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 1080.2. Statutory Basis
The Exchange believes that its proposal is consistent with Section 6(b) of the Act5
in general, and furthers the objectives of Section 6(b)(5) of the Act6
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.B. 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.C. 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.III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
Pursuant to Section 19(b)(3)(A) of the Act7
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.
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.IV. 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 email@example.com.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.
917 CFR 200.30-3(a)(12).
Elizabeth M. Murphy,