Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to a Suspension of Transaction Fees in Connection With the iShares® COMEX Gold Trust, 7977-7979 [E5-650]
Download as PDF
<![CDATA[
Federal Register / Vol. 70, No. 31 / Wednesday, February 16, 2005 / Notices
relevant Plan and will be composed of
three or more directors of the relevant
applicant who (i) are not ‘‘interested
persons’’ of the relevant applicant, (ii)
are ‘‘non-employee directors’’ within
the meaning of rule 16b–3 under the
Exchange Act and (iii) are ‘‘outside
directors’’ as defined under section
162(m) of the Code.
2. A Plan will not be implemented
unless it is approved by a majority of
the votes cast by stockholders at a
meeting called to consider the Plan. Any
amendment to a Plan will be subject to
the approval of the applicable
applicant’s stockholders to the extent
such approval is required by applicable
law or regulation or the applicable
Board otherwise determines. Unless
terminated or amended, during the fifth
year of each Plan (and each fifth year
thereafter), the Plan shall be submitted
for reapproval to the relevant
applicant’s stockholders and all Awards
made during that year shall be
contingent upon stockholder
reapproval.
3. Awards are not transferable or
assignable, except as the Committees
will specifically approve to facilitate
estate planning or to a beneficiary upon
a Participant’s death or by will or the
laws of descent and distribution.
Awards may also be transferred
pursuant to a qualified domestic
relations order.
4. The existence and nature of the
Awards granted will be disclosed in
accordance with standards or guidelines
adopted by the Financial Accounting
Standards Board for operating
companies and the requirements of the
Commission under Item 402 of
Regulation S–K, Item 8 of Schedule 14A
under the Exchange Act and Item 18 of
Form N–2.
5. The maximum number of shares of
stock available for delivery in
connection with Awards under a Plan
(other than any shares of Adams Stock
or Petroleum Stock, as applicable,
issued in payment of Dividend
Equivalents) will be 4% of the relevant
applicant’s stock outstanding on the
effective date of the relevant Plan,
subject to adjustment for corporate
transactions.
6. Each applicant’s Board will review
the relevant Plan at least annually. In
addition, the applicable Committee
periodically will review the potential
impact that the grant, exercise, or
vesting of Awards could have on an
applicant’s earnings and net asset value
per share, such review to take place
prior to any decisions to grant Awards,
but in no event less frequently than
annually. Adequate procedures and
records will be maintained to permit
VerDate jul<14>2003
12:44 Feb 15, 2005
Jkt 205001
such review, and the relevant
Committee will be authorized to take
appropriate steps to ensure that neither
the grant nor the exercise or vesting of
Awards would have an effect contrary to
the interests of investors in the
applicant. This will include the
authority to prevent or limit the grant of
additional Awards. All records
maintained pursuant to this condition
will be subject to examination by the
Commission and its staff.
7. The Old Stock Plans will be
terminated pursuant to their terms
following approval by stockholders of
the Plans. No further grants would be
made under the Old Stock Plans beyond
those already made as of the date hereof.
Existing awards made under the Old
Stock Plans would remain outstanding
and would remain subject to the terms
and conditions of the Old Stock Plans.
8. Awards under the Plans are
issuable only to directors, officers,
employees of the relevant applicant and
employees of certain of its subsidiaries.
No person will be granted Awards
relating to more than 35% of the shares
reserved for issuance under the relevant
Plan. Subject to the immediately
preceding limitation, in any thirty-six
month period during which a Plan is in
effect, no person may be granted under
that Plan more than 300,000 shares of
stock in respect of Options, 300,000
shares of stock in respect of stock
appreciation rights, 300,000 shares of
stock in respect of restricted stock,
300,000 shares of stock in respect of
restricted stock units or 300,000 shares
of stock in respect of deferred stock
units. In addition, in no event may the
total number of shares of stock with
respect to which all types of Awards
may be granted to an eligible person
under the applicable Plan exceed
300,000 shares of stock within any
thirty-six month period during which
the applicable Plan is in effect, which
amount may be adjusted to reflect
certain corporate transactions or events
that affect the applicant’s stock. Grants
to disinterested directors are limited to
those described in paragraph 2 below.
