Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Participant Fees and Credits, 19222-19223 [E7-7223]
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sroberts on PROD1PC70 with NOTICES
19222
Federal Register / Vol. 72, No. 73 / Tuesday, April 17, 2007 / Notices
XVIII provides procedural rights to
contest the fine imposed pursuant to the
BOX MRVP and permits disciplinary
proceedings on the matter, the
Commission believes that BOX Rule
Chapter X, as amended by this proposal,
provides a fair procedure for the
disciplining of members and persons
associated with members, consistent
with Sections 6(b)(7) and 6(d)(1) of the
Act.8
Finally, the Commission finds that the
proposal is consistent with the public
interest, the protection of investors, or
otherwise in furtherance of the purposes
of the Act, as required by Rule 19d–
1(c)(2) under the Act 9 which governs
minor rule violation plans. The
Commission believes that the proposed
rule change would strengthen the
Exchange’s ability to carry out its
oversight and enforcement
responsibilities as a self-regulatory
organization in cases where full
disciplinary proceedings are unsuitable
in view of the minor nature of the
particular violation.
In approving this proposed rule
change the Commission in no way
minimizes the importance of
compliance with BOX rules and all
other rules subject to the imposition of
fines under the BOX MRVP. The
Commission believes that the violation
of any self-regulatory organization’s
rules, as well as Commission rules, is a
serious matter. However, the BOX
MRVP provides a reasonable means of
addressing rule violations that do not
rise to the level of requiring formal
disciplinary proceedings, while
providing greater flexibility in handling
certain violations. The Commission
expects that BSE would continue to
conduct surveillance with due diligence
and make a determination based on its
findings, on a case-by-case basis,
whether a fine of more or less than the
recommended amount is appropriate for
a violation under the BOX MRVP or
whether a violation requires formal
disciplinary action under BSE Rule
Chapter XXX.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 10 and Rule
19d–1(c)(2) under the Act,11 that the
proposed rule change (SR–BSE–2006–
11), as modified by Amendments No. 1
and 2, be, and hereby is, approved and
declared effective.
8 15
U.S.C. 78f(b)(7) and 78f(d)(1).
CFR 240.19d–1(c)(2).
10 15 U.S.C. 78s(b)(2).
11 17 CFR 240.19d–1(c)(2).
19:39 Apr 16, 2007
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55613; File No. SR–CHX–
2007–11]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Participant Fees and Credits
April 10, 2007.
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 March 22,
2007, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ 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 CHX. On
April 10, 2007, the CHX filed
Amendment No. 1 to the proposed rule
change. The Commission is publishing
this notice to solicit comments on the
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The CHX proposes to amend its
Schedule of Participant Fees and Credits
(the ‘‘Fee Schedule’’) to remove
provisions that are no longer in effect
due to the roll-out of the Exchange’s
new trading model. The text of this
proposed rule change is available at the
CHX, on the Exchange’s Web site at
https://www.chx.com/rules/
proposed_rules.htm, and in 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
CHX included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposed
12 17 CFR 200.30–3(a)(12); 17 CFR 200.30–
3(a)(44).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
9 17
VerDate Aug<31>2005
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–7225 Filed 4–16–07; 8:45 am]
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rule change. The text of these statements
may be examined at the places specified
in Item IV below. The CHX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On January 26, 2007, the CHX
completed the transition to its new
trading model.3 The Exchange now
proposes to amend its Fee Schedule to
delete several provisions that are no
longer in effect as a result of that
transition. The provisions of the Fee
Schedule that would be deleted through
this filing include: (1) Section E(8)
(Transaction and Order Processing Fees
Associated with Securities Not Yet
Traded in the Matching System); (2)
Parts of Section F(2) (Institutional
Broker Credits); (3) Section F(4) (TwoSided Quote Providers); (4) Section L
(Space Charges); and (5) Section M
(Equipment, Information Services and
Technology Charges). Each of these
provisions currently contains an
introductory note confirming that it is
only in effect until the transition to the
new trading model or contains an
effective date that has been exceeded.4
Because of the transition to the new
trading model, these fees are no longer
in effect for the Exchange’s
participants.5
3 See Securities Exchange Act Release No. 54550
(September 29, 2006); 71 FR 59563 (October 10,
2006) (SR–CHX–2006–05) (approving rules for the
new trading model).
4 See, e.g., Section E(8) of the Fee Schedule
(confirming that ‘‘these fees will continue to be
charged as the Exchange transitions to its new
trading model, but will be eliminated as each issue
transitions to the new trading model’’); see also
Section F(4) of the Fee Schedule (noting that it is
in effect through October 31, 2006).
5 For example, an additional network/
connectivity fee credit was available to institutional
brokers until the completion of the new trading
model rollout. See Section F(2) of the Fee Schedule.
Similarly, with the transition to the new trading
model, the CHX no longer operates a physical
trading floor; as a result, the space and equipment
charges are no longer charged to participants
pursuant to the Fee Schedule, but are instead part
of separate agreements between the Exchange and
any firms that sublease space on the Exchange’s
former trading floor. See Sections L and M of the
Fee Schedule.
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17APN1
Federal Register / Vol. 72, No. 73 / Tuesday, April 17, 2007 / Notices
2. Statutory Basis
The proposed rule change is consistent
with Section 6(b)(4) of the Act 6 in that
it provides for the equitable allocation
of reasonable dues, fees and other
charges among its members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition.
