Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Collection of the Activity Assessment Fee, 64259-64261 [E7-22203]
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company (a ‘‘parent’’) of which the CoInvestor is a direct or indirect whollyowned subsidiary, or to a direct or
indirect wholly-owned subsidiary of its
parent; (b) to Immediate Family
Members of the Co-Investor or a trust
established for any such Immediate
Family Member; (c) when the
investment is comprised of securities
that are listed on a national securities
exchange registered under section 6 of
the Exchange Act; or (d) when the
investment is comprised of securities
that are national market system
securities pursuant to section 11A(a)(2)
of the Exchange Act and rule 11Aa2–1
thereunder.
5. The Investment Committee of each
Fund will send to each Member who
had an interest in that Fund at any time
during the fiscal year then ended, Fund
financial statements. Such financial
statements may be unaudited. At the
end of each fiscal year, the Investment
Committee will make a valuation or
have a valuation made of all of the
assets of the Fund, as of such fiscal year
end in a manner consistent with the
customary practice with respect to the
valuation of assets of the kind held by
the Fund. In addition, as soon as
practicable after the end of each fiscal
year of each Fund, the Managers of the
Fund shall send a report to each person
who was a Fund Investor at any time
during the fiscal year then ended,
setting forth such tax information as
shall be necessary for the preparation by
the Fund Investor of his or her federal
and state income tax returns and a
report of the investment activities of
such Fund during such year.
6. Each Fund and its Investment
Committee will maintain and preserve,
for the life of that Fund and at least six
years thereafter, such accounts, books
and other documents as constitute the
record forming the basis for the
financial statements and annual reports
of such Fund to be provided to its
Members, and agree that all such
records will be subject to examination
by the Commission and its staff. All
such records will be maintained in an
easily accessible place for at least the
first two years.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22297 Filed 11–14–07; 8:45 am]
BILLING CODE 8011–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56766; File No. SR–Amex–
2007–114]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
Collection of the Activity Assessment
Fee
November 7, 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
26, 2007, the American Stock Exchange
LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been substantially prepared by
Amex. Amex filed the proposal
pursuant to Section 19(b)(3)(A)(ii) of the
Act 3 and Rule 19b–4(f)(2) 4 thereunder,
as establishing or changing a due, fee, or
other charge applicable to a member,
which renders the proposed rule change
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 Exchange proposes to amend
Amex Rule 393 and the Amex Fee
Schedule to revise the procedures by
which the Exchange collects fees from
its members and member organizations
to offset its fee obligations under
Section 31 of the Act.5 The text of the
proposed rule change is available on the
Amex’s Web site at https://
www.amex.com, Amex’s principal
office, and the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Amex 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 15 U.S.C. 78ee.
2 17
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64259
in Item IV below. Amex 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
Background
Effective August 6, 2004, the
Commission established new
procedures that govern the calculation,
payment, and collection of fees and
assessments on securities transactions
owed by each national securities
exchange and association.6 Pursuant to
the new procedures, each exchange and
association must provide data on its
securities transactions to the
Commission using Form R31. Generally,
only data obtained from a registered
clearing agency may be submitted to the
Commission for this purpose.7 The
Commission in turn, calculates the
amount of fees and assessments based
on the aggregate dollar volume of these
transactions and the fee rate in effect at
that time and bills the exchange or
association that amount twice annually.
Historically, the Exchange has funded
the payment of these fees by requiring
members pursuant to Rule 393 to: (i)
Report on a monthly basis the aggregate
volume of equity sales, aggregate sales
price of those equity sales, and the
amount of the fee owed; and (ii) submit
along with the monthly report a check
in the amount of the fee owed. The
funds collected by the Exchange
pursuant to Rule 393 for all equity
securities are then remitted to the
Commission in accordance with Rule
31. In addition, the Exchange uses the
OCC to collect the funds to offset the
payment of Section 31 fees owed based
on the sales of options and sales of
securities resulting from the exercise of
physical delivery options. OCC collects
fees directly from Exchange members
through their clearing firms and remits
the amount collected to the Commission
on behalf of Amex.
Proposal
The Exchange now proposes to amend
Rule 393 and the Amex Fee Schedule to
revise the current procedures used to
6 See Securities Exchange Act Release No. 49928
(June 28, 2004), 69 FR 1060 (July 7, 2004).
7 In connection with these new procedures the
Commission concluded that the data collected by a
registered clearing agency is the most reliable and
auditable source for covered sales information. The
National Securities Clearing Corporation (‘‘NSCC’’)
is the primary source of data for equity transactions
and the Options Clearing Corporation (‘‘OCC’’) is
the primary source of data for option transactions.
