Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc. Relating to Adjusting the Implementation Date of Previously Adopted PCXE Listing Fees for Exchange-Traded Funds and Closed-End Funds, 20199-20200 [05-7644]
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Federal Register / Vol. 70, No. 73 / Monday, April 18, 2005 / Notices
15c3–1(a)(6) gives those clearing
members added leverage enabling them
to expand positions to several times
their net capital.
In order to provide an adjustment
period for those clearing members that
may be affected by IP .01, IP .01 will not
take effect until July 27, 2005, for firms
that are clearing members at the time
when it becomes effective.
OCC believes that the proposed rule
change is consistent with the purposes
and requirements of Section 17A of the
Act, as amended, because it is designed
to help assure the safeguarding of
securities and funds which are in the
custody or control of OCC or for which
OCC is responsible.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were not and are
not intended to be solicited with respect
to the proposed rule change and none
have been received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
ninety days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(a) By order approve the proposed
rule change or
(b) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
VI. 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:
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–OCC–2004–17. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
office of OCC and on OCC’s Web site at
www.optionsclearing.com. 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–OCC–2004–17 and should
be submitted on or before May 9, 2005.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.5
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–1807 Filed 4–15–05; 8:45 am]
BILLING CODE 8010–01–P
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–OCC–2004–17 on the
subject line.
VerDate jul<14>2003
16:08 Apr 15, 2005
Jkt 205001
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51519; File No. SR–PCX–
2005–37]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Pacific Exchange, Inc. Relating to
Adjusting the Implementation Date of
Previously Adopted PCXE Listing Fees
for Exchange-Traded Funds and
Closed-End Funds
April 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 March 29,
2005, the Pacific Exchange, Inc. (‘‘PCX’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
II below, which Items have been
prepared by PCX. The Exchange filed
this proposal pursuant to Section
19(b)(3)(A) of the Act,3 and Rule 19b–
4(f)(3) thereunder,4 which renders the
proposal effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
PCX, through its wholly-owned
subsidiary PCX Equities, Inc. (‘‘PCXE’’),
is proposing to adjust the
implementation date of previously
adopted PCXE listing fees for ExchangeTraded Funds (‘‘ETFs’’) and Closed-End
Funds (‘‘CEFs’’) to April 1, 2005.
II. Self-Regulatory Organization’s
Statement of the Purpose of and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
PCX 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. PCX has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(3).
2 17
5 17
CFR 200.30–3(a)(12).
Frm 00099
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E:\FR\FM\18APN1.SGM
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Federal Register / Vol. 70, No. 73 / Monday, April 18, 2005 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Commission previously approved
a rule proposal by the Exchange to
adopt new listings fees for ETFs and
CEFs (collectively ‘‘Funds’’) listed by
the PCXE for trading on the Archipelago
Exchange, a facility of the PCXE.5 In this
rule proposal, the Exchange proposed a
non-refundable application processing
fee, a one-time original listing fee per
Fund issuer or family of Funds, and an
annual maintenance fee based on the
aggregate total shares outstanding of the
Funds listed by the same Fund issuer or
family of Funds. The Exchange
proposed to implement these fees
specific to Funds effective June 21,
2004.
The Exchange now seeks to adjust the
implementation date of the Funds’
listing fees to April 1, 2005. In February
2005, due to an administrative
oversight, the Exchange inadvertently
invoiced currently listed Funds for their
2005 annual maintenance fee based on
the prior fee schedule. Because the
Exchange discovered the error after the
Fund issuers had already received the
incorrect invoice, the Exchange decided
to revise the effective date of
implementation rather than withdraw
and resubmit corrected invoices. As a
result, all listed Funds paid a lower
annual maintenance fee than they
would otherwise have paid under the
new fee schedule. Under these
circumstances, the Exchange believes
that this adjustment is appropriate as all
listed Fund issuers were treated
similarly and none were negatively
impacted.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,6 in general, and
furthers the objectives of section 6(b)(4)
of the Act,7 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its OTP Holders, OTP Firms, ETP
Holders, issuers, and other persons
using its 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
5 See Securities Exchange Act Release No. 50591
(October 26, 2004), 69 FR 63427 (November 1, 2004)
(SR–PCX–2004–63).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(4).
VerDate jul<14>2003
16:08 Apr 15, 2005
Jkt 205001
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
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section
19(b)(3)(A)(ii) of the Act 8 and
subparagraph (f)(3) of Rule 19b–4
thereunder,9 because it is concerned
solely with the administration of 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 or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–PCX–2005–37 on the
subject line.
