Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Qualified Contingent Trade Exemption, 60400-60402 [E7-20898]
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Federal Register / Vol. 72, No. 205 / Wednesday, October 24, 2007 / Notices
will require, the operative date will be
at least 90 days after the date of filing.
2. Statutory Basis
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,15 which
requires, among other things, that
FINRA rules be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, and, in general, to
protect investors and the public interest.
FINRA believes that the proposed rule
change will promote a more complete
and accurate audit trail and enable
FINRA to properly assess applicable
transaction-related fees.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
yshivers on PROD1PC62 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 16 and
subparagraph (f)(6) of Rule 19b–4
thereunder.17 FINRA believes that the
filing is appropriately designated as
‘‘non-controversial’’ because the
proposed rule change is not imposing a
new requirement on members to report
odd-lot transactions, but merely is
changing the manner in which members
must report such transactions to the
FINRA Facilities. In accordance with
Rule 19b–4(f)(6)(iii),18 FINRA submitted
written notice of its intent to file the
proposed rule change, along with a brief
description and text of the proposed
U.S.C. 78o–3(b)(6).
16 15 U.S.C. 78s(b)(3)(A).
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 210.19b–4(f)(6)(iii).
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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:
FINRA does not believe that the
proposed rule change will result in 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
Written comments were neither
solicited nor received.
15 15
rule change, at least five business days
prior to the date of filing.19
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in the furtherance of the
purposes of the Act.
• 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–FINRA–2007–017 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-FINRA–2007–017. 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
19 See
e-mail dated August 13, 2007 from Lisa C.
Horrigan, Associate General Counsel, FINRA to
Katherine A. England, Assistant Director, Division
of Market Regulation, Commission.
Jkt 214001
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the principal office of FINRA. 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–FINRA–2007–017 and
should be submitted on or before
November 14, 2007.
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.20
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–20899 Filed 10–23–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–56671; File No. SR–ISE–
2007–88]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Qualified
Contingent Trade Exemption
October 18, 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 October
5, 2007, the International Securities
Exchange, LLC (‘‘ISE’’ 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 the ISE.
The ISE has designated the proposed
rule change as ‘‘non-controversial’’
under Section 19(b)(3)(A)(iii) 3 of the
Act and Rule 19b–4(f)(6) thereunder,4
which renders the proposal 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
The ISE proposes to amend its rules
to incorporate the qualified contingent
trade exemption into ISE Rule 2107
(Priority and Execution of Orders). The
text of the proposed rule change is
available at the ISE, the Commission’s
20 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)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
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Federal Register / Vol. 72, No. 205 / Wednesday, October 24, 2007 / Notices
Public Reference Room, and
www.ise.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
ISE 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 ISE 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
yshivers on PROD1PC62 with NOTICES
1. Purpose
The purpose of this filing is to amend
ISE Rule 2107 (Priority and Execution of
Orders) to incorporate the exemption
granted by the Commission for qualified
contingent trades from Rule 611(a) of
Regulation NMS under the Act.5 In
accordance with Rule 611 of Regulation
NMS, ISE Rule 2107 governs the priority
and execution of equity orders on the
ISE Stock Exchange 6 and prohibits
orders from being executed at prices
that are inferior to Protected
Quotations 7 available at other Trading
Centers.8 ISE Rule 2107(c) provides
Trade-Through 9 exceptions, as set forth
in Rule 611 of Regulation NMS.
Accordingly, the Exchange proposes to
add the qualified contingent trade
exemption to Rule 2107(c).
A contingent trade ‘‘is a multicomponent trade involving orders for a
security and a related derivative, or, in
the alternative, orders for related
securities, that are executed at or near
the same time.’’ Proposed Rule
2107(c)(8) provides an exemption for
any Trade-Throughs caused by the
execution of an order involving one or
more NMS stocks (each an ‘‘Exempted
Stock Transaction’’) that are
components of a qualified contingent
trade. A ‘‘qualified contingent trade’’ is
a transaction consisting of two or more
component orders, executed as agent or
principal, where: (1) At least one
component order is in an NMS stock; (2)
5 See Securities Exchange Act Release No. 54389
(August 31, 2006), 71 FR 52829 (September 7, 2006)
(order granting an exemption for each NMS stock
component of certain qualified contingent trades
from Rule 611(a) of Regulation NMS).
6 The ISE Stock Exchange is a facility of ISE, LLC.
7 See ISE Rule 2100(c)(16).
8 See ISE Rule 2100(c)(20).
9 See ISE Rule 2100(c)(19).
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15:33 Oct 23, 2007
Jkt 214001
all components are effected with a
product or price contingency that has
been agreed to by the parties; (3) the
execution of one component is
contingent upon the execution of all
other components at or near the same
time; (4) the specific relationship
between the component orders is
determined at the time the contingent
order is placed; (5) the component
orders bear a derivative relationship to
one another, represent different classes
of shares of the same issuer, or involve
the securities of participants in mergers
or with intentions to merge that have
been announced or since cancelled; (6)
the exempted transaction is fully
hedged as a result of the other
components of the contingent trade; and
(7) the exempted transaction that is part
of a contingent trade involves at least
10,000 shares or has a market value of
at least $200,000.
