SIFMA provides comments to the Securities and Exchange Commission (SEC) on a Nasdaq proposal to amend Nasdaq Rule 4626, Limitation of Liability, File No. SR-NASDAQ-2012-090.  The proposal is in an effort to compensate its member firms for the effect of numerous systems and technical malfunctions that Nasdaq experienced during the May 18th, 2012, Initial Public Offering (IPO) of Facebook, Inc. (Facebook). SIFMA believes Nasdaq’s proposal raises significant policy and procedural issues that the SEC should take into consideration when ruling on the proposal.