Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of the Pilot Period Applicable to CBOE's Listing and Trading of Options on the iShares MSCI Emerging Markets Index Fund, 74968-74969 [E6-21173]
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74968
Federal Register / Vol. 71, No. 239 / Wednesday, December 13, 2006 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54876; File No. SR–CBOE–
2006–103]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Extension
of the Pilot Period Applicable to
CBOE’s Listing and Trading of Options
on the iShares MSCI Emerging Markets
Index Fund
December 5, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
4, 2006, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed
this 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 which
renders the proposed rule change
effective upon filing with the
commission.5 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 Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)
proposes to extend the pilot period
applicable to CBOE’s listing and trading
of options on the iShares MSCI
Emerging Markets Index Fund (‘‘Fund
Options’’). CBOE is not proposing any
textual changes to the rules of CBOE.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.com), the Office of the
Secretary, CBOE, and at the
Commission’s Public Reference Room.
hsrobinson on PROD1PC76 with NOTICES
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).
5 The Exchange requested the Commission to
waive the five-day pre-filing notice requirement and
the 30-day operative delay, as specified in Rule
19b–4(f)(6)(iii). 17 CFR 240.19b–4(f)(6)(iii).
2 17
VerDate Aug<31>2005
21:31 Dec 12, 2006
Jkt 211001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE 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 those
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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On April 10, 2006, the Commission
approved a CBOE proposal (SR–CBOE–
2006–32) to list and trade Fund
Options.6 SR–CBOE–2006–32 was
approved for a sixty-day pilot period
that was due to expire on June 9, 2006
(‘‘Pilot’’). On May 31, 2006, CBOE filed
SR–CBOE–2006–56 which extended the
Pilot for an additional 90 days, until
September 7, 2006.7 On August 21,
2006, CBOE filed SR–CBOE–2006–72
which extended the Pilot for an
additional 90 days, until December 7,
2006.8
The Fund Options will continue to
meet substantially all of the listing and
maintenance standards in CBOE Rules
5.3.06 and 5.4.08, respectively. For the
requirements that are not met, the
Exchange continues to represent that
sufficient mechanisms exist that would
provide the Exchange with adequate
surveillance and regulatory information
with respect to the Fund. Continuation
of the Pilot would permit the Exchange
to continue to work with the Bolsa
Mexicana de Valores (‘‘Bolsa’’) to
develop a surveillance sharing
agreement.9
CBOE now proposes to extend the
Pilot for an additional 90 days, until
June 7, 2007.
6 See Securities Exchange Act Release No. 53621
(April 10, 2006), 71 FR 19568 (April 14, 2006) (SR–
CBOE–2006–32).
7 See Securities Exchange Act Release No. 53930
(June 1, 2006), 71 FR 33322 (June 8, 2006) (granting
immediate effectiveness to SR–CBOE–2006–56).
8 See Securities Exchange Act Release No. 54347
(August 22, 2006), 71 FR 51242 (August 29, 2006)
(granting immediate effectiveness to SR–CBOE–
2006–72).
9 Telephone conference between Patrick Sexton,
Associate General Counsel, Exchange and Geoffrey
Pemble, Special Counsel, Division of Market
Regulation, Commission, on December 5, 2006.
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to a national
securities exchange and, in particular,
the requirements of Section 6(b) of the
Act.10 Specifically, the Exchange
believes the proposed rule change is
consistent with the Section 6(b)(5) Act 11
requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, to
prevent fraudulent and manipulative
acts and, in general, to protect investors
and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of 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 either
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) of the Act 12 and
Rule 19b–4(f)(6) thereunder 13 because
the proposed rule change: (1) Does not
significantly affect the protection of
investors or the public interest; (2) does
not impose any significant burden on
competition; and (3) does not become
operative for 30 days from the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest pursuant to Section
19(b)(3)(A) of the Act 14 and Rule 19b–
4(f)(6) 15 thereunder.
