Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Boston Stock Exchange, Inc. To Amend the Exchange's Rule Relating to its Regulatory Transaction Fee, 126-128 [04-28669]
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Federal Register / Vol. 70, No. 1 / Monday, January 3, 2005 / Notices
II. Safety Evaluation Report (SER)
Summary
The purpose of the amendment is to
terminate ATK’s source material license
and authorize for unrestricted release
the licensee’s former depleted uranium
production facilities located at the Twin
Cities Army Ammunition Plant, Arden
Hills, Minnesota. The licensee started
production of uranium munitions in
1976, and ceased production activities
during 1988. The licensee conducted
surveys of its former facilities and site
and provided on June 18, 2004,
information to the NRC to demonstrate
that the site meets the licensee’s
termination criteria specified in its
NRC-approved decommissioning plan.
The staff prepared the SER in support
of the license amendment. Based on its
review, the NRC staff has determined
that the licensee’s final status surveys
are adequate to demonstrate compliance
with radiological criteria for license
termination, and that ATK has
demonstrated that the former depleted
uranium production site radiological
conditions comply with the radiological
criteria for license termination. The
NRC staff has reviewed the proposed
amendment and has determined that the
proposed termination will have no
adverse effect on the public health and
safety or the environment.
III. Further Information
Documents related to this action,
including the application for
amendment and supporting
documentation, are available
electronically at the NRC’s Electronic
Reading Room at https://www.nrc.gov/
reading-rm/adams.html. From this site,
you can access the NRC’s Agencywide
Document Access and Management
System (ADAMS), which provides text
and image files of NRC’s public
documents. The ADAMS accession
numbers for the documents related to
this notice are: the ATK letter dated
June 2, 2004 (Accession No.
ML042870518); the licensee’s letter
dated June 18, 2004, with Safety and
Ecology Corporation ‘‘Final Status
Survey Report, Depleted Uranium
Facilities, Twin Cities Army
Ammunition Plant, New Brighton,
Minnesota,’’ Project 1350, Revision 2,
June 2004 (Accession No.
ML042950257) attached, and the SER
summarized above (Accession No.
ML043560261). If you do not have
access to ADAMS or if there are
problems in accessing the documents
located in ADAMS, contact the NRC
Public Document Room (PDR) Reference
staff at 1–800–397–4209, 301–415–4737,
or by e-mail to pdr@nrc.gov.
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Please note that on October 25, 2004,
the NRC terminated public access to
ADAMS and initiated an additional
security review of publicly available
documents to ensure that potentially
sensitive information is removed from
the ADAMS database accessible through
the NRC’s Web site. Interested members
of the public may obtain copies of the
referenced documents for review and/or
copying by contacting the Public
Document Room pending resumption of
public access to ADAMS. The NRC
Public Documents Room is located at
NRC Headquarters in Rockville, MD,
and can be contacted at (800) 397–4209
or (301) 415–4737 or pdr@nrc.gov.
These documents may also be viewed
electronically on the public computers
located at the NRC’s PDR, O 1 F21, One
White Flint North, 11555 Rockville
Pike, Rockville, MD 20852. The PDR
reproduction contractor will copy
documents for a fee.
Dated at Lisle, Illinois, this 21st day of
December 2004.
For the Nuclear Regulatory Commission.
Kenneth G. O’Brien,
Chief, Decommissioning Branch, Division of
Nuclear Materials Safety, Region III.
[FR Doc. 04–28675 Filed 12–30–04; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–50928; File No. SR–BSE–
2004–59]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Boston Stock Exchange, Inc. To
Amend the Exchange’s Rule Relating
to its Regulatory Transaction Fee
December 23, 2004.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
17, 2004, the Boston Stock Exchange,
Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
items I, II, and III below, which items
have been prepared by the Exchange.
The proposed rule change has been filed
by BSE as a ‘‘non-controversial’’ rule
change pursuant to 19(b)(3)(A) of the
Act3 and Rule 19b–4(f)(6) thereunder,4
which tenders the proposal effective on
PO 00000
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
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filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
chapter XXIII, section 2 of the BSE
Rules relating to the Exchange’s
regulatory transaction fee.
