[Federal Register Volume 71, Number 121 (Friday, June 23, 2006)]
[Notices]
[Page 36145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-9938]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54005; File No. SR-NASD-2006-030]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Approving Proposed Rule Change and Amendment No. 1 
Thereto To Establish an Annual Administrative Fee for Market Data 
Distributors That Are Recipients of Nasdaq Proprietary Data Products

 June 16, 2006.
    On February 27, 2006, 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 establish an annual 
administrative fee for market data distributors that are recipients of 
Nasdaq proprietary data products. Nasdaq filed Amendment No. 1 to the 
proposed rule change on April 17, 2006. The proposed rule change, as 
modified by Amendment No. 1, was published for notice and comment in 
the Federal Register on May 12, 2006.\3\ The Commission received no 
comments on the proposal. This order approves the proposed rule change, 
as amended.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 53770 (May 8, 2006), 
71 FR 27762.
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    The Commission finds that the proposed rule change is consistent 
with Section 15A of the Act \4\ and the rules and regulations 
thereunder. Specifically, the Commission finds the proposal to be 
consistent with Section 15A(b)(5) of the Act,\5\ in that it provides 
for the equitable allocation of reasonable fees among persons 
distributing and purchasing Nasdaq proprietary data products. The 
Commission believes the fees are reasonably tailored to allow Nasdaq to 
recover the fixed market data administrative costs, as well as the 
costs of maintaining and improving the administrative tools 
distributors use to subscribe to and monitor their data products usage.
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    \4\ 15 U.S.C. 78o-3.
    \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-2006-030), be, and it 
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).

Nancy M. Morris,
Secretary.
 [FR Doc. E6-9938 Filed 6-22-06; 8:45 am]
BILLING CODE 8010-01-P