Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Amendment of the Exchange's Amended and Restated Constitution, 73936-73937 [E7-25201]
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73936
Federal Register / Vol. 72, No. 248 / Friday, December 28, 2007 / Notices
mstockstill on PROD1PC66 with NOTICES
exchange.17 In particular, the
Commission finds that the proposed
rule change is consistent with section
6(b)(5) of the Act,18 which requires that
an exchange have rules designed, among
other things, to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and in
general to protect investors and the
public interest.
The listing of the Fund Options does
not fully satisfy ISE’s applicable Listing
Standards, specifically the requirement
set forth in ISE Rule 502(h)(1), which
requires the Fund to meet the following
condition: ‘‘Any non-U.S. component
stocks in the index or portfolio on
which the Fund Shares are based that
are not subject to comprehensive
surveillance agreements do not in the
aggregate represent more than 50% of
the weight of the index or portfolio.’’
The Exchange currently does not have
in place a surveillance agreement with
Bolsa.
The Commission has been willing to
allow an exchange to rely on a
memorandum of understanding entered
into between regulators where the
listing SRO finds it impossible to enter
into an information sharing
agreement.19 In this case, ISE has
attempted unsuccessfully to reach such
an agreement with Bolsa.
Consequently, the Commission has
determined to approve CBOE’s listing
and trading of the Fund Options and to
allow ISE to rely on the MOU 20 with
respect to the underlying Fund
components trading on Bolsa. The
Commission believes that, regardless of
the Commission’s willingness to permit
reliance on the MOU, ISE should
continue to use its best efforts to obtain
a comprehensive surveillance agreement
with Bolsa, which shall reflect the
following: (1) Express language
addressing market trading activity,
clearing activity, and customer identity;
(2) the Bolsa’s reasonable ability to
obtain access to and produce requested
information; and (3) based on the CSSA
and other information provided by the
Bolsa, the absence of existing rules, law
or practices that would impede the
Exchange from obtaining foreign
information relating to market activity,
clearing activity, or customer identity,
or in the event such rules, laws, or
17 In approving this rule change, the Commission
notes that it has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
18 15 U.S.C. 78f(b)(5).
19 See supra note 10; See also New Product
Release, supra note 13.
20 See supra note 10.
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22:27 Dec 27, 2007
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practices exist, they would not
materially impede the production of
customer or other information.
The Exchange has requested
accelerated approval of the proposed
rule change. The Commission finds
good cause, consistent with section
19(b)(2) of the Act,21 for approving this
proposed rule change before the
thirtieth day after the publication of
notice thereof in the Federal Register
because it will enable the Exchange to
immediately consider listing and
trading the Fund Options, similar to
products already traded on the
Exchange,22 and because it does not
raise any new regulatory issues.
V. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,23 that the
proposed rule change (SR–ISE–2007–
111) be, and it hereby is approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–25200 Filed 12–27–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57015; File No. SR-ISE–
2007–117]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Amendment of
the Exchange’s Amended and
Restated Constitution
December 20, 2007.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (‘‘Act’’)
and Rule 19b–4 thereunder,2 notice is
hereby given that on December 10, 2007,
the International Securities Exchange,
LLC (‘‘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.
The Exchange has designated the
proposed rule change as one concerned
solely with the administration of the
Exchange pursuant to Section
21 15
U.S.C. 78s(b)(2).
supra note 14.
23 15 U.S.C. 78s(b)(2).
24 17 CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 17 CFR 240.19b–4.
22 See
PO 00000
Frm 00180
Fmt 4703
Sfmt 4703
19(b)(3)(A)(iii) of the Act,3 and Rule
19b–4(f)(3) 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 Exchange is proposing to amend
its Amended and Restated Constitution.
The text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and on the Exchange’s Internet Web site
at https://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
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 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 proposed rule
change is to amend the Exchange’s
Constitution to make a clarifying change
relating to the qualifications of the
Chairman of the Board of Directors of
the Exchange. Specifically, the
Exchange previously amended its
Constitution 5 to allow for the election
of a Former Employee Director 6, with
the intention that such Former
Employee Director, if appointed, would
be eligible to serve as the Chairman of
the Board of Directors of the Exchange.
However, in order to accomplish its
intention, the Exchange must further
amend the Constitution to explicitly
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(3).
5 Securities Exchange Act Release No. 56211
(August 6, 2007), 72 FR 45287 (August 13, 2007)
(SR–ISE–2007–34).
6 Section 3.2(b)(vi) of the Constitution provides
that ‘‘[t]he Sole LLC Member may, in its sole and
absolute discretion, elect one (1) additional director
who shall meet the requirements of ‘‘Non-Industry
Directors,’’ except that such person was employed
by the Exchange at any time during the three (3)
year period prior to his or her initial election (the
‘‘Former Employee Director’’).’’
4 17
E:\FR\FM\28DEN1.SGM
28DEN1
Federal Register / Vol. 72, No. 248 / Friday, December 28, 2007 / Notices
provide that a Former Employee
Director may become the Chairman of
the Board of Directors of the Exchange.
