Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Non-ISE Market Maker Fees, 33546-33547 [E7-11657]

Download as PDF jlentini on PROD1PC65 with NOTICES 33546 Federal Register / Vol. 72, No. 116 / Monday, June 18, 2007 / Notices ANNOUNCEMENT OF ADDITIONAL MEETINGS: Open Meetings. The Commission has scheduled Open Meetings on Tuesday, June 19, 2007 at 9 a.m. and Wednesday, June 20, 2007 at 10 a.m., in the Auditorium, Room L– 002. The subject matter of the Open Meeting on Tuesday, June 19, 2007 will be: The Commission will hold a roundtable discussion regarding rule 12b–1 under the Investment Company of 1940. The discussion will address: (i) The historical circumstances that led to the adoption of rule 12b–1, and the original intended purpose of the rule; (ii) the rule’s current role in fund distribution practices; (iii) the costs and benefits of the current use of rule 12b– 1; and (iv) the options for reform or rescission of rule 12b–1. The subject matter of the Open Meeting on Wednesday, June 20, 2007 will be: 1. The Commission will consider whether to adopt amendments to expand its interactive data voluntary reporting program to permit mutual funds to submit as exhibits to their registration statements supplemental tagged information contained in the risk/return summary section of their prospectuses. The risk/return summary section contains key mutual fund information, including investment objectives and strategies, risks, and costs. 2. The Commission will consider whether to propose amendments to Form 20–F, Rules 3–10 and 4–01 of Regulation S–X, Forms F–4 and S–4, and Rule 701 under the Securities Act, to accept financial statements prepared in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board without reconciliation to generally accepted accounting principles as used in the United States when contained in the filings of foreign private issuers with the Commission. 3. The Commission will consider whether to adopt amendments to the proxy rules under the Exchange Act to provide shareholders with the ability to choose the means by which they access proxy materials. Under the amendments, issuers and other soliciting persons will post their proxy materials on an Internet Web site and provide shareholders with a notice of the Internet availability of the materials. The issuer or soliciting person may choose to furnish paper copies of the proxy materials along with the notice. If the issuer or soliciting person chooses not to furnish a paper copy of the proxy VerDate Aug<31>2005 18:19 Jun 15, 2007 Jkt 211001 materials along with the notice, a shareholder may request delivery of a copy at no charge to the shareholder. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: June 13, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–11666 Filed 6–15–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 72 FR 32150, June 11, 2007. STATUS: PLACE: Open meeting. 100 F Street, NW., Washington, DC. DATE AND TIME OF PREVIOUSLY ANNOUNCED MEETING: Wednesday, June 13, 2007 at 10 a.m. CHANGE IN THE MEETING: Deletion of an Item The following item was not considered during the Open Meeting on Wednesday, June 13, 2007: 1. The Commission will consider whether to adopt amendments to Rule 105 of Regulation M that would further safeguard the integrity of the capital raising process and protect issuers from manipulative activity that can reduce issuers’ offering proceeds and dilute security holder value. The Commission determined that no earlier notice thereof was possible. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: June 13, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–11713 Filed 6–15–07; 8:45 am] BILLING CODE 8010–01–P PO 00000 Frm 00102 Fmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55897; File No. SR–ISE– 2007–41] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Non-ISE Market Maker Fees June 12, 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 June 1, 2007, the International Securities Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) submitted to 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 ISE. ISE has designated this proposal as one establishing or changing a due, fee, or other charge imposed by the selfregulatory organization under Section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 4(f)(2) thereunder,4 which renders it 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 The ISE is proposing to amend its Schedule of Fees to increase the fee for non-ISE market maker orders (‘‘FARMM orders’’) from $0.19 per contract to $0.40 per contract. The text of the proposed rule change is available on ISE’s Web site at http://www.iseoptions.com/legal/ proposed_rule_changes.asp, at the principal office of ISE, 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, 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. ISE has prepared summaries, set forth in Sections A, B, 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 Sfmt 4703 E:\FR\FM\18JNN1.SGM 18JNN1 Federal Register / Vol. 72, No. 116 / Monday, June 18, 2007 / Notices and C below, of the most significant aspects of such statements. this proposed rule change. The Exchange has not received any written comments from members or other interested parties. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this proposed rule change is to increase the execution fee for FARMM orders. FARMM orders are orders that are sent to the Exchange for execution by an Electronic Access Member (‘‘EAM’’), an ISE member, on behalf of a non-ISE market maker. The Exchange currently charges FARMM orders $0.19 per contract comprised of an execution fee and a comparison fee of $0.16 and $0.03 per contract, respectively.5 FARMM orders do not include Linkage Orders. The Exchange proposes to increase the fee for all FARMM orders to $0.40 per contract, comprised of an execution fee and a comparison fee of $0.37 and $0.03 per contract, respectively. The Exchange believes that the proposed increase to the execution fee will still leave ISE as one of the least expensive venues for executing FARMM orders through an electronic trading system.6 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(4) of the Act 7 that an exchange have an equitable allocation of reasonable dues, fees, and other charges among exchange members and other persons using its facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others jlentini on PROD1PC65 with NOTICES The Exchange has not solicited, and does not intend to solicit, comments on 5 See Securities Exchange Act Release No. 53630 (April 11, 2006), 71 FR 19918 (April 18, 2006) (SR– ISE–2006–18). 6 The Exchange notes that the American Stock Exchange imposes a ‘‘Non-Member Market Maker’’ fee of $.50 per contract side for Auto-Ex FARMM orders, and the Philadelphia Stock Exchange imposes a ‘‘Broker/Dealer’’ fee of $.45 per contract for AUTOM-delivered FARMM orders. Telephone conversation between Samir Patel, Assistant General Counsel, ISE, Richard Holley, Senior Special Counsel, Division of Market Regulation, Commission, and Rahman Harrison, Special Counsel, Division of Market Regulation, Commission on June 7, 2007. 7 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 19:01 Jun 15, 2007 Jkt 211001 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and Rule 19b– 4(f)(2) thereunder,9 because it establishes or changes a due, fee, or other charge imposed by the Exchange. At any time within 60 days of the filing of 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. 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: 33547 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–2007–41 and should be submitted on or before July 9, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Nancy M. Morris, Secretary. [FR Doc. E7–11657 Filed 6–15–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55894; File No. SR–CBOE– 2007–57] 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–2007–41 on the subject line. Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt an Interpretation to CBOE Rule 8.95 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–ISE–2007–41. 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 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 31, 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 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 8 15 9 17 PO 00000 U.S.C. 78s(b)(3)(A)(ii). CFR 240.19b–4(f)(2). Frm 00103 Fmt 4703 Sfmt 4703 June 11, 2007. 10 17 CFR 200.30–3(a)(12). 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). 1 15 E:\FR\FM\18JNN1.SGM 18JNN1

