Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Time Period for the Position Limits Pilot Program, 47092-47094 [E7-16530]
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47092
Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
the firm must yield its principal
execution to that customer. For
purposes of this amendment, the
Exchange further proposes adopting the
definitions of Regulation NMS in
connection with the terms ‘‘protected
quotation’’ and ‘‘intermarket sweep
order.’’ 6
2. Statutory Basis
The proposed rule change is designed
to be consistent with Regulation NMS
and with Section 6(b) of the Act 7 in
general, and furthers the objectives of
Section 6(b)(5) of the Act 8 in particular
in that the Exchange’s proposed rules
are designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
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
jlentini on PROD1PC65 with NOTICES
The foregoing proposed rule change is
subject to Section 19(b)(3)(A)(iii) of the
Act 9 and Rule 19b–4(f)(6) thereunder 10
because the proposal: (i) Does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not become
operative prior to 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; provided that the selfregulatory organization has given the
Commission notice of its intent to file
the proposed rule change, along with a
brief description and text of the
proposed rule change, at least five
business days prior to the date of filing
of the proposed rule change, or such
6 See
17 CFR 242.600(b)(30) and (58).
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A)(iii).
10 17 CFR 240.19b–4(f)(6).
7 15
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16:26 Aug 21, 2007
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shorter time as designated by the
Commission.
Amex has requested that the
Commission waive the five-day prefiling requirement and the 30-day
operative delay in order to enable the
Exchange to implement this rule change
on an expeditious basis, noting, in
particular, the commencement of full
industry compliance with Rules 610 and
611 of Regulation NMS during the ‘‘All
Stocks Phase’’ that begins on August 20,
2007. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the proposed rule change adds
an exemption to Rule 24–AEMI that is
identical to that approved as part of
recent amendments to corresponding
Rule 92 of the NYSE and does not raise
any new issues of regulatory concern.11
For these reasons, the Commission
waives the 30-day operative delay.12
The Commission also waives the fiveday pre-filing requirement.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.13
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
All submissions should refer to File
Number SR–Amex–2007–91. 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–2007–91 and should
be submitted on or before September 12,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16556 Filed 8–21–07; 8:45 am]
• 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–Amex–2007–91 on the
subject line.
BILLING CODE 8010–01–P
Paper Comments
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Extend the
Time Period for the Position Limits
Pilot Program
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
11 See
Securities Exchange Act Release No. 56017
(July 5, 2007), 72 FR 38110 (July 12, 2007).
12 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
PO 00000
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56268; File No. SR–BSE–
2007–41]
August 15, 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 August
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
15, 2007, the Boston Stock Exchange,
Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by BSE. The
Exchange has filed the proposal as a
‘‘non-controversial’’ rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) 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
BSE proposes to amend Chapter III,
Section 7 (Position Limits) of the Rules
of the Boston Options Exchange
(‘‘BOX’’), an options trading facility of
BSE, to extend its current pilot program
to increase the standard position and
exercise limits for equity option
contracts and options on the Nasdaq100 Index Tracking Stock (‘‘QQQQ’’)
(‘‘Pilot Program’’). The text of the
proposed rule change is available at
BSE, the Commission’s Public Reference
Room, and https://www.bostonstock.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, 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 Pilot Program provides for an
increase to the standard position and
exercise limits for equity option
contracts and for options on QQQQs for
a six-month period.5 Specifically, the
Pilot Program increased the applicable
position and exercise limits for equity
options and options on the QQQQ to the
following levels:
Current equity option contract limit 6
Pilot program equity option contract limit
13,500
22,500
31,500
60,000
75,000
25,000
50,000
75,000
200,000
250,000
Current QQQQ Option Contract Limit
Pilot Program QQQQ Option Contract Limit
300,000
900,000
The Exchange believes that extending
the Pilot Program for six months is
warranted due to positive feedback from
members and for the reasons cited in the
original rule filing that proposed the
adoption of the Pilot Program.7 In
addition, BOX has not encountered any
problems or difficulties relating to the
Pilot Program since its inception. For
these reasons, the BSE requests that the
Commission extend the Pilot Program
for an additional six months, through
and including March 1, 2008.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,8 in general, and furthers the
objective of Section 6(b)(5) of the Act,9
in particular, in that it is designed to
promote just and equitable principles of
trade and to protect investors and the
public interest.
