Self-Regulatory Organizations; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Fee Changes, 74859-74861 [E5-7418]
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Federal Register / Vol. 70, No. 241 / Friday, December 16, 2005 / Notices
Surveillance
The Exchange represents that its
surveillance procedures are adequate to
monitor Exchange trading of the Shares
and to detect violations of applicable
rules and regulations. Exchange
surveillance procedures applicable to
trading in the proposed Shares will be
similar to those applicable to TIRs,
Portfolio Depository Receipts and Index
Fund Shares currently trading on the
Exchange. The Exchange currently has
in place an Information Sharing
Agreement with the NYMEX and the
CBOT for the purpose of providing
information in connection with trading
in or related to futures contracts traded
on the NYMEX and CBOT, respectively.
The Exchange also notes that the CBOT
is a member of the Intermarket
Surveillance Group (‘‘ISG’’). As a result,
the Exchange asserts that market
surveillance information is available
from the CBOT, if necessary, due to
regulatory concerns that may arise in
connection with the CBOT futures. In
addition, the Exchange has negotiated a
Memorandum of Understanding with
the LME for the purpose of providing
information in connection with the
trading in or related to futures contracts
traded on the LME.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6 of the Act 33 in general and
furthers the objectives of section
6(b)(5) 34 in particular in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
34 15
U.S.C. 78f.
U.S.C. 78f(b)(5).
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19:37 Dec 15, 2005
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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–2005–059 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–2005–059. 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 the filing also will be
available for inspection and copying at
the principal office of the 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–2005–059 and
should be submitted on or before
January 3, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.36
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7419 Filed 12–15–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52934; File No. SR–ISE–
2005–53]
Self-Regulatory Organizations;
International Securities Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto
Relating to Fee Changes
December 9, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
22, 2005, the International Securities
Exchange, Inc. (‘‘ISE’’ 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 ISE.3 On
November 29, 2005, ISE filed
Amendment No. 1 to the proposed rule
change.4 The ISE has designated this
36 17
CFR 200.30–30(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The Commission notes that the proposed rule
filing submitted by ISE on November 22, 2005
contained a typo in the file number included in
Exhibit 1. This notice reflects the correct file
number.
4 Amendment No. 1 made a technical change to
the text of Exhibit 5 (ISE’s Schedule of Fees). The
1 15
The Exchange did not receive any
written comments on the proposed rule
change.
33 15
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Amex consents, the
Commission will:
(A) By order approve such proposed
rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
The Commission is considering
granting accelerated approval of the
proposed rule change at the end of a 15day comment period.35
74859
35 The Amex has requested accelerated approval
of this proposed rule change prior to the 30th day
after the date of publication of the notice of the
filing thereof, following the conclusion of a 15-day
comment period. Telephone conversation between
Jeffrey Burns, Associate General Counsel, Amex,
and Florence Harmon, Senior Special Counsel,
Division of Market Regulation, Commission, on
November 22, 2005.
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16DEN1
74860
Federal Register / Vol. 70, No. 241 / Friday, December 16, 2005 / Notices
proposal as one establishing or changing
a due, fee, or other charge imposed by
the ISE under Section 19(b)(3)(A)(ii) of
the Act,5 and Rule 19b–4(f)(2)
thereunder,6 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.
options on the QQQQ when a member
transacts a certain number of QQQQ
option contracts, and (ii) reduces and
waives the facilitation execution and
comparison fees when a member
transacts a certain number of contracts
through the Exchange’s Facilitation
Mechanism (when firms provide
liquidity for the customers’ block-sized
orders).7
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE is proposing to amend its
Schedule of Fees to extend, for one year,
until November 30, 2006, a pilot
program that (i) caps and waives
execution and comparison fees for
transactions in options on the Nasdaq
100 Tracking Stock (‘‘QQQQ’’) when a
member transacts a certain number of
QQQQ option contracts, and (ii) reduces
and waives the facilitation execution
and comparison fees when a member
transacts a certain number of contracts
through the Exchange’s Facilitation
Mechanism. The text of the proposed
rule change, as amended, is available on
the ISE’s Web site (https://
www.iseoptions.com/legal/
proposed_rule_changes.asp), at the
principal office of the ISE, and at the
Commission’s Public Reference Room.
