Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Fee Waiver, 4035-4036 [E8-1011]
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Federal Register / Vol. 73, No. 15 / Wednesday, January 23, 2008 / Notices
BSE’s initiative designed to allow
trading in penny increments.95
J. Acceleration of Proposed Rule Change
as Amended
The Commission finds good cause to
approve the proposal prior to the
thirtieth day after the proposal was
published for comment in the Federal
Register. The proposed rule change, as
modified by Amendment No. 1, was
published for full notice and
comment.96 The Commission believes
that the changes made in Amendment
No. 3 generally strengthen the proposal.
In Amendment No. 3, BSE made several
changes to clarify its rules,97 respond to
commenters,98 and comply with the
requirements of the Act.99 The
Commission believes that it has
received and fully considered
substantial, meaningful comments with
respect to the BSE’s proposal, as
amended, and that Amendment No. 3
does not raise issues that warrant
further delay. For these reasons, the
Commission finds good cause,
consistent with section 19(b)(2) of the
Act,100 to grant accelerated approval of
the proposed rule change, as amended.
ebenthall on PROD1PC69 with NOTICES
V. Conclusion
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,101 that the
95 The Exchange has represented that it will
provide the Commission with statistics regarding
the UPIP for those classes included in the Penny
Pilot. See BSE Letter, supra note 5, at 8.
96 See Notice, supra note 3.
97 See, e.g., BSE clarifies that: The definition of
an Eligible Order does not include ‘‘fill or kill’’
orders; the UPIP auction will only be available for
certain classes of options as determined from timeto-time by BOX; the cancellation of the UPIP Order
will result in the cancellation of the related
Improvement Orders and the UPIP auction itself;
any unexecuted portion of an Improvement Order
will be cancelled; time priority will prevail between
a Proprietary Improvement Order and an
Improvement Order submitted by an Executing
Participant; and in the instance when a UPIP is
concluded, only time priority will be granted to an
order on the BOX Book that executes against the
remaining portion of a UPIP Order if that order has
been placed for the same beneficial account as an
Improvement Order in the UPIP auction.
98 See, e.g., BSE revises the proposal to apply its
NBBO trade-through filter at the conclusion of the
UPIP auction.
99 See, e.g., BSE revises the proposal to provide
that: In no circumstances will the orders for a nonmarket maker broker-dealer account of an Options
Participant be executed before a Public Customer or
non-BOX Options Participant at the same price in
the UPIP; and it will be conduct inconsistent with
just and equitable principles of trade for (1) any
Options Participant to enter Unrelated Orders into
BOX for the purpose of disrupting or manipulating
any UPIP auction, including purposely causing
premature termination or (2) for an Executing
Participant to directly or indirectly enter, modify,
or cancel quotes or orders on BOX for the purpose
of disrupting, prematurely terminating or
manipulating any Improvement Auction.
100 15 U.S.C. 78s(b)(2).
101 15 U.S.C. 78s(b)(2).
VerDate Aug<31>2005
15:17 Jan 22, 2008
Jkt 214001
proposed rule change (SR–BSE–2006–
16), as amended, be, and it hereby is,
approved on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.102
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–1037 Filed 1–22–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57153; File No. SR–ISE–
2008–04]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change, as Modified by Amendment
No. 1 Thereto, Relating to Fee Waiver
January 15, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 2,
2008, 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, II, and III below, which Items
have been substantially prepared by ISE.
ISE has designated this proposal as one
establishing or changing a due, fee, or
other charge applicable only to a
member under Section 19(b)(3)(A) of the
Act,3 and Rule 19b–4(f)(2) thereunder,4
which renders the proposal effective
upon filing with the Commission. On
January 15, 2008, ISE submitted
Amendment No. 1 to the proposed rule
change.5 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
ISE is proposing a one-time waiver of
the annual renewal fee for Registered
Representatives.
102 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)(2).
5 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on January 15, 2008, the
date on which the Exchange filed Amendment No.
1. See 15 U.S.C. 78s(b)(3)(C).
1 15
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
4035
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. 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
Pursuant to ISE Rules 601, 602, and
603, members are required to
electronically file a Uniform
Application for Securities Industry
Registration or Transfer (Form U4) with
the Web CRD System operated by the
Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) when
registering, transferring, or terminating a
registered person. Pursuant to the
Exchange’s Schedule of Fees, members
pay fees related to these U4 filings,
which are collected by FINRA on behalf
of the Exchange. In particular, members
are assessed an annual renewal fee of
$55 for each Registered Representative.
