Notices. Notice of New Routine Use
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/register/2007/08/03/07-3780A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 4410-15-M NUCLEAR REGULATORY COMMISSION [Docket Nos. 50-424 and 50-425] Southern Nuclear Operating Company, Inc.; Notice of Receipt and Availability of Application for Renewal of Vogtle Electric Generating Plant, Units 1 and 2 Facility Operating Licenses Nos. NPF-68 and NPF-81 for an Additional 20-Year Period The U.S. Nuclear Regulatory Commission (NRC or Commission) has received an application dated June 27, 2007, from Southern Nuclear Operating Company, Inc., filed pursuant to Section 103 of the Atomic Energy Act of 1954, as amended, and Title 10 of the *Code of Federal Regulations* Part 54 (10 CFR Part 54), to renew the operating licenses for the Vogtle Electric Generating Plant (VEGP), Units 1 and 2.
Renewal of the licenses would authorize the applicant to operate Unit 1 for an additional 20-year period beyond the period specified in its current operating license. For VEGP, Unit 2, the renewed license would authorize the applicant to operate for an additional 20 years beyond the period specified in the current operating license or 40 years from the date of issuance of the new license, whichever occurs first. The current operating license for VEGP, Unit 1, (NPF-68), expires on January 16, 2027.
VEGP, Unit 1, is a Pressurized Water Reactor designed by Westinghouse. The current operating license for VEGP, Unit 2, (NPF-81), expires on February 9, 2029. VEGP, Unit 2, is a Pressurized Water Reactor designed by Westinghouse. Both units are located near Waynesboro, GA. The acceptability of the tendered application for docketing, and other matters including an opportunity to request a hearing, will be the subject of subsequent **Federal Register** notices. Copies of the application are available to the public at the Commission's Public Document Room (PDR), located at One White Flint North, 11555 Rockville Pike, Rockville, Maryland 20852 or through the internet from the NRC's Agencywide Documents Access and Management System (ADAMS) Public Electronic Reading Room under Accession Number ML071840360.
The ADAMS Public Electronic Reading Room is accessible from the NRC Web site at *http://www.nrc.gov/reading-rm/adams.html.* In addition, the application is available at *http://www.nrc.gov/reactors/operating/licensing/renewal/applications.html.* Persons who do not have access to the internet or who encounter problems in accessing the documents located in ADAMS should contact the NRC's PDR reference staff at 1-800-397-4209, extension 4737, or by e-mail to *pdr@nrc.gov.* A copy of the license renewal application for the VEGP, Units 1 and 2, is also available to local residents near the site at the Burke County Library, 130 Highway 24 South, Waynesboro, GA 30830.
Dated at Rockville, Maryland, this 26th day of July, 2007. For the Nuclear Regulatory Commission. Pao-Tsin Kuo, Director, Division of License Renewal, Office of Nuclear Reactor Regulation. [FR Doc. E7-15117 Filed 8-2-07; 8:45 am] BILLING CODE 7590-01-P NUCLEAR REGULATORY COMMISSION Privacy Act of 1974, as Amended; New Routine Use AGENCY: Nuclear Regulatory Commission. ACTION: Notice of New Routine Use. SUMMARY: The Nuclear Regulatory Commission
(NRC)proposes to adopt a new routine use that will apply to all of its systems of records allowing disclosure to appropriate persons and entities for purposes of response and remedial efforts in the event that there has been a breach of data contained in the systems. This routine use will facilitate an effective response to a confirmed or suspected breach by permitting disclosure to those individuals affected by the breach, as well as to others who are in a position to assist in the NRC's response efforts, either by assisting in notification to affected individuals or by otherwise playing a role in preventing, minimizing, or remedying harm from the breach. DATES: This revision will become effective without further notice on September 12, 2007 unless comments received on or before that date cause a contrary decision. If changes are made based on NRC's review of comments received, a new final notice will be published. We note that the text of the proposed routine use is taken from the routine use that has already been published in final form by the Department of Justice after public comment at 72 FR 3410 (January 25, 2007). ADDRESSES: Mail comments to the Chief, Rulemaking, Directives, and Editing Branch, Division of Administrative Services, Office of Administration, U.S. Nuclear Regulatory Commission, Washington, DC 20555-0001. Comments can also be transmitted to the Chief of the Rulemaking, Directives, and Editing Branch by means of facsimile transmission to
(301)415-5144, or by e-mail to *nrcrep@nrc.gov.* FOR FURTHER INFORMATION CONTACT: Sandra S. Northern, Privacy Program Officer, FOIA/Privacy Act Team, Records and FOIA/Privacy Services Branch, Information and Records Services Division, Office of Information Services, U.S. Nuclear Regulatory Commission, Washington, DC 20555-0001, telephone: 301-415-6879; e-mail: *ssn@nrc.gov.* SUPPLEMENTARY INFORMATION: NRC proposes to revise its Prefatory Statement of General Routine Uses to include a new routine use
(7)that will apply to all of its current systems of records, published October 10, 2006 (71 FR 59614) and December 15, 2006 (71 FR 77072), allowing disclosure to appropriate persons and entities for purposes of response and remedial efforts in the event that there has been a breach of data contained in the systems. This routine use will facilitate an effective response to a confirmed or suspected breach by allowing disclosure to those individuals affected by the breach, as well as to others who are in a position to assist in the NRC's response efforts, either by assisting in notification to affected individuals or by otherwise playing a role in preventing, minimizing, or remedying harm from the breach. Accordingly, the proposed new routine will read: 7. A record from this system of records may be disclosed as a routine use to appropriate agencies, entities, and persons when
(1)the NRC suspects or has confirmed that the security or confidentiality of information in the system of records has been compromised;
(2)the NRC has determined that as a result of the suspected or confirmed compromise there is a risk of harm to economic or property interests, identity theft or fraud, or harm to the security or integrity of this system or other systems or programs (whether maintained by the NRC or another agency or entity) that rely upon the compromised information; and
(3)the disclosure made to such agencies, entities, and persons is reasonably necessary to assist in connection with the NRC's efforts to respond to the suspected or confirmed compromise and prevent, minimize, or remedy such harm. A report on this revision is being sent to the Office of Management and Budget (OMB), the Committee on Homeland Security and Governmental Affairs of the U.S. Senate, and the Committee on Government Reform of the U.S. House of Representatives as required by the Privacy Act and OMB Circular No. A-130, Appendix I, “Federal Agency Responsibilities for Maintaining Records About Individuals.” Dated at Rockville, Maryland, this 27th day of July, 2007. For the Nuclear Regulatory Commission. Edward T. Baker III, Director Office of Information Services. [FR Doc. E7-15082 Filed 8-2-07; 8:45 am] BILLING CODE 7590-01-P PENSION BENEFIT GUARANTY CORPORATION Pendency of Request for Variance from the Bond/Escrow Requirement Relating to the Sale of Assets by an Employer Who Contributes to a Multiemployer Plan; P&O Ports Florida, Inc. AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of pendency of request. SUMMARY: This notice advises interested persons that the Pension Benefit Guaranty Corporation has received a request from P&O Ports Florida, Inc. for a variance from the bond/escrow requirement of section 4204(a)(1)(B) of the Employee Retirement Income Security Act of 1974, *as amended,* with respect to the Tampa Maritime Association-International Longshoremen's Association Pension Plan (the “Plan”). Section 4204(a)(1) provides that the sale of assets by an employer that contributes to a multiemployer pension plan will not constitute a complete or partial withdrawal from the plan if the transaction meets certain conditions. One of these conditions is that the purchaser post a bond or deposit money in escrow for the five-plan-year period beginning after the sale. The PBGC is authorized to grant individual and class variances or exemptions from this requirement. Before granting a variance or exemption, the statute and PBGC regulations require PBGC to give interested persons an opportunity to comment on the variance or exemption request. The purpose of this notice is to advise interested persons of the variance or exemption request and solicit their views on it. DATES: Comments must be submitted on or before September 17, 2007. ADDRESSES: Comments may be mailed to the Office of the Chief Counsel, Pension Benefit Guaranty Corporation, 1200 K Street, NW., Washington, DC 20005-4026, or delivered to Suite 340 at the above address. Comments also may be submitted electronically through the PBGC's Web site at *reg.comments@pbgc.gov* or by fax to 202-326-4112. The PBGC will make all comments available on its Web site, *http://www.pbgc.gov.* Copies of the comments and the non-confidential portions of the request may be obtained by writing to the PBGC's Communications and Public Affairs Department at Suite 1200 at the above address or by visiting that office or calling 202-326-4040 during normal business hours. (TTY and TDD users may call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4040.) FOR FURTHER INFORMATION CONTACT: Eric Field, Attorney, Office of the Chief Counsel, Suite 340, 1200 K Street, NW., Washington, DC 20005-4026, 202-326-4020. (For TTY/TTD users, call the Federal relay service toll-free at 1-800-877-8339 and ask to be connected to 202-326-4020.) SUPPLEMENTARY INFORMATION: Background Section 4204 of the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (“ERISA” or “the Act”), provides that a bona fide arm's-length sale of assets of a contributing employer to an unrelated party will not be considered a withdrawal if three conditions are met. These conditions, enumerated in section 4204(a)(1)(A)-(C), are that—
(A)The purchaser has an obligation to contribute to the plan with respect to covered operations for substantially the same number of contribution base units for which the seller was obligated to contribute;
(B)the purchaser obtains a bond or places an amount in escrow, for a period of five plan years after the sale, equal to the greater of the seller's average required annual contribution to the plan for the three plan years preceding the year in which the sale occurred or the seller's required annual contribution for the plan year preceding the year in which the sale occurred (the amount of the bond or escrow is doubled if the plan is in reorganization in the year in which the sale occurred); and
(C)the contract of sale provides that if the purchaser withdraws from the plan within the first five plan years beginning after the sale and fails to pay any of its liability to the plan, the seller shall be secondarily liable for the liability it (the seller) would have had but for section 4204. The bond or escrow described above would be paid to the plan if the purchaser withdraws from the plan or fails to make any required contributions to the plan within the first five plan years beginning after the sale. Additionally, section 4204(b)(1) provides that if a sale of assets is covered by section 4204, the purchaser assumes by operation of law the contribution record of the seller for the plan year in which the sale occurred and the preceding four plan years. Section 4204(c) of ERISA authorizes the Pension Benefit Guaranty Corporation (“PBGC”) to grant individual or class variances or exemptions from the purchaser's bond/escrow requirement of section 4204(a)(1)(B) when warranted. The legislative history of section 4204 indicates a Congressional intent that the statute be administered in a manner that assures protection of the plan with the least practicable intrusion into normal business transactions. Senate Committee on Labor and Human Resources, 96th Cong., 2nd Sess., S.1076, *The Multiemployer Pension Plan Amendments Act of 1980: Summary and Analysis of Considerations* 16 (Comm. Print, April 1980); 128 Cong. Rec. S10117 (July 29, 1980). The granting of a variance or exemption from the bond/escrow requirement does not constitute a finding by the PBGC that a particular transaction satisfies the other requirements of section 4204(a)(1). Under the PBGC's regulation on variances for sales of assets (29 CFR Part 4204), a request for a variance or exemption from the bond/escrow requirement under any of the tests established in the regulation (sections 4204.12 & 4204.13) is to be made to the plan in question. The PBGC will consider variance or exemption requests only when the request is not based on satisfaction of one of the four regulatory tests under regulation sections 4204.12 and 4204.13 or when the parties assert that the financial information necessary to show satisfaction of one of the regulatory tests is privileged or confidential financial information within the meaning of 5 U.S.C. section 552(b)(4) (Freedom of Information Act). Under section 4204.22(a) of the regulation, the PBGC shall approve a request for a variance or exemption if it determines that approval of the request is warranted, in that it—
