Self-Regulatory Organizations; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change by the American Stock Exchange LLC Relating to the Retroactive Suspension of Transaction Fees in Connection With the iShares® COMEX Gold Trust, 8411-8413 [E5-667]
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Federal Register / Vol. 70, No. 33 / Friday, February 18, 2005 / Notices
investments so as to attract private
investment to areas where it is needed;
Reg CC 203.1(b)(1)(iii), and (3) to assist
in identifying possible discriminatory
lending patterns and enforcing antidiscrimination statues. Reg C
203.1(b)(2).
Respondents: Credit unions.
Estimated No. of Respondents/Record
keepers: 1,996.
Estimated Burden Hours Per
Response: 41.46 hours.
Frequency of Response: Recordkeeping, third party disclosure and
reporting annually.
Estimated Total Annual Burden
Hours: 82,765 hours.
Estimated Total Annual Cost: 0.
By the National Credit Union
Administration Board on February 11, 2005.
Mary Rupp,
Secretary of the Board.
[FR Doc. 05–3138 Filed 2–17–05; 8:45 am]
BILLING CODE 7535–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold the following
meeting during the week of February 21,
2005:
A Closed Meeting will be held on
Thursday, February 24, 2005 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), (9)(B), and
(10) and 17 CFR 200.402(a)(3), (5), (7),
9(ii) and (10), permit consideration of
the scheduled matters at the Closed
Meeting.
Commissioner Glassman, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matter of the Closed
Meeting scheduled for Thursday,
February 24, 2005, will be:
Formal orders of investigations;
Institution and settlement of
injunctive actions; and
Institution and settlement of
administrative proceedings of an
enforcement nature; and a
VerDate jul<14>2003
15:41 Feb 17, 2005
Jkt 205001
Litigation matter.
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any, matters have been added, deleted
or postponed, please contact: The Office
of the Secretary at (202) 942–7070.
Dated: February 15, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–3291 Filed 2–16–05; 11:13 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51201; File No. SR–Amex–
2005–18]
Self-Regulatory Organizations; Notice
of Filing and Order Granting
Accelerated Approval of a Proposed
Rule Change by the American Stock
Exchange LLC Relating to the
Retroactive Suspension of Transaction
Fees in Connection With the iShares
COMEX Gold Trust
February 14, 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
7, 2005, the American Stock Exchange
LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with
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
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons and is
approving the proposal on an
accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to apply
retroactively a suspension of Amex
transaction charges for specialist,
registered trader, broker-dealer and
customer orders for the iShares COMEX
Gold Trust (the ‘‘Gold Trust’’) from
January 28, 2005 through January 31,
2005. 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.
PO 00000
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00075
Fmt 4703
Sfmt 4703
8411
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
III 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
The Amex proposed, in a companion
filing (SR–Amex–2005–14), to suspend
transaction charges in the Gold Trust
through February 28, 2005 for specialist,
registered trader, broker-dealer and
customer orders.3 The Gold Trust
commenced trading on the Exchange on
January 28, 2005; however, the filing to
suspend transaction charges for
specialists, registered traders, brokerdealers and customers was not filed
with the Commission until February 1,
2005. As such, market participants were
charged according to the existing fee
schedule for trust issued receipts
(‘‘TIRs’’) from January 28, 2005 through
January 31, 2005.
Under the current fee schedule, offfloor orders (i.e., customer and brokerdealer) 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 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 are charged
$0.0033 ($0.33 per 100 shares), capped
at $300 per trade (90,909 shares).
Registered traders are charged $0.0036
($0.36 per 100 shares), capped at $300
per trade (83,333 shares).
Under the proposed rule change, the
Exchange is suspending all transaction
charges in the Gold Trust for specialist,
registered trader, broker-dealer and
3 See Securities Exchange Act Release No. 51185
(February 10, 2005) (File No. SR–Amex–2005–14).
This proposal was filed pursuant to Section
19(b)(3)(A) of the Act and was effective upon filing.
E:\FR\FM\18FEN1.SGM
18FEN1
8412
Federal Register / Vol. 70, No. 33 / Friday, February 18, 2005 / Notices
customer orders from January 28, 2005
through January 31, 2005, which is
consistent with the companion filing to
suspend transaction charges generally
through February 28, 2005 and benefits
all market participants.4 The Exchange
believes a retroactive suspension of fees
for the Gold Trust is appropriate to
enhance the competitiveness of
executions 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.5
The Exchange is amending the
Equities Fee Schedule and Exchange
Traded Funds and Trust Issued Receipts
Fee Schedules to indicate that
transaction charges have been
suspended from January 28, 2005
through February 28, 2005 for the Gold
Trust. In addition, the Exchange Equity
Fee Schedule and Exchange Traded
Funds Schedule and Trust Issued
Receipts Fee Schedule is being amended
to refer to the retroactive suspension of
transaction charges for certain Exchange
Traded Funds and the application of
customer transaction charges in
connection with the Gold Trust
(Symbol: OEF) previously filed with the
Commission.6
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6 of the Act 7 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 8 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.
