Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Participant Fees and Credits, 43828-43829 [E6-12428]
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43828
Federal Register / Vol. 71, No. 148 / Wednesday, August 2, 2006 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.22
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–12429 Filed 8–1–06; 8:45 am]
comments it received regarding the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. CHX
has prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[Release No.34–54222; File No. SR–CHX–
2006–21]
1. Purpose
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
Participant Fees and Credits
July 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 July 11,
2006, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘Exchange’’) 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 CHX. The Exchange filed the
proposal pursuant to Section
19(b)(3)(A)(iii) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHX proposes to amend its
Participant Fee Schedule (the ‘‘Fee
Schedule’’) to clarify monthly
applicability of the Exchange’s SelfRegulatory Organization Fee (‘‘SRO
Fee’’). The text of this proposed rule
change is available on the Exchange’s
Web site at (https://www.chx.com/rules/
proposed_rules.htm), at the principal
office of the Exchange, and in the
Commission’s Public Reference Room.
Through this proposal, the Exchange
seeks to clarify monthly applicability of
the Exchange’s SRO Fee. The
Exchange’s Fee Schedule has for many
years contained a provision establishing
an SRO Fee of $100. Prior to the
Exchange’s demutualization in February
of 2005, this provision of the Fee
Schedule indicated that the SRO Fee
was ‘‘$100 per member and member
organization per month.’’
In connection with the
demutualization rule changes, this
provision was modified to delete the
‘‘per month’’ reference. Despite the
deletion of the ‘‘per month’’ reference,
the Exchange did not intend to modify
its long-standing practice of assessing
the SRO Fee on a monthly basis. Indeed,
since the provision was modified in
February of 2005, the Exchange has
consistently billed each CHX participant
for the $100 SRO Fee on a monthly basis
and the Exchange intends to continue
this monthly assessment. To eliminate
any confusion, however, the Exchange
is submitting this proposed rule change
to the Fee Schedule to reincorporate the
‘‘per month’’ language.
2. Statutory Basis
CHX believes that the proposed rule
change is consistent with the provisions
of Section 6(b)(4) of the Act 5 in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among its members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
wwhite on PROD1PC61 with NOTICES
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
CHX does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
In its filing with the Commission,
CHX included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(2).
2 17
VerDate Aug<31>2005
16:40 Aug 01, 2006
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
establishes or changes a due, fee or
other charge imposed by the Exchange
and therefore has become effective
pursuant to Section 19(b)(3)(A) of the
Act 6 and Rule 19b–4(f)(2) thereunder.7
At any time within 60 days of the filing
of such proposed rule change, the
Commission may summarily abrogate
such proposed 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–CHX–2006–21 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–CHX–2006–21. 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
6 15
5 15
Jkt 208001
PO 00000
U.S.C. 78f(b)(4).
Frm 00119
Fmt 4703
7 17
Sfmt 4703
E:\FR\FM\02AUN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
02AUN1
Federal Register / Vol. 71, No. 148 / Wednesday, August 2, 2006 / Notices
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of CHX. 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–CHX–2006–21 and should
be submitted on or before August 23,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–12428 Filed 8–1–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54221; File No. SR–
NASDAQ–2006–005]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule
Change and Amendments No. 1 and 2
Thereto To Modify Nasdaq’s Delisting
Procedures To Conform to Recent
Amendments to Commission Rules
Regarding Removal From Listing and
Withdrawal From Registration
July 26, 2006.
I. Introduction
On April 4, 2006, The NASDAQ Stock
Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’)1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend Nasdaq
delisting procedures to conform to
recent amendments to Commission
rules regarding removal from listing and
withdrawal from registration. On May 5,
2006, Nasdaq filed Amendment No. 1 to
the proposed rule change.3 On May 17,
2006, Nasdaq filed Amendment No. 2 to
the proposed rule change.4 The
proposed rule change, as amended, was
published for comment in the Federal
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Amendment No. 1 replaced the original
proposed rule change in its entirety.
