Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend the Existing Fee Schedule, 34053-34054 [E7-11883]
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Federal Register / Vol. 72, No. 118 / Wednesday, June 20, 2007 / Notices
deficiencies, multiple control
deficiencies should only be looked at in
combination if they are related to one
another?
(4) Please comment on whether the
definition of ‘‘material weakness’’ in
Paragraph A7 (which is consistent with
the definition that the SEC adopted)
appropriately describes the deficiencies
that should prevent the auditor from
finding that ICFR is effective.
(5) Is AS5 sufficiently clear about the
extent to which auditors can use the
work of others?
(6) Will AS5 reduce expected audit
costs under Section 404, particularly for
smaller public companies, to result in
cost-effective, integrated audits?
(7) Does AS5 inappropriately
discourage or restrict auditors from
scaling audits, particularly for smaller
public companies?
Comments may be submitted by any
of the following methods:
rwilkins on PROD1PC63 with NOTICES
Electronic Comments
• Use the Commission’s Internet
comment form(https://www.sec.gov); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number PCAOB–2007–02 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.
PCAOB–2007–02. This file number
should be included on the subject line
if e-mail is used. To help 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/pcaob).
Copies of the submission, all subsequent
amendments, all written statements
with respect to the proposed rule 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
Section, 100 F Street, NE., Washington,
DC 20549. All comments received will
be posted without change; we do 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 PCAOB–
2007–02. Comments should be
VerDate Aug<31>2005
18:25 Jun 19, 2007
Jkt 211001
submitted on or before July 12, 2007.
The Commission intends to act on the
proposed rule no later than July 27,
2007.
By the Commission.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–11935 Filed 6–19–07; 8:45 am]
34053
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.
BILLING CODE 8010–01–P
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
1. Purpose
[Release No. 34–55907; File No. SR–BSE–
2007–21]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
of Proposed Rule Change To Amend
the Existing Fee Schedule
June 13, 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 4,
2007, the Boston Stock Exchange
(‘‘BSE’’ 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
prepared substantially by the Exchange.
The BSE has designated this proposal as
one changing a due, fee, or other charge
under Section 19(b)(3)(A)(ii) of the Act,3
and Rule 19b–4(f)(2) 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
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The BSE proposes amending the
certain transaction fees set forth in the
BeX fee schedule as well as the BeX
Revenue Sharing formula. The text of
the proposed rule change is available on
the Exchange’s Web site (https://
www.bostonstock.com), at the BSE, 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
BSE included statements concerning the
purpose of and basis for the proposed
rule change and discussed any
1 15
U.S.C. 78s(b)(1).
17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
The purpose of this filing is to amend
certain transaction fees set forth in the
Boston Equities Exchange (‘‘BeX’’) fee
schedule as well as the BeX Revenue
Sharing formula. The BeX fee schedule
presently provides for uniform credits to
Liquidity Providers in the amount of
$.0027. In the event the trade involves
a share price that is less than $1.00
Liquidity Providers are presently
entitled to a credit in the amount of
$.0027 per share with a maximum of
.3% of quotation price per share.
Additionally, the BeX Fee Schedule
presently imposes a $.0028 charge on
Liquidity Takers. In the event the trade
involves a share price that is less than
$1.00, Liquidity Takers are charged
$.0028 with a maximum of .3% of
quotation price per share. The purpose
of this proposed amendment to the BeX
fee schedule is to eliminate the credit
presently available to Liquidity
Providers. Additionally, this proposed
amendment will lower the charge
presently imposed on Liquidity Takers
from $.0028 to $.0005. This proposed
shift in the traditional economics of the
existing marketplace will attract volume
to BeX by encouraging those firms with
a high percentage of taking order flow
to make BeX their chosen routing
destination while at the same time
encouraging Liquidity Providers to
provide competitive quotes on BeX with
the higher probability of getting an
execution.
In this filing, the Exchange also is
proposing to amend the revenue sharing
provision of the BeX fee schedule.
Specifically, BSE is proposing to
eliminate the current tape revenue
sharing program for single sided orders.
The tape revenue sharing program for
cross trades will remain intact.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,5
in general, and furthers the objectives of
Section 6(b)(4) of the Act,6 in particular,
22
PO 00000
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Fmt 4703
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5 15
6 15
E:\FR\FM\20JNN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
20JNN1
34054
Federal Register / Vol. 72, No. 118 / Wednesday, June 20, 2007 / Notices
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees, and other charges among Exchange
Members and issuers and other persons
using Exchange facilities.
