[Federal Register Volume 69, Number 192 (Tuesday, October 5, 2004)]
[Notices]
[Page 59630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-2487]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50403A; File No. SR-NASD-2004-110]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by National Association of Securities Dealers, Inc. Relating to 
Divestiture of American Stock Exchange; Correction

September 29, 2004.
    In FR Doc. E4-2354, issued on September 23, 2004,\1\ the Commission 
notes that the proposed rule text in subsection (cc) on page 57120, 
column 3 should state as follows below. Proposed new language is in 
italics; proposed deletions are in brackets.
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    \1\ See Exchange Act Release No. 50403 (September 16, 2004), 69 
FR 57119.
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    ``(cc) ``Non-Industry Governor'' or ``Non-Industry committee 
member'' means a Governor (excluding the Chief Executive Officer and 
any other officer of the NASD, the President of NASD Regulation)[, any 
Floor Governor, and the Chief Executive Officer of Amex)] or committee 
member who is: (1) A Public Governor or committee member; (2) an 
officer or employee of an issuer of securities listed on [Nasdaq or 
Amex, or] a market for which NASD provides regulation; (3) an officer 
or employee of an issuer of unlisted securities that are traded in the 
over-the-counter market; or ([3]4) any other individual who would not 
be an Industry Governor or committee member;''
    In the corresponding paragraph describing the proposed rule text, 
appearing on page 57124, beginning in column 1, the first, second and 
third complete sentences in column 2 should read as follows:
    ``Under the proposed amendments, the ``Industry Governor'' 
definition will include persons with a consulting or employment 
relationship with ``a market for which NASD provides regulation,'' a 
term that embraces both markets with which NASD has entered a contract 
to provide regulatory services, and those in which NASD has an 
ownership interest. Because NASD has entered into a regulatory services 
agreement with Amex, and continues both to maintain an ownership 
interest in and to provide regulatory services to Nasdaq, the amended 
definition of ``Industry Governor'' will continue to encompass 
individuals who have a consulting or employment relationship with Amex 
or Nasdaq. NASD believes that, given the difficulty and expense 
involved in amending the NASD By-Laws when regulatory clients are added 
or deleted, substituting ``a market for which NASD provides 
regulation'' is preferable to identifying such clients by name in the 
By-Laws.''

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\2\
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    \2\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E4-2487 Filed 10-4-04; 8:45 am]
BILLING CODE 8010-01-P