Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Suspension of Transaction Charges for Specialist Orders in the Nasdaq-100 Tracking Stocksup® (QQQQ), 60201-60203 [E6-16848]
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Federal Register / Vol. 71, No. 197 / Thursday, October 12, 2006 / Notices
Appendix R, Paragraph III.G.2 Operator
Manual Actions,’’ dated June 2006.
Section 9.5.1, ‘‘Fire Protection
Program,’’ of the Standard Review Plan,
NUREG–0800, will be revised to
incorporate the guidance provided by
RIS 2006–10 and NUREG–1852.
The NRC is seeking public comment
in order to receive feedback from the
widest range of interested parties and to
ensure that all information relevant to
developing this document is available to
the NRC staff. This document is issued
for comment only and is not intended
for interim use. The NRC will review
public comments received on the
document, incorporate suggested
changes as necessary, and issue the final
NUREG–1852 for use.
Dated at Rockville, MD, this 11th day of
September, 2006.
For the Nuclear Regulatory Commission.
Farouk Eltawila,
Director, Division of Risk Assessment and
Special Projects, Office of Nuclear Regulatory
Research.
[FR Doc. E6–16872 Filed 10–11–06; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collections; Comment
Request
Upon written request; copies available
from: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
rwilkins on PROD1PC63 with NOTICES
Extensions:
Rule 12d1–3, OMB Control No. 3235–0109,
SEC File No. 270–116.
Schedule 13E–4F, OMB Control No. 3235–
0375, SEC File No. 270–340.
Form F–X, OMB Control No. 3235–0379,
SEC File No. 270–336.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for approval.
Rule 12d1–3 (17 CFR 240.12d1–3)
requires a certification that a security
has been approved by an exchange for
listing and registration pursuant to
Section 12(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78l(d)) to be filed
with the Commission. The information
required under Rule 12d1–3 must be
filed with the Commission and is
publicly available. We estimate that it
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16:21 Oct 11, 2006
Jkt 211001
takes one-half hour per response to
provide the information required under
Rule 12d1–3 and that the information is
filed by 688 respondents for a total
annual reporting burden of 344 hours (.5
hours per response × 688 responses).
Schedule 13E–4F (17 CFR 240.13e–
102) may be used by any foreign private
issuer if: (1) The issuer is incorporated
or organized under the laws of Canada;
(2) the issuer is making a cash tender or
exchange offer for the issuer’s own
securities; and (3) less than 40 percent
of the class of such issuer’s securities
outstanding that is the subject of the
tender offer is held by U.S. holders. The
information collected must be filed with
the Commission and is publicly
available. We estimate that it takes 2
hours per response to prepare Schedule
13E–4F and that the information is filed
by 3 respondents for a total annual
reporting burden of 6 hours (2 hours per
response × 3 responses).
Form F–X (17 CFR 239.42) is used to
appoint an agent for service of process
by Canadian issuers registering
securities on Form F–7, F–8, F–9 or F–
10 or filing periodic reports on Form
40–F under the Exchange Act of 1934
(15 U.S.C. 78a et seq.). The information
collected must be filed with the
Commission and is publicly available.
We estimate that it takes 2 hours per
response to prepare Form F–X and that
the information is filed by 129
respondents for a total annual reporting
burden of 258 hours (2 hours per
response × 129 responses).
Written comments are invited on: (a)
Whether these proposed collections of
information are necessary for the
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the
collections of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Please direct your written comment to
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.
PO 00000
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Fmt 4703
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60201
Dated: September 28, 2006.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–16849 Filed 10–11–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54565; File No. SR–Amex–
2006–84]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
a Suspension of Transaction Charges
for Specialist Orders in the Nasdaq-100
Tracking Stocksup (QQQQ)
October 3, 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 8, 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 Amex. The
Amex has designated this proposal as
one establishing or changing a member
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Amex Exchange Traded Funds and
Trust Issued Receipts Fee Schedule to
suspend transaction charges for
specialist orders in connection with the
trading of the Nasdaq-100 Index
Tracking Stock (Symbol: QQQQ) from
September 8, 2006 through December
31, 2006. The text of the proposed rule
change is available on the Amex’s Web
site at https://www.amex.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1 15
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).