9. In each fiscal year, a disinterested
director will be granted 750 restricted
stock units of Adams and 400 restricted
stock units of Petroleum, as applicable,
which amounts may be adjusted to
reflect certain corporate transactions. At
the effective date of any disinterested
director’s initial election to the Board of
an applicant, such disinterested director
will be granted 750 restricted stock
units of Adams and 400 restricted stock
units of Petroleum, as applicable, which
amounts may be adjusted to reflect
certain corporate transactions.
Disinterested directors will also receive
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
7977
dividend equivalents in respect of such
restricted stock units equal to the
amount or value of any cash or other
dividends or distributions payable on an
equivalent number of shares of common
stock. The restricted stock units and
related dividend equivalents will vest
(and become non-forfeitable) and be
paid (in the form of shares of common
stock) one year from the date of grant.
In addition, disinterested directors may
elect each year, not later than December
31 of the year preceding the year as to
which the annual grant of restricted
stock units is to be applicable, to defer
to a fixed date or pursuant to a specified
schedule payment of all or any portion
of the annual grant of restricted stock
units. Any modification of the deferral
election may be made only upon
satisfaction of any conditions that the
relevant Committee may impose.
Disinterested directors may also elect
each year, not later than December 31 of
the year preceding the year as to which
deferral of fees is to be applicable, to
defer to a fixed date or pursuant to a
specified schedule all or any portion of
the cash retainer to be paid for Board or
other service related to Board activities
in the following calendar year through
the issuance of deferred stock units,
valued at the Fair Market Value of the
relevant applicant’s stock on the date
when each payment of such retainer
amount would otherwise be made in
cash.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–637 Filed 2–15–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51185; File No. SR–Amex–
2005–14]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
a Suspension of Transaction Fees in
Connection With the iShares COMEX
Gold Trust
February 10, 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 February
1, 2005, the American Stock Exchange
LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with
1 15
2 17
E:\FR\FM\16FEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
16FEN1
7978
Federal Register / Vol. 70, No. 31 / Wednesday, February 16, 2005 / Notices
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
have been prepared by the Amex. The
Exchange filed the proposal as a ‘‘noncontroversial’’ rule change pursuant to
Section 19(b)(3)(A) of the Act,3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposal effective upon filing with
the Commission.5 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 suspend
through February 28, 2005, Exchange
transaction charges for specialist,
registered trader, broker-dealer and
customer orders for the iShares COMEX
Gold Trust (the ‘‘Gold Trust’’). The text
of the proposed rule change is available
on Amex’s Web site https://
www.amex.com, at the Amex’s Office of
the Secretary, and 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,
Amex included statements concerning
the purpose of and basis for the
proposal and discussed any comments it
received regarding the proposal. The
text of these statements may be
examined at the places specified in Item
IV below. The Amex 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
Specialist, registered traders, brokerdealers and customer orders in the Gold
Trust are subject to the following
transaction charges. Off-Floor orders
(i.e., customer and broker-dealer)
currently are charged $.0060 per share
($0.60 per 100 shares), capped at $100
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 Rule 19b–4(f)(6) under the Act requires the
Amex to provide the Commission with five
business days notice of its intention to file a noncontroversial proposed rule change. The Amex did
not provide such notice but requested that the
Commission waive the notice requirement. The
Amex also requested that the Commission to waive
the 30-day operative delay. See Rule 19b–4(f)(6)(iii)
under the Act. 17 CFR 240.19b–4(f)(6)(iii).
4 17
VerDate jul<14>2003
12:44 Feb 15, 2005
Jkt 205001
per trade (16,667 shares). Orders entered
electronically into the Amex Order File
(‘‘System Orders’’) from off the Floor for
up to 5,099 shares are currently not
assessed a transaction charge. This
provision, however, does not apply to
System Orders of a member or member
organization trading as an agent for the
account of a non-member competing
market maker. System Orders over 5,099
shares currently are subject to a $.0060
per share transaction charge, capped at
$100 per trade. Specialists currently are
charged $0.0033 ($0.33 per 100 shares),
capped at $300 per trade (90,909
shares). Registered traders currently are
charged $0.0036 ($0.36 per 100 shares),
capped at $300 per trade (83,333
shares).
