

Section 3--SEC Transaction Fee

    Each member shall be assessed an SEC transaction fee. The amount 
shall be determined by the SEC in accordance with Section 31 of the 
Act.

Section [2] 4--Fees

    (a) Each member shall be assessed a fee of $75.00 for the 
registration of each branch office, as defined in the By-Laws. Each 
member shall be assessed an annual fee for each branch office in an 
amount equal to the lesser of (1) $75.00 per registered branch, or (2) 
the product of $75.00 and the number of registered representatives and 
registered principals associated with the member at the end of [the 
Association] NASD's fiscal year.
    (b) [The] NASD shall assess each member a fee of:
    (1) $85.00 for each initial Form U-4 filed by the member with [the] 
NASD for the registration of a representative or principal, except that 
the following discounts shall apply to the filing of Forms U-4 to 
transfer the registration of representatives or principals in 
connection with acquisition of all or a part of a member's business by 
another member:

------------------------------------------------------------------------
         Number of registered personnel transferred            Discount
------------------------------------------------------------------------
1,000--1,999...............................................          10%
2,000--2,999...............................................          20%
3,000--3,999...............................................          30%
4,000--4,999...............................................          40%
5,000 and over.............................................          50%
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    (2) $40.00 for each initial Form U-5 filed by the member with [the] 
NASD for the termination of a registered representative or registered 
principal, plus a late filing fee of $80.00 if the member fails to file 
the initial Form U-5 within 30 days after the date of termination;
    (3) $20.00 for each amended Form U-4 or Form U-5 filed by the 
member with [the] NASD;
    (4) No Change.
    (5) $10.00 for each fingerprint card submitted by the member to 
[the] NASD, plus any other charge that may be imposed by the United 
States Department of Justice for processing such fingerprint card; and
    (6) No Change.
    (c) through (k) No Change.
    (l)(1) Unless a specific temporary extension of time has been 
granted, there shall be imposed upon each member required to file 
reports, as designated by this paragraph, a fee of $100 for each day 
that such report is not timely filed. The fee will be assessed for a 
period not to exceed 10 business days. Requests for such extension of 
time must be submitted to [the Association] NASD at least three 
business days prior to the due date; and
    (2) through (3) No Change.
* * * * *

Section [3]5--Elimination of Duplicate Assessments and Fees

    No Change to rule language.
* * * * *

Section [4]6--Assessments and Fees for New Members, Resigning Members 
and Successor Organizations

    (a) The assessment of a firm, which is not a member throughout [the 
Association] NASD's full calendar year from January 1 to December 31, 
shall be based upon the number of quarter years of membership. The 
proration for a new member shall include the quarter year in which the 
member is admitted to membership. The proration for a member which 
resigns shall include the quarter year in which the member's

[[Page 55903]]

letter of resignation is received in [the Association] NASD's Executive 
Office.
    (b) A member [which] that is a successor organization to a previous 
member or members shall assume the unpaid balance of the assessments of 
its predecessor or predecessors and its next assessment shall be 
determined, if applicable, upon the assessment data of its 
predecessors. Such successor member shall not be required to re-
register branch offices and personnel of predecessor members or pay 
registration fees therefor. Whether a member is the successor 
organization to a previous member or members shall be determined by 
[the Association] NASD upon a consideration of the terms and conditions 
of the particular merger, consolidation, reorganization, or succession. 
A member [which] that has simply acquired the personnel and offices of 
another member under circumstances [which] that do not constitute the 
member a successor organization shall not be required to assume the 
unpaid assessments of the other member. Such non-successor member shall 
be required to re-register the branch offices and personnel acquired 
from the other member and pay applicable registration fees.

Section [5]7--Gross Revenue for Assessment Purposes

    No Change to rule language.

Section [6]8--Fees for Filing Documents Pursuant to the Corporate 
Financing Rule

    (a) There shall be a fee imposed for the filing of initial 
documents relating to any offering filed with [the] NASD pursuant to 
the Corporate Financing Rule equal to $500 plus .01% of the proposed 
maximum aggregate offering price or other applicable value of all 
securities registered on an SEC registration statement or included on 
any other type of offering document (where not filed with the SEC), but 
shall not exceed $30,500. The amount of filing fee may be rounded to 
the nearest dollar.
    (b) There shall be an additional fee imposed for the filing of any 
amendment or other change to the documents initially filed with [the] 
NASD pursuant to the Corporate Financing Rule equal to .01% of the net 
increase in the maximum aggregate offering price or other applicable 
value of all securities registered on an SEC registration statement, or 
any related Rule 462(b) registration statement, or reflected on any 
Rule 430A prospectus, or included on any other type of offering 
document. However, the aggregate of all filing fees paid in connection 
with an SEC registration statement or other type of offering document 
shall not exceed $30,500.

