Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Effective Date of the Previously Approved Rule Relating to Information Contained in a Directed Order, 56201-56202 [06-8244]
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pwalker on PRODPC60 with NOTICES
Federal Register / Vol. 71, No. 186 / Tuesday, September 26, 2006 / Notices
such change is in the best interests of
the Fund and its shareholders and does
not involve a conflict of interest from
which the Adviser or the Affiliated
Subadviser derives an inappropriate
advantage.
7. Whenever a Subadviser is hired or
terminated, the Adviser will provide the
Board with information showing the
expected impact on the profitability of
the Adviser.
8. The Adviser will provide general
management services to each Fund,
including overall supervisory
responsibility for the general
management and investment of the
Fund’s assets, and, subject to review
and approval of the Board, will: (a) Set
each Fund’s overall investment
strategies, (b) evaluate, select and
recommend Subadvisers to manage all
or a part of a Fund’s assets, (c) allocate
and, when appropriate, reallocate a
Fund’s assets among one or more
Subadvisers; (d) monitor and evaluate
the performance of Subadvisers; and (e)
implement procedures reasonably
designed to ensure that the Subadvisers
comply with the relevant Fund’s
investment objective, policies and
restrictions.
9. No trustee or officer of the Trust or
a Fund, or director or officer of the
Adviser, will own, directly or indirectly
(other than through a pooled investment
vehicle that is not controlled by such
person), any interest in a Subadviser,
except for: (a) Ownership of interests in
the Adviser or any entity that controls,
is controlled by, or is under common
control with the Adviser, or (b)
ownership of less than 1% of the
outstanding securities of any class of
equity or debt of any publicly traded
company that is either a Subadviser or
an entity that controls, is controlled by
or is under common control with a
Subadviser.
10. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
11. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
12. Independent legal counsel, as
defined in rule 0–1(a)(6) under the Act,
will be engaged to represent the
Independent Trustees. The selection of
such counsel will be within the
discretion of the then-existing
Independent Trustees.
13. The Adviser will provide the
Board, no less frequently than quarterly,
with information about the profitability
of the Adviser on a per-Fund basis. The
information will reflect the impact on
profitability of the hiring or termination
of any Subadviser during the applicable
quarter.
VerDate Aug<31>2005
21:03 Sep 25, 2006
Jkt 208001
For the Commission, by the Division of
Investment Management, under delegated
authority.
Nancy M. Morris,
Secretary.
[FR Doc. E6–15709 Filed 9–25–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54469; File No. SR–BSE–
2006–38]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Extend the
Effective Date of the Previously
Approved Rule Relating to Information
Contained in a Directed Order
September 19, 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
September 11, 2006, the Boston Stock
Exchange, Inc. (‘‘BSE’’ 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 the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 The Commission is
publishing this notice to solicit
comments on the proposed rule from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The BSE proposes to extend the
effective date of the Exchange’s Directed
Order process on the Boston Options
Exchange (‘‘BOX’’) from September 30,
2006 to January 31, 2007.
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
BSE 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 BSE has prepared
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)(6).
2 17
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
56201
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
On March 20, 2006, the BSE proposed
an amendment to its rules governing its
Directed Order process on the BOX.5
The rules were amended to clearly state
that the BOX Trading Host identifies to
an Executing Participant (‘‘EP’’) the
identity of the firm entering a Directed
Order. The amended rule was to be
effective until June 30, 2006, while the
Commission considered a
corresponding Exchange proposal 6 to
amend its rules to permit EPs to choose
the firms from whom they will accept
Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.
On June 30, 2006, the Exchange
proposed extending the effective date of
the rule governing its Directed Order
process on the BOX from June 30, 2006
to September 30, 2006 7 while the
Commission continued to consider the
corresponding Exchange proposal to
amend its rules to permit EPs to choose
the firms from whom they would accept
Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.
The Exchange now proposes another
extension of the effective date of the
amended rule governing its Directed
Order process on BOX from September
30, 2006 to January 31, 2007. In the
event the Commission reaches a
decision with respect to the
corresponding Exchange proposal to
amend its rules before January 31, 2007,
the amended rule governing the
Exchange’s Directed Order process on
the BOX will cease to be effective at the
time of that decision.
