Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating To Removing Certain Rules From Its Rulebook, 35276-35278 [E7-12390]
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35276
Federal Register / Vol. 72, No. 123 / Wednesday, June 27, 2007 / Notices
Option Pilot Program and requests that
the Commission extend the IWM Option
Pilot Program for an additional sixmonth time period, through January 18,
2008.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,11 in particular, because it is
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts and
practices, and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change would impose any
burden on competition 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
No written comments were solicited
or received written comments with
respect to the proposed rule change.
jlentini on PROD1PC65 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
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 12 and
subparagraph (f)(6) of Rule 19b–4
thereunder.13
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 the 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,
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2007–61 on the
subject line.
[Release No. 34–55936; File No. SR–ISE–
2007–32]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change and Amendment No. 1 Thereto
Relating To Removing Certain Rules
From Its Rulebook
June 21, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
• Send paper comments in triplicate
notice is hereby given that on May 9,
to Nancy M. Morris, Secretary,
2007, the International Securities
Securities and Exchange Commission,
Exchange, LLC (the ‘‘Exchange’’ or the
100 F Street, NE., Washington, DC
‘‘ISE’’) filed with the Securities and
20549–1090.
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
All submissions should refer to File
in Items I, II, and III below, which Items
Number SR–CBOE–2007–61. This file
have been substantially prepared by the
number should be included on the
Exchange. On June 8, 2007, ISE filed
subject line if e-mail is used. To help the
Amendment No. 1 to the proposed rule
Commission process and review your
change.3 The Commission is publishing
comments more efficiently, please use
this notice to solicit comments on the
only one method. The Commission will proposed rule change, as amended, from
post all comments on the Commission’s interested persons.
Internet Web site (https://www.sec.gov/
I. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
Statement of the Terms of Substance of
submission, all subsequent
the Proposed Rule Change
amendments, all written statements
with respect to the proposed rule
The Exchange proposes to remove
change that are filed with the
certain inconsequential ISE rules for
Commission, and all written
which there is no corresponding
communications relating to the
National Association of Securities
proposed rule change between the
Dealers (‘‘NASD’’) rule. The text of the
Commission and any person, other than proposed rule change is below.
Proposed new language is in italics;
those that may be withheld from the
proposed deletions are enclosed in
public in accordance with the
brackets.
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
*
*
*
*
*
the Commission’s Public Reference
Rule 403. Reserved.[Nominal
Room. Copies of such filing also will be
Employment
available for inspection and copying at
No Member may employ any person
the principal office of CBOE. All
in a nominal position on account of
comments received will be posted
business obtained by such person.]
without change; the Commission does
not edit personal identifying
Rule 605. Reserved.[Other Affiliations of
information from submissions. You
Registered Persons
should submit only information that
Except with the express written
you wish to make available publicly.
permission of the Exchange, every
All submissions should refer to File
registered person shall devote his entire
Number SR–CBOE–2007–61 and should time during business hours to the
be submitted on or before July 18, 2007. business of the Member employing him,
or to the business of its affiliates that are
For the Commission, by the Division of
engaged in the transaction of business as
Market Regulation, pursuant to delegated
a broker or dealer in securities or
authority.14
commodities or in such other businesses
Florence E. Harmon,
as have been approved by the Member’s
Deputy Secretary.
designated examining authority.]
Paper Comments
BILLING CODE 8010–01–P
11 15
15:50 Jun 26, 2007
Electronic Comments
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. E7–12394 Filed 6–26–07; 8:45 am]
10 15
VerDate Aug<31>2005
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 is incorporated in this notice.
2 17
14 17
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PO 00000
CFR 200.30–3(a)(12).
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Federal Register / Vol. 72, No. 123 / Wednesday, June 27, 2007 / Notices
Rule 615. Reserved.[Addressing of
Communications to Customers
No Member shall address any
communications to a customer in care of
any other person unless either (i) the
customer, within the preceding twelve
(12) months, has instructed the Member
in writing to send communications in
care of such other persons, or (ii)
duplicate copies are sent to the
customer at some other address
designated in writing by him.]
