[Federal Register Volume 65, Number 187 (Tuesday, September 26, 2000)]
[Notices]
[Pages 57853-57857]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-24642]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-43303; File No. SR-NASD-00-52]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the National Association of
Securities Dealers, Inc. Relating to an Alternative Method of Reporting
Riskless Principal Trades
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 30, 2000, the National Association of Securities Dealers,
Inc. (``NASD'' or ``Association''), through its wholly owned
subsidiary, The Nasdaq Stock Market, Inc. (``Nasdaq'') filed with the
Securities and Exchange Commission (``Commission'' or ``SEC'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared by Nasdaq. Nasdaq filed the proposal pursuant
to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission.\5\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\15 U.S.C. 78s(b)(1).
\2\17 CFR 240.19b-4.
\3\15 U.S.C. 78s(b)(3)(A).
\4\17 CFR 240.19b-4(f)(6).
\5\Nasdaq provided written notice to the Commission on August
21, 2000, that it intended to file this proposal. See Rule 19b-
4(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
Nasdaq proposes to amend NASD Rules 4632, 4642, 4652, 6130, 6420,
and 6620, regarding Nasdaq, non-Nasdaq over-the-counter (``OTC'')
equity, and Nasdaq InterMarket\6\ riskless principal trade-reporting,
to provide members with an alternative method for complying with the
riskless principal trade reporting rules, to add a new ``riskless
principal'' capacity indicator symbol, and to make technical changes to
NASD Rule 6420. The text of the proposed rule change is below. Proposed
new language is in italics.
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\6\Nasdaq changed the name of its Third Market to Nasdaq
Intermarket, See Nasdaq Press Release, June 13, 2000 at http://www.nasdaqnews.com>.
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* * * * *
Rule 4630. Reporting Transactions in Nasdaq National Market
Securities
Rule 4632. Transaction Reporting
(a) through (c) No Change.
(d) Procedures for Reporting Price and Volume. Members which are
required to report pursuant to paragraph (b) above shall transmit last
sale reports for all purchases and sales in designated securities in
the following manner:
(1) through (3)(A) No Change.
(3)(B) Exception. A ``riskless'' principal transaction in which a
member, after having received an order to buy a security, purchases the
security as principal at the same price to satisfy the order to buy or,
after having received an order to sell, sells the security as principal
at the same price to satisfy the order to sell, shall be reported as
one transaction in the same manner as an agency transaction, excluding
the mark-up or mark-down, commission-equivalent, or other fee.
Alternatively, a member may report a riskless principal transaction by
submitting the following report(s) to ACT:
[[Page 57854]]
(i) The member with the obligation to report the transaction
pursuant to paragraph (b) above must submit a last sale report for the
initial leg of the transaction.
(ii) Regardless of whether a member has a reporting obligation
pursuant to paragraph (b) above, the firm must submit, for the
offsetting, ``riskless'' portion of the transaction, either:
a. a clearing-only report with a capacity indicator of ``riskless
principal,'' if a clearing report is necessary to clear the
transaction; or
b. a non-tape, non-clearing report with a capacity indicator of
``riskless principal,'' if a clearing report is not necessary to clear
the transaction.
Example:
SELL as a principal 100 shares to another member at 40 to fill
an existing order;
BUY as principal 100 shares from a customer at 40 minus a mark-
down of $12.50;
REPORT 100 shares at 40 by submitting to ACT either a single
trade report marked with a ``riskless principal'' capacity indicator
or by submitting the following reports:
(1) where required by this Rule, a tape report marked with a
``principal'' capacity indicator; and
(2) either a non-tape, non-clearing report or a clearing-only
report marked with a ``riskless principal'' capacity indicator.
(e) through (f) No Change.
* * * * *
Rule 4640. Reporting Transactions in Nasdaq SmallCapSM
Market Securities
Rule 4642. Transaction Reporting
(a) through (c) No Change.
