Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to Split Prices, 27604-27606 [E7-9365]
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27604
Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
III. Solicitation of Comments
securities exchange.11 In particular, the
Commission finds that the proposed
Interested persons are invited to
rule change is consistent with Section
submit written data, views, and
6(b)(5) of the Act,12 which requires that
arguments concerning the foregoing,
an exchange have rules designed, among
including whether the proposed rule
other things, to promote just and
change is consistent with the Act.
equitable principles of trade, to remove
Comments may be submitted by any of
impediments to and perfect the
the following methods:
mechanism of a free and open market
Electronic Comments
and a national market system, and, in
general, to protect investors and the
• Use the Commission’s Internet
public interest. The Commission
comment form (https://www.sec.gov/
believes that this proposal should
rules/sro.shtml); or
benefit investors by providing an
• Send an e-mail to ruleexception to the minimum public
comments@sec.gov. Please include File
distribution requirements for certain
Number SR–Amex–2007–34 on the
Section 107 Securities issued and traded
subject line.
in thousand dollar denominations and
Paper Comments
providing an exception to the 400
public shareholder requirement for
• Send paper comments in triplicate
Section 107 Securities that are
to Nancy M. Morris, Secretary,
redeemable at the option of the holders
Securities and Exchange Commission,
thereof on at least a weekly basis. The
100 F Street, NE., Washington, DC
Commission believes that these
20549–1090.
exceptions are reasonable and should
All submissions should refer to File
allow for the listing and trading of
Number SR–Amex–2007–34. This file
certain Section 107 Securities that
number should be included on the
would otherwise not be able to be listed
subject line if e-mail is used. To help the and traded on the Exchange.
Commission process and review your
The Commission finds good cause for
comments more efficiently, please use
approving this proposal before the
only one method. The Commission will thirtieth day after the publication of
post all comments on the Commission’s notice thereof in the Federal Register.
Internet Web site (https://www.sec.gov/
The Commission notes that it has
rules/sro.shtml). Copies of the
previously approved minimum public
submission, all subsequent
distribution and minimum public
amendments, all written statements
shareholder requirements that are
with respect to the proposed rule
substantially similar to Amex’s proposal
change that are filed with the
and found that such requirements were
Commission, and all written
consistent with the Act.13 The
communications relating to the
Commission presently is not aware of
proposed rule change between the
any regulatory issue that should cause it
Commission and any person, other than to revisit that finding or would preclude
those that may be withheld from the
the application of the proposed
public in accordance with the
exceptions to the minimum public
provisions of 5 U.S.C. 552, will be
distribution and minimum public
available for inspection and copying in
shareholder requirements. Therefore,
the Commission’s Public Reference
accelerating approval of this proposal
Room. Copies of such filing also will be should benefit investors by creating,
available for inspection and copying at
without undue delay, additional
the principal offices of the Exchange.
competition in the market for such
All comments received will be posted
securities.
without change; the Commission does
not edit personal identifying
11 In approving this rule change, the Commission
notes that it has considered the proposed rule’s
information from submissions. You
impact on efficiency, competition, and capital
should submit only information that
you wish to make available publicly. All formation. See 15 U.S.C. 78c(f).
12 15 U.S.C. 78f(b)(5).
submissions should refer to File
13 See Securities Exchange Act Release No. 55687
Number SR–Amex–2007–34 and should (May 1, 2007), 72 FR 25824 (May 7, 2007) (SR–
NYSE–2007–27).
be submitted on or before June 6, 2007.
cprice-sewell on PROD1PC66 with NOTICES
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
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15:27 May 15, 2007
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V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,14 that the
proposed rule change (SR–Amex–2007–
34), as modified by Amendment No.1,
be, and it hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9364 Filed 5–15–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55734; File No. SR–ISE–
2007–22]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change as Modified by Amendment
No. 1 Thereto Relating to Split Prices
May 10, 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 26,
2007, 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 substantially prepared by the
ISE. On April 20, 2007, the Exchange
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 ISE proposes to amend its rule
governing ‘‘Split Prices.’’ Specifically,
the Exchange proposes to provide for
executions in its Block, Facilitation and
Solicitation Mechanisms at half-penny
prices for certain options classes
included in the penny pilot program.3
The text of the proposed rule change is
available at ISE, the Commission’s
Public Reference Room, and
www.iseoptions.com.