The Exchange is suspending all
transaction charges in the Gold Trust for
specialist, registered trader, brokerdealer and customer orders until
February 28, 2005. The Exchange
believes a suspension of fees for the
Gold Trust is appropriate to enhance the
competitiveness of executions for the
Gold Trust on the Amex. The Exchange
will reassess the fee suspension as
appropriate and will file a proposed rule
change for any modification to the fee
suspension with the Commission
pursuant to Section 19(b)(3)(A) of the
Act.6
The Exchange is amending the
Equities Fee Schedule and Exchange
Traded Funds and Trust Issued Receipts
Fee Schedule to indicate that
transaction charges have been
suspended until February 28, 2005 for
the Gold Trust. In addition, the
Exchange Traded Funds and Trust
Issued Receipts Fee Schedule is being
amended to refer to the suspension of
transaction charges for certain Exchange
Traded Funds and the application of
customer transaction charges in
connection with the iShares S&P 100
Index Fund (Symbol: OEF) previously
filed with the Commission.7
2. Statutory Basis
The Exchange believes that the
proposed fee change is consistent with
Section 6(b) of the Act 8 in general, and
furthers the objectives of Section
6(b)(4) 9 in particular in that it is
intended to assure the equitable
allocation of reasonable dues, fees, and
other charges among its members and
U.S.C. 78s(b)(3)(A).
Securities Exchange Act Release Nos. 46384
(August 20, 2002), 67 FR 55048 (August 27, 2002)
(suspension of transaction charges for SHY, IEF,
TLT and LQD); and 47668 (April 11, 2003), 68 FR
19241 (April 18, 2003) (OEF transaction charges).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
PO 00000
6 15
7 See
Frm 00057
Fmt 4703
Sfmt 4703
issuers and other persons using its
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes the proposed
rule change does not 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
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date of
the filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest; the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) 10 of the Act and
Rule 19b–4(f)(6) 11 thereunder.
Although Rule 19b–4(f)(6) under the
Act 12 requires that an Exchange submit
notice of its intent to file at least five
business days prior to the filing date,
the Commission is waiving this
requirement at the Exchange’s request in
view of the fact that the proposed rule
change waives fees for all market
participants and similar suspension of
transaction fees have been approved for
similar products.13
The Exchange has also requested that
the Commission waive the 30-day
operative delay, as specified in Rule
19b–4(f)(6)(iii), and designate the
proposed rule change immediately
operative by finding that such action is
consistent with the protection of
investors and the public interest. The
Commission notes that by waiving the
operative period, the Exchange has
stated that the suspension of transaction
fees will enhance the competitiveness of
the product and will permit the
Exchange to implement the fee waiver
immediately.14
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 17 CFR.240–19b–4(f)(6).
13 See supra note 7.
14 The Exchange will reassess the fee waivers
prior to February 28, 2005 and will make any
required filing pursuant to Rule 19b–4 of the Act
prior to that date.
11 17
E:\FR\FM\16FEN1.SGM
16FEN1
Federal Register / Vol. 70, No. 31 / Wednesday, February 16, 2005 / Notices
Furthermore, the Commission notes
that Amex’s suspension of transaction
fees have been approved for similar
products and that trading in the Gold
Trust on the Exchange commenced on
January 28, 2005. The Exchange also has
stated that the fee suspension is for all
market participants and is intended to
provide cost savings to investors,
members, and other market participants.
For these reasons, the Commission,
consistent with the protection of
investors and the public interest, has
waived the 30-day operative date
requirement for this proposed rule
change and has determined to designate
the proposed rule change as operative
on February 1, 2005, the date it was
submitted to the Commission.
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:
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 on the Exchange’s Web site at
https://www.amex.com and 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 SR–Amex–2005–14 and
should be submitted on or before March
9, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–650 Filed 2–15–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51172; File No. SR–CBOE–
2004–63]
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 SR–
Amex–2005–14 on the subject line.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Inc.; Notice of Filing of a Proposed
Rule Change and Amendment No. 1
Thereto Relating to Short Term Option
Series
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 SR–
Amex–2005–14. 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
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
12, 2004, the Chicago Board Options
Exchange, Inc. (‘‘CBOE’’ 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 substantially prepared by the
Exchange. CBOE filed Amendment No.