(1)Would more effectively or equitably carry out the purposes of Title IV of the Act; and
(2)Would not significantly increase the risk of financial loss to the plan. Section 4204(c) of ERISA and section 4204.22(b) of the regulation require the PBGC to publish a notice of the pendency of a request for a variance or exemption in the **Federal Register,** and to provide interested parties with an opportunity to comment on the proposed variance or exemption. The Request The PBGC has received a request from P&O Ports Florida, Inc., (the “Purchaser”) for a variance from the bond/escrow requirement of section 4204(a)(1)(B) with respect to its purchase of SSA Gulf, Inc., d/b/a Harborside Refrigeration and Garrison on May 26, 2006. In the request, the Purchaser represents among other things that: 1. The Seller was obligated to contribute to the Tampa Maritime Association-International Longshoremen's Association Pension Plan (the “Plan”) for the purchased operations. 2. The Purchaser has agreed to assume the obligation to contribute to the Plan for substantially the same contribution base units as the Seller. 3. The Seller has agreed to be secondarily liable for any withdrawal liability it would have had with respect to the sold operations (if not for section 4204) should the Purchaser withdraw from the Plan and fail to pay its withdrawal liability. 4. The estimated amount of the withdrawal liability of the Seller with respect to the operations subject to the sale is $1,191,462. 5. The amount of the bond/escrow established under section 4204(a)(1)(B) is $421,864. 6. On April 9, 2007, the Purchaser established an escrow account for $421,864 on behalf of the Plan through Bank of America. Although the escrow account was established after the date required by section 4204(a)(1)(B), the Plan has agreed to accept the escrow while the variance request is pending with the PBGC. 7. In support of its request for a variance, the Purchaser has submitted a copy of its consolidated financial statements for 2005 and 2006, but has asserted that the information therein is privileged and confidential within the meaning of 552(b)(4) of the Freedom of Information Act. 8. A complete copy of the request was sent to the Plan and the collective bargaining representative of the Seller's employees by certified mail, return receipt requested. Comments All interested persons are invited to submit written comments on the pending variance request to the above address. All comments will be made a part of the record. The PBGC will make the comments received available on its Web site, *www.pbgc.gov.* Copies of the comments and the non-confidential portions of the request may be obtained by writing or visiting the PBGC's Communications and Public Affairs Department
(CPAD)at the above address or by visiting that office or calling 202-326-4040 during normal business hours. Issued at Washington, DC, on this 26th of July, 2007. Charles E. F. Millard, Interim Director. [FR Doc. E7-15060 Filed 8-2-07; 8:45 a.m.] BILLING CODE 7708-01-P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 27917; 812-13290] Medallion Financial Corp.; Notice of Application July 30, 2007. AGENCY: Securities and Exchange Commission (the “Commission”). ACTION: Notice of an Application for an Order Under Section 61(a)(3)(B) of the Investment Company Act of 1940 (the “Act”). SUMMARY OF APPLICATION: Applicant, Medallion Financial Corp., requests an order approving a proposal to grant certain stock options to directors who are not also employees or officers of the applicant (the “Eligible Directors”) under its 2006 Non-Employee Director Stock Option Plan (the “2006 Director Plan”). DATES: The application was filed on May 10, 2006 and amended on July 30, 2007. HEARING OR NOTIFICATION OF HEARING: An order granting the application will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission's Secretary and serving applicant with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on August 24, 2007, and should be accompanied by proof of service on applicant, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission's Secretary. ADDRESSES: Secretary, U.S. Securities and Commission, 100 F Street, NE., Washington, DC 20549-1090; Applicant, 437 Madison Avenue, 38th Floor, New York, New York, 10022. FOR FURTHER INFORMATION CONTACT: Shannon Conaty, Senior Counsel, at
(202)551-6827, or Nadya B. Roytblat, Assistant Director, at
(202)551-6821 (Division of Investment Management, Office of Investment Company Regulation). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application is available for a fee at the Public Reference Desk, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-0102 (telephone 202-551-5850). Applicant's Representations 1. Applicant, a Delaware corporation, is a business development company (“BDC”) within the meaning of section 2(a)(48) of the Act. 1 Applicant is a specialty finance company that has a leading position in originating, acquiring and servicing loans that finance taxicab medallions and various types of commercial businesses. Applicant operates its businesses through five wholly-owned subsidiaries, Medallion Funding Corp., Medallion Capital, Inc., Medallion Business Credit, LLC, Freshstart Venture Capital Corp. and Medallion Bank. Applicant is managed by its executive officers under the supervision of its board of directors (“Board”). Applicant's investment decisions are made by its executive officers under authority delegated by the Board. Applicant does not have an external investment adviser within the meaning of section 2(a)(20) of the Act. 2. Applicant requests an order under section 61(a)(3)(B) of the Act approving its proposal to grant certain stock options under the 2006 Director Plan to its Eligible Directors. 2 Applicant has a nine member Board. Six of the seven current Eligible Directors on the Board are not “interested persons” (as defined in section 2(a)(19) of the Act) of the applicant. The Board approved the 2006 Director Plan at a meeting held on February 15, 2006 and Applicant's stockholders approved the 2006 Director Plan at the annual meeting of stockholders held on June 16, 2006. 3 The 2006 Director Plan will become effective on the date on which the Commission issues an order on the application (the “Approval Date”). 4 1 Section 2(a)(48) defines a BDC to be any closed-end investment company that operates for the purpose of making investments in securities described in sections 55(a)(1) through 55(a)(3) of the Act and makes available significant managerial assistance with respect to the issuers of such securities. 2 The Eligible Directors receive a $35,000 per year retainer payment, $3,500 for each Board meeting attended, $1000 for each telephonic Board meeting, from $1,500 to $3,000 for each committee meeting attended, and reimbursement for related expenses. 3 On May 31, 2007, the Company's Board of Directors amended the 2006 Director Plan by unanimous board consent. The Company and its legal counsel have determined that such changes did not necessitate a shareholder vote under Section 10 of the 2006 Director Plan or pursuant to the provisions to the Act and the rules promulgated thereunder. 4 Applicant previously obtained similar relief for its 1996 Amended and Restated Non-Employee Director Stock Option Plan (the “1996 Director Plan”, and together with the 2006 Director Plan, the “Director Plans”). See Medallion Financial Corp., Investment Company Act Rel. Nos. 22350 (Nov. 25, 1996) (notice) and 22417 (Dec. 23, 1996) (order), as amended by Medallion Financial Corp., Investment Company Act Rel. Nos. 24342 (Mar. 17, 2000) (notice) and 24390 (Apr. 12, 2000) (order). The 1996 Director Plan expired on May 21, 2006. Applicant intends to implement the 2006 Director Plan to replace the 1996 Director Plan. 3. Applicant's Eligible Directors are eligible to receive options under the 2006 Director Plan. Under the 2006 Director Plan, a maximum of 100,000 shares of applicant's common stock, in the aggregate, may be issued to Eligible Directors. There is no limit on the number of applicant's common stock which may be issued to any one Eligible Director. Each of the Eligible Directors elected at the annual meeting of the Board on June 16, 2006 and on June 1, 2007 will be granted options to purchase 9,000 shares of applicant's common stock on the Approval Date. The 2006 Director Plan also provides that
(i)at each annual shareholders' meeting after the Approval Date, each Eligible Director elected or re-elected at that meeting to a three-year term will be granted options to purchase 9,000 shares of applicant's common stock; and
(ii)upon the election, reelection or appointment of an Eligible Director to the Board other than at the annual shareholders' meeting, that Eligible Director will be granted an option to purchase that number of shares of common stock determined by multiplying 9,000 by a fraction, the numerator of which is equal to the number of whole months remaining in the new director's term and the denominator of which is 36. The options issued under the 2006 Director Plan will become exercisable at each annual meeting of applicant's shareholders with respect to one-third the number of shares covered by such option. 4. Under the terms of the 2006 Director Plan, the exercise price of an option will not be less than 100% of the current market value of, or if the stock is not quoted on the date of the grant, the current net asset value per share of, applicant's common stock on the date of the issuance of the option as determined in good faith by the members of the Board not eligible to participate in the 2006 Director Plan (the “Director Plan Committee”). 5 Options granted under the 2006 Director Plan will expire ten years from the date of grant and may not be assigned or transferred other than by will or the laws of descent and distribution. Any Eligible Director holding exercisable options under the 2006 Director Plan who ceases to be an Eligible Director for any reason, other than permanent disability, death or removal for cause, may exercise the rights the director had under the options on the date the director ceased to be an Eligible Director for a period of up to three months following that date. No additional options held by the director will become exercisable after the three month period. In the event of removal of an Eligible Director for cause, all outstanding options held by such director shall terminate as of the date of the director's removal. Upon the permanent disability or death of an Eligible Director, those entitled to do so under the director's will or the laws of descent and distribution will have the right, at any time within twelve months after the date of permanent disability or death, to exercise in whole or in part any rights which were available to the director at the time of the director's permanent disability or death. 5 Under the 2006 Director Plan, “current market value” (defined as “fair market value”) is the closing sales price of applicant's common shares as quoted on the NASDAQ Global Select Market on the date of the grant, as reported in the Wall Street Journal (Northeast Edition). 5. Applicant's officers and employees, including employee directors, are eligible or have been eligible to receive options under applicant's 1996 Employee Stock Option Plan (the “1996 Employee Plan”), which expired on May 21, 2006, and the 2006 Employee Stock Option Plan (the “2006 Employee Plan”, and, together with the 1996 Employee Plan, the “Employee Plans”). Eligible Directors are not eligible to receive stock options under the Employee Plans. The remaining 2,061,304 shares of applicant's common stock subject to issuance to officers and employees under the Employee Plans represent 11.78% of the 17,502,515 shares of applicant's common stock outstanding as of June 30, 2007. Eligible Directors are eligible or have been eligible to participate in applicant's Director Plans under which 175,749 shares of applicant's common stock remain for issuance, representing 1.00% of shares of applicant's common stock outstanding as of June 30, 2007. The 100,000 shares of applicant's common stock that may be issued to Eligible Directors under the 2006 Director Plan represent 0.57% of shares of applicant's common stock outstanding as of June 30, 2007. Therefore, the maximum number of applicant's voting securities that would result from the exercise of all outstanding options issued and all options issuable to directors, officers, and employees under the Director Plans and the Employee Plans would be 2,237,053 shares of applicant's common stock, or approximately 12.78% of shares of applicant's common stock outstanding as of June 30, 2007. Applicant has no outstanding warrants, options, or rights to purchase its voting securities, other than the options granted or to be granted to its directors, officers, and employees under the Director Plans and the Employee Plans. Applicant's Legal Analysis 1. Section 63(3) of the Act permits a BDC to sell its common stock at a price below current net asset value upon the exercise of any option issued in accordance with section 61(a)(3). Section 61(a)(3)(B) provides, in pertinent part, that a BDC may issue to its non-employee directors options to purchase its voting securities pursuant to an executive compensation plan, provided that:
(a)The options expire by their terms within ten years;
(b)the exercise price of the options is not less than the current market value of the underlying securities at the date of the issuance of the options, or if no market exists, the current net asset value of the voting securities;
(c)the proposal to issue the options is authorized by the BDC's shareholders, and is approved by order of the Commission upon application;
(d)the options are not transferable except for disposition by gift, will or intestacy;
(e)no investment adviser of the BDC receives any compensation described in section 205(a)(1) of the Investment Advisers Act of 1940, except to the extent permitted by clause (b)(1) or (b)(2) of that section; and
(f)the BDC does not have a profit-sharing plan as described in section 57(n) of the Act. 2. In addition, section 61(a)(3) provides that the amount of the BDC's voting securities that would result from the exercise of all outstanding warrants, options, and rights at the time of issuance may not exceed 25% of the BDC's outstanding voting securities, except that if the amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights issued to the BDC's directors, officers, and employees pursuant to an executive compensation plan would exceed 15% of the BDC's outstanding voting securities, then the total amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights at the time of issuance will not exceed 20% of the outstanding voting securities of the BDC. 3. Applicant represents that its proposal to grant certain stock options to Eligible Directors under the 2006 Director Plan meets all the requirements of section 61(a)(3)(B). Applicant states that the Board is actively involved in the oversight of applicant's affairs and that it relies extensively on the judgment and experience of its Board. In addition to their duties as Board members generally, applicant states that the Eligible Directors provide guidance and advice on financial and operational issues, credit and loan policies, asset valuation and strategic direction, as well as serving on committees. Applicant believes that the availability of options under the 2006 Director Plan will provide significant at-risk incentives to Eligible Directors to remain on the Board and devote their best efforts to ensure applicant's success. Applicant states that the options will provide a means for the Eligible Directors to increase their ownership interests in applicant, thereby ensuring close identification of their interests with those of applicant and its stockholders. Applicant asserts that by providing incentives such as options, applicant will be better able to maintain continuity in the Board's membership and to attract and retain the highly experienced, successful and motivated business and professional people who are critical to applicant's success as a BDC. 4. Applicant states that the maximum amount of voting securities that would result from the exercise of all outstanding options issued or issuable to the directors, officers, and employees under the Director Plans and Employee Plans would be 2,237,053 shares of applicant's common stock, or approximately 12.78% of applicant's shares of common stock outstanding as of June 30, 2007, which is below the percentage limitations in the Act. Applicant asserts that, given the relatively small amount of common stock issuable to Eligible Directors upon their exercise of options under the 2006 Director Plan, the exercise of such options would not, absent extraordinary circumstances, have a substantial dilutive effect on the net asset value of applicant's common stock. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Nancy M. Morris, Secretary. [FR Doc. E7-15058 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56159; File No. SR-Amex-2007-76] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change as Modified by Amendment No. 1 Thereto Relating to an Extension of the Penny Quoting Pilot Program July 27, 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 July 25, 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 and II below, which Items have been substantially prepared by the Amex. On July 27, 2007, the Exchange filed Amendment No. 1 to the proposal. The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to section 19(b)(3)(A) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which rendered 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). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend through September 27, 2007 the current pilot program that permits quoting of a limited number of options classes in pennies (the “Penny Quoting Pilot Program”). The text of the proposed rule change is available at Amex, the Commission's Public Reference Room, and *http://www.amex.com.* 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 Amex is proposing to extend the current Penny Quoting Pilot Program through September 27, 2007. The Exchange believes that an extension of the Penny Quoting Pilot Program is appropriate for the purpose of further studying the effects of penny quoting. In this manner, a measured and deliberate expansion of the Penny Quoting Pilot Program, if warranted, can be better implemented by the options exchanges. As approved by the Commission, the current Penny Quoting Penny Quoting Pilot Program consists of thirteen
(13)options classes. 5 The quoting requirements in connection with the Penny Quoting Pilot Program provide for:
(i)A minimum price variation (“MPV”) of $0.01 for options with premiums of up to $3; or
(ii)a MPV of $0.05 for options with premiums of $3 or greater, except for QQQQ options which trade at an MPV of $0.01 for all premiums. As required by the Commission's approval order, the Amex previously filed its pilot report (the “Amex Pilot Report”) comparing quotation and trading activity in the three
(3)months prior to the Penny Quoting Pilot Program to the first three
(3)months of the Penny Quoting Pilot Program. 5 *See* Securities Exchange Act Release No. 55162 (January 24, 2007), 72 FR 4738 (February 1, 2007). As part of the Penny Quoting Pilot Program, the Exchange also implemented a quote mitigation strategy due to concerns regarding system capacity. The Exchange believes that the quote mitigation strategies in place since the introduction of the Penny Quoting Pilot Program have been effective. Therefore, in this filing, the Exchange is also proposing to extend the effectiveness of the quote mitigation strategies through September 27, 2007. The Amex Pilot Report made the following findings:
(1)Spreads narrowed meaningfully in all series in the Pilot classes with the greatest effect occurring in the lowest premium options;
(2)Quoted size at the top of the book decreased sharply in all series and the most in the series with $.01 MPVs;
(3)Volume growth, while difficult to accurately analyze, was largely limited to 2 of the 13 Pilot classes;
(4)Quote traffic grew at very significant rates; and
(5)Only 3 of the 13 Pilot classes achieved the “most beneficial results” of tighter spreads and higher volume and all 3 were “index-based” products (SMH, QQQQ, and IWM). The Exchange believes that an extension of the Penny Quoting Pilot Program is warranted so that the Commission and the options exchanges may better study and understand the effects of penny quoting. Based on the experience to date, the Exchange believes that an extension of the Penny Quoting Pilot Program through September 27, 2007 is appropriate. 2. Statutory Basis The Exchange believes that its proposed rule change is consistent with section 6(b) of the Act 6 in general, and furthers the objectives of section 6(b)(5) of the Act, 7 in particular, in that it is designed prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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 No written comments were either solicited or received by the Exchange. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act 8 and Rule 19b-4(f)(6) thereunder, 9 because the foregoing proposed rule does not:
(i)Significantly affect the protection of investors or the public interest;
(ii)impose any significant burden on competition; and
(iii)become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. 8 15 U.S.C. 78s(b)(3)(A). 9 17 CFR 240.19b-4(f)(6). A proposed rule change filed under Rule 19b-4(f)(6) normally may not become operative prior to 30-days after the date of filing. 10 However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. 11 The Exchange has requested that the Commission waive the 5-day pre-filing requirement and the 30-day operative delay. The Commission believes that waiving the 5-day pre-filing requirement and the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver will ensure continuity of the Exchange's rules and will allow the Penny Quoting Pilot Program to remain in effect without interruption. For these reasons, the Commission designates the proposal to be operative upon filing with the Commission. 12 10 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-4(f)(6)(iii) requires the self-regulatory organization to give the Commission notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. 11 17 CFR 240.19b-4(f)(6)(iii). 12 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 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. 13 13 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 July 27, 2007, the date on which Amex submitted Amendment No. 1. *See* 15 U.S.C. 78s(b)(3)(C). 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-2007-76 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-2007-76. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of 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-2007-76 and should be submitted on or before August 24, 2007. 14 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 14 Nancy M. Morris, Secretary. [FR Doc. E7-15059 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56167; File No. SR-BSE-2007-33] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change as Modified by Amendment No. 1 To Extend the Linkage Fee Pilot Program July 30, 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 July 9, 2007, Boston Stock Exchange, Inc. (“BSE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. On July 25, 2007, the Exchange filed Amendment No. 1 to the proposed rule change. This order provides notice of the proposed rule change, as modified by Amendment No. 1, and approves the proposed rule change, as amended, on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The BSE proposes to amend the Fee Schedule of the Boston Options Exchange (“BOX”), the options trading facility of the BSE, to extend until July 31, 2008, the current pilot program applicable to the options intermarket linkage (“Linkage”) fees and to make some technical changes to the Fee Schedule. The text of the proposed rule change is available at the Exchange, the Commission's Public Reference Room, and *http://www.bostonstock.com.* 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 III 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's fees for Principal (“P”) and Principal Acting as Agent (“P/A”) Orders 3 executed on BOX currently operate under a pilot program scheduled to expire on July 31, 2007. 4 The BSE proposes to extend the current pilot program for such Linkage fees through July 31, 2008. Because all Linkage Orders received by BOX are for the account of a market maker on another exchange, Linkage fees that are applicable to P Orders and P/A Orders are the same as fees applicable to market makers on other exchanges that submit orders to BOX outside of Linkage. The side of a BOX trade opposite a P Order or P/A Order would be billed normally as any other BOX trade. Consistent with the Plan for the Purpose of Creating and Operating Linkage, no fees will be charged to a party sending a Satisfaction Order to BOX. Rather, a fee will be charged to the BOX Options Participant that was responsible for the trade-through that caused the Satisfaction Order to be sent. 3 Under Chapter XII, Section 1(j) of the BOX Rules, a “Linkage Order” means an Immediate or Cancel order routed through Linkage. There are three types of Linkage Orders:
