Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt an Options Licensing Fee for Options on Certain Rydex Exchange-Traded Funds, 13193-13194 [E6-3572]
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Federal Register / Vol. 71, No. 49 / Tuesday, March 14, 2006 / Notices
potential impact that the issuance of
Restricted Stock under the Plans could
have on Applicant’s earnings and NAV
per share, such review to take place
prior to any decisions to grant Restricted
Stock under the Plans, but in no event
less frequently than annually. Adequate
procedures and records will be
maintained to permit such review. The
Committee will be authorized to take
appropriate steps to ensure that the
grant of Restricted Stock under the
Plans would not have an effect contrary
to the interests of Applicant’s
shareholders. This authority will
include the authority to prevent or limit
the granting of additional Restricted
Stock under the Plans. All records
maintained pursuant to this condition
will be subject to examination by the
Commission and its staff.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06–2475 Filed 3–10–06; 12:07 pm]
By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. E6–3544 Filed 3–13–06; 8:45 am]
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 March 6,
2006, 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 the Exchange. Amex has
designated this proposal as one
establishing or changing a due, fee, or
other charge imposed by a selfregulatory organization 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.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
wwhite on PROD1PC65 with NOTICES
In the Matter of Biopulse International,
Inc., n/k/a Only You, Inc., and Summit
National Consolidation Group, Inc.,
n/k/a Superwipes, Inc.; Order of
Suspension of Trading
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Biopulse
International, Inc. (n/k/a Only You, Inc.)
because it has not filed a periodic report
since the period ending April 30, 2002.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Summit
National Consolidation Group, Inc. (n/k/
a/ Superwipes, Inc.) because it has not
filed a periodic report since the period
ending December 31, 2000.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the abovelisted companies is suspended for the
period from 9:30 a.m. EST on March 10,
2006, through 11:59 p.m. EST on
March 23, 2006.
VerDate Aug<31>2005
19:18 Mar 13, 2006
Jkt 208001
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53451; File No. SR–Amex–
2006–23]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Adopt an
Options Licensing Fee for Options on
Certain Rydex Exchange-Traded Funds
March 8, 2006.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Amex proposes to modify its Options
Fee Schedule by adopting a per-contract
license fee for the orders of specialists,
registered options traders, firms, nonmember market makers, and brokerdealers (collectively, ‘‘Market
Participants’’) in connection with
options transactions in six (6) new
Rydex exchange-traded funds (‘‘ETFs’’).
The text of the proposed rule change
is available on the Exchange’s Internet
Web site (https://www.amex.com), at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
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).
13193
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 purpose of the proposal is to
adopt a per-contract options licensing
fee in connection with options on the
following six (6) ETFs: (1) Rydex S&P
500 Pure Growth ETF (symbol: RPG); (2)
Rydex S&P Pure Value ETF (symbol:
RPV); (3) Rydex S&P MidCap 400 Pure
Growth ETF (symbol: RFG); (4) Rydex
S&P MidCap 400 Pure Value ETF
(symbol: RFV); (5) Rydex S&P Small Cap
600 Pure Growth ETF (symbol: RZG);
and (6) Rydex S&P Small Cap 600 Pure
Value ETF (symbol: RZV) (collectively,
‘‘Rydex ETFs’’). Amex represents that it
plans to assess the proposed options
licensing fee on members commencing
March 7, 2006.
The Exchange has entered into
numerous agreements with various
index providers for the purpose of
trading options on certain ETFs. As a
result, the Exchange is required to pay
index license fees to third parties as a
condition to the listing and trading of
these ETF options. In many cases, the
Exchange is required to pay a significant
licensing fee to the index provider that
may not be reimbursed. In an effort to
recoup the costs associated with certain
index licenses, the Exchange has
recently established per-contract
licensing fees for orders of Market
Participants that are collected on each
option transaction in certain designated
products in which such Market
Participant is a party.5
The purpose of the proposal,
therefore, is to charge an options
licensing fee in connection with options
on the Rydex ETFs. Specifically, Amex
seeks to charge an options licensing fee
of $0.09 per contract side for each
1 15
2 17
PO 00000
Frm 00128
Fmt 4703
Sfmt 4703
5 See Securities Exchange Act Release No. 52493
(September 22, 2005), 70 FR 56941 (September 29,
2005).