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 The Pilot Program, which began on March 3,
2005, was extended on August 15, 2005, February
22, 2006, August 30, 2006, and February 8, 2007.
See Securities Exchange Act Release Nos. 51317
(March 3, 2005), 70 FR 12254 (March 11, 2005) (SR–
BSE–2005–10) (‘‘Pilot Program Notice’’); 52264
(August 15, 2005), 70 FR 48992 (August 22, 2005)
(SR–BSE–2005–37); 53347 (February 22, 2006), 71
FR 10573 (March 1, 2006) (SR–BSE–2006–07);
jlentini on PROD1PC65 with NOTICES
4 17
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47093
16:26 Aug 21, 2007
Jkt 211001
Because the foregoing rule change
does not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days from the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing.12 However, Rule 19b–
4(f)(6)(iii)13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and in the public interest
because it will allow the Pilot Program
to continue uninterrupted. For this
54388 (August 30, 2006), 71 FR 52833 (September
7, 2006) (SR–BSE–2006–32); and 55260 (February 8,
2007), 72 FR 7487 (February 15, 2007) (SR–BSE–
2007–04).
6 Except when the Pilot Program is in effect.
7 See Pilot Program Notice, supra note 5.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. BSE has satisfied the five-day prefiling requirement.
13 Id.
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
PO 00000
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Fmt 4703
Sfmt 4703
E:\FR\FM\22AUN1.SGM
22AUN1
47094
Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices
reason, the Commission designates that
the proposed rule change become
operative immediately.14
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–BSE–2007–41 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–BSE–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 (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
purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
jlentini on PROD1PC65 with NOTICES
14 For
VerDate Aug<31>2005
16:26 Aug 21, 2007
Jkt 211001
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 will also be
available for inspection and copying at
the principal office of 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 No.
SR–BSE–2007–41 and should be
submitted on or before September 12,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–16530 Filed 8–21–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56266; File No. SR–CBOE–
2007–97]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Extension
of a Pilot Program That Increases the
Standard Position and Exercise Limits
for Certain Options Traded on the
Exchange
August 15, 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 August 7,
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 and II
below, which Items have been prepared
by CBOE. The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders it effective
15 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).
4 17 CFR 240.19b–4(f)(6).
1 15
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
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
CBOE proposes to extend an existing
pilot program that increases the
standard position and exercise limits for
certain options traded on the Exchange
(‘‘Pilot Program’’). The text of the
proposed rule change is available at
CBOE, the Commission’s Public
Reference Room, and https://
www.cboe.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE 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 Pilot Program, as previously
approved by the Commission, provides
for an increase to the standard position
and exercise limits for equity option
contracts and for options on QQQQs for
a six-month period.5 Specifically, the
Pilot Program increased the applicable
position and exercise limits for equity
options and options on the QQQQ in
accordance with the following levels:
5 The Pilot Program was approved by the
Commission on February 23, 2005. See Securities
Exchange Act Release No. 51244 (February 23,
2005), 70 FR 10010 (March 1, 2005) (SR–CBOE–
2003–30) (‘‘Pilot Program Order’’). The Pilot
Program has been extended four times and is due
to expire on September 1, 2007. See Securities
Exchange Act Release Nos. 52262 (August 15,
2005), 70 FR 48995 (August 22, 2005) (SR–CBOE–
2005–61); 53348 (February 22, 2006), 71 FR 10574
(March 1, 2006) (SR–CBOE–2006–11); 54336
(August 18, 2006), 71 FR 50952 (August 28, 2006)
(SR–CBOE–2006–69); and 55266 (February 9, 2007),
72 FR 7698 (February 16, 2007) (SR–CBOE–2007–
12).