The purpose of this rule filing is to
grant a one-time waiver of the $55
annual renewal fee for Registered
Representatives for 2008. The Exchange
updated its rules regarding its
registration requirements in June 2007,6
which resulted in some members
registering a substantial number of
representatives with the Exchange for
the first time in the later part of 2007.
Specifically, the Exchange initially
requested that members comply with
the revised registration requirements by
no later than October 31, 2007, but
subsequently extended this date until
January 31, 2008. Because the 2008
annual renewal fee is assessed based on
the number of Registered
Representatives a member has registered
with the ISE on the Web CRD system at
the beginning of 2008, any member that
registered its representatives prior to the
end of 2007 would be assessed the
annual renewal fee for each Registered
Representative, whereas those firms that
waited until after January 1, 2008 to
register their representatives would not
6 See Securities Exchange Act Release No. 55899
(June 12, 2007), 72 FR 33794 (June 19, 2007) (SR–
ISE–2007–30).
E:\FR\FM\23JAN1.SGM
23JAN1
4036
Federal Register / Vol. 73, No. 15 / Wednesday, January 23, 2008 / Notices
Comments may be submitted by any of
the following methods:
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the objectives of Section 6 of the Act,7
in general, and furthers the objectives of
Section 6(b)(4) of the Act,8 in particular,
in that it is designed to provide for the
equitable allocation of reasonable dues,
fees and other charges among its
members and other persons using its
facilities.
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 parties.
ebenthall on PROD1PC69 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(2) 10
thereunder because it establishes or
changes a due, fee, or other charge
imposed by the Exchange. At any time
within 60 days of the filing of such
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.
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(2).
• 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
No. SR–ISE–2008–04 on the subject
line.
Paper Comments
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on December
24, 2007, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
All submissions should refer to File
the Securities and Exchange
Commission (‘‘Commission’’) the
Number SR–ISE–2008–04. This file
proposed rule change as described in
number should be included on the
subject line if e-mail is used. To help the Items I, II, and III below, which Items
have been substantially prepared by the
Commission process and review your
NYSE. The proposed rule change has
comments more efficiently, please use
only one method. The Commission will been filed by the NYSE as effecting a
post all comments on the Commission’s change in an existing order-entry or
trading system pursuant to Section
Internet Web site (https://www.sec.gov/
19(b)(3)(A) of the Act,3 and Rule 19b–
rules/sro.shtml). Copies of the
4(f)(5) thereunder,4 which renders the
submission, all subsequent
proposal effective upon filing with the
amendments, all written statements
Commission. The Commission is
with respect to the proposed rule
publishing this notice to solicit
change that are filed with the
comments on the proposed rule change
Commission, and all written
from interested persons.
communications relating to the
I. Self-Regulatory Organization’s
proposed rule change between the
Commission and any person, other than Statement of the Terms of Substance of
the Proposed Rule Change
those that may be withheld from the
public in accordance with the
The NYSE proposes to amend NYSE
provisions of 5 U.S.C. 552, will be
Rules 13 and 1000 to allow for the
available for inspection and copying in
automatic execution of G-Quotes in the
the Commission’s Public Reference
Display Book (the ‘‘Display Book’’).
Room on official business days between The Exchange is also seeking to make
conforming changes to NYSE Rule 60.
the hours of 10 a.m. and 3 p.m. Copies
The text of the proposed rule change is
of such filing also will be available for
available on the Exchange’s Web site
inspection and copying at the principal
office of the ISE. All comments received (https://www.nyse.com), at the Exchange,
and at the Commission’s Public
will be posted without change; the
Reference Room.
Commission does not edit personal
identifying information from
II. Self-Regulatory Organization’s
submissions. You should submit only
Statement of the Purpose of, and
information that you wish to make
Statutory Basis for, the Proposed Rule
available publicly. All submissions
Change
should refer to File Number SR–ISE–
In its filing with the Commission, the
2008–04 and should be submitted on or
NYSE included statements concerning
before February 12, 2008.
the purpose of, and basis for, the
For the Commission, by the Division of
proposed rule change and discussed any
Trading and Markets, pursuant to delegated
comments it received on the proposed
authority.11
rule change. The text of these statements
may be examined at the places specified
Florence E. Harmon,
in Item IV below. The NYSE has
Deputy Secretary.