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collect funds from its members to offset
its obligations under Section 31 of the
Act. On December 1, 2007, the Exchange
will end the current ‘‘self-reporting’’
procedures using the Rule 393 Form for
most transactions and will begin
directly billing all members’ and
member organizations’ designated
clearing firms for the amount owed by
the member to the Exchange. The fee
will be identified as the Activity
Assessment Fee and will be assessed
monthly for all covered securities
transactions (other than options
transactions or sales of securities
resulting from options exercises) whose
settlement dates fall within the
applicable computational period (which
is generally a month). If the Section 31
fee rate changes in the middle of a
computational period (i.e., in the
middle of a month), the computational
period may be broken up to facilitate the
appropriate application of the old and
new fee rates. The Activity Assessment
Fee will be calculated based on
securities transaction data reported by
the NSCC (which is the same data used
by the Exchange to prepare Form R31 to
report its obligations under Section 31
to the Commission). Included in the
Activity Assessment Fee will be covered
sales resulting from orders entered on
Amex but executed on another exchange
through its private linkage.
The Exchange will, however, continue
to require firms participating in its
After-Hours Trading program to
continue self-reporting, on the Rule 393
Form, the aggregate volume and sales
price of Aggregate Price-Coupled orders.
The execution of covered sales resulting
from Aggregate Price-Coupled orders
will not be included in the Exchange’s
calculation of the monthly Activity
Assessment Fee.8
It is the Exchange’s initial intention to
collect or receive from the membership
the Activity Assessment Fee in an
amount that, as accurately as possible
equals the Exchange’s Section 31
obligation (for equities transactions).
The Exchange, however, has incurred,
and continues to incur, the costs of
developing systems necessary for
compliance with the Commission’s
Section 31 procedures and for
calculating and billing the Activity
Assessment Fee. Therefore, the
Exchange might in the future determine
8 Firms participating in Amex’s After-Hours
Trading program will continue to submit, with their
filings of the Rule 393 Form, payment of the
Activity Assessment Fee for their self-reported
Aggregate Price-Coupled orders. Telephone
conversation between Claire McGrath, Senior Vice
President and General Counsel, Amex and David
Michehl, Special Counsel, Division of Market
Regulation, Commission on November 7, 2007.
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to bill the membership some form of
assessment to offset these or other
Section 31 costs. The proposed
amendment to Rule 393 will also
provide that, to the extent the Exchange
may collect more from members under
Rule 393 than is due from the Exchange
to the Commission pursuant to Section
31 of the Act, for example due to
rounding differences, the excess monies
collected may be used by the Exchange
to fund its regulatory expenses.
In addition, as discussed above, the
OCC will continue to collect and remit
to the Commission on Amex’s behalf,
the funds to offset the payment of
Section 31 fees owed based on the sales
of options and sales of securities
resulting from the exercise of physical
delivery options. Therefore, sales of
options and exercises will not be
included in the monthly Activity
Assessment Fee.
2. Statutory Basis
The proposed rule change is
consistent with the objectives of Section
6(b) of the Act,9 in general, and furthers
the objectives of Section 6(b)(4),10 in
particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities.
Specifically, the Exchange is proposing
to assess a monthly Activity Assessment
Fee to its members to fund its obligation
pursuant to Section 31 of the Act.
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
The foregoing proposed rule change
has become effective upon filing with
the Commission pursuant to Section
19(b)(3)(A)(ii) of the Act 11 and Rule
19b–4(f)(2) 12 thereunder, because it
establishes or changes a due, fee, or
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
11 15 U.S.C. 78s(b)(3)(A)(ii).
12 17 CFR 240.19b–4(f)(2).
10 15
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other charge applicable only to a
member.
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.
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
Number SRA–Amex–2007–114 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–Amex–2007–114. 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
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Federal Register / Vol. 72, No. 220 / Thursday, November 15, 2007 / Notices
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–Amex–2007–114 and
should be submitted on or before
December 6, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22203 Filed 11–14–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56772; File No. SR–CBOE–
2007–126]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Thereto To Increase the Class Quoting
Limit in Fourteen Option Classes
November 8, 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 November
1, 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, II, and
III below, which Items have been
prepared by the CBOE. The Exchange
has designated this proposal as one
constituting a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule under
Section 19(b)(3)(A)(i) of the Act, 3 and
Rule 19b–4(f)(1) thereunder, 4 which
renders the proposal effective upon
filing with the Commission. The
Exchange filed Amendment No. 1 to the
proposed rule change on November 7,
2007. 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
CBOE proposes to increase the class
quoting limit in fourteen option classes.
