Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change To Give Retroactive Effect to Its Revenue Sharing Program for ETF Quoting Participants, 27582-27583 [E8-10562]

Download as PDF 27582 Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices rwilkins on PROD1PC63 with NOTICES Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 350l–3520), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Rule 18f–1 (17 CFR 270.18f–1) enables a registered open-end management investment company (‘‘fund’’) that may redeem its securities in-kind, by making a one-time election, to commit to make cash redemptions pursuant to certain requirements without violating section 18(f) of the Investment Company Act of 1940 (15 U.S.C. 80a–18(f)). A fund relying on the rule must file Form N–18F–1 (17 CFR 274.51) to notify the Commission of this election. The Commission staff estimates that approximately 39 funds file Form N–18F–1 annually, and that each response takes approximately one hour. Based on these estimates, the total annual burden hours associated with the rule is estimated to be 39 hours. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. The collection of information required by rule 18f–1 is necessary to obtain the benefits of the rule. Responses to the collection of information will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Please direct general comments regarding the above information to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: Alexander_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: May 5, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–10575 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P VerDate Aug<31>2005 16:14 May 12, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: US Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 17f–2(e); SEC File No. 270–37; OMB Control No. 3235–0031. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget a request for approval of extension on the following rule: Rule 17f–2(e) (17 CFR 240.17f–2(e)). Rule 17f–2(e) requires members of national securities exchanges, brokers, dealers, registered transfer agents, and registered clearing agencies claiming exemption from the fingerprinting requirements of Rule 17f–2 to prepare and maintain a statement supporting their claim exemption. This requirement assists the Commission and other regulatory agencies with ensuring compliance with Rule 17f–2 (17 CFR 240.17f–2). Notices prepared pursuant to Rule 17f–2(e) must be maintained for as long as the covered entity claims an exemption from the fingerprinting requirements of Rule 17f–2. The recordkeeping requirement under Rule 17f–2(e) is mandatory to assist the Commission and other regulatory agencies with ensuring compliance with Rule 17f–2. This rule does not involve the collection of confidential information. It is estimated that approximately 75 respondents will incur an average burden of 30 minutes per year to comply with this rule, for a total approximate burden of 38 hours. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Comments should be directed to (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Alexander_T.Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director, Chief Information Officer, Securities and Exchange Commission, c/o Shirley PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: May 7, 2008. Nancy M. Morris, Secretary. [FR Doc. E8–10623 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 73 FR 21165, April 18, 2008 and 73 FR 22184, dated April 24, 2008. Status: Open Meeting. Place: 100 F Street, NE., Washington, DC. Date and Time of Previously Announced Meeting: May 14, 2008 at 10 a.m. Change in the Meeting: Additional Item. The following matter will also be considered during the 10 a.m. Open Meeting scheduled for Wednesday, May 14, 2008, at 10 a.m., in the Auditorium, Room L–002: Item 2: The Commission will consider whether to propose amendments to provide for mutual fund risk/return summary information to be filed with the Commission in interactive data format. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: May 7, 2008. Nancy M. Morris, Secretary. [FR Doc. E8–10617 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57794; File No. SR–Amex– 2008–34] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change To Give Retroactive Effect to Its Revenue Sharing Program for ETF Quoting Participants May 7, 2007. On March 27, 2008, the American Stock Exchange LLC (‘‘Amex’’ or E:\FR\FM\13MYN1.SGM 13MYN1 Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 a proposal to retroactively apply its revenue sharing program (‘‘RSP’’) for Designated Amex Remote Traders (‘‘DARTs’’), ETF specialists, and registered traders (collectively, ‘‘ETF quoting participants’’). The proposal was published for comment in the Federal Register on April 4, 2008.3 The Commission received no comments on the proposal. This order approves the proposed rule change. The RSP was first put in place by the Exchange for ETF specialists and registered traders, effective July 1, 2007, and was to last through December 31, 2007 unless otherwise extended.4 The Exchange inadvertently failed to file to extend the RSP at the expiration of that time period, but, upon realizing the error, promptly filed to reinstate the RSP for all ETF quoting participants, effective March 18, 2008.5 The RSP is now in effect through the end of September 2008. The Exchange now seeks to retroactively apply the RSP for the time period January 1, 2008 through March 17, 2008 (the ‘‘retroactive period’’) in order to provide continuity in the RSP for all ETF quoting participants on the Exchange, who continued to quote aggressively during the retroactive period in the expectation of receiving RSP payments. RSP payments for the retroactive period will be made pursuant to the same terms established in the RSP Release.6 The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 Specifically, the Commission finds that the proposal is consistent with Section 6(b)(4) of the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 57578 (March 28, 2008), 73 FR 18592. 4 See Securities Exchange Act Release No. 55893 (June 29, 2007), 72 FR 37059 (July 6, 2007) (SR– Amex–2007–68) (‘‘RSP Release’’). 5 See Securities Exchange Act Release No. 57541 (March 20, 2008) (SR–Amex–2008–25), 73 FR 16400 (March 27, 2008) (reinstating RSP for all ETF quoting participants); see also Securities Exchange Act Release No. 57540 (March 20, 2008), 73 FR 16399 (March 27, 2008) (SR–Amex–2008–23) (expanding RSP to DARTs). 6 See supra note 4. 7 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). rwilkins on PROD1PC63 with NOTICES 2 17 VerDate Aug<31>2005 16:14 May 12, 2008 Jkt 214001 Act,8 which requires the equitable allocation of reasonable dues, fees, and other charges among Exchange members and other persons using Exchange facilities. In approving this proposal, the Commission notes the Exchange’s statements that ETF quoting participants have relied on the expectation of RSP payments during the retroactive period, and that the Exchange does not believe it fair to withhold RSP payments from ETF quoting participants for the retroactive period solely because of the Exchange’s inadvertent failure to extend the RSP. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,9 that the proposed rule change (File No. SR– Amex–2008–34) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Nancy M. Morris, Secretary. [FR Doc. E8–10562 Filed 5–12–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57782; File No. SR– BSECC–2008–01] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the Boston Stock Exchange Clearing Corporation Relating to Amendment of Its Articles of Organization and ByLaws in Connection With the Planned Acquisition by The NASDAQ OMX Group, Inc. May 6, 2008. 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 April 24, 2008, the Boston Stock Exchange Clearing Corporation (‘‘BSECC’’) 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 selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. 8 15 U.S.C. 78f(b)(4). U.S.C. 78s(b)(2). 10 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 9 15 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 27583 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change BSECC proposes to amend its Articles of Organization and its By-Laws to reflect the planned acquisition of BSECC by The NASDAQ OMX Group, Inc. (‘‘NASDAQ OMX’’) and to update the By-Laws in certain other respects.3 The text of the proposed rule change is available from the principal office of BSECC, at https://www.bostonstock.com/ BSECC/Pending/BSECC-2008-01.pdf, 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 self-regulatory organization 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 self-regulatory organization 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 The Merger On October 2, 2007, Boston Stock Exchange, Inc. (‘‘BSE’’), announced that it had entered into an agreement with The Nasdaq Stock Market, Inc. (now NASDAQ OMX) pursuant to which NASDAQ OMX would acquire all of the outstanding membership interests in BSE and BSE would be merged with and into Yellow Merger Corporation, a Delaware corporation and wholly owned subsidiary of NASDAQ OMX, with BSE surviving the merger. As a result of the merger, BSE would become a Delaware stock corporation with 100% of its outstanding stock owned by NASDAQ OMX. BSECC is now and following the merger will continue to be a wholly owned subsidiary of BSE. BSECC proposes to adopt (1) Articles of Amendment to its Articles of Organization, and (2) amendments to its By-Laws for the purpose of reflecting its acquisition by NASDAQ OMX and of modernizing its governance documents. 3 BSECC is currently organized under the laws of the Commonwealth of Massachusetts. The Articles of Organization of a Massachusetts corporation are comparable to the Certificate of Incorporation of a Delaware corporation. E:\FR\FM\13MYN1.SGM 13MYN1