14 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 55161
(January 24, 2007), 72 FR 4754 (February 1, 2007)
(SR–ISE–2006–62) (‘‘Penny Pilot Order’’).
15 17
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Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / 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
ISE 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.
cprice-sewell on PROD1PC66 with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
rule governing ‘‘Split Prices.’’ 4
Specifically, the Exchange proposes to
provide for executions in its Block,
Facilitation and Solicitation
Mechanisms at half-penny prices for
certain options classes included in the
penny pilot program. The Exchange’s
rule governing Split Prices was
previously approved by the
Commission.5 Pursuant to the
Commission’s approval, the Exchange
currently provides for such ‘‘Split
Prices’’ in options quoted in standard
$.05 and $.10 increments.
On January 26, 2007, the Exchange,
along with the other options exchanges,
commenced a six-month pilot program
to quote certain options classes in
penny increments.6 The penny pilot
rules adopted by the Exchange
specifically state that Split Prices do not
apply to options trading in penny
increments. At the time ISE adopted the
penny pilot rules, the Exchange
believed that being able to place orders
and responses in the Block, Facilitation
and Solicitation Mechanisms in penny
increments would give its members
sufficient pricing flexibility. However,
based on its experience with the penny
pilot thus far, the Exchange believes that
the same competitive pressure that led
to Split Prices in standard increments
has arisen in the penny pilot options.
Specifically, the Exchange stated that it
has seen floor-based exchanges print
large blocks at two prices, one-cent
apart, effectively providing for a halfpenny block print. For competitive
reasons, and to allow its members the
same pricing flexibility that floor-based
4 See
Supplementary Material .06 to ISE Rule 716.
Securities Exchange Act Release No. 51666
(May 9, 2005), 70 FR 25631 (May 13, 2005) (SR–
ISE–2003–07).
6 See Penny Pilot Order, supra note 3.
5 See
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15:27 May 15, 2007
Jkt 211001
exchanges appear to be providing to
their members, the ISE proposes to
extend Split Prices to options classes
included in the penny pilot program.
The Exchange also represents that the
Options Clearing Corporation will
continue to accept and clear trades at
sub-penny prices and that orders that
are on the ISE book will be protected
and executed at the midpoint prices.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,7 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,8 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. In
particular, the proposal will provide
additional pricing flexibility in penny
pilot options and allow the Exchange to
compete more effectively with floorbased exchanges.
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 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 on the proposed
rule change were neither solicited nor
received.
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 the Exchange 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.
7 15
8 15
PO 00000
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–ISE–2007–22 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 No.
SR–ISE–2007–22. 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 at 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 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 No.
SR–ISE–2007–22 and should be
submitted on or before June 6, 2007.
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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27606
Federal Register / Vol. 72, No. 94 / Wednesday, May 16, 2007 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–9365 Filed 5–15–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55737; File No. SR–NASD–
2006–124]
Self-Regulatory Organizations;
National Association of Securities
Dealers, Inc.; Notice of Filing of
Amendment Nos. 1 and 2 to, and Order
Granting Accelerated Approval of, a
Proposed Rule Change as Modified by
Amendment Nos. 1 and 2 To Require
the Provision of Certain Information
About the Securities Investor
Protection Corporation to Customers
May 10, 2007.
I. Introduction
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 the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) has filed Amendment Nos. 1
and 2 to the proposed rule change,
which, as amended, would adopt
proposed NASD Rule 2342 to require
NASD members, except those excluded
from membership in the Securities
Investor Protection Corporation
(‘‘SIPC’’) or who sell only investments
ineligible for SIPC protection, to provide
new customers, and all customers
annually, with certain information
about SIPC. This order provides notice
of and solicits comments from
interested persons on the proposed rule
change as modified by Amendment Nos.
1 and 2, and approves the proposed rule
change as amended on an accelerated
basis.
cprice-sewell on PROD1PC66 with NOTICES
II. Description of the Proposal
NASD filed the proposed rule change
with the Securities and Exchange
Commission (the ‘‘Commission’’) on
November 9, 2006. The Commission
published the proposal for comment in
the Federal Register on December 13,
2006.3 The Commission received nine
comments in response to the Notice.4
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 54871
(December 5, 2006), 71 FR 74970 (December 13,
2006) (SR–NASD–2006–124) (‘‘Notice’’).
