[Federal Register: September 16, 2003 (Volume 68, Number 179)]
[Notices]
[Page 54252-54256]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16se03-85]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-48466; File No. SR-NASD-2003-125]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto by
the National Association of Securities Dealers, Inc. To Modify NASD
Rules 4614, 4619, 4620, 4624, 4625, 5106, 6350 and 11890
September 9, 2003.
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 8, 2003, the National Association of Securities Dealers, Inc.
(``NASD''), through its subsidiary, The Nasdaq Stock Market, Inc.
(``Nasdaq''), submitted to the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by Nasdaq. On September
4, 2003, Nasdaq filed Amendment No. 1 to the proposed rule change.\3\
Pursuant to sections 19(b)(3)(A)(i) and (iii) of the Act \4\ and Rules
19b-4(f)(1) and (3) thereunder,\5\ Nasdaq has designated this proposal
as one that, in part, constitutes a stated policy, practice or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule and that, in the remaining part, is
concerned solely with the administration of the self-regulatory
organization, which renders the proposed rule change effective upon the
Commission's receipt of this filing. The Commission is publishing this
notice to solicit comments on the proposed rule change, as amended,
from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See letter from Alex Kogan, Associate General Counsel,
Nasdaq, to Katherine A. England, Assistant Director, Division of
Market Regulation, Commission, dated September 3, 2003 (``Amendment
No. 1''). In Amendment No. 1, Nasdaq corrected rule text, clarified
the application of Rule 19(b)(3)(A) to the proposed rule change, and
clarified its description of NASD Rules 5265 and 11890.
\4\ 15 U.S.C. 78s(b)(3)(A)(i) and (iii).
\5\ 17 CFR 240.19b-4(f)(1) and (3).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The proposed rule change seeks to reflect the administrative shift
of certain responsibilities under NASD Rules 4614, 4619, 4620, 4624,
4625, 5106, 6350 and 11890 from Nasdaq Market Operations to Nasdaq
MarketWatch and
[[Page 54253]]
to clarify members' obligations under NASD Rule 4625.\6\ This proposed
rule change is effective upon the Commission's receipt of Nasdaq's
filing.
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\6\ Nasdaq states that, with one exception, the proposed rule
change is concerned solely with the administration of the self-
regulatory organization, and therefore immediately effective
pursuant to section 19(b)(3)(A)(iii) of the Act. The one exception
to this is the addition of the words ``or other transaction'' to one
of the examples contained in NASD Rule 4625 (the relevant example
was originally contained in Rule 4625(a)(2)(D) but is now being re-
designated as Rule 4625(a)(1)(G)). Nasdaq states that this
particular aspect of the proposed rule change constitutes a stated
policy, practice or interpretation with respect to the meaning,
administration, or enforcement of an existing rule, and is therefore
immediately effective pursuant to section 19(b)(3)(A)(i) of the Act.
See Amendment No. 1, supra, n.3.
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The text of the proposed rule change is below. Proposed new
language is in italics; proposed deletions are in [brackets].
* * * * *
4614. Stabilizing Bids
(a) Market Maker Obligation/Identifier
A market maker that intends to stabilize the price of a Nasdaq
security that is a subject or reference security under SEC Rule 101
shall submit a request to Nasdaq [Market Operations] MarketWatch for
the entry of a one-sided bid that is identified on Nasdaq as a
stabilizing bid in compliance with the standards set forth in this Rule
and SEC Rules 101 and 104.
(b) and (c) No change.
(d) Submission of Request to Association
(1) A market maker that wishes to enter a stabilizing bid shall
submit a request to Nasdaq [Market Operations] MarketWatch for entry on
Nasdaq of a one-sided bid identified as a stabilizing bid. The market
maker shall confirm its request in writing no later than the close of
business the day the stabilizing bid is entered by submitting an
Underwriting Activity Report to Nasdaq [Market Operations] MarketWatch
that includes the information required by subparagraph (d)(2).
(2) In lieu of submitting the Underwriting Activity Report as set
forth in subparagraph (d)(1), the market maker may provide written
confirmation to Nasdaq [Market Operations] MarketWatch that shall
include:
(A) The identity of the security and its Nasdaq symbol;
(B) The contemplated effective date of the offering and the date
when the offering will be priced;
(C) The date and time that an identifier should be included on
Nasdaq; and
(D) A copy of the cover page of the preliminary or final prospectus
or similar offering document, unless the Association determines
otherwise.
