
[Federal Register Volume 77, Number 180 (Monday, September 17, 2012)]
[Notices]
[Page 57171]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-22846]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67842; File No. SR-NASDAQ-2012-090]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change to Amend Rule 4626--Limitation of Liability

September 12, 2012.
    On July 23, 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 Exchange Rule 4626--Limitation of 
Liability. The proposed rule change was published for comment in the 
Federal Register on August 1, 2012.\3\ The Commission received eleven 
comment letters on this proposal.\4\
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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. 67507 (July 26, 
2012), 77 FR 45706.
    \4\ See letters to Elizabeth M. Murphy, Secretary, Commission, 
from Sis DeMarco, Chief Compliance Officer, Triad Securities Corp., 
dated August 20, 2012; Eugene P. Torpey, Chief Compliance Officer, 
Vandham Securities Corp., dated August 21, 2012; John C. Nagel, 
Managing Director and General Counsel, Citadel LLC, dated August 21, 
2012; Benjamin Bram, Watermill Institutional Trading LLC, dated 
August 22, 2012; Daniel Keegan, Managing Director, Citigroup Global 
Markets Inc., dated August 22, 2012; Theodore R. Lazo, Managing 
Director and Associate General Counsel, Securities Industry and 
Financial Markets Association, dated August 22, 2012; Mark Shelton, 
Group Managing Director and General Counsel, UBS Securities LLC, 
dated August 22, 2012; Andrew J. Entwistle and Vincent R. Cappucci, 
Entwistle & Cappucci LLP, dated August 22, 2012; Douglas G. 
Thompson, Michael G. McLellan, and Robert O. Wilson, Finkelstein 
Thompson LLP, Christopher Lovell, Victor E. Stewart, and Fred T. 
Isquith, Lovell Stewart Halebian Jacobson LLP, Jacob H. Zamansky and 
Edward H. Glenn, Zamansky & Associates LLC, dated August 22, 2012; 
James J. Angel, Associate Professor of Finance, Georgetown 
University, McDonough School of Business, dated August 23, 2012; and 
Leonard J. Amoruso, General Counsel, Knight Capital Group, Inc., 
dated August 29, 2012.
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    Section 19(b)(2) of the Act\5\ 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 September 15, 2012. The Commission is 
extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider this proposed rule change, which relates to 
a voluntary accommodation policy for claims arising from systems 
difficulties that NASDAQ experienced during the initial public offering 
of Facebook, Inc. on May 18, 2012, the comment letters that have been 
submitted in connection with this proposed rule change, and any 
response to the comment letters submitted by the Exchange.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates October 30, 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 No. SR-NASDAQ-2012-090).
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    \6\ 15 U.S.C. 78s(b)(2).

For the Commission, by the Division of Trading and Markets, pursuant 
to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-22846 Filed 9-14-12; 8:45 am]
BILLING CODE 8011-01-P


