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 Market Vectors-Gold Miners Exchange-Traded Fund, 32379-32380 [E6-8644]
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Federal Register / Vol. 71, No. 107 / Monday, June 5, 2006 / Notices
397–4209 or (301) 415–4737, or by email to pdr@nrc.gov.
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of May, 2006.
For the Nuclear Regulatory Commission.
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Office of Nuclear Material Safety and
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[FR Doc. E6–8650 Filed 6–2–06; 8:45 am]
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In the Matter of Universal Medical
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June 1, 2006.
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BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
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cprice-sewell on PROD1PC66 with NOTICES
[Release No. 34–53880; File No. SR–Amex–
2006–51]
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
Market Vectors-Gold Miners ExchangeTraded Fund
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 on the shares of the
Market Vectors-Gold Miners exchangetraded fund (symbol: GDX).
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
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
15:33 Jun 02, 2006
Jkt 208001
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).
fee in connection with options on GDX.
Amex represents that it plans to assess
the proposed options licensing fee on
members commencing May 22, 2006.
The Exchange has entered into
numerous agreements with various
index providers for the purpose of
trading options on certain exchangetraded funds (‘‘ETFs’’) such as GDX. 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 GDX. Specifically, Amex seeks to
charge an options licensing fee of $0.05
per contract side for GDX options 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 GDX 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 GDX
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.
The Exchange believes 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 GDX options
a fair share of the related costs of
offering such options for trading.
The Exchange asserts that the
proposal provides for an equitable
1 15
May 26, 2006.
VerDate Aug<31>2005
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 19,
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.
32379
2 17
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
5 See Securities Exchange Act Release No. 52493
(September 22, 2005), 70 FR 56941 (September 29,
2005).
E:\FR\FM\05JNN1.SGM
05JNN1
32380
Federal Register / Vol. 71, No. 107 / Monday, June 5, 2006 / Notices
allocation of fees as required by Section
6(b)(4) of the Act.6 In connection with
the adoption of options licensing fees
for GDX options, the Exchange believes
that charging an options licensing fee,
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 products.
2. Statutory Basis
The Exchange believes that the
proposed fee change is consistent with
Section 6(b)(4) of the Act 7 regarding the
equitable allocation of reasonable dues,
fees, and other charges among its
members 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
The foregoing proposed rule change
has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act 8 and
Rule 19b–4(f)(2) thereunder 9 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.
cprice-sewell on PROD1PC66 with NOTICES
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
6 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).
7 15 U.S.C. 78f(b)(4).
8 15 U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 19b–4(f)(2).
VerDate Aug<31>2005
15:33 Jun 02, 2006
Jkt 208001
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:
DEPARTMENT OF TRANSPORTATION
Electronic Comments
Notice of Final Policy Statement for
Implementation of Notice and
Comment Procedures for Documents
Imposing ‘‘Binding Obligations’’
• 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–2006–51 on the subject
line.
Federal Transit Administration
[Docket Number: FTA–2005–22658]
AGENCY:
Federal Transit Administration,
DOT.
ACTION:
Final notice.
SUMMARY: This final notice establishes
the Federal Transit Administration’s
Paper Comments
(FTA) policy concerning notice and
comment for FTA documents that
• Send paper comments in triplicate
impose binding obligations. This final
to Nancy M. Morris, Secretary,
policy statement is consistent with the
Securities and Exchange Commission,
Safe, Accountable, Flexible, Efficient
Station Place, 100 F Street, NE.,
Transportation Equity Act of 2005—a
Washington, DC 20549–1090.
Legacy for Users (SAFETEA–LU)
amendments to FTA’s administrative
All submissions should refer to File
provisions statute.