1 to the proposed rule change on
January 21, 2005.3 The Commission is
publishing this notice to solicit
comment on the proposed rule change,
as amended, from interested persons.
VerDate jul<14>2003
12:44 Feb 15, 2005
Jkt 205001
February 9, 2005.
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 replaced the original filing in
its entirety.
PO 00000
15 17
1 15
Frm 00058
Fmt 4703
Sfmt 4703
7979
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to amend its rules to
permit the listing of option series that
expire one week after being opened for
trading (‘‘Short Term Option Series’’).
This rule change is being proposed as a
one-year pilot program. The text of the
proposed rule change, as amended, is
available on CBOE’s Web site (https://
www.cboe.org/legal/), at CBOE’s 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,
CBOE included statements concerning
the purpose of and basis for the
proposal and discussed any comments it
received on the proposal. The text of
these statements may be examined at
the places specified in Item IV below.
CBOE 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
rules to accommodate the listing of
Short Term Option Series that would
expire one week after the date on which
the series is opened. Short Term Option
Series could be opened on any approved
option class 4 on any Friday that is a
business day (‘‘Short Term Option
Opening Date’’) and would expire at the
close of business on the next Friday that
is a business day (‘‘Short Term Option
Expiration Date’’). If a Friday were not
a business day, the series could be
opened (or would expire) on the first
business day immediately prior to that
Friday. Short Term Option Series would
be P.M.-settled.
The proposal would allow the
Exchange to open up to five Short Term
Option Series for each Short Term
Option Expiration Date. The strike price
for each series would be fixed at a price
per share, with at least two strike prices
above and two strike prices below the
approximate value of the underlying
security, or the calculated index value
4 Short Term Options Series could be opened in
any option class that satisfied the applicable listing
criteria under CBOE rules (i.e., stock options,
options on exchange-traded funds as defined under
Interpretation and Policy .06 to CBOE Rule 5.3, or
options on indexes).
E:\FR\FM\16FEN1.SGM
16FEN1
]]>Agencies
[Federal Register Volume 70, Number 31 (Wednesday, February 16, 2005)]
[Notices]
[Pages 7977-7979]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-650]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51185; File No. SR-Amex-2005-14]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to a Suspension of Transaction Fees in Connection With the
iShares[reg] COMEX Gold Trust
February 10, 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 February 1, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with
[[Page 7978]]
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Amex. The Exchange filed the proposal as a
``non-controversial'' rule change pursuant to Section 19(b)(3)(A) of
the Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the
proposal effective upon filing with the Commission.\5\ 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).
\5\ Rule 19b-4(f)(6) under the Act requires the Amex to provide
the Commission with five business days notice of its intention to
file a non-controversial proposed rule change. The Amex did not
provide such notice but requested that the Commission waive the
notice requirement. The Amex also requested that the Commission to
waive the 30-day operative delay. See Rule 19b-4(f)(6)(iii) under
the Act. 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to suspend through February 28, 2005,
Exchange transaction charges for specialist, registered trader, broker-
dealer and customer orders for the iShares COMEX Gold Trust (the ``Gold
Trust''). The text of the proposed rule change is available on Amex's
Web site https://www.amex.com, at the Amex's Office of the Secretary,
and 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, Amex included statements
concerning the purpose of and basis for the proposal and discussed any
comments it received regarding the proposal. The text of these
statements may be examined at the places specified in Item IV below.
The Amex 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
Specialist, registered traders, broker-dealers and customer orders
in the Gold Trust are subject to the following transaction charges.
