Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto to Retroactively Amend Transaction Charges for Equities, ETFs, and Nasdaq UTP Securities, 46253-46255 [E7-16208]
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ebenthall on PRODPC61 with NOTICES
Federal Register / Vol. 72, No. 159 / Friday, August 17, 2007 / Notices
3. Title and Purpose of Information
Collection; Railroad Separation
Allowance or Severance Pay Report;
OMB 3220–0173.
Section 6 of the Railroad Retirement
Act provides for a lump-sum payment to
an employee or the employee’s
survivors equal to the Tier II taxes paid
by the employee on a separation
allowance or severance payment for
which the employee did not receive
credits toward retirement. The lumpsum is not payable until retirement
benefits begin to accrue or the employee
dies. Also, Section 4(a–1)(iii) of the
Railroad Unemployment Insurance Act
provides that a railroad employee who
is paid a separation allowance is
disqualified for unemployment and
sickness benefits for the period of time
the employee would have to work to
earn the amount of the allowance. The
reporting requirements are specified in
20 CFR 209.14.
In order to calculate and provide
payments, the Railroad Retirement
Board (RRB) must collect and maintain
records of separation allowances and
severance payments which were subject
to Tier II taxation from railroad
employers. The RRB uses Form BA–9 to
obtain information from railroad
employers concerning the separation
allowances and severance payments
made to railroad employees and/or the
survivors of railroad employees.
Employers currently have the option of
submitting a paper BA–9, or in like
format, a magnetic tape cartridge, CD–
ROM or PC diskette. Completion is
mandatory. One response is requested of
each respondent
The RRB proposes changes to Form
BA–9. Data fields for the proposed Form
BA–9 will be revised to allow for: an
employee’s complete first and last
name, 4-digit year fields, and expanded
yearly compensation fields for Tier II
taxed and Tier II credited amounts.
The RRB also proposes the
implementation of two additional
electronic equivalent methods of
submission for BA–9 information: File
Transfer Protocol (FTP) and secure Email.
The completion time for Form BA–9
and all electronic equivalent methods of
submission is estimated at 1 hour and
16 minutes. The annual respondent
burden for the information collection is
estimated at 360 responses and 458
burden hours.
4. Title and Purpose of Information
Collection; Gross Earnings Report; OMB
3220–0132.
In order to carry out the financial
interchange provisions of section 7(c)(2)
of the Railroad Retirement Act (RRA),
the RRB obtains annually from railroad
VerDate Aug<31>2005
15:36 Aug 16, 2007
Jkt 211001
employer’s the gross earnings for their
employees on a one-percent basis, i.e.,
1% of each employer’s railroad
employees. The gross earnings sample is
based on the earnings of employees
whose social security numbers end with
the digits ‘‘30.’’ The gross earnings are
used to compute payroll taxes under the
financial interchange.
The gross earnings information is
essential in determining the tax
amounts involved in the financial
interchange with the Social Security
Administration and Centers for
Medicare and Medicaid Services.
Besides being necessary for current
financial interchange calculations, the
gross earnings file tabulations are also
an integral part of the data needed to
estimate future tax income and
corresponding financial interchange
amounts. These estimates are made for
internal use and to satisfy requests from
other government agencies and
interested groups. In addition, cash flow
projections of the social security
equivalent benefit account, railroad
retirement account and cost estimates
made for proposed amendments to laws
administered by the RRB are dependent
on input developed from the
information collection.
The RRB utilizes Form BA–11 or its
electronic equivalent(s) to obtain gross
earnings information from railroad
employers. Employers currently have
the option of preparing and submitting
BA–11 reports on paper, or in like
format on magnetic tape cartridges and
PC diskettes. Completion is mandatory.
One response is requested of each
respondent.
The RRB proposes changes to Form
BA–11 to add an additional item for an
employer’s name and to expand an
existing item to allow for the reporting
of an employee’s complete first and last
name. The RRB also proposes the
implementation of two additional
electronic equivalent methods of
submission for BA–11information: File
Transfer Protocol (FTP) and secure Email.