2 17
E:\FR\FM\12OCN1.SGM
12OCN1
60202
Federal Register / Vol. 71, No. 197 / Thursday, October 12, 2006 / Notices
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
Amex 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 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
rwilkins on PROD1PC63 with NOTICES
The Exchange proposes to suspend
transaction charges for specialist orders
in the Nasdaq-100 Index Tracking
Stocksup (QQQQ) from September 8,
2006 through December 31, 2006.
Previously, the Amex suspended the
transaction charges of specialist orders
in connection with the QQQQ through
August 31, 2006.5
Currently, specialist orders are
charged $0.0034 ($0.34 per 100 shares),
capped at $300 per trade (88,235
shares). Effective December 1, 2004, the
Nasdaq-100 Index Tracking Stock
(formerly ‘‘QQQ’’) transferred its listing
from the Amex to the Nasdaq Stock
Market, Inc. It now trades on Nasdaq
under the symbol QQQQ. After the
transfer, the Amex began trading QQQQ
on an unlisted trading privileges basis.
The Exchange believes that the
proposed suspension of transaction fees
for specialist orders in connection with
the QQQQ is consistent with Section
6(b)(4) of the Act.6 Specifically, the
Exchange believes that the proposal
provides for an equitable allocation of
reasonable fees among Exchange
members largely based on the fact that
a specialist has greater obligations than
other members and is also subject to
other Exchange fees, in addition to
transaction fees.
For example, specialists are subject to
a variety of Exchange fees other than
transaction charges; the Exchange
imposes floor fees solely on specialists
such as a floor clerk fee, a floor facility
5 See Securities Exchange Act Release No. 54227
(July 27, 2006), 71 FR 44055 (August 3, 2006) (SR–
Amex–2006–65).
6 15 U.S.C. 78f(b)(4). Section 6(b)(4) of the Act
requires that the rules of a national securities
exchange provide for the equitable allocation of
reasonable dues, fees, and other charges among its
members and issuers and other persons using its
facilities.
VerDate Aug<31>2005
16:21 Oct 11, 2006
Jkt 211001
fee, a post fee, and registration fee.7 In
addition, for those members on the floor
of the Exchange, a technology fee and
membership fees are also charged by the
Exchange.8 Certain market participants,
such as customers, non-member brokerdealers, market-makers and member
broker-dealers are not subject to the
majority of these fees.
In addition, specialists have certain
obligations under Exchange rules as
well as the Act that do not exist for
other market participants. For example,
pursuant to Amex Rule 170, a specialist
must maintain a fair and orderly market
in his or her assigned securities. Other
members of the Exchange as well as
non-member market participants do not
have this obligation. To adequately
‘‘make a market’’ in assigned securities,
a specialist unit must be sufficiently
staffed 9 and have adequate technology
resources to handle the volume of
orders (especially in the QQQQ) that are
sent to the Exchange. As a result, the
Exchange believes that the proposed
suspension of transaction charges for
specialist orders in the QQQQ is
reasonable and equitable given the
obligations that specialists must adhere
to in making markets.
Further, the Exchange submits that
the fee suspension will provide greater
incentive to the specialist to continue to
provide market liquidity, rendering the
Exchange an attractive venue for market
participants to execute orders.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 10 in general, and
furthers the objectives of Section
6(b)(4) 11 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members and
issuers and other persons using
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change does not impose
any burden on competition that is not
7 The floor clerk, floor facility, post and
registration fees on an annual basis are $900,
$2,400, $1,000 and $800, respectively.
8 A technology fee of $6,000 per year is assessed
on all specialists and other floor participants at the
Exchange. Annual membership dues of $1,500 must
be paid by all members while annual membership
fees are payable depending on the type of
membership and circumstances. Non-members are
not subject to these fees.
9 See Securities Exchange Act Release No. 53386
(February 28, 2006), 71 FR 11250 (March 6, 2006)
(SR–Amex–2005–110).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4).
