Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Increase the Class Quoting Limit in ISE Options, 26659-26660 [E7-8958]
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pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices
any change in such disclosure caused by
the addition of the new Money Manager.
To meet this obligation, the Fund will
provide shareholders within 90 days of
the hiring of a new Money Manager
with an information statement meeting
the requirements of Regulation 14C,
Schedule 14C and Item 22 of Schedule
14A under the 1934 Act, except as
modified by the order to permit
Aggregate Fee Disclosure.
4. The Adviser will not enter into an
Investment Subadvisory Agreement
with any Affiliated Money Manager
without that agreement, including the
compensation to be paid thereunder,
being approved by Fund shareholders.
5. At all times, at least a majority of
the Board will be Independent
Directors, and the nomination of new or
additional Independent Directors will
be at the discretion of the then existing
Independent Directors.
6. When a Money Manager change is
proposed for a Fund with an Affiliated
Money Manager, the Board, including a
majority of the Independent Directors,
will make a separate finding, reflected
in the applicable Board minutes, that
such change is in the best interests of
the Fund and its shareholders and does
not involve a conflict of interest from
which the Adviser or the Affiliated
Money Manager derives an
inappropriate advantage.
7. Independent legal counsel, as
defined in rule 0–1(a)(6) under the Act,
will be engaged to represent the
Independent Directors. The selection of
such counsel will be within the
discretion of the then existing
Independent Directors.
8. Whenever a Money Manager is
hired or terminated, the Adviser will
provide the Board with information
showing the expected impact on the
profitability of the Adviser.
9. The Adviser will provide general
investment management services to
each Fund, including overall
supervisory responsibility for the
general management and investment of
the Fund’s assets, and, subject to review
and approval of the Board, will: (a) Set
each Fund’s overall investment
strategies, (b) evaluate, select and
recommend Money Managers to manage
all or a part of a Fund’s assets, (c) when
appropriate, allocate and reallocate a
Fund’s assets among multiple Money
Managers, (d) monitor and evaluate the
performance of Money Managers, and
(e) implement procedures reasonably
designed to ensure that the Money
Managers comply with each Fund’s
investment objective, policies and
restrictions.
10. No director or officer of a Fund,
or director or officer of the Adviser, will
VerDate Aug<31>2005
15:04 May 09, 2007
Jkt 211001
own directly or indirectly (other than
through a pooled investment vehicle
that is not controlled by such person)
any interest in a Money Manager, except
for (a) ownership of interests in the
Adviser or any entity that controls, is
controlled by, or is under common
control with the Adviser, or (b)
ownership of less than 1% of the
outstanding securities of any class of
equity or debt of a publicly traded
company that is either a Money
Manager or an entity that controls, is
controlled by or is under common
control with a Money Manager.
11. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
12. The requested order will expire on
the effective date of Rule 15a–5 under
the Act, if adopted.
13. The Adviser will provide the
Board, no less frequently than quarterly,
with information about the profitability
of the Adviser on a per-Fund basis. The
information will reflect the impact on
profitability of the hiring or termination
of any Money Manager during the
applicable quarter.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9001 Filed 5–9–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55700; File No. SR–CBOE–
2007–42]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase the Class
Quoting Limit in ISE Options
May 3, 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 April 30,
2007, 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, II, and
III below, which Items have been
substantially prepared by the CBOE.
The Exchange has designated this
proposal as one constituting a stated
policy, practice, or interpretation with
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00072
Fmt 4703
26659
respect to the meaning, administration,
or enforcement of an existing rule under
Section 19(b)(3)(A)(i) of the Act,3 and
Rule 19b–4(f)(1) 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
CBOE proposes to increase the class
quoting limit in an option class. The
text of the proposed rule change is
available on CBOE’s Web site (https://
www.cboe.com), at the CBOE’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,
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 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, the Proposed Rule
Change
1. Purpose
CBOE Rule 8.3A, Maximum Number
of Market Participants Quoting
Electronically per Product, establishes
class quoting limits (‘‘CQLs’’) for each
class traded on the Hybrid Trading
System.5 A CQL is the maximum
number of quoters that may quote
electronically in a given product and the
current levels are established from 25–
40, depending on the trading activity of
the particular product.