The RRB estimates the completion
time for BA–11 information as follows:
5 hours for BA–11 responses submitted
via File Transfer Protocol and magnetic
tape and 30 minutes for BA–11’s
submitted via paper, diskette, and
secure E-mail. The annual respondent
burden for the information collection is
estimated at 168 responses and 107
burden hours.
Additional Information or Comments:
To request more information regarding
any of the information collections listed
above or to obtain copies of the
information collection justifications,
forms, and/or supporting material,
PO 00000
Frm 00060
Fmt 4703
Sfmt 4703
46253
please call the RRB Clearance Officer at
(312) 751–3363 or send an e-mail
request to Charles.Mierzwa@RRB.GOV.
Comments regarding the information
collections should be sent to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or via an e-mail to
Ronald.Hodapp@RRB.GOV, and to the
Office of Management Budget at ATTN:
Desk Officer for RRB, FAX : (202) 395–
6974 or via E-mail to
OIRA_Submission@omb.eop.gov.
Comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E7–16212 Filed 8–16–07; 9:41 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56238; File No. SR–Amex–
2007–24]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change
and Amendment No. 1 Thereto to
Retroactively Amend Transaction
Charges for Equities, ETFs, and
Nasdaq UTP Securities
August 10, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
22, 2007, the American Stock Exchange
LLC (‘‘Amex’’ 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
Exchange. On August 10, 2007, the
Exchange filed Amendment No. 1 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to
retroactively apply the revised equities,
Exchange Traded Funds and Trust
Issued Receipts (‘‘ETFs’’) and Nasdaq
UTP Fee Schedules (collectively, the
‘‘Fee Schedule’’) to transactions in
equities, ETFs and Nasdaq UTP
securities from January 2, 2007 through
February 21, 2007.
1 15
2 17
E:\FR\FM\17AUN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
17AUN1
46254
Federal Register / Vol. 72, No. 159 / Friday, August 17, 2007 / Notices
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.amex.com), at the
Exchange’s principal office, 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
ebenthall on PRODPC61 with NOTICES
1. Purpose
In January 2007, the Exchange
adopted new transaction charges for its
members and member organizations
largely relating to the Exchange’s new
hybrid market trading platform (known
as AEMI), the upcoming
implementation of Regulation NMS, and
changes in the competitive landscape
for equities and ETFs. These new
transaction charges became effective
January 2, 2007 and will be referred to
herein as the ‘‘January Fee Schedule’’.3
Under the January Fee Schedule,
transaction charges for executions in
equities and ETFs were divided into two
tiers based on the average daily volume,
as reported by the appropriate NMS
Plan in the security industry-wide.4 The
transaction charges varied within each
tier depending on the type of orders
submitted for the customer account and
the types of quotes and orders submitted
for specialist and registered trader
accounts. Since the adoption of the
3 See Securities Exchange Act Release No. 55195
(January 30, 2007) 72 FR 5469 (February 6, 2007)
(notice of filing and immediate effectiveness of SR–
Amex–2006–117).
4 Tier One pricing applied to equities and ETFs
whose industry-wide average daily trading volume
was 500,000 shares or greater during the previous
rolling quarter. In addition, Tier One pricing
applied to all securities traded on the Exchange
pursuant to unlisted trading privileges (‘‘UTP’’)
(including Nasdaq UTP securities) regardless of the
their average daily trading volume. All new
listings—including IPOs, transfers, and dual
listings—were initially categorized as Tier One
securities until the next quarterly recalculation.
Tier Two pricing applied to all equities and ETFs
whose industry-wide average daily trading volume
was less than 500,000 shares during the previous
rolling quarter.
