Joint Industry Plan; Order Approving Joint Amendment No. 19 to the Intermarket Option Linkage Plan To Modify the Manner in Which the Fee Applicable to New Participants Is Calculated, 51238-51239 [E6-14277]
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51238
Federal Register / Vol. 71, No. 167 / Tuesday, August 29, 2006 / Notices
estimates are not derived from a
comprehensive or even a representative
survey or study of Commission rules.
The collection of information required
by Rule 17g–1 is mandatory and will not
be kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless it displays a
currently valid control number.
General comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or e-mail to:
David_Roster@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria,
Virginia 22312, or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: August 20, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–14298 Filed 8–28–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
jlentini on PROD1PC65 with NOTICES
Extension:
Rule 23c–1; SEC File No. 270–253; OMB
Control No. 3235–0260
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 23c–1 (17 CFR 270.23c–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a), among other things,
permits a closed-end fund to repurchase
its securities for cash if in addition to
the other requirements set forth in the
rule: (i) Payment of the purchase price
is accompanied or preceded by a written
confirmation of the purchase; (ii) the
asset coverage per unit of the security to
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17:07 Aug 28, 2006
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be purchased is disclosed to the seller
or his agent; and (iii) if the security is
a stock, the fund has, within the
preceding six months, informed
stockholders of its intention to purchase
stock. Commission staff estimates that
approximately 14 closed-end funds rely
on Rule 23c–1 annually to undertake
approximately 122 repurchases of their
securities. Commission staff estimates
that, on average, a fund spends 2.5
hours to comply with the paperwork
requirements listed above each time it
undertakes a security repurchase under
the rule. Commission staff thus
estimates the total annual burden of the
rule’s paperwork requirements is 305
hours.
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR 249.331
and 274.128). The burden associated
with filing Form N–CSR is addressed in
the submission related to that form.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Complying with the collection of
information requirements of the rule is
mandatory. The filings that the rule
requires to be made with the
Commission are available to the public.
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
General comments regarding the
above information to be directed to the
following persons: (i) Desk Officer for
the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503; and (ii) R. Corey
Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria,
Virginia 22312, or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
August 21, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–14299 Filed 8–28–06; 8:45 am]
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54343; File No. 4–429]
Joint Industry Plan; Order Approving
Joint Amendment No. 19 to the
Intermarket Option Linkage Plan To
Modify the Manner in Which the Fee
Applicable to New Participants Is
Calculated
August 21, 2006.
I. Introduction
On February 17, 2006, March 16,
2006, April 12, 2006, April 18, 2006,
May 2, 2006, and May 22, 2006,
International Securities Exchange, Inc.
(‘‘ISE’’), Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’), Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’),
Boston Stock Exchange, Inc. (‘‘BSE’’),
American Stock Exchange LLC
(‘‘Amex’’), and NYSE Arca, Inc.
(collectively, ‘‘Participants’’) 1
respectively submitted to the Securities
and Exchange Commission
(‘‘Commission’’) Joint Amendment No.
19 to the Plan for the Purpose of
Creating and Operating an Intermarket
Option Linkage (the ‘‘Linkage Plan’’)
pursuant to Section 11A of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 608 of Regulation
NMS.3 In the Joint Amendment, the
Participants propose to modify the
manner in which the fee applicable to
new Participants is calculated.4 The
proposed Joint Amendment was
published in the Federal Register on
June 22, 2006.5 No comments were
received on the proposal. This order
approves Joint Amendment No. 19 to
the Linkage Plan.
II. Description and Purpose of the
Amendment
The purpose of Joint Amendment No.
19 is to modify the manner in which the
1 A ‘‘Participant’’ is an Eligible Exchange whose
participation in the Linkage Plan has become
effective pursuant to Section 4(c) of the Linkage
Plan. See Section 2(24) of the Linkage Plan.
2 15 U.S.C. 78k–1.
3 17 CFR 242.608. On July 28, 2000, the
Commission approved a national market system
plan for the purpose of creating and operating an
intermarket options market linkage proposed by the
Amex, CBOE, and ISE. See Securities Exchange Act
Release No. 43086 (July 28, 2000), 65 FR 48023
(August 4, 2000). Subsequently, upon separate
requests by the Phlx, Pacific Exchange, Inc. (n/k/a
NYSE Arca, Inc.), and BSE, the Commission issued
orders to permit these exchanges to participate in
the Linkage Plan. See Securities Exchange Act
Release Nos. 43573 (November 16, 2000), 65 FR
70851 (November 28, 2000); 43574 (November 16,
2000), 65 FR 70850 (November 28, 2000); and 49198
(February 5, 2004), 69 FR 7029 (February 12, 2004).