* * * * *
4619. Withdrawal of Quotations and Passive Market Making
(a) A market maker that wishes to withdraw quotations in a security
or have its quotations identified as the quotations of a passive market
maker shall contact Nasdaq [Market Operations] MarketWatch to obtain
excused withdrawal status prior to withdrawing its quotations or
identification as a passive market maker. Withdrawals of quotations or
identifications of quotations as those of a passive market maker shall
be granted by Nasdaq [Market Operations] MarketWatch only upon
satisfying one of the conditions specified in this Rule.
(b) Excused withdrawal status based on circumstances beyond the
market maker's control may be granted for up to five (5) business days,
unless extended by Nasdaq [Market Operations] MarketWatch. Excused
withdrawal status based on demonstrated legal or regulatory
requirements, supported by appropriate documentation and accompanied by
a representation that the condition necessitating the withdrawal of
quotations is not permanent in nature, may, upon notification, be
granted for not more than sixty (60) days (unless such request is
required to be made pursuant to paragraph (d) below). Excused
withdrawal status based on religious holidays may be granted only if
written notice is received by the Association one business day in
advance and is approved by the Association. Excused withdrawal status
based on vacation may be granted only if:
(1) The written request for withdrawal is received by the
Association one business day in advance, and is approved by the
Association;
(2) The request includes a list of the securities for which
withdrawal is requested; and
(3) The request is made by a market maker with three (3) or fewer
Nasdaq level 3 terminals. Excused withdrawal status may be granted to a
market maker that has withdrawn from an issue prior to the public
announcement of a merger or acquisition and wishes to re-register in
the issue pursuant to the same-day registration procedures contained in
Rule 4611 above, provided the market maker has remained registered in
one of the affected issues. The withdrawal of quotations because of
pending news, a sudden influx of orders or price changes, or to effect
transactions with competitors shall not constitute acceptable reasons
for granting excused withdrawal status.
(c) No change.
(d) Excused withdrawal status or passive market maker status may be
granted to a market maker that is a distribution participant (or, in
the case of excused withdrawal status, an affiliated purchaser) in
order to comply with SEC Rule 101, 103, or 104 under the Act on the
following conditions:
(1) A member acting as a manager (or in a similar capacity) of a
distribution of a Nasdaq security that is a subject security or
reference security under Rule 101 and any member that is a distribution
participant or an affiliated purchaser in such a distribution that does
not have a manager shall provide written notice to Nasdaq [Market
Operations] MarketWatch and the Market Regulation department of NASD
Regulation, Inc. no later than the business day prior to the first
entire trading session of the one-day or five-day restricted period
under SEC rule 10, unless later notification is necessary under the
specific circumstances.
(A) No change.
(B) The managing underwriter shall advise each market maker that it
has been identified as a distribution participant or an affiliated
purchaser to Nasdaq [Market Operations] MarketWatch and that its
quotations will be automatically withdrawn or identified as passive
market maker quotations, unless a market maker that is a distribution
participant (or an affiliated purchaser of a distribution participant)
notifies Nasdaq [Market Operations] MarketWatch as required by
subparagraph (d)(2), below.
(2) A market maker that has been identified to Nasdaq [Market
Operations] MarketWatch as a distribution participant (or an affiliated
purchaser of a distribution participant) shall promptly notify Nasdaq
[Market Operations] MarketWatch and the manager of its intention not to
participate in the prospective distribution or not to act as a passive
market maker in order to avoid having its quotations withdrawn or
identified as the quotations of a passive market maker.
(3) If a market maker that is a distribution participant withdraws
its quotations in a Nasdaq security in order to comply with the net
purchases limitation of SEC Rule 103 or with any other provision of SEC
Rules 101, 103, or 104 and promptly notifies Nasdaq [Market Operations]
MarketWatch of its action, the withdrawal shall be deemed an excused
withdrawal. Nothing in this
[[Page 54254]]
subparagraph shall prohibit the Association from taking such action as
is necessary under the circumstances against a member and its
associated persons for failure to contact Nasdaq [Market Operations]
MarketWatch to obtain an excused withdrawal as required by
subparagraphs (a) and (d) of this Rule.
(4) No change.
(5) A member acting as a manager (or in a similar capacity of a
distribution subject to subparagraph (d)(1) of this rule shall submit a
request a to Nasdaq [Market Operations] MarketWatch and the market
Regulation Department of NASD Regulation, Inc. to rescind the excused
withdrawal status or passive market making status of distribution
participants and affiliated purchasers, which request shall include the
date and time of the pricing of the offering, the offering price, and
the time the offering terminated, and, if not in writing, shall be
confirmed in writing no later than the close of business the day the
offering terminates. The request by this subparagraph may be submitted
on the Underwriting Activity Report.
(e) No change.
* * * * *
4620. Voluntary Termination of Registration
(a) No change.