4 In Amendment No. 2, Nasdaq amended the
implementation date of the proposed rule change to
the later of Commission approval or the date
Nasdaq begins to operate as a national securities
exchange.
wwhite on PROD1PC61 with NOTICES
1 15
VerDate Aug<31>2005
16:40 Aug 01, 2006
Jkt 208001
Register on June 15, 2006.5 No
comments were received regarding the
proposal. This order approves the
proposed rule change, as amended.
II. Description of the Proposed Rule
Change
Section 12 of the Act6 and Rule 12d2–
2 thereunder7 (‘‘SEC Rule 12d2–2’’)
govern the process for the delisting and
deregistration of securities listed on
national securities exchanges. Recent
amendments to SEC Rule 12d2–2
(‘‘amended SEC Rule 12d2–2’’) and
other Commission rules require the
electronic filing of revised Form 25 on
the Commission’s Electronic Data
Gathering, Analysis, and Retrieval
(‘‘EDGAR’’) system by exchanges and
issuers for all delistings, other than
delistings of standardized options and
securities futures, which are exempted.8
Nasdaq proposes to revise Nasdaq
Rules 4480, 4804, 4805, 4806, 4807,
4808, 4809, and adopt Interpretative
Material 4800 (‘‘IM 4800’’) with respect
to delisting procedural requirements as
mandated by amended SEC Rule 12d2–
2.
In the case of exchange-initiated
delistings, amended SEC Rule 12d2–2(b)
states that a national securities exchange
may file an application on Form 25 to
strike a class of securities from listing
and/or withdraw the registration of such
securities, in accordance with its rules,
if the rules of such exchange, at a
minimum, provide for:
(i) Notice to the issuer of the
exchange’s decision to delist its
securities;
(ii) An opportunity for appeal to the
exchange’s board of directors, or to a
committee designated by the exchange’s
board of directors; and
(iii) Public notice of the national
securities exchange’s final
determination to remove the security
from listing and/or registration, by
issuing a press release and posting
notice on its Web site. Public notice
must be disseminated no fewer than 10
days before the delisting becomes
effective pursuant to amended SEC Rule
12d2–2(d)(1), and must remain posted
on its Web site until the delisting is
effective.
Nasdaq’s rules currently provide the
requisite issuer notice as well as an
opportunity for appeal to a committee
designated by the Nasdaq’s board of
5 See Securities Exchange Act Release No. 53964
(June 8, 2006), 71 FR 34656.
6 15 U.S.C. 78l.
7 17 CFR 240.12d2–2.
8 See Securities Exchange Act Release No. 52029
(July 14, 2005), 70 FR 42456 (July 22, 2005).
PO 00000
Frm 00120
Fmt 4703
Sfmt 4703
43829
directors.9 Nasdaq proposes to adopt IM
4800 to incorporate the requirements of
amended SEC Rule 12d2–2. Proposed
IM 4800 sets forth the procedures
Nasdaq would follow to remove a
security from listing. Under proposed
IM 4800, Nasdaq would provide public
notice of its final determination to
remove a security from listing by issuing
a press release and posting a notice on
its Web site. Nasdaq would disseminate
the public notice no fewer than 10 days
before the delisting becomes effective.
The public notice would remain on
Nasdaq’s Web site until the delisting is
effective. After the public notice,
Nasdaq would file a Form 25 with the
Commission and would promptly
provide a copy of such form to the
issuer.
With respect to issuer-initiated
delisting procedures, Nasdaq proposes
to amend Nasdaq Rule 448010 to require
the issuer to:
(i) Comply with all requirements of
amended SEC Rule 12d2–2(c);
(ii) Comply with all applicable laws
in effect in the state in which it is
incorporated and with applicable
Nasdaq rules;
(iii) Provide notice to Nasdaq no
fewer than 10 days before the issuer
files the Form 25 with the Commission,
including a statement of the material
facts relating to the reasons for delisting;
(iv) Contemporaneous with providing
notice to Nasdaq, publish notice of its
intent to delist, along with its reasons,
via a press release and on its Web site,
if it has one (any notice provided on the
Web site must remain available until the
delisting is effective); and
(v) Provide a copy of the Form 25 to
Nasdaq simultaneously with the filing
of the Form 25 with the Commission.