Agencies

[Federal Register Volume 73, Number 93 (Tuesday, May 13, 2008)]
[Notices]
[Pages 27582-27583]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10562]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57794; File No. SR-Amex-2008-34]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving a Proposed Rule Change To Give Retroactive Effect to Its 
Revenue Sharing Program for ETF Quoting Participants

May 7, 2007.
    On March 27, 2008, the American Stock Exchange LLC (``Amex'' or

[[Page 27583]]

``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposal to retroactively apply its revenue sharing 
program (``RSP'') for Designated Amex Remote Traders (``DARTs''), ETF 
specialists, and registered traders (collectively, ``ETF quoting 
participants''). The proposal was published for comment in the Federal 
Register on April 4, 2008.\3\ The Commission received no comments on 
the proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57578 (March 28, 
2008), 73 FR 18592.
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    The RSP was first put in place by the Exchange for ETF specialists 
and registered traders, effective July 1, 2007, and was to last through 
December 31, 2007 unless otherwise extended.\4\ The Exchange 
inadvertently failed to file to extend the RSP at the expiration of 
that time period, but, upon realizing the error, promptly filed to 
reinstate the RSP for all ETF quoting participants, effective March 18, 
2008.\5\ The RSP is now in effect through the end of September 2008.
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    \4\ See Securities Exchange Act Release No. 55893 (June 29, 
2007), 72 FR 37059 (July 6, 2007) (SR-Amex-2007-68) (``RSP 
Release'').
    \5\ See Securities Exchange Act Release No. 57541 (March 20, 
2008) (SR-Amex-2008-25), 73 FR 16400 (March 27, 2008) (reinstating 
RSP for all ETF quoting participants); see also Securities Exchange 
Act Release No. 57540 (March 20, 2008), 73 FR 16399 (March 27, 2008) 
(SR-Amex-2008-23) (expanding RSP to DARTs).
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    The Exchange now seeks to retroactively apply the RSP for the time 
period January 1, 2008 through March 17, 2008 (the ``retroactive 
period'') in order to provide continuity in the RSP for all ETF quoting 
participants on the Exchange, who continued to quote aggressively 
during the retroactive period in the expectation of receiving RSP 
payments. RSP payments for the retroactive period will be made pursuant 
to the same terms established in the RSP Release.\6\
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    \6\ See supra note 4.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\7\ 
Specifically, the Commission finds that the proposal is consistent with 
Section 6(b)(4) of the Act,\8\ which requires the equitable allocation 
of reasonable dues, fees, and other charges among Exchange members and 
other persons using Exchange facilities. In approving this proposal, 
the Commission notes the Exchange's statements that ETF quoting 
participants have relied on the expectation of RSP payments during the 
retroactive period, and that the Exchange does not believe it fair to 
withhold RSP payments from ETF quoting participants for the retroactive 
period solely because of the Exchange's inadvertent failure to extend 
the RSP.
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    \7\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(4).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (File No. SR-Amex-2008-34) be, 
and it hereby is, approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E8-10562 Filed 5-12-08; 8:45 am]
BILLING CODE 8010-01-P
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