[Federal Register Volume 77, Number 101 (Thursday, May 24, 2012)]
[Notices]
[Page 31050]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-12584]



[[Page 31050]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67022; File No. SR-NASDAQ-2012-043]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To 
Establish the Market Quality Program

May 18, 2012.
    On March 23, 2012, The NASDAQ Stock Market LLC (``NASDAQ'') filed 
with the Securities and Exchange Commission (``SEC'' or 
``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 the Market Quality Program. On March 
29, 2012, the Exchange submitted Amendment No. 1 to the proposed rule 
change.\3\ The proposed rule change, as modified by Amendment No. 1, 
was published for comment in the Federal Register on April 12, 2012.\4\ 
The Commission received fifteen comment letters on the proposal.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange made a technical amendment 
to Item I of Exhibit 1 to delete an erroneous reference to the 
NASDAQ Options Market and replace it with a reference to the 
Exchange.
    \4\ Securities Exchange Act Release No. 66765 (April 6, 2012), 
77 FR 22042.
    \5\ See Letter from Frank Choi, dated April 13, 2012; Letter 
from Christopher J. Csicsko, dated April 14, 2012; Letter from 
Jeremiah O'Connor III, dated April 14, 2012; Letter from Dezso J. 
Szalay, dated April 15, 2012; Letter from Kathryn Keita, dated April 
18, 2012; Letter, Anonymous, dated April 18, 2012; Letter from Mark 
Connell, dated April 19, 2012; Letter from Timothy Quast, Managing 
Director, Modern Networks IR LLC, dated April 26, 2012; Letter from 
Daniel G. Weaver, Ph.D., Professor of Finance, Rutgers Business 
School, dated April 26, 2012; Letter from Amber Anand, Associate 
Professor of Finance, Syracuse University, dated April 29, 2012; 
Letter from Albert J. Menkveld, Associate Professor of Finance, VU 
University Amsterdam, dated May 2, 2012; Letter from James J. Angel, 
Associate Professor of Finance, Georgetown University, dated May 2, 
2012; Letter from Ari Burstein, Senior Counsel, Investment Company 
Institute, dated May 3, 2012; Letter from Gus Sauter, Managing 
Director and Chief Investment Officer, Vanguard, dated May 3, 2012; 
and Letter from Leonard J. Amoruso, General Counsel, Knight Capital 
Group, Inc., dated May 4, 2012.
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    Section 19(b)(2) of the Act \6\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is May 27, 2012. The Commission is extending 
this 45-day time period.
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    \6\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change, the 
comments received, and any response to the comments submitted by 
NASDAQ. The proposed rule change would, among other things, add new 
Rule 5950 to establish the Market Quality Program and exempt the Market 
Quality Program from NASDAQ Rule 2460 (Payment for Market Making).
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates July 11, 2012, as the date by which the Commission 
should either approve or disapprove or institute proceedings to 
determine whether to disapprove the proposed rule change (File Number 
SR-NASDAQ-2012-043).
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-12584 Filed 5-23-12; 8:45 am]
BILLING CODE 8011-01-P