Wayne Strumpfer Named To Head Investor Education Unit
On July 11, the Securities and Exchange Commission announced that Wayne Strumpfer has been named to lead the investor education unit within the SEC's recently expanded Office of Investor Education and Advocacy. Mr. Strumpfer will be responsible for leading the SEC's efforts to help Americans of all ages better learn how to invest wisely and avoid costly mistakes and financial scams.
The Office of Investor Education and Outreach is one of four units created within the SEC's Office of Investor Education and Advocacy (OIEA) after SEC Chairman Christopher Cox directed an expansion of the Commission's investor advocacy and outreach initiatives beginning last year. Mr. Strumpfer joined the SEC's OIEA staff this week as Assistant Director, Investor Education. He worked most recently at the California Department of Corporations, where he was the Deputy Commissioner of Enforcement and Investor Education. He also has served as the Chairman of the Investor Education Section for the North American Securities Administrators Association.
"I am so pleased that Wayne has agreed to join the SEC staff," said Kristi Kaepplein, Director of the SEC's Office of Investor Education and Advocacy. "Wayne's experience in investor education and outreach as well as in securities law enforcement and fraud victim assistance for the nation's most populous state will greatly benefit the Commission and the investors we serve."
Mr. Strumpfer said, "I am looking forward to this new opportunity with the SEC to serve individual investors on a national level and help ensure they are armed with the requisite knowledge to make wise investments."
In addition to his prior duties as Deputy Commissioner in California, Mr. Strumpfer has worked closely with many state and federal regulators to promote investor education and financial literacy. During his tenure in California, the state enhanced its nationally recognized senior protection project and created a program to assist military members and their families to avoid financial fraud. On a national level, Mr. Strumpfer produced a publication aimed at educating law enforcement about securities fraud, and has coordinated investor education efforts in many states. He also served as a member of the Board of Trustees for the national Investor Protection Trust.
Prior to his tenure with the Department of Corporations, Mr. Strumpfer served as Deputy Attorney General and in other important legal and legislative roles in California, including Deputy Executive Director of the California District Attorneys Association, Executive Director of the Office of Criminal Justice Planning, and Executive Director of the Fair Political Practices Commission.
The SEC's Office of Investor Education and Advocacy was expanded last year by Chairman Cox to ensure that the views of individual investors inform the Commission's regulatory policies and disclosure initiatives. Among the Commission's key projects aimed at retail investors are educating senior investors about protecting themselves from securities fraud, promoting the use of "plain English" in investment disclosures, and informing investors how "interactive data" can make disclosures more useful to them. OIEA has contact with tens of thousands of individual U.S. investors each year through its investor assistance and education programs. The four units within OIEA are the Office of Investor Education and Outreach, the Office of Policy, the Office of the Freedom of Information Act, and the Office of Investor Assistance. (Press Rel. 2008-139)
Securities Regulators to Examine Industry Controls Against Manipulation of Securities Prices Through Intentionally Spreading False Information
Prevention Effort Augments SEC's Ongoing Enforcement Investigations
Washington, DC, July 13, 2008-The Securities and Exchange Commission today announced that the SEC and other securities regulators will immediately conduct examinations aimed at the prevention of the intentional spread of false information intended to manipulate securities prices. The examinations will be conducted by the SEC's Office of Compliance Inspections and Examinations, as well as the Financial Industry Regulatory Authority and New York Stock Exchange Regulation, Inc.
The securities laws require that broker-dealers and investment advisers have supervisory and compliance controls to prevent violations of the securities laws, including market manipulation. Examiners will focus on these controls and whether they are reasonably designed to prevent the intentional creation or spreading of false information intended to affect securities prices, or other potentially manipulative conduct.
These examinations are in addition to the Commission's enforcement investigations into alleged intentional manipulation of securities prices through rumor-mongering and abusive short selling that are already underway.