The Exchange has requested that the
Commission waive the five-day prefiling notice requirement and the 30-day
operative delay.16 The Commission is
exercising its authority to waive the
five-day pre-filing notice requirement
and believes that the waiver of the 30day operative delay is consistent with
the protection of investors and the
10 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
14 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
11 15
E:\FR\FM\13DEN1.SGM
13DEN1
Federal Register / Vol. 71, No. 239 / Wednesday, December 13, 2006 / Notices
public interest. Waiver of the five-day
pre-filing and 30-day operative periods
will extend the Pilot, which would
otherwise expire on December 7, 2006,
and allow the Exchange to continue in
its efforts to obtain a surveillance
agreement with the Bolsa. Accordingly,
the Commission designates the proposal
to be effective and operative upon filing
with the Commission.17
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 the 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:
hsrobinson on PROD1PC76 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2006–103 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–CBOE–2006–103. 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
17 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
VerDate Aug<31>2005
21:31 Dec 12, 2006
Jkt 211001
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 20549–1090. Copies of such filing
also will be available for inspection and
copying at the principal office of the
CBOE. 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–CBOE–2006–103 and
should be submitted on or before
January 3, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E6–21173 Filed 12–12–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54875; File No. SR–ISE–
2006–70]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to an ISE Stock
Exchange Fee Waiver
74969
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to amend
its Schedule of Fees to extend a fee
waiver related to the ISE Stock
Exchange. The text of the proposed rule
change is available on the Exchange’s
Web site, https://www.iseoptions.com, at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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 the
Statutory Basis for, the Proposed Rule
Change
December 5, 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 November
30, 2006, the International Securities
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Exchange has designated this
proposal as one establishing or changing
a due, fee, or other charge imposed by
a self-regulatory organization pursuant
to Section 19(b)(3)(A) 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. Purpose
The purpose of this proposed rule
change is to extend a fee waiver related
to the trading of equity securities on the
ISE Stock Exchange (‘‘ISE Stock’’), a
facility of the Exchange. The Exchange
currently waives all execution fees in an
effort to promote trading on ISE Stock.5
The fee waiver is scheduled to expire on
December 1, 2006. In an effort to
continue the promotion of ISE Stock,
the Exchange proposes to extend the
waiver of all execution fees until March
1, 2007.
2. Statutory Basis
The Exchange believes that the
proposed rule change furthers the
objectives of Section 6(b)(4) of the Act,6
in that it is an equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
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).
4 17 CFR 240.19b–4(f)(2).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change would impose no
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
18 17
1 15
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
5 See Securities Exchange Act Release No. 54561
(October 2, 2006), 71 FR 59844 (October 11, 2006)
(SR–ISE–2006–54).
6 15 U.S.C. 78f(b)(4).
E:\FR\FM\13DEN1.SGM
13DEN1
]]>Agencies
[Federal Register Volume 71, Number 239 (Wednesday, December 13, 2006)]
[Notices]
[Pages 74968-74969]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-21173]
[[Page 74968]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54876; File No. SR-CBOE-2006-103]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the Extension of the Pilot Period Applicable to
CBOE's Listing and Trading of Options on the iShares MSCI Emerging
Markets Index Fund
December 5, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 4, 2006, the Chicago Board Options Exchange,
Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change as
described in Items I and II below, which Items have been prepared by
the Exchange. The Exchange filed this 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\
which renders the proposed rule change effective upon filing with the
commission.\5\ 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)(6).