The Exchange also proposes to cleanup the rule text in the Supplementary
Material to Rule 2107, which contains
provisions applicable to trading in
securities prior to the ‘‘Trading Phase
Date’’ of Regulation NMS as that date
has since past.
2. Statutory Basis
The basis under the Act for this
proposed rule change is found in
Section 6(b)(5).10 Specifically, the
Exchange believes the proposed rule
change is consistent with Section 6(b)(5)
requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, serve
to remove impediments to and perfect
the mechanism for a free and open
market and a national market system,
and, in general, to protect investors and
the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received from
Members, Participants, or Others The
Exchange has not solicited, and does
not intend to solicit, comments on this
proposed rule change. The Exchange
has not received any unsolicited written
comments from members or other
interested persons.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12 As required under Rule
19b–4(f)(6)(iii),13 the ISE provided the
Commission with 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 the
filing of the proposed rule change.
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.14 However, Rule 19b–
4(f)(6)(iii) 15 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
ISE requests that the Commission waive
the 30-day operative delay period for
‘‘non-controversial’’ proposals under
Rule 19b–4(f)(6) 16 and make the
proposed rule change effective and
operative upon filing. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. The Commission notes that the
proposed rule language is identical to
language contained in the Commission’s
exemption for qualified contingent
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 Id.
15 Id.
16 Id.
12 17
10 15
PO 00000
U.S.C. 78f(b)(5).
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60401
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60402
Federal Register / Vol. 72, No. 205 / Wednesday, October 24, 2007 / Notices
trades.17 In addition, the Commission
notes that the proposed rule language is
identical to a rule of the Chicago Stock
Exchange, Inc. previously approved by
the Commission.18 Accordingly, the
Commission designates the proposed
rule change operative upon filing with
the Commission.19
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in the furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
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 ISE. 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–ISE–2007–88 and should be
submitted on or before November 14,
2007.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties:
Broward.
Contiguous Counties:
Florida: Collier, Hendry, Miami-Dade,
Palm Beach.
The Interest Rates are:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.20
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–20898 Filed 10–23–07; 8:45 am]
5.250
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–ISE–2007–88 on the subject
line.
BILLING CODE 8011–01–P
Paper Comments
AGENCY:
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–ISE–2007–88. 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
17 See
supra note 5.
Securities Exchange Act Release No. 54550
(September 29, 2006), 71 FR 59563 (October 10,
2006) (order approving SR–CHX–2006–05).
19 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
impact of the proposed rule on efficiency,
competition, and capital formation. See 15 U.S.C.
78c(f).
yshivers on PROD1PC62 with NOTICES
18 See
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15:33 Oct 23, 2007
Jkt 214001
SMALL BUSINESS ADMINISTRATION
Percent
Homeowners With Credit Available
Elsewhere: ..................................
Homeowners Without Credit Available Elsewhere: ..........................
Businesses With Credit Available
Elsewhere: ..................................
Businesses & Small Agricultural
Cooperatives
Without
Credit
Available Elsewhere: ...................
Other (Including Non-Profit Organizations) With Credit Available
Elsewhere: ..................................
Businesses and Non-Profit Organizations Without Credit Available
Elsewhere: ..................................
6.250
3.125
8.000
4.000
4.000
The number assigned to this disaster
for physical damage is 11067 5 and for
economic injury is 11068 0.
The States which received an EIDL
Declaration # is Florida.
[Disaster Declaration # 11067 and # 11068]
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Florida Disaster # FL–00028
Dated: October 16, 2007.
Steven C. Preston,
Administrator.
[FR Doc. E7–20943 Filed 10–23–07; 8:45 am]
U.S. Small Business
Administration.
ACTION: Notice.
BILLING CODE 8025–01–P
This is a notice of an
Administrative declaration of a disaster
for the State of Florida dated 10/16/
2007.
Incident: Fire.
Incident Period: 09/20/2007.
Effective Date: 10/16/2007.
Physical Loan Application Deadline
Date: 12/17/2007.
