Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Fee Schedule of the Boston Options Exchange, 13939-13940 [E8-5098]
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rwilkins on PROD1PC63 with NOTICES
Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Notices
circumstances surrounding the
proposed substitutions will be such as
to offer the same degree of protection to
each Replacement Fund from
overreaching that Rule 17a–7 provides
to them generally in connection with
their purchase and sale of securities
under that Rule in the ordinary course
of their business. In particular, the
Insurance Companies (or any of their
affiliates) cannot effect the proposed
transactions at a price that is
disadvantageous to any of the
Replacement Funds. Although the
transactions may not be entirely for
cash, each will be effected based upon
(1) the independent market price of the
portfolio securities valued as specified
in paragraph (b) of Rule 17a–7, and (2)
the net asset value per share of each
fund involved valued in accordance
with the procedures disclosed in its
respective Investment Company’s
registration statement and as required
by Rule 22c–1 under the Act. No
brokerage commission, fee, or other
remuneration will be paid to any party
in connection with the proposed in kind
purchase transactions.
29. The sale of shares of Replacement
Funds for investment securities, as
contemplated by the proposed
Insurance Company in-kind purchases,
is consistent with the investment policy
and restrictions of the Investment
Companies and the Replacement Funds
because (1) the shares are sold at their
net asset value, and (2) the portfolio
securities are of the type and quality
that the Replacement Funds would each
have acquired with the proceeds from
share sales had the shares been sold for
cash. To assure that the second of these
conditions is met, Met Investors
Advisory, LLC, MetLife Advisers, LLC
and the sub-adviser, as applicable, will
examine the portfolio securities being
offered to each Replacement Fund and
accept only those securities as
consideration for shares that it would
have acquired for each such fund in a
cash transaction.
30. The Section 17 Applicants submit
that the proposed Insurance Company
in-kind purchases are consistent with
the general purposes of the Act as stated
in the Findings and Declaration of
Policy in Section 1 of the Act and that
the proposed transactions do not
present any of the conditions or abuses
that the Act was designed to prevent.
31. The Section 17 Applicants
represent that the proposed in-kind
purchases meet all of the requirements
of Section 17(b) of the Act and request
that the Commission issue an order
pursuant to Section 17(b) of the Act
exempting the Separate Accounts, the
Insurance Companies, MIST, Met Series
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19:17 Mar 13, 2008
Jkt 214001
Fund and each Replacement Fund from
the provisions of Section 17(a) of the
Act to the extent necessary to permit the
Insurance Companies on behalf of the
Separate Accounts to carry out, as part
of the substitutions, the in-kind
purchase of shares of the Replacement
Funds which may be deemed to be
prohibited by Section 17(a) of the Act.
Conclusion
Applicants assert that for the reasons
summarized above that the proposed
substitutions and related transactions
meet the standards of Section 26(c) of
the Act and are consistent with the
standards of Section 17(b) of the Act
and that the requested orders should be
granted.
For the Commission, by the Division of
Investment Management pursuant to
delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5101 Filed 3–13–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57459; File No. SR–BSE–
2008–13]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
Fee Schedule of the Boston Options
Exchange
March 10, 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 March 7,
2008, the Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by the BSE. The
BSE has designated the proposed rule
change as constituting a stated policy,
practice, or interpretation with respect
to the meaning, administration, or
enforcement of an existing rule of the
self-regulatory organization pursuant to
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
Commission is publishing this notice to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
2 17
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13939
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
the Fee Schedule of the Boston Options
Exchange (‘‘BOX’’). The proposed rule
change will more clearly set forth the
fees that are presently already charged
for trading options contracts on BOX.
The text of the proposed rule change is
available on BSE’s Web site at https://
www.bostonoptions.com, at BSE’s
principal office, 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
BSE 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 BSE 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 Exchange proposes to amend the
BOX Fee Schedule. The proposed
change will more clearly set forth the
fees that are applicable to Public
Customer and Broker Dealer account
types. The proposed change will not
modify the level of fees that are charged
for the trading of options contracts on
BOX, nor will it change to whom the
fees are charged.
The Exchange currently applies an
alternative pricing structure for certain
classes of options contracts traded on
BOX, the Liquidity Make or Take
pricing structure (‘‘Make or Take’’).
Make or Take fees and credits apply to
transactions for all account types (e.g.,
Public Customer, Broker Dealer or
Market Maker) as set forth in Section 7
of the BOX Fee Schedule. Specific
references to the Liquidity Make or Take
pricing structure and the fees and
credits associated therewith are not
currently included within the sections
of fees applicable to Public Customer
accounts as well as Broker Dealer
proprietary accounts. However,
particular reference to Make or Take is
made within the section of fees
E:\FR\FM\14MRN1.SGM
14MRN1
13940
Federal Register / Vol. 73, No. 51 / Friday, March 14, 2008 / Notices
applicable to Market Makers. As
previously stated, Make or Take is
applicable to all three account types.5
This proposed rule change will
specifically include this reference to
Make or Take within the Public
Customer and Broker Dealer portions of
the BOX Fee Schedule. Again, this
proposal will not modify the fees that
are currently charged for the trading of
options contracts on BOX, nor will it
change to whom the fees are charged.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,6
in general, and Section 6(b)(5) of the
Act,7 in particular, in that it clarifies
existing rule text and it is designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, 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.
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 neither solicited
nor received comments on the proposed
rule change.
rwilkins on PROD1PC63 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)(i) of the Act 8 and
subparagraph (f)(1) of Rule 19b–4
thereunder.9 The proposed rule change
is a stated policy, practice or
interpretation with respect to the
meaning, administration or enforcement
of an existing rule of 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
5 See Securities Exchange Act Release No. 56371
(September 7, 2007), 72 FR 52401 (September 13,
2007).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A)(i).