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.
4 See
supra note 3.
U.S.C. 78s(b)(3)(A).
6 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).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
5 15
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15:41 Feb 17, 2005
Jkt 205001
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. 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 SR–
Amex–2005–18 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–2005–18. 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 at 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–2005–18 and
should be submitted on or before March
11, 2005.
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Amex requests that the proposed
rule change be given expedited review
and accelerated effectiveness pursuant
to Section 19(b)(2) of the Act. After
careful consideration, 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, and, in particular,
with the requirements of Section 6(b)(5)
of the Act.9 The Commission has
previously approved the suspension of
transaction charges for specialist,
registered trader, broker-dealer and
customer orders.10 Accordingly, the
Commission finds that the retroactive
suspension of transaction fees is
consistent with the Act and will
promote just and equitable principles of
trade, foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to and
facilitating transactions in securities,
and, in general, protect investors and
the public interest consistent with
Section 6(b)(5) of the Act.11
The Exchange has requested and the
Commission finds good cause for
approving the proposed rule change
prior to the thirtieth day after the date
of publication of notice of filing thereof
in the Federal Register as the proposal
does not significantly affect the
protection of investors or the public
interest and does not impose any
significant burden on competition. The
Exchange states that the retroactive
suspension for the Gold Trust
transaction fees will benefit all market
participants and enhance the
competitiveness of executions on the
Amex. In Amex’s companion filing,
Amex originally sought to implement a
suspension of transaction charges for all
market participants as of the
commencement of trading of the Gold
Trust on the Exchange on January 28,
2005 through February 28, 2005.
Furthermore the Commission notes that
the suspension of transaction fees in
Amex’s companion filing have been
approved for similar products.12
9 15
U.S.C. 78f(b)(5).
supra note 6.
11 In approving the proposed rule, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
12 See Securities Exchange Act Release Nos.
49025 (January 6, 2004), 69 FR 2018 (January 13,
2004) (retroactive application of a monthly options
transaction fee cap for specialists and registered
options traders); and 49019 (January 5, 2004) 69 FR
2023 (January 13, 2004) (cap monthly options
10 See
E:\FR\FM\18FEN1.SGM
18FEN1
Federal Register / Vol. 70, No. 33 / Friday, February 18, 2005 / Notices
Accordingly, the Commission believes
that there is good cause, consistent with
Sections 6(b)(5) and 19(b)(2) of the
Act,13 to approve the proposal, on an
accelerated basis.
renders it effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
V. Conclusion
Therefore it is ordered, pursuant to
Section 19(b)(2) of the Act,14 that the
proposed rule change (SR–Amex–2005–
18) is hereby approved on an
accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHX proposes to amend its
membership dues and fees schedule
(‘‘Fee Schedule’’) to: (i) Provide for a
technology charge relating to retention
of electronic communications associated
with an inactive mailbox, (ii) modify the
Exchange’s transaction fee cap provision
to exclude certain floor broker orders,
and (iii) clarify a provision relating to
specialist fixed fees. The text of the
proposed rule change is below.
Additions are italicized; deletions are
[bracketed].
*
*
*
*
*
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–667 Filed 2–17–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51192; File No. SR–CHX–
2005–02]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto
Relating to Membership Dues and Fees
February 11, 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 3,
2005, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘Exchange’’) submitted to
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
items I and II below, which items have
been prepared by the CHX. On February
10, 2005, the Exchange filed
Amendment No. 1 to the proposed rule
change.3 On February 11, 2005, the
Exchange filed Amendment No. 2 to the
proposed rule change.4 The Exchange
filed the proposed rule change pursuant
to section 19(b)(3)(A) of the Act 5 which
transactions fees incurred by specialists and
registered options traders in any single options
class).
13 15 U.S.C. 78f(b)(5) and 78s(b)(2).
14 15 U.S.C. 78s(b)(2).
15 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 replaced the original rule
filing in its entirety. In Amendment No. 1, CHX
clarified the distinction between active and inactive
mailboxes under the ‘‘Technology Charges’’
discussion and clarified the effect of the recent
amendment (File No. CHX–2004–22) discussed in
the ‘‘Specialist Fixed Fee’’ section.