The text of the proposed rule change
is set forth below. Proposed new
language is italicized; deletions are
bracketed.
*
*
*
*
*
Rules of the Boston Stock Exchange
Chapter XXIII: Stamp Taxes—
Transaction Fee
Sec. 1—No change.
Regulatory Transaction Fee [Under
Securities Exchange Act of 1934]
Sec. 2. So long as the Exchange shall
be registered as a national securities
exchange, there shall be paid to the
Exchange by each member of memberorganization monthly in such manner
and at such time as the Exchange shall
direct, a regulatory transaction fee. The
monthly regulatory transaction fee shall
equal the member’s aggregate dollar
amount of covered sales occurring that
month (other than those resulting from
options transactions) divided by the
Exchange’s aggregate dollar amount of
covered sales (other than those resulting
from options transactions) occurring
that month, multiplied by the Section 31
fees payable by the Exchange to the
Commission for that month, multiplied
by the Section 31 fees payable by the
Exchange to the Commission for that
month (other than those resulting from
options transactions). [the sum of one
cent for each $300 or fraction thereof of
the dollar volume of the sales of
securities upon the Exchange (whether
or not cleared through the Boston Stock
Exchange Clearing Corporation) by such
member or member-organization during
the preceding month]. [Any such
member or member-organization
required by the foregoing Rule to pay
any sum to the Exchange in respect of
any sale upon the Exchange shall charge
and collect from the person for whom
he or it was acting in making such
transaction, the sum of one cent for each
$300 or fraction thereof of the dollar
amount involved in such transaction.]
Sec. 3—No change.
*
*
*
*
*
E:\FR\FM\03JAN1.SGM
03JAN1
Federal Register / Vol. 70, No. 1 / Monday, January 3, 2005 / Notices
II. 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 parts of such
statements.
A. Self-Regulatory Organizations’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
chapter XXIII, section 2 of the BSE
Rules regarding transaction fees to
change language in the rule to represent
that the Exchange will be assessing a fee
to each member for sales of securities on
the Exchange and that the aggregate
amount of all such fees assessed to
Exchange members will reflect as nearly
as possible the fee assessed to the
Exchange by the Commission pursuant
to section 31 of the Act.5 The
transaction fee covered by this rule is
applicable to equity securities only. The
Exchange anticipates filing a rule in the
future to assess a transaction fee for
options transactions.
The regulatory transaction fee, similar
to the fee the Exchange has collected in
the past, will equal as nearly as
possible, the member’s aggregate dollar
amount of cover sales 6 occurring that
month (other than those resulting from
options transactions) divided by the
Exchange’s aggregate dollar amount of
covered sales (other than those resulting
from options transactions) occurring
that month, multiplied by the amount of
section 31 fees payable by the Exchange
to the Commission for that month (other
than those resulting from options
transactions). To the extent that
additional funds are collected, they will
be used for other proper regulatory
purposes.
The Exchange is also proposing
eliminating language in chapter XXIII,
section 2 of the BSE Rules, which
directs BSE members to charge persons
for whom the member makes a
transaction on the Exchange an amount
equivalent to the charge which the
member is assessed. Since fees assessed
under section 31 of the Act are the
responsibility of the Exchange, BSE will
not require, by rule or otherwise, that its
members charge their customers in any
manner a fee for which the ultimate
customer is not responsible.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,7 in general, and
section 6(b)(4) of the Act,8 in particular,
in that it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate burden on
competition
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments in connection
with the proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because, the foregoing proposed rule
change (1) does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms, does not become
operative until 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest, and
the Exchange provided the Commission
with written notice of its intent to file
the proposed rule change at least five
business days prior to the date of filing
of the proposed rule change, it has
become effective pursuant to section
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
BSE has requested that the
Commission waive the 30-day operative
delay. The Commission believes
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest,
because doing so will make chapter
XXIII, section 2 of the BSE Rules
consistent with the Commission’s
guidance on section 31 of the Act as
quickly as possible. For these reasons,
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
9 19 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
8 15
5 15
U.S.C. 78ee.
