Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Conforming Certain Rules With Comparable NASD Rules, 27884-27885 [E7-9500]

Download as PDF 27884 Federal Register / Vol. 72, No. 95 / Thursday, May 17, 2007 / Notices B. Self-Regulatory Organization’s Statement on Burden on Competition CME does not believe that this amendment will have an impact on competition, because it represents a technical change in reference to the security underlying the futures contract. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received from Members, Participants or Others Comments on the proposed rule change have not been solicited. 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)(7) of the Act.36 Within 60 days of the date of effectiveness of the proposed rule change, the Commission, after consultation with the CFTC, may summarily abrogate the proposed rule change and require that the proposed rule change be refiled in accordance with the provisions of Section 19(b)(1) of the Act.37 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 CME. 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–CME–2007–01 and should be submitted on or before June 7, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.38 Jill M. Peterson, Assistant Secretary. [FR Doc. E7–9501 Filed 5–16–07; 8:45 am] BILLING CODE 8010–01–P Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–CME–2007–01 on the subject line. pwalker on PROD1PC71 with NOTICES 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: Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to Conforming Certain Rules With Comparable NASD Rules 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–CME–2007–01. 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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements 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 May 1, 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 and II below, which Items have been substantially prepared by the ISE. On May 8, 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55751; File No. SR–ISE– 2007–29] May 11, 2007. 38 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 36 15 U.S.C. 78s(b)(7). 37 15 U.S.C. 78s(b)(1). VerDate Aug<31>2005 17:15 May 16, 2007 1 15 Jkt 211001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend certain ISE rules to conform them to the rules of the National Association of Securities Dealers, Inc. (‘‘NASD’’) for purposes of the Plan for the Allocation of Regulatory Responsibilities Pursuant to Rule 17d–23 under the Act entered into between the parties (‘‘17d–2 Agreement’’).4 The text of the proposed rule change is available on the Exchange’s Web site (http:// www.iseoptions.com), at the Exchange, 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 proposes to amend certain ISE rules to conform them to the rules of the NASD for purposes of the 17d–2 Agreement between the parties and the related certification by the Exchange which states that the requirements contained in certain ISE rules are identical to, or substantially similar to, certain NASD rules that have been identified as comparable.5 Specifically, the Exchange proposes to amend Rules 604, 624, 626, and 1407. The Exchange proposes to amend ISE Rule 604, ‘‘Continuing Education for Registered Persons,’’ to remove the provision that exempts certain registered persons from the continuing education requirements if they have been continuously registered for ten (10) years as of July 1, 1998 and have not been the subject of a disciplinary action 3 17 CFR 240.17d–2. Securities Exchange Act Release No. 55367 (February 27, 2007), 72 FR 9983 (March 6, 2007) (approving and declaring effective the 17d–2 Agreement between ISE and NASD) (‘‘17d–2 Order’’). 5 See 17d–2 Order, supra note 4. 4 See E:\FR\FM\17MYN1.SGM 17MYN1 Federal Register / Vol. 72, No. 95 / Thursday, May 17, 2007 / Notices during the last ten (10) years so that it is consistent with NASD Rule 1120, ‘‘Continuing Education Requirements.’’ The Exchange proposes to amend ISE Rule 624, ‘‘Brokers’ Blanket Bonds,’’ by changing the number of days to make necessary adjustments to the minimum coverage from thirty (30) days to sixty (60) days following the anniversary to mirror the requirements in NASD Rule 3020, ‘‘Fidelity Bonds.’’ The Exchange proposes to amend ISE Rule 626, ‘‘Telephone Solicitation,’’ by changing the number of months from twelve (12) to eighteen (18) that an associated person must be servicing an account to establish such account as a ‘‘customer account’’ for the purpose of being exempt from the call restrictions set forth in the rule. This amendment will mirror the requirements set forth in NASD Rule 2212, ‘‘Telemarketing.’’ The Exchange proposes to amend ISE Rule 1407, ‘‘Short Sales in Nasdaq National Market Securities,’’ to change the cross-reference in the rule from NASD 3350 to NASD Rule 5100 to reflect the recent numbering change. 2. Statutory Basis The basis under the Act for this proposed rule change is found in Section 6(b)(5).6 Specifically, the Exchange believes the proposed rule change is consistent with Section 6(b)(5) requirements that the rules of an exchange be designed to promote just and equitable principles of trade, serve to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. 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. pwalker on PROD1PC71 with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change: (1) Does not significantly affect the 6 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 17:15 May 16, 2007 Jkt 211001 protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b– 4(f)(6) thereunder.8 The Exchange has asked the Commission to waive the 30-day operative delay and allow the proposed rule change to become operative immediately. The Commission hereby grants that request.9 The Commission believes that it is consistent with the protection of investors and the public interest to waive the 30-day operative delay so that the ISE may immediately conform its rules to the NASD’s rules to facilitate the effectiveness of the 17d–2 Agreement recently approved by the Commission. 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.10 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2007–29 on the subject line. 7 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). As required by Rule 19b-4(f)(6)(iii) under the Act, the Exchange also provided with the Commission with written 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 the proposed rule change. 9 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 10 For purposes of calculating the 60-day abrogation period, the Commission considers the proposed rule change to have been filed on May 8, 2007, the date the ISE filed Amendment No. 1. 8 17 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 27885 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–ISE–2007–29. 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 (http://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 ISE. 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–ISE–2007–29 and should be submitted on or before June 7, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Jill M. Peterson, Assistant Secretary. [FR Doc. E7–9500 Filed 5–16–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55739; File No. SR– NASDAQ–2007–049] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Trade Shares of the PowerShares DB G10 Currency Harvest Fund Pursuant to Unlisted Trading Privileges May 10, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 11 17 E:\FR\FM\17MYN1.SGM CFR 200.30–3(a)(12). 17MYN1