(i)“P/A Order,” which is an order for the principal account of a Market Maker (or equivalent entity on another Participant Exchange that is authorized to represent Public Customer orders), reflecting the terms of a related unexecuted Public Customer order for which the Market Maker is acting as agent;
(ii)“P Order,” which is an order for the principal account of a market maker (or equivalent entity on another Participant Exchange) and is not a P/A Order; and
(iii)“Satisfaction Order,” which is an order sent through Linkage to notify a Participant Exchange of a Trade-Through and to seek satisfaction of the liability arising from that Trade-Through. 4 *See* Securities Exchange Act Release No. 54225 (July 27, 2006), 71 FR 44056 (August 3, 2006) (SR-BSE 2006-26). The BSE believes that extending the Linkage fee pilot program until July 31, 2008 will give the Exchange and the Commission additional time and opportunity to evaluate the appropriateness of Linkage fees. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act, 5 in general, and furthers the objectives of section 6(b)(4) of the Act, 6 in particular, in that the proposed rule change provides for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(4) B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in 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. 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-BSE-2007-33 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-2007-33. 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, 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 the Exchange. 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-2007-33 and should be submitted on or before August 24, 2007. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful consideration, 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 and, in particular, the requirements of section 6(b) of the Act 8 and the rules and regulations thereunder. The Commission finds that the proposed rule change is consistent with section 6(b)(4) of the Act, 9 which requires that the rules of the Exchange provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Commission believes that the extension of the Linkage fee pilot until July 31, 2008 will give the Exchange and the Commission further opportunity to evaluate whether such fees are appropriate. 7 In approving this rule change, the Commission notes that it has considered the proposal's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). The Commission also finds good cause for approving the proposed rule change prior to the 30th day after the date of publication of the notice of filing thereof in the **Federal Register** . The Commission believes that granting accelerated approval of the proposed rule change will preserve the Exchange's existing pilot program for Linkage fees without interruption as the Exchange and the Commission continue considering the appropriateness of Linkage fees. Therefore, the Commission finds good cause, consistent with section 19(b)(2) of the Exchange Act, 10 to approve the proposed rule change on an accelerated basis. 10 15 U.S.C. 78s(b)(2). V. Conclusion *It is therefore ordered,* pursuant to section 19(b)(2) of the Act, 11 that the proposed rule change (SR-BSE-2007-33), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis. 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 12 Nancy M. Morris, Secretary. [FR Doc. E7-15095 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56154; File No. SR-CBOE-2007-85] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to CBOE's Delisting Policy July 27, 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 July 23, 2007, the Chicago Board Options Exchange, Incorporated (“Exchange” or “CBOE”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b-4(f)(6) thereunder. 4 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)(iii). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its delisting policy. The text of the proposed rule change is available on the Exchange's Web site ( *http://www.cboe.com* ), at the Exchange's Office of the Secretary and at the Commission. 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose On January 23, 2007, the Commission approved CBOE's rule filing (SR-CBOE-2006-92) to permit thirteen option classes to trade in penny increments in connection with the Penny Pilot Program. 5 In its rule filing, CBOE discussed the various quote mitigation strategies that it had already implemented and intended to implement. One of the quote mitigation strategies was to adopt a delisting policy. CBOE's delisting policy currently provides that CBOE will delist any equity option class with national average daily volume (“ADV”) of less than 20 contracts. 5 *See* Securities Exchange Act Release No. 55154 (January 23, 2007), 72 FR 4743 (February 1, 2007). Because CBOE's rule filing relating to the Penny Pilot Program was only approved on a six-month pilot basis, including apparently the delisting policy, CBOE requests that its delisting policy be approved on a permanent basis. 6 6 CBOE believes it is unclear from the approval order whether the delisting policy was intended to be approved only on a six-month pilot basis, as opposed to the changes to the minimum increments for the thirteen option classes participating in the Penny Pilot Program. CBOE also proposes to amend its delisting policy to provide that CBOE may make exceptions to its delisting policy in appropriate circumstances. For example, if an option class that otherwise would qualify to be delisted (due to having a national ADV of less than 20 contracts) experiences a significant increase in trading volume, CBOE could choose not to delist the option class. To qualify, the option class would need to have a national ADV of 20 or more contracts in the month immediately preceding its scheduled delisting, or in the twenty trading days prior to its scheduled delisting. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations under the Act applicable to a national securities exchange and, in particular, the requirements of section 6(b) of the Act. 7 Specifically, the Exchange believes the proposed rule change is consistent with the section 6(b)(5) Act 8 requirements that the rules of an exchange be designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts and, in general, to protect investors and the public interest. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition CBOE 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 neither solicited nor received comments on the proposal. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act 9 and Rule 19b-4(f)(6) thereunder, 10 because the foregoing proposed rule does not:
(i)Significantly affect the protection of investors or the public interest;
(ii)impose any significant burden on competition; and
(iii)become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b-4(f)(6). A proposed rule change filed under Rule 19b-4(f)(6) normally may not become operative prior to 30-days after the date of filing. 11 However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. 12 The Exchange has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay to allow the Exchange's delisting policy as it currently exists to continue on a permanent basis is consistent with the protection of investors and the public interest because such waiver will ensure continuity of the Exchange's policy and will allow the Exchange's quote mitigation strategy to remain in effect without interruption. However, with regard to CBOE's proposal to amend its policy, the Commission does not believe that waiver of the operative delay is warranted. Therefore, the Commission designates the proposal seeking to make the delisting policy effective on a permanent basis to be operative upon filing with the Commission. 13 The proposed amendments to the policy will become operative after the 30-day operative delay. 11 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-4(f)(6)(iii) requires the self-regulatory organization to give the Commission notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. CBOE has satisfied the five-day pre-filing requirement. 12 17 CFR 240.19b-4(f)(6)(iii). 13 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 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. 14 14 *See* 15 U.S.C. 78s(b)(3)(C). 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-CBOE-2007-85 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-CBOE-2007-85. 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the CBOE. 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-CBOE-2007-85 and should be submitted on or before August 24, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 15 15 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E7-15066 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56156; File No. SR-ISE-2007-66] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Extension for the Price Improvement Mechanism Pilot Program July 27, 2007. 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 July 24, 2007, 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 and II below, which Items have been substantially prepared by the ISE. The ISE has designated the proposed rule change as a “non-controversial” rule change pursuant to section 19(b)(3)(A) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposed rule change 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). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to extend two pilot programs related to its Price Improvement Mechanism (“PIM”) contained in paragraphs .03 and .05 of the Supplemental Material to Rule 723. The text of the proposed rule change is available on ISE's Web site at *http://www.ise.com,* at ISE'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 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. The 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 The Exchange currently has two pilot programs related to its PIM. 5 The current pilot period provided in paragraphs .03 and .05 of the Supplementary Material to Rule 723 was due to expire on July 18, 2007 and was extended until July 25, 2007. 6 The Exchange now proposes to extend the two pilot programs until July 18, 2008. Paragraph .03 provides that there is no minimum size requirement for orders to be eligible for the Price Improvement Mechanism. Paragraph .05 concerns the termination of the exposure period by unrelated orders. The Exchange proposes to extend these pilots until July 18, 2008 to give the Exchange and the Commission additional time to evaluate the effects of the provisions before requesting permanent approval of the rules. 5 *See* Securities Exchange Act Release Nos. 50819 (December 8, 2004), 69 FR 75093 (December 15, 2004) (approving the PIM Pilot (the “Approval Order”)); and 52027 (July 13, 2005), 70 FR 41804 (July 20, 2005) (extending the PIM Pilot for an additional Year). 6 *See* Securities Exchange Act Release No. 56106 (July 19, 2007), 72 FR 40914 (July 25, 2007) (Notice of Filing and Immediate Effectiveness of SR-ISE-2007-62). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act, 7 in general, and furthers the objectives of section 6(b)(5) of the Act, 8 in particular, in that the proposed rule change is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Since the PIM has only been operating for a relatively short period of time, the Exchange believes it is appropriate to extend the pilot periods to provide the Exchange and Commission more data upon which to evaluate the rules. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). 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 written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change:
(1)Does not significantly affect the protection of investors or the public interest;
(2)does not impose any significant burden on competition; and
