Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2 Thereto To Amend the Annual Fee for Certain Listed Bonds and Debentures, 26574-26575 [E6-6777]
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26574
Federal Register / Vol. 71, No. 87 / Friday, May 5, 2006 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.6
Nancy M. Morris,
Secretary.
[FR Doc. E6–6780 Filed 5–4–06; 8:45 am]
I. Method of Determination and
Imposition, and Amount of, Fees and
Charges
Not applicable.
J. Method of Frequency of Processor
Evaluation
Not applicable.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
II. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed Plan
amendment is consistent with the Act.
Comments may be submitted by any of
the following methods:
Sunshine Act; Notice of Meeting
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. 4–208 on the subject line.
cchase on PROD1PC60 with NOTICES
K. Dispute Resolution
Not applicable.
DATE AND TIME OF PREVIOUSLY ANNOUNCED
MEETING: Thursday, May 4, 2006 at 2
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
No. 4–208. 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 Plan
amendment that are filed with the
Commission, and all written
communications relating to the
proposed Plan amendment 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 ITS. 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 No. 4–
208 and should be submitted on or
before May 26, 2006.
VerDate Aug<31>2005
18:48 May 04, 2006
Jkt 208001
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: [71 FR 25620, May 1,
2006].
Closed Meeting.
100 F Street, NE., Washington,
STATUS:
PLACE:
DC.
p.m.
Additional Item.
The following item has been added to
the 2 p.m. Closed Meeting scheduled for
Thursday, May 4, 2006: a collection
matter.
Commissioner Campos, as duty
officer, determined that no earlier notice
thereof was possible.
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.
CHANGE IN THE MEETING:
Dated: May 2, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06–4279 Filed 5–3–06; 11:12 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
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. On April 5,
2006, the Exchange filed Amendment
No. 1 to the proposed rule change.3 On
April 24, 2006, the Exchange filed
Amendment No. 2 to the proposed rule
change.4 The Commission is publishing
this notice to solicit comments on the
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Section 141 of the Amex Company
Guide to increase the annual fee for
listed bonds and debentures of
companies whose equity securities are
not listed on the Exchange (‘‘Bonds and
Debentures’’) 5 from $3,500 to $5,000.
The text of the proposed rule change,
as amended, 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.
[Release No. 34–53735; File No. SR–Amex–
2006–20]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto To
Amend the Annual Fee for Certain
Listed Bonds and Debentures
1. Purpose
Amex proposes to increase the annual
fee for listed Bonds and Debentures
from $3,500 to $5,000. Currently,
April 27, 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 22,
2006, the American Stock Exchange LLC
(‘‘Amex’’ or ‘‘Exchange’’) filed with the
6 17
CFR 200.30–3(a)(27).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
3 In Amendment No. 1, the Exchange explained
that its listed bonds and debentures are primarily
structured products. Amendment No. 1 replaced
and superseded the original filing in its entirety.
4 In Amendment No. 2, the Exchange clarified
that the proposed increase in the annual fee for
bond issues would take effect in January 2007.
Amendment No. 2 replaced and superseded
Amendment No. 1 to the original filing in its
entirety.
5 The Exchange notes that the fees to which this
proposal relates are applicable primarily to
structured products listed on the Exchange as well
as straight corporate debt.
E:\FR\FM\05MYN1.SGM
05MYN1
Federal Register / Vol. 71, No. 87 / Friday, May 5, 2006 / Notices
Section 141 of the Amex Company
Guide provides that an annual fee of
$3,500 is payable in January of each
year for Bonds and Debentures. The
Exchange notes that its Bonds and
Debentures are primarily structured
products (e.g., notes with returns tied to
the performance of an underlying index,
basket of commodities, etc.). The
increased annual fees will be applicable
to Bonds and Debentures currently
listed as well as new listings. The
increased fees will be assessed
commencing January 2007. Beginning
January 2007, the increased fees will be
payable by all issuers of Bonds and
Debentures.
The Exchange asserts that the
proposed fee increase will allow Amex
to better recoup its costs in connection
with the delivery of services relating to
the trading of Bonds and Debentures.
The Exchange believes that the
proposed increase in annual fees will
provide approximately $250,000 of
additional revenue to Amex for the 2007
calendar year.
The Exchange notes that the
analogous New York Stock Exchange
LLC (‘‘NYSE’’) and NYSE Arca, L.L.C.
(‘‘NYSE Arca Marketplace’’) fees
applicable to structured products and
The Nasdaq Stock Market, Inc. fees
applicable to other securities are $5,000,
$5,000 and $15,000, respectively.6
Accordingly, Amex believes that the
proposed fee increase will have a
minimal impact on volume but will
provide additional revenue needed for
the Exchange to effectively compete.
The Exchange notes that in recent
years it has revised a number of fees to
better align its fees with the actual cost
of delivering services.7 Amex believes
that the increased fees will help to
allocate to those market participants
trading in Bonds and Debentures a fair
share of the related costs of offering
such products.
2. Statutory Basis
The Exchange believes that the
proposal is equitable as required by
Section 6(b)(4) of the Act.8 The
Exchange notes that charging an
cchase on PROD1PC60 with NOTICES
6 See
18:48 May 04, 2006
Jkt 208001
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change will 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
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 Exchange consents,
the Commission will:
(A) By order approve such proposed
rule change, as amended, or
(B) Institute proceedings to determine
whether the proposed rule change, as
amended, should be disapproved.