4 See Section 11(b) of the Linkage Plan.
5 See Securities Exchange Act Release No. 54001
(June 15, 2006), 71 FR 35960.
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29AUN1
Federal Register / Vol. 71, No. 167 / Tuesday, August 29, 2006 / Notices
fee applicable to new Participants is
calculated. The participation fee is
determined by the Participants and is
assessed in connection with an Eligible
Exchange 6 becoming a new Participant.
The Joint Amendment provides that in
determining the amount of the
participation fee, the Participants shall
consider one or both of the following: (i)
The portion of costs previously paid by
the Participants for the development,
expansion, and maintenance of
Linkage 7 facilities which, under
generally accepted accounting
principles, could have been treated as
capital expenditures and, if so treated,
would have been amortized over the
five years preceding the admission of
the new Participant (and for this
purpose all such capital expenditures
shall be deemed to have a five-year
amortizable life); and (ii) previous
participation fees paid by other new
Participants. These standards are
substantially consistent with the
participation fee standards contained in
the Consolidated Tape Association /
Consolidated Quotation Plans (‘‘CTA/
CQ Plans’’).8 Further, the Participants
would no longer be required to calculate
the participation fee at least once a year.
Instead, the participation fee would be
calculated at the time an Eligible
Exchange seeks to become a Participant.
III. Discussion
After careful consideration, the
Commission finds that the proposed
Joint Amendment to the Linkage Plan is
consistent with the requirements of the
Act and the rules and regulations
thereunder. Specifically, the
Commission finds that the proposed
Joint Amendment is consistent with
Section 11A of the Act and Rule 608
thereunder, in that the revised
participation fee calculation
methodology appears reasonably
designed to provide specific, objective
factors for determining entrance fees for
new Participants. The Commission also
believes that the proposed new
standards, if appropriately employed by
the Participants, should foster a fair and
reasonable method for determining a
Linkage participation fee amount.9 In
making this finding the Commission
notes that the proposal prescribes
participation fee standards that are
6 See
Section 2(6) of the Linkage Plan.
Section 2(14) of the Linkage Plan.
8 See Section III(c)(2) of the CTA Plan.
9 The Commission notes that the amount of the
participation fee would be determined in
discussions among the Participants and each
Eligible Exchange seeking to become a Participant
in light of the participation fee standards
enumerated in the Linkage Plan.
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7 See
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substantially similar to those standards
already in place on the CTA/CQ Plans.10
IV. Conclusion
It is therefore ordered, pursuant to
Section 11A of the Act 11 and Rule 608
thereunder,12 that proposed Joint
Amendment No. 19 to the Linkage Plan
is hereby approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Nancy M. Morris,
Secretary.
[FR Doc. E6–14277 Filed 8–28–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54352, File No. 4–518]
Joint Industry Plan; Order Approving
Amendment To Add the Nasdaq Stock
Market LLC as Participant to National
Market System Plan Establishing
Procedures Under Rule 605 of
Regulation NMS
August 23, 2006.
I. Introduction
On April 11, 2006, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’) submitted to the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) in accordance
with Section 11A of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
608 of Regulation NMS,2 a proposed
amendment to the national market
system plan establishing procedures
under Rule 605 of Regulation NMS
(‘‘Joint-SRO Plan’’ or ‘‘Plan’’).3 Under
the proposed amendment, Nasdaq
would be added as a participant to the
Joint-SRO Plan. Notice of filing and an
order granting temporary effectiveness
of the proposal through August 25, 2006
was published in the Federal Register
on April 27, 2006.4 The Commission did
10 See Section III(c)(2) of the CTA Plan. See
Securities Exchange Act Release No. 51391 (March
17, 2005), 70 FR 15132 (March 24, 2005) (SR–CTA/
CQ–2004–01) (Order approving amendment to the
CTA/CQ Plans implementing new participant fees).
11 15 U.S.C. 78k–1.
12 17 CFR 242.608.
13 17 CFR 200.30–3(a)(29).