Rule 8.3A, Interpretation .01(c)
provides a procedure by which the
President of the Exchange may increase
the CQL for a particular product. In this
regard, the President of the Exchange
may increase the CQL in exceptional
circumstances, which are defined in the
rule as ‘‘substantial trading volume,
whether actual or expected.’’ 6 The
3 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
5 See Rule 8.3A.01.
6 ‘‘Any actions taken by the President of the
Exchange pursuant to this paragraph will be
4 17
Continued
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10MYN1
26660
Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices
effect of an increase in the CQL is
procompetitive in that it increases the
number of market participants that may
quote electronically in a product. The
purpose of this filing is to increase the
CQL in International Securities
Exchange (‘‘ISE’’) from its current limit
of 25 to 40. The trading volume in ISE
recently has increased substantially.
Increasing the CQL in ISE will enable
the Exchange to enhance the liquidity
offered, thereby offering deeper and
more liquid markets.
2. Statutory Basis
CBOE believes the proposed rule
change is consistent with the Act and
the rules and regulations under the Act
applicable to a national securities
exchange and, in particular, the
requirements of section 6(b) of the Act.7
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 8 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 the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither received nor
solicited written comments on the
proposal.
pwalker on PROD1PC71 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
will take effect upon filing with the
Commission pursuant to Section
19(b)(3)(A)(i) of the Act 9 and Rule 19b–
4(f)(1) thereunder,10 because it
constitutes a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule.
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
submitted to the SEC in a rule filing pursuant to
Section 19(b)(3)(A) of the Exchange Act.’’ Rule
8.3A.01(c).
7 15 U.S.C. 78(f)(B).
8 15 U.S.C. 78(f)(b)(5).
9 15 U.S.C. 78s(b)(3)(A)(i).
10 17 CFR 240.19b–4(f)(1).
VerDate Aug<31>2005
15:04 May 09, 2007
Jkt 211001
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
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–8958 Filed 5–9–07; 8:45 am]
BILLING CODE 8010–01–P
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–CBOE–2007–42 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55705; File No. SR–CHX–
2007–05[
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
May 4, 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 23,
Paper Comments
2007, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or ‘‘Exchange’’) filed with the
• Send paper comments in triplicate
Securities and Exchange Commission
to Nancy M. Morris, Secretary,
(‘‘Commission’’) the proposed rule
Securities and Exchange Commission,
change as described in Items I, II, and
100 F Street, NE., Washington, DC
III below, which Items have been
20549–1090.
prepared substantially by the CHX. The
All submissions should refer to File
CHX amended the proposed rule change
Number SR–CBOE–2007–42. This file
on May 1, 2007.3 The CHX has
number should be included on the
designated this proposal as one
subject line if e-mail is used. To help the establishing or changing a member due,
Commission process and review your
fee, or other charge imposed by the CHX
comments more efficiently, please use
under Section 19(b)(3)(A)(ii) of the Act,4
only one method. The Commission will and Rule 19b–4(f)(2) thereunder,5 which
post all comments on the Commission’s renders the proposal effective upon
Internet Web site (https://www.sec.gov/
filing with the Commission. The
rules/sro.shtml). Copies of the
Commission is publishing this notice to
submission, all subsequent
solicit comments on the proposed rule
amendments, all written statements
change, as amended, from interested
persons.
with respect to the proposed rule
change that are filed with the
I. Self-Regulatory Organization’s
Commission, and all written
Statement of the Terms of Substance of
communications relating to the
the Proposed Rule Change
proposed rule change between the
The CHX proposes to amend its
Commission and any person, other than
Schedule of Participant Fees and Credits
those that may be withheld from the
(‘‘Fee Schedule’’), effective April 1,
public in accordance with the
2007, to (1) assess a single ‘‘take’’ fee
provisions of 5 U.S.C. 552, will be
and provide a single ‘‘provide’’ credit
available for inspection and copying in
for Matching System transactions in all
the Commission’s Public Reference
Room. Copies of such filing also will be securities; (2) eliminate the provisions
relating to sharing of market data; and
available for inspection and copying at
(3) modify the Matching System routing
the principal office of the CBOE. All
fees for executions through the Reg
comments received will be posted
without change; the Commission does
11 17 CFR 200.30–3(a)(12).
not edit personal identifying
1 15 U.S.C. 78s(b)(1).
information from submissions. You
2 17 CFR 240.19b–4.
