Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Transaction Charges for Equities, ETFs, and Nasdaq UTP Securities, 13144-13145 [E7-4977]
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13144
Federal Register / Vol. 72, No. 53 / Tuesday, March 20, 2007 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55459; File No. SR–Amex–
2007–28]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
Transaction Charges for Equities,
ETFs, and Nasdaq UTP Securities
March 13, 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 March 1,
2007, 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
substantially prepared by the Exchange.
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 revise its
Equities, Exchange Traded Funds and
Trust Issued Receipts (‘‘ETFs’’), and
Nasdaq UTP Fee Schedules
(collectively, the ‘‘Fee Schedule’’).
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.amex.com), at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
pwalker on PROD1PC71 with 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
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
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
15:08 Mar 19, 2007
1. Purpose
The Exchange recently revised its
Equities, ETFs, and Nasdaq UTP Fee
Schedules.3 The Exchange is now
proposing to make some additional
changes to each of the fee schedules.
The Equity Fee Schedule will be
amended to (1) clarify that Amex
transaction charges assessed for orders
routed through the NMS Linkage Plan
apply only to orders routed to Amex
and not to orders routed from Amex to
another market center; and (2) provide
that there will be no transaction charge
for equities executed at a per-share price
below $1.00. The ETF Fee Schedule will
be amended to (1) decrease the rate
charged to member firms for customer
account transactions from $0.34 to $0.30
per 100 shares; (2) eliminate the Value
Based Fee currently charged for
transactions for the accounts of nonmember competing market makers; (3)
clarify that Amex transaction charges
assessed for orders routed through the
NMS Linkage Plan apply only to orders
routed to Amex and not to orders routed
from Amex to another market center;
and (4) provide that there will be no
transaction charge for ETFs executed at
a per-share price below $1.00. The
Nasdaq UTP Fee Schedule will be
amended to provide that there will be
no transaction charge for Nasdaq UTP
securities executed at a per-share price
below $1.00.
2. Statutory Basis
The proposed fee change is consistent
with Section 6(b)(4) of the Act 4
regarding the equitable allocation of
reasonable dues, fees, and other charges
among exchange members and other
persons using exchange facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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.
3 See SR–Amex–2007–23 filed on February 22,
2007.
4 15 U.S.C. 78f(b)(4).
1 15
VerDate Aug<31>2005
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Jkt 211001
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Frm 00067
Fmt 4703
Sfmt 4703
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 5 and
Rule 19b–4(f)(2) thereunder 6 because it
establishes or changes a due, fee, or
other charge imposed by the Exchange.
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
No. SR–Amex–2007–28 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–Amex–2007–28. 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
5 15
6 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 19b–4(f)(2).
E:\FR\FM\20MRN1.SGM
20MRN1
Federal Register / Vol. 72, No. 53 / Tuesday, March 20, 2007 / Notices
Room. Copies of the filing also will be
available for inspection and copying at
the principal office of 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–2007–28 and should
be submitted on or before April 10,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–4977 Filed 3–19–07; 8:45 am]
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
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
BILLING CODE 8010–01–P
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55460; File No. SR–Amex–
2007–30]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
Transaction Charges for Equities and
ETFs
March 13, 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 March 8,
2007, 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 and II
below, which Items have been
substantially prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
pwalker on PROD1PC71 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to revise
Equities and Exchange Traded Funds
and Trust Issued Receipts (‘‘ETFs’’) Fee
Schedules (collectively, the ‘‘Fee
Schedule’’).
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.amex.com), at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
15:08 Mar 19, 2007
Jkt 211001
The Exchange recently revised its
Equities, ETFs, and Nasdaq UTP Fee
Schedules.3 The Exchange is now
proposing to make some additional
changes to the Equities and ETFs Fee
Schedules. The Equity Fee Schedule
currently provides a waiver of
transaction charges for orders of up to
500 shares entered electronically into
the Amex Order File from off the floor
(‘‘System Orders’’). This transaction
charge waiver does not apply to the
System Orders of a member or member
organization trading as an agent for the
account of a non-member competing
market maker.4 The Exchange is now
proposing to extend the transaction
charge waiver to System Orders for the
accounts of non-member competing
market makers. Thus, the Equity Fee
Schedule is being amended to eliminate
the second and third sentences of Item
3 on the schedule.
The ETF Fee Schedule also provides
a waiver of transaction charges for
orders entered electronically into the
Amex Order File from off the floor.