4 Amendment No. 2 replaced Amendment No. 1
in its entirety. In Amendment No. 2, CHX made
technical changes to the proposed rule change.
5 15 U.S.C. 78s(b)(3)(A).
VerDate jul<14>2003
15:41 Feb 17, 2005
Jkt 205001
MEMBERSHIP DUES AND FEES
A. Membership Dues and Transfer
Fees—No change to text.
B. Self-Regulatory Organization Fee—
No change to text.
C. Registration Fees—No change to text.
D. Specialist Assignment Fees—No
change to text.
E. Specialist Fixed Fees
Except in the case of Tape B
Exemption Eligible Securities (as
defined above in Section D), which shall
be exempt from assessment of fixed fees,
specialists will be assigned a fixed fee
per assigned stock on a monthly basis,
to be calculated as follows:
*
*
*
*
*
F. Transaction and Order Processing
Fees
1. SEC Transaction Fees—No change
to text.
2. NASD Fees on Cleared
Transactions—No change to text.
3. Order Processing Fees Odd Lots—
No change to text. Open Limit
Orders—No change to text.
The above order processing fees shall
not apply to transactions in NASDAQ/
NMS Securities, or to transactions in the
stocks comprising the Standard & Poor’s
500 Stock Price Index executed through
MAX. [These order processing fees also
shall not apply, through June 30, 2001,
to any transaction that takes place
during the E-Session.]
4. Transaction Fees. Transaction fees
will be assessed on the executions
of the following round-lot orders:
a–i.—No change to text.
j. The transaction fees set forth in
Sections F.4(d), (e) and (f), other
than transaction fees for orders that
are not routed to a floor broker via
MAX, shall be subject to the
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
8413
following monthly maximums:
(i)–(iv) No change to text.
k–l.—No change to text.
5. Floor Broker as Principal Fees—No
change to text.
G. Space Charges—No change to text.
H. Equipment, Information Services and
Technology Charges
*
*
*
*
*
Retention of electronic
communications: $25 per month, per
active mailbox; $20 per month, per
inactive mailbox; $200 per disk for
offline optical disk storage (5.2 GB), if
requested; $300 per disk for offline
optical disk storage (9.1 GB), if
requested.
I. Clearing Support Fees—No change to
text.
*
*
*
*
*
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
CHX 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
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Fee Schedule to: (i) Provide for a
technology charge relating to retention
of electronic communications associated
with an inactive mailbox, (ii) modify the
Exchange’s transaction fee cap provision
to exclude certain floor broker orders,
and (iii) clarify a provision relating to
specialist fixed fees.
Technology Charges: The Fee
Schedule currently contains a provision
establishing a technology charge for the
retention of electronic communications.
Many of the Exchange’s members seek
to retain electronic communications
associated with inactive mailboxes, in
order to satisfy their record retention
obligations. Accordingly, the Exchange
believes that it is appropriate to amend
its Fee Schedule to impose a $20 per
month retention charge per inactive
mailbox.6
6 An active mailbox becomes inactive as a matter
of course when the user notifies the Exchange’s
E:\FR\FM\18FEN1.SGM
Continued
18FEN1
]]>Agencies
[Federal Register Volume 70, Number 33 (Friday, February 18, 2005)]
[Notices]
[Pages 8411-8413]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-667]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51201; File No. SR-Amex-2005-18]
Self-Regulatory Organizations; Notice of Filing and Order
Granting Accelerated Approval of a Proposed Rule Change by the American
Stock Exchange LLC Relating to the Retroactive Suspension of
Transaction Fees in Connection With the iShares[reg] COMEX Gold Trust
February 14, 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 7, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with 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
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons and is approving the
proposal on an accelerated basis.
---------------------------------------------------------------------------
\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 apply retroactively a suspension of Amex
transaction charges for specialist, registered trader, broker-dealer
and customer orders for the iShares COMEX Gold Trust (the ``Gold
Trust'') from January 28, 2005 through January 31, 2005. 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 III 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
The Amex proposed, in a companion filing (SR-Amex-2005-14), to
suspend transaction charges in the Gold Trust through February 28, 2005
for specialist, registered trader, broker-dealer and customer
orders.\3\ The Gold Trust commenced trading on the Exchange on January
28, 2005; however, the filing to suspend transaction charges for
specialists, registered traders, broker-dealers and customers was not
filed with the Commission until February 1, 2005. As such, market
participants were charged according to the existing fee schedule for
trust issued receipts (``TIRs'') from January 28, 2005 through January
31, 2005.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 51185 (February 10,
2005) (File No. SR-Amex-2005-14). This proposal was filed pursuant
to Section 19(b)(3)(A) of the Act and was effective upon filing.
