Self-Regulatory Organizations; Proposed Rule Changes:

Federal Register Volume 76, Number 157 (Monday, August 15, 2011)

Notices

Pages 50509-50511

From the Federal Register Online via the Government Printing Office [www.gpo.gov]

FR Doc No: 2011-20639

SECURITIES AND EXCHANGE COMMISSION

Release No. 34-65069; File No. SR-Phlx-2011-106

Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of

Filing and Immediate Effectiveness of Proposed Rule Change To Correct a

Typographical Error in Exchange Rule 1080

August 9, 2011.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

Page 50510

(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on August 3, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or

``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The

Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

\1\ 15 U.S.C. 78s(b)(1).

\2\ 17 CFR 240.19b-4.

  1. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

    The Exchange is filing with the Commission a proposal to amend

    Exchange Rule 1080 (Phlx XL and XL II) to correct a typographical error.

    The text of the proposed rule change is available on the Exchange's

    Web site at http://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/Filings/, at the principal office of the Exchange, and at the

    Commission's Public Reference Room.

  2. Self-Regulatory Organization's Statement of the Purpose of, and

    Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.

    1. Self-Regulatory Organization's Statement of the Purpose of, and

      Statutory Basis for, the Proposed Rule Change 1. Purpose

      The purpose of the proposed rule change is to correct a typographical error in subsection (m)(iii)(D) of Rule 1080.

      On July 13, 2011, the Exchange filed an immediately effective proposal to amend Phlx Rule 1080(m) \3\ to make certain changes consistent with the upcoming implementation of Rule 15c3-5 under the

      Act (the ``Market Access Rule'').\4\ There is a typographical error in new subsection (m) of Rule 1080. Inadvertently, the new text in Rule 1080(m) was labeled as Rule 1080(m)(iii)(D) rather than correctly as

      Rule 1080(m)(iii)(E). Therefore, the exchange is hereby correcting the error by relabeling the new subsection as Rule 1080(m)(iii)(E). Phlx is making no other changes to Rule 1080.

      \3\ See Securities Exchange Act Release No. 64900 (July 18, 2011) (SR-Phlx-2011-99).

      \4\ 17 CFR 240.15c3-5.

      1. Statutory Basis

      The Exchange believes that its proposal is consistent with Section 6(b) of the Act \5\ in general, and furthers the objectives of Section 6(b)(5) of the Act \6\ in particular, in that it is designed to promote just and equitable principles of trade, 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.

      The proposed rule change makes a minor clerical change to an existing

      Phlx rule.

      \5\ 15 U.S.C. 78f(b).

      \6\ 15 U.S.C. 78f(b)(5).

    2. Self-Regulatory Organization's Statement on Burden on Competition

      The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.

    3. Self-Regulatory Organization's Statement on Comments on the Proposed

      Rule Change Received From Members, Participants, or Others

      No written comments were either solicited or received.

  3. Date of Effectiveness of the Proposed Rule Change and Timing for

    Commission Action

    Pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(3) thereunder,\8\ NASDAQ has designated this proposal as one that is concerned solely with the administration of the self-regulatory organization. Accordingly, the Exchange believes that this proposal is immediately effective and operative upon filing.

    \7\ 15 U.S.C. 78s(b)(3)(A).

    \8\ 17 CFR 240.19b-4(f)(3).

    At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i)

    Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the

    Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved.

  4. Solicitation of Comments

    Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:

    Electronic Comments

    Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or

    Send an e-mail to rule-comments@sec.gov. Please include

    File Number SR-Phlx-2011-106 on the subject line.

    Paper Comments

    Send paper comments in triplicate to Elizabeth M. Murphy,

    Secretary, Securities and Exchange Commission, 100 F Street, NE.,

    Washington, DC 20549-1090.

    All submissions should refer to File Number SR-Phlx-2011-106. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 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 Web site viewing and printing in the Commission's Public Reference Room, 100 F Street, NE.,

    Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2011-106 and should be submitted on or before September 6, 2011.

    Page 50511

    For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\

    \9\ 17 CFR 200.30-3(a)(12).

    Elizabeth M. Murphy,

    Secretary.

    FR Doc. 2011-20639 Filed 8-12-11; 8:45 am

    BILLING CODE 8011-01-P

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