(3)by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, provided that the Exchange has given the Commission notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. 9 9 The Exchange has requested that the Commission waive the five-day pre-filing notice requirement, and the Commission has agreed to waive the requirement. A proposed rule change filed under Rule 19b-4(f)(6) 10 normally may not become operative prior to 30 days after the date of filing. However, Rule 19b-4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The ISE requests that the Commission waive the 30-day operative delay, as specified in Rule 19b-4(f)(6)(iii), 12 which would make the rule change effective and operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver would allow the pilot periods to continue without interruption until July 18, 2008. 13 Accordingly, the Commission designates the proposed rule change operative upon filing with the Commission. 10 17 CFR 240.19b-4(f)(6). 11 17 CFR 240.19b-4(f)(6)(iii). 12 *Id.* 13 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 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. 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-ISE-2007-66 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-ISE-2007-66. 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, 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 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-2007-66 and should be submitted on or before August 24, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 14 14 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E7-15068 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56155; File No. SR-ISE-2007-67] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Directed Orders System Change July 27, 2007. 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 July 24, 2007, 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 the ISE. The proposed rule change has been filed by the ISE as effecting a change in an existing order-entry or trading system pursuant to section 19(b)(3)(A) of the Act, 3 and Rule 19b-4(f)(5) 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). 4 17 CFR 240.19b-4(f)(5). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The ISE is proposing to extend the pilot period for the system change that identifies to a Directed Market Maker (“DMM”) the identity of the firm entering a Directed Order until January 31, 2008. 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. The 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 On January 5, 2006, the ISE initiated a system change to identify to a DMM the identity of the firm entering a Directed Order. The ISE filed this system change on a pilot basis under section 19(b)(3)(A) of the Exchange Act of 1934 (the “Exchange Act”) and Rule 19b-4(f)(5) thereunder 5 so that it would be effective while the Commission considered a separate proposed rule change filed under section 19(b)(2) of the Exchange Act to amend the ISE's rules to reflect the system change on a permanent basis (the “Permanent Rule Change”). 6 The current pilot expires on July 31, 2007, 7 but the Commission has not yet taken action with respect to the Permanent Rule Change. Accordingly, the Exchange proposes to extend the pilot until January 31, 2008, so that the system change will remain in effect while the Commission continues to evaluate the Permanent Rule Change. 8 5 *See* Securities Exchange Act Release No. 53104 (January 11, 2006), 71 FR 3142 (January 19, 2006) (Notice of Filing and Immediate Effectiveness for SR-ISE-2006-02). 6 *See* Securities Exchange Act Release No. 53103 (January 11, 2006), 71 F.R. 3144 (January 19, 2006) (Notice of Filing for SR-ISE-2006-01). 7 *See* Securities Exchange Act Release No. 55144 (January 22, 2007), 72 FR 3890 (January 26, 2007) (Notice of Filing and Immediate Effectiveness for SR-ISE-2007-05). 8 The ISE anticipated that extension of the pilot might be necessary and included this in the filing for the initial pilot. *See supra* note 5, at footnote 5. 2. Statutory Basis The Exchange believes that the basis under the Act is found in section 6(b)(5), in that the propose rule change is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Extension of the pilot program will allow the Exchange to continue operating under the pilot while the Commission considers the Permanent Rule Change. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes that 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 written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change effects a change in an existing order entry or trading system that
(i)Does not significantly affect the protection of investors or the public interest;
(ii)does not impose any significant burden on competition; and
(iii)does not have the effect of limiting access to or availability of the system, it has become effective pursuant to section 19(b)(3)(A)(iii) of the Act 9 and Rule 19b-4(f)(5) thereunder. 10 9 15 U.S.C. 78s(b)(3)(A)(iii). 10 17 CFR 19b-4(f)(5). 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. 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-ISE-2007-67 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-ISE-2007-67. 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, 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 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-2007-67 and should be submitted on or before August 24, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 11 Nancy M. Morris, Secretary. 11 17 CFR 200.30-3(a)(12). [FR Doc. E7-15070 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56165; File No. SR-ISE-2007-64] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fee Changes July 30, 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 July 24, 2007, the International Securities Exchange, LLC (“Exchange” or “ISE”) 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 Exhange. 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. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The ISE is proposing to amend its Schedule of Fees to establish fees for transactions in options on 3 Premium Products. 3 The text of the proposed rule change is available on the ISE's Web site ( *http://www.iseoptions.com* ), at the principal office of the ISE, and at the Commission's Public Reference Room. 3 “Premium Products” is defined in the Schedule of Fees as the products enumerated therein. 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. The 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 The Exchange is proposing to amend its Schedule of Fees to establish fees for transactions in options on the following 3 Premium Products: First Trust ISE Chindia Index Fund (“FNI”), iShares MSCI Brazil Index Fund (“EWZ”) and the iShares MSCI Korea Index Fund (“EWY”). 4 The Exchange represents that FNI, EWZ and EWY are eligible for options trading because they constitute “Fund Shares,” as defined by ISE Rule 502(h). 4 iShares® is a registered trademark of Barclays Global Investors, N.A. (“BGI”), a wholly owned subsidiary of Barclays Bank PLC. “MSCI Korea Index” and “MSCI Brazil Index” are service marks of Morgan Stanley Capital International (“MSCI”) and have been licensed for use for certain purposes by BGI. All other trademarks and service marks are the property of their respective owners. Neither EWY nor EWZ are sponsored, endorsed, issued, sold or promoted by MSCI. BGI and MSCI have not licensed or authorized ISE to
(i)engage in the creation, listing, provision of a market for trading, marketing, and promotion of options on EWY and EWZ or
(ii)to use and refer to any of their trademarks or service marks in connection with the listing, provision of a market for trading, marketing, and promotion of options on EWY and EWZ or with making disclosures concerning options on EWY and EWZ under any applicable federal or state laws, rules or regulations. BGI and MSCI do not sponsor, endorse, or promote such activity by ISE, and are not affiliated in any manner with ISE. All of the applicable fees covered by this filing are identical to fees charged by the Exchange for all other Premium Products. Specifically, the Exchange is proposing to adopt an execution fee and a comparison fee for all transactions in options on FNI, EWZ and EWY. 5 The amount of the execution fee and comparison fee for products covered by this filing shall be $0.15 and $0.03 per contract, respectively, for all Public Customer Orders 6 and Firm Proprietary orders. The amount of the execution fee and comparison fee for all ISE Market Maker transactions shall be equal to the execution fee and comparison fee currently charged by the Exchange for ISE Market Maker transactions in equity options. 7 Finally, the amount of the execution fee and comparison fee for all non-ISE Market Maker transactions shall be $0.37 and $0.03 per contract, respectively. Further, since options on EWZ and EWY are multiply-listed, the Payment for Order Flow fee shall apply only to these two products. The Exchange believes the proposed rule change will further the Exchange's goal of introducing new products to the marketplace that are competitively priced. 5 These fees will be charged only to Exchange members. Under a pilot program that is set to expire on July 31, 2007, these fees will also be charged to Linkage Orders (as defined in ISE Rule 1900). *See* Securities Exchange Act Release No. 54204 (July 25, 2006), 71 FR 43548 (August 1, 2006) (SR-ISE-2006-38). 6 “Public Customer Order” is defined in Exchange Rule 100(a)(39) as an order for the account of a Public Customer. “Public Customer” is defined in Exchange Rule 100(a)(38) as a person that is not a broker or dealer in securities. 7 The execution fee is currently between $.21 and $.12 per contract side, depending on the Exchange Average Daily Volume, and the comparison fee is currently $.03 per contract side. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of section 6 of the Act, 8 in general, and furthers the objectives of section 6(b)(4), 9 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. 8 15 U.S.C. 78f. 9 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 Because the foregoing rule change establishes or changes a due, fee, or other charge imposed by the Exchange, the foregoing rule change has become effective pursuant to section 19(b)(3)(A) of the Act 10 and Rule 19b-4(f)(2) 11 thereunder. 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. 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 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 ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-ISE-2007-64 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-ISE-2007-64. 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, 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 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-2007-64 and should be submitted on or before August 24, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 12 12 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E7-15093 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56153; File No. SR-NASDAQ-2007-057] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Temporarily Waive Risk Management Workstation Fees July 27, 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 June 6, 2007, The NASDAQ Stock Market LLC (“Nasdaq”) 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 Nasdaq. Pursuant to section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b-4(f)(2) thereunder, 4 Nasdaq has designated this proposal as establishing or changing a due, fee, or other charge, which renders the proposed rule change effective immediately upon filing. 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). The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change Nasdaq proposes to offer free access to its enhanced Risk Management workstation functionality to clearing firms that elect to use Nasdaq's away market execution drop copy service for a trial period extending through third quarter 2007. Nasdaq will implement this rule change immediately. The text of the proposed rule change is below. Proposed new language is in italics. 5 5 Changes are marked to the rule text that appears in the electronic Nasdaq Manual found at *http://nasdaq.complinet.com* . 7015. Access Services. *The following charges are assessed by Nasdaq for connectivity to the Nasdaq Market Center (NMC), the NASD/NASDAQ Trade Reporting Facility, and the NASD's OTCBB Service. The fees established under Rule 7015 for non-Nasdaq members using Nasdaq services for connectivity to the NMC, the NASD/NASDAQ Trade Reporting Facility, or the NASD's OTCBB Service shall be the fees established for members under this Rule 7015, as in effect on the date of Nasdaq's registration as a national securities exchange and as amended by SR-NASDAQ-2006-024 and SR-NASDAQ-2006-025, and as applied to non-members by SR-NASDAQ-2006-026* . (a)-(d) No Change