"The examinations we are undertaking with FINRA and NYSE Regulation are aimed at ensuring that investors continue to get reliable, accurate information about public companies in the marketplace," said SEC Chairman Christopher Cox. "They will also provide an opportunity to double-check that broker-dealers and investment advisers have appropriate training for their employees and sturdy controls in place to prevent intentionally false information from harming investors."
FINRA, NYSE Regulation and the Options Regulatory Surveillance Authority recently reminded industry firms that intentionally spreading false rumors or engaging in collusive activity to affect the financial condition of an issuer are violative activities, and further reminded market participants to review their internal controls and procedures to prevent this type of conduct.
Greg Burton Named Corporation Finance Division Academic Accounting Fellow
The Securities and Exchange Commission's Division of Corporation Finance today announced the selection of Greg Burton as the Academic Accounting Fellow for a one-year term beginning this month.
"The value of the Academic Accounting Fellow program becomes more evident as we address more complex accounting and reporting issues. I am delighted that Greg will be joining us, and our accounting staff looks forward to working with him," said Wayne Carnall, Chief Accountant in the Division of Corporation Finance.
Mr. Burton is the Deloitte & Touche Fellow and Associate Professor of Accounting at Brigham Young University in Provo, Utah, where he teaches auditing, risks and controls, and international business at both the undergraduate and graduate level. He has been honored with several teaching awards, and has published in Contemporary Accounting Research, Accounting Organizations and Society, Research in Accounting Regulation, and the Journal of Information Systems. His research spans fraud, market behavior, audit, and international accounting topics. Mr. Burton earned a Ph.D. from the University of South Carolina and both bachelors and masters degrees from Utah State University. In addition to his academic qualifications, he has professional experience with KPMG, most recently as a senior manager in the firm's Los Angeles office.
Academic Accounting Fellows in the Division of Corporation Finance serve as a research resource for the staff on current financial reporting and auditing issues. In addition, Academic Fellows work with the Division staff to address issues involving difficult and unusual accounting, auditing and financial reporting questions, participate in rulemaking projects, and review filings by public companies to identify significant accounting and disclosure problems.
Cheryl Linthicum, the outgoing Academic Accounting Fellow, is Associate Professor of Accounting at the University of Texas in San Antonio. While at the Commission, Ms. Linthicum worked on International Financial Reporting Standards (IFRS) related issues, including filing reviews and staff training, and assisted in addressing a number of policy initiatives.
"Cheryl was a valuable member of our team and made a significant contribution to our mission during her tenure," said Mr. Carnall. (Press Rel. 2008-141)
Meridith Mitchell Named SEC Deputy General Counsel
The Securities and Exchange Commission announced today that Meridith Mitchell has been named the agency's Deputy General Counsel for Legal Policy and Administrative Practice.
Ms. Mitchell fills the position previously held by Alexander F. Cohen, who recently became the SEC's Deputy Chief of Staff. She joins Andrew N. Vollmer, who is Deputy General Counsel for Litigation and Adjudication.
Since 2000, Ms. Mitchell has been the Principal Associate General Counsel of the SEC. As part of the senior management team in the Office of the General Counsel, Ms. Mitchell has played a key role in providing legal and policy advice to the Commission on its regulatory and enforcement programs.
The SEC's General Counsel, Brian Cartwright, said, "The Commission is fortunate indeed to have someone of Meridith's caliber in this role. Her background as Principal Associate General Counsel and her leadership of the Office of Legal Policy make her uniquely qualified for the challenges of her new position. She brings to the task an encyclopedic knowledge of not only the securities laws but also administrative law. During her career at the SEC, she has worked with five Chairmen, eight General Counsels, many Commissioners and countless Division and Office heads and other staff throughout the agency. She is deeply committed to the mission of the SEC. Since I have been at the Commission, I have benefited from her judgment and experience on a daily basis. I could not be more delighted that she has agreed to serve in this new capacity."
