[Federal Register Volume 69, Number 174 (Thursday, September 9, 2004)]
[Notices]
[Page 54716]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-20376]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50305; File No. SR-NASD-2004-101]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Granting Approval of Proposed Rule Change to 
Provide a Monthly Flat Fee for the Internal Distribution of PostData as 
an Alternative to the Monthly Per-Subscriber Fees Presently Available 
Under NASD Rule 7010(s)

September 1, 2004.
    On June 28, 2004, 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 provide a monthly flat fee for the internal 
distribution of PostData as an alternative to the monthly per-
subscriber fees presently available under NASD Rule 7010(s). The 
proposed rule change was published for notice and comment in the 
Federal Register on July 29, 2004.\3\ The Commission received no 
comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 50068 (July 23, 
2004), 69 FR 45358.
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    The Commission has reviewed carefully the proposed rule change and 
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\ and, in particular, the 
requirements of Section 15A(b)(5) of the Act,\5\ which requires, among 
other things, that 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 NASD operates or 
controls.
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    \4\ In approving this proposed rule change, the Commission 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)(6).
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    The Commission notes that PostData is currently operating as a 
pilot. The Commission expects that Nasdaq will evaluate the fees it has 
established for PostData, and provide the Commission with a report of 
its findings before the expiration of, or extension of, the pilot 
period.\6\
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    \6\ See Securities Exchange Act Release No. 45270 (January 11, 
2002), 67 FR 2712 (January 18, 2002) (SR-NASD-99-12).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act 
\7\, that the proposed rule change (SR-NASD-2004-101) be, and it hereby 
is, approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-20376 Filed 9-8-04; 8:45 am]
BILLING CODE 8010-01-M