17 CFR 240.31(a)(6).
6 See
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127
the Commission hereby designates the
proposal to be effective and operative
upon filing with the Commission.11
At any time within 60 days of the
filing of this proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov.
Please include File Number SR–BSE–
2004–59 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
450 Fifth Street, NW., Washington, DC
20549–0609.
All submissions should refer to File
Number SR–BSE–2004–59. 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 (https://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 inspection and copying in
the Commission’s Public Reference
Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
11 For purposes only of accelerating the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\03JAN1.SGM
03JAN1
128
Federal Register / Vol. 70, No. 1 / Monday, January 3, 2005 / Notices
office of BSE. All comments received
will be posted without change; the
Commission does not edit personal
identify8ing information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BSE–
2004–59 and should be submitted on or
before January 24, 2009.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04–28669 Filed 12–30–04; 8:45 am]
BILLING CODE 8010–01–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–50907; File No. SR–CBOE–
2004–04]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Inc.; Order Granting Approval to
Proposed Rule Change and
Amendment No. 1 Thereto To Amend
the Exchange’s Guaranteed
Participation Rule Relating to
Facilitation and Crossing Transactions
December 22, 2004.
On January 16, 2004, the Chicago
Board Options Exchange, Inc. (‘‘CBOE’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’), pursuant to
section 19(b)(1) of the Securities
Exchange act of 1934 (‘‘Act)’’ 1 and Rule
19b–4 thereunder,2 a proposed rule
change to amend CBOE Rule 6.74,
Crossing Orders, relating to facilitation
and crossing transactions. On November
3, 2004, CBOE submitted Amendment
No. 1 to the proposed rule change.3 The
proposed rule change, as amended, was
published for comment in the Federal
Register on November 18, 2004.4 The
Commission received no comments on
the proposal.
CBOE proposes to amend Exchange
Rule 6.74 with respect to the guaranteed
participation to which a floor broker is
entitled when seeking to execute
crossing and facilitation transactions.
Under the current rule, after requesting
12 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Letter from Stephen Youhn, Legal Division,
CBOE, to Nancy J. Sanow, Assistant Director,
Dvision of of Market Regulation (‘‘Division’’),
Commission, dated November 2, 2004
(‘‘Amendment No. 1’’). Amendment No. 1 replaced
and superseded the original filing in its entirety.
4 See Securities Exchange Act Release No. 50655
(November 10, 2004), 69 FR 67614.
VerDate jul<14>2003
14:47 Dec 30, 2004
Jkt 205001
a market from the trading crowd, a floor
broker seeking to cross an order he or
she is holding with another order, or, in
the case of a public customer order,
with a facilitation order from the firm
from which the public customer order
originated, is entitled to a guaranteed
participation of 20% when the order
trades at a price that matches the price
given by the trading crowd in response
to the initial request for a market, and
40% when the order trades at a price
that improves upon that price. The
proposed rule change would entitle the
floor broker to a 40% guarantee in both
cases.5
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange,6 and, in particular, the
requirements of section 6(b)(5) of the
Act.7 The Commission has found with
respect to participation guarantees in
other contexts that a maximum
guarantee of 40% is not inconsistent
with statutory standards of competition
and free and open markets.8
It is therefore ordered, pursuant to
section 19(b)(2) of the Act 9, that the
proposed rule change (File No. SR–
CBOE–2004–04), as amended, be, and
hereby is, approved.
5 These guaranteed percentages apply after all
public customer orders that were on the limit order
book and represented in the trading crowd at the
time the market was established have been satisfied.
