[Federal Register Volume 68, Number 14 (Wednesday, January 22, 2003)]
[Notices]
[Page 3074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-1349]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47181; File No. SR-NASD-2002-89]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change by the National Association of Securities Dealers, Inc. To Amend 
Nasdaq's Listing Standards Pertaining to American Depositary Receipts, 
Preferred and Secondary Classes of Stock, Bid Price Compliance and 
Monitoring Periods, Categories of Securities Eligible for Initial 
Inclusion on Nasdaq, and the Market Capitalization Compliance Period

January 14, 2003.
    On January 7, 2002, the National Association of Securities Dealers, 
Inc. (``NASD''), through its subsidiary, the Nasdaq Stock Market, Inc. 
(``Nasdaq'') filed with the Securities and Exchange Commission (``SEC'' 
or ``Commission'') a proposed rule change to modify Nasdaq's listing 
standards pertaining to American Depositary Receipts, preferred and 
secondary classes of stock, bid price compliance and monitoring 
periods, categories of securities eligible for initial inclusion on 
Nasdaq, and the market capitalization compliance period. On November 1, 
2002, NASD filed Amendment No. 1 to the proposed rule change.\1\ On 
December 2, 2002, NASD filed Amendment No. 2 to the proposed rule 
change.\2\ Notice of the proposed rule change, as amended, was 
published for comment in the Federal Register on December 9, 2002.\3\ 
The Commission received no comments regarding the proposal.
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    \1\ See letter from John Nachmann, Senior Attorney, Nasdaq, to 
Katherine England, Assistant Director, Division of Market 
Regulation, Commission, dated November 1, 2002.
    \2\ See letter from John Nachmann, Senior Attorney, Nasdaq, to 
Katherine England, Assistant Director, Division of Market 
Regulation, Commission, dated December 2, 2002.
    \3\ See Securities Exchange Act Release No. 46940 (December 3, 
2002), 67 FR 72998.
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    The Commission finds that the proposed rule change is consistent 
with the Act and the rules and regulations thereunder applicable to a 
national securities association.\4\ The Commission finds that the 
proposal is consistent with the requirements of Section 15A(b)(6) of 
the Act,\5\ which requires, among other things, that the rules of a 
registered national securities association be designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to foster cooperation and coordination 
with persons engaged in regulating, clearing, settling, processing 
information with respect to, and facilitating transactions in 
securities, 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. Specifically, the Commission 
believes that the proposal should provide greater transparency and 
consistency to Nasdaq's listing standards.
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    \4\ In approving the proposal, the Commission has considered the 
rule's impact on efficiency, competition, and capital formation. 15 
U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o(b)(6).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-NASD-2002-89) is approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-1349 Filed 1-21-03; 8:45 am]
BILLING CODE 8010-01-P