VerDate Aug<31>2005
15:36 Aug 16, 2007
Jkt 211001
January Fee Schedule, the Exchange
began having difficulty with its billing
system’s ability to obtain the data
necessary to calculate an accurate bill
pursuant to the January Fee Schedule
and provide data to the clearing firms in
a timely manner so they could
accurately pass these charges on to their
customers. As a result, in a filing
submitted on February 22, 2007 in
conjunction with this filing, the
Exchange proposed to eliminate the
January Fee Schedule and revert back to
the schedule for transaction charges for
customers5 in equities and ETFs in
effect prior to January 2, 2007 (referred
to herein as the ‘‘February Fee
Schedule’’). In addition, as an incentive
to member firms to send order flow to
the Exchange, the February Fee
Schedule proposed a five percent
discount to be applied to each firm’s
total charges for customer orders.
Transaction charges for specialists in
equities and specialists and registered
traders in ETFs were to be made
consistent across the product lines and
were generally to be applied in the same
manner as under the fee schedule in
effect prior to the January Fee Schedule,
but at a lower rate. The five percent
discount was not applied to charges for
specialists and registered traders. In
addition, for transactions charges in
Nasdaq UTP securities, the February Fee
Schedule also reverted back to the fee
schedule in effect prior to January 2,
2007 and applied the five percent
discount to charges for member and
non-member customer transactions.
The Exchange is now proposing that
the February Fee Schedule be made
retroactive for the period of January 2,
2007 through February 21, 2007. As
noted above, due to data issues
involving its billing system, the
Exchange has been unable to obtain the
data necessary to calculate an accurate
bill for the months of January and
February 2007 or to provide the data
necessary for the clearing firms to
accurately bill their customers pursuant
to the January Fee Schedule. In
addition, since Exchange data indicates
that a small number (less than ten) of
the clearing members may pay a small
amount more in fees based on the
February Fee Schedule than they would
have paid under the January Fee
Schedule, the Exchange is proposing to
credit the accounts of these clearing
members in the amount of the
5 ‘‘Customers’’ are defined for purposes of the fee
schedule to include all market participants except
specialists and registered traders. Therefore,
customer accounts include members’ off-floor
proprietary accounts and the accounts of competing
market makers and other member and non-member
broker-dealers.
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
overpayments. Thus, no clearing
member will be disadvantaged by the
retroactive application of fees.
2. Statutory Basis
The proposed fee change is consistent
with section 6(b)(4) of the Act 6
regarding the equitable allocation of
reasonable dues, fees, and other charges
among exchange members and other
persons using exchange 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
No written comments were solicited
or received with respect to the proposed
rule change.
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 self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml ); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–Amex–2007–24 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
6 15
E:\FR\FM\17AUN1.SGM
U.S.C. 78f(b)(4).
17AUN1
Federal Register / Vol. 72, No. 159 / Friday, August 17, 2007 / Notices
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–Amex–2007–24. 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 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 Amex. 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–Amex–2007–24 and should
be submitted on or before September 7,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16208 Filed 8–16–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56241; File No. SR–CFE–
2007–01]
ebenthall on PRODPC61 with NOTICES
Self-Regulatory Organizations; CBOE
Futures Exchange, LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Block Trading
August 13, 2007.
Pursuant to section 19(b)(7) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–7 under the
Act,2 notice is hereby given that on July
31, 2007, CBOE Futures Exchange, LLC
(‘‘CFE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change described in Items I, II, and
III below, which Items have been
substantially prepared by CFE. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons. CFE
also filed the proposed rule change with
the Commodity Futures Trading
Commission (‘‘CFTC’’), together with a
written certification under Section 5c(c)
of the Commodity Exchange Act
(‘‘CEA’’) 3 on July 30, 2007.
I. Self-Regulatory Organization’s
Description of the Proposed Rule
Change
The Exchange proposes to amend CFE
Rule 415, which governs Block Trading,
to further describe: (a) The specific
conditions under which it is permissible
to aggregate orders for different accounts
in order to satisfy minimum Block
Trade size requirements, (b) the factors
to be considered in determining
whether the price of a Block Trade is
‘‘fair and reasonable,’’ and (c) certain
aspects relating to CFE’s review of Block
Trades. Although Rule 415 and these
proposed rule amendments are
applicable to all of CFE’s products, CFE
is submitting this proposed rule change
to the Commission solely with respect
to its applicability to any security
futures that may be listed for trading on
CFE. The text of the proposed rule
change is available at CFE, the
Commission’s Public Reference Room,
and https://cfe.cboe.com/aboutcfe/.
