Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Extension of the Suspension of Transaction Charges for Specialist Orders in the Nasdaq-100 Tracking Stock® (QQQQ), 55639-55641 [05-18939]
Download as PDF
Federal Register / Vol. 70, No. 183 / Thursday, September 22, 2005 / Notices
Institution and settlement of injunctive
actions; and
Institution and settlement of
administrative proceedings of an
enforcement nature.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: September 19, 2005.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05–19030 Filed 9–20–05; 11:21 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 35–28030]
Filings Under the Public Utility Holding
Company Act of 1935, as Amended
(‘‘Act’’)
September 16, 2005.
Notice is hereby given that the
following filing(s) has/have been made
with the Commission pursuant to
provisions of the Act and rules
promulgated under the Act. All
interested persons are referred to the
application(s) and/or declaration(s) for
complete statements of the proposed
transaction(s) summarized below. The
application(s) and/or declaration(s) and
any amendment(s) is/are available for
public inspection through the
Commission’s Branch of Public
Reference.
Interested persons wishing to
comment or request a hearing on the
application(s) and/or declaration(s)
should submit their views in writing by
October 11, 2005 to the Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303, and serve a copy on the
relevant applicant(s) and/or declarant(s)
at the address(es) specified below. Proof
of service (by affidavit or, in the case of
an attorney at law, by certificate) should
be filed with the request. Any request
for hearing should identify specifically
the issues of facts or law that are
disputed. A person who so requests will
be notified of any hearing, if ordered,
and will receive a copy of any notice or
order issued in the matter. After October
11, 2005, the application(s) and/or
declaration(s), as filed or as amended,
may be granted and/or permitted to
become effective.
VerDate Aug<31>2005
14:53 Sep 21, 2005
Jkt 205001
Cleco Corporation and Cleco
Midstream Resources LLC (70–10318)
Cleco Corporation (‘‘Cleco Corp.’’),
2030 Donahue Ferry Road, Pineville,
Louisiana, a Louisiana corporation and
a holding company claiming exemption
from registration under section 3(a)(1) of
the Act by rule 2, and its wholly ownedsubsidiary at the same address, Cleco
Midstream Resources, LLC (‘‘Cleco
Midstream’’) (‘‘Applicants’’) have filed
an application (‘‘Application’’) under
sections 9(a)(2) and 10 of the Act.
Applicants seek approval of their
proposed acquisition of all of the issued
and outstanding membership interests
of Attala Transmission, LLC (‘‘Attala’’).
Attala is a Louisiana limited liability
company that will acquire transmission
facilities from Central Mississippi
Generating Company, LLC (‘‘Central
Mississippi’’), an exempt wholesale
generator under section 32 of the Act
(‘‘EWG’’), and thus become a publicutility company. Central Mississippi is
currently the owner of a generating
plant (‘‘Attala Generating Plant’’)
located in Attala County, Mississippi, as
well as interconnection facilities used to
transmit electric energy from the Attala
Generating Plant to the transmission
system of Entergy Mississippi, Inc.
(‘‘Entergy Mississippi’’), a public utility
subsidiary of Entergy, Inc., a register
holding company. Central Mississippi
has proposed to sell the Attala
Generating Plant to Entergy Mississippi
and to sell the interconnection facilities
to Attala, which will be formed as a
wholly-owned indirect subsidiary of
Cleco Corp. and as a direct subsidiary of
Cleco Midstream (‘‘Transaction’’).
Following the closing of the
Transaction, Attala will own, operate
and maintain the interconnection
facilities, and it will use them to
provide interconnection service from
the Attala Generating Plant to the
Entergy Mississippi transmission
system, in accordance with a Federal
Energy Regulatory Commission
(‘‘FERC’’) filed rate schedule.
Cleco Corp. is the parent company of
Cleco Power LLC (‘‘Cleco Power’’), a
Louisiana limited liability public-utility
company that provides electric utility
service in central and southeastern
Louisiana.
Cleco Midstream is the parent
company of Perryville Energy Holdings
LLC which owns Perryville Energy
Partners, LLC (‘‘Perryville’’), an EWG.
Perryville owns a 718-megawatt
generating facility as well as
interconnection facilities used to
connect the facility to the transmission
system of Entergy Louisiana (‘‘Entergy
LA’’). Perryville has entered into an
PO 00000
Frm 00025
Fmt 4703
Sfmt 4703
55639
agreement to sell the generating facility
to Entergy LA (although it will retain
ownership of the interconnection
facilities). Following the sale, Perryville
will no longer own generating facilities,
will cease to qualify as an EWG, and
will become a public-utility company,
as defined in section 2(a)(5) of the Act.