Ms. Mitchell said, "I have a deep respect for the talented staff of the General Counsel's Office who work tirelessly in support of the Commission and its Divisions and Offices, and I take great pride in their work on behalf of America's investors. I also have had the honor of learning from the outstanding General Counsels with whom I have worked. I look forward to continuing to work alongside the staff in my new role, and I thank Chairman Cox and Brian Cartwright for this wonderful opportunity."
Ms. Mitchell joined the SEC's Office of General Counsel as a staff attorney in 1992. Prior to her role as Principal Associate General Counsel, Ms. Mitchell was Senior Counselor to the General Counsel, Counsel to Commissioner Paul R. Carey, Assistant General Counsel and Special Counsel for Corporation Finance and Accounting, and a Staff Member of the Advisory Committee on the Capital Formation and Regulatory Processes. Ms. Mitchell has received numerous awards for her dedicated work at the Commission, including the Chairman's Award for Excellence, the Capital Markets Award, the Law and Policy Award, and the Distinguished Service Award - the Commission's highest honor. Before joining the SEC, Ms. Mitchell was at Wolf, Block, Schorr & Solis-Cohen in Philadelphia, where she specialized in corporate and securities law. She earned her J.D. from Columbia Law School and B.A. from Oberlin College. (Press Rel. 2008-142)
Notice of Meeting of SEC Advisory Committee on Improvements to Financial Reporting
The Securities and Exchange Commission Advisory Committee on Improvements to Financial Reporting is providing notice that it will hold a public telephone conference meeting on Thursday, July 31, 2008 beginning at 1:00 pm. Members of the public may take part in the meeting by listening to the webcast accessible on the Commission's Web site at www.sec.gov or by calling telephone number (888) 285-4585 and using code number 578070. Persons needing special accommodations to take part because of a disability should notify James L. Kroeker, Deputy Chief Accountant, or Shelly C. Luisi, Senior Associate Chief Accountant, at (202) 551-5300, Office of the Chief Accountant, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-6561.
The agenda for the meeting includes adoption of the Committee's final report to the Commission. The Committee may also discuss written statements received and other matters of concern. The public is invited to submit written statements for the meeting, including any comments on the draft final report discussed at the Committee's July 11, 2008 open meeting available at http://www.sec.gov/about/offices/oca/acifr.shtml. (Rels. 33-8942; 34-58146; File No. 265-24)
Alex Rabinovich Barred From Association With Any Broker, Dealer, or Investment Adviser
On July 11, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against Alex Rabinovich. The Order finds that from at least November 2003 through at least November 2007, Rabinovich, a self-described "private wealth manager," acted as an unregistered investment adviser and was associated with Rabinovich & Associates, L.P., an unregistered broker-dealer and unregistered investment company. At all relevant times, Rabinovich was the general partner of Rabinovich & Associates, and was responsible for the day-to-day operations and management of the firm. Rabinovich, aged 29, is a resident of Brooklyn, New York.
The Order further finds that on March 14, 2008, Rabinovich pleaded guilty to one count of securities fraud in violation of Title 15, United States Code, Sections 78j(b) and 78ff; Title 17, Code of Federal Regulations, Section 240.10b-5; and Title 18, United States Code, Section 2, before the United States District Court for the Southern District of New York, in U.S. v. Alex Rabinovich, Crim. Information No. 1:08-Cr-220 (DC). The count of the criminal information to which Rabinovich pleaded guilty alleged that Rabinovich violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder by soliciting investments in Rabinovich & Associates by means of materially false and misleading statements. Specifically, the information alleged that from in or about December 2003, up to and including in or about November 2007, Rabinovich fraudulently obtained approximately $2,312,822 from approximately 137 investors by falsely claiming, inter alia, that Rabinovich & Associates (a) maintained offices on Wall Street and was a member of the National Association of Securities Dealers, the New York Stock Exchange, and the Securities Investor Protection Corporation; (b) had a history of generating extraordinary profits for investors; and (c) would use investors' funds to trade in the stock market or make other similar investments.