\5\ The Exchange requested the Commission to waive the five-day
pre-filing notice requirement and the 30-day operative delay, as
specified in Rule 19b-4(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Chicago Board Options Exchange, Incorporated (``CBOE'' or
``Exchange'') proposes to extend the pilot period applicable to CBOE's
listing and trading of options on the iShares MSCI Emerging Markets
Index Fund (``Fund Options''). CBOE is not proposing any textual
changes to the rules of CBOE. The text of the proposed rule change is
available on the Exchange's Web site (https://www.cboe.com), the Office
of the Secretary, CBOE, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE 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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On April 10, 2006, the Commission approved a CBOE proposal (SR-
CBOE-2006-32) to list and trade Fund Options.\6\ SR-CBOE-2006-32 was
approved for a sixty-day pilot period that was due to expire on June 9,
2006 (``Pilot''). On May 31, 2006, CBOE filed SR-CBOE-2006-56 which
extended the Pilot for an additional 90 days, until September 7,
2006.\7\ On August 21, 2006, CBOE filed SR-CBOE-2006-72 which extended
the Pilot for an additional 90 days, until December 7, 2006.\8\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 53621 (April 10,
2006), 71 FR 19568 (April 14, 2006) (SR-CBOE-2006-32).
\7\ See Securities Exchange Act Release No. 53930 (June 1,
2006), 71 FR 33322 (June 8, 2006) (granting immediate effectiveness
to SR-CBOE-2006-56).
\8\ See Securities Exchange Act Release No. 54347 (August 22,
2006), 71 FR 51242 (August 29, 2006) (granting immediate
effectiveness to SR-CBOE-2006-72).
---------------------------------------------------------------------------
The Fund Options will continue to meet substantially all of the
listing and maintenance standards in CBOE Rules 5.3.06 and 5.4.08,
respectively. For the requirements that are not met, the Exchange
continues to represent that sufficient mechanisms exist that would
provide the Exchange with adequate surveillance and regulatory
information with respect to the Fund. Continuation of the Pilot would
permit the Exchange to continue to work with the Bolsa Mexicana de
Valores (``Bolsa'') to develop a surveillance sharing agreement.\9\
---------------------------------------------------------------------------
\9\ Telephone conference between Patrick Sexton, Associate
General Counsel, Exchange and Geoffrey Pemble, Special Counsel,
Division of Market Regulation, Commission, on December 5, 2006.
---------------------------------------------------------------------------
CBOE now proposes to extend the Pilot for an additional 90 days,
until June 7, 2007.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to a
national securities exchange and, in particular, the requirements of
Section 6(b) of the Act.\10\ Specifically, the Exchange believes the
proposed rule change is consistent with the Section 6(b)(5) Act \11\
requirements that the rules of an exchange be designed to promote just
and equitable principles of trade, to prevent fraudulent and
manipulative acts and, in general, to protect investors and the public
interest.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of 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 either 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) of the Act \12\ and Rule 19b-4(f)(6) thereunder
\13\ because the proposed rule change: (1) Does not significantly
affect the protection of investors or the public interest; (2) does not
impose any significant burden on competition; and (3) does not become
operative for 30 days from the date of filing, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest pursuant to Section 19(b)(3)(A) of
the Act \14\ and Rule 19b-4(f)(6) \15\ thereunder.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
The Exchange has requested that the Commission waive the five-day
pre-filing notice requirement and the 30-day operative delay.\16\ The
Commission is exercising its authority to waive the five-day pre-filing
notice requirement and believes that the waiver of the 30-day operative
delay is consistent with the protection of investors and the
[[Page 74969]]
public interest. Waiver of the five-day pre-filing and 30-day operative
periods will extend the Pilot, which would otherwise expire on December
7, 2006, and allow the Exchange to continue in its efforts to obtain a
surveillance agreement with the Bolsa. Accordingly, the Commission
designates the proposal to be effective and operative upon filing with
the Commission.\17\
---------------------------------------------------------------------------
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
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 the 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 rule-comments@sec.gov. Please include
File Number SR-CBOE-2006-103 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-CBOE-2006-103. 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 20549-1090. Copies of such filing also will be
available for inspection and copying at the principal office of the
CBOE. 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-
CBOE-2006-103 and should be submitted on or before January 3, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E6-21173 Filed 12-12-06; 8:45 am]
BILLING CODE 8011-01-P
