Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the American Stock Exchange LLC Relating to Options Transaction Fees in Connection With the Standard & Poor's Depositary Receipts, 4900-4902 [E5-352]
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Federal Register / Vol. 70, No. 19 / Monday, January 31, 2005 / Notices
the Applicants or another parent
company deem appropriate, provided
that the consent of all other
shareholders or owners of equivalent
interests to a change has been obtained
if the Nonutility Applicant in question
is not a direct or indirect wholly-owned
subsidiary company of one of the
Applicants. The requested authority
would permit a Nonutility Applicant to
increase the number of its authorized
shares of capital stock or equivalent
interests, change the par value of its
capital stock, change between par value
and no-par value stock, or convert from
one form of business organization to
another without additional Commission
approval.
In addition, to the extent that these
transactions are not otherwise exempt
under the Act or the Commission’s rules
under the Act, Applicants request
approval to consolidate, sell, transfer, or
otherwise reorganize all or any part of
their direct and indirect ownership
interests in Nonutility Applicants, as
well as investment interests in entities
that are not subsidiary companies. To
effect any consolidation or other
reorganization, Applicants may wish
either to contribute the equity securities
of one Nonutility Applicant to another
Nonutility Applicant, including a newly
formed intermediate company
(‘‘Intermediate Company’’),23 or sell (or
cause a Nonutility Applicant to sell) the
equity securities or all or part of the
assets of one Nonutility Applicant to
another. These transactions also may
occur through a Nonutility Applicant
selling or transferring the equity
securities of a subsidiary or all or part
of the subsidiary’s assets as a dividend
to an Intermediate Company or to
another Nonutility Applicant, and the
acquisition, directly or indirectly, of the
equity securities or assets of the
subsidiary, either by purchase or by
receipt of a dividend. The purchasing
Nonutility Applicant in any transaction
structured as an intra-system sale of
equity securities or assets may execute
and deliver its promissory note
evidencing all or a portion of the
consideration given. Allegheny and AE
Supply also may liquidate or merge
Nonutility Applicants.
E. Exemption of Certain Transactions
From At-Cost Requirements
Allegheny and AE Supply seek an
exemption under rule 13(b) for the
Nonutility Applicants to provide certain
services in the ordinary course of their
23 The Commission previously authorized AE
Supply to organize Intermediate Companies to
facilitate development and consummation of
investments in exempt activities (Holding Co. Act
Release No. 27383 (April 20, 2001)).
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16:59 Jan 28, 2005
Jkt 205001
business to each other, in certain
circumstances described below,
including but not limited to cost or fair
market prices.24 Any services provided
by the Nonutility Applicants to the
Operating Companies and Mountaineer
will continue to be provided ‘‘at cost’’
consistent with rules 90 and 91. A
Nonutility Applicant will not provide
services at other than cost to any other
Nonutility Applicant that, in turn,
provides these services, directly or
indirectly, to any other associate
company that is not a Nonutility
Applicant, except under the
requirements of the Commission’s rules
and regulations under Section 13(b) or
an exemption from those rules and
regulations obtained from the
Commission.
Applicants request authority for the
Nonutility Applicants to provide
services to each other at other than cost
in any case where the Nonutility
Applicant receiving the services is:
(a) A FUCO or an EWG that derives
no part of its income, directly or
indirectly, from the generation,
transmission, or distribution of electric
energy for sale within the United States;
(b) An EWG that sells electricity at
market-based rates that have been
approved by the Federal Energy
Regulatory Commission (‘‘FERC’’),
provided that the purchaser of the
electricity is not an associate public
utility company;
(c) A ‘‘qualifying facility’’ (‘‘QF’’)
within the meaning of the Public Utility
Regulatory Policies Act of 1978, as
amended (‘‘PURPA’’), that sells
electricity exclusively (a) at rates
negotiated at arm’s-length to one or
more industrial or commercial
customers purchasing the electricity for
their own use and not for resale, and/
or (b) to an electric utility company
(other than an associate utility
company) at the purchaser’s avoided
cost as determined in accordance with
FERC’s regulations under PURPA;
(d) A domestic EWG or QF that sells
electricity at rates based upon its cost of
service, as approved by FERC or any
state public utility commission having
jurisdiction, provided that the purchaser
of the electricity is not an associate
public utility company; or
(e) A direct or indirect subsidiary of
Allegheny formed under rule 58 under
the Act or any other nonutility company
that (i) is partially owned by Allegheny,
24 By order dated October 27, 1995 (Holding Co.
Act Release No. 26401), Allegheny has received
authorization for Ventures to provide, direclty or
through a special purpose subsidiary, energy
management services and demand side
management services to non-associate companies at
market prices.