Agencies

[Federal Register Volume 72, Number 95 (Thursday, May 17, 2007)]
[Notices]
[Pages 27884-27885]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-9500]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55751; File No. SR-ISE-2007-29]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change and Amendment No. 1 Thereto Relating to Conforming Certain Rules 
With Comparable NASD Rules

May 11, 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 May 1, 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 and 
II below, which Items have been substantially prepared by the ISE. On 
May 8, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend certain ISE rules to conform them to 
the rules of the National Association of Securities Dealers, Inc. 
(``NASD'') for purposes of the Plan for the Allocation of Regulatory 
Responsibilities Pursuant to Rule 17d-2\3\ under the Act entered into 
between the parties (``17d-2 Agreement'').\4\ The text of the proposed 
rule change is available on the Exchange's Web site (http://
www.iseoptions.com), at the Exchange, and at the Commission's Public 
Reference Room.
---------------------------------------------------------------------------

    \3\ 17 CFR 240.17d-2.
    \4\ See Securities Exchange Act Release No. 55367 (February 27, 
2007), 72 FR 9983 (March 6, 2007) (approving and declaring effective 
the 17d-2 Agreement between ISE and NASD) (``17d-2 Order'').
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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 proposes to amend certain ISE rules to conform them to 
the rules of the NASD for purposes of the 17d-2 Agreement between the 
parties and the related certification by the Exchange which states that 
the requirements contained in certain ISE rules are identical to, or 
substantially similar to, certain NASD rules that have been identified 
as comparable.\5\ Specifically, the Exchange proposes to amend Rules 
604, 624, 626, and 1407.
---------------------------------------------------------------------------

    \5\ See 17d-2 Order, supra note 4.
---------------------------------------------------------------------------

    The Exchange proposes to amend ISE Rule 604, ``Continuing Education 
for Registered Persons,'' to remove the provision that exempts certain 
registered persons from the continuing education requirements if they 
have been continuously registered for ten (10) years as of July 1, 1998 
and have not been the subject of a disciplinary action

[[Page 27885]]

during the last ten (10) years so that it is consistent with NASD Rule 
1120, ``Continuing Education Requirements.''
    The Exchange proposes to amend ISE Rule 624, ``Brokers' Blanket 
Bonds,'' by changing the number of days to make necessary adjustments 
to the minimum coverage from thirty (30) days to sixty (60) days 
following the anniversary to mirror the requirements in NASD Rule 3020, 
``Fidelity Bonds.''
    The Exchange proposes to amend ISE Rule 626, ``Telephone 
Solicitation,'' by changing the number of months from twelve (12) to 
eighteen (18) that an associated person must be servicing an account to 
establish such account as a ``customer account'' for the purpose of 
being exempt from the call restrictions set forth in the rule. This 
amendment will mirror the requirements set forth in NASD Rule 2212, 
``Telemarketing.''
    The Exchange proposes to amend ISE Rule 1407, ``Short Sales in 
Nasdaq National Market Securities,'' to change the cross-reference in 
the rule from NASD 3350 to NASD Rule 5100 to reflect the recent 
numbering change.
2. Statutory Basis
    The basis under the Act for this proposed rule change is found in 
Section 6(b)(5).\6\ Specifically, the Exchange believes the proposed 
rule change is consistent with Section 6(b)(5) requirements that the 
rules of an exchange be designed to promote just and equitable 
principles of trade, serve to remove impediments to and perfect the 
mechanism for a free and open market and a national market system, and, 
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change: (1) Does not significantly affect 
the protection of investors or the public interest; (2) does not impose 
any significant burden on competition; and (3) does not become 
operative for 30 days after the date of the filing, or such shorter 
time as the Commission may designate if consistent with the protection 
of investors and the public interest, the proposed rule change has 
become effective pursuant to Section 19(b)(3)(A) of the Act \7\ and 
Rule 19b-4(f)(6) thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). As required by Rule 19b-4(f)(6)(iii) 
under the Act, the Exchange also provided with the Commission with 
written 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 the proposed rule 
change.
---------------------------------------------------------------------------

    The Exchange has asked the Commission to waive the 30-day operative 
delay and allow the proposed rule change to become operative 
immediately. The Commission hereby grants that request.\9\ The 
Commission believes that it is consistent with the protection of 
investors and the public interest to waive the 30-day operative delay 
so that the ISE may immediately conform its rules to the NASD's rules 
to facilitate the effectiveness of the 17d-2 Agreement recently 
approved by the Commission.
---------------------------------------------------------------------------

    \9\ For purposes only of waiving the 30-day operative delay, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    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.\10\
---------------------------------------------------------------------------

    \10\ For purposes of calculating the 60-day abrogation period, 
the Commission considers the proposed rule change to have been filed 
on May 8, 2007, the date the ISE filed Amendment No. 1.
---------------------------------------------------------------------------

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-ISE-2007-29 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-ISE-2007-29. 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 (http://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 ISE. 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-ISE-2007-29 and should be submitted on or before June 7, 
2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E7-9500 Filed 5-16-07; 8:45 am]
BILLING CODE 8010-01-P