Discount on QQQQ Execution and
Comparison Fees
Under the QQQQ pilot program, when
a member’s monthly average daily
volume (‘‘A.D.V.’’) in QQQQ options
reaches 8,000 contracts, the member’s
execution fee for the next 2,000 QQQQ
option contracts is reduced by $.10 per
contract.8 Further, when a member’s
monthly A.D.V. in QQQQ options
reaches 10,000 contracts, the Exchange
waives the entire execution fee and the
comparison fee for each QQQQ option
contract traded thereafter. The Exchange
instituted this pilot program in
November 2003 for a six month period,
expiring in May 2004.9 The Exchange
extended the pilot program in May 2004
for an additional six month period,
expiring in November 2004.10 In
November 2004, the Exchange extended
the pilot program, this time for a one
year period, which is set to expire on
November 30, 2005.11 The Exchange
now proposes to further extend the pilot
program for a one-year period, expiring
on November 30, 2006. The Exchange
seeks to extend this pilot program for
competitive reasons. This pilot program
was initiated and extended in an
attempt to increase the Exchange’s
market share in the QQQQ option
product.
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
ISE 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 ISE 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 purpose of this proposed rule
change is to amend the ISE Schedule of
Fees to extend, for one year, until
November 30, 2006, a pilot program that
(i) caps and waives execution and
comparison fees for transactions in
correction to Exhibit 5 does not affect the fees for
transactions in options on the QQQQ but only
corrects the order of the excerpted items appearing
in Exhibit 5.
5 15 U.S.C. 78s(b)(3)(A)(ii).
6 17 CFR 240.19b–4(f)(2).
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Discount on Facilitation Mechanism
Fees
Under the Facilitation Mechanism
pilot program, the structure of the
reduction and waiver of the facilitation
execution fee and the comparison fee is
7 Telephone conversation between Samir Patel,
Assistant General Counsel, ISE, Richard Holley III,
Special Counsel, and Jan Woo, Attorney, Division
of Market Regulation, Commission, on November
29, 2005.
8 Telephone conversation between Samir Patel,
Assistant General Counsel, ISE, Richard Holley III,
Special Counsel, and Jan Woo, Attorney, Division
of Market Regulation, Commission, on November
29, 2005 (clarifying that the A.D.V. threshold is
calculated on a monthly basis).
9 See Securities and Exchange Commission
Release No. 49147 (January 29, 2004), 69 FR 5629
(February 5, 2004) (SR–ISE–2003–32).
10 See Securities and Exchange Commission
Release No. 49853 (June 14, 2004), 69 FR 35087
(June 23, 2004) (SR–ISE–2004–15).
11 See Securities and Exchange Commission
Release No. 50900 (December 21, 2004), 69 FR
78075 (December 29, 2004) (SR–ISE–2004–36).
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
based on the structure of the reduction
and waiver of the QQQQ execution fee
and comparison fee noted above. That
is, when a member’s monthly A.D.V. in
the Facilitation Mechanism reaches
8,000 contracts, the member’s
facilitation execution fee for the next
2,000 contracts transacted in the
Facilitation Mechanism would be
reduced by $.10 per contract. Further,
when a member’s monthly A.D.V. in the
Facilitation Mechanism reaches 10,000
contracts, the Exchange would waive
the entire facilitation execution fee and
the comparison fee for each contract
transacted in the Facilitation
Mechanism thereafter. As with the
QQQQ incentives, the Exchange is
proposing to extend this pilot program
for a one-year period to encourage
members to use the Facilitation
Mechanism.
