Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to a Temporary Suspension of Specialist Transaction Charges for the Nasdaq-100 Tracking Stock® (QQQQ), 49338-49339 [E5-4584]
Download as PDF
49338
Federal Register / Vol. 70, No. 162 / Tuesday, August 23, 2005 / Notices
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 for inspection and copying at
the principal office of Amex. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–Amex–2005–077 and
should be submitted on or before
September 13, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4582 Filed 8–22–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52267; File No. SR–Amex–
2005–081)
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change and
Amendment No. 1 Thereto Relating to
a Temporary Suspension of Specialist
Transaction Charges for the Nasdaq100 Tracking Stock (QQQQ)
August 15, 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 August 1,
2005, the American Stock Exchange LLC
(‘‘Amex’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or the ‘‘Commission’’) the
proposed rule change as described in
items I, II, and III below, which items
have been prepared by Amex. On
August 15, 2005, the Exchange filed
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<18>2005
15:03 Aug 22, 2005
Jkt 205001
Amendment No. 1 to the proposal.3
Amex has designated the proposed rule
change, as amended, as establishing or
changing a due, fee, or other charge
imposed by the Exchange 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Amex Equity and Exchange Traded
Funds and Trust Issued Receipts Fee
Schedules (the ‘‘Amex Fee Schedules’’)
to extend the suspension of transaction
charges for specialist orders in
connection with the trading of the
Nasdaq-100 Index Tracking Stock
(Symbol: QQQQ) from August 1, 2005
through August 31, 2005. The text of the
proposed rule change, as amended, is
available on Amex’s Web site (https://
www.amex.com), at Amex’s principal
office, and from the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change, as amended,
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 is proposing to extend
the suspension of transaction charges
for specialist orders in the Nasdaq-100
Index Tracking Stock (QQQQ) from
3 In Amendment No. 1, Amex made minor
technical changes to the proposed rule text and
provided further discussion on how the proposal is
consistent with the requirement under Section
6(b)(4) of the Act to provide for the equitable
allocation of reasonable dues, fees and other
charges among its members and issuers and other
persons using its facilities. See 15 U.S.C. 78f(b)(4).
4 15 U.S.C. 78s(b)(3)(A)(ii).
5 7 CFR 240.19b–4(f)(2).
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
August 1, 2005, through August 31,
2005. The current suspension of
specialist transaction charges in QQQQ
will otherwise terminate on July 31,
2005.6
Specialist orders in QQQQ executed
on the Exchange currently are charged
$0.0037 ($0.37 per 100 shares), capped
at $300 per trade. Effective December 1,
2004, the Nasdaq-100 Index Tracking
Stock (formerly ‘‘QQQ’’) transferred its
listing from Amex to the Nasdaq Stock
Market, Inc. It now trades on Nasdaq
under the symbol QQQQ. After the
transfer, Amex began trading QQQQ on
an unlisted trading privileges basis.
As detailed in a recently filed
proposed rule change (File No. SR–
Amex–2005–077), the Exchange submits
that a suspension of transaction fees for
specialist orders in connection with
QQQQ is consistent with section 6(b)(4)
of the Act.7 Specifically, the Exchange
believes that extending the suspension
of transaction charges for QQQQ
specialist orders is an equitable
allocation of reasonable fees among
Exchange members, issuers, and other
persons using its facilities. The fact that
specialists have greater obligations than
other members and are also subject to
other Exchange fees, in addition to
transaction fees, supports this proposal
to temporarily extend the fee
suspension.
The Exchange notes that specialists
are also subject to a variety of Exchange
fees other than transaction charges, such
as a floor clerk fee, a floor facility fee,
a post fee, and a registration fee.8 In
addition, specialists and other floor
members of the Exchange are subject to
technology and membership fees.9
Certain market participants—such as
customers, non-member broker-dealers,
market-makers, and member brokerdealers—are not subject to the majority
of these fees. In addition, specialist
units, unlike registered traders and
other floor members, must be
sufficiently staffed and provide
adequate technology resources to handle
the volume of orders (especially in
QQQQ) that are sent to the specialist
6 See Amex File No. 2005–077 filed with the
Commission on July 15, 2005.
7 Section 6(b)(4) of the Act states that the rules of
a national securities exchange provide for ‘‘the
equitable allocation of reasonable dues, fees, and
other charges among its members and issuers and
other persons using its facilities.’’
8 The floor clerk, floor facility, post, and
registration fees on an annual basis are $900,
$2,400, $1,000, and $800, respectively.
9 A technology fee of $3,000 per year is assessed
on all specialists and other floor participants at the
Exchange. Annual membership dues of $1,500 must
be paid by all members, while annual membership
fees are payable depending on the type of
membership and circumstances. Non-members are
not subject to these fees.