Section [7]9--Service Charge for Processing Extension of Time Requests

    (a) No Change.
    (b) The service charge for processing each initial extension of 
time request and for all subsequent extension of time requests (1) 
Involving the same transaction under Regulation T and/or (2) involving 
an extension of time previously granted pursuant to Rule 15c3-3(n) 
shall be $2.00; provided, however, that the service charge shall be 
$1.00 for extension of time requests filed electronically by members 
using [the Association] NASD's Automated Regulatory Reporting System.
* * * * *

Section [9]10--Subscription Charges for Firm Access Query System (FAQS)

    No Change to rule language.

Section [10]11--Request for Data and Publications

    No Change to rule language.

Section [11]12--Reserved

    No Change to rule language.
* * * * *

Section [12]13--Application and Annual Fees for Member Firms with 
Statutorily Disqualified Individuals

    (a) Any member firm seeking to employ or continuing to employ as an 
associated person any individual who is subject to a disqualification 
from association with a member as set forth in Article III, Section 4 
of [the Association] NASD's By-Laws shall, upon the filing of an 
application pursuant to Article III, Section 3, paragraph (d) of [the 
Association] NASD's By-Laws, pay to [the Association] NASD a fee of 
$1,500.00. Any member firm whose application filed pursuant to Article 
III, Section 3, paragraph (d) of [the Association] NASD's By-Laws 
results in a full hearing for eligibility in [the Association] NASD 
pursuant to the Rule 9640 Series, shall pay to [the Association] NASD 
an additional fee of $2,500.00.
    (b) Any member firm continuing to employ as an associated person 
any individual subject to disqualification from association with a 
member as set forth in Article III, Section 4 of [the Association] 
NASD's By-Laws shall pay annually to [the Association] NASD a fee of 
$1,500.00 when such person or individual is classified as a Tier 1 
statutorily disqualified individual, and a fee of $1,000.00 when such 
person or individual is classified as a Tier 2 statutorily disqualified 
individual.

Section [13]14--Review Charge for Advertisement, Sales Literature, and 
Other Such Material filed or Submitted

    There shall be a review charge for each and every item of 
advertisement, sales literature, and other such material, whether in 
printed, video or other form, filed with or submitted to [the 
Association] NASD, except for items that are filed or submitted in 
response to a written request from [the Association] NASD's Advertising 
Regulation Department issued pursuant to the spot check procedures set 
forth in [the Association] NASD's Rules as follows: (1) for printed 
material reviewed, $75.00, plus $10.00 for each page reviewed in excess 
of 10 pages; and (2) for video or audio media, $75.00, plus $10.00 per 
minute for each minute of tape reviewed in excess of 10 minutes.
    Where a member requests expedited review of material submitted to 
the Advertising Regulation Department there shall be a review charge of 
$500.00 per item plus $25 for each page reviewed in excess of 10 pages. 
Expedited review shall be completed within three business days, not 
including the date the item is received by the Advertising Regulation 
Department, unless a shorter or longer period is agreed to by the 
Advertising Regulation Department. The Advertising Regulation 
Department may, in its sole discretion, refuse requests for expedited 
review.
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the NASD included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Association has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Regulatory Fee, Personnel Assessment and Gross Income 
Assessment are currently used to fund NASD's member regulatory 
activities,

[[Page 55904]]