Economic Injury (EIDL) Loan
Application Deadline Date: 07/16/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
SUMMARY:
20 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00093
Fmt 4703
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[REG–106902–98]
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
SUMMARY: The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
opportunity to comment on proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is
soliciting comments concerning an
existing final regulation, REG–106902–
98 (TD 8833), Consolidated Returns—
E:\FR\FM\24OCN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 205 (Wednesday, October 24, 2007)]
[Notices]
[Pages 60400-60402]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20898]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-56671; File No. SR-ISE-2007-88]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Qualified Contingent Trade Exemption
October 18, 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 October 5, 2007, the International Securities Exchange, LLC (``ISE''
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 the ISE. The
ISE has designated the proposed rule change as ``non-controversial''
under Section 19(b)(3)(A)(iii) \3\ of the Act and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposal 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)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The ISE proposes to amend its rules to incorporate the qualified
contingent trade exemption into ISE Rule 2107 (Priority and Execution
of Orders). The text of the proposed rule change is available at the
ISE, the Commission's
[[Page 60401]]
Public Reference Room, and www.ise.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 ISE 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 ISE 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 purpose of this filing is to amend ISE Rule 2107 (Priority and
Execution of Orders) to incorporate the exemption granted by the
Commission for qualified contingent trades from Rule 611(a) of
Regulation NMS under the Act.\5\ In accordance with Rule 611 of
Regulation NMS, ISE Rule 2107 governs the priority and execution of
equity orders on the ISE Stock Exchange \6\ and prohibits orders from
being executed at prices that are inferior to Protected Quotations \7\
available at other Trading Centers.\8\ ISE Rule 2107(c) provides Trade-
Through \9\ exceptions, as set forth in Rule 611 of Regulation NMS.
Accordingly, the Exchange proposes to add the qualified contingent
trade exemption to Rule 2107(c).
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54389 (August 31,
2006), 71 FR 52829 (September 7, 2006) (order granting an exemption
for each NMS stock component of certain qualified contingent trades
from Rule 611(a) of Regulation NMS).
\6\ The ISE Stock Exchange is a facility of ISE, LLC.
\7\ See ISE Rule 2100(c)(16).
\8\ See ISE Rule 2100(c)(20).
\9\ See ISE Rule 2100(c)(19).
---------------------------------------------------------------------------
A contingent trade ``is a multi-component trade involving orders
for a security and a related derivative, or, in the alternative, orders
for related securities, that are executed at or near the same time.''
Proposed Rule 2107(c)(8) provides an exemption for any Trade-Throughs
caused by the execution of an order involving one or more NMS stocks
(each an ``Exempted Stock Transaction'') that are components of a
qualified contingent trade. A ``qualified contingent trade'' is a
transaction consisting of two or more component orders, executed as
agent or principal, where: (1) At least one component order is in an
NMS stock; (2) all components are effected with a product or price
contingency that has been agreed to by the parties; (3) the execution
of one component is contingent upon the execution of all other
components at or near the same time; (4) the specific relationship
between the component orders is determined at the time the contingent
order is placed; (5) the component orders bear a derivative
relationship to one another, represent different classes of shares of
the same issuer, or involve the securities of participants in mergers
or with intentions to merge that have been announced or since
cancelled; (6) the exempted transaction is fully hedged as a result of
the other components of the contingent trade; and (7) the exempted
transaction that is part of a contingent trade involves at least 10,000
shares or has a market value of at least $200,000.
The Exchange also proposes to clean-up the rule text in the
Supplementary Material to Rule 2107, which contains provisions
applicable to trading in securities prior to the ``Trading Phase Date''
of Regulation NMS as that date has since past.
2. Statutory Basis
The basis under the Act for this proposed rule change is found in
Section 6(b)(5).\10\ Specifically, the Exchange believes the proposed
rule change is consistent with Section 6(b)(5) requirements that the
rules of an exchange be designed to promote just and equitable
principles of trade, serve to remove impediments to and perfect the
mechanism for a free and open market and a national market system, and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition that
is not necessary or appropriate in furtherance of the purposes of the
Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others The Exchange
has not solicited, and does not intend to solicit, comments on this
proposed rule change. The Exchange has not received any unsolicited
written comments from members or other interested persons.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of filing, or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest, the proposed rule change has become effective pursuant
to Section 19(b)(3)(A) of the Act \11\ and subparagraph (f)(6) of Rule
19b-4 thereunder.\12\ As required under Rule 19b-4(f)(6)(iii),\13\ the
ISE provided the Commission with 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 the filing of the proposed rule change.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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.\14\
However, Rule 19b-4(f)(6)(iii) \15\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The ISE requests that the Commission
waive the 30-day operative delay period for ``non-controversial''
proposals under Rule 19b-4(f)(6) \16\ and make the proposed rule change
effective and operative upon filing. The Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest. The Commission notes that the
proposed rule language is identical to language contained in the
Commission's exemption for qualified contingent
[[Page 60402]]
trades.\17\ In addition, the Commission notes that the proposed rule
language is identical to a rule of the Chicago Stock Exchange, Inc.
previously approved by the Commission.\18\ Accordingly, the Commission
designates the proposed rule change operative upon filing with the
Commission.\19\
---------------------------------------------------------------------------
\14\ Id.
\15\ Id.
\16\ Id.
\17\ See supra note 5.
\18\ See Securities Exchange Act Release No. 54550 (September
29, 2006), 71 FR 59563 (October 10, 2006) (order approving SR-CHX-
2006-05).
\19\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the impact of the proposed rule on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in the furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, 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 Number SR-ISE-2007-88 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2007-88. 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 ISE. 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-ISE-2007-88 and should be
submitted on or before November 14, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-20898 Filed 10-23-07; 8:45 am]
BILLING CODE 8011-01-P