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
11 17
Jkt 214001
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
NYSE Rules 13, 60, and 1000 To Allow
for the Automatic Execution of GQuotes in the Display Book
January 15, 2008.
BILLING CODE 8011–01–P
8 15
15:17 Jan 22, 2008
[Release No. 34–57156; File No. SR–NYSE–
2007–120]
[FR Doc. E8–1011 Filed 1–22–08; 8:45 am]
7 15
VerDate Aug<31>2005
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
incur the 2008 annual renewal fee. In
effect, assessing the 2008 annual
renewal fee would penalize those
members that complied with the
Exchange’s registration requirements
more timely. The Exchange therefore
believes it is appropriate to waive the
2008 annual renewal fee for all
members.
PO 00000
Fmt 4703
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(5).
2 17
CFR 200.30–3(a)(12).
Frm 00116
1 15
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E:\FR\FM\23JAN1.SGM
23JAN1
]]>Agencies
[Federal Register Volume 73, Number 15 (Wednesday, January 23, 2008)]
[Notices]
[Pages 4035-4036]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-1011]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57153; File No. SR-ISE-2008-04]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change, as Modified by Amendment No. 1 Thereto, Relating to Fee Waiver
January 15, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 2, 2008, 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, II, and III below, which Items have been substantially
prepared by ISE. ISE has designated this proposal as one establishing
or changing a due, fee, or other charge applicable only to a member
under Section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. On January 15, 2008, ISE submitted Amendment No. 1 to
the proposed rule change.\5\ The Commission is publishing this notice
to solicit comments on the proposed rule change, as amended, 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).
\4\ 17 CFR 240.19b-4(f)(2).
\5\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on January 15, 2008, the date on which the Exchange
filed Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
ISE is proposing a one-time waiver of the annual renewal fee for
Registered Representatives.
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. 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
Pursuant to ISE Rules 601, 602, and 603, members are required to
electronically file a Uniform Application for Securities Industry
Registration or Transfer (Form U4) with the Web CRD System operated by
the Financial Industry Regulatory Authority, Inc. (``FINRA'') when
registering, transferring, or terminating a registered person. Pursuant
to the Exchange's Schedule of Fees, members pay fees related to these
U4 filings, which are collected by FINRA on behalf of the Exchange. In
particular, members are assessed an annual renewal fee of $55 for each
Registered Representative.
The purpose of this rule filing is to grant a one-time waiver of
the $55 annual renewal fee for Registered Representatives for 2008. The
Exchange updated its rules regarding its registration requirements in
June 2007,\6\ which resulted in some members registering a substantial
number of representatives with the Exchange for the first time in the
later part of 2007.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 55899 (June 12,
2007), 72 FR 33794 (June 19, 2007) (SR-ISE-2007-30).
---------------------------------------------------------------------------
Specifically, the Exchange initially requested that members comply
with the revised registration requirements by no later than October 31,
2007, but subsequently extended this date until January 31, 2008.
Because the 2008 annual renewal fee is assessed based on the number of
Registered Representatives a member has registered with the ISE on the
Web CRD system at the beginning of 2008, any member that registered its
representatives prior to the end of 2007 would be assessed the annual
renewal fee for each Registered Representative, whereas those firms
that waited until after January 1, 2008 to register their
representatives would not
[[Page 4036]]
incur the 2008 annual renewal fee. In effect, assessing the 2008 annual
renewal fee would penalize those members that complied with the
Exchange's registration requirements more timely. The Exchange
therefore believes it is appropriate to waive the 2008 annual renewal
fee for all members.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\7\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\8\ in
particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees and other charges among its members
and other persons using its facilities.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(2) \10\ thereunder because
it establishes or changes a due, fee, or other charge imposed by the
Exchange. At any time within 60 days of the filing of such 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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 No. SR-ISE-2008-04 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-ISE-2008-04. 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 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-
2008-04 and should be submitted on or before February 12, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1011 Filed 1-22-08; 8:45 am]
BILLING CODE 8011-01-P