Consequently, when the Transaction is
completed, Cleco Midstream will be a
holding company with respect to two
public-utility companies, Perryville and
Attala.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–18940 Filed 9–21–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52460; File No. SR–Amex–
2005–088]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
an Extension of the Suspension of
Transaction Charges for Specialist
Orders in the Nasdaq-100 Tracking
Stock (QQQQ)
September 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 August
31, 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. Amex has
designated the proposed rule change 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 3 and Rule 19b–4(f)(2) 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
The Exchange proposes to amend
Amex Equity and Exchange Traded
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
E:\FR\FM\22SEN1.SGM
22SEN1
55640
Federal Register / Vol. 70, No. 183 / Thursday, September 22, 2005 / Notices
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 September 1,
2005 through October 31, 2005. The text
of the proposed rule change 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 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 QQQQ from
September 1, 2005 through October 31,
2005. The current suspension of
specialist transaction charges in QQQQ
will otherwise terminate on August 31,
2005.5
Specialist orders in QQQQ executed
on the Exchange currently are charged
$0.0037 per share ($0.37 per 100
shares), capped at $300 per trade
(81,081 shares). Effective December 1,
2004, the Nasdaq-100 Index Tracking
Stock formerly ‘‘QQQ’’ transferred its
listing from Amex to The Nasdaq Stock
Market, Inc (‘‘Nasdaq’’). It now trades on
Nasdaq under the symbol QQQQ. After
the transfer, Amex began trading QQQQ
pursuant to unlisted trading privileges.
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.6 Specifically, the Exchange
5 See Securities Exchange Act Release Nos. 52267
(August 15, 2005), 70 FR 49338 (August 23, 2005)
and 52268 (August 15, 2005), 70 FR 49336 (August
23, 2005) (proposals previously introducing and
extending this specialist transaction fee waiver).
6 Section 6(b)(4) states that the rules of a national
securities exchange must provide for ‘‘the equitable
allocation of reasonable dues, fees, and other
VerDate Aug<31>2005
14:53 Sep 21, 2005
Jkt 205001
believes that extending the suspension
of transaction charges for QQQQ
specialist orders is an equitable
allocation of reasonable fees among
Exchange members. 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 registration fee.7 In
addition, specialists and other floor
members of the Exchange are subject to
technology and membership fees.8
Certain market participants, such as
customers, non-member broker-dealers
and 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 in order to handle the volume
of orders (especially in QQQQ) that are
sent to the specialist 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
required by Exchange rules as well as
the Act that do not exist for other
market participants. For example, a
specialist pursuant to Amex Rule 170 is
required to maintain a fair and orderly
market in his or her assigned securities.
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 September 1, 2005 through
October 31, 2005.
charges among its members and issuers and other
persons using its facilities.’’
7 The floor clerk, floor facility, post, and
registration fees on an annual basis are $900,
$2,400, $1,000, and $800, respectively.
8 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.
PO 00000
Frm 00026
Fmt 4703
Sfmt 4703
2. Statutory Basis
Amex believes that the proposed rule
change is consistent with Section 6(b) of
the Act 9 in general and furthers the
objectives of Section 6(b)(4) of the Act 10
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 has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 11 and
subparagraph (f)(2) of Rule 19b–4
thereunder 12 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.
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–Amex–2005–088 on the
subject line.
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
11 15 U.S.C. 78s(b)(3)(A)(ii).
12 17 CFR 240.19b–4(f)(2).
10 15
E:\FR\FM\22SEN1.SGM
22SEN1
Federal Register / Vol. 70, No. 183 / Thursday, September 22, 2005 / Notices
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–2005–088. 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–2005–088 and
should be submitted on or before
October 13, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05–18939 Filed 9–21–05; 8:45 am]
BILLING CODE 8010–01–P
13 17
14:53 Sep 21, 2005
[Release No. 34–52450; File No. SR–DTC–
2005–07]
Self-Regulatory Organizations; The
Depository Trust Company; Order
Approving Proposed Rule Change To
Expand DTC’s Inventory Management
System
September 15, 2005.
I. Introduction
On July 8, 2005, the Depository Trust
Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) and on July 8, 2005,
amended 1 proposed rule change SR–
DTC–2005–07 pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’).2 Notice of the proposal
was published in the Federal Register
on August 1, 2005.3 No comment letters
were received. For the reasons
discussed below, the Commission is
approving the proposed rule change.
II. Description
DTC is expanding its Inventory
Management System (‘‘IMS’’) to offer
additional customized transaction
recycling capabilities and to provide
users with an enhanced approval
mechanism in order to give users greater
internal control over deliveries that they
submit to DTC.
Currently, a participant using IMS can
prepopulate its profile to customize the
position recycle order for its night cycle
deliveries. These ‘‘high priority’’
transactions are processed in the
prescribed order if the participant has
sufficient shares in its account. If there
are insufficient shares to complete these
high priority transactions, then DTC
attempts to complete lower prioritized
transactions that can be completed with
the shares the participant has available.
The rule change: (i) Increases
participant control over the processing
order by adding two new recycle
profiles; (ii) expands the recycle profiles
to include Initial Public Offering
(‘‘IPO’’) transactions; and (iii) allows a
participant’s input to be subjected to
secondary authorization through a new
transaction type in IMS.
The new recycle profiles allow
participants to further customize the
processing of their deliveries by either:
(i) Electing to have the deliveries
processed in strict profile order or (ii)
enabling the participant to hold all or a
1 The amendment corrected a typographical error
in the original filing.
2 15 U.S.C. 78s(b)(1).
