[Federal Register: November 9, 2006 (Volume 71, Number 217)]
[Notices]
[Page 65845-65846]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09no06-140]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54698; File No. SR-Amex-2006-104]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Eliminate Certain Licensing Fees
November 2, 2006.
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 October 30, 2006, 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 prepared by the Exchange. Amex has
designated this proposal as one establishing or changing a 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
Amex proposes to modify its Options Fee Schedule and its Exchange-
Traded Fund (``ETF'') and Trust Issued Receipts Fee Schedule to
eliminate certain licensing fees.
The text of the proposed rule change is available on the Exchange's
Internet Web site (http://www.amex.com), at the Exchange'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 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 Exchange is proposing to amend its Options Fee Schedule to
eliminate the licensing fee of $0.10 a contract which is currently
charged on (1) options on the S&P 500 Index Tracking Stock[supreg]
(``SPY[supreg]'') and (2) options on the Nasdaq-100 Index Tracking
Stock[supreg] (``QQQQ[supreg]''). The Exchange is proposing to
retroactively eliminate the licensing fee applicable to the SPY options
as of the close of business on September 29, 2006. The Exchange is also
proposing to retroactively eliminate the licensing fee applicable to
the QQQQ options as of the close of business on October 11, 2006. The
Exchange is proposing the termination of these licensing fees because
said licensing fees are no longer being imposed on the Amex.\5\
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\5\ The Exchange has represented that the licensing agreements
for the SPY options and the QQQQ options were eliminated on
September 29, 2006 and October 11, 2006, respectively. Email
communication from Nyieri Nazarian, Assistant General Counsel, Amex,
to Leah Mesfin, Special Counsel, Division of Market Regulation,
Commission, on November 1, 2006.
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The Exchange is further proposing to eliminate the licensing fee of
$0.10 a contract on the options on the SPDR O-Strip ETF. The Exchange
further proposes to modify its Exchange-Traded Fund and Trust Issued
Receipts Fee Schedule to eliminate the references to the SPDR O-Strip
ETF, which has been delisted. The Exchange asserts that the proposal is
equitable as required by Section 6(b)(4) of the Act.
2. Statutory Basis
The Exchange believes that 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 its
[[Page 65846]]
members and other persons using its 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 Exchange believes that the proposed rule change will 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 Rule 19b-4(f)(2) thereunder
\8\ 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
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 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 No. SR-Amex-2006-104 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-Amex-2006-104. 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 Commissions 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 the
filing also will be available for inspection and copying at the
principal office of 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-2006-104 and should be submitted on or before November 30,
2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E6-18953 Filed 11-8-06; 8:45 am]
BILLING CODE 8011-01-P