Based on the above, the Order bars Rabinovich from association with any broker, dealer, or investment adviser. Rabinovich consented to the issuance of the Order without admitting or denying any of the findings, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, and the entry of his guilty plea. (Rels. 34-58148; IA-2752; File No. 3-13089)
In the Matter of Michael Sassano, Dogan Baruh, Robert Okin, and R. Scott Abry
On July 11, the Commission issued a settled order (Order) against Dogan Baruh (Baruh) in a previously instituted administrative proceeding.
The Order finds that Baruh, a former registered representative (RR) at CIBC World Markets Corp. (CIBC) and Fahnestock & Co., Inc. (Fahnestock), engaged in a scheme to defraud mutual fund companies. Between June 1998 and September 2003, Baruh and certain other registered representatives (the brokers) actively assisted market timing customers in deceiving mutual funds. CIBC, Fahnestock and the brokers received hundreds of letters and emails from mutual funds regarding their market timing trading activities. Baruh and the brokers repeatedly ignored these communications, and continued to work with their market timing customers to implement their market timing strategies up until the point when mutual funds threatened to terminate their dealer agreements with CIBC or Fahnestock. Among the deceptive practices that Baruh and the brokers engaged in on behalf of their customers were the following: (a) using new account numbers for blocked customer accounts; (b) creating new RR numbers to disguise themselves and their customers from the mutual funds; (c) trading in smaller amounts in order to avoid detection by the mutual funds, including using an in-house electronic trading platform to break up trades into small dollar volumes; (d) using annuities to avoid restrictions on market timing; (e) using the investment adviser trading platforms of two broker-dealers, Charles Schwab & Co., Inc. and FMR Corp., to continue market timing mutual funds that had previously blocked Baruh's customers' trading; and (f) on one instance, sending trades from a different branch to deceive the mutual funds about the origins of the trade. Additionally, Baruh accepted orders from a hedge fund client for the purchase or sale of mutual fund shares after 4:00 p.m. ET, and submitted those orders for processing as if they had been received prior to 4:00 p.m. ET. As a result of his conduct, Baruh willfully violated Section 17(a) of the Securities Act of 1933 (Securities Act), Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, willfully aided and abetted and caused his customers' violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, willfully aided and abetted and caused CIBC's violations of Section 15(c) of the Exchange Act and Rule 10b-3, and willfully aided and abetted and caused CIBC's violations of Rule 22c-1, as adopted under Section 22(c) of the Investment Company Act.
Based on the above, the Order directs Baruh to cease and desist from committing or causing any violations and any future violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and from causing any violations and any future violations of Section 15(c) of the Exchange Act and Rule 10b-3 thereunder and Rule 22c-1 promulgated under Section 22(c) of the Investment Company Act. The Order bars Baruh from association with any broker, dealer or investment adviser, and is prohibited from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter. Finally, the Order directs Baruh to pay disgorgement of $1 and a civil money penalty in the amount of $325,000. Baruh consented to the issuance of the Order without admitting or denying the Commission's findings, except as to the Commission's jurisdiction over him and the subject matter of the proceedings.
For further information, see: Rel. No. 33-8592 (July 20, 2005); Rel. No. 3-12554 (Jan. 31, 2007); Rel No. 55209 (Jan. 31, 2007); Rel. No. 34-57880 (May 28, 2008); Rel. No. 34-57879 (May 28, 2008). (Rels. 33-8943; 34-58150; IA-2753; IC-28330; File No. 3-12554)
Commission Revokes Registration of Securities of GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.) for Failure to Make Required Periodic Filings
On July 14, the Commission revoked the registration of each class of registered securities of GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.) (GSII) for failure to make required periodic filings with the Commission.
Without admitting or denying the findings in the order, except as to jurisdiction, which it admitted, GSII consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.) finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of GSII's securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against GSII in In the Matter of GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.), et al., Administrative Proceeding File No. 3-13044.
Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:
No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .
For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.), et al., Administrative Proceeding File No. 3-13044, Exchange Act Release No. 57868 (May 27, 2008). (Rel. 34-58151; File No. 3-13044)
In the Matter of Amaroq Asset Management, LLC
An Administrative Law Judge has issued an Initial Decision in the matter of Amaroq Asset Management, LLC.
The Order Instituting Proceedings (OIP) alleges that Amaroq Asset Management, LLC (Amaroq), a registered investment adviser, willfully violated Section 204 of the Investment Advisers Act of 1940 (Advisers Act) and Advisers Act Rules 204-1 and 204-2(f). It also alleges that Dwight Andree Sean O'Neal Jones (Jones), the firm's sole stockholder and principal, willfully aided and abetted and caused Amaroq's violations.
The OIP charges that Jones failed to maintain or produce Amaroq's advisory business records and make them available for review by the Commission's staff, as required by law. It further charges that Amaroq failed to file three annual amendments to its Form ADV and failed promptly to notify the Commission when it changed the location of its principal business office, as also required by law. Finally, the OIP alleges that, although Jones claimed that Amaroq discontinued its advisory business in 2004, Amaroq never notified the Commission of its purported discontinuation, as also required by law. To the contrary, until mid-2007, Amaroq continued to promote its wealth management program on the internet, where it represented that it was "subject to periodic SEC examinations."
The matter was the subject of a two-day hearing in San Francisco, California, in January 2008. The Initial Decision sustains most of the charges in the OIP. It dismisses the charge that Amaroq willfully violated Advisers Act Rule 204-2(f), and that Jones willfully aided and abetted and caused that violation. The Initial Decision orders Amaroq and Jones to cease and desist from committing or causing violations of Section 204 of the Advisers Act and Advisers Act Rule 204-1. It revokes Amaroq's registration as an investment adviser and bars Jones from associating with any investment adviser, with a right to apply for association after one year. Finally, the Initial Decision imposes a civil penalty of $15,000 against Jones. (Initial Decision No. 351; File No. 3-12822)
Clarence Friend Barred
Clarence Friend, of Fountain Valley, California, has been barred from association with any broker-dealer. The sanctions were ordered in an administrative proceeding before an administrative law judge, following a court-ordered injunction against him. In April 2008, Friend was enjoined from committing further violations of the antifraud and registration provisions of the securities laws based on misconduct that occurred during 2004 to 2005.
Friend violated the securities laws in connection with the sale of unregistered stock in AirTrac, Inc., of which he was the founder and controlling shareholder. Friend and others raised approximately $1.8 million from over 200 investors in what the U.S. District Court for the Central District of California described as a well-thought-out and long-running attempt to accumulate millions of dollars in investor funds based on patently false information. (Initial Decision No. 352; File No. 3-13017)
SEC Charges Stock Based Loan Companies and Their Owners With Fraud; Judge Enters Temporary Restraining Order
The Commission today announced that on July 10, it filed a civil action in the U.S. District Court for the Southern District of Ohio charging convicted felon Michael Spillan, his wife Melissa Spillan, and their companies, One Equity Corporation, Triangle Equities Group, Inc., Victory Management Group, Inc. and Dafcan Finance, Inc. (collectively, the One Equity Companies) with operating an ongoing fraudulent stock loan program.
The Commission's complaint alleges that, since at least 2004, the Spillans, who are residents of Gahanna, Ohio, and the One Equity Companies, which are located in Westerville, Ohio, raised approximately $70 million from 125 borrowers by holding themselves out as stock based lenders, underwriters, or administrators. According to the complaint, the defendants raised the money by inducing borrowers to transfer ownership of millions of shares of publicly traded stock to them as collateral for purported non-recourse loans based on a false promise to return the shares to borrowers who repaid their loans. In fact, the defendants generally sold all of the stock received from borrowers before funding each loan. After funding each loan, the Spillans did not set aside any cash reserves to repurchase and return shares to borrowers who repaid their loans. Instead, they used all of the money to pay expenses, including over $1 million in salaries and benefits to themselves.