*
*
*
*
*
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
jlentini on PROD1PC65 with NOTICES
1. Purpose
The Exchange is proposing to rescind
certain inconsequential ISE rules. The
Exchange has recently entered into an
amended and restated 17d–2 Agreement
with the National Association of
Securities Dealers (‘‘NASD’’), whereby
the NASD has assumed regulatory and
enforcement responsibilities for dual
members with respect to common rules
delineated in the Agreement.4 During
the course of amending this Agreement,
the Exchange came across some
common rules that the ISE needed to
amend in order to conform the language
to the corresponding NASD rule 5 and a
few rules which are not common to the
NASD rules and are not specific to or
necessary for the Exchange’s
marketplace or membership.
Accordingly, the Exchange proposes to
remove the following rules from its
rulebook: Rule 403 (Nominal
Employment), Rule 605 (Other
4 See Securities Exchange Act Release No. 55367
(February 27, 2007), 72 FR 9983 (March 6, 2007)
(Order approving and declaring effective a plan for
the allocation of regulatory responsibilities between
ISE and NASD).
5 See Securities Exchange Act Release No. 55751
(May 11, 2007), 72 FR 27884 (May 17, 2007)
(Proposal to amend ISE rules to conform such rules
to their corresponding NASD rules).
VerDate Aug<31>2005
15:50 Jun 26, 2007
Jkt 211001
Affiliations of Registered Persons), and
615 (Addressing of Communications to
Customers).
The Exchange seeks to rescind Rule
403 (Nominal Employment) because the
rule is narrowly drafted to prohibit
members from obtaining business by
employing a person in a nominal
position. The Exchange believes that
Rule 406 (Gratuities) better addresses
this issue by prohibiting a member from
giving any compensation or gratuities in
any one year in excess of $100 to any
employee of any other member or of any
non-member broker, dealer, bank or
institution, without the prior consent of
the employer and of the Exchange.
Additionally, the Exchange seeks to
rescind Rule 605 (Other Affiliations of
Registered Persons) because the
Exchange believes it is an antiquated
rule and due to significant changes in
market structure, the Exchange no
longer believes it necessary to limit
registered persons activities during
business hours. Further, the NASD has
no comparable rule and, as discussed
above, the Exchange has entered into a
17d–2 Agreement with the NASD to
monitor and enforce common rules,
including, but not limited to, rules
governing Registered Persons.
Lastly, the Exchange seeks to rescind
Rule 615 (Addressing of
Communications to Customers) because
the Exchange believes that brokerdealers that do a public business are
better equipped to set their own policies
and procedures governing
communications with customers that
are applicable to their business.
Pursuant to ISE Rule 2114 (Doing
Business with the Public) ISE members
that do business with the public are
required to also be a member of the
NASD. The NASD requires brokerdealers to have written supervisory
procedures covering areas such as,
communications with the public and
customer account statements.
Additionally, those members must also
comply with NASD rules, which the
Exchange believes sufficiently address
this topic.
2. Statutory Basis
The basis under the Exchange 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,
6 15
PO 00000
U.S.C. § 78f(b).
Frm 00063
Fmt 4703
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35277
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.
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
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, as amended, or
(B) Institute proceedings to determine
whether the proposed rule change, as
amended, 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, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2007–32 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–2007–32. This file
number should be included in the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
E:\FR\FM\27JNN1.SGM
27JNN1
35278
Federal Register / Vol. 72, No. 123 / Wednesday, June 27, 2007 / Notices
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE, Washington, DC
20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such 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 the File
Number SR–ISE–2007–32 and should be
submitted on or before July 18, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–12390 Filed 6–26–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55924; File No. SR–
NASDAQ–2007–050]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 To Modify the
Minimum Shareholder Requirement for
Initial Listing on the Nasdaq Global
Select Market
jlentini on PROD1PC65 with NOTICES
June 19, 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 10,
2007, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change as described
in Items I and II below, which Items
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
15:50 Jun 26, 2007
Jkt 211001
have been substantially prepared by
Nasdaq. On June 19, 2007, Nasdaq filed
Amendment No. 1 to the proposed rule
change.3 Nasdaq has filed this proposal
pursuant to Section 19(b)(3)(A) of the
Act 4 and Rule 19b–4(f)(6) thereunder,5
which renders it effective upon filing
with the Commission. The Commission
is publishing this notice, as amended, to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
Nasdaq proposes to modify the
minimum shareholder requirement for
initial listing on the Nasdaq Global
Select Market.