4 See e-mail from Frederick G. Ferrara, Chief
Compliance Office, Panattoni Securities, Inc. dated
1 15
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15:27 May 15, 2007
Jkt 211001
On February 7, 2007, NASD filed
Amendment No. 1 to the proposed rule
change, which also responded to the
comments.5 The Commission received
one comment in response to
Amendment No. 1.6 All of the
comments received by the Commission
regarding the proposed rule change are
available on the Commission’s Internet
Web site (https://www.sec.gov/rules/
sro.shtml). On April 19, 2007, NASD
filed Amendment No. 2 to the proposed
rule change, which also responded to
the comment on the proposed rule
change as modified by Amendment No.
1.7
NASD filed the proposed rule change
to adopt proposed NASD Rule 2342,
which would require NASD members to
advise all new customers, in writing, at
the opening of an account, and all
customers at least once each year that
they may obtain information about
SIPC, including the SIPC brochure, by
contacting SIPC, and to provide such
customers with SIPC’s telephone
number and Web site address.
Amendment No. 1 proposed that firms
that are excluded from membership in
SIPC pursuant to Section 3(a)(2)(A)(i)
through (iii) of the Securities Investor
Protection Act of 1970 (‘‘SIPA’’) and
that are not SIPC members be exempt
from the requirements of proposed Rule
2342. Amendment No. 2 proposed to
exempt firms whose business consists
exclusively of the sale of investments
that are ineligible for SIPC protection
from the requirements of proposed Rule
2342. Below is the text of the proposed
rule change, as modified by Amendment
Nos. 1 and 2. Proposed new language is
in italics.
December 20, 2006 (‘‘Ferrara 1’’); e-mail from Philip
C. McMorrow, President, Cantella Co., Inc. dated
December 21, 2006 (‘‘McMorrow’’); e-mail from E.C.
Blitz dated December 22, 2006 (‘‘Blitz’’); letter from
Kenneth M. Cherrier, Chief Compliance Officer,
Fintegra, to Nancy M. Morris, Secretary,
Commission, dated December 22, 2006 (‘‘Cherrier’’);
e-mail from Michael A. Pagano, 1st Global Capital
Corp. dated December 22, 2006 (‘‘Pagano’’); e-mail
from Christine E. Saccente, Vice President, Chief
Compliance Officer, Operations Manager, Maxwell
Noll Inc. dated December 27, 2006 (‘‘Saccente’’); email from William R. Sykes, Sykes Financial
Services LLC dated December 28, 2006 (‘‘Sykes’’);
e-mail from John Harris, Chief Executive Officer,
BondMart, Inc. dated December 30, 2006 (‘‘Harris’’);
letter from Noland Cheng, Chairman, SIFMA
Operations Committee, to Nancy M. Morris,
Secretary, Commission, dated January 12, 2007
(‘‘Cheng’’).
5 Amendment No. 1 modified the text of proposed
Rule 2342.
6 See e-mail from Frederick G. Ferrara, Chief
Compliance Officer, Panattoni Securities, Inc. dated
February 13, 2007 (‘‘Ferrara 2’’)
7 Amendment No. 2 further modified the text of
proposed Rule 2342 and proposed changing the
effective date of the rule change.
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
2000. BUSINESS CONDUCT
*
*
*
*
*
2300. Transactions with Customers
*
*
*
*
*
2342. SIPC Information
All members, except those members:
(a) that pursuant to Section 3(a)(2)(A)(i)
through (iii) of the Securities Investor
Protection Act of 1970 (SIPA) are
excluded from membership in the
Securities Investor Protection
Corporation (SIPC) and that are not
SIPC members; and (b) whose business
consists exclusively of the sale of
investments that are ineligible for SIPC
protection, shall advise all new
customers, in writing, at the opening of
an account, that they may obtain
information about SIPC, including the
SIPC brochure, by contacting SIPC, and
also shall provide the Web site address
and telephone number of SIPC. In
addition, such members shall provide
all customers with the same
information, in writing, at least once
each year. In cases where both an
introducing firm and clearing firm
service an account, the firms may assign
these requirements to one of the firms.