3 Securities Exchange Act Release No. 52123 (July
26, 2005), 70 FR 44132.
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
SECURITIES AND EXCHANGE
COMMISSION
Jkt 205001
PO 00000
Frm 00027
Fmt 4703
Sfmt 4703
55641
specific set of deliveries in a separate
profile until they are ready to release
those transactions for processing. For
each delivery that is customized and
recycled based upon profile selection, a
participant will be charged $0.06 in
addition to the applicable delivery fee.
Currently, participants only can route
their night delivery orders to IMS for
authorization. The rule change allows
participants also to submit their manual
or automated day delivery orders for
authorization based on predetermined
profiles. A user can create a profile by
asset class and within asset class by
input source (e.g., only deliveries
submitted by DTC’s Participant Browser
Service). The user can determine, based
on input source, which delivery types
(all valued, all free, only under/over
valued deliveries) should be routed for
authorization. For these deliveries,
participants will be charged the current
authorization fee of $0.006 each in
addition to the applicable delivery fee.
Participants are not required to make
any systemic changes and may continue
to process their deliveries as they do
today. IMS recycle profiles are optional,
and users that do not elect to prioritize
their deliveries through IMS continue to
be subjected to the existing default
recycle profile.
III. Discussion
Section 17A(b)(3)(F) of the Act
requires that the rules of a clearing
agency be designed to provide for the
prompt and accurate clearance and
settlement of securities.4 The
Commission finds that DTC’s proposed
rule change is consistent with this
requirement because it will allow
participants to have all of their
deliveries residing at DTC throughout
the day and will maximize their priority
deliveries and associated settlement
credits. As such, the proposed rule
change should promote the prompt and
accurate clearance and settlement of
securities transactions by increasing
efficiency of processing participants’
transactions.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the proposed
rule change is consistent with the
requirements of the Act and in
particular Section 17A of the Act and
the rules and regulations thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,5 that the
proposed rule change (File No. SR–
4 15
5 15
E:\FR\FM\22SEN1.SGM
U.S.C. 78q–1(b)(3)(F).
U.S.C. 78s(b)(2).
22SEN1
Agencies
[Federal Register Volume 70, Number 183 (Thursday, September 22, 2005)]
[Notices]
[Pages 55639-55641]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-18939]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52460; File No. SR-Amex-2005-088]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to an Extension of the Suspension of Transaction Charges for
Specialist Orders in the Nasdaq-100 Tracking Stock[supreg] (QQQQ)
September 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 August 31, 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. Amex has
designated the proposed rule change 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 \3\ and Rule 19b-4(f)(2) 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)(ii).
\4\ 17 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 Amex Equity and Exchange Traded
[[Page 55640]]
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 September 1, 2005
through October 31, 2005. The text of the proposed rule change 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 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 QQQQ from September 1, 2005 through
October 31, 2005. The current suspension of specialist transaction
charges in QQQQ will otherwise terminate on August 31, 2005.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release Nos. 52267 (August 15,
2005), 70 FR 49338 (August 23, 2005) and 52268 (August 15, 2005), 70
FR 49336 (August 23, 2005) (proposals previously introducing and
extending this specialist transaction fee waiver).
---------------------------------------------------------------------------
Specialist orders in QQQQ executed on the Exchange currently are
charged $0.0037 per share ($0.37 per 100 shares), capped at $300 per
trade (81,081 shares). Effective December 1, 2004, the Nasdaq-100 Index
Tracking Stock[supreg] formerly ``QQQ'' transferred its listing from
Amex to The Nasdaq Stock Market, Inc (``Nasdaq''). It now trades on
Nasdaq under the symbol QQQQ. After the transfer, Amex began trading
QQQQ pursuant to unlisted trading privileges.
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.\6\ 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. 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.
---------------------------------------------------------------------------
\6\ Section 6(b)(4) states that the rules of a national
securities exchange must 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 registration fee.\7\ In
addition, specialists and other floor members of the Exchange are
subject to technology and membership fees.\8\ Certain market
participants, such as customers, non-member broker-dealers and 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 in order to handle the volume of orders
(especially in QQQQ) that are sent to the specialist 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.
---------------------------------------------------------------------------
\7\ The floor clerk, floor facility, post, and registration fees
on an annual basis are $900, $2,400, $1,000, and $800, respectively.
\8\ 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 required by Exchange rules as
well as the Act that do not exist for other market participants. For
example, a specialist pursuant to Amex Rule 170 is required to maintain
a fair and orderly market in his or her assigned securities. 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 September 1,
2005 through October 31, 2005.
2. Statutory Basis
Amex believes that the proposed rule change is consistent with
Section 6(b) of the Act \9\ in general and furthers the objectives of
Section 6(b)(4) of the Act \10\ 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 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 has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \11\ and subparagraph (f)(2) of Rule 19b-4
thereunder \12\ 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 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 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-2005-088 on the subject line.
[[Page 55641]]
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-2005-088. 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-2005-088 and should be submitted on or before October 13, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05-18939 Filed 9-21-05; 8:45 am]
BILLING CODE 8010-01-P