E:\FR\FM\14MRN1.SGM
14MRN1
13194
Federal Register / Vol. 71, No. 49 / Tuesday, March 14, 2006 / Notices
Rydex ETF option for Market
Participant orders executed on the
Exchange. In all cases, the fee would be
charged only to the Exchange member
through whom such order is placed.
Amex represents that the proposed
options licensing fees would allow the
Exchange to recoup its costs in
connection with the index license fees
for the trading of the Rydex ETF
options. The fees would be collected on
every Market Participant order executed
on the Exchange. The Exchange believes
that requiring the payment of a percontract licensing fee in connection
with the Rydex ETF options by those
Market Participants that benefit from the
index license agreements is justified and
consistent with the rules of the
Exchange.
The Exchange notes that, in recent
years, it has revised a number of its fees
to better align Amex fees with the actual
cost of delivering services and reduce
Amex’s subsidization of such services.6
The Exchange represents that the
implementation of this proposal is
consistent with the reduction and/or
elimination of these subsidies. Amex
believes that these fees will help to
allocate to those Market Participants
engaging in transactions in Rydex ETF
options a fair share of the related costs
of offering such options for trading.
The Exchange asserts that the
proposal provides for an equitable
allocation of fees as required by Section
6(b)(4) of the Act.7 In connection with
the adoption of options licensing fees
for the Rydex ETF options, the
Exchange notes that charging the
options licensing fees, where applicable,
to all Market Participant orders, except
for customer orders, is reasonable given
the competitive pressures in the
industry. Accordingly, the Exchange
seeks, through this proposal, to better
align its transaction charges with the
cost of providing trading products.
2. Statutory Basis
wwhite on PROD1PC65 with NOTICES
The Exchange believes that the
proposed rule change is consistent with
Section 6(b)(4) of the Act 8 in that it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
6 See, e.g., Securities Exchange Act Release No.
45360 (January 29, 2002), 67 FR 5626 (February 6,
2002); Securities Exchange Act Release No. 44286
(May 9, 2001), 66 FR 27187 (May 16, 2001).
7 Section 6(b)(4) of the Act 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.’’ 15 U.S.C.
78f(b)(4).
8 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
19:18 Mar 13, 2006
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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 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 proposed rule change
has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act 9 and
Rule 19b–4(f)(2) 10 thereunder 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
No. SR–Amex–2006–23 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–Amex–2006–23. 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 Commissions
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 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–2006–23 and should
be submitted on or before April 4, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E6–3572 Filed 3–13–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53436; File No. SR–BSE–
2006–08]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto to Authorize
Entry into Regulatory Services
Agreements
March 7, 2006.
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 February
15, 2006, the Boston Stock Exchange,
Inc. (‘‘Exchange’’ or ‘‘BSE’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. On
March 2, 2006, the Exchange filed
Amendment No. 1 to the proposed rule
11 17
9 15
U.S.C. 78s(b)(3)(A)(ii).
10 17 CFR 19b–4(f)(2).
PO 00000
Frm 00129
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\14MRN1.SGM
14MRN1
]]>Agencies
[Federal Register Volume 71, Number 49 (Tuesday, March 14, 2006)]
[Notices]
[Pages 13193-13194]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3572]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53451; File No. SR-Amex-2006-23]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Adopt an Options Licensing Fee for Options on Certain Rydex Exchange-
Traded Funds
March 8, 2006.
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 March 6, 2006, 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 the Exchange. Amex has
designated this proposal as one establishing or changing a due, fee, or
other charge imposed by a self-regulatory organization 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
Amex proposes to modify its Options Fee Schedule by adopting a per-
contract license fee for the orders of specialists, registered options
traders, firms, non-member market makers, and broker-dealers
(collectively, ``Market Participants'') in connection with options
transactions in six (6) new Rydex exchange-traded funds (``ETFs'').