III. Summary of Comments on the
Proposal and Amendment No. 1
Two commenters supported the
proposed rule change. One believed that
the disclosure required by proposed
NASD Rule 2342 would remind clients
that they are buying a product that is
not directly underwritten or supported
by a bank or covered by the Federal
Deposit Insurance Corporation
(‘‘FDIC’’).8 Another believed that public
customers would benefit from broader
dissemination of information about
SIPC.9
Seven commenters generally opposed
the proposed rule change.10 Five
questioned the need for disseminating
the information that would be required
by proposed Rule 2342.11 Two
suggested that the proposed rule be
revised to mandate that firms include on
their Web sites a link to SIPC’s Web
site.12 One questioned whether
investors need, or are interested in,
information about SIPC, suggested that
investors are unlikely to read the
proposed disclosure, and questioned the
cost of implementing it.13 Another
stated that customers will be made
8 See
Cherrier.
Cheng.
10 See Ferrara 1; McMorrow; Blitz; Pagano;
Saccente; Sykes; Harris.
11 See McMorrow; Blitz; Pagano; Saccente; Sykes;
Harris.
12 See Pagano; Saccente.
13 See Pagano.
9 See
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]]>Agencies
[Federal Register Volume 72, Number 94 (Wednesday, May 16, 2007)]
[Notices]
[Pages 27604-27606]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9365]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55734; File No. SR-ISE-2007-22]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing of Proposed Rule Change as Modified by Amendment
No. 1 Thereto Relating to Split Prices
May 10, 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 26, 2007, 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 substantially prepared by the ISE.
On April 20, 2007, the Exchange 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 ISE proposes to amend its rule governing ``Split Prices.''
Specifically, the Exchange proposes to provide for executions in its
Block, Facilitation and Solicitation Mechanisms at half-penny prices
for certain options classes included in the penny pilot program.\3\ The
text of the proposed rule change is available at ISE, the Commission's
Public Reference Room, and www.iseoptions.com.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 55161 (January 24,
2007), 72 FR 4754 (February 1, 2007) (SR-ISE-2006-62) (``Penny Pilot
Order'').
---------------------------------------------------------------------------
[[Page 27605]]
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 ISE 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 proposes to amend its rule governing ``Split Prices.''
\4\ Specifically, the Exchange proposes to provide for executions in
its Block, Facilitation and Solicitation Mechanisms at half-penny
prices for certain options classes included in the penny pilot program.
The Exchange's rule governing Split Prices was previously approved by
the Commission.\5\ Pursuant to the Commission's approval, the Exchange
currently provides for such ``Split Prices'' in options quoted in
standard $.05 and $.10 increments.
---------------------------------------------------------------------------
\4\ See Supplementary Material .06 to ISE Rule 716.
\5\ See Securities Exchange Act Release No. 51666 (May 9, 2005),
70 FR 25631 (May 13, 2005) (SR-ISE-2003-07).
---------------------------------------------------------------------------
On January 26, 2007, the Exchange, along with the other options
exchanges, commenced a six-month pilot program to quote certain options
classes in penny increments.\6\ The penny pilot rules adopted by the
Exchange specifically state that Split Prices do not apply to options
trading in penny increments. At the time ISE adopted the penny pilot
rules, the Exchange believed that being able to place orders and
responses in the Block, Facilitation and Solicitation Mechanisms in
penny increments would give its members sufficient pricing flexibility.
However, based on its experience with the penny pilot thus far, the
Exchange believes that the same competitive pressure that led to Split
Prices in standard increments has arisen in the penny pilot options.
Specifically, the Exchange stated that it has seen floor-based
exchanges print large blocks at two prices, one-cent apart, effectively
providing for a half-penny block print. For competitive reasons, and to
allow its members the same pricing flexibility that floor-based
exchanges appear to be providing to their members, the ISE proposes to
extend Split Prices to options classes included in the penny pilot
program. The Exchange also represents that the Options Clearing
Corporation will continue to accept and clear trades at sub-penny
prices and that orders that are on the ISE book will be protected and
executed at the midpoint prices.
---------------------------------------------------------------------------
\6\ See Penny Pilot Order, supra note 3.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\8\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest. In particular, the proposal will provide additional
pricing flexibility in penny pilot options and allow the Exchange to
compete more effectively with floor-based exchanges.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 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 on the proposed rule change were neither solicited
nor received.
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 the Exchange 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.
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-ISE-2007-22 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 No. SR-ISE-2007-22. 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 at 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 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 No. SR-
ISE-2007-22 and should be submitted on or before June 6, 2007.
[[Page 27606]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-9365 Filed 5-15-07; 8:45 am]
BILLING CODE 8010-01-P