E:\FR\FM\22AUN1.SGM
22AUN1
]]>Agencies
[Federal Register Volume 72, Number 162 (Wednesday, August 22, 2007)]
[Notices]
[Pages 47092-47094]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-16530]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56268; File No. SR-BSE-2007-41]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Time Period for the Position Limits Pilot Program
August 15, 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 August
[[Page 47093]]
15, 2007, the Boston Stock Exchange, Inc. (``BSE'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been substantially prepared by BSE. The Exchange has filed the
proposal as a ``non-controversial'' rule change pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) 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).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
BSE proposes to amend Chapter III, Section 7 (Position Limits) of
the Rules of the Boston Options Exchange (``BOX''), an options trading
facility of BSE, to extend its current pilot program to increase the
standard position and exercise limits for equity option contracts and
options on the Nasdaq-100 Index Tracking Stock (``QQQQ'') (``Pilot
Program''). The text of the proposed rule change is available at BSE,
the Commission's Public Reference Room, and https://www.bostonstock.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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 Pilot Program provides for an increase to the standard position
and exercise limits for equity option contracts and for options on
QQQQs for a six-month period.\5\ Specifically, the Pilot Program
increased the applicable position and exercise limits for equity
options and options on the QQQQ to the following levels:
---------------------------------------------------------------------------
\5\ The Pilot Program, which began on March 3, 2005, was
extended on August 15, 2005, February 22, 2006, August 30, 2006, and
February 8, 2007. See Securities Exchange Act Release Nos. 51317
(March 3, 2005), 70 FR 12254 (March 11, 2005) (SR-BSE-2005-10)
(``Pilot Program Notice''); 52264 (August 15, 2005), 70 FR 48992
(August 22, 2005) (SR-BSE-2005-37); 53347 (February 22, 2006), 71 FR
10573 (March 1, 2006) (SR-BSE-2006-07); 54388 (August 30, 2006), 71
FR 52833 (September 7, 2006) (SR-BSE-2006-32); and 55260 (February
8, 2007), 72 FR 7487 (February 15, 2007) (SR-BSE-2007-04).
\6\ Except when the Pilot Program is in effect.
------------------------------------------------------------------------
Current equity option contract Pilot program equity option
limit \6\ contract limit
------------------------------------------------------------------------
13,500 25,000
22,500 50,000
31,500 75,000
60,000 200,000
75,000 250,000
------------------------------------------------------------------------
Current QQQQ Option Contract Limit Pilot Program QQQQ Option Contract
Limit
------------------------------------------------------------------------
300,000 900,000
------------------------------------------------------------------------
The Exchange believes that extending the Pilot Program for six
months is warranted due to positive feedback from members and for the
reasons cited in the original rule filing that proposed the adoption of
the Pilot Program.\7\ In addition, BOX has not encountered any problems
or difficulties relating to the Pilot Program since its inception. For
these reasons, the BSE requests that the Commission extend the Pilot
Program for an additional six months, through and including March 1,
2008.
---------------------------------------------------------------------------
\7\ See Pilot Program Notice, supra note 5.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objective of Section
6(b)(5) of the Act,\9\ in particular, in that it is designed to promote
just and equitable principles of trade and to protect investors and the
public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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
Because the foregoing rule change does not: (1) Significantly
affect the protection of investors or the public interest; (2) impose
any significant burden on competition; and (3) become operative for 30
days from the date of this filing, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act\10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii)\13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and in the public interest because it will
allow the Pilot Program to continue uninterrupted. For this
[[Page 47094]]
reason, the Commission designates that the proposed rule change become
operative immediately.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. BSE has satisfied the five-day pre-filing
requirement.
\13\ Id.
\14\ For purposes only of waiving the operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the 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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-BSE-2007-41 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File No. SR-BSE-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 (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 will also be available for
inspection and copying at the principal office of 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 No. SR-BSE-2007-41 and should be
submitted on or before September 12, 2007.
For the Commission, by the Division of Market Regulation, pursuant
to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary. 6
[FR Doc. E7-16530 Filed 8-21-07; 8:45 am]
BILLING CODE 8010-01-P