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Fmt 4703
Sfmt 4703
provided that the ultimate recipient of
the services is not an associate public
utility company, or (ii) is engaged solely
in the business of developing, owning,
operating, and/or providing services to
Nonutility Applicants described in
clauses (a) through (d) immediately
above, or (iii) does not derive, directly
or indirectly, any material part of its
income from sources within the United
States and is not a public utility
company operating within the United
States.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–356 Filed 1–31–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51070; File No. SR–Amex–
2005–008]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
American Stock Exchange LLC
Relating to Options Transaction Fees
in Connection With the Standard &
Poor’s Depositary Receipts
January 21, 2005.
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 January
13, 2005, the American Stock Exchange
LLC (‘‘Amex’’ 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 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 modify its
Options Fee Schedule by adopting a per
contract license fee in connection with
specialist and registered options traders
(‘‘ROTs’’) transactions in options on
Standard & Poor’s Depositary Receipts
(‘‘SPDRs’’) and by updating the symbol
for the NASDAQ–100 Index Tracking
Stock. The text of the proposed rule
change is available on Amex’s Web site
at https://www.amex.com, at the Amex’s
1 15
2 17
E:\FR\FM\31JAN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
31JAN1
Federal Register / Vol. 70, No. 19 / Monday, January 31, 2005 / Notices
Office of the Secretary, and at the
Commission’s Public Reference Room.
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange has entered into
numerous agreements with issuers and
owners of indexes for the purpose of
trading options on certain exchangetraded funds (‘‘ETFs’’). The requirement
to pay an index license fee to third
parties is a condition to the listing and
trading of these ETF options. In many
cases, the Exchange is required to pay
a significant licensing fee to issuers or
index owners that may not be
reimbursed. In an effort to recoup the
costs associated with index licenses, the
Exchange has previously established a
per contract licensing fee for specialists
and ROTs that is collected on every
transaction in designated products in
which a specialist and ROT is a party.
The licensing fees currently imposed on
specialists and ROTs are set forth in the
Exchange’s Options Fee Schedule.
The purpose of the proposed fee is for
the Exchange to recoup its costs in
connection with the index license fee
for the trading SPDR (SPY) options. The
proposed licensing fee will be collected
on every option transaction of the SPDR
in which the specialist or ROT is a
party. The Exchange proposes to charge
$0.10 per contract side for options on
the SPDR. Accordingly, the Exchange
believes that requiring the payment of a
per contract licensing fee by those
specialists units and ROTs that are the
beneficiaries of the Exchange’s index
license agreements is justified and is
consistent with the rules of the
Exchange. In addition, the Exchange
believes that passing the license fee (on
a per contract basis) along to the
specialist(s) allocated to options on the
SPDR and the ROTs trading such
product is efficient and is consistent
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16:59 Jan 28, 2005
Jkt 205001
with the intent of the Exchange to pass
on its non-reimbursed costs to those
market participants that are the
beneficiaries of such license agreements.
The Exchange notes that it has
increased recently a number of member
fees to better align Exchange fees with
the actual cost of delivering services and
reduce Exchange subsidies of such
services.3 Implementation of this
proposal is consistent with the
reduction and/or elimination of these
subsidies.
The Exchange submits that the
proposed license fee will provide the
Exchange with additional revenue and
will allow the Exchange to recoup its
costs associated with the trading of
options on the SPDR. In addition, the
Amex believes that this fee will help to
allocate to those specialists and ROTs
transacting in options on the SPDR a fair
share of the related costs of offering
such options. Accordingly, the
Exchange believes that the proposed fee
is reasonable.