2. Statutory Basis
The Exchange believes that the
proposed rule change, as amended, is
consistent with Section 6(b)(4) of the
Act,12 which requires that an exchange
have an equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities. In particular, the fee
changes proposed hereby will enable
the Exchange to continue offering
competitively priced products and
services.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change, as amended, 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
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
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)
of the Act 13 and Rule 19b–4(f)(2) 14
thereunder because it changes a fee
imposed by the Exchange. At any time
within 60 days of the filing of such
12 15
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A).
14 17 CFR 19b–4(f)(2).
13 15
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Federal Register / Vol. 70, No. 241 / Friday, December 16, 2005 / Notices
amended 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.15
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–ISE–2005–53 and should be
submitted on or before January 6, 2006.
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:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.16
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7418 Filed 12–15–05; 8:45 am]
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
No. SR–ISE–2005–53 on the subject
line.
SOCIAL SECURITY ADMINISTRATION
BILLING CODE 8010–01–P
Agency Information Collection
Activities: Proposed Request
The Social Security Administration
(SSA) publishes a list of information
collection packages that will require
clearance by the Office of Management
Paper Comments
and Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
• Send paper comments in triplicate
Reduction Act of 1995, effective October
to Jonathan G. Katz, Secretary,
1, 1995. The information collection
Securities and Exchange Commission,
packages that may be included in this
Station Place, 100 F Street, NE.,
notice are for new information
Washington, DC 20549–9303.
collections, approval of existing
All submissions should refer to File
information collections, revisions to
Number SR–ISE–2005–53. This file
OMB-approved information collections,
number should be included on the
subject line if e-mail is used. To help the and extensions (no change) of OMBapproved information collections.
Commission process and review your
SSA is soliciting comments on the
comments more efficiently, please use
only one method. The Commission will accuracy of the agency’s burden
post all comments on the Commission’s estimate; the need for the information;
its practical utility; ways to enhance its
Internet Web site (https://www.sec.gov/
quality, utility, and clarity; and on ways
rules/sro.shtml). Copies of the
to minimize burden on respondents,
submission, all subsequent
including the use of automated
amendments, all written statements
collection techniques or other forms of
with respect to the proposed rule
information technology. Written
change that are filed with the
comments and recommendations
Commission, and all written
regarding the information collection(s)
communications relating to the
should be submitted to the OMB Desk
proposed rule change between the
Commission and any person, other than Officer and the SSA Reports Clearance
Officer. The information can be mailed
those that may be withheld from the
and/or faxed to the individuals at the
public in accordance with the
addresses and fax numbers listed below:
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
(OMB), Office of Management and
the Commission’s Public Reference
Budget, Attn: Desk Officer for SSA.
Room. Copies of such filing also will be
Fax: 202–395–6974.
available for inspection and copying at
(SSA), Social Security Administration,
the principal office of the ISE. All
DCFAM, Attn: Reports Clearance
comments received will be posted
Officer, 1333 Annex Building, 6401
Security Blvd., Baltimore, MD 21235.
15 The effective date of the original proposed rule
Fax: 410–965–6400.
is November 22, 2005. The effective date of
The information collections listed
Amendment No. 1 is November 29, 2005. For
below are pending at SSA and will be
purposes of calculating the 60-day period within
which the Commission may summarily abrogate the submitted to OMB within 60 days from
proposed rule change under Section 19(b)(3)(C) of
the date of this notice. Therefore, your
the Act, the Commission considers the period to
comments should be submitted to SSA
commence on November 29, 2005, the date on
which the ISE submitted Amendment No. 1. See 15
U.S.C. 78s(b)(3)(C).
VerDate Aug<31>2005
19:37 Dec 15, 2005
Jkt 208001
16 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00103
Fmt 4703
Sfmt 4703
74861
within 60 days from the date of this
publication. You can obtain copies of
the collection instruments by calling the
SSA Reports Clearance Officer at 410–
965–0454 or by writing to the address
listed above.