The proposal would also amend CBOE Rule
6.74(d)(v) to make corresponding changes to the
DPM participation entitlement as it pertains to
facilitation and crossing orders. Specifically, the
rule would be amended to state that DPMs are not
entitled to any guaranteed participation for trades
occurring pursuant to CBOE Rule 6.74(d) unless the
floor broker crosses less than its guaranteed 40%,
in which case the DPMs guarantee would be a
percentage that, when combined with the firm’s
percentage, does not exceed 40% of the order. The
intent of the provision is that the aggregate of the
guarantees may not exceed 40% of the remainder
of the order after public customer orders have been
satisfied. Telephone conversation between Stephen
Youhn, Legal Division, CBOE, and Ira Brandriss,
Assistant Director, Division, Commission, on
December 17, 2004.
6 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact of efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
7 15 U.S.C. 78f(b)(5).
8 See, e.g., Securities Exchange Act Release Nos.
42455 (February 24, 2000), 65 FR 11388 (March 2,
2000) at 11398; and 43100 (July 31, 2000), 65 FR
48778 (August 9, 2000) at notes 96–99 and
accompanying text.
9 15 U.S.C. 78s(b)(2).
PO 00000
Frm 00059
Fmt 4703
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For the Commission, by the Dvision of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04–28670 Filed 12–30–04; 8:45 am]
BILLING CODE 8010–10–M
SECURITIES AND EXCHANGE
COMMISSION
[Docket No. 34–50924; File No. SR–CBOE–
2004–67]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing of
Proposed Rule Change and
Amendment No. 1 Thereto Relating To
Split Price Priority
December 23, 2004.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
20, 2004, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in items I, II, and
III below, which items have been
prepared by the CBOE. On December 17,
2004, CBOE amended the proposed rule
change (‘‘Amendment No. 1’’).3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to amend its split
price trading rule. The text of the
proposed rule change, as amended, is
set forth below. Proposed new language
is in italics; deletions are in [brackets].
*
*
*
*
*
Rule 6.47. Priority on Split Price
Transactions Occurring in Open Outcry
(a) Purchase or sale priority. If a
member purchases (sells) one or more
option contracts of a particular series at
a particular price or prices, he shall, at
the next lower (higher) price at which a
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, CBOE amended the
proposed rule change to: (i) Remove the
parenthetical ‘‘(or a reasonably larger number)’’
from current CBOE Rule 6.47(a) and from the
proposed rule text of CBOE Rule 6.47(b); and (ii)
revise proposed Interpretations and Policies .01 to
clarify that if a floor broker is required to yield, he
must yield to ‘‘orders for the accounts of nonmembers.’’
1 15
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]]>Agencies
[Federal Register Volume 70, Number 1 (Monday, January 3, 2005)]
[Notices]
[Pages 126-128]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 04-28669]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-50928; File No. SR-BSE-2004-59]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Boston Stock Exchange,
Inc. To Amend the Exchange's Rule Relating to its Regulatory
Transaction Fee
December 23, 2004.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 17, 2004, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in items I, II,
and III below, which items have been prepared by the Exchange. The
proposed rule change has been filed by BSE as a ``non-controversial''
rule change pursuant to 19(b)(3)(A) of the Act\3\ and Rule 19b-4(f)(6)
thereunder,\4\ which tenders the proposal effective on filing with the
Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend chapter XXIII, section 2 of the BSE
Rules relating to the Exchange's regulatory transaction fee.
The text of the proposed rule change is set forth below. Proposed
new language is italicized; deletions are bracketed.
* * * * *
Rules of the Boston Stock Exchange Chapter XXIII: Stamp Taxes--
Transaction Fee
Sec. 1--No change.