The text of the proposed rule change is
available on CBOE’s Web site (https://
www.cboe.com), at the CBOE’s Office of
the Secretary, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
CBOE Rule 8.3A, Maximum Number
of Market Participants Quoting
Electronically per Product, establishes
class quoting limits (‘‘CQLs’’) for each
class traded on the Hybrid Trading
System.5 A CQL is the maximum
number of quoters that may quote
electronically in a given product and the
current levels are established from 25–
40, depending on the trading activity of
the particular product.
Rule 8.3A, Interpretation .01(c)
provides a procedure by which the
President of the Exchange may increase
the CQL for a particular product. In this
regard, the President of the Exchange
may increase the CQL in exceptional
circumstances, which are defined in the
rule as ‘‘substantial trading volume,
whether actual or expected.’’ 6 The
effect of an increase in the CQL is
procompetitive in that it increases the
number of market participants that may
quote electronically in a product. The
purpose of this filing is to increase the
CQL in the following option classes as
described below:
Current
CQL
Option class
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Goldman Sachs Group Inc (GS) .............................................................................................................................................
Bear Stearns Companies (BSC) .............................................................................................................................................
Crocs Inc. (CROX) ...................................................................................................................................................................
Petro Bras Sa Petrobas A (PBR) ............................................................................................................................................
First Solar, Inc. (FSLR) ............................................................................................................................................................
Focus Media Holding Ltd. (FMCN) ..........................................................................................................................................
China Mobile Limited (CHL) ....................................................................................................................................................
Dryships Inc. (DRYS) ..............................................................................................................................................................
Petrochina Co Ltd ADS (PTR) ................................................................................................................................................
JA Solar Holdings Co. (JASO) ................................................................................................................................................
Trina Solar Ltd. (TSL) ..............................................................................................................................................................
LDK Solar Co. Ltd (LDK) .........................................................................................................................................................
China Digital TV Holding Co., Ltd. (STV) ................................................................................................................................
China Sunergy Co., Ltd. (CSUN) ............................................................................................................................................
The trading volume in these option
classes recently has increased
substantially. Increasing the CQL in
these classes will enable the Exchange
to enhance the liquidity offered, thereby
13 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)(i).
4 17
CFR 240.19b–4(f)(1).
Rule 8.3A.01.
6 ‘‘Any actions taken by the President of the
Exchange pursuant to this paragraph will be
1 15
VerDate Aug<31>2005
19:50 Nov 14, 2007
offering deeper and more liquid
markets. The Exchange represents that it
has the systems capacity to support this
increase in the CQLs.
5 See
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New
QL
45
35
35
30
30
30
25
25
25
25
25
25
25
25
60
50
50
50
50
50
50
50
50
50
50
50
50
50
2. Statutory Basis
Accordingly, CBOE believes the
proposed rule change is consistent with
the Act and the rules and regulations
under the Act applicable to a national
submitted to the SEC in a rule filing pursuant to
Section 19(b)(3)(A) of the Exchange Act.’’ Rule
8.3A.01(c).
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]]>Agencies
[Federal Register Volume 72, Number 220 (Thursday, November 15, 2007)]
[Notices]
[Pages 64259-64261]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22203]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56766; File No. SR-Amex-2007-114]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Collection of the Activity Assessment Fee
November 7, 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 26, 2007, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by Amex.
Amex filed the proposal pursuant to Section 19(b)(3)(A)(ii) of the Act
\3\ and Rule 19b-4(f)(2) \4\ thereunder, as establishing or changing a
due, fee, or other charge applicable to a member, which renders the
proposed rule change effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Amex Rule 393 and the Amex Fee
Schedule to revise the procedures by which the Exchange collects fees
from its members and member organizations to offset its fee obligations
under Section 31 of the Act.\5\ The text of the proposed rule change is
available on the Amex's Web site at https://www.amex.com, Amex's
principal office, and the Commission's Public Reference Room.
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\5\ 15 U.S.C. 78ee.
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, Amex 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. Amex 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
Background
Effective August 6, 2004, the Commission established new procedures
that govern the calculation, payment, and collection of fees and
assessments on securities transactions owed by each national securities
exchange and association.\6\ Pursuant to the new procedures, each
exchange and association must provide data on its securities
transactions to the Commission using Form R31. Generally, only data
obtained from a registered clearing agency may be submitted to the
Commission for this purpose.\7\ The Commission in turn, calculates the
amount of fees and assessments based on the aggregate dollar volume of
these transactions and the fee rate in effect at that time and bills
the exchange or association that amount twice annually.
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\6\ See Securities Exchange Act Release No. 49928 (June 28,
2004), 69 FR 1060 (July 7, 2004).
\7\ In connection with these new procedures the Commission
concluded that the data collected by a registered clearing agency is
the most reliable and auditable source for covered sales
information. The National Securities Clearing Corporation (``NSCC'')
is the primary source of data for equity transactions and the
Options Clearing Corporation (``OCC'') is the primary source of data
for option transactions.