(d) Procedures for Reporting Price and Volume. Members which are
required to report pursuant to paragraph (b) above shall transmit last
sale reports for all purchases and sales in designated securities in
the following manner:
(1) through (3)(A) No Change.
(3)(B) Exception. A ``riskless'' principal transaction in which a
member, after having received an order to buy a security, purchases the
security as principal at the same price to satisfy the order to buy or,
after having received an order to sell, sells the security as principal
at the same price to satisfy the order to sell, shall be reported as
one transaction in the same manner as an agency transaction, excluding
the mark-up or mark-down, commission-equivalent, or other fee.
Alternatively, a member may report a riskless principal transaction by
submitting the following report(s) to ACT:
(i) The member with the obligation to report the transaction
pursuant to paragraph (b) above must submit a last sale report for the
initial leg of the transaction.
(ii) Regardless of whether a member has a reporting obligation
pursuant to paragraph (b) above, the firm must submit, for the
offsetting, ``riskless'' portion of the transaction, either:
a. a clearing-only report with a capacity indicator of ``riskless
principal,'' if a clearing report is necessary to clear the
transaction; or
b. a non-tape, non-clearing report with a capacity indicator of
``riskless principal,'' if a clearing report is not necessary to clear
the transaction.
Example:
SELL as a principal 100 shares to another member at 40 to fill
an existing order;
BUY as principal 100 shares from a customer at 40 minus a mark-
down of $12.50;
REPORT 100 shares at 40 by submitting to ACT either a single
trade report marked with a ``riskless principal'' capacity indicator
or by submitting the following reports:
(1) where required by this Rule, a tape report marked with a
``principal'' capacity indicator; and
(2) either a non-tape, non-clearing report or a clearing-only
report marked with a ``riskless principal'' capacity indicator.
(e) through (f) No Change.
* * * * *
Rule 4650. Reporting Transactions in Nasdaq Convertible Debt
Securities
Rule 4652. Transaction Reporting
(a) through (c) No Change.
(d) Procedures for Reporting Price and Volume. Members which are
required to report pursuant to paragraph (b) above shall transmit last
sale reports for all purchases and sales in designated securities in
the following manner:
(1) through (3)(A) No Change.
(3)(B) Exception. A ``riskless'' principal transaction in which a
member, after having received an order to buy a security, purchases the
security as principal at the same price to satisfy the order to buy or,
after having received an order to sell, sells the security as principal
at the same price to satisfy the order to sell, shall be reported as
one transaction in the same manner as an agency transaction, excluding
the mark-up or mark-down, commission-equivalent, or other fee.
Alternatively, a member may report a riskless principal transaction by
submitting the following report(s) to ACT:
(i) The member with the obligation to report the transaction
pursuant to paragraph (b) above must submit a last sale report for the
initial leg of the transaction.
(ii) Regardless of whether a member has a reporting obligation
pursuant to paragraph (b) above, the firm must submit, for the
offsetting, ``riskless'' portion of the transaction, either:
a. a clearing-only report with a capacity indicator of ``riskless
principal,'' if a clearing report is necessary to clear the
transaction; or
b. a non-tape, non-clearing report with a capacity indicator of
``riskless principal,'' if a clearing report is not necessary to clear
the transaction.
Example:
SELL as a principal 100 shares to another member at 40 to fill
an existing order;
BUY as principal 100 shares from a customer at 40 minus a mark-
down of $12.50;
REPORT 100 shares at 40 by submitting to ACT either a single
trade report marked with a ``riskless principal'' capacity indicator
or by submitting the following reports:
(1) where required by this Rule, a tape report marked with a
``principal'' capacity indicator; and
(2) either a non-tape, non-clearing report or a clearing-only
report marked with a ``riskless principal'' capacity indicator.
(e) through (f) No Change.