(e)Specialized Services Related to NASD/NASDAQ Trade Reporting Facility CTCI fee $575/month. WebLink ACT or Nasdaq Workstation Post Trade. $375/month (full functionality) or $200/month (up to an average of twenty transactions per day each month) (For the purposes of this service only, a transaction is defined as an original trade entry, either on trade date or as-of transactions per month.) *For a trial period ending September 30, 2007, the above fee shall not be imposed on any number of workstations equal to, or less than, the number of away market centers from which a clearing firm elects to have Nasdaq's Risk Management System receive execution drop copies,* ACT Workstation. $525/logon/month (f)-(g) No Change. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Nasdaq 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. Nasdaq 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 Nasdaq is proposing to offer free access to its enhanced Risk Management workstation functionality to clearing firms that elect to use Nasdaq's away market execution drop copy service for a trial period extending through the third quarter of 2007. Nasdaq Risk Management is a credit risk management tool that allows clearing firms to view in real time the dollars engaged by their correspondents (executing brokers) by side and security in U.S. equity transactions. Historically, this product was able to capture only Nasdaq Market Center trading activity. Recently, however, Nasdaq enhanced the Risk Management product to allow drop copies of execution reports on trades taking place in other market centers to be delivered to a clearing firm's Nasdaq Risk Management workstation. Nasdaq has decided to provide access to this enhanced Risk Management workstation functionality free of charge to clearing firms for each away market center from which the clearing firm elects to have Nasdaq's Risk Management system receive execution drop copies for a trial period ending September 30, 2007 to provide an incentive for clearing firms to take advantage of this new Risk Management functionality, and to enhance the exposure of the new Risk Management functionality to the marketplace. At the end of the promotional trial period, clearing firms will have the option to discontinue their use of this new Risk Management functionality or begin paying for it at the normal $375 per-month per-workstation rate. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of section 6 of the Act, 6 in general, and with section 6(b)(4) of the Act, 7 in particular, in that they provide for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which Nasdaq operates or controls. In particular, Nasdaq believes that its proposal to waive this fee for a trial period provides appropriate incentives to encourage clearing firms' use of Nasdaq's enhanced Risk Management workstation functionality and drop copy service on an equitable basis. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(4). B. Self-Regulatory Organization's Statement on Burden on Competition Nasdaq does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others Written comments were neither solicited nor received. 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)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b-4 thereunder because it establishes or changes a due, fee, or other charge imposed by Nasdaq on its members. 9 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. 8 15 U.S.C. 78s(b)(3)(a)(ii). 9 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, as amended, 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-NASDAQ-2007-057 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-NASDAQ-2007-057. 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 Section, 100 F Street, NE., Washington, DC 20549-1090, 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 offices of the Exchange. 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-NASDAQ-2007-057 and should be submitted on or before August 24, 2007. 10 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 10 Nancy M. Morris, Secretary. [FR Doc. E7-15069 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56169; File No. SR-NYSE-2007-69] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Information Memorandum That Reflects the Changes to Disciplinary Proceedings at NYSE Regulation, Inc. as a Result of the Regulatory Consolidation With the National Association of Securities Dealers, Inc. July 30, 2007. 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 July 26, 2007, the New York Stock Exchange LLC (“NYSE” 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 NYSE. The NYSE 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 under section 19(b)(3)(A)(i) of the Act 3 and Rule 19b-4(f)(1) thereunder, 4 which renders the proposal effective upon receipt of this filing by 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 This filing consists of an NYSE Regulation, Inc. (“NYSE Regulation”) Information Memo that reflects the changes to disciplinary proceedings at NYSE Regulation as a result of the regulatory consolidation with the National Association of Securities Dealers, Inc (“NASD”). The text of the proposed rule change, including the Information Memo, is available on the NYSE's Web site ( *http://www.nyse.com* ), at the principal office of the NYSE, 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 NYSE 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 NYSE 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 On November 28, 2006, NYSE Regulation and NASD announced a plan to consolidate their member regulation operations into a combined organization, which will be known as the Financial Industry Regulatory Authority (“FINRA”). FINRA will be the sole U.S. private-sector provider of member firm regulation for securities firms that conduct business with the public (the “Transaction”). The purpose of this filing is to submit to the Commission an Information Memo concerning changes to disciplinary proceedings at NYSE Regulation because of the Transaction. As explained in the Information Memo, FINRA will incorporate certain NYSE rules that pertain to member conduct, including rules relating to financial and operational standards of member organizations, books and records, and other non-trading functions of firms (“NYSE Member Firm Rules”). 5 However, NASD will not be incorporating NYSE Rules 475, 476, and 476A, which are the Exchange's rules that govern disciplinary procedures at the Exchange (the “NYSE Disciplinary Rules”). 5 NASD's incorporation of the NYSE Member Firm Rules is the subject of SR-NASD-2007-054. *See* Securities Exchange Act Release No. 56147 (July 26, 2007). Pursuant to Section 17(d) of the Act and Rule 17d-2 thereunder, FINRA and NYSE Regulation have agreed on a plan to allocate regulatory responsibility relating to the NYSE Member Firm Rules to FINRA (the “17d-2 Agreement”). *See* Securities Exchange Act Release No. 56148 (July 26, 2007) (File No. 4-544). In particular, in connection with the Transaction, certain staff and functions of NYSE Regulation's Division of Enforcement will transfer to FINRA, which will assume responsibility for all investigations and disciplinary proceedings relating to violations of NYSE Member Firm Rules by NYSE member organizations and members. However, whether FINRA will conduct existing NYSE Regulation Enforcement actions pursuant to FINRA Code of Procedure or the NYSE Disciplinary Rules will depend on the status of the investigation as of the closing date. 6 6 In connection with the Transaction, the Exchange has filed with the Commission a proposed rule filing to amend NYSE Rule 2 to require FINRA membership as a prerequisite to becoming an NYSE member organization. *See* SR-NYSE-2007-67. In addition, NASD has filed with the Commission amendments to its membership requirements to provide for a waive-in process to approve current NYSE member organizations that are not also NASD members (“NYSE-only member organizations”) as FINRA members. *See* SR-NASD-2007-56. If these two filings are approved and NYSE-only member organizations are then approved as FINRA members, FINRA will be responsible for disciplinary proceedings described herein pursuant to the 17d-2 Agreement. In that interim period before the two filings are approved, FINRA will have authority to conduct disciplinary proceedings relating to the NYSE Member Firm Rules pursuant to a Regulatory Services Agreement among FINRA, NYSE Regulation, and the NYSE (the “RSA”). Prior to the date that an NYSE-only member organization is approved as a FINRA member, it will continue to be subject to NYSE Regulation disciplinary procedures. Accordingly, whether NYSE Regulation or FINRA procedures will govern disciplinary proceedings will be based on the date that the NYSE-only member organization is approved as a FINRA member, and not on the closing date. The Information Memo advises NYSE members and member organizations how NYSE Regulation disciplinary actions will be handled following the close of the Transaction. In particular, the Information Memo explains how the status of the investigation as of the closing date will govern which procedures will apply to a particular investigation, as follows: If NYSE Regulation asserted jurisdiction over an individual or member organization pursuant to NYSE Rule 477 before the closing date of the Transaction, for those investigations relating to NYSE Member Firm Rules, depending on the date of termination from the industry, FINRA may have jurisdiction after the closing date of the Transaction to continue any investigation noticed in such letter and to bring a disciplinary proceeding at the conclusion of such investigation if it is deemed appropriate. If FINRA does not have jurisdiction, FINRA may continue to investigate such matters, but any resulting disciplinary proceedings will be subject to the NYSE Disciplinary Rules. 7 7 FINRA will have the authority to conduct such disciplinary proceedings pursuant to the RSA. The applicable disciplinary rules and forum for any disciplinary proceedings that may result from a current NYSE Regulation investigation will depend on whether NYSE Regulation has already filed a Charge Memorandum or Stipulation of Facts and Consent to Penalty (“Stipulation and Consent”) as of the closing date of the Transaction. If NYSE Regulation has filed a Charge Memorandum or Stipulation and Consent as of the date of the closing, such matter (including any later appeals) will be adjudicated in accordance with the NYSE Disciplinary Rules and before the NYSE Hearing Board. Pursuant to the RSA, NYSE Regulation staff who will be transferring to FINRA may continue to participate in such proceedings. If NYSE Regulation has not filed a Charge Memorandum or Stipulation and Consent as of the date of the closing in connection with an investigation relating to NYSE Member Firm Rules, the matter (including any later appeals) would be adjudicated by FINRA, pursuant to the FINRA (currently NASD) Code of Procedure, which includes FINRA's Acceptance, Waiver, and Consent process. NYSE Hearing Board decisions that have been, or could be, appealed under NYSE Rule 476 will be addressed pursuant to the current NYSE disciplinary rules. Matters initiated by FINRA pursuant to its Code of Procedure following the closing date, even if initiated as the result of an investigation that began at NYSE Regulation, would be appealed in accordance with FINRA's rules and procedures for such appeals. The applicable rule and forum for summary proceedings that are currently adjudicated pursuant to NYSE Rule 475 will depend on whether NYSE Regulation has notified the person or entity in writing of the summary action before the date of closing. If the notification in writing has occurred before the date of closing, the matter will be adjudicated pursuant to NYSE Disciplinary Rules. If no such notification has occurred, the matter will be addressed by FINRA, pursuant to FINRA rules. Minor violations of Member Firm Rules that are currently adjudicated under NYSE Rule 476A (Imposition of Fines for Minor Violation(s) of Rules) (also known as summary fines) will be handled as follows: If a summary fine notice relating to any violation, including violations of Member Firm Rules, is issued before the date of closing, the matter will be adjudicated pursuant to NYSE rules. With respect to matters arising after the date of closing, NASD expects to file a rule change to modify its Minor Rule Violation Plan (“MRVP”) to include the NYSE Member Firm Rules that, as of the date of such filing, are listed in NYSE Rule 476A. If the Commission approves that filing, after the closing, FINRA will be authorized to impose fines under FINRA's MRVP for minor violations by dual members of the NYSE Member Firm Rules enumerated in FINRA's MRVP. 8 8 Pending approval of SR-NASD-2007-55, FINRA will have the authority to impose MRVP fines that relate to the NYSE Member Firm Rules pursuant to the RSA. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the objectives of section 6 9 of the Act 10 in general and furthers the objectives of section 6(b)(5) 11 in particular, in that it is designed to promote just and equitable principles of trade, 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. 9 15 U.S.C. 78f. 10 15 U.S.C. 78a. 11 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 written 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) of the Act 12 and Rule 19b-4(f)(1) 13 thereunder because it constitutes a stated policy, practice or interpretation with respect to the meaning, administration, or enforcement of an existing rule. 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. 12 15 U.S.C. 78s(b)(3)(A). 13 17 CFR 240.19b-4(f)(1). 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-NYSE-2007-69 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-NYSE-2007-69. 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, 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 the NYSE. 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-NYSE-2007-69 and should be submitted on or before August 24, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 14 14 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E7-15096 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-56166; File No. SR-Phlx-2007-52] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Transaction Charges Applicable to Linkage “P” and “P/A” Orders July 30, 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 July 19, 2007, the Philadelphia Stock Exchange, Inc. (“Phlx” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. This order provides notice of the proposed rule change and approves the proposed rule change on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Phlx proposes to extend, for a one-year period, a pilot relating to transaction fees applicable to the execution of Principal Acting as Agent Orders (“P/A Orders”) 3 and Principal Orders (“P Orders”) 4 sent to the Exchange via the Intermarket Option Linkage (“Linkage”) under the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (the “Plan”). 5 The Exchange proposes to extend the pilot through July 31, 2008. The text of the proposed rule change is available at the Exchange, the Commission's Public Reference Room, and *http://www.phlx.com* . 3 A P/A Order is an order for the principal account of a specialist reflecting the terms of a related unexecuted Public Customer order for which the specialist is acting as agent. *See* Exchange Rule 1083(k)(i). 4 A P Order is an order for the principal account of an Eligible Market Maker and is not a P/A Order. *See* Exchange Rule 1083(k)(ii). 5 *See* Securities Exchange Act Release Nos. 44482 (June 27, 2001), 66 FR 35470 (July 5, 2001) (amendment to Plan to conform the Plan to the requirements of Securities Exchange Act Rule 11Ac1-7); 43573 (November 16, 2000), 65 FR 70851 (November 28, 2000) (order approving an amendment to the Plan to add Phlx as a Participant); and 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000) (order approving the Plan). 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 III below. The Phlx 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 purpose of the proposed rule change is to extend the current pilot program for one year, through July 31, 2008. 6 6 The Exchange filed a separate proposed rule change to extend, for a one-year period through July 31, 2008, the Exchange's current pilot program relating to an option transaction charge credit of $0.21 per contract for Exchange options specialist units that incur Phlx option transaction charges when a customer order is delivered to the limit order book via the Exchange's Options Floor Broker Management System and is then sent to an away market and executed via Linkage under the Plan. This separate proposal will be in effect for the same time period as fees for Linkage P Orders and P/A Orders. *See* Securities Exchange Act Release No. 56101 (July 19, 2007), 72 FR 40920 (July 25, 2007) (SR-Phlx-2007-50). The Exchange currently charges $0.25 per option contract for P Orders sent to the Exchange via Linkage under the Plan. The Exchange currently charges $0.15 per option contract for P/A Orders. By extending the current pilot program, the Exchange should remain competitive with other exchanges that charge fees for P Orders and P/A Orders. 7 Consistent with current practice, the Exchange will charge the clearing member organization of the sender of P Orders and P/A Orders. Also, consistent with current practice, the Exchange will not charge for the execution of Satisfaction Orders sent through Linkage. 7 *See* Securities Exchange Act Release Nos. 54204 (July 25, 2006), 71 FR 43548 (August 1, 2006) (SR-ISE-2006-38); 54225 (July 27, 2006), 71 FR 44056 (August 3, 2006) (SR-BSE-2006-26); 54272 (August 3, 2006), 71 FR 45865 (August 10, 2006) (SR-CBOE-2006-59); 54230 (July 27, 2006), 71 FR 44757 (August 7, 2006) (SR-NYSEArca-2006-41). 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act 8 in general, and furthers the objectives of section 6(b)(4) of the Act 9 in particular, in that it is an equitable allocation of reasonable fees among Exchange members. 10 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). 10 The Exchange clarified that Section 6(b)(4) of the Act requires equitable allocation of reasonable fees among Exchange members and issuers and other persons using its facilities. *See* Telephone conversation between Richard Rudolph, Vice President and Counsel, Phlx to Ronesha A. Butler, Special Counsel, Division of Market Regulation, Commission, dated July 27, 2007. 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 No written comments were either solicited or received. III. 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-Phlx-2007-52 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-Phlx-2007-52. 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, 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 the Exchange. 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-Phlx-2007-52 and should be submitted on or before August 24, 2007. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful consideration, 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, 11 and, in particular, the requirements of section 6(b) of the Act 12 and the rules and regulations thereunder. The Commission finds that the proposed rule change is consistent with section 6(b)(4) of the Act, 13 which requires that the rules of the Exchange provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Commission believes that the extension of the Linkage fee pilot until July 31, 2008 will give the Exchange and the Commission further opportunity to evaluate whether such fees are appropriate. 11 In approving this rule change, the Commission notes that it has considered the proposal's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 12 15 U.S.C. 78f(b). 13 15 U.S.C. 78f(b)(4). The Commission also finds good cause for approving the proposed rule change prior to the 30th day after the date of publication of the notice of filing thereof in the **Federal Register** . The Commission believes that granting accelerated approval of the proposed rule change will preserve the Exchange's existing pilot program for Linkage fees without interruption as the Exchange and the Commission continue considering the appropriateness of Linkage fees. Therefore, the Commission finds good cause, consistent with section 19(b)(2) of the Exchange Act, 14 to approve the proposed rule change on an accelerated basis. 14 15 U.S.C. 78s(b)(2). V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act, 15 that the proposed rule change (SR-Phlx-2007-52), be and it hereby is, approved on an accelerated basis. 15 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 16 16 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. 6 [FR Doc. E7-15094 Filed 8-2-07; 8:45 am] BILLING CODE 8010-01-P DEPARTMENT OF STATE [Public Notice: 5873] 30-Day Notice of Proposed Information Collection: DS 4079, Questionnaire-Information for Determining Possible Loss of United States Citizenship, (New-OMB No.1405-XXXX) ACTION: Notice of request for public comments and submission to OMB of proposed collection of information. SUMMARY: The Department of State has submitted the following information collection request to the Office of Management and Budget
(OMB)for approval in accordance with the Paperwork Reduction Act of 1995. • *Title of Information Collection:* *Questionnaire:* Information for Determining Possible Loss of United States Citizenship. • *OMB Control Number:* New-OMB No.1405-XXXX. • *Type of Request:* New Information Collection. • *Originating Office:* Bureau of Consular Affairs, Overseas Citizens Services (CA/OCS). • *Form Number:* DS 4079. • *Respondents:* United States Citizens. • *Estimated Number of Respondents:* 2,298. • *Estimated Number of Responses:* 2,298. • *Average Hours per Response:* 15 minutes. • *Total Estimated Burden:* 575 hours. • *Frequency:* On Occasion. • *Obligation to Respond:* Required to obtain or retain benefits. DATES: Submit comments to the Office of Management and Budget
(OMB)for up to 30 days from August 3, 2007. ADDRESSES: *You may submit comments by any of the following methods:* Direct comments and questions to Katherine Astrich, the Department of State Desk Officer in the Office of Information and Regulatory Affairs at the Office of Management and Budget (OMB), who may be reached at 202-395-4718. You may submit comments by any of the following methods: • *E-mail: kastrich@omb.eop.gov.* You must include the DS form number, information collection title, and OMB control number in the subject line of your message. • *Mail (paper, disk, or CD-ROM submissions):* Office of Information and Regulatory Affairs, Office of Management and Budget, 725 17th Street, NW., Washington, DC 20503. • *Fax:* 202-395-6974. You must include the DS form number (if applicable), information collection title, and OMB control number in any correspondence. FOR FURTHER INFORMATION CONTACT: Direct requests for additional information regarding the collection listed in this notice, including requests for copies of the proposed information collection and supporting documents, to Derek A. Rivers, Bureau of Consular Affairs, Overseas Citizens Services (CA/OCS/PRI), U.S. Department of State, SA-29, 4th Floor, Washington, DC 20520, who may be reached on
(202)736-9028 or *ASKPRI@state.gov.* SUPPLEMENTARY INFORMATION: *We are soliciting public comments to permit the Department to:* • Evaluate whether the proposed information collection is necessary for the proper performance of our functions. • Evaluate the accuracy of our estimate of the burden of the proposed collection, including the validity of the methodology and assumptions used. • Enhance the quality, utility, and clarity of the information to be collected. • Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of technology. Abstract of Proposed Collection The purpose of the DS-4079 questionnaire is to determine current citizenship status and the possibility of loss of United States citizenship. The information provided in the questionnaire assists consular officers and the Department of State in determining if the U.S. citizen has lost his or her nationality by voluntarily performing an expatriating act with the intention of relinquishing United States nationality. Methodology The information is collected in person, by fax, or via mail. The Bureau of Consular Affairs is currently exploring options to make this information collection available electronically. Dated: July 18, 2007. Maura Harty, Assistant Secretary, Bureau of Consular Affairs, Department of State. [FR Doc. E7-15132 Filed 8-2-07; 8:45 am] BILLING CODE 4710-06-P DEPARTMENT OF STATE [Public Notice 5874] Notice of Finding of No Significant Impact from Construction of a New Livestock Crossing near San Luis, Arizona AGENCY: Department of State. ACTION: Notice. SUMMARY: The Department of State is publishing a Finding of No Significant Impact (FONSI) for the proposed construction of a new livestock crossing (the “San Luis Cattle Crossing”) at the United States-Mexican border 2,500 feet (approximately half a mile) east of an existing livestock crossing near San Luis, Arizona. The closing of the existing livestock crossing and its relocation to this new location is necessitated by construction of the new San Luis II commercial border crossing (scheduled to begin in the summer of 2007) at the location of the existing livestock crossing. FOR FURTHER INFORMATION CONTACT: Mr. Daniel Darrach, Coordinator of Border Affairs, Office of Mexican Affairs, Bureau of Western Hemisphere Affairs. U.S. Department of State, 2201 C Street NW., Washington, DC 20520, phone 202-647-8529, or e-mail: *DarrachDD@state.gov.