---------------------------------------------------------------------------
Under the current fee schedule, off-floor orders (i.e., customer
and broker-dealer) 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 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 are charged $0.0033 ($0.33 per 100 shares), capped
at $300 per trade (90,909 shares). Registered traders are charged
$0.0036 ($0.36 per 100 shares), capped at $300 per trade (83,333
shares).
Under the proposed rule change, the Exchange is suspending all
transaction charges in the Gold Trust for specialist, registered
trader, broker-dealer and
[[Page 8412]]
customer orders from January 28, 2005 through January 31, 2005, which
is consistent with the companion filing to suspend transaction charges
generally through February 28, 2005 and benefits all market
participants.\4\ The Exchange believes a retroactive suspension of fees
for the Gold Trust is appropriate to enhance the competitiveness of
executions 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.\5\
---------------------------------------------------------------------------
\4\ See supra note 3.
\5\ 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 Schedules to indicate that
transaction charges have been suspended from January 28, 2005 through
February 28, 2005 for the Gold Trust. In addition, the Exchange Equity
Fee Schedule and Exchange Traded Funds Schedule and Trust Issued
Receipts Fee Schedule is being amended to refer to the retroactive
suspension of transaction charges for certain Exchange Traded Funds and
the application of customer transaction charges in connection with the
Gold Trust (Symbol: OEF) previously filed with the Commission.\6\
---------------------------------------------------------------------------
\6\ 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 rule change is consistent
with Section 6 of the Act \7\ in general, and furthers the objectives
of Section 6(b)(4) of the Act \8\ 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.
---------------------------------------------------------------------------
\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 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. 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-2005-18 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-2005-18. 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 at 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-2005-18 and should be submitted on
or before March 11, 2005.
IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change
The Amex requests that the proposed rule change be given expedited
review and accelerated effectiveness pursuant to Section 19(b)(2) of
the Act. After careful consideration, 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, and, in particular, with the requirements of
Section 6(b)(5) of the Act.\9\ The Commission has previously approved
the suspension of transaction charges for specialist, registered
trader, broker-dealer and customer orders.\10\ Accordingly, the
Commission finds that the retroactive suspension of transaction fees is
consistent with the Act and will promote just and equitable principles
of trade, foster cooperation and coordination with persons engaged in
regulating, clearing, settling, processing information with respect to
and facilitating transactions in securities, and, in general, protect
investors and the public interest consistent with Section 6(b)(5) of
the Act.\11\
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\9\ 15 U.S.C. 78f(b)(5).
\10\ See supra note 6.
\11\ In approving the proposed rule, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
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The Exchange has requested and the Commission finds good cause for
approving the proposed rule change prior to the thirtieth day after the
date of publication of notice of filing thereof in the Federal Register
as the proposal does not significantly affect the protection of
investors or the public interest and does not impose any significant
burden on competition. The Exchange states that the retroactive
suspension for the Gold Trust transaction fees will benefit all market
participants and enhance the competitiveness of executions on the Amex.
In Amex's companion filing, Amex originally sought to implement a
suspension of transaction charges for all market participants as of the
commencement of trading of the Gold Trust on the Exchange on January
28, 2005 through February 28, 2005. Furthermore the Commission notes
that the suspension of transaction fees in Amex's companion filing have
been approved for similar products.\12\
[[Page 8413]]
Accordingly, the Commission believes that there is good cause,
consistent with Sections 6(b)(5) and 19(b)(2) of the Act,\13\ to
approve the proposal, on an accelerated basis.
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\12\ See Securities Exchange Act Release Nos. 49025 (January 6,
2004), 69 FR 2018 (January 13, 2004) (retroactive application of a
monthly options transaction fee cap for specialists and registered
options traders); and 49019 (January 5, 2004) 69 FR 2023 (January
13, 2004) (cap monthly options transactions fees incurred by
specialists and registered options traders in any single options
class).
\13\ 15 U.S.C. 78f(b)(5) and 78s(b)(2).
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V. Conclusion
Therefore it is ordered, pursuant to Section 19(b)(2) of the
Act,\14\ that the proposed rule change (SR-Amex-2005-18) is hereby
approved on an accelerated basis.
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\14\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-667 Filed 2-17-05; 8:45 am]
BILLING CODE 8010-01-P
