Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval to a Proposed Rule Change and Amendment No. 1 Thereto To Retroactively Amend Transaction Charges for Equities, ETFs, and Nasdaq UTP Securities, 54488-54489 [E7-18823]

Download as PDF 54488 Federal Register / Vol. 72, No. 185 / Tuesday, September 25, 2007 / Notices of this title, the rules or regulations thereunder, or the rules of the Exchange. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change will impose no burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. yshivers on PROD1PC62 with NOTICES 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. 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–2007–54 and should be submitted on or before October 16, 2007. IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change The Commission finds that the proposed rule change is consistent with III. Solicitation of Comments the requirements of the Act and the Interested persons are invited to rules and regulations thereunder submit written data, views, and applicable to a national securities arguments concerning the foregoing, exchange.9 In particular, the including whether the proposed rule Commission finds that the proposed change is consistent with the Act. rule change is consistent with Section Comments may be submitted by any of 6(b)(5) of the Act,10 which requires, the following methods: among other things, that the Exchange’s rules be designed to prevent fraudulent Electronic Comments and manipulative acts and practices, to • Use the Commission’s Internet promote just and equitable principles of comment form (http://www.sec.gov/ trade, to remove impediments to and rules/sro.shtml); or perfect the mechanism of a free and • Send an e-mail to ruleopen market and a national market comments@sec.gov. Please include File system, and, in general, to protect Number SR–Amex–2007–54 on the investors and the public interest. The subject line. proposed rule change institutes a mandatory annual training program for Paper Comments Amex floor members. The Commission • Send paper comments in triplicate believes that this proposal should allow to Nancy M. Morris, Secretary, the Exchange to more effectively train Securities and Exchange Commission, its members to ensure compliance by its 100 F Street, NE., Washington, DC members with Exchange rules and the 20549–1090. federal securities laws. All submissions should refer to File In addition, the Commission believes Number SR–Amex–2007–54. This file the proposed rule change is consistent number should be included on the with the objectives of Section 6(b)(6) 11 subject line if e-mail is used. To help the of the Act because it is designed to Commission process and review your allow Amex to discipline or sanction comments more efficiently, please use members under its Minor Rule Violation only one method. The Commission will Fine System for violation of the post all comments on the Commission’s provisions of the rules of the Exchange. The Commission finds good cause, Internet Web site (http://www.sec.gov/ consistent with Section 19(b)(2) of the rules/sro.shtml). Copies of the Act,12 to grant accelerated approval to submission, all subsequent the proposed rule change before the amendments, all written statements thirtieth day after the publication of with respect to the proposed rule notice thereof in the Federal Register. change that are filed with the As noted above, the proposed rule Commission, and all written change is in response to a Commission communications relating to the Order requiring Amex to enhance its proposed rule change between the Commission and any person, other than training program to help ensure compliance by its members with those that may be withheld from the Exchange rules and federal securities public in accordance with the laws. The Commission believes that provisions of 5 U.S.C. 552, will be available for inspection and copying in 9 In approving this proposal, the Commission has the Commission’s Public Reference considered its impact on efficiency, competition, Room, 100 F Street, NE., Washington, and capital formation. See 15 U.S.C. 78c(f). DC 20549, on official business days 10 15 U.S.C. 78f(b)(5). 11 15 U.S.C. 78f(b)(6). between the hours of 10 a.m and 3 p.m. 12 15 U.S.C. 78s(b)(2). Copies of such filing also will be VerDate Aug<31>2005 15:20 Sep 24, 2007 Jkt 211001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 mandatory training of Amex floor members should be implemented as soon as possible so that floor members are made aware of their duties and obligations under the federal securities laws as well as the rules of the Amex. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,13 that the proposed rule change (SR–Amex–2007– 54), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–18822 Filed 9–24–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56459; File No. SR–Amex– 2007–24] Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval to a Proposed Rule Change and Amendment No. 1 Thereto To Retroactively Amend Transaction Charges for Equities, ETFs, and Nasdaq UTP Securities September 18, 2007. I. Introduction On February 22, 2007, the American Stock Exchange LLC (‘‘Amex’’ 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 retroactively apply a revised fee schedule to transactions in equities, exchange-traded funds (‘‘ETFs’’), and Nasdaq UTP securities from January 2, 2007 through February 21, 2007. On August 10, 2007, the Exchange filed Amendment No. 1 to the proposed rule change. The proposed rule change, as amended, was published for comment in the Federal Register on August 17, 2007.3 The Commission received no comments on the proposal. This order approves the proposed rule change. 