Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Application of Membership Fees, 3178-3179 [07-284]
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3178
Federal Register / Vol. 72, No. 15 / Wednesday, January 24, 2007 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which Amex consents, the
Commission will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
Amex has requested accelerated
approval of this proposed rule change
prior to the 30th day after the date of
publication of the notice of the filing
thereof. The Commission has
determined that a 15-day comment
period is appropriate in this case.
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:
pwalker on PROD1PC71 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form (www.sec.gov/rules/
sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Amex–2006–86 on the
subject line.
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room. Copies of the filing also will be
available for inspection and copying at
the principal office of the Exchange. 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–2006–86 and should
be submitted on or before February 8,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.31
Nancy M. Morris,
Secretary.
[FR Doc. E7–954 Filed 1–23–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55119; File No. SR–
NASDAQ–2006–059]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Regarding
Application of Membership Fees
January 18, 2007.
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 December
19, 2006, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’) filed with the Securities
Paper Comments
and Exchange Commission
• Send paper comments in triplicate
(‘‘Commission’’) the proposed rule
to Nancy M. Morris, Secretary,
change as described in Items, I, II, and
Securities and Exchange Commission,
III below, which Items have been
100 F Street, NE., Washington, DC
substantially prepared by Nasdaq.
20549–1090.
Nasdaq has filed the proposal pursuant
All submissions should refer to File
to Section 19(b)(3)(A) of the Act 3 and
Number SR–Amex–2006–86. This file
Rule 19b–4(f)(2) thereunder,4 which
number should be included on the
subject line if e-mail is used. To help the renders the proposal effective upon
filing with the Commission. The
Commission process and review your
Commission is publishing this notice to
comments more efficiently, please use
only one method. The Commission will solicit comments on the proposed rule
post all comments on the Commission’s change from interested persons.
Internet Web site (https://www.sec.gov/
I. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Statement of the Terms of Substance of
submission, all subsequent
the Proposed Rule Change
amendments, all written statements
Nasdaq proposes to clarify the
with respect to the proposed rule
application of periodic membership fees
change that are filed with the
under Rule 7001. Nasdaq proposes to
Commission, and all written
communications relating to the
31 17 CFR 200.30–3(a)(12).
proposed rule change between the
1 15 U.S.C. 78s(b)(1).
Commission and any person, other than
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
those that may be withheld from the
4 17 CFR 240.19b–4(f)(2).
public in accordance with the
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17:44 Jan 23, 2007
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implement the proposed rule change
immediately. The text of the proposed
rule change is available at Nasdaq, the
Commission’s Public Reference Room,
and https://www.nasdaq.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq 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. Nasdaq 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
Nasdaq is adding text to Rule 7001 to
clarify the application of its
membership fees. To simplify the
administration of these fees, Nasdaq
imposes the fees on all persons that are
members as of a date determined by
Nasdaq: In December of each year, in
the case of the annual membership fee,
and a date in the course of the month,
in the case of the trading rights fee.
Persons that become Nasdaq members
after the date on which the fee for a
particular period is assessed are not
required to pay the fee for that period.
Thus, for example, the annual fee for
2007 will be assessed on December 21,
2006; persons that become Nasdaq
members after that date would not pay
an annual fee for 2007, but would pay
the annual fee for 2008 if they continue
to be Nasdaq members on the fee
assessment date in December 2007. The
fees are non-refundable. Thus, if a firm
ceased to be a Nasdaq member during
the course of 2007, it would not receive
a refund of all or any portion of the
annual fee. This process is consistent
with the long-standing procedures of
NASD with respect to its periodic
membership fees that have also been
adopted by Nasdaq in its transition from
NASD subsidiary to independent
exchange.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6 of the Act,5 in
general, and with Sections 6(b)(4) of the
5 15
E:\FR\FM\24JAN1.SGM
U.S.C. 78f.