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
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 File Number SR–PCX–
2005–37 and should be submitted on or
before May 9, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05–7644 Filed 4–15–05; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Consensus Standards, Light-Sport
Aircraft
Federal Aviation
Administration, DOT.
ACTION: Notice of availability; Request
for comments.
AGENCY:
SUMMARY: This notice announces the
availability of a consensus standard
Paper Comments
relating to the provisions of the Sport
Pilot and Light-Sport Aircraft rule
• Send paper comments in triplicate
issued July 16, 2004, and effective
to Jonathan G. Katz, Secretary,
September 1, 2004. ASTM International
Securities and Exchange Commission,
Committee F37 on Light Sport Aircraft
450 Fifth Street, NW., Washington, DC
developed this standard with FAA
20549–0609.
participation. By this Notice, the FAA
All submissions should refer to File
finds this standard acceptable for
Number SR–PCX–2005–37. This file
certification of the specified aircraft
number should be included on the
subject line if e-mail is used. To help the under the provisions of the Sport Pilot
and Light-Sport Aircraft rule.
Commission process and review your
DATES: Comments must be received on
comments more efficiently, please use
only one method. The Commission will or before June 17, 2005.
post all comments on the Commission’s ADDRESSES: Comments may be mailed
to: Federal Aviation Administration,
Internet Web site (https://www.sec.gov/
Small Airplane Directorate, Programs
rules/sro.shtml). Copies of the
and Procedures Branch, ACE–114,
submission, all subsequent
Attention: Larry Werth, Room 301, 901
amendments, all written statements
Locust, Kansas City, Missouri 64106.
PO 00000
8 15
9 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(3).
Frm 00100
Fmt 4703
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10 17
E:\FR\FM\18APN1.SGM
CFR 200.30–3(a)(12).
18APN1
]]>Agencies
[Federal Register Volume 70, Number 73 (Monday, April 18, 2005)]
[Notices]
[Pages 20199-20200]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-7644]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51519; File No. SR-PCX-2005-37]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc.
Relating to Adjusting the Implementation Date of Previously Adopted
PCXE Listing Fees for Exchange-Traded Funds and Closed-End Funds
April 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 March 29, 2005, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and II below, which
Items have been prepared by PCX. The Exchange filed this proposal
pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(3)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
PCX, through its wholly-owned subsidiary PCX Equities, Inc.
(``PCXE''), is proposing to adjust the implementation date of
previously adopted PCXE listing fees for Exchange-Traded Funds
(``ETFs'') and Closed-End Funds (``CEFs'') to April 1, 2005.
II. Self-Regulatory Organization's Statement of the Purpose of and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PCX 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. PCX has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of such statements.
[[Page 20200]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission previously approved a rule proposal by the Exchange
to adopt new listings fees for ETFs and CEFs (collectively ``Funds'')
listed by the PCXE for trading on the Archipelago Exchange, a facility
of the PCXE.\5\ In this rule proposal, the Exchange proposed a non-
refundable application processing fee, a one-time original listing fee
per Fund issuer or family of Funds, and an annual maintenance fee based
on the aggregate total shares outstanding of the Funds listed by the
same Fund issuer or family of Funds. The Exchange proposed to implement
these fees specific to Funds effective June 21, 2004.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 50591 (October 26,
2004), 69 FR 63427 (November 1, 2004) (SR-PCX-2004-63).
---------------------------------------------------------------------------
The Exchange now seeks to adjust the implementation date of the
Funds' listing fees to April 1, 2005. In February 2005, due to an
administrative oversight, the Exchange inadvertently invoiced currently
listed Funds for their 2005 annual maintenance fee based on the prior
fee schedule. Because the Exchange discovered the error after the Fund
issuers had already received the incorrect invoice, the Exchange
decided to revise the effective date of implementation rather than
withdraw and resubmit corrected invoices. As a result, all listed Funds
paid a lower annual maintenance fee than they would otherwise have paid
under the new fee schedule. Under these circumstances, the Exchange
believes that this adjustment is appropriate as all listed Fund issuers
were treated similarly and none were negatively impacted.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\6\ in general, and furthers the
objectives of section 6(b)(4) of the Act,\7\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees, and
other charges among its OTP Holders, OTP Firms, ETP Holders, issuers,
and other persons using its facilities.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A)(ii) of the Act \8\ and subparagraph (f)(3) of Rule 19b-4
thereunder,\9\ because it is concerned solely with the administration
of 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 or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
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-PCX-2005-37 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-PCX-2005-37. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Section, 450 Fifth Street,
NW., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at the principal 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 File Number SR-PCX-2005-37 and should be
submitted on or before May 9, 2005.
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05-7644 Filed 4-15-05; 8:45 am]
BILLING CODE 8010-01-P