E:\FR\FM\23AUN1.SGM
23AUN1
Federal Register / Vol. 70, No. 162 / Tuesday, August 23, 2005 / Notices
post at the Exchange. These operational
costs that are incurred by a specialist
further support the Exchange proposal
to extend the suspension of QQQQ
transaction fees on specialist orders.
Specialists have certain obligations
under the Exchange rules, as well as the
Act, that do not exist for other market
participants. For example, a specialist is
required to maintain a fair and orderly
market in his or her assigned securities
pursuant to Amex Rule 170. Other
members of the Exchange, as well as
non-member market participants, do not
have this obligation. As a result, the
Exchange believes that an extension of
the transaction charge fee waiver for
specialist orders in QQQQ is reasonable
and equitable.
The Exchange is amending the Amex
Fee Schedules to indicate that
transaction charges for specialist orders
in connection with QQQQ executed on
the Exchange will be further suspended
from August 1, 2005, through August
31, 2005. The Exchange also submits
that the fee suspension will provide
greater incentive to the specialist to
continue to provide market liquidity,
rendering the Exchange an attractive
venue for market participants to execute
orders.
2. Statutory Basis
Amex believes that the proposed rule
change, as amended, is consistent with
section 6(b) of the Act 10 in general and
furthers the objectives of section 6(b)(4)
of the Act 11 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
Amex believes that 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 with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change, as
amended, has become effective pursuant
10 15
11 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
VerDate Aug<18>2005
15:03 Aug 22, 2005
Jkt 205001
to section 19(b)(3)(A)(ii) of the Act 12
and subparagraph (f)(2) of Rule 19b–4
thereunder 13 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, 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.14
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 rulecomments@sec.gov. Please include File
Number SR–Amex–2005–081 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–Amex–2005–081. 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
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
14 The effective date of the original proposed rule
change is August 1, 2005 and the effective date of
the amendment is August 15, 2005. For purposes
of calculating the 60-day period within which the
Commission may summarily abrogate the proposed
rule change, as amended, under section 19(b)(3)(C)
of the Act, the Commission considers the period to
commence on August 11, 2005, the date on which
the Exchange submitted Amendment No. 1. See 15
U.S.C. 78s(b)(3)(C).
49339
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 Amex. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–Amex–2005–081 and
should be submitted on or before
September 13, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4584 Filed 8–22–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52273; File No. SR–Amex–
2005–078]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Proposed Rule Change and
Amendment No. 1 Thereto Relating to
a Temporary Suspension of Specialist
Transaction Charges for the Nasdaq100 Tracking Stock (QQQQ)
August 16, 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 July 15,
2005, the American Stock Exchange LLC
(‘‘Amex’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, below, which Items have been
prepared by Amex. On August 12, 2005,
the Exchange filed Amendment No. 1 to
the proposed rule change.3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
12 15
13 17
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, Amex made minor
technical changes to the proposed rule text and
provided further discussion on how the proposal is
consistent with the requirement under Section
6(b)(4) of the Act to provide for the equitable
allocation of reasonable dues, fees, and other
charges among its members and issuers and other
persons using its facilities. See 15 U.S.C. 78f(b)(4).
1 15
E:\FR\FM\23AUN1.SGM
23AUN1
Agencies
[Federal Register Volume 70, Number 162 (Tuesday, August 23, 2005)]
[Notices]
[Pages 49338-49339]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4584]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52267; File No. SR-Amex-2005-081)
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to a Temporary Suspension of
Specialist Transaction Charges for the Nasdaq-100 Tracking
Stock[supreg] (QQQQ)
August 15, 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 August 1, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or the ``Commission'') the proposed rule change as described
in items I, II, and III below, which items have been prepared by Amex.
On August 15, 2005, the Exchange filed Amendment No. 1 to the
proposal.\3\ Amex has designated the proposed rule change, as amended,
as establishing or changing a due, fee, or other charge imposed by the
Exchange 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\ In Amendment No. 1, Amex made minor technical changes to the
proposed rule text and provided further discussion on how the
proposal is consistent with the requirement under Section 6(b)(4) of
the Act to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and issuers and other
persons using its facilities. See 15 U.S.C. 78f(b)(4).
\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 amend the Amex Equity and Exchange Traded
Funds and Trust Issued Receipts Fee Schedules (the ``Amex Fee
Schedules'') to extend the suspension of transaction charges for
specialist orders in connection with the trading of the Nasdaq-100
Index Tracking Stock[supreg] (Symbol: QQQQ) from August 1, 2005 through
August 31, 2005. The text of the proposed rule change, as amended, is
available on Amex's Web site (https://www.amex.com), at Amex's principal
office, and from the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change, as
amended, 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 is proposing to extend the suspension of transaction
charges for specialist orders in the Nasdaq-100 Index Tracking
Stock[supreg] (QQQQ) from August 1, 2005, through August 31, 2005. The
current suspension of specialist transaction charges in QQQQ will
otherwise terminate on July 31, 2005.\6\
---------------------------------------------------------------------------
\6\ See Amex File No. 2005-077 filed with the Commission on July
15, 2005.
