Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Reduction of Transaction Fees for Exchange-Listed Exchange Traded Funds, 29546-29547 [E5-2563]
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29546
Federal Register / Vol. 70, No. 98 / Monday, May 23, 2005 / Notices
For the Nuclear Regulatory Commission.
Carolyn J. Swanson,
Secretary, Executive Resources Board.
[FR Doc. E5–2584 Filed 5–20–05; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51695; File No. SR-NYSE–
2005–30]
round-lot for on-Floor proprietary
transactions (specialist and other),
capped at $300 per trade, and $0.30 per
round-lot for off-Floor transactions
(customer and broker/dealer), capped at
$100 per trade. The Exchange stated that
it intends the reduction in these ETF
transaction fees to take effect on April
27, 2005. Proposed new language is
italicized; proposed deletions are in
[brackets].
*
*
*
*
*
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
the Reduction of Transaction Fees for
Exchange-Listed Exchange Traded
Funds
2005 Price List
May 13, 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 April 27,
2005, the New York Stock Exchange,
Inc. (‘‘NYSE’’ 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 NYSE. On
May 9, 2005, the NYSE submitted
Amendment No. 1 to the proposed rule
change.3 The proposed rule change has
been filed by the NYSE as establishing
or changing a due, fee, or other charge,
pursuant to Section 19(b)(3)(A)(ii) of the
Act,4 and Rule 19b–4(f)(2) thereunder,5
which renders the proposal effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
Exchange Traded Funds—Public
Agency and Principal
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to reduce the
Exchange Traded Fund (‘‘ETF’’)
transaction fees for transactions in
Exchange-listed ETFs 6 to $0.30 per
1 15
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Partial Amendment, dated May 9, 2005
(‘‘Amendment No. 1’’). In Amendment No. 1, the
NYSE made technical corrections to the rule text of
the proposed rule change.
For purposes of calculating the 60-day abrogation
period, the Commission considers the period to
commence on May 9, 2005, the date on which the
Exchange submitted Amendment No. 1.
4 15 U.S.C. 78s(b)(3)(A)(ii).
5 7 CFR 240.19b–4(f)(2).
6 Telephone conversation on May 13, 2005,
among Michael Cavalier, Assistant General Counsel,
NYSE; David Hsu, Special Counsel, Division of
VerDate jul<14>2003
16:20 May 20, 2005
Jkt 205001
*
*
*
*
*
*
*
*
Regular Session Trading
Equity Transactions
*
*
*
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
*
Transaction Fees
*
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.
*
Transactions
Broker/Dealer—price per round-lot—
$[0.60] 0.30.
Maximum price per trade —100.00.
System Orders under 5,100 shares
(4)—No Charge.
Specialists and other on-floor
proprietary trading—price per roundlot—[0.63] 0.30.
Maximum price per trade—300.00.
Exchange Traded Funds admitted to
dealings on an unlisted trading
privileges (UTP) basis (5)—No Charge.
Notes:
*
*
*
*
*
(4) Not inclusive of orders of a
member or member organization trading
for its own account as a competing
market maker, or trading as an agent for
the account of a non-member competing
market maker. Competing Market
Maker: a specialist or market-maker
registered as such on a registered stock
exchange (other than the NYSE), or a
market-maker bidding and offering overthe-counter, in a New York Stock
Exchange traded security.
(5) There is a transaction fee
moratorium on ETF Products traded on
a UTP basis. This moratorium will be in
effect until further notice.
*
*
*
*
*
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 Exchange currently imposes
transaction fees for trades in ETFs of
$0.63 per 100 shares for specialists
(capped at $300 per trade) and $0.60 per
100 shares for customer and brokerdealer orders (capped at $100 per trade).
There is no charge for System orders
(i.e., orders entered through SuperDot)
up to 5,099 shares, subject to certain
exceptions for competing market maker
orders. The Exchange does not currently
charge transaction fees for transactions
in ETFs traded on the Exchange
pursuant to unlisted trading privileges.
For purposes of the Exchange’s ETF
transaction fee schedule, ETFs include
Investment Company Units, Trust
Issued Receipts and streetTRACKS
Gold Shares.
The Exchange proposes to reduce the
ETF transaction fees for transactions in
Exchange-listed ETFs 7 to $0.30 per
round-lot for on-Floor proprietary
transactions (specialist and other),
capped at $300 per trade, and $0.30 per
round-lot for off-Floor transactions
(customer and broker/dealer), capped at
$100 per trade. The Exchange believes
reduced transaction fees are necessary
for the Exchange to maintain or improve
its competitive position compared to
other markets trading ETFs, and that
reduced costs would benefit Exchange
members and the investing public. The
Exchange stated that it intends the
reduction in these ETF transaction fees
to take effect on April 27, 2005.
2. Statutory Basis
The Exchange believes that the
proposed rule change, as amended, is
consistent with Section 6(b) of the Act,8
in general, and furthers the objectives of
Section 6(b)(4) of the Act,9 in particular,
in that it provides for the equitable
allocation of reasonable dues, fees and
other charges among its members and
issuers and other persons using its
facilities.