(b) Notwithstanding the above, a market maker that accidentally
withdraws as a market maker may be reinstated if:
(1) The market maker notified [Market Operations] MarketWatch of
the accidental withdrawal as soon as practicable under the
circumstances, but within at least one hour of such withdrawal, and
immediately thereafter provided written notification of the withdrawal
and reinstatement request;
(2) through (3) No change
(c) Factors that the Association will consider in granting a
reinstatement under paragraph (b) of this rule include, but are not
limited to:
(1) through (4) No change
(5) the timeliness with which the market maker notified [Market
Operations] MarketWatch of the error.
(d) No change.
* * * * *
4624. Penalty Bids and Syndicate Covering Transactions
(a) and (b) No change
(c) Notwithstanding paragraph (a), a market maker may request that
its quotation be identified as a penalty bid on Nasdaq by providing
notice to Nasdaq [Market Operations] MarketWatch, which notice shall
include the date and time that the penalty bid identifier should be
entered on Nasdaq and, if not in writing, shall be confirmed in writing
no later than the close of business the day the penalty bid identifier
is entered on Nasdaq.
(d) No change
* * * * *
4625. Obligation To Provide Information
(a) A NASD member operating in or participating in the third
market, The Nasdaq Stock Market, or other Nasdaq-operated system, shall
provide information orally, in writing, or electronically (if such
information is, or is required to be, maintained in electronic form) to
the staff of Nasdaq when:
(1) Nasdaq MarketWatch staff makes an oral, written, or
electronically communicated request for information relating to a
specific NASD rule, SEC rule, or provision of a joint industry plan
(e.g., ITS, UTP, CTA, and CQA) (as promulgated and amended from time-
to-time) that Nasdaq MarketWatch is responsible for administering or to
other duties and/or obligations imposed on Nasdaq MarketWatch by the
Association under the Plan of Allocation and Delegation of Function by
the NASD to Subsidiaries or otherwise; this shall include, but not be
limited to, information relating to:
(A) A locked or crossed market; or
(B) A trade reported by a member or ECN to the Automated
Transaction Confirmation Service (``ACT''); or
(C) Trading activity, rumors, or information that a member may
possess that may assist in determining whether there is a basis to
initiate a trading halt, pursuant to NASD Rule 4120 and IM-4120-1; or
(D) A quotation that appears not to be reasonably related to the
prevailing market; or
(E) A clearly erroneous transaction, pursuant to NASD Rule 11890;
or
(F) A request for an excused withdrawal or reinstatement, pursuant
to NASD Rules 4619, 4620, 5106 and 6350; or
(G) The resolution of a trade-through complaint, or other
transaction, pursuant to NASD Rules 5262, 5265, and 11890; or
(H) A request to submit a stabilizing bid, pursuant to NASD Rules
4614 and 5106, or a request to have a quotation identified as a penalty
bid on Nasdaq, pursuant to NASD Rule 4624.
(2) Nasdaq Market Operations staff makes an oral, written, or
electronically communicated request for information relating to a
specific NASD rule, SEC rule, provision of a joint industry plan (e.g.,
ITS, UTP, CTA, and CQA) (as promulgated and amended from time-to-time)
that Nasdaq Market Operations is responsible for administering or to
other duties and/or obligations imposed on Nasdaq Market Operations by
the Association under the Plan of Allocation and Delegation of Function
by the NASD to Subsidiaries or otherwise; this shall include, but not
be limited to, information relating to:
(A)[a clearly erroneous transaction, pursuant to NASD Rule 11890;
(B)] a request to reconsider a determination to withhold a primary
market maker designation, pursuant to NASD Rule 4612; or
[(C) a request for an excused withdrawal or reinstatement, pursuant
to NASD Rules 4619, 4620, 4730, 5106 and 6350;
(D) the resolution of a trade-through complaint, pursuant to NASD
Rules 5262, 5265, and 11890;
(E)](B) an ACT input error; or
[(F)](C) an equipment failure [; or
(G) a request to submit a stabilizing bid, pursuant to NASD Rules
4614 and 5106, or a request to have a quotation identified as a penalty
bid on Nasdaq, pursuant to NASD Rule 4624].
(b) No change
* * * * *
5106. Requirements Applicable to Market Makers
(a) No change
(b) Market Maker Obligations.
The following requirements and procedures govern a broker/dealer's
participation in Nasdaq International as a Service market maker.
(1) Registration.
(A) through (C) No change.
(D) A Service market maker may become registered in a newly
qualified security by telephoning [Market Operations] MarketWatch. If
registration is requested within five (5) business days after the issue
becomes qualified, registration shall take effect at the time the
request is entered.
