Self-Regulatory Organization; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Waiver Extensions, 34651-34652 [06-5420]

Download as PDF Federal Register / Vol. 71, No. 115 / Thursday, June 15, 2006 / Notices (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 26, • Send paper comments in triplicate 2006, the International Securities to Nancy M. Morris, Secretary, Exchange, Inc. (‘‘ISE’’ or ‘‘Exchange’’) Securities and Exchange Commission, filed with the Securities and Exchange Station Place, 100 F Street, NE., Commission (‘‘Commission’’) the Washington, DC 20549–1090. proposed rule change as described in All submissions should refer to File Items I, II and III below, which Items Number SR–CHX–2006–04. This file have been prepared by the ISE. The ISE number should be included on the has designated this proposal as one subject line if e-mail is used. To help the establishing or changing a due, fee, or Commission process and review your other charge imposed by a selfcomments more efficiently, please use regulatory organization pursuant to only one method. The Commission will section 19(b)(3)(A)(ii) of the Act 3 and post all comments on the Commission’s Rule 19b–4(f)(2) thereunder,4 which Internet Web site (https://www.sec.gov/ renders the proposal effective upon rules/sro.shtml). Copies of the filing with the Commission. The submission, all subsequent Commission is publishing this notice to amendments, all written statements solicit comments on the proposed rule with respect tot he proposed rule change from interested persons. change that are filed with the I. Self Regulatory Organization’s Commission, and all written Statement of the Terms of Substance of communications relating to the the Proposed Rule Change proposed rule change between the Commission and any person, other than The ISE proposes to amend its those that may be withheld from the Schedule of Fees to extend two fee public in accordance with the waivers. The text of the proposed rule provisions of 5 U.S.C. 552, will be change is available at the Exchange, at available for inspection and copying in the Exchange’s Web site (https:// the Commission’s Public Reference www.iseoptions.com/legal/ Room. Copies of such filing also will be proposed_rule_changes.asp) and at the available for inspection and copying at Commission’s Public Reference Room. the principal office of the CHX. All II. Self-Regulatory Organization’s comments received will be posted Statement of the Purpose of, and without change; the Commission does Statutory Basis for, the Proposed Rule not edit personal identifying Change. information from submissions. You should submit only information that In its filing with the Commission, the you wish to make available publicly. All ISE included statements concerning the submissions should refer to File purpose of, and basis for, the proposed Number SR–CHX–2006–04 and should rule change and discussed any be submitted on or before July 6, 2006. comments it received on the proposal. For the Commission, by the Division of The text of these statements may be Market Regulation, pursuant to delegated examined at the places specified in item authority.14 IV below. The Exchange has prepared J. Lynn Taylor, summaries, set forth in Section A, B, Assistant Secretary. and C below, of the most significant [FR Doc. 06–5417 Filed 6–14–05; 8:45 am] aspects of such statements. Paper Comments BILLING CODE 8010–01–M A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change. SECURITIES AND EXCHANGE COMMISSION 1. Purpose [Release No. 34–53954; File No. SR–ISE– 2006–29] jlentini on PROD1PC65 with NOTICES Self-Regulatory Organization; International Securities Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Waiver Extensions 1 15 June 7, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 14 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 The purpose of this proposed rule change is to extend two fee waivers. First the Exchange currently waives most customer transaction fees, with such waiver scheduled to expire on June 30, 2006.5 To remain competitive in the market place, the Exchange proposes to 15:47 Jun 14, 2006 Jkt 208001 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). 5 See Exchange Act Release No. 34–51775 (June 2, 2005), 70 FR 33569 (June 8, 2005). PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 34651 extend this waiver through June 30, 2007. Second, the Exchange proposes to extend a fee waiver regarding its ‘‘CLICK terminal,’’ which is the frontend order-entry terminal we provide to members. Currently, the Exchange waives software license and maintenance fees, as well as Session/ API fees (based on member log-ins), for a member’s second and subsequent CLICK terminals. This waiver also is scheduled to expire on June 30, 2006.6 The Exchange believes that this waiver program encourages firms to install and use multiple CLICKs and the Exchange proposes to extend this waiver for an additional year. The Exchange recently rolled out a new front-end order-entry terminal, PrecISE Trade, which will eventually replace all existing CLICK terminals.7 Once all of the CLICK terminals are phased-out, the ISE will submit a proposed rule change to remove CLICK fees from its fee schedule. 2. Statutory Basis The Exchange states that the basis under the Act for this proposed rule change is the requirement under section 6(b)(4) 8 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, these fees would extend current waivers, thus effectively maintaining low fees. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange states that the proposed rule change would 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 proposed rule change has become effective pursuant to section 6 See id. Exchange Act Release No. 34–53788 (May 11, 2006), 71 FR 28728 (May 17, 2006). 