3 See Amendment No. 1. The Commission
should submit only information that
you wish to make available publicly. All considers the 60-abrogation period to have
commenced on May 1, 2007, the date the CHX filed
submissions should refer to File
Amendment No. 1.
Number SR–CBOE–2007–42 and should
4 15 U.S.C. 78s(b)(3)(A)(ii).
be submitted on or before May 31, 2007.
5 17 CFR 240.19b–4(f)(2).
PO 00000
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Fmt 4703
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10MYN1
]]>Agencies
[Federal Register Volume 72, Number 90 (Thursday, May 10, 2007)]
[Notices]
[Pages 26659-26660]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-8958]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55700; File No. SR-CBOE-2007-42]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Increase the Class Quoting Limit in ISE Options
May 3, 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 April 30, 2007, 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, II, and III below, which Items have been substantially
prepared by the CBOE. The Exchange has designated this proposal as one
constituting a stated policy, practice, or interpretation with respect
to the meaning, administration, or enforcement of an existing rule
under Section 19(b)(3)(A)(i) of the Act,\3\ and Rule 19b-4(f)(1)
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)(i).
\4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to increase the class quoting limit in an option
class. The text of the proposed rule change is available on CBOE's Web
site (https://www.cboe.com), at the CBOE'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, 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 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, the Proposed Rule Change
1. Purpose
CBOE Rule 8.3A, Maximum Number of Market Participants Quoting
Electronically per Product, establishes class quoting limits (``CQLs'')
for each class traded on the Hybrid Trading System.\5\ A CQL is the
maximum number of quoters that may quote electronically in a given
product and the current levels are established from 25-40, depending on
the trading activity of the particular product.
---------------------------------------------------------------------------
\5\ See Rule 8.3A.01.
---------------------------------------------------------------------------
Rule 8.3A, Interpretation .01(c) provides a procedure by which the
President of the Exchange may increase the CQL for a particular
product. In this regard, the President of the Exchange may increase the
CQL in exceptional circumstances, which are defined in the rule as
``substantial trading volume, whether actual or expected.'' \6\ The
[[Page 26660]]
effect of an increase in the CQL is procompetitive in that it increases
the number of market participants that may quote electronically in a
product. The purpose of this filing is to increase the CQL in
International Securities Exchange (``ISE'') from its current limit of
25 to 40. The trading volume in ISE recently has increased
substantially. Increasing the CQL in ISE will enable the Exchange to
enhance the liquidity offered, thereby offering deeper and more liquid
markets.
---------------------------------------------------------------------------
\6\ ``Any actions taken by the President of the Exchange
pursuant to this paragraph will be submitted to the SEC in a rule
filing pursuant to Section 19(b)(3)(A) of the Exchange Act.'' Rule
8.3A.01(c).
---------------------------------------------------------------------------
2. Statutory Basis
CBOE believes the proposed rule change is consistent with the Act
and the rules and regulations under the Act applicable to a national
securities exchange and, in particular, the requirements of section
6(b) of the Act.\7\ Specifically, the Exchange believes the proposed
rule change is consistent with the Section 6(b)(5) \8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78(f)(B).
\8\ 15 U.S.C. 78(f)(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 the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither received nor solicited written comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change will take effect upon filing
with the Commission pursuant to Section 19(b)(3)(A)(i) of the Act \9\
and Rule 19b-4(f)(1) thereunder,\10\ because it constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(i).
\10\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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 rule-comments@sec.gov. Please include
File Number SR-CBOE-2007-42 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-2007-42. 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 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-2007-42 and should be submitted on or before May
31, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-8958 Filed 5-9-07; 8:45 am]
BILLING CODE 8010-01-P