The text of the proposed rule change is available on the Exchange's
Internet Web site (https://www.amex.com), at the Exchange's principal
office, 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 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 purpose of the proposal is to adopt a per-contract options
licensing fee in connection with options on the following six (6) ETFs:
(1) Rydex S&P 500 Pure Growth ETF (symbol: RPG); (2) Rydex S&P Pure
Value ETF (symbol: RPV); (3) Rydex S&P MidCap 400 Pure Growth ETF
(symbol: RFG); (4) Rydex S&P MidCap 400 Pure Value ETF (symbol: RFV);
(5) Rydex S&P Small Cap 600 Pure Growth ETF (symbol: RZG); and (6)
Rydex S&P Small Cap 600 Pure Value ETF (symbol: RZV) (collectively,
``Rydex ETFs''). Amex represents that it plans to assess the proposed
options licensing fee on members commencing March 7, 2006.
The Exchange has entered into numerous agreements with various
index providers for the purpose of trading options on certain ETFs. As
a result, the Exchange is required to pay index license fees to third
parties as a condition to the listing and trading of these ETF options.
In many cases, the Exchange is required to pay a significant licensing
fee to the index provider that may not be reimbursed. In an effort to
recoup the costs associated with certain index licenses, the Exchange
has recently established per-contract licensing fees for orders of
Market Participants that are collected on each option transaction in
certain designated products in which such Market Participant is a
party.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 52493 (September 22,
2005), 70 FR 56941 (September 29, 2005).
---------------------------------------------------------------------------
The purpose of the proposal, therefore, is to charge an options
licensing fee in connection with options on the Rydex ETFs.
Specifically, Amex seeks to charge an options licensing fee of $0.09
per contract side for each
[[Page 13194]]
Rydex ETF option for Market Participant orders executed on the
Exchange. In all cases, the fee would be charged only to the Exchange
member through whom such order is placed.
Amex represents that the proposed options licensing fees would
allow the Exchange to recoup its costs in connection with the index
license fees for the trading of the Rydex ETF options. The fees would
be collected on every Market Participant order executed on the
Exchange. The Exchange believes that requiring the payment of a per-
contract licensing fee in connection with the Rydex ETF options by
those Market Participants that benefit from the index license
agreements is justified and consistent with the rules of the Exchange.
The Exchange notes that, in recent years, it has revised a number
of its fees to better align Amex fees with the actual cost of
delivering services and reduce Amex's subsidization of such
services.\6\ The Exchange represents that the implementation of this
proposal is consistent with the reduction and/or elimination of these
subsidies. Amex believes that these fees will help to allocate to those
Market Participants engaging in transactions in Rydex ETF options a
fair share of the related costs of offering such options for trading.
---------------------------------------------------------------------------
\6\ See, e.g., Securities Exchange Act Release No. 45360
(January 29, 2002), 67 FR 5626 (February 6, 2002); Securities
Exchange Act Release No. 44286 (May 9, 2001), 66 FR 27187 (May 16,
2001).
---------------------------------------------------------------------------
The Exchange asserts that the proposal provides for an equitable
allocation of fees as required by Section 6(b)(4) of the Act.\7\ In
connection with the adoption of options licensing fees for the Rydex
ETF options, the Exchange notes that charging the options licensing
fees, where applicable, to all Market Participant orders, except for
customer orders, is reasonable given the competitive pressures in the
industry. Accordingly, the Exchange seeks, through this proposal, to
better align its transaction charges with the cost of providing trading
products.
---------------------------------------------------------------------------
\7\ Section 6(b)(4) of the Act 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.'' 15
U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(4) of the Act \8\ in that it provides for the
equitable allocation of reasonable dues, fees, and other charges among
its members and other persons using its facilities.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 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 proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-4(f)(2) \10\
thereunder 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 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 No. SR-Amex-2006-23 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2006-23. 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 Commissions 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 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-2006-23
and should be submitted on or before April 4, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-3572 Filed 3-13-06; 8:45 am]
BILLING CODE 8010-01-P