In addition, the Exchange proposes to
update its Options Fee Schedule,
including the list of products in Section
V (Options Licensing Fee) and the text
in footnote 1, to reflect the symbol
change, from QQQ to QQQQ, that
accompanied the transfer of the listing
of the NASDAQ–100 Index Tracking
Stock to The Nasdaq Stock Market, Inc.,
which took place on December 1, 2004.4
2. Statutory Basis
The Exchange believes that the
proposed fee change is consistent with
Section 6(b) of the Act,5 in general, and
Section 6(b)(4) of the Act,6 in particular,
in that it provides for the equitable
allocation of reasonable dues, fees and
other charges among exchange members
and other persons using exchange
facilities.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act.
3 See Securities Exchange Act Release Nos. 45360
(Jan. 29, 2002), 67 FR 5626 (Feb. 6, 2002) (order
approving a proposed rule change relating to a
retroactive increase in floor, membership and
options trading fees, including licensing fees); and
44286 (May 9, 2001), 66 FR 27187 (May 16, 2001)
(relating to fees imposed on members and member
organizations, including member fees, floor fees,
booth rental fees, and membership registration
fees).
4 Telephone conversation between Jeffrey Burns,
Associate General Counsel, Amex, and Richard
Holley III, Attorney, Division of Market Regulation,
Commission, on January 21, 2005.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(4).
PO 00000
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Fmt 4703
Sfmt 4703
4901
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received by the Exchange with
respect to the proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective immediately pursuant to
Section 19(b)(3)(A)(ii) of the Act 7 and
Rule 19b–4(f)(2) 8 thereunder, in that it
establishes or changes a due, fee, or
other charge imposed by the Exchange.
At any time within 60 days of the filing
of such proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary of appropriate in the public
interest, for the protection of investors,
or otherwise in the 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–Amex–2005–008 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–Amex–2005–008. 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
7 15
8 17
E:\FR\FM\31JAN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
31JAN1
4902
Federal Register / Vol. 70, No. 19 / Monday, January 31, 2005 / Notices
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
Room. Copies of such filing also will be
available for inspection and copying at
the principal offices 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–Amex–2005–008 and
should be submitted on or before
February 22, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–352 Filed 1–28–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51078; File No. SR–NASD–
2004–173]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change and
Amendment No. 1 Thereto by the
National Association of Securities
Dealers, Inc., To Establish Rules
Governing the Operation of Nasdaq’s
Brut Facility
January 25, 2005.
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 November
3, 2004, the National Association of
Securities Dealers, Inc. (‘‘NASD’’),
through its subsidiary, The Nasdaq
Stock Market, Inc. (‘‘Nasdaq’’), 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 Nasdaq. On
January 24, 2005, Nasdaq submitted
Amendment No. 1 to the proposed rule
change.3 The Commission is publishing
this notice to solicit comments on the
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 replaced and superseded the
originally filed proposed rule change.
1 15
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16:59 Jan 28, 2005
Jkt 205001
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq proposes to establish rules
governing the operation of its Brut
trading facility. Nasdaq will implement
the proposed rule change, as amended,
immediately upon approval by the
Commission. Below is the text of the
proposed rule change, as amended.
Proposed new language is italicized;
proposed deletions are in [brackets].
4900. BRUT SYSTEM (System)
4901. Definitions
Unless stated otherwise, the terms
described below shall have the following
meaning:
(a) The term ‘‘System securities’’ shall
mean Nasdaq Market Center eligible
securities as that term is defined in
NASD Rule 4701(s) and exchange-listed
Intermarket Trading System (ITS)
eligible securities as defined in NASD
Rule 5210(c).
(b) The term ‘‘Effective Time’’ shall
mean, for orders so designated, the time
at which the order shall become eligible
for display and potential execution with
other orders in the System.
(c) The term ‘‘Immediate or Cancel’’
shall mean, for limit orders so
designated, that if after entry into the
System the order (or a portion thereof)
is not marketable, the order (or
unexecuted portion thereof) shall be
canceled and returned to the entering
Participant.
(d) The term ‘‘limit order’’ shall mean
an order to buy or sell a stock at a
specified price or better. This order type
is available for Nasdaq-listed and
Exchange-listed securities.