7 Id.
Market Regulation (‘‘Division’’), Commission; and
David Michehl, Attorney, Division, Commission.
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
85
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
9 15
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Federal Register / Vol. 70, No. 98 / Monday, May 23, 2005 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change, as amended,
will impose any burden on competition
that is not necessary or appropriate in
furtherance of the purpose of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change,
as amended, has become effective
pursuant to Section 19(b)(3)(A)(ii) of the
Act,10 and paragraph (f)(2) of Rule 19b–
4 thereunder,11 because it establishes or
changes a due, fee, or other charge
imposed by the Exchange. At any time
within 60 days of the filing of the
proposed rule change, as amended, 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.
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, as amended, 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 for inspection and copying at
the principal office of the NYSE. 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–NYSE–2005–30 and should
be submitted on or before June 13, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–2563 Filed 5–20–05; 8:45 am]
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
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–NYSE–2005–30 on the
subject line.
(SSA).
SOCIAL SECURITY ADMINISTRATION
Privacy Act of 1974; as Amended; New
System of Records and New Routine
Use Disclosures
AGENCY:
Social Security Administration
Proposed new system of records
and proposed routine uses.
ACTION:
SUMMARY: In accordance with the
Privacy Act (5 U.S.C. 552a(e)(4) and
(e)(11)), we are issuing public notice of
our intent to establish a new system of
records entitled Representative Payee/
Paper Comments
Misuse Restitution Control System (RP/
MRCS), 60–0318, and routine uses
• Send paper comments in triplicate
applicable to this system of records.
to Jonathan G. Katz, Secretary,
Hereinafter, we will refer to the
Securities and Exchange Commission,
proposed system of records as the RP/
450 Fifth Street, NW, Washington, DC
MRCS. We invite public comments on
20549–0609.
this proposal.
All submissions should refer to File
DATES: We filed a report of the proposed
Number SR-NYSE–2005–30. This file
new system of records and proposed
number should be included on the
subject line if e-mail is used. To help the routine use disclosures with the
Chairman of the Senate Committee on
Commission process and review your
Homeland Security and Governmental
comments more efficiently, please use
Affairs, the Chairman of the House
10 15
11 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
VerDate jul<14>2003
16:20 May 20, 2005
12 17
Jkt 205001
PO 00000
CFR 200.30–3(a)(12).
Frm 00075
Fmt 4703
Sfmt 4703
29547
Committee on Government Reform, and
the Director, Office of Information and
Regulatory Affairs, Office of
Management and Budget (OMB) on
January 25, 2005. The proposed system
of records and routine uses will become
effective on March 6, 2005, unless we
receive comments warranting it not to
become effective.
ADDRESSES: Interested individuals may
comment on this publication by writing
to the Executive Director, Office of
Public Disclosure, Office of the General
Counsel, Social Security
Administration, Room 3–A–6
Operations Building, 6401 Security
Boulevard, Baltimore, Maryland 21235–
6401. All comments received will be
available for public inspection at the
above address.
FOR FURTHER INFORMATION CONTACT: Ms.
Joyce Schaul, Social Insurance
Specialist, Office of Public Disclosure,
Office of the General Counsel, Social
Security Administration, Room 3–A–6
Operations Building, 6401 Security
Boulevard, Baltimore, Maryland 21235,
e-mail address at joyce.schaul@ssa.gov,
or by telephone at (410) 965–5662.
SUPPLEMENTARY INFORMATION:
I. Background and Purpose of the
Proposed New System of Records
Entitled the RP/MRCS System
A. General Background
On March 4, 2004, President Bush
signed into law the Social Security
Protection Act of 2004 (Pub. L. 108–
203), which amended section 205(j) of
the Social Security Act. Included in the
amendment is a requirement for the
Commissioner of Social Security to reissue benefits under Title II or XVI
whenever an individual representative
payee serving 15 or more beneficiaries
or an organizational representative
payee is found to have misused a
beneficiary’s funds. This is effective for
determinations of misuse on or after
January 1, 1995. To carry out this
function as required under the amended
section 205(j), SSA must collect and
maintain certain identifying information
about: (1) Representative payees that
have misused benefits; (2) beneficiaries
whose benefits have been misused; and
(3) the relationship between the
representative payee and the
beneficiary.
B. Collection and Maintenance of the
Data for the Proposed New System of
Records Entitled the RP/MRCS System
SSA must collect and maintain
certain identifying information about
representative payees that have misused
benefits; beneficiaries whose benefits
have been misused; and, the
E:\FR\FM\23MYN1.SGM
23MYN1
]]>Agencies
[Federal Register Volume 70, Number 98 (Monday, May 23, 2005)]
[Notices]
[Pages 29546-29547]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2563]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51695; File No. SR-NYSE-2005-30]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to the Reduction of Transaction
Fees for Exchange-Listed Exchange Traded Funds
May 13, 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 April 27, 2005, the New York Stock Exchange, Inc. (``NYSE'' 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 NYSE. On May 9,
2005, the NYSE submitted Amendment No. 1 to the proposed rule
change.\3\ The proposed rule change has been filed by the NYSE as
establishing or changing a due, fee, or other charge, pursuant to
Section 19(b)(3)(A)(ii) of the Act,\4\ and Rule 19b-4(f)(2)
thereunder,\5\ which renders the proposal effective upon filing with
the Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Partial Amendment, dated May 9, 2005 (``Amendment No.