1 15 U.S.C. 78k–1.
2 17 CFR 242.608.
3 17 CFR 242.605. On April 12, 2001, the
Commission approved a national market system
plan for the purpose of establishing procedures for
market centers to follow in making their monthly
reports available to the public under Rule 11Ac1–
5 under the Act (n/k/a Rule 605 of Regulation
NMS). See Securities Exchange Act Release No.
44177 (April 12, 2001), 66 FR 19814 (April 17,
2001).
4 See Securities Exchange Act Release No. 53691
(April 20, 2006), 71 FR 24875.
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51239
not receive any comments on the
proposed amendment. This order
approves the amendment on a
permanent basis.
II. Discussion
The Joint-SRO Plan establishes
procedures for market centers to follow
in making their monthly reports
required pursuant to Rule 605 of
Regulation NMS, available to the public
in a uniform, readily accessible, and
usable electronic format. The current
participants to the Joint-SRO Plan are
the American Stock Exchange LLC,
Boston Stock Exchange, Inc., Chicago
Board Options Exchange, Incorporated,
Chicago Stock Exchange, Inc.,
Cincinnati Stock Exchange, Inc. (n/k/a
National Stock ExchangeSM), National
Association of Securities Dealers, Inc.,
New York Stock Exchange, Inc. (n/k/a
New York Stock Exchange LLC), Pacific
Exchange, Inc. (n/k/a NYSE Arca, Inc.),
and Philadelphia Stock Exchange, Inc.
The proposed amendment would add
Nasdaq as a participant to the Joint-SRO
Plan.
Section III(b) of the Joint-SRO Plan
provides that a national securities
exchange or national securities
association may become a party to the
Plan by: (i) executing a copy of the Plan,
as then in effect (with the only changes
being the addition of the new
participant’s name in Section II(a) of the
Plan and the new participant’s singledigit code in Section VI(a)(1) of the
Plan) and (ii) submitting such executed
plan to the Commission for approval.
Nasdaq submitted a signed copy of the
Joint-SRO Plan to the Commission in
accordance with the procedures set
forth in the Plan regarding new
participants.
The Commission finds that the
amendment to the Joint-SRO Plan is
consistent with the requirements of the
Act and the rules and regulations
thereunder. Specifically, the
Commission finds that the proposed
amendment is consistent with the
requirements of Section 11A of the Act,5
and Rule 608 of Regulation NMS.6 The
Plan established appropriate procedures
for market centers to follow in making
their monthly reports required pursuant
to Rule 605 of Regulation NMS available
to the public in a uniform, readily
accessible, and usable electronic format.
The amendment to include Nasdaq as a
participant in the Joint-SRO Plan should
contribute to the maintenance of fair
and orderly markets and remove
impediments to and perfect the
mechanisms of a national market system
5 15
6 17
E:\FR\FM\29AUN1.SGM
U.S.C. 78k–1.
CFR 242.608.
29AUN1
]]>Agencies
[Federal Register Volume 71, Number 167 (Tuesday, August 29, 2006)]
[Notices]
[Pages 51238-51239]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14277]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54343; File No. 4-429]
Joint Industry Plan; Order Approving Joint Amendment No. 19 to
the Intermarket Option Linkage Plan To Modify the Manner in Which the
Fee Applicable to New Participants Is Calculated
August 21, 2006.
I. Introduction
On February 17, 2006, March 16, 2006, April 12, 2006, April 18,
2006, May 2, 2006, and May 22, 2006, International Securities Exchange,
Inc. (``ISE''), Philadelphia Stock Exchange, Inc. (``Phlx''), Chicago
Board Options Exchange, Incorporated (``CBOE''), Boston Stock Exchange,
Inc. (``BSE''), American Stock Exchange LLC (``Amex''), and NYSE Arca,
Inc. (collectively, ``Participants'') \1\ respectively submitted to the
Securities and Exchange Commission (``Commission'') Joint Amendment No.
19 to the Plan for the Purpose of Creating and Operating an Intermarket
Option Linkage (the ``Linkage Plan'') pursuant to Section 11A of the
Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 608 of
Regulation NMS.\3\ In the Joint Amendment, the Participants propose to
modify the manner in which the fee applicable to new Participants is
calculated.\4\ The proposed Joint Amendment was published in the
Federal Register on June 22, 2006.\5\ No comments were received on the
proposal. This order approves Joint Amendment No. 19 to the Linkage
Plan.