Off-Floor orders (i.e., customer and broker-dealer) currently are
charged $.0060 per share ($0.60 per 100 shares), capped at $100 per
trade (16,667 shares). Orders entered electronically into the Amex
Order File (``System Orders'') from off the Floor for up to 5,099
shares are currently not assessed a transaction charge. This provision,
however, does not apply to System Orders of a member or member
organization trading as an agent for the account of a non-member
competing market maker. System Orders over 5,099 shares currently are
subject to a $.0060 per share transaction charge, capped at $100 per
trade. Specialists currently are charged $0.0033 ($0.33 per 100
shares), capped at $300 per trade (90,909 shares). Registered traders
currently are charged $0.0036 ($0.36 per 100 shares), capped at $300
per trade (83,333 shares).
The Exchange is suspending all transaction charges in the Gold
Trust for specialist, registered trader, broker-dealer and customer
orders until February 28, 2005. The Exchange believes a suspension of
fees for the Gold Trust is appropriate to enhance the competitiveness
of executions for the Gold Trust on the Amex. The Exchange will
reassess the fee suspension as appropriate and will file a proposed
rule change for any modification to the fee suspension with the
Commission pursuant to Section 19(b)(3)(A) of the Act.\6\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
---------------------------------------------------------------------------
The Exchange is amending the Equities Fee Schedule and Exchange
Traded Funds and Trust Issued Receipts Fee Schedule to indicate that
transaction charges have been suspended until February 28, 2005 for the
Gold Trust. In addition, the Exchange Traded Funds and Trust Issued
Receipts Fee Schedule is being amended to refer to the suspension of
transaction charges for certain Exchange Traded Funds and the
application of customer transaction charges in connection with the
iShares S&P 100 Index Fund (Symbol: OEF) previously filed with the
Commission.\7\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release Nos. 46384 (August 20,
2002), 67 FR 55048 (August 27, 2002) (suspension of transaction
charges for SHY, IEF, TLT and LQD); and 47668 (April 11, 2003), 68
FR 19241 (April 18, 2003) (OEF transaction charges).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed fee change is consistent
with Section 6(b) of the Act \8\ in general, and furthers the
objectives of Section 6(b)(4) \9\ in particular in that it is intended
to assure the equitable allocation of reasonable dues, fees, and other
charges among its members and issuers and other persons using its
facilities.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule change does not 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
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest; the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) \10\ of the
Act and Rule 19b-4(f)(6) \11\ thereunder.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Although Rule 19b-4(f)(6) under the Act \12\ requires that an
Exchange submit notice of its intent to file at least five business
days prior to the filing date, the Commission is waiving this
requirement at the Exchange's request in view of the fact that the
proposed rule change waives fees for all market participants and
similar suspension of transaction fees have been approved for similar
products.\13\
---------------------------------------------------------------------------
\12\ 17 CFR.240-19b-4(f)(6).
\13\ See supra note 7.
---------------------------------------------------------------------------
The Exchange has also requested that the Commission waive the 30-
day operative delay, as specified in Rule 19b-4(f)(6)(iii), and
designate the proposed rule change immediately operative by finding
that such action is consistent with the protection of investors and the
public interest. The Commission notes that by waiving the operative
period, the Exchange has stated that the suspension of transaction fees
will enhance the competitiveness of the product and will permit the
Exchange to implement the fee waiver immediately.\14\
---------------------------------------------------------------------------
\14\ The Exchange will reassess the fee waivers prior to
February 28, 2005 and will make any required filing pursuant to Rule
19b-4 of the Act prior to that date.
---------------------------------------------------------------------------
[[Page 7979]]
Furthermore, the Commission notes that Amex's suspension of
transaction fees have been approved for similar products and that
trading in the Gold Trust on the Exchange commenced on January 28,
2005. The Exchange also has stated that the fee suspension is for all
market participants and is intended to provide cost savings to
investors, members, and other market participants. For these reasons,
the Commission, consistent with the protection of investors and the
public interest, has waived the 30-day operative date requirement for
this proposed rule change and has determined to designate the proposed
rule change as operative on February 1, 2005, the date it was submitted
to the Commission.
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
SR-Amex-2005-14 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 SR-Amex-2005-14. 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 Room. Copies of such filing also will be
available on the Exchange's Web site at https://www.amex.com and 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 SR-Amex-2005-14 and should be submitted on
or before March 9, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-650 Filed 2-15-05; 8:45 am]
BILLING CODE 8010-01-P