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Historically, the Exchange has funded the payment of these fees by
requiring members pursuant to Rule 393 to: (i) Report on a monthly
basis the aggregate volume of equity sales, aggregate sales price of
those equity sales, and the amount of the fee owed; and (ii) submit
along with the monthly report a check in the amount of the fee owed.
The funds collected by the Exchange pursuant to Rule 393 for all equity
securities are then remitted to the Commission in accordance with Rule
31. In addition, the Exchange uses the OCC to collect the funds to
offset the payment of Section 31 fees owed based on the sales of
options and sales of securities resulting from the exercise of physical
delivery options. OCC collects fees directly from Exchange members
through their clearing firms and remits the amount collected to the
Commission on behalf of Amex.
Proposal
The Exchange now proposes to amend Rule 393 and the Amex Fee
Schedule to revise the current procedures used to
[[Page 64260]]
collect funds from its members to offset its obligations under Section
31 of the Act. On December 1, 2007, the Exchange will end the current
``self-reporting'' procedures using the Rule 393 Form for most
transactions and will begin directly billing all members' and member
organizations' designated clearing firms for the amount owed by the
member to the Exchange. The fee will be identified as the Activity
Assessment Fee and will be assessed monthly for all covered securities
transactions (other than options transactions or sales of securities
resulting from options exercises) whose settlement dates fall within
the applicable computational period (which is generally a month). If
the Section 31 fee rate changes in the middle of a computational period
(i.e., in the middle of a month), the computational period may be
broken up to facilitate the appropriate application of the old and new
fee rates. The Activity Assessment Fee will be calculated based on
securities transaction data reported by the NSCC (which is the same
data used by the Exchange to prepare Form R31 to report its obligations
under Section 31 to the Commission). Included in the Activity
Assessment Fee will be covered sales resulting from orders entered on
Amex but executed on another exchange through its private linkage.
The Exchange will, however, continue to require firms participating
in its After-Hours Trading program to continue self-reporting, on the
Rule 393 Form, the aggregate volume and sales price of Aggregate Price-
Coupled orders. The execution of covered sales resulting from Aggregate
Price-Coupled orders will not be included in the Exchange's calculation
of the monthly Activity Assessment Fee.\8\
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\8\ Firms participating in Amex's After-Hours Trading program
will continue to submit, with their filings of the Rule 393 Form,
payment of the Activity Assessment Fee for their self-reported
Aggregate Price-Coupled orders. Telephone conversation between
Claire McGrath, Senior Vice President and General Counsel, Amex and
David Michehl, Special Counsel, Division of Market Regulation,
Commission on November 7, 2007.
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It is the Exchange's initial intention to collect or receive from
the membership the Activity Assessment Fee in an amount that, as
accurately as possible equals the Exchange's Section 31 obligation (for
equities transactions). The Exchange, however, has incurred, and
continues to incur, the costs of developing systems necessary for
compliance with the Commission's Section 31 procedures and for
calculating and billing the Activity Assessment Fee. Therefore, the
Exchange might in the future determine to bill the membership some form
of assessment to offset these or other Section 31 costs. The proposed
amendment to Rule 393 will also provide that, to the extent the
Exchange may collect more from members under Rule 393 than is due from
the Exchange to the Commission pursuant to Section 31 of the Act, for
example due to rounding differences, the excess monies collected may be
used by the Exchange to fund its regulatory expenses.
In addition, as discussed above, the OCC will continue to collect
and remit to the Commission on Amex's behalf, the funds to offset the
payment of Section 31 fees owed based on the sales of options and sales
of securities resulting from the exercise of physical delivery options.
Therefore, sales of options and exercises will not be included in the
monthly Activity Assessment Fee.
2. Statutory Basis
The proposed rule change is consistent with the objectives of
Section 6(b) of the Act,\9\ in general, and furthers the objectives of
Section 6(b)(4),\10\ in particular, in that it is designed to provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members and issuers and other persons using its
facilities. Specifically, the Exchange is proposing to assess a monthly
Activity Assessment Fee to its members to fund its obligation pursuant
to Section 31 of the Act.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
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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
The foregoing proposed rule change has become effective upon filing
with the Commission pursuant to Section 19(b)(3)(A)(ii) of the Act \11\
and Rule 19b-4(f)(2) \12\ thereunder, because it establishes or changes
a due, fee, or other charge applicable only to a member.
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\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 17 CFR 240.19b-4(f)(2).
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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 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 SRA-Amex-2007-114 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-Amex-2007-114. 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
[[Page 64261]]
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-Amex-2007-114
and should be submitted on or before December 6, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-22203 Filed 11-14-07; 8:45 am]
BILLING CODE 8011-01-P