This filing proposes to extend the
effective date of the approved amended
rule governing the Exchange’s Directed
Order process on the BOX from
September 30, 2006 to January 31,
2007.8
5 See Securities Exchange Act Release No. 53516
(Mar. 20, 2006), 71 FR 15232 (Mar. 27, 2006)
(Notice of Filing and Immediate Effectiveness of
SR–BSE–2006–14).
6 See Securities Exchange Act Release No. 53357
(Feb. 23, 2006), 71 FR 10730 (March 2, 2006)
(Notice of Filing of SR–BSE–2005–52).
7 See Securities Exchange Act Release No. 54082
(June 30, 2006), 71 FR 38913 (July 10, 2006) (Notice
of Filing and Immediate Effectiveness of SR–BSE–
2006–29).
8 In the event that the issue of anonymity in the
Directed Order process is not resolved by January
Continued
E:\FR\FM\26SEN1.SGM
26SEN1
56202
Federal Register / Vol. 71, No. 186 / Tuesday, September 26, 2006 / Notices
2. Statutory Basis
The amended rule is designed to
clarify the information contained in a
Directed Order. This proposed rule
filing seeks to extend the amended
rule’s effectiveness from September 30,
2006 to January 31, 2007. This extension
will afford the Commission the
necessary time to consider the
Exchange’s corresponding proposal to
amend its rule to permit EPs to choose
the firms from whom they will accept
Directed Orders while providing
complete anonymity of the firm entering
a Directed Order. Accordingly, the
Exchange believes that the proposal is
consistent with the requirements of
Section 6(b) of the Act,9 in general, and
Section 6(b)(5) of the Act,10 in
particular, in that it is designed to foster
cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transaction in
securities, to remove impediments to
and perfect the mechanism for a free
and open market and a national market
system, and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
pwalker on PRODPC60 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not (i)
significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, provided that the
Exchange has given the Commission
written notice of its intent to file the
proposed rule change prior to the date
of filing of the proposed rule change or
31, 2007, the Exchange intends to submit another
filing under Rule 19b–4(f)(6) extending this rule
and system process.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
21:03 Sep 25, 2006
Jkt 208001
such shorter time as designated by the
Commission, the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 11 and
Rule 19b–4(f)(6) thereunder.12
At any time within 60 days of the
filing of such 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.
Under Rule 19b–4(f)(6)(iii) of the
Act,13 the proposal does not become
operative for 30 days after the date of its
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the five day pre-filing requirement and
the 30-day operative delay, which
would make the rule change effective
and operative upon filing. The
Commission, consistent with the
protection of investors and the public
interest, has determined to waive the
five day pre-filing requirement and the
30-day operative delay because such
waiver would continue to conform the
BOX rules with BOX’s current practice
and clarify that Directed Orders on BOX
are not anonymous.14 Accordingly, the
Commission designates the proposed
rule change effective and operative
upon filing with the Commission.
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
Number SR–BSE–2006–38 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–BSE–2006–38. 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
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of the BSE. 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–BSE–2006–38 and should
be submitted on or before October 17,
2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Nancy M. Morris,
Secretary.
[FR Doc. 06–8244 Filed 9–25–06; 8:45 am]
BILLING CODE 8010–01–U
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54471; File No. SR–NASD–
2006–081]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Order Approving
Proposed Rule Change To Adopt New
NASD Rule 5150 Relating to TradeThroughs
September 19, 2006.
11 15
U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 For purposes only of waiving the 30-day
operative period for this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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Frm 00103
Fmt 4703
Sfmt 4703
On July 11, 2006, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) of the
15 17
E:\FR\FM\26SEN1.SGM
CFR 200.30–3(a)(12).
26SEN1
]]>Agencies
[Federal Register Volume 71, Number 186 (Tuesday, September 26, 2006)]
[Notices]
[Pages 56201-56202]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8244]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54469; File No. SR-BSE-2006-38]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Effective Date of the Previously Approved Rule Relating to
Information Contained in a Directed Order
September 19, 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 September 11, 2006, the Boston Stock Exchange, Inc. (``BSE'' 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 the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule 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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The BSE proposes to extend the effective date of the Exchange's
Directed Order process on the Boston Options Exchange (``BOX'') from
September 30, 2006 to January 31, 2007.