* * * * *
Rule 6600. REPORTING TRANSACTIONS IN OVER-THE-COUNTER EQUITY
SECURITIES
Rule 6620. Transaction Reporting
(a) through (c) No Change.
(d) Procedures for Reporting Price and Volume. Members which are
required to report pursuant to paragraph (b) above shall transmit last
sale reports for all purchases and sales in designated securities in
the following manner:
(1) through (3)(A) No Change.
(3)(B) Exception. A ``riskless'' principal transaction in which a
member, after having received an order to buy a security, purchases the
security as principal at the same price to satisfy the order to buy or,
after having received an order to sell, sells the security as principal
at the same price to satisfy the order to sell, shall be reported as
one transaction in the same manner as an agency transaction, excluding
the mark-up or mark-down, commission-equivalent, or other fee.
Alternatively, a member may report a riskless principal transaction by
submitting the following report(s) to ACT:
(i) The member with the obligation to report the transaction
pursuant to paragraph (b) above must submit a last sale report for the
initial leg of the transaction.
(ii) Regardless of whether a member has a reporting obligation
pursuant to paragraph (b) above, the firm must submit, for the
offsetting, ``riskless'' portion of the transaction, either:
a. a clearing-only report with a capacity indicator of ``riskless
principal,'' if a clearing report is necessary to clear the
transaction; or
[[Page 57855]]
b. a non-tape, non-clearing report with a capacity indicator of
``riskless principal,'' if a clearing report is not necessary to clear
the transaction.
Example:
SELL as a principal 100 shares to another member at 40 to fill
an existing order;
BUY as principal 100 shares from a customer at 40 minus a mark-
down of $12.50;
REPORT 100 shares at 40 by submitting to ACT either a single
trade report marked with a ``riskless principal'' capacity indicator
or by submitting the following reports:
(1) where required by this Rule, a tape report marked with a
``principal'' capacity indicator; and
(2) either a non-tape, non-clearing report or a clearing-only
report marked with a ``riskless principal'' capacity indicator.
(e) through (f) No Change.
* * * * *
Rule 6400. REPORTING TRANSACTIONS IN LISTED SECURITIES
Rule 6420. Transaction Reporting
(a) through (c) No Change.
(d) Procedures for Reporting Price and Volume. Members which are
required to report pursuant to paragraph (b) above shall transmit last
sale reports for all purchases and sales in designated securities in
the following manner:
(1) through (3)(A) No Change.
(3)(B) Exception. A ``riskless'' principal transaction in which a
member, after having received [from a customer] an order to buy a
security, purchases to security as principal [from another member or
customer] at the same price to satisfy the order to buy or, after
having received [from a customer] an order to sell, sells the security
as principal [to another member] at the same price to satisfy the order
to sell, shall be reported as one transaction in the same manner as an
agency transaction, excluding the mark-up or mark-down, commission-
equivalent, or other fee. Alternatively, a member may report a riskless
principal transaction by submitting the following report(s) to ACT:
(i) The member with the obligation to report the transaction
pursuant to paragraph (b) above must submit a last sale report for the
initial leg of the transaction.
(ii) Regardless of whether a member has a reporting obligation
pursuant to paragraph (b) above, the firm must submit, for the
offsetting, ``riskless'' portion of the transaction, either:
a. a clearing-only report with a capacity indicator of ``riskless
principal,'' if a clearing report is necessary to clear the
transaction; or
b. a non-tape, non-clearing report with a capacity indicator of
``riskless principal,'' if a clearing report is not necessary to clear
the transaction.
A riskless principal transaction in which a member purchases or
sells the security on an exchange to satisfy a customer's order will be
reported by the exchange and the member shall not report.
Example:
BUY as principal 100 shares from another member at 40 to fill an
existing order;
SELL as principal 100 shares to a customer at 40 plus mark-up of
$12.50;
REPORT 100 shares at 40 by submitting, to ACT either a single
trade report marked with a ``riskless principal'' capacity indicator
or by submitting the following reports:
(1) where required by this Rule, a tape report marked with a
``principal'' capacity indicator; and
(2) either a non-tape, non-clearing report or a clearing-only
report marked with a ``riskless principal'' capacity indicator.