(e) The term ‘‘market order’’ shall
mean an unpriced order to buy or sell
a stock at the market’s current best
price. A market order may have a limit
price beyond which the order shall not
be executed. This order type is available
for Nasdaq-listed and Exchange-listed
securities.
(f) The term ‘‘mixed lot’’ shall mean
an order that is for more than a normal
unit of trading but not a multiple
thereof.
(g) The term ‘‘Nasdaq Market Center’’
shall mean the automated system
owned and operated by The Nasdaq
Stock Market, Inc. pursuant to NASD
Rule 4700 Series.
(h) The term ‘‘The BRUT ECN
System,’’ or ‘‘System,’’ shall mean the
automated system owned and operated
by Brut, which is owned and operated
by The Nasdaq Stock Market, Inc.,
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Frm 00091
Fmt 4703
Sfmt 4703
which enables Participants to execute
transactions in System securities; to
have reports of the transactions
automatically forwarded to the
appropriate National Market Trade
Reporting System, if required, for
dissemination to the public and the
industry, and to ‘‘lock in’’ these trades
by sending both sides to the applicable
clearing corporation(s) designated by
the System Participant(s) for clearance
and settlement; and to provide System
Participants with sufficient monitoring
and updating capability to participate
in an automated execution
environment.
(i) The term ‘‘Participant’’ shall mean
an NASD member that fulfills the
obligations contained in Rule 4902
regarding participation in the System.
(j) The term ‘‘System Book Feed’’ shall
mean a data feed for System eligible
securities that Brut will make available
to Participants and third-party vendors.
(k) The term ‘‘odd-lot order’’ shall
mean an order that is for less than a
normal unit of trading.
(l) The term ‘‘Reserve Size’’ shall
mean the functionality that permits a
Participant to display a portion of an
order, with the remainder held in
reserve on an undisplayed basis.
(m) The term ‘‘Good-till-Cancelled’’
shall mean, for orders so designated,
that if after entry into the System, the
order is not fully executed, the order (or
unexecuted portion thereof) shall
remain available for potential display
and/or execution only until 4 p.m.
Eastern Time on the day they are
submitted unless cancelled before then
by the entering party.
(n) The term ‘‘Good-till-CancelledOvernight’’ shall mean, for orders so
designated, that if after entry into the
System, the order is not fully executed,
the order (or unexecuted portion
thereof) shall remain available for
potential display and/or execution until
4 p.m. Eastern Time, after which it shall
be held by the System in a pending
state, ineligible for display or execution,
until the following trading day, when it
will become eligible for display and
execution from 7:30 a.m. until 4 p.m.
Eastern Time on that and all subsequent
trading days, until a date provided by
the entering party (or if no such date is
given, indefinitely) until cancelled by
the entering party.
(o) The term ‘‘Good-till-Time,’’ shall
mean, for orders so designated, that if
after entry into System, the order is not
fully executed, the order (or unexecuted
portion thereof) shall remain available
for potential display and/or execution
until the time designated by the entering
party, after which the order will be
cancelled by the system. This time may
E:\FR\FM\31JAN1.SGM
31JAN1
]]>Agencies
[Federal Register Volume 70, Number 19 (Monday, January 31, 2005)]
[Notices]
[Pages 4900-4902]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-352]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51070; File No. SR-Amex-2005-008]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange
LLC Relating to Options Transaction Fees in Connection With the
Standard & Poor's Depositary Receipts
January 21, 2005.
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 January 13, 2005, the American Stock Exchange LLC (``Amex'' 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
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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to modify its Options Fee Schedule by
adopting a per contract license fee in connection with specialist and
registered options traders (``ROTs'') transactions in options on
Standard & Poor's Depositary Receipts (``SPDRs'') and by updating the
symbol for the NASDAQ-100 Index Tracking Stock. The text of the
proposed rule change is available on Amex's Web site at https://
www.amex.com, at the Amex's
[[Page 4901]]
Office of the Secretary, and at the Commission's Public Reference Room.