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 BSE 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 BSE 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
On March 20, 2006, the BSE proposed an amendment to its rules
governing its Directed Order process on the BOX.\5\ The rules were
amended to clearly state that the BOX Trading Host identifies to an
Executing Participant (``EP'') the identity of the firm entering a
Directed Order. The amended rule was to be effective until June 30,
2006, while the Commission considered a corresponding Exchange proposal
\6\ to amend its rules to permit EPs to choose the firms from whom they
will accept Directed Orders, while providing complete anonymity of the
firm entering a Directed Order.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 53516 (Mar. 20,
2006), 71 FR 15232 (Mar. 27, 2006) (Notice of Filing and Immediate
Effectiveness of SR-BSE-2006-14).
\6\ See Securities Exchange Act Release No. 53357 (Feb. 23,
2006), 71 FR 10730 (March 2, 2006) (Notice of Filing of SR-BSE-2005-
52).
---------------------------------------------------------------------------
On June 30, 2006, the Exchange proposed extending the effective
date of the rule governing its Directed Order process on the BOX from
June 30, 2006 to September 30, 2006 \7\ while the Commission continued
to consider the corresponding Exchange proposal to amend its rules to
permit EPs to choose the firms from whom they would accept Directed
Orders, while providing complete anonymity of the firm entering a
Directed Order.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 54082 (June 30,
2006), 71 FR 38913 (July 10, 2006) (Notice of Filing and Immediate
Effectiveness of SR-BSE-2006-29).
---------------------------------------------------------------------------
The Exchange now proposes another extension of the effective date
of the amended rule governing its Directed Order process on BOX from
September 30, 2006 to January 31, 2007. In the event the Commission
reaches a decision with respect to the corresponding Exchange proposal
to amend its rules before January 31, 2007, the amended rule governing
the Exchange's Directed Order process on the BOX will cease to be
effective at the time of that decision.
This filing proposes to extend the effective date of the approved
amended rule governing the Exchange's Directed Order process on the BOX
from September 30, 2006 to January 31, 2007.\8\
---------------------------------------------------------------------------
\8\ In the event that the issue of anonymity in the Directed
Order process is not resolved by January 31, 2007, the Exchange
intends to submit another filing under Rule 19b-4(f)(6) extending
this rule and system process.
---------------------------------------------------------------------------
[[Page 56202]]
2. Statutory Basis
The amended rule is designed to clarify the information contained
in a Directed Order. This proposed rule filing seeks to extend the
amended rule's effectiveness from September 30, 2006 to January 31,
2007. This extension will afford the Commission the necessary time to
consider the Exchange's corresponding proposal to amend its rule to
permit EPs to choose the firms from whom they will accept Directed
Orders while providing complete anonymity of the firm entering a
Directed Order. Accordingly, the Exchange believes that the proposal is
consistent with the requirements of Section 6(b) of the Act,\9\ in
general, and Section 6(b)(5) of the Act,\10\ in particular, in that it
is designed to foster cooperation and coordination with persons engaged
in regulating, clearing, settling, processing information with respect
to, and facilitating transaction in securities, to remove impediments
to and perfect the mechanism for a free and open market and a national
market system, and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
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 neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, provided that the Exchange has given the
Commission written notice of its intent to file the proposed rule
change prior to the date of filing of the proposed rule change or such
shorter time as designated by the Commission, the proposed rule change
has become effective pursuant to Section 19(b)(3)(A) of the Act \11\
and Rule 19b-4(f)(6) thereunder.\12\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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.
Under Rule 19b-4(f)(6)(iii) of the Act,\13\ the proposal does not
become operative for 30 days after the date of its filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the five day pre-filing requirement
and the 30-day operative delay, which would make the rule change
effective and operative upon filing. The Commission, consistent with
the protection of investors and the public interest, has determined to
waive the five day pre-filing requirement and the 30-day operative
delay because such waiver would continue to conform the BOX rules with
BOX's current practice and clarify that Directed Orders on BOX are not
anonymous.\14\ Accordingly, the Commission designates the proposed rule
change effective and operative upon filing with the Commission.
---------------------------------------------------------------------------
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative period
for this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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-BSE-2006-38 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-BSE-2006-38. 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 Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filing also will be available
for inspection and copying at the principal office of the BSE. 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-BSE-2006-38 and should be
submitted on or before October 17, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. 06-8244 Filed 9-25-06; 8:45 am]
BILLING CODE 8010-01-U