(E) and (F) No change.
(2) No change
(3) Character of Quotations
(A) through (C) No change
(D) If a Service market maker's ability to enter or update
quotations is impaired, the market maker shall immediately contact
[Market Operations] MarketWatch to request the withdrawal of its
quotations.
(E) through (H) No change.
(4) Withdrawal of Quotations
(A) A Service market maker that wishes to withdraw its quotations
in a
[[Page 54255]]
qualified security shall contact [Market Operations] MarketWatch to
obtain excused withdrawal status prior to effecting withdrawal. Excused
withdrawals shall be granted by [Market Operations] MarketWatch only
upon the demonstration of the existence of one of the circumstances set
forth in subparagraphs (B) and (C) below.
(B) Excused withdrawal status based on physical circumstances
beyond the Service market maker's control may be granted for up to five
(5) business days, unless extended by [Market Operations] MarketWatch.
Excused withdrawal status based on demonstrated legal or regulatory
requirements, supported by appropriate documentation and accompanied by
a representation that the condition necessitating the withdrawal of
quotations is not permanent in nature, may, upon written request, be
granted for not more than sixty (60) days. Excused withdrawal status
based on religious holidays or national holidays in the U.K. may be
granted only if the request is received by the Association five (5)
business days in advance and is approved by the Association. Excused
withdrawal status based on vacation may be granted only if: the request
for withdrawal is received by the Association twenty (20) business days
in advance, and is approved by the Association; the request includes a
list of the securities for which withdrawal is requested; and the
request is made by a Service market maker with three (3) or fewer
Nasdaq Workstation\TM\ units authorized for market making in the
Service. The following shall not constitute acceptable reasons for
granting excused withdrawal status: pending news, a sudden influx of
orders or price changes, or the desire to effect transactions with
competitors.
(C) No change.
(5) No change.
(6) Stabilizing Bids
(A) and (B) No change.
(C) Notice to the Association
(i) A Service market maker that wishes to enter a stabilizing bid
shall so notify [Market Operations] MarketWatch in writing prior to the
first day on which the stabilizing bid is to appear in the Service. The
notice shall include: the name of the qualified Nasdaq security and its
Nasdaq symbol; the date on which the security's registration will
become effective, if it is already quoted in the Service; whether the
stabilizing bid will be a penalty bid or a penalty-free bid; and a copy
of the preliminary prospectus or shelf registration statement, unless
the Association determines otherwise.
(ii) In the case of a pre-effective stabilizing bid, the notice
shall include: the name of the qualified Nasdaq security and its Nasdaq
symbol; the contemplated effective date of the offering; whether it is
contemplated that the pre-effective stabilizing bid will be converted
to a stabilizing bid and, if so, whether the stabilizing bid will be a
penalty bid or a penalty-free bid; and a copy of the preliminary
prospectus, unless the Association determines otherwise.
(iii) A service market maker that has provided the written notice
prescribed above shall also contact [Market Operations] MarketWatch for
authorization on the day the market maker wishes to enter the
stabilizing bid into the Service.
(D) and (E) No change.
* * * * *
6350. Withdrawal of Quotations
(a) A CQS market maker that wishes to withdraw quotations in a
reported security shall contact Nasdaq [Market Operations] MarketWatch
to obtain excused withdrawal status prior to withdrawing its
quotations.
(b) Excused withdrawal status based on illness, vacations or
physical circumstances beyond the CQS market maker's control may be
granted for up to five (5) business days, unless extended by Nasdaq
[Market Operations] MarketWatch. Excused withdrawal status based on
investment activity or advice of legal counsel, accompanied by a
representation that the condition necessitating the withdrawal of
quotations is not permanent in nature, may, upon written request, be
granted for not more than sixty (60) days. The withdrawal of quotations
because of pending news, a sudden influx of orders or price changes, or
to effect transactions with competitors shall not normally constitute
acceptable reasons for granting excused withdrawal status, unless the
Association has initiated a trading halt for ITS/CAES Market Makers in
the security, pursuant to Rule 4120.
* * * * *
11890. Clearly Erroneous Transactions
(a) Authority to Review Transactions Pursuant to Complaint of
Market Participant
(1) No change.
(2) Procedures for Reviewing Transactions
(A) Any member, member of a UTP Exchange, or person associated with
any such member that seeks to have a transaction reviewed pursuant to
paragraph (a)(1) hereof shall submit a written complaint to Nasdaq
[Market Operations] MarketWatch in accordance with the following time
parameters:
(i) For transactions occurring at or after 9:30 a.m., Eastern Time,
but prior to 10 a.m., Eastern Time, complaints must be received by
Nasdaq by 10:30 a.m., Eastern Time; and
(ii) For transactions occurring prior to 9:30 a.m., Eastern Time
and at or after 10 a.m., Eastern Time, complaints must be received by
Nasdaq within thirty minutes.