including the supervision and regulation of members through 
examinations, processing of membership applications, financial 
monitoring, policy, rulemaking, interpretive, and enforcement 
activities. This fee structure has become outdated, given the 
separation of NASD from Nasdaq, market developments, and market 
conditions. The proposed changes are revenue neutral and strive to 
better align NASD's Member Regulation fees with its functions, efforts, 
and costs.
    The amendments to this pricing structure are intended to serve the 
following purposes: (1) Simplify NASD's fee structure; (2) ensure 
fairness in NASD's fee structure by assessing higher fees to those 
member firms that drive regulatory costs; (3) assess a transaction-
based fee in a manner that, unlike the Regulatory Fee, does not 
influence where members choose to execute trades; (4) reduce the 
cyclical nature of the current NASD fee structure; and (5) eliminate 
NASD's reliance on funds generated from the Regulatory Fee on 
transactions executed through Nasdaq.
    The NASD's membership population varies greatly with regard to 
factors that drive the cost of required regulation. Historically, 
member regulatory fees were derived primarily from industry revenues 
and Nasdaq transactions, while the NASD derived minimal fees from the 
registration of member firm personnel. One key priority during the 
review process is to link the costs of regulating NASD member firms to 
the fees generated by the member firms. The costs to regulate member 
firms include funding for examinations, processing of membership 
applications, financial monitoring, policy, rulemaking, interpretative, 
and enforcement activities.\14\ The proposed amendments to the fee 
structure should result in a direct link of the cost of regulating a 
member firm to the fees assessed to and paid by that member firm. 
Therefore, as before, the three critical factors used to measure 
regulatory cost for NASD member firms are overall size of the member 
firm, level of trading activity and number of registered 
representatives. However, the weight from each as well as the benchmark 
used to measure industry revenues and transactions has been shifted 
under the proposed amendments to better link the fees assessed under 
these factors with NASD's costs. This proposal will maintain the 
current amount of fees received by NASD overall but promotes a more 
equitable method for assessing fees, thereby creating a level playing 
field.
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    \14\ The NASD's member regulatory revenues have funded its costs 
on average within 5% over the past five years. In years where 
shortfalls occurred, prices were not increased. In years where 
overage occurred, rebates were given to Members.
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    Trading Activity Fee. The NASD currently assesses a Regulatory Fee 
upon its members, through approximately 250 clearing and self-clearing 
firms, on all transactions reported through Nasdaq's ACT system. This 
fee is only assessed against Nasdaq and other over-the-counter 
transactions, although the revenues are used to support member 
regulatory activities across all markets. The Regulatory Fee as 
assessed also has become a factor in determining upon which market 
members choose to execute trades. NASD, by its fee assessment, should 
not promote or disadvantage one trading venue over alternative trading 
venues. Therefore, the proposed rule change would eliminate the 
existing Nasdaq market-based Regulatory Fee and would institute a 
transaction-based Trading Activity Fee similar to the SEC's Section 31 
Fee. The proposed fee would be assessed on the sell-side of all member 
transactions in all covered securities regardless of where the trade is 
executed.
    The NASD anticipates that revenue from the collection of the 
Trading Activity fee will be reduced by approximately 50%. To offset 
the reduction in the Trading Activity Fee, the NASD filed SR-NASD-2002-
99, which increases the rates for the Personnel Assessment. This 
increase will result in making the Personnel Assessment a more 
appropriate base to measure the cost of regulating member firms and 
fund member regulatory activities.
    Phase-In. The NASD's overall proposal will be revenue neutral to 
the NASD. However, due to the link of revenues to regulatory services 
provided, there will be impacts, both negative and positive, on 
individual member firms. To minimize the impact on member firms, the 
restructuring of fees will be phased in over a three-year period. 
Specifically, for the Trading Activity Fee, since the revenue generated 
from this fee would be reduced by approximately 50%, the fee reduction 
will be phased in at a rate of 33% in Year 1, 67% in Year 2 and 100% in 
Year 3.
2. Statutory Basis
    The NASD believes that the proposed rule change is consistent with 
the Act, including section 15A(b)(5) of the Act,\15\ which requires, 
among other things, that the NASD's rules provide for the equitable 
allocation of reasonable dues, fees, and other charges among members 
and issuers and other persons using any facility or system which the 
NASD operates or controls. The Trading Activity fee is objectively 
allocated to NASD members. Moreover, the level of the fee is reasonable 
because it relates to the recovery of the costs of supervising and 
regulating members.
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    \15\ 15 U.S.C. 78o-3(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The NASD does not believe that the proposed rule change will result 
in any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants, or Others

    Written comments were neither solicited nor received on the current 
proposal.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The portion of the proposed rule change regarding fees has become 
effective pursuant to section 19(b)(3)(A)(ii) of the Act \16\ and 
subparagraph (f)(2) of Rule 19b-4 thereunder,\17\ because the proposal 
establishes or changes a due, fee, or other charge. The NASD will not 
implement this rule change until October 1, 2002.
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    \16\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \17\ 17 CFR 240.19b-4(f)(3).
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    The portion of the proposed rule change regarding the corporate 
name change to the NASD is effective pursuant to section 
19(b)(3)(A)(iii) of the Act,\18\ and Rule 19b-4(f)(3) thereunder,\19\ 
because it is concerned solely with the administration of the NASD.
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    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(3).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposal is 
consistent with the Act. Persons making

[[Page 55905]]

written submissions should file six copies thereof with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, 
DC 20549-0609. Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room. Copies of such 
filing will also be available for inspection and copying at the 
principal office of the NASD. All submissions should refer to file 
number SR-NASD-2002-98 and should be submitted by September 20, 2002.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\20\
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    \20\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-22217 Filed 8-29-02; 8:45 am]
BILLING CODE 8010-01-P