24JAN1
Federal Register / Vol. 72, No. 15 / Wednesday, January 24, 2007 / Notices
Act,6 in particular, in that the proposal
provides for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using any facility or
system which Nasdaq operates or
controls.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
subject to Section 19(b)(3)(A)(ii) of the
Act 7 and subparagraph (f)(2) of Rule
19b–4 thereunder 8 because it
establishes or changes a due, fee, or
other charge applicable only to a
member imposed by the self-regulatory
organization. Accordingly, the proposal
is effective upon Commission receipt of
the filing. 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:
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2006–059. 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
Room. Copies of the filing also will be
available for inspection and copying at
the principal office of Nasdaq. 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–NASDAQ–2006–059 and
should be submitted on or before
February 14, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 07–284 Filed 1–23–07; 8:45 am]
BILLING CODE 8011–01–M
pwalker on PROD1PC71 with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55113; File No. SR–NYSE–
2006–101]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Order Granting Accelerated
Approval of a Proposed Rule Change
as Modified by Amendments No. 1 and
2 Thereto Adopting Generic Listing
Standards for Exchange-Traded Funds
Based on International or Global
Indexes or Indexes Previously
Approved by the Commission as
Underlying Benchmarks for Derivative
Securities
January 17, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on November 21, 2006, the New York
Stock Exchange LLC (‘‘NYSE’’ 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
substantially prepared by the Exchange.
On January 11, 2007, the Exchange filed
Amendment No. 1 to the proposal. On
January 16, 2007, the Exchange filed
Amendment No. 2 to the proposal. This
order provides notice of the proposed
rule change as amended and approves
the proposed rule change as amended
on an accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The text of the proposed rule change
is available at the Exchange, from the
Commission’s Public Reference Room,
and on NYSE’s Web site (https://
www.nyse.com).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
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–NASDAQ–2006–059
on the subject line.
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 III below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A)(ii).
8 17 CFR 240.19b–4(f)(2).
6 15
7 15
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1 15
9 17
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CFR 200.30–3(a)(12).
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2 17
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E:\FR\FM\24JAN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
24JAN1
]]>Agencies
[Federal Register Volume 72, Number 15 (Wednesday, January 24, 2007)]
[Notices]
[Pages 3178-3179]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-284]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55119; File No. SR-NASDAQ-2006-059]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Regarding Application of Membership Fees
January 18, 2007.
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 December 19, 2006, The NASDAQ Stock Market LLC (``Nasdaq'') 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 substantially prepared by Nasdaq. Nasdaq has filed the
proposal 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\ 15 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Nasdaq proposes to clarify the application of periodic membership
fees under Rule 7001. Nasdaq proposes to implement the proposed rule
change immediately. The text of the proposed rule change is available
at Nasdaq, the Commission's Public Reference Room, and https://
www.nasdaq.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Nasdaq 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. Nasdaq 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
Nasdaq is adding text to Rule 7001 to clarify the application of
its membership fees. To simplify the administration of these fees,
Nasdaq imposes the fees on all persons that are members as of a date
determined by Nasdaq: In December of each year, in the case of the
annual membership fee, and a date in the course of the month, in the
case of the trading rights fee. Persons that become Nasdaq members
after the date on which the fee for a particular period is assessed are
not required to pay the fee for that period. Thus, for example, the
annual fee for 2007 will be assessed on December 21, 2006; persons that
become Nasdaq members after that date would not pay an annual fee for
2007, but would pay the annual fee for 2008 if they continue to be
Nasdaq members on the fee assessment date in December 2007. The fees
are non-refundable. Thus, if a firm ceased to be a Nasdaq member during
the course of 2007, it would not receive a refund of all or any portion
of the annual fee. This process is consistent with the long-standing
procedures of NASD with respect to its periodic membership fees that
have also been adopted by Nasdaq in its transition from NASD subsidiary
to independent exchange.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\5\ in general, and with
Sections 6(b)(4) of the
[[Page 3179]]
Act,\6\ in particular, in that the proposal provides for the equitable
allocation of reasonable dues, fees, and other charges among its
members and issuers and other persons using any facility or system
which Nasdaq operates or controls.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is subject to Section
19(b)(3)(A)(ii) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4
thereunder \8\ because it establishes or changes a due, fee, or other
charge applicable only to a member imposed by the self-regulatory
organization. Accordingly, the proposal is effective upon Commission
receipt of the filing. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or Send an e-mail to rule-
comments@sec.gov. Please include File Number SR-NASDAQ-2006-059 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-NASDAQ-2006-059. 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 Room. Copies of the
filing also will be available for inspection and copying at the
principal office of Nasdaq. 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-NASDAQ-2006-059 and should be submitted on or before
February 14, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 07-284 Filed 1-23-07; 8:45 am]
BILLING CODE 8011-01-M