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
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to Section 19(b)(3)(A) of the
Act 7 and Rule 19b–4(f)(2) thereunder,8
because it establishes or changes a due,
fee or other charge imposed by the
Exchange. Accordingly, the proposal
will take effect upon filing with the
Commission. At any time within 60
days of the filing of such 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:
rwilkins on PROD1PC63 with NOTICES
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–BSE–2007–21 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–BSE–2007–21. 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 at
the Commission’s Public Reference
Room. Copies of such filing will also be
available for inspection and copying at
the principal office of the BSE. 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–BSE–2007–21 and should
be submitted on or before July 11, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–11883 Filed 6–19–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55904; File No. SR–NYSE–
2007–50]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend Its
Current Revenue Sharing Program for
Its Specialists for an Additional Three
Months
June 13, 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 31,
2007, the New York Stock Exchange
LLC (‘‘Exchange’’ or ‘‘NYSE’’) filed with
the Securities and Exchange
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
7 15
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(2).
VerDate Aug<31>2005
18:25 Jun 19, 2007
1 15
Jkt 211001
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been substantially prepared by the
Exchange. 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 Exchange proposes to extend its
current revenue sharing program for its
specialists for an additional three
months (through August 31, 2007).
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. 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 extend for
an additional three months its current
revenue sharing program for its
specialists. The revenue sharing
program was instituted 3 in connection
with the Exchange’s adoption of Rule
104B,4 which prohibits specialists from
charging commissions. The Exchange
established the revenue sharing program
for a six-month period commencing
December 1, 2006, in order to partially
offset the specialists’ loss of commission
revenues. In its original filing, the
Exchange stated that it intended to
adopt a revised revenue sharing
program commencing June 1, 2007, that
would provide variable payments to the
specialist firms depending on
performance. The Exchange is not yet
ready to put this revised revenue
sharing program in place and, in the
interim, proposes to extend the current
revenue sharing program for an
additional three months commencing
June 1, 2007.
3 See Securities Exchange Act Release No. 54856
(December 1, 2006), 71 FR 71215 (December 8,
2006) (SR–NYSE–2006–106).
4 See Securities Exchange Act Release No. 54850
(November 30, 2006), 71 FR 71217 (December 8,
2006) (SR–NYSE–2006–105).
E:\FR\FM\20JNN1.SGM
20JNN1
]]>Agencies
[Federal Register Volume 72, Number 118 (Wednesday, June 20, 2007)]
[Notices]
[Pages 34053-34054]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11883]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55907; File No. SR-BSE-2007-21]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change To Amend the Existing Fee
Schedule
June 13, 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 4, 2007, the Boston Stock Exchange (``BSE'' 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 prepared substantially by the Exchange. The BSE has
designated this proposal as one changing a due, fee, or other charge
under Section 19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2)
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 from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 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 BSE proposes amending the certain transaction fees set forth in
the BeX fee schedule as well as the BeX Revenue Sharing formula. The
text of the proposed rule change is available on the Exchange's Web
site (https://www.bostonstock.com), at the BSE, 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 BSE 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 purpose of this filing is to amend certain transaction fees set
forth in the Boston Equities Exchange (``BeX'') fee schedule as well as
the BeX Revenue Sharing formula. The BeX fee schedule presently
provides for uniform credits to Liquidity Providers in the amount of
$.0027. In the event the trade involves a share price that is less than
$1.00 Liquidity Providers are presently entitled to a credit in the
amount of $.0027 per share with a maximum of .3% of quotation price per
share. Additionally, the BeX Fee Schedule presently imposes a $.0028
charge on Liquidity Takers. In the event the trade involves a share
price that is less than $1.00, Liquidity Takers are charged $.0028 with
a maximum of .3% of quotation price per share. The purpose of this
proposed amendment to the BeX fee schedule is to eliminate the credit
presently available to Liquidity Providers. Additionally, this proposed
amendment will lower the charge presently imposed on Liquidity Takers
from $.0028 to $.0005. This proposed shift in the traditional economics
of the existing marketplace will attract volume to BeX by encouraging
those firms with a high percentage of taking order flow to make BeX
their chosen routing destination while at the same time encouraging
Liquidity Providers to provide competitive quotes on BeX with the
higher probability of getting an execution.
In this filing, the Exchange also is proposing to amend the revenue
sharing provision of the BeX fee schedule. Specifically, BSE is
proposing to eliminate the current tape revenue sharing program for
single sided orders. The tape revenue sharing program for cross trades
will remain intact.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\5\ in general, and furthers
the objectives of Section 6(b)(4) of the Act,\6\ in particular,
[[Page 34054]]
in that it is designed to provide for the equitable allocation of
reasonable dues, fees, and other charges among Exchange Members and
issuers and other persons using Exchange facilities.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition 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 neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(2) thereunder,\8\ because it establishes or changes a due, fee or
other charge imposed by the Exchange. Accordingly, the proposal will
take effect upon filing with the Commission. At any time within 60 days
of the filing of such 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-BSE-2007-21 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-BSE-2007-21. 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 at the Commission's Public Reference Room. Copies of such
filing will also be available for inspection and copying at the
principal office of the BSE. 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-BSE-2007-21 and should be submitted on or before July
11, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-11883 Filed 6-19-07; 8:45 am]
BILLING CODE 8010-01-P