Nasdaq would provide notice on its
Web site of the issuer’s intent to delist
as required by amended SEC Rule 12d2–
2(c)(3).
Nasdaq also proposes that an issuer
seeking to voluntarily delist a class of
securities that has received notice from
Nasdaq that the issuer fails to comply
with one or more requirements for
continued listing, or is aware that it is
below such continued listing
requirements notwithstanding that it
has not received such notice, must
disclose this fact (including the specific
continued listing requirements that it is
below) in: (i) Its statement of all material
facts relating to the reasons for
withdrawal from listing provided to
Nasdaq, along with written notice of its
9 See Nasdaq Rules 4803(a), 4805, 4806, 4807,
4808, and 4809.
10 Nasdaq proposes to renumber Nasdaq Rule
4480 to Nasdaq Rule 4380.
E:\FR\FM\02AUN1.SGM
02AUN1
]]>Agencies
[Federal Register Volume 71, Number 148 (Wednesday, August 2, 2006)]
[Notices]
[Pages 43828-43829]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-12428]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No.34-54222; File No. SR-CHX-2006-21]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Participant Fees and Credits
July 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 July 11, 2006, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') 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 CHX. The Exchange filed the
proposal pursuant to Section 19(b)(3)(A)(iii) 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)(iii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CHX proposes to amend its Participant Fee Schedule (the ``Fee
Schedule'') to clarify monthly applicability of the Exchange's Self-
Regulatory Organization Fee (``SRO Fee''). The text of this proposed
rule change is available on the Exchange's Web site at (https://
www.chx.com/rules/proposed_rules.htm), at the principal office of the
Exchange, and in 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, CHX included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received regarding the proposed rule change.
The text of these statements may be examined at the places specified in
Item IV below. CHX 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
Through this proposal, the Exchange seeks to clarify monthly
applicability of the Exchange's SRO Fee. The Exchange's Fee Schedule
has for many years contained a provision establishing an SRO Fee of
$100. Prior to the Exchange's demutualization in February of 2005, this
provision of the Fee Schedule indicated that the SRO Fee was ``$100 per
member and member organization per month.''
In connection with the demutualization rule changes, this provision
was modified to delete the ``per month'' reference. Despite the
deletion of the ``per month'' reference, the Exchange did not intend to
modify its long-standing practice of assessing the SRO Fee on a monthly
basis. Indeed, since the provision was modified in February of 2005,
the Exchange has consistently billed each CHX participant for the $100
SRO Fee on a monthly basis and the Exchange intends to continue this
monthly assessment. To eliminate any confusion, however, the Exchange
is submitting this proposed rule change to the Fee Schedule to
reincorporate the ``per month'' language.
2. Statutory Basis
CHX believes that the proposed rule change is consistent with the
provisions of Section 6(b)(4) of the Act \5\ in that it provides for
the equitable allocation of reasonable dues, fees and other charges
among its members.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CHX does not believe that the proposed rule change will result in
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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change establishes or changes a due,
fee or other charge imposed by the Exchange and therefore has become
effective pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-
4(f)(2) thereunder.\7\ At any time within 60 days of the filing of such
proposed rule change, the Commission may summarily abrogate such
proposed 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 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 No. SR-CHX-2006-21 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-CHX-2006-21. 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
[[Page 43829]]
Room. Copies of such filing also will be available for inspection and
copying at the principal office of CHX. 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-CHX-2006-21 and should be submitted on
or before August 23, 2006.
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-12428 Filed 8-1-06; 8:45 am]
BILLING CODE 8010-01-P