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
NYSE Listed Company Manual Section
902.05 (Fees for Listing Structured Products); NYSE
Arca Marketplace Annual Listing Maintenance Fee
for Structured Products; NASD Rule 4530(b) (Other
Securities, Annual Fee).
7 See 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).
8 15 U.S.C. 78f(b)(4). 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.’’
VerDate Aug<31>2005
increased annual fee commencing
January 2007 to issuers of Bonds and
Debentures 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 products.
• 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–2006–20 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–2006–20. This file
PO 00000
Frm 00127
Fmt 4703
Sfmt 4703
26575
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 Exchange. 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–2006–20 and should
be submitted on or before May 26, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Nancy M. Morris,
Secretary.
[FR Doc. E6–6777 Filed 5–4–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53747; File No. SR–MSRB–
2005–11]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Amendment
No. 2 to Proposed Rule Change
Relating to Definition of Solicitation
Under MSRB Rules G–37 and G–38
May 1, 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 17,
2006, the Municipal Securities
Rulemaking Board (‘‘MSRB’’ or
‘‘Board’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) Amendment No. 2 to
the proposed rule change as described
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\05MYN1.SGM
05MYN1
Agencies
[Federal Register Volume 71, Number 87 (Friday, May 5, 2006)]
[Notices]
[Pages 26574-26575]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6777]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53735; File No. SR-Amex-2006-20]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2
Thereto To Amend the Annual Fee for Certain Listed Bonds and Debentures
April 27, 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 22, 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. On April
5, 2006, the Exchange filed Amendment No. 1 to the proposed rule
change.\3\ On April 24, 2006, the Exchange filed Amendment No. 2 to the
proposed rule change.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, the Exchange explained that its listed
bonds and debentures are primarily structured products. Amendment
No. 1 replaced and superseded the original filing in its entirety.
\4\ In Amendment No. 2, the Exchange clarified that the proposed
increase in the annual fee for bond issues would take effect in
January 2007. Amendment No. 2 replaced and superseded Amendment No.
1 to the original filing in its entirety.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Section 141 of the Amex Company
Guide to increase the annual fee for listed bonds and debentures of
companies whose equity securities are not listed on the Exchange
(``Bonds and Debentures'') \5\ from $3,500 to $5,000.
---------------------------------------------------------------------------
\5\ The Exchange notes that the fees to which this proposal
relates are applicable primarily to structured products listed on
the Exchange as well as straight corporate debt.
---------------------------------------------------------------------------
The text of the proposed rule change, as amended, 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
Amex proposes to increase the annual fee for listed Bonds and
Debentures from $3,500 to $5,000. Currently,
[[Page 26575]]
Section 141 of the Amex Company Guide provides that an annual fee of
$3,500 is payable in January of each year for Bonds and Debentures. The
Exchange notes that its Bonds and Debentures are primarily structured
products (e.g., notes with returns tied to the performance of an
underlying index, basket of commodities, etc.). The increased annual
fees will be applicable to Bonds and Debentures currently listed as
well as new listings. The increased fees will be assessed commencing
January 2007. Beginning January 2007, the increased fees will be
payable by all issuers of Bonds and Debentures.
The Exchange asserts that the proposed fee increase will allow Amex
to better recoup its costs in connection with the delivery of services
relating to the trading of Bonds and Debentures. The Exchange believes
that the proposed increase in annual fees will provide approximately
$250,000 of additional revenue to Amex for the 2007 calendar year.
The Exchange notes that the analogous New York Stock Exchange LLC
(``NYSE'') and NYSE Arca, L.L.C. (``NYSE Arca Marketplace'') fees
applicable to structured products and The Nasdaq Stock Market, Inc.
fees applicable to other securities are $5,000, $5,000 and $15,000,
respectively.\6\ Accordingly, Amex believes that the proposed fee
increase will have a minimal impact on volume but will provide
additional revenue needed for the Exchange to effectively compete.
---------------------------------------------------------------------------
\6\ See NYSE Listed Company Manual Section 902.05 (Fees for
Listing Structured Products); NYSE Arca Marketplace Annual Listing
Maintenance Fee for Structured Products; NASD Rule 4530(b) (Other
Securities, Annual Fee).
---------------------------------------------------------------------------
The Exchange notes that in recent years it has revised a number of
fees to better align its fees with the actual cost of delivering
services.\7\ Amex believes that the increased fees will help to
allocate to those market participants trading in Bonds and Debentures a
fair share of the related costs of offering such products.
---------------------------------------------------------------------------
\7\ See 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).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposal is equitable as required by
Section 6(b)(4) of the Act.\8\ The Exchange notes that charging an
increased annual fee commencing January 2007 to issuers of Bonds and
Debentures 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
products.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b)(4). 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.''
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will 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
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 Exchange consents, the Commission will:
(A) By order approve such proposed rule change, as amended, or
(B) Institute proceedings to determine whether the proposed rule
change, as amended, should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, is consistent with the Act. Comments may be
submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Amex-2006-20 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-2006-20. 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 Exchange. 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-2006-20 and should be submitted on or before May
26, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-6777 Filed 5-4-06; 8:45 am]
BILLING CODE 8010-01-P