The text of the proposed rule change
is below. Proposed new language is in
italics; proposed deletions are in
brackets.6
*
*
*
*
*
4426. Nasdaq Global Select Market Listing
Requirements
(a) No change.
(b) Liquidity Requirements
(1) The security must demonstrate
either:
(A)–(B) No change.
(C) A minimum of 450 beneficial
round lot shareholders[, in the case of:
(i) An issuer listing in connection
with a court-approved reorganization
under the federal bankruptcy laws or
comparable foreign laws; or
(ii) An issuer that is affiliated with
another company listed on the Global
Select Market].
(2)–(3) No change.
(c)–(f) No change.
*
*
*
*
*
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq 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. Nasdaq has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
3 Partial Amendment No. 1 replaced a footnote in
the original filing. See infra note 8.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
6 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at
https://www.complinet.com/nasdaq.
PO 00000
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Rule 4426(b) sets forth the liquidity
requirements for the Nasdaq Global
Select Market. Among the requirements
set out in that rule is the requirement
that for initial listing on the Global
Select Market, a security must have
either (i) 2,200 beneficial shareholders
or (ii) 550 beneficial shareholders and a
minimum trading volume of at least 1.1
million shares per month over the prior
year. In addition, companies listing in
connection with a court-approved
reorganization and companies affiliated
with other Global Select Market
companies can list on the Global Select
Market if their security has a minimum
of 450 beneficial shareholders.
These requirements for the Global
Select Market were adopted to be
similar to, but higher than, the
requirements for initial listing on the
New York Stock Exchange (‘‘NYSE’’). In
August 2006, the NYSE revised its
listing standards to reduce the required
number of round lot holders for initial
listing from 2,000 to 400.7 The NYSE
stated that it made this change based on
changes in the composition of the
investor population in the time since it
adopted the 2,000 holder requirement,
such that fewer shareholders are
necessary to provide liquidity in a
security.
Given the change to the NYSE
requirements, Nasdaq now proposes to
modify the liquidity requirement for the
Global Select Market to permit a
security to list if the security has a
minimum of 450 beneficial round lot
shareholders and satisfies the other
requirements for initial listing.8 Nasdaq
notes that this requirement remains
higher than the revised NYSE
requirement and the requirement for
listing on the Nasdaq Global Market.
Given Nasdaq’s experience with the 400
round lot holder requirement for initial
and continued listing on the Nasdaq
7 See Securities Exchange Act Release No. 54350
(August 22, 2006), 71 FR 51259 (August 29, 2006)
(SR–NYSE–2006–64).
8 In addition to the proposed criteria described
above, Nasdaq would maintain the existing
alternative criteria to permit listing a security that
has either: (i) 2,200 beneficial shareholders; or (ii)
550 beneficial shareholders and a minimum trading
volume of at least 1.1 million shares per month over
the prior year. Nasdaq proposes to eliminate the
alternative requirement for companies emerging
from bankruptcy or affiliated with another listed
company. Thus, as proposed, all companies,
including companies emerging from bankruptcy
and companies affiliated with another listed
company, would be required to meet one of the
three alternative standards.
E:\FR\FM\27JNN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 123 (Wednesday, June 27, 2007)]
[Notices]
[Pages 35276-35278]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-12390]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55936; File No. SR-ISE-2007-32]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1
Thereto Relating To Removing Certain Rules From Its Rulebook
June 21, 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 9, 2007, the International Securities Exchange, LLC (the
``Exchange'' or the ``ISE'') 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 Exchange. On June 8, 2007, ISE filed Amendment No. 1 to
the proposed rule change.\3\ 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.
\3\ Amendment No. 1 is incorporated in this notice.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to remove certain inconsequential ISE rules
for which there is no corresponding National Association of Securities
Dealers (``NASD'') rule. The text of the proposed rule change is below.
Proposed new language is in italics; proposed deletions are enclosed in
brackets.