8 15 U.S.C. 78f(b)(4). 7 See E:\FR\FM\15JNN1.SGM 15JNN1 34652 Federal Register / Vol. 71, No. 115 / Thursday, June 15, 2006 / Notices 19(b)(3)(A)(ii) of the Act,9 and paragraph (f)(2) of Rule 19b–4 thereunder 10 because it establishes or changes a due, fee, or other charge among its members. 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: jlentini on PROD1PC65 with NOTICES 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–ISE–2006–29 on the subject line. should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ISE–2006–29 and should be submitted on or before July 6, 2006. For the Commission, by the Division of Market Regulations, pursuant to delegated authority.11 J. Lynn Taylor, Assistant Secretary. [FR Doc. 06–5420 Filed 6–14–06; 8:45 am] BILLING CODE 8010–01–M SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53947; File No. SR–MSRB– 2006–04] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendment to Rule A–11, on Indemnification of Members and Employees June 6, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on May 25, • Send paper comments in triplicate 2006, the Municipal Securities to Nancy M. Morris, Secretary, Rulemaking Board (‘‘MSRB’’ or Securities and Exchange Commission, ‘‘Board’’), filed with the Securities and 100 F Street, NE., Washington, DC Exchange Commission (‘‘Commission’’ 20549–1090. or ‘‘SEC’’) the proposed rule change as All submissions should refer to File described in Items, I, II and III below, Number SR–ISE–2006–29. This file which Items have been prepared by the number should be included on the MSRB. The MSRB has filed the proposal subject line if e-mail is used. To help the pursuant to Section 19(b)(3)(A)(iii) of Commission process and review your the Act,3 and Rule 19b–4(f)(3) comments more efficiently, please use thereunder,4 which renders the proposal only one method. The Commission will effective upon filing with the post all comments on the Commission’s Commission. The Commission is Internet Web site (https://www.sec.gov/ publishing this notice to solicit rules/sro.shtml). Copies of the comments on the proposed rule change submission, all subsequent from interested persons. amendments, all written statements I. Self-Regulatory Organization’s with respect to the proposed rule Statement of the Terms of Substance of change that are filed with Commission, and all written communications relating the Proposed Rule Change to the proposed rule change between the The MSRB is filing with the Commission and any person, other than Commission a proposed rule change those that may be withheld from the consisting of an amendment to Rule A– public in accordance with the 11, on indemnification of members and provisions of 5 U.S.C. 552, will be employees, to delete the entire rule available for inspection and copying in language. The text of the proposed rule the Commission’s Public Reference change is available on the MSRB’s Web Room. Copies of such filing also will be site (https://www.msrb.org), at the available for inspection and copying at MSRB’s principal office, and at the the ISE. All comments received will be Commission’s Public Reference Room. posted without change; the Commission does not edit personal identifying 11 17 CFR 200.30(a)(12). 1 15 U.S.C. 78s(b)(1). information from submissions. You 2 17 CFR 240.19b–4. U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(3). 9 15 U.S.C. 78s(b)(3)(A)(ii). 10 17 CFR 240.19b–4(f)(2). VerDate Aug<31>2005 15:47 Jun 14, 2006 3 15 Jkt 208001 PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 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 MSRB 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 place specified in Item IV below. The MSRB 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 Rule A–11, on Indemnification of members and employees, states that each member and employee of the MSRB shall be indemnified and held harmless against all liabilities and related expenses incurred in connection with the performance of his or her official duties, provided that such member or employee has acted, or omitted to act, in good faith and within the scope of his or her authority. The MSRB recently approved expanding the indemnification provisions for Board members and employees. Because the language of the expanded provisions was broader than the indemnification provided under Virginia law, where the MSRB is incorporated as a nonstock corporation, the expanded provisions needed to be included in the MSRB’s Articles of Incorporation in order to be effective. The SEC recently approved a proposed rule change consisting of the MSRB’s Restated Articles of Incorporation and By-Laws, which included the expanded indemnification provisions in the Restated Articles of Incorporation.5 Thus, the proposed rule change removes the indemnification provisions from Rule A–11 (and By-Law Article 11).6 2. Statutory Basis The MSRB believes that the proposed rule change is consistent with Section 15B(b)(2)(I) of the Act,7 which 5 See Securities Exchange Act Release No. 53804 (May 15, 2006), 71 FR 29194 (May 19, 2006). 6 The MSRB stated in its filing of the Restated Articles of Incorporation and By-Laws that, once the MSRB obtains approval for the Restated Articles of Incorporation by the Commonwealth of Virginia, the MSRB would file with the SEC to delete Rule A–11 (and B-Law Article 11) for immediate effectiveness. See File No. SR–MSRB–2006–02, Securities Exchange Act Release No. 53616 (April 7, 2006), 71 FR 19571 (April 14, 2006). 7 15 U.S.C. 78o–4(b)(2)(I). E:\FR\FM\15JNN1.SGM 15JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 71, Number 115 (Thursday, June 15, 2006)]
[Notices]
[Pages 34651-34652]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-5420]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53954; File No. SR-ISE-2006-29]


