[Federal Register Volume 68, Number 107 (Wednesday, June 4, 2003)]
[Notices]
[Page 33548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-13944]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47930; File No. SR-NASD-2003-66]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change by the National Association of Securities Dealers, Inc. To 
Rebate Certain Past Primex Auction System Logon Charges for Certain 
Participants

May 27, 2003.
    On April 2, 2003, 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 to rebate certain past Primex Auction System 
(``Primex'') logon charges for certain participants. Specifically, 
Nasdaq proposes to modify NASD Rule 7010(r) to enable Nasdaq to waive 
all Primex logon charges for the period of August 2002 through November 
2002 for participants who, in connection with their participation in 
Primex during that period, were customers of the Brass Service Bureau 
and Order Management System (``Brass'').
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on April 24, 2003.\3\ The Commission received no comments on 
the proposal.
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    \3\ See Securities Exchange Act Release No. 47692 (April 17, 
2003), 68 FR 20197 (April 24, 2003).
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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 national securities 
association.\4\ Specifically, the Commission finds that the proposed 
rule change promotes the objectives of Section 15A(b)(5) of the Act \5\ 
which requires that the rules of the association provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
its members and issuers and other persons using its facilities. The 
Commission believes that the proposed waiver of certain Primex logon 
charges for the named period is equitable because Primex participants, 
who are users of Brass, were unable to route orders to Primex and were 
therefore effectively unable to use the full range of Primex services.
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    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o-3(b)(5).
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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-2003-66) be, and hereby 
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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 03-13944 Filed 6-3-03; 8:45 am]
BILLING CODE 8010-01-P