Certification of Low Birth Weight for
SSI Eligibility—20 CFR 416.931,
416.926a (m) (7) & (8) and 416.924—
0960–NEW
Form SSA–3830 is designed to assist
hospitals and claimants who file on
behalf of low birth weight infants in
providing local field offices (FOs) and
Disability Determination Services
(DDSs) with medical information for
determining disability of low birth
weight infants. FOs use the forms as
protective filing statements, and the
medical information for making
presumptive disability findings, which
allow expedited payment to eligible
claimants. DDSs use the medical
information to formally determine
disability and to establish the most
appropriate continuing disability review
diaries. The respondents are hospitals
that have information identifying low
birth weight babies and medical
conditions those babies may have. We
estimate it will take 10 to 15 minutes to
complete the form. Below, we use the
higher number for our public burden
computation.
Type of Request: New information
collection.
Number of Respondents: 24,000.
Frequency of Response: 1
Average Burden Per Response: 15
minutes.
Estimated Annual Burden: 6,000
hours.
Dated: December 8, 2005.
Elizabeth A. Davidson,
Reports Clearance Officer, Social Security
Administration.
[FR Doc. 05–24096 Filed 12–15–05; 8:45 am]
BILLING CODE 4191–02–P
DEPARTMENT OF STATE
[Public Notice 5247]
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Samuel Palmer (1805–1881): Vision
and Landscape’’
Summary: Notice is hereby given of
the following determinations: Pursuant
to the authority vested in me by the Act
of October 19, 1965 (79 Stat. 985; 22
U.S.C. 2459), Executive Order 12047 of
March 27, 1978, the Foreign Affairs
Reform and Restructuring Act of 1998
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
note, et seq.), Delegation of Authority
E:\FR\FM\16DEN1.SGM
16DEN1
]]>Agencies
[Federal Register Volume 70, Number 241 (Friday, December 16, 2005)]
[Notices]
[Pages 74859-74861]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7418]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52934; File No. SR-ISE-2005-53]
Self-Regulatory Organizations; International Securities Exchange,
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto Relating to Fee Changes
December 9, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 22, 2005, the International Securities Exchange, Inc.
(``ISE'' 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
ISE.\3\ On November 29, 2005, ISE filed Amendment No. 1 to the proposed
rule change.\4\ The ISE has designated this
[[Page 74860]]
proposal as one establishing or changing a due, fee, or other charge
imposed by the ISE under Section 19(b)(3)(A)(ii) of the Act,\5\ and
Rule 19b-4(f)(2) thereunder,\6\ 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\ The Commission notes that the proposed rule filing submitted
by ISE on November 22, 2005 contained a typo in the file number
included in Exhibit 1. This notice reflects the correct file number.
\4\ Amendment No. 1 made a technical change to the text of
Exhibit 5 (ISE's Schedule of Fees). The correction to Exhibit 5 does
not affect the fees for transactions in options on the QQQQ but only
corrects the order of the excerpted items appearing in Exhibit 5.
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE is proposing to amend its Schedule of Fees to extend, for
one year, until November 30, 2006, a pilot program that (i) caps and
waives execution and comparison fees for transactions in options on the
Nasdaq 100 Tracking Stock (``QQQQ'') when a member transacts a certain
number of QQQQ option contracts, and (ii) reduces and waives the
facilitation execution and comparison fees when a member transacts a
certain number of contracts through the Exchange's Facilitation
Mechanism. The text of the proposed rule change, as amended, is
available on the ISE's Web site (https://www.iseoptions.com/legal/proposed_rule_changes.asp), at the principal office of the ISE, and
at 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 ISE 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 ISE 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 purpose of this proposed rule change is to amend the ISE
Schedule of Fees to extend, for one year, until November 30, 2006, a
pilot program that (i) caps and waives execution and comparison fees
for transactions in options on the QQQQ when a member transacts a
certain number of QQQQ option contracts, and (ii) reduces and waives
the facilitation execution and comparison fees when a member transacts
a certain number of contracts through the Exchange's Facilitation
Mechanism (when firms provide liquidity for the customers' block-sized
orders).\7\
---------------------------------------------------------------------------
\7\ Telephone conversation between Samir Patel, Assistant
General Counsel, ISE, Richard Holley III, Special Counsel, and Jan
Woo, Attorney, Division of Market Regulation, Commission, on
November 29, 2005.
