Self-Regulatory Organizations; International Securities Exchange, LLC; Order Approving a Proposed Rule Change Relating to ISEE Select Market Data Fees, 50148-50149 [E7-17162]
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50148
Federal Register / Vol. 72, No. 168 / Thursday, August 30, 2007 / Notices
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml ); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2006–99 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–CBOE–2006–99. 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 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 File
Number SR–CBOE–2006–99 and should
be submitted on or before September 20,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.90
Nancy M. Morris,
Secretary.
[FR Doc. E7–17165 Filed 8–29–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56315; File No. SR–ISE–
2007–58]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Order Approving a Proposed
Rule Change Relating to ISEE Select
Market Data Fees
August 24, 2007.
On July 6, 2007, the International
Securities Exchange, LLC (‘‘ISE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend its Schedule of Fees to adopt a
subscription fee for an enhanced
sentiment market data offering. The
proposed rule change was published for
comment in the Federal Register on July
25, 2007.3 The Commission received no
comments on the proposal. This order
approves the proposed rule change.
I. Description of the Proposal
The Exchange proposes to offer, to
both member and non-member
subscribers, a data feed that will provide
a bulk delivery of ISEE SelectTM (‘‘ISEE
Select’’) values.4 The existing ISEE
Select browser application allows a
subscriber to access ISEE Select values
for up to five securities simultaneously;
this proposal will allow subscribers to
access numerous ISEE Select values
simultaneously. The actual potential
number of ISEE Select values accessible
by this proposed data feed offering can
range from one to more than 1,700.
The ISEE Select data feed will have a
flat rate subscription fee based on a
fixed number of end users that each
subscriber allows to view the data, as
follows: $0.10 Per end user, per month,
for a minimum of 10,000 end users;
$0.10 for each additional end user, per
month, up to 74,999 end users, in
increments of 5,000 end users; $0.084
per end user, per month, for
redistribution from 75,000 to 199,999
end users, in increments of 5,000 end
users; and $0.0825 per end user, per
month, for redistribution to 200,000 or
more end users, in minimum
increments of 5,000 end users. An
example of the monthly subscription fee
for a subscriber with 100,000 end users
is as follows:
Monthly fee
per user
Number of users per increment
Monthly
sub-total
10,000 ..............................................................................................................................................................................
10,001–74,999 .................................................................................................................................................................
75,000–100,000 ...............................................................................................................................................................
$.10
.10
.084
$1,000
6,500
2,100
Monthly Total ............................................................................................................................................................
....................
9,600
Average Fee per User ..............................................................................................................................................
....................
.096
rfrederick on PROD1PC67 with NOTICES
II. Discussion
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.5 Specifically, the
Commission finds that the proposal is
90 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 56093
(July 18, 2007), 72 FR 40912.
1 15
VerDate Aug<31>2005
14:38 Aug 29, 2007
Jkt 211001
consistent with Section 6(b)(4) of the
Act, which requires that an exchange
have an equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities. This proposed rule
change will diversify ISEE Select
offerings by allowing members and non-
members to subscribe to a data feed of
ISEE Select values at a flat rate
subscription fee for redistribution to
their customers. Further, we note that
the fees are identical for members and
non-members. As with other ISEE Select
4 ISEE Select allows subscribers to identify
bullish and bearish investor sentiment for nearly
any issue traded on the Exchange by providing
sentiment values for particular indices, industry
sectors or individual stocks. These values are
calculated three times per hour.
5 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
PO 00000
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Federal Register / Vol. 72, No. 168 / Thursday, August 30, 2007 / Notices
products,6 this offering is purely
optional; it is not necessary to subscribe
to this service to trade options on the
ISE.
III. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that the
proposed rule change (SR–ISE–2007–58)
is approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Nancy M. Morris,
Secretary.
[FR Doc. E7–17162 Filed 8–29–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56319; File No. SR–
NASDAQ–2006–045]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Amendment No. 2, and Order
Granting Accelerated Approval of
Proposed Rule Change as Modified by
Amendment Nos. 1 and 2, To Allow the
Use of a Company’s Web Site To
Distribute an Annual Report and Meet
Other Nasdaq Listing Requirements
August 24, 2007
I. Introduction
rfrederick on PROD1PC67 with NOTICES
On October 31, 2006, the Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
allow the use of a Nasdaq-listed
company’s Web site to distribute its
annual report and meet other Nasdaq
listing requirements. On April 25, 2007,
Nasdaq filed Amendment No. 1 to the
proposed rule change.3 The proposed
rule change was published for comment
in the Federal Register on June 12,
2007.4 The Commission did not receive
any comment letters on the proposal.