Example:
BUY as principal 100 shares on an exchange at 40 to fill an
existing order;
SELL as principal 100 shares to a customer at 40 plus a mark-up
of $12.50;
DO NOT REPORT (will be reported by exchange).
(e) No Change.
* * * * *
Rule 6000. NASD SYSTEMS AND PROGRAMS
Rule 6100. AUTOMATED CONFIRMATION TRANSACTION SERVICE (ACT)
Rule 6130. Trade Report Input
(a) through (c) No Change.
(d) Trade Report To Be Input--
(7) A symbol indicating whether the trade is as principal, riskless
principal, or agent.
(e) No Change.
* * * * *
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Nasdaq included statements
concerning the purpose of and basis for its proposal and discussed any
comments it received regarding the proposal. The text of these
statements may be examined at the places specified in Item IV below.
Nasdaq has prepared summaries, set forth in Sections A, B and C below,
of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On March 24, 1999 and July 8, 1999, the SEC approved proposals to
amend the NASD trade reporting rules relating to riskless principal
transactions in Nasdaq National Market, Nasdaq SmallCap Market, Nasdaq
convertible debt, non-Nasdaq OTC equity securities, and exchange-listed
securities traded in the Nasdaq InterMarket (``Riskless Principal Trade
Reporting Rules'').\7\ Under the new Riskless Principal Trade Reporting
Rules, a ``riskless'' principal transaction is one where an NASD
member, after having received an order to buy (sell) a security,
purchases (sells) the security as principal at the same price to
satisfy the order to buy (sell). The Rules require a firm to report a
riskless principal trade as one transaction.
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\7\See Securities Exchange Act Release Nos. 41208 (Mar. 24,
1999), 64 FR 15386 (Mar. 31, 1999) (SR-98-59) and 41606 (July 8,
1999), 64 FR 38226 (July 15, 1999) (SR-NASD-98-08).
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Notices to Members 99-65 (discussing the trade reporting rules for
riskless principal transactions in Nasdaq and OTC securities) and 99-66
(discussing, among other things, the trade reporting rules for the
Nasdaq InterMarket) were published in August 1999. The Notices provided
guidance on compliance with the new Rules, stating that market makers
must report the initial leg of a riskless principal transaction to ACT
and mark the ACT report ``riskless principal'' and must not report to
ACT the offsetting transaction with the customer. The Notices announced
that the Riskless Principal Trade Reporting Rules would become
effective on September 30, 1999.
The implementation date of the new Riskless Principal Trade
Reporting Rules has been delayed three times, most recently until
November 1, 2000.\8\ One of the reasons for delaying the implementation
date was to allow Nasdaq an opportunity to respond to concerns raised
by a number of NASD member firms about trade reporting problems
presented by the Rules.\9\ The firms represented that the approach to
riskless principal trade reporting described in Notice to Members 99-65
and 99-66, which requires firms to report the first leg of a riskless
principal
[[Page 57856]]
transaction to ACT and mark the report ``riskless principal'', would be
problematic and would result in inaccurate reporting of the initial leg
of a riskless principal transaction. The firms indentified the
following problems:
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\8\See Securities Exchange Act Release Nos. 41974 (Oct. 4,
1999), 64 FR 55508 (Oct. 13, 1999) (SR-99-52); 42494 (Mar. 3, 2000),
65 FR 13069 (Mar. 10, 2000) (SR-NASD-00-04); and 43103 (August 1,
2000), 65 FR 48774 (August 9, 2000) (SR-NASD-00-44).
\9\See letter to Belinda Blaine, Associate Director, SEC, dated
February 18, 2000 from Automated Securities Clearance, Ltd. and the
following NASD member firms: Bernard L. Madoff Securities; CIBC
World Markets; Credit Suisse First Boston; Deutsche Banc Alex.