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.
1 15
U.S.C. 78s(b)(7).
CFR 240.19b–7.
3 7 U.S.C. 7a–2(c).
2 17
7 17
CFR 200.30–3(a)(12).
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15:36 Aug 16, 2007
Jkt 211001
PO 00000
Frm 00062
Fmt 4703
Sfmt 4703
46255
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
First, CFE is proposing to amend CFE
Rule 415(a)(i) to further specify the
conditions under which it is permissible
to aggregate orders for different accounts
in order to satisfy minimum Block
Trade size requirements. For each
futures contract traded on CFE, there is
a separate rule chapter that governs the
relevant contract and which sets forth,
among other things, the minimum Block
Trade quantity for that contract. Rule
415(a)(i) currently permits three classes
of persons (hereinafter, ‘‘permissible
persons’’) to aggregate orders for
different accounts in order to meet the
designated minimum Block Trade
quantity.4 CFE proposes amending Rule
415(a)(i) to specify that a permissible
person may only aggregate accounts that
are under the management or control of
that permissible person in order to
satisfy the designated Block Trade size
requirement. CFE also proposes to
amend the rule to explicitly state that,
other than as described above, orders for
different accounts may not be
aggregated to satisfy Block Trade size
requirements. The aggregation
allowance in Rule 415(a)(i) was
intended as a narrow exception and was
made available so that permissible
persons who used the same strategy for
different accounts under their same
management could receive the same
treatment. CFE believes that the
addition of the proposed language more
clearly sets forth the original intent of
the aggregation allowance in Rule
415(a)(i).
CFE additionally proposes to amend
Rule 415(a)(i) to provide that if a Block
Trade is executed as a spread or
combination, each leg of the order must
meet the designated minimum size set
forth in the rule chapter governing the
relevant futures contract. Currently,
every rule chapter specifies that one leg
must meet the minimum Block Trade
quantity for that contract (which is
currently 100 contracts for each CFE
futures contract) and the other leg(s)
must have a contract size that is
reasonably related to the leg meeting the
4 The three permissible persons identified in CFE
Rule 415 are (1) a commodity trading advisor
registered under the CEA, (2) an investment adviser
registered as such with the SEC that is exempt from
regulation under the CEA and CFTC Regulations
thereunder, or (3) any person authorized to perform
functions similar or equivalent to those of a
commodity trading advisor in any jurisdiction
outside the United States of America, in each case
with total assets under management exceeding
US$25 million.
E:\FR\FM\17AUN1.SGM
17AUN1
]]>Agencies
[Federal Register Volume 72, Number 159 (Friday, August 17, 2007)]
[Notices]
[Pages 46253-46255]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16208]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56238; File No. SR-Amex-2007-24]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto
to Retroactively Amend Transaction Charges for Equities, ETFs, and
Nasdaq UTP Securities
August 10, 2007.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 22, 2007, the American Stock Exchange LLC (``Amex'' 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
Exchange. On August 10, 2007, the Exchange filed Amendment No. 1 to the
proposed rule change. The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to retroactively apply the revised equities,
Exchange Traded Funds and Trust Issued Receipts (``ETFs'') and Nasdaq
UTP Fee Schedules (collectively, the ``Fee Schedule'') to transactions
in equities, ETFs and Nasdaq UTP securities from January 2, 2007
through February 21, 2007.