13 Id. 14 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. 56238 (August 10, 2006), 72 FR 46253. 1 15 E:\FR\FM\25SEN1.SGM 25SEN1 Federal Register / Vol. 72, No. 185 / Tuesday, September 25, 2007 / Notices II. Description of the Proposal Effective January 2, 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, ETFs, and Nasdaq UTP securities (this fee schedule referred to herein as the ‘‘January Fee Schedule’’).4 The Exchange has represented that it had difficulty obtaining the data necessary to calculate an accurate bill pursuant to the January Fee Schedule and providing that data to its clearing firms in a timely manner so the firms could accurately pass those charges on to their customers. For this reason, the Exchange submitted a filing on February 22, 2007, in conjunction with this filing, to eliminate the January Fee Schedule and revert to the schedule for transaction charges in equities, ETFs, and Nasdaq UTP securities in effect prior to January 2, 2007 (referred to herein as the ‘‘February Fee Schedule’’).5 The February Fee Schedule also included a five percent discount for customer orders.6 The proposed rule change would make the February Fee Schedule effective retroactively for the period of January 2, 2007 through February 21, 2007. III. Discussion yshivers on PROD1PC62 with NOTICES The Commission finds that the proposed rule change, as amended, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission believes that the proposal is consistent with Section 6(b)(4) of the Act 8 in that it provides for the equitable allocation of reasonable dues, fees, and other charges among its members. The Exchange has represented that a small number (less than ten) of its clearing members may owe a small amount more 4 See Securities Exchange Act Release No. 55195 (January 30, 2007) 72 FR 5469 (February 6, 2007) (SR–Amex–2006–117). 5 See Securities Exchange Act Release No. 55458 (March 13, 2007), 72 FR 13320 (March 21, 2007) (SR–Amex–2007–23). 6 ‘‘Customers’’ are defined forpurposes 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. 7 In approving this proposed rule change, theCommission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 15:20 Sep 24, 2007 Jkt 211001 in fees based on the February Fee Schedule than they would have owed under the January Fee Schedule, and that the Exchange will credit their accounts in the amount of the additional sum owed. Thus, the retroactive application of the February Fee Schedule will not result in an increase in the transaction fees owed on these past transactions.9 Therefore, the Commission believes the fee change to be equitable and thus consistent with Section 6(b)(4) of the Act.10 IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,11 that the proposed rule change (File No. SR– Amex–2007–24), as modified by Amendment No. 1, is approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–18823 Filed 9–24–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56465; File No. SR–Amex– 2006–96] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change, as Modified by Amendments No. 1, 2, 3, 4, 5, and 6 Thereto, Relating to the Listing and Trading of Shares of the Nuveen Commodities Income and Growth Fund September 19, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 2 thereunder, notice is hereby given that on October 12, 2006, 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 March 2, 2007, March 21, 2007, May 14, 2007, August 15, 2007, August 28, 2007, and September 17, 9 Transaction fees are generally an importantfactor that a market participant considers when routing its orders. If a market participant had known that a higher transaction fee would apply, it might have made different decisions about where to route. 10 15 U.S.C. 78f(b)(4). 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 54489 2007 the Amex submitted Amendment Nos. 1, 2, 3, 4, 5, and 6, respectively, 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 add new Amex rules 1600 et seq. to permit the listing and trading of units of a trust or other similar entity (‘‘Trust Units’’) that invests in the assets of a trust, partnership, limited liability company, corporation or other similar entity constituted as a commodity pool that holds investments comprising or otherwise based on futures contracts, options on futures contracts, forward contracts, commodities and high credit quality short-term fixed income securities or other securities. The Exchange, pursuant to proposed Rule 1600 et seq., seeks to list and trade Trust Units of the Nuveen Commodities Income and Growth Fund (the ‘‘Trust’’ or ‘‘Fund’’). The Trust Units of the Fund are referred to herein as the ‘‘Shares.’’ The text of the proposed rule change is available at the Amex, the Commission’s Public Reference Room, and http://www.amex.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, the Amex included statements concerning the purpose of and basis for the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Amex has substantially prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to add new Amex rules 1600 et seq. which will permit the listing and trading of Trust Units. Specifically, the Amex proposes to list and trade the Shares, which represent beneficial ownership interests in the assets of the Fund, consisting solely of units (‘‘Master Fund Units’’) of the Nuveen Commodities Income and Growth Master Fund LLC (the ‘‘Master Fund’’). The Fund was formed as a Delaware statutory trust on December 7, 2005 E:\FR\FM\25SEN1.SGM 25SEN1