* * * * *
Rule 403. Reserved.[Nominal Employment
No Member may employ any person in a nominal position on account of
business obtained by such person.]
Rule 605. Reserved.[Other Affiliations of Registered Persons
Except with the express written permission of the Exchange, every
registered person shall devote his entire time during business hours to
the business of the Member employing him, or to the business of its
affiliates that are engaged in the transaction of business as a broker
or dealer in securities or commodities or in such other businesses as
have been approved by the Member's designated examining authority.]
[[Page 35277]]
Rule 615. Reserved.[Addressing of Communications to Customers
No Member shall address any communications to a customer in care of
any other person unless either (i) the customer, within the preceding
twelve (12) months, has instructed the Member in writing to send
communications in care of such other persons, or (ii) duplicate copies
are sent to the customer at some other address designated in writing by
him.]
* * * * *
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 is proposing to rescind certain inconsequential ISE
rules. The Exchange has recently entered into an amended and restated
17d-2 Agreement with the National Association of Securities Dealers
(``NASD''), whereby the NASD has assumed regulatory and enforcement
responsibilities for dual members with respect to common rules
delineated in the Agreement.\4\ During the course of amending this
Agreement, the Exchange came across some common rules that the ISE
needed to amend in order to conform the language to the corresponding
NASD rule \5\ and a few rules which are not common to the NASD rules
and are not specific to or necessary for the Exchange's marketplace or
membership. Accordingly, the Exchange proposes to remove the following
rules from its rulebook: Rule 403 (Nominal Employment), Rule 605 (Other
Affiliations of Registered Persons), and 615 (Addressing of
Communications to Customers).
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 55367 (February 27,
2007), 72 FR 9983 (March 6, 2007) (Order approving and declaring
effective a plan for the allocation of regulatory responsibilities
between ISE and NASD).
\5\ See Securities Exchange Act Release No. 55751 (May 11,
2007), 72 FR 27884 (May 17, 2007) (Proposal to amend ISE rules to
conform such rules to their corresponding NASD rules).
---------------------------------------------------------------------------
The Exchange seeks to rescind Rule 403 (Nominal Employment) because
the rule is narrowly drafted to prohibit members from obtaining
business by employing a person in a nominal position. The Exchange
believes that Rule 406 (Gratuities) better addresses this issue by
prohibiting a member from giving any compensation or gratuities in any
one year in excess of $100 to any employee of any other member or of
any non-member broker, dealer, bank or institution, without the prior
consent of the employer and of the Exchange.
Additionally, the Exchange seeks to rescind Rule 605 (Other
Affiliations of Registered Persons) because the Exchange believes it is
an antiquated rule and due to significant changes in market structure,
the Exchange no longer believes it necessary to limit registered
persons activities during business hours. Further, the NASD has no
comparable rule and, as discussed above, the Exchange has entered into
a 17d-2 Agreement with the NASD to monitor and enforce common rules,
including, but not limited to, rules governing Registered Persons.
Lastly, the Exchange seeks to rescind Rule 615 (Addressing of
Communications to Customers) because the Exchange believes that broker-
dealers that do a public business are better equipped to set their own
policies and procedures governing communications with customers that
are applicable to their business. Pursuant to ISE Rule 2114 (Doing
Business with the Public) ISE members that do business with the public
are required to also be a member of the NASD. The NASD requires broker-
dealers to have written supervisory procedures covering areas such as,
communications with the public and customer account statements.
Additionally, those members must also comply with NASD rules, which the
Exchange believes sufficiently address this topic.
2. Statutory Basis
The basis under the Exchange 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. Sec. 78f(b).
---------------------------------------------------------------------------
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
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, as amended, or
(B) Institute proceedings to determine whether the proposed rule
change, as amended, 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, as amended, 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-ISE-2007-32 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-2007-32. This file
number should be included in the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use
[[Page 35278]]
only one method. The Commission will post all comments on the
Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Room, 100 F Street, NE, Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such 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 the File Number SR-ISE-2007-32 and should be submitted
on or before July 18, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-12390 Filed 6-26-07; 8:45 am]
BILLING CODE 8010-01-P