1''). In Amendment No. 1, the NYSE made technical corrections to the
rule text of the proposed rule change.
For purposes of calculating the 60-day abrogation period, the
Commission considers the period to commence on May 9, 2005, the date
on which the Exchange submitted Amendment No. 1.
\4\ 15 U.S.C. 78s(b)(3)(A)(ii).
\5\ 7 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to reduce the Exchange Traded Fund (``ETF'')
transaction fees for transactions in Exchange-listed ETFs \6\ to $0.30
per round-lot for on-Floor proprietary transactions (specialist and
other), capped at $300 per trade, and $0.30 per round-lot for off-Floor
transactions (customer and broker/dealer), capped at $100 per trade.
The Exchange stated that it intends the reduction in these ETF
transaction fees to take effect on April 27, 2005. Proposed new
language is italicized; proposed deletions are in [brackets].
---------------------------------------------------------------------------
\6\ Telephone conversation on May 13, 2005, among Michael
Cavalier, Assistant General Counsel, NYSE; David Hsu, Special
Counsel, Division of Market Regulation (``Division''), Commission;
and David Michehl, Attorney, Division, Commission.
---------------------------------------------------------------------------
* * * * *
2005 Price List
* * * * *
Transaction Fees
* * * * *
Regular Session Trading
Equity Transactions
* * * * *
Exchange Traded Funds--Public Agency and Principal
Transactions
Broker/Dealer--price per round-lot--$[0.60] 0.30.
Maximum price per trade --100.00.
System Orders under 5,100 shares (4)--No Charge.
Specialists and other on-floor proprietary trading--price per
round-lot--[0.63] 0.30.
Maximum price per trade--300.00.
Exchange Traded Funds admitted to dealings on an unlisted trading
privileges (UTP) basis (5)--No Charge.
Notes:
* * * * *
(4) Not inclusive of orders of a member or member organization
trading for its own account as a competing market maker, or trading as
an agent for the account of a non-member competing market maker.
Competing Market Maker: a specialist or market-maker registered as such
on a registered stock exchange (other than the NYSE), or a market-maker
bidding and offering over-the-counter, in a New York Stock Exchange
traded security.
(5) There is a transaction fee moratorium on ETF Products traded on
a UTP basis. This moratorium will be in effect until further notice.
* * * * *
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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange currently imposes transaction fees for trades in ETFs
of $0.63 per 100 shares for specialists (capped at $300 per trade) and
$0.60 per 100 shares for customer and broker-dealer orders (capped at
$100 per trade). There is no charge for System orders (i.e., orders
entered through SuperDot) up to 5,099 shares, subject to certain
exceptions for competing market maker orders. The Exchange does not
currently charge transaction fees for transactions in ETFs traded on
the Exchange pursuant to unlisted trading privileges. For purposes of
the Exchange's ETF transaction fee schedule, ETFs include Investment
Company Units, Trust Issued Receipts and streetTRACKS[reg] Gold Shares.
The Exchange proposes to reduce the ETF transaction fees for
transactions in Exchange-listed ETFs \7\ to $0.30 per round-lot for on-
Floor proprietary transactions (specialist and other), capped at $300
per trade, and $0.30 per round-lot for off-Floor transactions (customer
and broker/dealer), capped at $100 per trade. The Exchange believes
reduced transaction fees are necessary for the Exchange to maintain or
improve its competitive position compared to other markets trading
ETFs, and that reduced costs would benefit Exchange members and the
investing public. The Exchange stated that it intends the reduction in
these ETF transaction fees to take effect on April 27, 2005.
---------------------------------------------------------------------------
\7\ Id.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change, as amended, is
consistent with Section 6(b) of the Act,\8\ in general, and furthers
the objectives of Section 6(b)(4) of the Act,\9\ in particular, in that
it provides for the equitable allocation of reasonable dues, fees and
other charges among its members and issuers and other persons using its
facilities.
---------------------------------------------------------------------------
\8\ 5 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
[[Page 29547]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change, as
amended, will impose any burden on competition that is not necessary or
appropriate in furtherance of the purpose of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change, as amended, has become
effective pursuant to Section 19(b)(3)(A)(ii) of the Act,\10\ and
paragraph (f)(2) of Rule 19b-4 thereunder,\11\ because it establishes
or changes a due, fee, or other charge imposed by the Exchange. At any
time within 60 days of the filing of the proposed rule change, as
amended, 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A)(ii).
\11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, 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-NYSE-2005-30 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-NYSE-2005-30. 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, as
amended, 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 for
inspection and copying at the principal office of the NYSE. 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-NYSE-2005-30 and should be
submitted on or before June 13, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-2563 Filed 5-20-05; 8:45 am]
BILLING CODE 8010-01-P