Self-Regulatory Organization; International Securities Exchange, 
Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Fee Waiver Extensions

June 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 May 26, 2006, 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. The ISE 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

    The ISE proposes to amend its Schedule of Fees to extend two fee 
waivers. The text of the proposed rule change is available at the 
Exchange, at the Exchange's Web site (https://www.iseoptions.com/legal/
proposed_rule_changes.asp) 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 proposal. The text of these 
statements may be examined at the places specified in item IV below. 
The Exchange has prepared summaries, set forth in Section 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 extend two fee 
waivers. First the Exchange currently waives most customer transaction 
fees, with such waiver scheduled to expire on June 30, 2006.\5\ To 
remain competitive in the market place, the Exchange proposes to extend 
this waiver through June 30, 2007.
---------------------------------------------------------------------------

    \5\ See Exchange Act Release No. 34-51775 (June 2, 2005), 70 FR 
33569 (June 8, 2005).
---------------------------------------------------------------------------

    Second, the Exchange proposes to extend a fee waiver regarding its 
``CLICK terminal,'' which is the front-end order-entry terminal we 
provide to members. Currently, the Exchange waives software license and 
maintenance fees, as well as Session/API fees (based on member log-
ins), for a member's second and subsequent CLICK terminals. This waiver 
also is scheduled to expire on June 30, 2006.\6\ The Exchange believes 
that this waiver program encourages firms to install and use multiple 
CLICKs and the Exchange proposes to extend this waiver for an 
additional year. The Exchange recently rolled out a new front-end 
order-entry terminal, PrecISE Trade, which will eventually replace all 
existing CLICK terminals.\7\ Once all of the CLICK terminals are 
phased-out, the ISE will submit a proposed rule change to remove CLICK 
fees from its fee schedule.
---------------------------------------------------------------------------

    \6\ See id.
    \7\ See Exchange Act Release No. 34-53788 (May 11, 2006), 71 FR 
28728 (May 17, 2006).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange states that the basis under the Act for this proposed 
rule change is the requirement under section 6(b)(4) \8\ 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, these fees would extend current waivers, thus 
effectively maintaining low fees.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange states that the proposed rule change would 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 proposed rule change has become effective pursuant to 
section

[[Page 34652]]

19(b)(3)(A)(ii) of the Act,\9\ and paragraph (f)(2) of Rule 19b-4 
thereunder \10\ because it establishes or changes a due, fee, or other 
charge among its members. 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 240.19b-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 Number SR-ISE-2006-29 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2006-29. 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 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 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-2006-29 
and should be submitted on or before July 6, 2006.

    For the Commission, by the Division of Market Regulations, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06-5420 Filed 6-14-06; 8:45 am]
BILLING CODE 8010-01-M

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