Self-Regulatory Organizations; Pacific Exchange, Inc.; Order Approving Proposed Rule Change and Amendment No. 1 Thereto Relating to Proposed New Listing Fees, 57348 [E5-5327]
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57348
Federal Register / Vol. 70, No. 189 / Friday, September 30, 2005 / Notices
Amendment No. 2, and Amendment No.
4 is a non-substantive amendment to
IM–11890–2. The Commission therefore
believes that it is appropriate to
accelerate approval of Amendment Nos.
2, 3, and 4 so that the proposed rule
change, as amended, may be
implemented in full without delay.
V. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether Amendment Nos. 2,
3, and 4 to the proposed rule change, as
amended, are consistent with the Act.
Comments may be submitted by any of
the following methods:
should be submitted on or before
October 21, 2005.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,16 that the
proposed rule change (SR–NASD–2005–
089), as amended, be, and it hereby is,
approved, and Amendment Nos. 2, 3,
and 4 are hereby approved on an
accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5334 Filed 9–29–05; 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–NASD–2005–089 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–9303.
All submissions should refer to File
Number SR–NASD–2005–089. 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 the Nasdaq. 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–NASD–2005–089 and
VerDate Aug<31>2005
16:14 Sep 29, 2005
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52502; File No. SR–PCX–
2005–19]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Order Approving
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Proposed New Listing Fees
September 23, 2005.
I. Introduction
On February 28, 2005, the Pacific
Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’),
through its wholly-owned subsidiary
PCX Equities, Inc., filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 to
increase certain portions of its listing
fees and to make a number of related
modifications. On June 15, 2005, PCX
amended the proposed rule change. The
proposed rule change, as modified by
Amendment No. 1, was published for
comment in the Federal Register on
August 16, 2005.3 The Commission
received no comments on the proposal.
This order approves the proposed rule
change.
II. Description of the Proposal
PCX is proposing to amend its
Schedule of Fees and Charges, as
follows: (1) Implement new initial
listing fees specifically for common
stock issued in initial public offerings
and listed exclusively by PCX for
trading on the Archipelago Exchange
(‘‘ArcaEx’’), a facility of PCX, and make
related modifications to the initial
listing fees; (2) exempt from initial
listing fees already-public issues which
are listed and/or quoted on other
marketplaces, whether or not dually
listed; (3) exempt from annual
maintenance fees transfer listings for the
first 12 calendar months after listing,
whether or not dually listed; (4) revise
the annual maintenance fees; and (5)
revise the additional shares listing fees.
III. Discussion
After careful consideration, the
Commission finds that the proposed
rule change, as amended, is consistent
with the requirements of Section 6(b) of
the Act 4 and the rules and regulations
thereunder applicable to a national
securities exchange.5 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(4) of the Act,6 which requires,
among other things, that an exchange’s
rules provide for the equitable
allocation of reasonable dues, fees, and
other charges among issuers and other
persons using its facilities. The
Commission notes that the Exchange
does not believe that the proposed
listing fee changes, including the
proposed exemptions from certain
listing fees, would negatively impact the
Exchange’s regulatory program. Further,
the Commission notes that PCX has
committed extensive resources to its
listings program since the ArcaEx began
operating as a facility of PCX. Finally,
the Commission believes that the
proposal might also serve to enhance
competition among listing markets.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,7 that the
proposed rule change (SR–PCX–2005–
19), as amended, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5327 Filed 9–29–05; 8:45 am]
BILLING CODE 8010–01–P
4 15
U.S.C. 78f(b).
approving the proposed rule change, the
Commission has considered its impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(4).
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30–3(a)(12).
5 In
16 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 52225
(August 8, 2005), 70 FR 48224.
17 17
PO 00000
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[Federal Register Volume 70, Number 189 (Friday, September 30, 2005)]
[Notices]
[Page 57348]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5327]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52502; File No. SR-PCX-2005-19]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Order
Approving Proposed Rule Change and Amendment No. 1 Thereto Relating to
Proposed New Listing Fees
September 23, 2005.
I. Introduction
On February 28, 2005, the Pacific Exchange, Inc. (``PCX'' or
``Exchange''), through its wholly-owned subsidiary PCX Equities, Inc.,
filed with the Securities and Exchange Commission (``Commission'') a
proposed rule change pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ to
increase certain portions of its listing fees and to make a number of
related modifications. On June 15, 2005, PCX amended the proposed rule
change. The proposed rule change, as modified by Amendment No. 1, was
published for comment in the Federal Register on August 16, 2005.\3\
The Commission received no comments on the proposal. This order
approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 52225 (August 8,
2005), 70 FR 48224.
---------------------------------------------------------------------------
II. Description of the Proposal
PCX is proposing to amend its Schedule of Fees and Charges, as
follows: (1) Implement new initial listing fees specifically for common
stock issued in initial public offerings and listed exclusively by PCX
for trading on the Archipelago Exchange (``ArcaEx''), a facility of
PCX, and make related modifications to the initial listing fees; (2)
exempt from initial listing fees already-public issues which are listed
and/or quoted on other marketplaces, whether or not dually listed; (3)
exempt from annual maintenance fees transfer listings for the first 12
calendar months after listing, whether or not dually listed; (4) revise
the annual maintenance fees; and (5) revise the additional shares
listing fees.
III. Discussion
After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of Section
6(b) of the Act \4\ and the rules and regulations thereunder applicable
to a national securities exchange.\5\ In particular, the Commission
finds that the proposed rule change is consistent with Section 6(b)(4)
of the Act,\6\ which requires, among other things, that an exchange's
rules provide for the equitable allocation of reasonable dues, fees,
and other charges among issuers and other persons using its facilities.
The Commission notes that the Exchange does not believe that the
proposed listing fee changes, including the proposed exemptions from
certain listing fees, would negatively impact the Exchange's regulatory
program. Further, the Commission notes that PCX has committed extensive
resources to its listings program since the ArcaEx began operating as a
facility of PCX. Finally, the Commission believes that the proposal
might also serve to enhance competition among listing markets.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ In approving the proposed rule change, the Commission has
considered its impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f(b)(4).
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IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\7\ that the proposed rule change (SR-PCX-2005-19), as amended, be,
and it hereby is, approved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-5327 Filed 9-29-05; 8:45 am]
BILLING CODE 8010-01-P