This proposed rule change will not
affect the prohibition on an ‘‘industry
representative’’ becoming Chairman of
the Board of Directors of the Exchange
as currently provided under the
Constitution.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(1) 7 that an exchange
be so organized and to have the capacity
to be able to carry out the purposes of
the Act and to comply, and (subject to
any rule or order of the Commission
pursuant to Section 17(d) 8 or 19(g)(2) of
the Act 9) to enforce compliance by its
members and persons associated with
its members, with the provisions of the
Act, the rules and regulations
thereunder and the rules of the
exchange. The Exchange also believes
this proposed rule change furthers the
objective of Section 6(b)(5) 10 that an
exchange have rules that, among other
things, are designed 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 Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has 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 parties.
mstockstill on PROD1PC66 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is
effective upon filing pursuant to Section
19(b)(3)(A)(iii) 11 of the Act and Rule
19b–4(f)(3) 12 thereunder because it was
designated by the Exchange as
concerned solely with the
7 15
U.S.C. 78f(b)(1).
U.S.C. 78q(d).
9 15 U.S.C. 78s(g)(2).
10 15 U.S.C. 78f(b)(5).
11 15 U.S.C. 78s(b)(3)(A)(iii).
12 17 CFR 240.19b–4(f)(3).
8 15
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22:27 Dec 27, 2007
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73937
administration of the Exchange. 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.
should refer to File No. SR–ISE–2007–
117 and should be submitted on or
before January 18, 2008.
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:
BILLING CODE 8011–01–P
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-ISE–2007–117 on the
subject line.
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to Rule 710, Minimum
Trading Increments
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–2007–117. 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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing will also be available for
inspection and copying at the principal
office of 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
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 December
17, 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
Exchange. The Exchange filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act3 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.
PO 00000
Frm 00181
Fmt 4703
Sfmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–25201 Filed 12–27–07; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57019; File No. SR–ISE–
2007–120]
December 20, 2007.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
ISE proposes to amend Rule 710,
Minimum Trading Increments, to
decrease the size of the minimum
quoting and trading increments
applicable to the Exchange’s foreign
currency options (‘‘FX options’’). The
text of the proposed rule change is
available at ISE, the Commission’s
Public Reference Room, and https://
www.ise.com.
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).
4 17 CFR 240.19b–4(f)(6).
1 15
E:\FR\FM\28DEN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 248 (Friday, December 28, 2007)]
[Notices]
[Pages 73936-73937]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-25201]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57015; File No. SR-ISE-2007-117]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Amendment of the Exchange's Amended and Restated
Constitution
December 20, 2007.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 10, 2007, the International Securities Exchange, LLC
(``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. The Exchange has designated the proposed rule change as one
concerned solely with the administration of the Exchange pursuant to
Section 19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b-4(f)(3)
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)(3).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend its Amended and Restated
Constitution. The text of the proposed rule change is available at the
Exchange, the Commission's Public Reference Room, and on the Exchange's
Internet Web site at https://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 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 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 proposed rule change is to amend the Exchange's
Constitution to make a clarifying change relating to the qualifications
of the Chairman of the Board of Directors of the Exchange.
Specifically, the Exchange previously amended its Constitution \5\ to
allow for the election of a Former Employee Director \6\, with the
intention that such Former Employee Director, if appointed, would be
eligible to serve as the Chairman of the Board of Directors of the
Exchange. However, in order to accomplish its intention, the Exchange
must further amend the Constitution to explicitly
[[Page 73937]]
provide that a Former Employee Director may become the Chairman of the
Board of Directors of the Exchange. This proposed rule change will not
affect the prohibition on an ``industry representative'' becoming
Chairman of the Board of Directors of the Exchange as currently
provided under the Constitution.
---------------------------------------------------------------------------
\5\ Securities Exchange Act Release No. 56211 (August 6, 2007),
72 FR 45287 (August 13, 2007) (SR-ISE-2007-34).
\6\ Section 3.2(b)(vi) of the Constitution provides that ``[t]he
Sole LLC Member may, in its sole and absolute discretion, elect one
(1) additional director who shall meet the requirements of ``Non-
Industry Directors,'' except that such person was employed by the
Exchange at any time during the three (3) year period prior to his
or her initial election (the ``Former Employee Director'').''
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(1) \7\ that an exchange be so organized
and to have the capacity to be able to carry out the purposes of the
Act and to comply, and (subject to any rule or order of the Commission
pursuant to Section 17(d) \8\ or 19(g)(2) of the Act \9\) to enforce
compliance by its members and persons associated with its members, with
the provisions of the Act, the rules and regulations thereunder and the
rules of the exchange. The Exchange also believes this proposed rule
change furthers the objective of Section 6(b)(5) \10\ that an exchange
have rules that, among other things, are designed 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(1).
\8\ 15 U.S.C. 78q(d).
\9\ 15 U.S.C. 78s(g)(2).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has 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
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change is effective upon filing
pursuant to Section 19(b)(3)(A)(iii) \11\ of the Act and Rule 19b-
4(f)(3) \12\ thereunder because it was designated by the Exchange as
concerned solely with the administration of the Exchange. 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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
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-2007-117 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-2007-117. 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 on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing will also be available for inspection and copying at the
principal office of 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 No. SR-ISE-2007-117 and should be submitted on or before January
18, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-25201 Filed 12-27-07; 8:45 am]
BILLING CODE 8011-01-P