However for ETFs, orders up to 2,400
shares are deemed to be System Orders
for which transaction charges are
waived. Again, the transaction charge
waiver currently does not apply to the
System Orders of a member or member
organization trading as an agent for the
account of a non-member competing
market maker. The Exchange is now
proposing to extend the transaction
3 See SR–Amex–2007–23 filed on February 22,
2007 and SR–Amex–2007–28 filed on March 1,
2007.
4 A competing market maker is defined for
purposes of the Equity and ETF Fee Schedules as
a specialist or market maker registered as such on
a registered stock exchange (other than Amex), or
a market maker bidding and offering over-thecounter, in an Amex-traded security.
PO 00000
Frm 00068
Fmt 4703
Sfmt 4703
13145
charge waiver to System Orders for the
accounts of non-member competing
market makers. Thus, the ETF Fee
Schedule is being amended to eliminate
the second and third sentences of Note
1 on the schedule.
The Exchange is also proposing to
apply the waiver of transaction charges
for System Orders in equities and ETFs
for the accounts of non-member
competing market makers retroactively,
beginning March 1, 2007.
2. Statutory Basis
The proposed fee change is consistent
with Section 6(b)(4) of the Act 5
regarding the equitable allocation of
reasonable dues, fees, and other charges
among exchange members and other
persons using exchange facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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 rule change has become
effective immediately pursuant to
Section 19(b)(3)(A)(iii) of the Act 6 and
Rule 19b–4(f)(6) 7 thereunder because it
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate.8
The Commission has determined to
waive the 30-day operative delay. The
Commission believes that doing so is
consistent with the protection of
investors and the public interest
because eligible parties will be able to
obtain the benefit of the fee waivers
immediately. Accordingly, the
5 15
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A)(iii).
7 17 CFR 240.19b–4(f)(6).
8 Rule 19b–4(f)(6) also requires the self-regulatory
organization to give the Commission notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designed by the Commission. The
Commission has determined to waive the five-day
pre-filing requirement.
6 15
E:\FR\FM\20MRN1.SGM
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Agencies
[Federal Register Volume 72, Number 53 (Tuesday, March 20, 2007)]
[Notices]
[Pages 13144-13145]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4977]
[[Page 13144]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55459; File No. SR-Amex-2007-28]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Transaction Charges for Equities, ETFs, and Nasdaq UTP
Securities
March 13, 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 March 1, 2007, 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 substantially prepared by the
Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to revise its Equities, Exchange Traded Funds
and Trust Issued Receipts (``ETFs''), and Nasdaq UTP Fee Schedules
(collectively, the ``Fee Schedule'').
The text of the proposed rule change is available on the Exchange's
Web site (https://www.amex.com), at the Exchange's principal office, 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 proposed rule change. 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 recently revised its Equities, ETFs, and Nasdaq UTP
Fee Schedules.\3\ The Exchange is now proposing to make some additional
changes to each of the fee schedules. The Equity Fee Schedule will be
amended to (1) clarify that Amex transaction charges assessed for
orders routed through the NMS Linkage Plan apply only to orders routed
to Amex and not to orders routed from Amex to another market center;
and (2) provide that there will be no transaction charge for equities
executed at a per-share price below $1.00. The ETF Fee Schedule will be
amended to (1) decrease the rate charged to member firms for customer
account transactions from $0.34 to $0.30 per 100 shares; (2) eliminate
the Value Based Fee currently charged for transactions for the accounts
of non-member competing market makers; (3) clarify that Amex
transaction charges assessed for orders routed through the NMS Linkage
Plan apply only to orders routed to Amex and not to orders routed from
Amex to another market center; and (4) provide that there will be no
transaction charge for ETFs executed at a per-share price below $1.00.
The Nasdaq UTP Fee Schedule will be amended to provide that there will
be no transaction charge for Nasdaq UTP securities executed at a per-
share price below $1.00.
---------------------------------------------------------------------------
\3\ See SR-Amex-2007-23 filed on February 22, 2007.
---------------------------------------------------------------------------
2. Statutory Basis
The proposed fee change is consistent with Section 6(b)(4) of the
Act \4\ regarding the equitable allocation of reasonable dues, fees,
and other charges among exchange members and other persons using
exchange facilities.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
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 \5\ and Rule 19b-4(f)(2) thereunder
\6\ because it establishes or changes a due, fee, or other charge
imposed by the Exchange. 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 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 No. SR-Amex-2007-28 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2007-28. 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
[[Page 13145]]
Room. Copies of the filing also will be available for inspection and
copying at the principal office of 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-2007-28 and should be submitted on
or before April 10, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4977 Filed 3-19-07; 8:45 am]
BILLING CODE 8010-01-P