Regulatory Transaction Fee [Under Securities Exchange Act of 1934]
Sec. 2. So long as the Exchange shall be registered as a national
securities exchange, there shall be paid to the Exchange by each member
of member-organization monthly in such manner and at such time as the
Exchange shall direct, a regulatory transaction fee. The monthly
regulatory transaction fee shall equal the member's aggregate dollar
amount of covered sales occurring that month (other than those
resulting from options transactions) divided by the Exchange's
aggregate dollar amount of covered sales (other than those resulting
from options transactions) occurring that month, multiplied by the
Section 31 fees payable by the Exchange to the Commission for that
month, multiplied by the Section 31 fees payable by the Exchange to the
Commission for that month (other than those resulting from options
transactions). [the sum of one cent for each $300 or fraction thereof
of the dollar volume of the sales of securities upon the Exchange
(whether or not cleared through the Boston Stock Exchange Clearing
Corporation) by such member or member-organization during the preceding
month]. [Any such member or member-organization required by the
foregoing Rule to pay any sum to the Exchange in respect of any sale
upon the Exchange shall charge and collect from the person for whom he
or it was acting in making such transaction, the sum of one cent for
each $300 or fraction thereof of the dollar amount involved in such
transaction.]
Sec. 3--No change.
* * * * *
[[Page 127]]
II. 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 parts of such
statements.
A. Self-Regulatory Organizations's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend chapter XXIII, section 2 of the BSE
Rules regarding transaction fees to change language in the rule to
represent that the Exchange will be assessing a fee to each member for
sales of securities on the Exchange and that the aggregate amount of
all such fees assessed to Exchange members will reflect as nearly as
possible the fee assessed to the Exchange by the Commission pursuant to
section 31 of the Act.\5\ The transaction fee covered by this rule is
applicable to equity securities only. The Exchange anticipates filing a
rule in the future to assess a transaction fee for options
transactions.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78ee.
---------------------------------------------------------------------------
The regulatory transaction fee, similar to the fee the Exchange has
collected in the past, will equal as nearly as possible, the member's
aggregate dollar amount of cover sales \6\ occurring that month (other
than those resulting from options transactions) divided by the
Exchange's aggregate dollar amount of covered sales (other than those
resulting from options transactions) occurring that month, multiplied
by the amount of section 31 fees payable by the Exchange to the
Commission for that month (other than those resulting from options
transactions). To the extent that additional funds are collected, they
will be used for other proper regulatory purposes.
---------------------------------------------------------------------------
\6\ See 17 CFR 240.31(a)(6).
---------------------------------------------------------------------------
The Exchange is also proposing eliminating language in chapter
XXIII, section 2 of the BSE Rules, which directs BSE members to charge
persons for whom the member makes a transaction on the Exchange an
amount equivalent to the charge which the member is assessed. Since
fees assessed under section 31 of the Act are the responsibility of the
Exchange, BSE will not require, by rule or otherwise, that its members
charge their customers in any manner a fee for which the ultimate
customer is not responsible.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\7\ in general, and section 6(b)(4) of the
Act,\8\ in particular, in that it provides for the equitable allocation
of reasonable dues, fees, and other charges among its members.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate burden on competition
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received comments in
connection with the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because, the foregoing proposed rule change (1) does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms, does not become operative until 30 days from the
date on which it was filed, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, and the Exchange provided the Commission with written notice
of its intent to file the proposed rule change at least five business
days prior to the date of filing of the proposed rule change, it has
become effective pursuant to section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) thereunder.\10\
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\9\ 19 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
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BSE has requested that the Commission waive the 30-day operative
delay. The Commission believes waiving the 30-day operative delay is
consistent with the protection of investors and the public interest,
because doing so will make chapter XXIII, section 2 of the BSE Rules
consistent with the Commission's guidance on section 31 of the Act as
quickly as possible. For these reasons, the Commission hereby
designates the proposal to be effective and operative upon filing with
the Commission.\11\
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\11\ For purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
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At any time within 60 days of the filing of this proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov.
Please include File Number SR-BSE-2004-59 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-BSE-2004-59. 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 (https://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 inspection
and copying in the Commission's Public Reference Section, 450 Fifth
Street, NW., Washington, DC 20549. Copies of such filing also will be
available for inspection and copying at the principal
[[Page 128]]
office of BSE. All comments received will be posted without change; the
Commission does not edit personal identify8ing information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-BSE-
2004-59 and should be submitted on or before January 24, 2009.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-28669 Filed 12-30-04; 8:45 am]
BILLING CODE 8010-01-M