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Frm 00096
Fmt 4703
Sfmt 4703
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,12 and
paragraph (f)(2) of Rule 19b–4
thereunder 13 because it establishes or
changes a member due, fee, or other
charge. 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:
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–Amex–2006–84 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–Amex–2006–84. 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
12 15
13 17
E:\FR\FM\12OCN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
12OCN1
Federal Register / Vol. 71, No. 197 / Thursday, October 12, 2006 / Notices
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 such filing also will be
available for inspection and copying at
the 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–
2006–84 and should be submitted on or
before November 2, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–16848 Filed 10–11–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54563; File No. SR–CBOE–
2006–78]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Exchange
and Regulatory Bulletin Annual
Subscription Fee
rwilkins on PROD1PC63 with NOTICES
October 3, 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 22, 2006, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ 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. CBOE has designated
this proposal as one establishing or
changing a due, fee, or other charge
imposed by CBOE under Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) thereunder,4 which renders the
14 17
CFR 200.30–3(a)(12).
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).
1 15
VerDate Aug<31>2005
16:21 Oct 11, 2006
Jkt 211001
proposal effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Fees Schedule to amend the Exchange
and Regulatory
Bulletin annual subscription fee. The
text of the proposed rule change is set
forth below. Proposed new language is
italicized; proposed deletions are in
[brackets].
*
*
*
*
*
CHICAGO BOARD OPTIONS
EXCHANGE, INC.
FEES SCHEDULE
1.–4. Unchanged.
Footnotes: (1)–(16) Unchanged.
5.–14. Unchanged.
15. MISCELLANEOUS:
Periodic license or royalty fees for DPMtraded products—CBOE costs passedthrough to DPM (12)
Member Death Benefit (calculated @
$50,000 divided by number of
members assessed)
Trading Floor Printer Maintenance (Per
Month) $75
Exchange Bulletin Subscription
(Annual) $200 [paper]per hard copy
subscription; no charge for electronic
delivery
Late Payment Penalty (Assessed to
balances over 30 days old, per month,
compounded) prime rate
Market Maker Failure to Change
Appointment or Failure to meet inperson Trading Requirements
(allowed 1 warning letter before fee)
$250 per quarter
ABIL Brokerage Billing $.005 per
contract, minimum $50, maximum
$200 per month
ORS Analysis, Floor Efficiency Project
or Market Penetration Reports $100
per month
Ad Hoc Information Services Requests
Production Costs
DPM requests for post modifications/
equipment CBOE costs passedthrough
Crowd Space Dispute Resolution
Hearing Fee (per hearing, per
member) * $1,000
* The Crowd Space Dispute Resolution
Hearing Fee is $1,000 per hearing for each
party to the dispute and will escalate under
certain circumstances pursuant to CBOE Rule
24.21(e). After the hearing is held and all
rights of appeal are exhausted, the prevailing
party in dispute shall obtain a refund of the
Hearing Fee from the Exchange.
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
60203
Remainder of Fees Schedule—
Unchanged.
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
CBOE 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, Proposed Rule
Change
1. Purpose
The Exchange states that the
Exchange and Regulatory Bulletin
(‘‘Bulletin’’) is a weekly publication of
the Exchange that contains Exchange
notices of a regulatory, administrative,
operational and informational nature.
Currently, the Exchange provides each
member with either an e-mail or a hard
copy subscription to the Bulletin free of
charge. Non-members, and members
who wish to receive additional hard
copy subscriptions, are charged $200
annually per hard copy subscription.
There is no charge for e-mail delivery of
the Bulletin.
In order to encourage even greater use
of electronic delivery, the Exchange
proposes to eliminate the
complimentary hard copy subscription
for members and assess a fee of $200 per
year for each hard copy subscription to
the Bulletin.
The Exchange intends to implement
the revised fee effective October 1, 2006.
2. Statutory Basis.
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 5 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 6 in particular, in that it is an
equitable allocation of reasonable dues,
fees, and other charges among Exchange
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
5 15
6 15
E:\FR\FM\12OCN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
12OCN1
]]>Agencies
[Federal Register Volume 71, Number 197 (Thursday, October 12, 2006)]
[Notices]
[Pages 60201-60203]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-16848]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54565; File No. SR-Amex-2006-84]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to a Suspension of Transaction Charges for Specialist Orders
in the Nasdaq-100 Tracking Stocksup[supreg] (QQQQ)
October 3, 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 8, 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 Amex. The Amex has
designated this proposal as one establishing or changing a member 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 Exchange proposes to amend the Amex Exchange Traded Funds and
Trust Issued Receipts Fee Schedule to suspend transaction charges for
specialist orders in connection with the trading of the Nasdaq-100
Index Tracking Stock[supreg] (Symbol: QQQQ) from September 8, 2006
through December 31, 2006. The text of the proposed rule change is
available on the Amex's Web site at https://www.amex.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
[[Page 60202]]
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 Amex 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 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 Exchange proposes to suspend transaction charges for specialist
orders in the Nasdaq-100 Index Tracking Stocksup[supreg] (QQQQ) from
September 8, 2006 through December 31, 2006. Previously, the Amex
suspended the transaction charges of specialist orders in connection
with the QQQQ through August 31, 2006.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54227 (July 27,
2006), 71 FR 44055 (August 3, 2006) (SR-Amex-2006-65).