Brown; Donaldson, Lufkin & Jenrette; Goldman Sachs & Co.; Jefferies
& Company, Inc.; Lehman Bros.; Merrill Lynch, Pierce, Fenner &
Smith, Inc.; Morgan Stanley Dean Witter; and Salomon Smith Barney
Inc.
Trades reported by a third party (e.g., an ECN) on
behalf of a broker-dealer can not be properly marked ``riskless
principal'' because market makers do not know whether a particular
order will trigger a riskless principal execution at the time the
broker-dealer sends the order for execution.
To the extent SOES and SelectNet executions trigger a
riskless principal execution (for example, as result of Manning
protection), the principal capacity assumed by Nasdaq's systems will
be inaccurate.
Systemic delay would be introduced into the trade
reporting process for trades executed within a market maker's own
trading system, because the system would be required to determine if
Manning protection is owed to any orders on the books before the
first trade is reported as riskless principal.
Nasdaq believes it has arrived at a workable approach to riskless
principal trade reporting that can be used as an alternative to the
original approach set forth in the new Riskless Principal Trade
Reporting Rules and announced in the Notices. Under the alternative
approach, member firms may report a riskless principal transaction by
submitting either one or two reports to ACT. The first report would be
required only if the member is the party with a reporting obligation
under the relevant Rule. The second report, representing the
offsetting, ``riskless'' portion of the transaction, must be submitted
by all members electing to use the alternative method for riskless
principal trade reporting, regardless of whether the firm has a
reporting obligation. The report will be either a non-tape, non-
clearing report (if there is no need to submit clearing information to
ACT) or a clearing-only report. In either case, the report must be
marked with a capacity indicator of ``riskless principal.'' Because
this is not a last sale report, it does not have to be submitted within
90 seconds after the transaction is executed.
The effect of the proposed rule change can be illustrated by the
following examples. A market maker (MMI) holds a customer limit order
to sell 1000 shares of ABCD, a Nasdaq National Market security, at $10
that is displayed in its quote. MMI sells 1000 shares to a second
market maker (MM2) at $10. When there is a trade between two market
makers, the Nasdaq transaction reporting rules require the member
representing the sell side to report the transaction.\10\ MM1 reports
the sale of 1000 shares by submitting a last sale report to ACT marked
``principal.'' MM1 then fills its customer order for 1000 shares. MM1
submits to ACT one of two reports marked ``riskless principal'' for the
offsetting, riskless portion of the transaction: either a clearing-only
report if necessary to complete the transaction with the customer or,
if a clearing entry is not necessary, a non-tape, non-clearing report.
This submission is not entered for reporting purposes and thus there
will be no public trade report for this leg of the transaction.
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\10\See Rules 4632(b), 4642(b), 4652(b), 6420(b), and 6620(b).
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In another example, both MM1 and MM2 hold customer limit orders:
MM1 holds a customer limit order to sell 1000 shares of ABCD and MM2
holds a customer limit order to buy 1000 shares of ABCD, both of which
are displayed in the market makers' quotes. MM1 sells 1000 shares to
MM2 at $10. MM1 and MM2 then fill both of their customer orders. MM1
reports the two transactions as described above. MM2 does not have a
reporting obligation under the Nasdaq transaction reporting rules
because it is the member representing the buy side. Therefore, it does
not submit a last sale report for the transaction with MM1. However,
for the transaction with its customer, MM2 is obligated to submit to
ACT either a clearing-only entry or a non-tape, non-clearing report
marked ``riskless principal.''