---------------------------------------------------------------------------
Specialist orders in QQQQ executed on the Exchange currently are
charged $0.0037 ($0.37 per 100 shares), capped at $300 per trade.
Effective December 1, 2004, the Nasdaq-100 Index Tracking Stock[supreg]
(formerly ``QQQ'') transferred its listing from Amex to the Nasdaq
Stock Market, Inc. It now trades on Nasdaq under the symbol QQQQ. After
the transfer, Amex began trading QQQQ on an unlisted trading privileges
basis.
As detailed in a recently filed proposed rule change (File No. SR-
Amex-2005-077), the Exchange submits that a suspension of transaction
fees for specialist orders in connection with QQQQ is consistent with
section 6(b)(4) of the Act.\7\ Specifically, the Exchange believes that
extending the suspension of transaction charges for QQQQ specialist
orders is an equitable allocation of reasonable fees among Exchange
members, issuers, and other persons using its facilities. The fact that
specialists have greater obligations than other members and are also
subject to other Exchange fees, in addition to transaction fees,
supports this proposal to temporarily extend the fee suspension.
---------------------------------------------------------------------------
\7\ Section 6(b)(4) of the Act states that the rules of a
national securities exchange provide for ``the equitable allocation
of reasonable dues, fees, and other charges among its members and
issuers and other persons using its facilities.''
---------------------------------------------------------------------------
The Exchange notes that specialists are also subject to a variety
of Exchange fees other than transaction charges, such as a floor clerk
fee, a floor facility fee, a post fee, and a registration fee.\8\ In
addition, specialists and other floor members of the Exchange are
subject to technology and membership fees.\9\ Certain market
participants--such as customers, non-member broker-dealers, market-
makers, and member broker-dealers--are not subject to the majority of
these fees. In addition, specialist units, unlike registered traders
and other floor members, must be sufficiently staffed and provide
adequate technology resources to handle the volume of orders
(especially in QQQQ) that are sent to the specialist
[[Page 49339]]
post at the Exchange. These operational costs that are incurred by a
specialist further support the Exchange proposal to extend the
suspension of QQQQ transaction fees on specialist orders.
---------------------------------------------------------------------------
\8\ The floor clerk, floor facility, post, and registration fees
on an annual basis are $900, $2,400, $1,000, and $800, respectively.
\9\ A technology fee of $3,000 per year is assessed on all
specialists and other floor participants at the Exchange. Annual
membership dues of $1,500 must be paid by all members, while annual
membership fees are payable depending on the type of membership and
circumstances. Non-members are not subject to these fees.
---------------------------------------------------------------------------
Specialists have certain obligations under the Exchange rules, as
well as the Act, that do not exist for other market participants. For
example, a specialist is required to maintain a fair and orderly market
in his or her assigned securities pursuant to Amex Rule 170. Other
members of the Exchange, as well as non-member market participants, do
not have this obligation. As a result, the Exchange believes that an
extension of the transaction charge fee waiver for specialist orders in
QQQQ is reasonable and equitable.
The Exchange is amending the Amex Fee Schedules to indicate that
transaction charges for specialist orders in connection with QQQQ
executed on the Exchange will be further suspended from August 1, 2005,
through August 31, 2005. The Exchange also submits that the fee
suspension will provide greater incentive to the specialist to continue
to provide market liquidity, rendering the Exchange an attractive venue
for market participants to execute orders.
2. Statutory Basis
Amex believes that the proposed rule change, as amended, is
consistent with section 6(b) of the Act \10\ in general and furthers
the objectives of section 6(b)(4) of the Act \11\ 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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Amex believes that 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 with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change, as amended, has become effective
pursuant to section 19(b)(3)(A)(ii) of the Act \12\ and subparagraph
(f)(2) of Rule 19b-4 thereunder \13\ 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, 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.\14\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4(f)(2).
\14\ The effective date of the original proposed rule change is
August 1, 2005 and the effective date of the amendment is August 15,
2005. For purposes of calculating the 60-day period within which the
Commission may summarily abrogate the proposed rule change, as
amended, under section 19(b)(3)(C) of the Act, the Commission
considers the period to commence on August 11, 2005, the date on
which the Exchange submitted Amendment No. 1. See 15 U.S.C.
78s(b)(3)(C).
---------------------------------------------------------------------------
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-Amex-2005-081 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-Amex-2005-081. 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 for inspection and copying at the
principal office of Amex. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-Amex-2005-081 and should be submitted on or before September 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. E5-4584 Filed 8-22-05; 8:45 am]
BILLING CODE 8010-01-P