---------------------------------------------------------------------------
Currently, specialist orders are charged $0.0034 ($0.34 per 100
shares), capped at $300 per trade (88,235 shares). Effective December
1, 2004, the Nasdaq-100 Index Tracking Stock[supreg] (formerly ``QQQ'')
transferred its listing from the Amex to the Nasdaq Stock Market, Inc.
It now trades on Nasdaq under the symbol QQQQ. After the transfer, the
Amex began trading QQQQ on an unlisted trading privileges basis.
The Exchange believes that the proposed suspension of transaction
fees for specialist orders in connection with the QQQQ is consistent
with Section 6(b)(4) of the Act.\6\ Specifically, the Exchange believes
that the proposal provides for an equitable allocation of reasonable
fees among Exchange members largely based on the fact that a specialist
has greater obligations than other members and is also subject to other
Exchange fees, in addition to transaction fees.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(4). Section 6(b)(4) of the Act requires
that the rules of a national securities exchange provide for the
equitable allocation of reasonable dues, fees, and other charges
among its members and issuers and other persons using its
facilities.
---------------------------------------------------------------------------
For example, specialists are subject to a variety of Exchange fees
other than transaction charges; the Exchange imposes floor fees solely
on specialists such as a floor clerk fee, a floor facility fee, a post
fee, and registration fee.\7\ In addition, for those members on the
floor of the Exchange, a technology fee and membership fees are also
charged by the Exchange.\8\ Certain market participants, such as
customers, non-member broker-dealers, market-makers and member broker-
dealers are not subject to the majority of these fees.
---------------------------------------------------------------------------
\7\ The floor clerk, floor facility, post and registration fees
on an annual basis are $900, $2,400, $1,000 and $800, respectively.
\8\ A technology fee of $6,000 per year is assessed on all
specialists and other floor participants at the Exchange. Annual
membership dues of $1,500 must be paid by all members while annual
membership fees are payable depending on the type of membership and
circumstances. Non-members are not subject to these fees.
---------------------------------------------------------------------------
In addition, specialists have certain obligations under Exchange
rules as well as the Act that do not exist for other market
participants. For example, pursuant to Amex Rule 170, a specialist must
maintain a fair and orderly market in his or her assigned securities.
Other members of the Exchange as well as non-member market participants
do not have this obligation. To adequately ``make a market'' in
assigned securities, a specialist unit must be sufficiently staffed \9\
and have adequate technology resources to handle the volume of orders
(especially in the QQQQ) that are sent to the Exchange. As a result,
the Exchange believes that the proposed suspension of transaction
charges for specialist orders in the QQQQ is reasonable and equitable
given the obligations that specialists must adhere to in making
markets.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 53386 (February 28,
2006), 71 FR 11250 (March 6, 2006) (SR-Amex-2005-110).
---------------------------------------------------------------------------
Further, the Exchange submits that the fee suspension will provide
greater incentive to the specialist to continue to provide market
liquidity, rendering the Exchange an attractive venue for market
participants to execute orders.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \10\ in general, and furthers the
objectives of Section 6(b)(4) \11\ in particular, in that it is
designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among its members and issuers and other persons
using facilities.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 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 does 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,\12\ and paragraph (f)(2) of Rule
19b-4 thereunder \13\ because it establishes or changes a member due,
fee, or other charge. 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.
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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4(f)(2).
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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-Amex-2006-84 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-Amex-2006-84. 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
[[Page 60203]]
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 such filing also will be
available for inspection and copying at the 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-2006-84 and should be submitted on
or before November 2, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
J. Lynn Taylor,
Assistant Secretary.
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\14\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E6-16848 Filed 10-11-06; 8:45 am]
BILLING CODE 8011-01-P