Agencies

[Federal Register Volume 72, Number 116 (Monday, June 18, 2007)]
[Notices]
[Pages 33546-33547]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11657]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55897; File No. SR-ISE-2007-41]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change Relating to Non-ISE Market Maker Fees

June 12, 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 June 1, 2007, the International Securities Exchange, LLC (``ISE'' or 
``Exchange'') submitted to 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 ISE. ISE 
has designated this proposal as one establishing or changing a due, 
fee, or other charge imposed by the self-regulatory organization under 
Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) 
thereunder,\4\ which renders it 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)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE is proposing to amend its Schedule of Fees to increase the 
fee for non-ISE market maker orders (``FARMM orders'') from $0.19 per 
contract to $0.40 per contract.
    The text of the proposed rule change is available on ISE's Web site 
at http://www.iseoptions.com/legal/proposed_rule_changes.asp, at the 
principal office of ISE, 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, 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. ISE has prepared summaries, set forth in Sections A, B,

[[Page 33547]]

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 purpose of this proposed rule change is to increase the 
execution fee for FARMM orders. FARMM orders are orders that are sent 
to the Exchange for execution by an Electronic Access Member (``EAM''), 
an ISE member, on behalf of a non-ISE market maker. The Exchange 
currently charges FARMM orders $0.19 per contract comprised of an 
execution fee and a comparison fee of $0.16 and $0.03 per contract, 
respectively.\5\ FARMM orders do not include Linkage Orders. The 
Exchange proposes to increase the fee for all FARMM orders to $0.40 per 
contract, comprised of an execution fee and a comparison fee of $0.37 
and $0.03 per contract, respectively. The Exchange believes that the 
proposed increase to the execution fee will still leave ISE as one of 
the least expensive venues for executing FARMM orders through an 
electronic trading system.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 53630 (April 11, 
2006), 71 FR 19918 (April 18, 2006) (SR-ISE-2006-18).
    \6\ The Exchange notes that the American Stock Exchange imposes 
a ``Non-Member Market Maker'' fee of $.50 per contract side for 
Auto-Ex FARMM orders, and the Philadelphia Stock Exchange imposes a 
``Broker/Dealer'' fee of $.45 per contract for AUTOM-delivered FARMM 
orders. Telephone conversation between Samir Patel, Assistant 
General Counsel, ISE, Richard Holley, Senior Special Counsel, 
Division of Market Regulation, Commission, and Rahman Harrison, 
Special Counsel, Division of Market Regulation, Commission on June 
7, 2007.
---------------------------------------------------------------------------

2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(4) of the Act \7\ that an exchange have 
an equitable allocation of reasonable dues, fees, and other charges 
among exchange members and other persons using its facilities.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

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

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-4(f)(2) thereunder,\9\ 
because it establishes or changes a due, fee, or other charge imposed 
by the Exchange.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    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.

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-2007-41 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-ISE-2007-41. 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-2007-41 and should be submitted on or before July 9, 
2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E7-11657 Filed 6-15-07; 8:45 am]
BILLING CODE 8010-01-P