[Federal Register: January 16, 2007 (Volume 72, Number 9)]
[
Notices]
[Page 1783-1784]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16ja07-91]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55045; File No. SR-Amex-2007-02]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Options Fee Changes
January 5, 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 January 4, 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 the
Amex. The Amex has designated this proposal as one establishing or
changing a member due, fee, or other charge imposed by a self-
regulatory organization pursuant to Section 19(b)(3)(A)(ii) of the Act
\3\ and Rule 19b-4(f)(2) 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.
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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 Amex proposes to modify its Options Fee Schedule. The text of
the proposed rule change is available at the Amex, on the Amex's Web
site at http://www.amex.com, 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 Amex included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposal. 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.
[[Page 1784]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend its Options Fee schedule to
eliminate the licensing fee of $0.10 a contract which is currently
charged on options on the iShares Russell 1000 Index Fund (symbol:
IWB), the iShares Russell 1000 Growth Index Fund (symbol: IWF), the
iShares Russell 1000 Value Index Fund (symbol: IWD), the iShares
Russell 2000 Index Fund (symbol: IWM), the iShares Russell 2000 Growth
Index Fund (symbol: IWO), the iShares Russell 2000 Value Index Fund
(symbol: IWN), and the iShares Russell 3000 Index Fund (symbol: IWV)
(collectively, the ``ETF Options'').
The Exchange is proposing to eliminate the licensing fee applicable
to the ETF Options as of January 3, 2007 due to the termination of
existing licensing agreements on December 31, 2006.
The Exchange asserts that the proposal is equitable as required by
Section 6(b)(4) of the Act.\5\
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\5\ Section 6(b)(4) requires that the rules of a national
securities exchange provide for the equitable allocation of
reasonable dues, fees, and other charges among its members and
issuers and other persons using its facilities.
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2. Statutory Basis
The proposed fee change is consistent with Section 6(b)(4) of the
Act \6\ regarding the equitable allocation of reasonable dues, fees,
and other charges among exchange members and other persons using
exchange facilities.
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\6\ 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 pursuant to
Section 19(b)(3)(A)(ii) of the Act \7\ and paragraph (f)(2) of Rule
19b-4 thereunder \8\ because it establishes or changes a member due,
fee, or other charge. 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.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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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 (http://
www.sec.gov/rules/sro.shtml.
); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Amex-2007-02 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-2007-02. 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 (http://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. Copies of such
filing also will be available for inspection and copying at the Amex.
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-Amex-2007-02
and should be submitted on or before February 6, 2007.
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\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-381 Filed 1-12-07; 8:45 am]
BILLING CODE 8011-01-P