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change establishes or changes a member
due, fee or other charge imposed by the
Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 7 and subparagraph (f)(2) of Rule
19b–4 thereunder.8 At any time within
60 days of the filing of such proposed
rule change, the Commission may
summarily abrogate such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.9
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-CHX–2007–11 on the
subject line.
Paper comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
6 15
U.S.C. 78f(b)(4).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(2).
9 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on April 10, 2007, the date
on which the CHX filed Amendment No. 1. See 15
U.S.C. 78s(b)(3)(C).
sroberts on PROD1PC70 with NOTICES
7 15
VerDate Aug<31>2005
19:39 Apr 16, 2007
Jkt 211001
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CHX–2007–11. 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 such filing also will be
available for inspection and copying at
the principal office of the CHX. 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–CHX–2007–11 and should
be submitted on or before May 8, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–7223 Filed 4–16–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55617; File No. SR–NASD–
2007–022]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Make Technical
Amendments to the Code of Mediation
Procedure
April 11, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
notice is hereby given that on March 16,
2007, the National Association of
Securities Dealers, Inc. (‘‘NASD’’),
through its wholly owned subsidiary,
NASD Dispute Resolution, Inc. (‘‘NASD
Dispute Resolution’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by NASD Dispute Resolution.
NASD has designated the proposed rule
change as concerned solely with the
administration of the self-regulatory
organization under Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(3) 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
NASD Dispute Resolution is
proposing to amend the Code of
Mediation Procedure to re-number
Rules 10401 through 10410 and update
cross references within the re-numbered
rules. The text of the proposed rule
change is available on NASD’s Web site
(https://www.nasd.com), at NASD’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,
NASD 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. NASD 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
In 1998, the SEC launched an
initiative to encourage issuers and selfregulatory organizations to use ‘‘plain
English’’ in disclosure documents and
other materials used by investors. In
response, NASD undertook to rewrite
the NASD Code of Arbitration
Procedure (‘‘old Code’’) in ‘‘plain
10 17
1 15
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19223
3 15
4 17
E:\FR\FM\17APN1.SGM
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(3).
17APN1
]]>Agencies
[Federal Register Volume 72, Number 73 (Tuesday, April 17, 2007)]
[Notices]
[Pages 19222-19223]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-7223]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55613; File No. SR-CHX-2007-11]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to Participant Fees and Credits
April 10, 2007.
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 March 22, 2007, the Chicago Stock Exchange, Inc. (``CHX'' 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 CHX.
On April 10, 2007, the CHX filed Amendment No. 1 to the proposed rule
change. The Commission is publishing this notice to solicit comments on
the proposed rule change, as amended, 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 CHX proposes to amend its Schedule of Participant Fees and
Credits (the ``Fee Schedule'') to remove provisions that are no longer
in effect due to the roll-out of the Exchange's new trading model. The
text of this proposed rule change is available at the CHX, on the
Exchange's Web site at https://www.chx.com/rules/proposed_rules.htm,
and in 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 CHX 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 CHX has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On January 26, 2007, the CHX completed the transition to its new
trading model.\3\ The Exchange now proposes to amend its Fee Schedule
to delete several provisions that are no longer in effect as a result
of that transition. The provisions of the Fee Schedule that would be
deleted through this filing include: (1) Section E(8) (Transaction and
Order Processing Fees Associated with Securities Not Yet Traded in the
Matching System); (2) Parts of Section F(2) (Institutional Broker
Credits); (3) Section F(4) (Two-Sided Quote Providers); (4) Section L
(Space Charges); and (5) Section M (Equipment, Information Services and
Technology Charges). Each of these provisions currently contains an
introductory note confirming that it is only in effect until the
transition to the new trading model or contains an effective date that
has been exceeded.\4\ Because of the transition to the new trading
model, these fees are no longer in effect for the Exchange's
participants.\5\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 54550 (September 29,
2006); 71 FR 59563 (October 10, 2006) (SR-CHX-2006-05) (approving
rules for the new trading model).
\4\ See, e.g., Section E(8) of the Fee Schedule (confirming that
``these fees will continue to be charged as the Exchange transitions
to its new trading model, but will be eliminated as each issue
transitions to the new trading model''); see also Section F(4) of
the Fee Schedule (noting that it is in effect through October 31,
2006).
\5\ For example, an additional network/connectivity fee credit
was available to institutional brokers until the completion of the
new trading model rollout. See Section F(2) of the Fee Schedule.
Similarly, with the transition to the new trading model, the CHX no
longer operates a physical trading floor; as a result, the space and
equipment charges are no longer charged to participants pursuant to
the Fee Schedule, but are instead part of separate agreements
between the Exchange and any firms that sublease space on the
Exchange's former trading floor. See Sections L and M of the Fee
Schedule.
---------------------------------------------------------------------------
[[Page 19223]]
2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(4) of the Act
\6\ in that it provides for the equitable allocation of reasonable
dues, fees and other charges among its members.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition.
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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change establishes or changes a
member due, fee or other charge imposed by the Exchange, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and
subparagraph (f)(2) of Rule 19b-4 thereunder.\8\ At any time within 60
days of the filing of such proposed rule change, the Commission may
summarily abrogate such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act.\9\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
\9\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on April 10, 2007, the date on which the CHX filed
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-CHX-2007-11 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-CHX-2007-11. 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 such
filing also will be available for inspection and copying at the
principal office of the CHX. 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-CHX-2007-11 and should be submitted on or before May 8,
2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-7223 Filed 4-16-07; 8:45 am]
BILLING CODE 8010-01-P