[[Page 46254]]
The text of the proposed rule change is available on the Exchange's
Web site (https://www.amex.com), at the Exchange's principal office, 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
In January 2007, the Exchange adopted new transaction charges for
its members and member organizations largely relating to the Exchange's
new hybrid market trading platform (known as AEMI), the upcoming
implementation of Regulation NMS, and changes in the competitive
landscape for equities and ETFs. These new transaction charges became
effective January 2, 2007 and will be referred to herein as the
``January Fee Schedule''.\3\ Under the January Fee Schedule,
transaction charges for executions in equities and ETFs were divided
into two tiers based on the average daily volume, as reported by the
appropriate NMS Plan in the security industry-wide.\4\ The transaction
charges varied within each tier depending on the type of orders
submitted for the customer account and the types of quotes and orders
submitted for specialist and registered trader accounts. Since the
adoption of the January Fee Schedule, the Exchange began having
difficulty with its billing system's ability to obtain the data
necessary to calculate an accurate bill pursuant to the January Fee
Schedule and provide data to the clearing firms in a timely manner so
they could accurately pass these charges on to their customers. As a
result, in a filing submitted on February 22, 2007 in conjunction with
this filing, the Exchange proposed to eliminate the January Fee
Schedule and revert back to the schedule for transaction charges for
customers\5\ in equities and ETFs in effect prior to January 2, 2007
(referred to herein as the ``February Fee Schedule''). In addition, as
an incentive to member firms to send order flow to the Exchange, the
February Fee Schedule proposed a five percent discount to be applied to
each firm's total charges for customer orders. Transaction charges for
specialists in equities and specialists and registered traders in ETFs
were to be made consistent across the product lines and were generally
to be applied in the same manner as under the fee schedule in effect
prior to the January Fee Schedule, but at a lower rate. The five
percent discount was not applied to charges for specialists and
registered traders. In addition, for transactions charges in Nasdaq UTP
securities, the February Fee Schedule also reverted back to the fee
schedule in effect prior to January 2, 2007 and applied the five
percent discount to charges for member and non-member customer
transactions.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 55195 (January 30,
2007) 72 FR 5469 (February 6, 2007) (notice of filing and immediate
effectiveness of SR-Amex-2006-117).
\4\ Tier One pricing applied to equities and ETFs whose
industry-wide average daily trading volume was 500,000 shares or
greater during the previous rolling quarter. In addition, Tier One
pricing applied to all securities traded on the Exchange pursuant to
unlisted trading privileges (``UTP'') (including Nasdaq UTP
securities) regardless of the their average daily trading volume.
All new listings--including IPOs, transfers, and dual listings--were
initially categorized as Tier One securities until the next
quarterly recalculation. Tier Two pricing applied to all equities
and ETFs whose industry-wide average daily trading volume was less
than 500,000 shares during the previous rolling quarter.
\5\ ``Customers'' are defined for purposes of the fee schedule
to include all market participants except specialists and registered
traders. Therefore, customer accounts include members' off-floor
proprietary accounts and the accounts of competing market makers and
other member and non-member broker-dealers.
---------------------------------------------------------------------------
The Exchange is now proposing that the February Fee Schedule be
made retroactive for the period of January 2, 2007 through February 21,
2007. As noted above, due to data issues involving its billing system,
the Exchange has been unable to obtain the data necessary to calculate
an accurate bill for the months of January and February 2007 or to
provide the data necessary for the clearing firms to accurately bill
their customers pursuant to the January Fee Schedule. In addition,
since Exchange data indicates that a small number (less than ten) of
the clearing members may pay a small amount more in fees based on the
February Fee Schedule than they would have paid under the January Fee
Schedule, the Exchange is proposing to credit the accounts of these
clearing members in the amount of the overpayments. Thus, no clearing
member will be disadvantaged by the retroactive application of fees.
2. Statutory Basis
The proposed fee change is consistent with section 6(b)(4) of the
Act \6\ regarding the equitable allocation of reasonable dues, fees,
and other charges among exchange members and other persons using
exchange facilities.
---------------------------------------------------------------------------
\6\ 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
No written comments were solicited or received with respect to the
proposed rule change.
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 self-regulatory organization consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml ); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-Amex-2007-24 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary,
[[Page 46255]]
Securities and Exchange Commission, Station Place, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2007-24. 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 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 Amex. 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-Amex-2007-24 and should be submitted on
or before September 7, 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. E7-16208 Filed 8-16-07; 8:45 am]
BILLING CODE 8010-01-P
