[Federal Register Volume 78, Number 74 (Wednesday, April 17, 2013)]
[Notices]
[Pages 22925-22926]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-08974]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69363; File No. SR-NASDAQ-2012-117]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change With Respect to INAV Pegged Orders for ETFs

April 11, 2013.
    On October 2, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or 
``Exchange'') 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 amend NASDAQ Rule 4751(f)(4) to include a new 
Intraday Net Asset Value (``INAV'') Pegged Order for Exchange-Traded 
Funds (``ETFs'') where the component stocks underlying the ETFs are 
U.S. Component Stocks as defined by Rule 5705(a)(1)(C) and 
5705(b)(1)(D). The proposed rule change was published for comment in 
the Federal Register on October 18, 2012.\3\ The Commission received 
one comment letter on the proposal.\4\ On November 21, 2012, pursuant 
to Section 19(b)(2) of the Act,\5\ the Commission extended the time 
period for Commission action on the proposed rule change to January 16, 
2013.\6\ The Commission thereafter received one response letter from 
the Exchange.\7\ On January 16, 2013, the Commission instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\8\ The Commission thereafter received one comment letter 
and one response letter from the Exchange.\9\
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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. 68042 (Oct. 12, 
2012), 77 FR 64167.
    \4\ See Letter from Dorothy Donohue, Deputy General Counsel, 
Investment Company Institute, dated Nov. 8, 2012.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 68279, 77 FR 70857 
(Nov. 27, 2012).
    \7\ See Letter from Stephen Matthews, Senior Associate General 
Counsel, NASDAQ OMX, dated Jan. 15, 2013.
    \8\ See Securities Exchange Act Release No. 68672, 78 FR 4949 
(Jan. 23, 2013).
    \9\ See Letter from Dorothy Donohue, Deputy General Counsel, 
Investment Company Institute, dated Feb. 13, 2013. See Letter from 
Jeffrey S. Davis, Vice President and Deputy General Counsel, NASDAQ 
OMX, dated Feb. 27, 2013.

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[[Page 22926]]

    Section 19(b)(2) of the Act \10\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on October 18, 2012. April 16, 2013 is 180 days from 
that date, and June 15, 2013 is 240 days from that date.
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    \10\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change, the issues raised in the comment letters that have been 
submitted in response to the proposed rule change, including comment 
letters submitted in response to the Order Instituting Proceedings, and 
the Exchange's responses to such comments.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\11\ designates June 15, 2013 as the date by which the Commission 
should either approve or disapprove the proposed rule change (File 
Number SR-NASDAQ-2012-117).
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary .
[FR Doc. 2013-08974 Filed 4-16-13; 8:45 am]
BILLING CODE 8011-01-P