---------------------------------------------------------------------------
Discount on QQQQ Execution and Comparison Fees
Under the QQQQ pilot program, when a member's monthly average daily
volume (``A.D.V.'') in QQQQ options reaches 8,000 contracts, the
member's execution fee for the next 2,000 QQQQ option contracts is
reduced by $.10 per contract.\8\ Further, when a member's monthly
A.D.V. in QQQQ options reaches 10,000 contracts, the Exchange waives
the entire execution fee and the comparison fee for each QQQQ option
contract traded thereafter. The Exchange instituted this pilot program
in November 2003 for a six month period, expiring in May 2004.\9\ The
Exchange extended the pilot program in May 2004 for an additional six
month period, expiring in November 2004.\10\ In November 2004, the
Exchange extended the pilot program, this time for a one year period,
which is set to expire on November 30, 2005.\11\ The Exchange now
proposes to further extend the pilot program for a one-year period,
expiring on November 30, 2006. The Exchange seeks to extend this pilot
program for competitive reasons. This pilot program was initiated and
extended in an attempt to increase the Exchange's market share in the
QQQQ option product.
---------------------------------------------------------------------------
\8\ Telephone conversation between Samir Patel, Assistant
General Counsel, ISE, Richard Holley III, Special Counsel, and Jan
Woo, Attorney, Division of Market Regulation, Commission, on
November 29, 2005 (clarifying that the A.D.V. threshold is
calculated on a monthly basis).
\9\ See Securities and Exchange Commission Release No. 49147
(January 29, 2004), 69 FR 5629 (February 5, 2004) (SR-ISE-2003-32).
\10\ See Securities and Exchange Commission Release No. 49853
(June 14, 2004), 69 FR 35087 (June 23, 2004) (SR-ISE-2004-15).
\11\ See Securities and Exchange Commission Release No. 50900
(December 21, 2004), 69 FR 78075 (December 29, 2004) (SR-ISE-2004-
36).
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Discount on Facilitation Mechanism Fees
Under the Facilitation Mechanism pilot program, the structure of
the reduction and waiver of the facilitation execution fee and the
comparison fee is based on the structure of the reduction and waiver of
the QQQQ execution fee and comparison fee noted above. That is, when a
member's monthly A.D.V. in the Facilitation Mechanism reaches 8,000
contracts, the member's facilitation execution fee for the next 2,000
contracts transacted in the Facilitation Mechanism would be reduced by
$.10 per contract. Further, when a member's monthly A.D.V. in the
Facilitation Mechanism reaches 10,000 contracts, the Exchange would
waive the entire facilitation execution fee and the comparison fee for
each contract transacted in the Facilitation Mechanism thereafter. As
with the QQQQ incentives, the Exchange is proposing to extend this
pilot program for a one-year period to encourage members to use the
Facilitation Mechanism.
2. Statutory Basis
The Exchange believes that the proposed rule change, as amended, is
consistent with Section 6(b)(4) of the Act,\12\ which requires that an
exchange have an equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
In particular, the fee changes proposed hereby will enable the Exchange
to continue offering competitively priced products and services.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change, as amended,
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
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
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) of the Act \13\ and Rule 19b-4(f)(2) \14\ thereunder
because it changes a fee imposed by the Exchange. At any time within 60
days of the filing of such
[[Page 74861]]
amended 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.\15\
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 19b-4(f)(2).
\15\ The effective date of the original proposed rule is
November 22, 2005. The effective date of Amendment No. 1 is November
29, 2005. For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on November 29, 2005, the date on which the ISE
submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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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 No. SR-ISE-2005-53 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-ISE-2005-53. 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 ISE. 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-ISE-2005-53 and should be submitted on or before January
6, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. E5-7418 Filed 12-15-05; 8:45 am]
BILLING CODE 8010-01-P