* SUPPLEMENTARY INFORMATION: The following represents the text of the State Department approved FONSI—The Greater Yuma Port Authority (“GYPA”) has submitted an application for a Presidential permit to relocate the existing livestock crossing at the United States-Mexico border near San Luis, Arizona and San Luis Rio Colorado, Sonora to a location about one half of a mile east. Some 60,000 steers and several hundred horses pass through the existing livestock crossing annually, mostly in winter. The Department of State (the “Department”) has determined that under Executive Order 11423, as amended, a Presidential permit is required for the relocated livestock crossing since it would involve a new piercing of the United States-Mexico border. The closing of the existing livestock crossing and its relocation 2,500 feet to the east is required as a result of the planned construction of the new San Luis II commercial port of entry (“POE”), on the site of the original livestock crossing. On June 13, 2007, the Department issued a Presidential permit for the San Luis II POE. The National Environment Policy Act (“NEPA”) requires that a No Action alternative be considered in the environmental review process. The result of the No Action alternative would be that the existing livestock crossing would impede the construction of the commercial border crossing itself and the pre-primary queuing area of the San Luis II POE. Odors emanating from the existing livestock crossing would also cause unpleasant conditions at the San Luis II POE. The affected natural environment consists of water sources, landforms, plants, and animals native to the Sonoran Desert ecosystem. One threatened plant species, the sand food, and one threatened animal species, the flat-tailed horned lizard (“FTHL”) inhabit the project area. There are no unique geological resources or sources of surface water within the project area and no plans to drill for groundwater. The affected human environment consists of the nearby cities of San Luis, Arizona and San Luis Rio Colorado, Sonora. No prehistoric or historic remains were found within the project area. In order to provide optimal conditions for the transient traveling public and employees stationed at the San Luis II POE, a new livestock crossing must be an adequate distance from the San Luis II POE. The site of the proposed new livestock crossing takes account of wind direction and building orientation. Distance is the primary factor in mitigating odors. The new livestock crossing would be about 2,500 feet from the closest occupied building on the land containing the San Luis II POE. For the few states with setback standards for odors, a distance of more than 1,500 feet for facilities with up to 3,000 cattle is considered sufficient protection against odors. There is no problematic odor associated with horses. How manure is managed (how often the pens are cleaned, how manure is stored, where and when manure is spread, whether straw is put down, etc.) has a dramatic effect on how much odor is present. Whatever odor is generated will rise directly above the pens in a plume the width of the combined areas of the pens. During the day, the sun warms the surface soil, and the rising air currents disperse the odor plume. Odor complaints usually arise during the night or early morning when the air is still. The direction and dissipation of odor depends largely on wind direction and velocity and air drainage, which are linked to topography and climate. The prevailing winds for the site tend to be from the north in October-February, from the west in March-May, and from the south-southeast in June-September. The proposed site of the new livestock crossing, one half-mile east of the San Luis II POE, appears to be a favorable location since it is typically downwind of the POE and is relatively flat. Flat sites with good air movement tend to be appropriate locations to build livestock facilities. No major adverse environmental effects are expected from the Proposed Action alternative if proper mitigation measures are implemented. The project could affect biological resources, undiscovered cultural resources, growth, and other environmental factors. However, the project must comply with federal law, including any conditions of approval, which would consequently mitigate any potential adverse effects. The conditions of approval (mitigation measures) are described below. As described above, the No Action alternative is not feasible. In 2000, the Bureau of Reclamation (“BoR”) of the Department of the Interior relied on an Environmental Assessment
(EA)prepared by Barton-Aschmann Associates, Inc. in reaching a finding that the transfer of land from the BoR to the GYPA for construction of the San Luis II commercial POE would have No Significant Impact on the environment (“FONSI”). The 2000 BoR FONSI included a requirement that the GYPA implement conservation measures recommended by the U.S. Fish and Wildlife Service (“USFWS”) in its Conference Opinion for the FTHL by retaining an onsite biological monitor during construction and operation of the POE. In 2002, the GYPA and BoR requested modification of the original Conference Opinion regarding this monitoring requirement. As a result of the modified Conference Opinion, and in lieu of hiring a full-time biological monitor, the GYPA agreed to implement the conservation measures included in the Conference Opinion with respect to the parcel acquisition, construction and subsequent operation of the proposed commercial POE and the paving and subsequent use of the Yuma County Avenue E access road. The Department had concluded that the GYPA will be required to implement these conservation measures as a condition of approval of the Presidential permit for the livestock crossing. Findings 1. The General Services Administration has previously published in the **Federal Register** (72 FR 7658-01, February 16, 2007) its determination that a new commercial POE on the United States-Mexico border near San Luis, Arizona and San Luis Rio Colorado, Sonora to accommodate current and future regional transportation requirements will not significantly affect the quality of the human environment. 2. All NEPA procedural requirements have been met, including a 30-day public notice period and coordination with federal, state, and local government agencies, as well as with Native Americans tribes. 3. The environmental commitments (mitigation measures) will offset any negative impacts identified by the BoR EA (referenced above). 4. No disputes or controversies have arisen regarding the accuracy or presentation of environmental effects, as documented in the BoR EA. 5. Relocation of the existing livestock crossing will not result in cumulative significant impacts. 6. The Department has been advised by the Arizona State Historic Preservation Officer that the Officer concurs with the finding of “no effect” regarding the project's impact on significant cultural resources. 7. Implementation of the project will not adversely affect any threatened or endangered species as long as the conservation measures for the flat-tailed horned lizard and sand food are implemented during relocation of the livestock crossing. 8. All soil disturbance and shrub removal will be minimized during relocation. 9. Implementation of this action will have no adverse impact on any Indian Trust Assets. 10. Implementation of this action will not violate federal, state, or local law. Mitigation Measures 1. The relocation of the existing livestock crossing to the site specified in the application obviates the need for further mitigation measures with respect to odors emanating from the transient presence of livestock through and at the new livestock crossing. 2. Mitigation measures for the San Luis II POE are applicable in so far as relevant to the relocated livestock crossing. The mitigation measures listed in the final FONSI (signed April 15, 2007) can be viewed on the GSA Web site at *http://www.gsa.gov/nepa.* In accordance with NEPA (42 U.S.C. 4321 *et seq.* ), the regulations of the Council on Environmental Quality (40 CFR 1500-1508), and the Department's implementing regulations (22 CFR Part 161, and in particular 22 CFR 161.7(c)), the Department finds that the project described in the attached EA is not a federal action significantly affecting the quality of the human environment. Therefore, no Environmental Impact statement will be prepared. The Finding of No Significant Impact will become final thirty
(30)days after the publication of this notice, provided that no information leading to a contrary finding is received or comes to light during this period. Dated: July 27, 2007. Daniel D. Darrach, Acting Director, Office of Mexican Affairs, Department of State. [FR Doc. E7-15136 Filed 8-2-07; 8:45 am] BILLING CODE 4710-29-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Seventh Meeting: Special Committee 209, EUROCAE WG-49 Joint Plenary Session ATCRBS/Mode S Transponder MOPS Maintenance AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of RTCA Special Committee 209, EUROCAE WG-49 Joint Plenary Session ATCRBS/Mode S Transponder MOPS Maintenance. SUMMARY: The FAA is issuing this notice to advise the public of a meeting of RTCA Special Committee 209, EUROCAE WG-49 Joint Plenary Session ATCRBS/Mode S Transponder MOPS Maintenance. DATES: The meeting will be held August 20, 2007 from 10 a.m.-5 p.m. and August 21-24 from 9 a.m.-5 p.m. ADDRESSES: Eurocontrol Headquarter, Brussels Belgium, Sirius Conference Room. FOR FURTHER INFORMATION CONTACT: Host Contact: Eric Potier; telephone +322-729-3504, e-mail *eric.potier@eurocontrol.int*
(2)Secretary Contact: Gary Furr; telephone
(609)485-4254, e-mail *gary.ctr.furr@faa.gov.* SUPPLEMENTARY INFORMATION: Pursuant to section 10(a)(2) of the Federal Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., Appendix 2), notice is hereby given for a Special Committee 209 meeting. *The agenda will include:* *August 20-24:* • Host/Co-Chairs Welcome, Introductions and Remarks • Review and Approval of the Agenda (SC209-WP07-01) • Review and Approval of the Minutes form SC-209WG #1, Mtg (SC209 WP07-02) • Review and Approval of the Minutes from WG-49 Meeting #10 (WG49N10) • Summary of the Status of EUROCAE WG-49 Activities • Summary of the Status of RTCA SC-209 Activities • Summary of “Airborne Monitoring Results” from CASCADE Program Office (Scheduled for Thursday, 23 August @ 1 p.m.) • Discussion on harmonization of DO-181/ED-73 document organization • Organization of the Appendices (WG19N11-02) • ED-73, Chapter 3 and Chapter 5 • Review of Final Proposal for TCAS Version Number and 735B Comments • Ronald Mallwitz Comments to AEEC • Discussion of Potential Changes in Comm-B Protocol Requirements and Tests • Previously submitted Working Papers (ModeS-WP01-05, ModeS-WP01-06) • Discussion of Issues resulting from review of Differences in DO-181/ED-73 • Differences potentially impacting ED-73 (WG49N11-09, ModeS-WP01-06) • Differences potentially impacting DO-181 (WG49N11-10) • Maximum Mode A/C Reply Rate Requirement • Discuss the Harmonization of ELS and EHS Requirements and Test Procedures • Draft v1.0 of Do-181D containing integrated ELS/EHS (SC209-WP07-07) • Review of SARPs changes that have resulted in potential changes to both MOPS • List SARPs CPs going to Annex 10 Amendment 82 (SC209-WP07-05) • Discuss the Environmental Test Philosophies between DO-181-D & ED-73C • WG-49 Agreed upon Reduced Tests Modifications (WG19N11-03) • WG-49 Agreed upon Reorganization of ED-73C, Chapter 4 (WG49N11-04) • WG-49 Proposed Environmental Test List (WG49N11-08) • NTSB Recommendation Regarding Standby Mode Indication for TCAS/ACAS and Transponder (SC209-SP07-08) • Status of the ED-73B/DO-181 Requirements Comparison data base • (SC209-WP07-__) • Discussion on the Status of the update of the ATCRBS MOPS (DO-144) • (SC209-WP07-__) • Review of Identified Open Issues in DO-181D (SC209-WP07-09) • Review Status of Action Items and Joint Plenary Agreements • Closing Plenary Session (Date, Place and Time of Future Meetings, Discussion of Agenda topic for Next Meeting(s), Other Business, Adjourn). Attendance is open to the interested public but limited to space availability. With the approval of the chairmen, members of the public may present oral statements at the meeting. Persons wishing to present statements or obtain information should contact the person listed in the FOR FURTHER INFORMATION CONTACT section. Members of the public may present a written statement to the committee at any time. Issued in Washington, DC, July 27, 2007. Francisco Estrada C., RTCA Advisory Committee. [FR Doc. 07-3780 Filed 8-2-07; 8:45 am]
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- 10 CFR 54
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- 17 CFR 240.19
- 17 CFR 19
- 40 CFR 1500
- 22 CFR 161
- Pub. L. 92-463
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