Number SR–Amex–2006–51. This file
number should be included on the
DATES: Effective Date: June 5, 2006.
subject line if e-mail is used. To help the FOR FURTHER INFORMATION CONTACT:
Commission process and review your
Linda Lasley, Assistant Chief Counsel,
comments more efficiently, please use
Legislation and Regulations Division,
only one method. The Commission will Office of the Chief Counsel, Federal
post all comments on the Commission’s Transit Administration, 400 Seventh
Internet Web site (https://www.sec.gov/
Street, SW., Room 9316, Washington,
rules/sro.shtml). Copies of the
DC 20590, (202) 366–4011 or
submission, all subsequent
Linda.Lasley@dot.gov.
amendments, all written statements
SUPPLEMENTARY INFORMATION:
with respect to the proposed rule
Availability of the Final Policy
change that are filed with the
Statement and Comments
Commission, and all written
communications relating to the
A copy of this policy statement,
proposed rule change between the
comments, and material received from
Commission and any person, other than the public are part of docket FTA–2005–
those that may be withheld from the
22658 and are available for inspection
public in accordance with the
or copying at the Docket Management
provisions of 5 U.S.C. 552, will be
Facility, U.S. Department of
available for inspection and copying in
Transportation, Room PL–401 on the
the Commission’s Public Reference
plaza level of the Nassif Building, 400
Room. Copies of the filing also will be
Seventh Street, SW., Washington, DC
available for inspection and copying at
between 9 a.m. and 5 p.m., Monday
the principal office of Amex. All
through Friday, except Federal holidays.
comments received will be posted
You may retrieve the rule and
without change; the Commission does
comments online through the Document
not edit personal identifying
Management System (DMS) at: https://
information from submissions. You
dms.dot.gov. Enter docket number
should submit only information that
22658 in the search field. The DMS is
you wish to make available publicly. All available 24 hours each day, 365 days
submissions should refer to File
each year. Electronic submission and
Number SR–Amex–2006–51 and should retrieval help and guidelines are
be submitted on or before June 26, 2006. available under the help section of the
Web site.
For the Commission, by the Division of
An electronic copy of this document
Market Regulation, pursuant to delegated
may also be downloaded by using a
authority.10
computer, modem and suitable
Nancy M. Morris,
communications software from the
Secretary.
Government Printing Office’s Electronic
[FR Doc. E6–8644 Filed 6–2–06; 8:45 am]
Bulletin Board Service at (202) 512–
BILLING CODE 8010–01–P
1661. Internet users may also reach the
Office of the Federal Register’s home
10 17 CFR 200.30–3(a)(12).
page at: https://www.nara.gov/fedreg and
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
E:\FR\FM\05JNN1.SGM
05JNN1
]]>Agencies
[Federal Register Volume 71, Number 107 (Monday, June 5, 2006)]
[Notices]
[Pages 32379-32380]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-8644]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53880; File No. SR-Amex-2006-51]
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 Market Vectors-Gold
Miners Exchange-Traded Fund
May 26, 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 May 19, 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 on the shares of the Market Vectors-Gold Miners exchange-
traded fund (symbol: GDX).
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 GDX. Amex represents that
it plans to assess the proposed options licensing fee on members
commencing May 22, 2006.
The Exchange has entered into numerous agreements with various
index providers for the purpose of trading options on certain exchange-
traded funds (``ETFs'') such as GDX. 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 GDX. Specifically, Amex
seeks to charge an options licensing fee of $0.05 per contract side for
GDX options 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 GDX 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 GDX 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.
The Exchange believes 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 GDX options a fair share of
the related costs of offering such options for trading.
The Exchange asserts that the proposal provides for an equitable
[[Page 32380]]
allocation of fees as required by Section 6(b)(4) of the Act.\6\ In
connection with the adoption of options licensing fees for GDX options,
the Exchange believes that charging an options licensing fee, 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 products.
---------------------------------------------------------------------------
\6\ 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 fee change is consistent
with Section 6(b)(4) of the Act \7\ regarding the equitable allocation
of reasonable dues, fees, and other charges among its members and other
persons using its facilities.
---------------------------------------------------------------------------
\7\ 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 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
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-4(f)(2) thereunder
\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 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-2006-51 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-2006-51. 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 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-2006-51 and should be submitted on or before June 26, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-8644 Filed 6-2-06; 8:45 am]
BILLING CODE 8010-01-P