On August 24, 2007, the Exchange filed
Amendment No. 2 to the proposed rule
6 See, e.g., Securities Exchange Act Release No.
54704 (November 3, 2006), 71 FR 65859 (November
9, 2006) (SR–ISE–2006–44).
7 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Amendment No. 1 dated April 25, 2007.
4 See Securities Exchange Act Release No. 55854
(June 4, 2007), 72 FR 32384.
VerDate Aug<31>2005
14:38 Aug 29, 2007
Jkt 211001
change.5 This order approves the
proposed rule change, as amended by
Amendment Nos. 1 and 2, provides
notice of Amendment No. 2, and solicits
comments from interested persons on
Amendment No. 2.
II. Description of the Proposal
Nasdaq proposes to make changes to
its rules to facilitate the use of
technology to satisfy Nasdaq listing
requirements and to make certain
clarifying and technical corrections.
Annual Reports
Pursuant to Nasdaq Rule
4350(b)(1)(A), each Nasdaq issuer is
currently required to distribute to
shareholders a copy of an annual report
containing audited financial
statements.6 Nasdaq proposes to modify
its rules to permit a company to
distribute its annual report by posting it
on a Web site and issuing a press release
stating that the annual report has been
filed with the Commission (or other
appropriate regulatory authority), that
such annual report is available on the
company’s publicly available Web site,
and that shareholders can receive a hard
copy free of charge upon request.7 The
proposal requires that the hard copy be
provided within a reasonable time
period following the request. Nasdaq
notes that this proposal is most
meaningful to foreign private issuers
because they are exempt from the
Commission’s proxy solicitation rules
under Rule 3a12–3(b) of the Act.8
In the initial version of the rule
change, Nasdaq proposed that the
annual report requirement is applicable
only to issuers of common stock and
voting preferred stock (and their
equivalents).9 In Amendment No. 2,
Nasdaq decided to retain the current
formulation of Rule 4350(b)(1)(A), so it
will apply to all Nasdaq issuers and not
just issuers of common stock and voting
preferred stock (and their
equivalents).10 The proposed rule
change also provides that the annual
5 See
Amendment No. 2 dated August 24, 2007
(‘‘Amendment No. 2’’).
6 A foreign private issuer can follow its home
country practice regarding distribution of annual
reports instead of Nasdaq’s rule, if it follows the
procedures set forth in Rule 4350(a) regarding
disclosure of this non-conforming practice.
7 This proposal is similar to a recent change by
the New York Stock Exchange LLC to Section
203.01 of its Listed Company Manual. See
Securities Exchange Act Release No. 54344 (August
21, 2006), 71 FR 51260 (August 29, 2006)
(approving SR–NYSE–2005–68).
8 17 CFR 240.3a12–3(b).
9 Common stock equivalents include, but are not
limited to: Ordinary shares, shares or certificates of
beneficial interest of Trust, American depositary
receipts and American depositary shares.
10 See Amendment No. 2, supra note 5.
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50149
report requirement can be satisfied by
making available to shareholders the
company’s annual filing with the
Commission, including but not limited
to Forms 10–K, 20–F, 40–F, or N–CSR.11
Further, Nasdaq proposes to remove a
provision related to the timing for
delivery of the annual report, because
the Exchange notes that the
Commission’s proxy rules already
require that such information be
provided before the annual meeting.12
Nasdaq is also removing the rule
provision that the annual report be filed
with Nasdaq at the same time that it is
made available to shareholders.
According to the Exchange, it does not
require a copy of the company’s annual
report with audited financial statements
to be filed with it because it has access
to company filings through the
Commission’s EDGAR database. Nasdaq
obtains access to these filings through
an online vendor subscription service.
The vendor receives all electronicallyfiled documents within seconds of their
submission to the EDGAR system and
provides Nasdaq staff immediate access
to these filings through the Internet.13
In addition, Nasdaq proposes to make
a technical correction to Rule
4350(b)(1)(B), relating to the disclosure
required when the audit opinion of a
company’s annual financial statements
contains a ‘‘going concern
qualification.’’ The proposed change
removes the term ‘‘going concern
qualification,’’ which is undefined in
the accounting literature, and replaces it
with language from Statement on
Auditing Standard Number 59, which
relates to the auditor’s consideration of
an entity’s ability to continue as a going
concern.