(B) through (E) No change.
(b) through (d) 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 the proposed rule change and
discussed any comments it received on the proposed rule change. 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
The proposed rule change seeks to reflect the administrative shift
of certain responsibilities under NASD Rules 4614, 4619, 4620, 4624,
4625, 5106, 6350 and 11890 from Nasdaq Market Operations to Nasdaq
MarketWatch and to clarify members' obligations under NASD Rule 4625.
NASD Rules 4614, 4619, 4620, 4624, 5106, 6350, and 11890 all
identify Market Operations as the Nasdaq department responsible for
administration of the respective rules. Nasdaq has determined that, in
order to ensure continued effective administration of these rules, it
would be appropriate and desirable to transfer this responsibility to
Nasdaq's MarketWatch department. As such, the proposed rule change to
NASD Rules 4614, 4619, 4620, 4624, 5106, 6350, and 11890 would merely
replace references to Market Operations with references to MarketWatch.
NASD Rule 4625 authorizes Nasdaq to seek certain information from
members and provides specific examples of the types of information that
Market Operations and MarketWatch,
[[Page 54256]]
respectively, may seek. In light of the shift of certain regulatory
responsibilities from Market Operations to MarketWatch, as described in
the preceding paragraph, the examples contained in NASD Rule 4625 need
to be realigned accordingly, since certain types of information that
previously would likely have been sought by Market Operations, would
now be most likely needed by MarketWatch as it exercises its newly-
acquired authority (which would shift to it from Market Operations)
under the proposed rule change.
Furthermore, Nasdaq wishes to clarify the language in one of the
examples contained in NASD Rule 4625. The example currently contained
in paragraph (a)(2)(D) of NASD Rule 4625\7\, refers to information
relating to ``the resolution of a trade-through complaint, pursuant to
NASD Rules 5262, 5265, and 11890.'' NASD Rule 5262 focuses on
InterMarket trade-through complaints. Rules 5265 and 11890, however,
make no reference to trade-through complaints but rather focus on the
authority to adjust other transactions. As such, a clarification is
desirable in order to identify specifically Nasdaq's authority to seek,
and members' obligation to provide, information relating to ``the
resolution of a trade-through complaint, or other transaction, pursuant
to NASD Rules 5262, 5265, and 11890.''
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\7\ Under the proposed rule change, this example would be moved
to paragraph (a)(1)(G) of NASD Rule 4625.
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2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of section 15A of the Act,\8\ including sections
15A(b)(2) and (6) of the Act,\9\ which require, respectively, that (i)
NASD be organized and have the capacity to be able to carry out the
purposes of the Act and to comply, and to enforce compliance by its
members and persons associated with its members with the Act, the rules
and regulations thereunder, the rules of the Municipal Securities
Rulemaking Board, and the rules of the NASD and (ii) the rules of the
NASD 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,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Nasdaq believes that, at this time, MarketWatch, rather than Market
Operations, is the most appropriate department to handle certain
regulatory responsibilities referenced above. As such, the
organizational realignment and the corresponding proposed rule changes
are consistent with the requirements of the Act. Furthermore, the
proposed clarifying change in the language of the example currently
contained in NASD Rule 4625(a)(2)(D) will make that rule's meaning more
transparent, thereby helping advance the investor protection and public
interest objectives of the Act.
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\8\ 15 U.S.C. 78o-3.
\9\ 15 U.S.C. 78o-3(b)(2) and (6).
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B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change, as amended,
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
The foregoing rule change has become effective pursuant to sections
19(b)(3)(A)(i) and (iii) of the Act\10\ and Rules 19b-4(f)(1) and (3)
thereunder\11\ in that it, in part, constitutes a stated policy,
practice or interpretation with respect to the meaning, administration,
or enforcement of an existing rule and that, in the remaining part,
concerns solely with the administration of the self-regulatory
organization.
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\10\ 15 U.S.C. 78s(b)(3)(A)(i) and (iii).
\11\ 17 CFR 240.19b-4(f)(1) and (3).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the 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. For purposes of calculating
the 60-day abrogation period, the Commission considers the proposed
rule change to have been filed on September 4, 2003, when Amendment No.
1 was filed.\12\
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\12\ See n.3, supra.
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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 proposed rule
change, as amended, 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-2003-125 and should be submitted by October 7, 2003.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-23550 Filed 9-15-03; 8:45 am]
BILLING CODE 8010-01-P