

[Federal Register: March 28, 2006 (Volume 71, Number 59)]
[Notices]               
[Page 15506]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28mr06-101]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53531; File No. SR-NASD-2006-008]

 
Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Approving a Proposed Rule Change to Re-establish a 
Fee Pilot for National Quotation Data Service

March 21, 2006.
    On January 24, 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 reinstate its pilot program, 
which reduced the monthly fee that non-professional users pay to 
receive National Quotation Data Service (``NQDS''), retroactively to 
September 1, 2005.\3\ The proposed rule change was published for 
comment in the Federal Register on February 15, 2006.\4\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Since August 22, 2000, Nasdaq has operated a pilot to reduce 
from $50 to $10 the monthly fee that non-professional users pay to 
receive NQDS data. Nasdaq inadvertently let the pilot lapse on 
September 1, 2005, until January 24, 2006. This filing reinstates 
the pilot retroactively to September 1, 2005, thereby reflecting the 
fact that the pilot was in place at that time. See Securities 
Exchange Act Release Nos. 43190 (August 22, 2000), 65 FR 52460 
(August 29, 2000) (notice of filing and order granting accelerated 
approval of NASD-00-47); 44788 (September 13, 2001), 66 FR 48303 
(September 19, 2001); 46446 (August 30, 2002), 67 FR 57260 
(September 9, 2002); 48386 (August 21, 2003), 68 FR 51618 (August 
27, 2003); and 50318 (September 3, 2004), 69 FR 54821 (September 10, 
2004).
    \4\ See Securities Exchange Act Release No. 53254 (February 8, 
2006), 70 FR 8027 (SR-NASD-2006-008).
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    The Commission finds that the proposed rule change is consistent 
with Section 15A of the Act \5\ and the rules and regulations 
thereunder.\6\ Specifically, the Commission finds the proposal to be 
consistent with Section 15A(b)(5) of the Act,\7\ in that it provides 
for the equitable allocation of reasonable dues, fees and other charges 
among members. The pilot lowers the monthly fee for non-professionals 
to receive NQDS from $50 to $10 a month. The Commission notes that the 
NQDS feature provides a mechanism to allow access to market data that 
is relevant to investors when they make financial decisions and that it 
does not unfairly discriminate between customers, issuers, brokers or 
dealers.
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    \5\ 15 U.S.C. 78o3.
    \6\ In approving this proposed rule change the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78o(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-NASD-2006-008), be, and it 
hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-4436 Filed 3-27-06; 8:45 am]

BILLING CODE 8010-01-P