In an order dated July 10, the Honorable Judge Edmund A. Sargus, Jr. entered a temporary restraining order that, among other things, prohibits defendants from making any loans, making any disbursements from business accounts without prior Court approval, paying salaries to the Spillans, and destroying or discarding any relevant financial records. [SEC v. One Equity Corp., et al., Civil Action No. C2-08-667, USDC, S.D. Ohio] (LR-20643)
SEC Charges Co-CEOs of Mobile Phone Marketing Company with "Pump and Dump" Stock Fraud
The Commission today announced the filing of a civil action in the United States District Court for the Northern District of Georgia against Mobile Ready Entertainment Corp. (Mobile Ready) and its former co-chief executive officers Michael H. Magolnick (Magolnick) and Craig A. Mora (Mora). The Commission alleges that, between January and July 2007, Magolnick and Mora, acting through Mobile Ready, created artificial demand for Mobile Ready stock through the issuance of false and misleading press releases that contained baseless revenue projections and identified contracts for future business that did not exist. These false and misleading press releases inflated the per share price and trading volume of Mobile Ready. The complaint alleges that Magolnick and Mora thereafter made additional false statements in efforts to obtain unfounded legal opinion letters supporting their sales of Mobile Ready shares, which were not freely tradable. As a result of their efforts to artificially inflate the market for Mobile Ready stock and their obtaining baseless legal opinions supporting their sales, Magolnick and Mora sold personal holdings of more than 2 million restricted shares each.
The Commission alleges that, by their misconduct, defendants violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and that Magolnick and Mora further violated Sections 5(a) and 5(c) of the Securities Act of 1933. The Commission seeks against the defendants permanent injunctive relief, and, with respect to Magolnick and Mora, an accounting, disgorgement of ill-gotten gains plus prejudgment interest, civil penalties, and penny-stock and officer-director bars. [SEC v. Mobile Ready Entertainment Corp., Michael H. Magolnick and Craig A. Mora, Case No. 1:08-CV-2263, (Northern District of Georgia (Atlanta Division)] (LR-20644)
Immediate Effectiveness of Proposed Rule Changes
A proposed rule change (SR-CBOE-2008-68), filed by the Chicago Board Options Exchange to amend the CBOE Fees Schedule has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 14. (Rel. 34-58127)
A proposed rule change filed by the Boston Stock Exchange (SR-BSE-2008-37) to extend the current Pilot Program for Quarterly Options Series on the Boston Options Exchange facility has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 14. (Rel. 34-58131)
The Commission issued notice of filing and immediate effectiveness of a proposed rule change (SR-NYSE-2008-55) filed by the New York Stock Exchange under Rule 19b-4 of the Securities Exchange Act of 1934 amending Rule 17 to address issues related to vendor liability. Publication is expected in the Federal Register during the week of July 14. (Rel. 34-58137)
A proposed rule change filed by the International Securities Exchange relating to changes to the fee schedule (SR-ISE-2008-54) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of July 14. (Rel. 34-58139)
Proposed Rule Changes
NYSE Arca, through its wholly owned subsidiary, NYSE Arca Equities, Inc., filed a proposed rule change (SR-NYSEArca-2008-70) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 amending NYSE Arca Equities Rule 5.2(j)(6)(B)(I), the Generic Listing Standard for Equity Index-Linked Securities. Publication is expected in the Federal Register during the week of July 14. (Rel. 34-58142)
The NASDAQ Stock Market filed a proposed rule change under Rule 19b-4 (SR-NASDAQ-2008-016) to establish fees for Nasdaq Market Pathfinders Service. Publication is expected in the Federal Register during the week of July 14. (Rel. 34-58145)
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