---------------------------------------------------------------------------
\1\ A ``Participant'' is an Eligible Exchange whose
participation in the Linkage Plan has become effective pursuant to
Section 4(c) of the Linkage Plan. See Section 2(24) of the Linkage
Plan.
\2\ 15 U.S.C. 78k-1.
\3\ 17 CFR 242.608. On July 28, 2000, the Commission approved a
national market system plan for the purpose of creating and
operating an intermarket options market linkage proposed by the
Amex, CBOE, and ISE. See Securities Exchange Act Release No. 43086
(July 28, 2000), 65 FR 48023 (August 4, 2000). Subsequently, upon
separate requests by the Phlx, Pacific Exchange, Inc. (n/k/a NYSE
Arca, Inc.), and BSE, the Commission issued orders to permit these
exchanges to participate in the Linkage Plan. See Securities
Exchange Act Release Nos. 43573 (November 16, 2000), 65 FR 70851
(November 28, 2000); 43574 (November 16, 2000), 65 FR 70850
(November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029
(February 12, 2004).
\4\ See Section 11(b) of the Linkage Plan.
\5\ See Securities Exchange Act Release No. 54001 (June 15,
2006), 71 FR 35960.
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II. Description and Purpose of the Amendment
The purpose of Joint Amendment No. 19 is to modify the manner in
which the
[[Page 51239]]
fee applicable to new Participants is calculated. The participation fee
is determined by the Participants and is assessed in connection with an
Eligible Exchange \6\ becoming a new Participant. The Joint Amendment
provides that in determining the amount of the participation fee, the
Participants shall consider one or both of the following: (i) The
portion of costs previously paid by the Participants for the
development, expansion, and maintenance of Linkage \7\ facilities
which, under generally accepted accounting principles, could have been
treated as capital expenditures and, if so treated, would have been
amortized over the five years preceding the admission of the new
Participant (and for this purpose all such capital expenditures shall
be deemed to have a five-year amortizable life); and (ii) previous
participation fees paid by other new Participants. These standards are
substantially consistent with the participation fee standards contained
in the Consolidated Tape Association / Consolidated Quotation Plans
(``CTA/CQ Plans'').\8\ Further, the Participants would no longer be
required to calculate the participation fee at least once a year.
Instead, the participation fee would be calculated at the time an
Eligible Exchange seeks to become a Participant.
---------------------------------------------------------------------------
\6\ See Section 2(6) of the Linkage Plan.
\7\ See Section 2(14) of the Linkage Plan.
\8\ See Section III(c)(2) of the CTA Plan.
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III. Discussion
After careful consideration, the Commission finds that the proposed
Joint Amendment to the Linkage Plan is consistent with the requirements
of the Act and the rules and regulations thereunder. Specifically, the
Commission finds that the proposed Joint Amendment is consistent with
Section 11A of the Act and Rule 608 thereunder, in that the revised
participation fee calculation methodology appears reasonably designed
to provide specific, objective factors for determining entrance fees
for new Participants. The Commission also believes that the proposed
new standards, if appropriately employed by the Participants, should
foster a fair and reasonable method for determining a Linkage
participation fee amount.\9\ In making this finding the Commission
notes that the proposal prescribes participation fee standards that are
substantially similar to those standards already in place on the CTA/CQ
Plans.\10\
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\9\ The Commission notes that the amount of the participation
fee would be determined in discussions among the Participants and
each Eligible Exchange seeking to become a Participant in light of
the participation fee standards enumerated in the Linkage Plan.
\10\ See Section III(c)(2) of the CTA Plan. See Securities
Exchange Act Release No. 51391 (March 17, 2005), 70 FR 15132 (March
24, 2005) (SR-CTA/CQ-2004-01) (Order approving amendment to the CTA/
CQ Plans implementing new participant fees).
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IV. Conclusion
It is therefore ordered, pursuant to Section 11A of the Act \11\
and Rule 608 thereunder,\12\ that proposed Joint Amendment No. 19 to
the Linkage Plan is hereby approved.
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\11\ 15 U.S.C. 78k-1.
\12\ 17 CFR 242.608.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(29).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-14277 Filed 8-28-06; 8:45 am]
BILLING CODE 8010-01-P