Disclosure of Non-Conforming
Governance Practices
Nasdaq requires that foreign private
issuers disclose all non-conforming
governance practices in their Form F–1,
11 In Amendment No. 2, Nasdaq modified the
proposed rule language to make it clear that the
aforementioned forms are not an exhaustive list. For
example, the rule can be satisfied by making
available other forms, such as the 10–KSB. See
Amendment No. 2, supra note 5.
12 Pursuant to Rule 14a–3(b), 17 CFR 240.14a–
3(b), the proxy statement for a company’s annual
meeting at which directors are to be elected must
be accompanied or preceded by an annual report.
State law requirements also govern the amount of
notice that must be provided for a meeting. See,
e.g., Section 222(b) of the Delaware General
Corporation Law, which requires notice of a
meeting not less than 10 nor more than 60 days
prior to the meeting.
13 See e-mail from Arnold Golub, Associate
General Counsel, Nasdaq, to Sharon Lawson, Senior
Special Counsel, Division, Commission, on August
23, 2007.
E:\FR\FM\30AUN1.SGM
30AUN1
]]>Agencies
[Federal Register Volume 72, Number 168 (Thursday, August 30, 2007)]
[Notices]
[Pages 50148-50149]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-17162]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56315; File No. SR-ISE-2007-58]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Order Approving a Proposed Rule Change Relating to ISEE Select
Market Data Fees
August 24, 2007.
On July 6, 2007, the International Securities Exchange, LLC
(``ISE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend its Schedule of Fees to
adopt a subscription fee for an enhanced sentiment market data
offering. The proposed rule change was published for comment in the
Federal Register on July 25, 2007.\3\ The Commission received no
comments on the proposal. This order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 56093 (July 18,
2007), 72 FR 40912.
---------------------------------------------------------------------------
I. Description of the Proposal
The Exchange proposes to offer, to both member and non-member
subscribers, a data feed that will provide a bulk delivery of ISEE
Select\TM\ (``ISEE Select'') values.\4\ The existing ISEE Select
browser application allows a subscriber to access ISEE Select values
for up to five securities simultaneously; this proposal will allow
subscribers to access numerous ISEE Select values simultaneously. The
actual potential number of ISEE Select values accessible by this
proposed data feed offering can range from one to more than 1,700.
---------------------------------------------------------------------------
\4\ ISEE Select allows subscribers to identify bullish and
bearish investor sentiment for nearly any issue traded on the
Exchange by providing sentiment values for particular indices,
industry sectors or individual stocks. These values are calculated
three times per hour.
---------------------------------------------------------------------------
The ISEE Select data feed will have a flat rate subscription fee
based on a fixed number of end users that each subscriber allows to
view the data, as follows: $0.10 Per end user, per month, for a minimum
of 10,000 end users; $0.10 for each additional end user, per month, up
to 74,999 end users, in increments of 5,000 end users; $0.084 per end
user, per month, for redistribution from 75,000 to 199,999 end users,
in increments of 5,000 end users; and $0.0825 per end user, per month,
for redistribution to 200,000 or more end users, in minimum increments
of 5,000 end users. An example of the monthly subscription fee for a
subscriber with 100,000 end users is as follows:
------------------------------------------------------------------------
Monthly fee Monthly sub-
Number of users per increment per user total
------------------------------------------------------------------------
10,000........................................ $.10 $1,000
10,001-74,999................................. .10 6,500
75,000-100,000................................ .084 2,100
-------------------------
Monthly Total............................. ........... 9,600
-------------------------
Average Fee per User...................... ........... .096
------------------------------------------------------------------------
II. Discussion
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange.\5\
Specifically, the Commission finds that the proposal is consistent with
Section 6(b)(4) of the Act, which requires that an exchange have an
equitable allocation of reasonable dues, fees, and other charges among
its members and other persons using its facilities. This proposed rule
change will diversify ISEE Select offerings by allowing members and
non-members to subscribe to a data feed of ISEE Select values at a flat
rate subscription fee for redistribution to their customers. Further,
we note that the fees are identical for members and non-members. As
with other ISEE Select
[[Page 50149]]
products,\6\ this offering is purely optional; it is not necessary to
subscribe to this service to trade options on the ISE.
---------------------------------------------------------------------------
\5\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
\6\ See, e.g., Securities Exchange Act Release No. 54704
(November 3, 2006), 71 FR 65859 (November 9, 2006) (SR-ISE-2006-44).
---------------------------------------------------------------------------
III. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-ISE-2007-58) is approved.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-17162 Filed 8-29-07; 8:45 am]
BILLING CODE 8010-01-P