Firms can elect to use either the original approach described in
Notices to Members 99-65 and 99-66 or this alternative approach for
reporting riskless principal trades. Also, firms can elect a given
approach either for all trades or on a trade by trade basis. While the
new alternative method is voluntary, firms that elect not to use this
method must comply with the original method or will be violation of the
trade reporting rules. It should be noted that the alternative approach
is available for all Nasdaq and OTC transactions, and for transactions
in listed securities executed off an exchange, but is not available for
transactions in listed securities executed on an exchange, which are
reported by the exchange under either approach. Nasdaq proposes to make
the alternative approach to riskless principal trade reporting
effective on November 1, 2000.
No ACT fee will be assessed for the non-tape, non-clearing report.
An ACT fee will be assessed for the clearing-only report, however,
because the firm is receiving clearing services in connection with the
report.
The guidance provided in Notices to Members 99-65 and 99-66 is
still valid for firms that elect to use the original approach to
riskless principal trade reporting. Furthermore, the guidance provided
in the Notices with respect to compliance with SEC Rule 10b-10 is valid
for either the original or the alternative approach.
Nasdaq also proposes a technical change to Rule 6130(d)(7) to
explicitly include in the risk ``riskless principal'' as a symbol on an
ACT trade report, in addition to the principal and agent capacity
indicators. The riskless principal symbol already is utilized in Nasdaq
systems and in ACT trade reports, so this is not a new requirement;
this is merely a technical change that adds this capacity indicator to
the current list of symbols in the rule.
Finally, Nasdaq proposes to make technical changes to Rule
6420(d)(3)(B) to conform the language in that rule to language in Rules
4632(d)(3)(B), 4642(d)(3)(B), 4652(d)(3)(B), and 6620(d)(3)(B). In
particular, Nasdaq proposes to delete language from Rule 6420(d)(3)(B)
to ensure consistent application of the Riskless Principal Trade
Reporting Rules to any order received by a member, regardless of the
person or entity from which it was received. Specially, while the
current rule refers to orders received from a ``customer,'' the
proposed rule simply refers to ``an order.'' Thus, a transaction can be
defined as riskless when the market maker is holding an order from a
customer, another member, the customer of another member, or any other
entity including non-member broker-dealers. Furthermore, the text of
the rule is being amended to more clearly provide that such trades are
reported exclusive of any fee. Identical revisions were made to Rules
4632(d)(3)(B), 4642(d)(3)(B), 4652(d)(3)(B), and 6620(d)(3)(B) in SR-
NASD-98-59.\11\
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\11\Securities Exchange Act Release No. 41208 (Mar. 24, 1999),
64 FR 15386 (Mar. 31, 1999).
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2. Statutory Basis
Nasdaq believes that the proposal is consistent with the provisions
of Section 15A(b)(6) of the Act,\12\ and that it will result in more
accurate and reliable information regarding last sale transaction
reports. Section 15A(b)(6) requires that the rules of a registered
securities association be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, settling,
[[Page 57857]]
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect to mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest, and not be designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
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\12\15 U.S.C. 78o-3(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing proposed rule change does not:
(i) significantly affect the protection of investors or the public
interest;
(ii) impose any significant burden on competition; and
(iii) become operative for 30 days from the date on which it was
filed,\13\ or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act\14\ and
Rule 19b-4(f)(6) thereunder.\15\ At any time within 60 days of the
filing of the proposed rule change, the Commission may summarily
abrogate such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
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\13\The Commission notes that the proposed rule change will not
be effective until November 1, 2000. See footnote 8 and accompanying
discussion
\14\15 U.S.C. 78s(b)(3)(A).
\15\17 CFR 240.19b-4(f)(6).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposal is
consistent with the Act. Persons making written submissions should file
six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street, NW., Washington, DC 20549-0609. Copies of
the submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for inspection and copying in the Commission's
Public Reference Room. Copies of such filing will also be available for
inspection and copying at the principal office of the NASD. All
submissions should refer to file number SR-NASD-00-52 and should be
submitted by October 17, 2000.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
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\16\17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-24642 Filed 9-25-00; 8:45 am]
BILLING CODE 8010-01-M