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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange has entered into numerous agreements with issuers and
owners of indexes for the purpose of trading options on certain
exchange-traded funds (``ETFs''). The requirement to pay an index
license fee to third parties is a condition to the listing and trading
of these ETF options. In many cases, the Exchange is required to pay a
significant licensing fee to issuers or index owners that may not be
reimbursed. In an effort to recoup the costs associated with index
licenses, the Exchange has previously established a per contract
licensing fee for specialists and ROTs that is collected on every
transaction in designated products in which a specialist and ROT is a
party. The licensing fees currently imposed on specialists and ROTs are
set forth in the Exchange's Options Fee Schedule.
The purpose of the proposed fee is for the Exchange to recoup its
costs in connection with the index license fee for the trading SPDR
(SPY) options. The proposed licensing fee will be collected on every
option transaction of the SPDR in which the specialist or ROT is a
party. The Exchange proposes to charge $0.10 per contract side for
options on the SPDR. Accordingly, the Exchange believes that requiring
the payment of a per contract licensing fee by those specialists units
and ROTs that are the beneficiaries of the Exchange's index license
agreements is justified and is consistent with the rules of the
Exchange. In addition, the Exchange believes that passing the license
fee (on a per contract basis) along to the specialist(s) allocated to
options on the SPDR and the ROTs trading such product is efficient and
is consistent with the intent of the Exchange to pass on its non-
reimbursed costs to those market participants that are the
beneficiaries of such license agreements.
The Exchange notes that it has increased recently a number of
member fees to better align Exchange fees with the actual cost of
delivering services and reduce Exchange subsidies of such services.\3\
Implementation of this proposal is consistent with the reduction and/or
elimination of these subsidies.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release Nos. 45360 (Jan. 29,
2002), 67 FR 5626 (Feb. 6, 2002) (order approving a proposed rule
change relating to a retroactive increase in floor, membership and
options trading fees, including licensing fees); and 44286 (May 9,
2001), 66 FR 27187 (May 16, 2001) (relating to fees imposed on
members and member organizations, including member fees, floor fees,
booth rental fees, and membership registration fees).
---------------------------------------------------------------------------
The Exchange submits that the proposed license fee will provide the
Exchange with additional revenue and will allow the Exchange to recoup
its costs associated with the trading of options on the SPDR. In
addition, the Amex believes that this fee will help to allocate to
those specialists and ROTs transacting in options on the SPDR a fair
share of the related costs of offering such options. Accordingly, the
Exchange believes that the proposed fee is reasonable.
In addition, the Exchange proposes to update its Options Fee
Schedule, including the list of products in Section V (Options
Licensing Fee) and the text in footnote 1, to reflect the symbol
change, from QQQ to QQQQ, that accompanied the transfer of the listing
of the NASDAQ-100 Index Tracking Stock to The Nasdaq Stock Market,
Inc., which took place on December 1, 2004.\4\
---------------------------------------------------------------------------
\4\ Telephone conversation between Jeffrey Burns, Associate
General Counsel, Amex, and Richard Holley III, Attorney, Division of
Market Regulation, Commission, on January 21, 2005.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed fee change is consistent
with Section 6(b) of the Act,\5\ in general, and Section 6(b)(4) of the
Act,\6\ in particular, in that it provides for the equitable allocation
of reasonable dues, fees and other charges among exchange members and
other persons using exchange facilities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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 burden on competition that is 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 solicited or received by the Exchange with
respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective immediately pursuant
to Section 19(b)(3)(A)(ii) of the Act \7\ and Rule 19b-4(f)(2) \8\
thereunder, in that it establishes or changes a due, fee, or other
charge imposed by the Exchange. At any time within 60 days of the
filing of such proposed rule change, the Commission may summarily
abrogate such rule change if it appears to the Commission that such
action is necessary of appropriate in the public interest, for the
protection of investors, or otherwise in the furtherance of the
purposes of the Act.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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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-Amex-2005-008 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-Amex-2005-008. 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
[[Page 4902]]
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 Room. Copies of such filing also will be available for
inspection and copying at the principal offices 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-Amex-2005-008 and should be
submitted on or before February 22, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-352 Filed 1-28-05; 8:45 am]
BILLING CODE 8010-01-P