9 17 CFR 240.19b–4(f)(1).
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19:17 Mar 13, 2008
Jkt 214001
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
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 SR–BSE–2008–13 on the
subject line.
Paper Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5098 Filed 3–13–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57454; File No. SR–CHX–
2007–18]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Order
Approving Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
To Make Administrative Changes to its
Routing Rules
March 7, 2008
I. Introduction
On July 6, 2007, the Chicago Stock
Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
All submissions should refer to File
change to make administrative changes
Number SR–BSE–2008–13. This file
to its routing rules. On January 22, 2008,
number should be included on the
subject line if e-mail is used. To help the the Exchange filed Amendment No. 1 to
the proposed rule change. The proposed
Commission process and review your
rule change, as modified by Amendment
comments more efficiently, please use
only one method. The Commission will No. 1, was published for comment in
post all comments on the Commission’s the Federal Register on February 1,
2008.3 The Commission received no
Internet Web site (https://www.sec.gov/
comments on the proposal. This order
rules/sro.shtml). Copies of the
approves the proposed rule change, as
submission, all subsequent
amended.
amendments, all written statements
with respect to the proposed rule
II. Description of the Proposal
change that are filed with the
The Exchange’s rules provide that the
Commission, and all written
Exchange’s Matching System will not
communications relating to the
execute an order if its execution would
proposed rule change between the
Commission and any person, other than be improper under Rule 611 of
Regulation NMS under the Act
those that may be withheld from the
(‘‘improper trade-through’’).4 In the case
public in accordance with the
of an execution that would cause an
provisions of 5 U.S.C. 552, will be
improper trade-through, the Exchange’s
available for inspection and copying in
rules provide that, if a participant
the Commission’s Public Reference
submitted a cross with satisfy or an
Room, 100 F Street, NE., Washington,
outbound ISO, the Matching System
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. will execute the order and
simultaneously route orders necessary
Copies of such filing also will be
to satisfy the bids or offers of other
available for inspection and copying at
markets.5 For all other orders, the
the principal office of BSE. All
comments received will be posted
10 17 CFR 200.30–3(a)(12).
without change; the Commission does
1 15 U.S.C. 78s(b)(1).
not edit personal identifying
2 17 CFR 240.19b-4.
information from submissions. You
3 See Securities Exchange Act Release No. 57203
(January 25, 2008), 73 FR 6232.
should submit only information that
4 See CHX Article 20, Rule 5; and Rule 611 of
you wish to make available publicly. All
Regulation NMS, 17 CFR 242.611.
submissions should refer to File
5 The Exchange’s systems determine when, how,
Number SR–BSE–2008–13 and should
and where these orders should be routed. See CHX
be submitted on or before April 4, 2008. Article 20, Rule 5, Interpretation and Policy .03(a).
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
PO 00000
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]]>Agencies
[Federal Register Volume 73, Number 51 (Friday, March 14, 2008)]
[Notices]
[Pages 13939-13940]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5098]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57459; File No. SR-BSE-2008-13]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Fee Schedule of the Boston Options Exchange
March 10, 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 March 7, 2008, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the BSE.
The BSE has designated the proposed rule change as constituting a
stated policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule of the self-
regulatory organization pursuant to 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 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)(i).
\4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend the Fee Schedule of the Boston
Options Exchange (``BOX''). The proposed rule change will more clearly
set forth the fees that are presently already charged for trading
options contracts on BOX. The text of the proposed rule change is
available on BSE's Web site at https://www.bostonoptions.com, at BSE's
principal office, 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 BSE 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 BSE 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 Exchange proposes to amend the BOX Fee Schedule. The proposed
change will more clearly set forth the fees that are applicable to
Public Customer and Broker Dealer account types. The proposed change
will not modify the level of fees that are charged for the trading of
options contracts on BOX, nor will it change to whom the fees are
charged.
The Exchange currently applies an alternative pricing structure for
certain classes of options contracts traded on BOX, the Liquidity Make
or Take pricing structure (``Make or Take''). Make or Take fees and
credits apply to transactions for all account types (e.g., Public
Customer, Broker Dealer or Market Maker) as set forth in Section 7 of
the BOX Fee Schedule. Specific references to the Liquidity Make or Take
pricing structure and the fees and credits associated therewith are not
currently included within the sections of fees applicable to Public
Customer accounts as well as Broker Dealer proprietary accounts.
However, particular reference to Make or Take is made within the
section of fees
[[Page 13940]]
applicable to Market Makers. As previously stated, Make or Take is
applicable to all three account types.\5\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56371 (September 7,
2007), 72 FR 52401 (September 13, 2007).
---------------------------------------------------------------------------
This proposed rule change will specifically include this reference
to Make or Take within the Public Customer and Broker Dealer portions
of the BOX Fee Schedule. Again, this proposal will not modify the fees
that are currently charged for the trading of options contracts on BOX,
nor will it change to whom the fees are charged.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\6\ in general, and Section
6(b)(5) of the Act,\7\ in particular, in that it clarifies existing
rule text and it is designed to promote just and equitable principles
of trade, to prevent fraudulent and manipulative acts, 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 neither solicited nor received comments on the
proposed rule change.
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)(i) of the Act \8\ and subparagraph (f)(1) of Rule 19b-4
thereunder.\9\ The proposed rule change is a stated policy, practice or
interpretation with respect to the meaning, administration or
enforcement of an existing rule of the Exchange.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(i).
\9\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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.
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-BSE-2008-13 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-BSE-2008-13. 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 BSE. 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-BSE-2008-13 and should be
submitted on or before April 4, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-5098 Filed 3-13-08; 8:45 am]
BILLING CODE 8011-01-P
