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Monday, April 5, 2010

Equity Regulatory Alert #2010 - 2
Update on The NASDAQ Stock Market’s Modified Sponsored Access Rule

Markets Impacted:

  • The NASDAQ Stock Market

Contact Information:

What you need to know:

  • As announced in Equity Trader Alert #2010 -1, the Securities and Exchange Commission (SEC) approved NASDAQ’s Sponsored Access Rule proposal NASDAQ SR 2008 - 104 on January 13, 2010.
  • NASDAQ® has filed to delay the effective date of its approved Sponsored Access Rule by 180 days from the approval date.

What is being delayed?

As announced in Equity Trader Alert #2010 -1, the SEC approved NASDAQ’s Sponsored Access Rule proposal NASDAQ SR 2008-104 on January 13, 2010. The effective date of the changes to NASDAQ Rule 4611 related to approved rule proposal NASDAQ SR 2008-104 has been delayed 180 days from the approval date, January 13, 2010.

As stated in the proposed rule change, NASDAQ believes that an industry-wide implementation of sponsored access rules is needed. NASDAQ looks forward to industry-wide adoption of rules reflective of the SEC’s proposed changes to 15c3-5 as detailed in Release No. 34-61379: “Risk Management Controls for Brokers or Dealers with Market Access.”

NASDAQ believes that 180 days is a reasonable time for the industry to comply with the requirements of the final rules adopted to reflect Proposed SEC Rule 15c3—5.

Will NASDAQ’s rules be amended to reflect the final requirements of the SEC’s proposal?

NASDAQ expects its final rules to be consistent with the SEC’s rules as approved, and consistent with rules that will be adopted by other Self Regulatory Organizations (SROs).

Where can I find additional information?

  • Refer to SEC Release No. 34-59275, Release No. 34-61345 and Release No. 34-61379.
  • Refer to NASDAQ Rule 4611.
  • Refer to SR-NASDAQ-2010-039.
  • Contact Transaction Services U.S. Market Sales at +1 800 846 0477.

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