Agencies

[Federal Register Volume 72, Number 185 (Tuesday, September 25, 2007)]
[Notices]
[Pages 54488-54489]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18823]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56459; File No. SR-Amex-2007-24]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Granting Approval to a Proposed Rule Change and Amendment No. 1 Thereto 
To Retroactively Amend Transaction Charges for Equities, ETFs, and 
Nasdaq UTP Securities

September 18, 2007.

I. Introduction

    On February 22, 2007, the American Stock Exchange LLC (``Amex'' 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 retroactively apply a revised fee schedule to 
transactions in equities, exchange-traded funds (``ETFs''), and Nasdaq 
UTP securities from January 2, 2007 through February 21, 2007. On 
August 10, 2007, the Exchange filed Amendment No. 1 to the proposed 
rule change. The proposed rule change, as amended, was published for 
comment in the Federal Register on August 17, 2007.\3\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56238 (August 10, 
2006), 72 FR 46253.

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[[Page 54489]]

II. Description of the Proposal

    Effective January 2, 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, ETFs, and Nasdaq UTP securities 
(this fee schedule referred to herein as the ``January Fee 
Schedule'').\4\ The Exchange has represented that it had difficulty 
obtaining the data necessary to calculate an accurate bill pursuant to 
the January Fee Schedule and providing that data to its clearing firms 
in a timely manner so the firms could accurately pass those charges on 
to their customers. For this reason, the Exchange submitted a filing on 
February 22, 2007, in conjunction with this filing, to eliminate the 
January Fee Schedule and revert to the schedule for transaction charges 
in equities, ETFs, and Nasdaq UTP securities in effect prior to January 
2, 2007 (referred to herein as the ``February Fee Schedule'').\5\ The 
February Fee Schedule also included a five percent discount for 
customer orders.\6\ The proposed rule change would make the February 
Fee Schedule effective retroactively for the period of January 2, 2007 
through February 21, 2007.
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    \4\ See Securities Exchange Act Release No. 55195 (January 30, 
2007) 72 FR 5469 (February 6, 2007) (SR-Amex-2006-117).
    \5\ See Securities Exchange Act Release No. 55458 (March 13, 
2007), 72 FR 13320 (March 21, 2007) (SR-Amex-2007-23).
    \6\ ``Customers'' are defined forpurposes 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.
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III. Discussion

    The Commission finds that the proposed rule change, as amended, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\7\ 
In particular, the Commission believes that the proposal is consistent 
with Section 6(b)(4) of the Act \8\ in that it provides for the 
equitable allocation of reasonable dues, fees, and other charges among 
its members. The Exchange has represented that a small number (less 
than ten) of its clearing members may owe a small amount more in fees 
based on the February Fee Schedule than they would have owed under the 
January Fee Schedule, and that the Exchange will credit their accounts 
in the amount of the additional sum owed. Thus, the retroactive 
application of the February Fee Schedule will not result in an increase 
in the transaction fees owed on these past transactions.\9\ Therefore, 
the Commission believes the fee change to be equitable and thus 
consistent with Section 6(b)(4) of the Act.\10\
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    \7\ In approving this proposed rule change, theCommission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(4).
    \9\ Transaction fees are generally an importantfactor that a 
market participant considers when routing its orders. If a market 
participant had known that a higher transaction fee would apply, it 
might have made different decisions about where to route.
    \10\ 15 U.S.C. 78f(b)(4).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\11\ that the proposed rule change (File No. SR-Amex-2007-24), as 
modified by Amendment No. 1, is approved.
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-18823 Filed 9-24-07; 8:45 am]
BILLING CODE 8010-01-P