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Federal Register / Vol. 72, No.

162 / Wednesday, August 22, 2007 / Notices 47105

A proposed rule change filed under • Send an e-mail to rule- SECURITIES AND EXCHANGE
19b–4(f)(6) normally may not become comments@sec.gov. Please include File COMMISSION
operative prior to 30 days after the date Number SR–ISE–2007–70 on the subject
of filing.13 However, Rule 19b– line. [Release No. 34–56263; File No. SR–ISE–
4(f)(6)(iii) 14 permits the Commission to
Paper Comments 2007–69]
designate a shorter time if such action
is consistent with the protection of • Send paper comments in triplicate
Self-Regulatory Organizations;
investors and the public interest. The to Nancy M. Morris, Secretary,
International Securities Exchange,
ISE requests that the Commission waive Securities and Exchange Commission,
100 F Street, NE., Washington, DC LLC; Notice of Filing and Immediate
the 30-day operative delay, as specified Effectiveness of Proposed Rule
in Rule 19b–4(f)(6)(iii),15 which would 20549–1090.
All submissions should refer to File Change Relating to the Extension of a
make the rule change effective and Pilot Period To Increase Position
operative upon filing. The Commission Number SR–ISE–2007–70. This file
number should be included on the Limits and Exercise Limits for Equity
believes that waiving the 30-day
subject line if e-mail is used. To help the Options and Options on the Nasdaq-
operative delay is consistent with the
protection of investors and the public Commission process and review your 100 Tracking Stock
interest. The Commission notes that this comments more efficiently, please use August 15, 2007.
proposal is substantially similar to SR– only one method. The Commission will
CBOE–2006–88 16 previously approved post all comments on the Commission’s Pursuant to Section 19(b)(1) of the
by the Commission for the CBOE. The Internet Web site (http://www.sec.gov/ Securities Exchange Act of 1934
Commission further notes that the CBOE rules/sro.shtml). Copies of the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
proposal was noticed for comment and submission, all subsequent notice is hereby given that on August
no comments were received. amendments, all written statements 13, 2007, the International Securities
Accordingly, the Commission with respect to the proposed rule Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
designates the proposed rule change change that are filed with the filed with the Securities and Exchange
operative upon filing with the Commission, and all written Commission (‘‘Commission’’) the
Commission.17 communications relating to the proposed rule change as described in
At any time within 60 days of the proposed rule change between the Items I and II below, which Items have
filing of the proposed rule change, the Commission and any person, other than been substantially prepared by ISE. The
Commission may summarily abrogate those that may be withheld from the Exchange has filed the proposal as a
such rule change if it appears to the public in accordance with the
‘‘non-controversial’’ rule change
Commission that such action is provisions of 5 U.S.C. 552, will be
pursuant to Section 19(b)(3)(A) of the
necessary or appropriate in the public available for inspection and copying in
the Commission’s Public Reference Act 3 and Rule 19b–4(f)(6) thereunder,4
interest, for the protection of investors, which renders it effective upon filing
or otherwise in the furtherance of the Room, 100 F Street, NE., Washington,
DC 20549, on official business days with the Commission. The Commission
purposes of the Act. is publishing this notice to solicit
between the hours of 10 a.m. and 3 p.m.
IV. Solicitation of Comments Copies of such filing also will be comments on the proposed rule change
available for inspection and copying at from interested persons.
Interested persons are invited to
submit written data, views, and the principal office of the ISE. All I. Self-Regulatory Organization’s
arguments concerning the foregoing, comments received will be posted
Statement of the Terms of Substance of
including whether the proposed rule without change; the Commission does
the Proposed Rule Change
change is consistent with the Act. not edit personal identifying
Comments may be submitted by any of information from submissions. You ISE proposes to extend the time
the following methods: should submit only information that period for Exchange Rule 412 and Rule
you wish to make available publicly. All 414 position and exercise limits pilot
Electronic Comments submissions should refer to File program for equity option contracts and
• Use the Commission’s Internet Number SR–ISE–2007–70 and should be
options on the Nasdaq-100 Index
comment form (http://www.sec.gov/ submitted on or before September 12,
Tracking Stock (‘‘QQQQ’’) (‘‘Pilot
rules/sro.shtml); or 2007.
Program’’). The text of the proposed rule
For the Commission, by the Division of change is available at ISE, the
13 17 CFR 240.19b–4(f)(6)(iii). Market Regulation, pursuant to delegated
authority.18 Commission’s Public Reference Room,
14 Id.
15 Id. Florence E. Harmon,
and http://www.ise.com.
16 Seesupra note 7. Deputy Secretary.
17 Forpurposes only of waiving the 30-day [FR Doc. E7–16524 Filed 8–21–07; 8:45 am] 1 15 U.S.C. 78s(b)(1).
operative delay, the Commission has considered the
impact of the proposed rule on efficiency, BILLING CODE 8010–01–P 2 17 CFR 240.19b–4.
competition, and capital formation. See 15 U.S.C. 3 15 U.S.C. 78s(b)(3)(A).

78c(f). 18 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(6).


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47106 Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices

II. Self-Regulatory Organization’s prepared summaries, set forth in contracts and for options on QQQQs.5
Statement of the Purpose of, and Sections A, B, and C below, of the most The Pilot Program, after being extended
Statutory Basis for, the Proposed Rule significant aspects of such statements. on prior occasions,6 is set to expire on
Change September 1, 2007.7 Specifically, the
A. Self-Regulatory Organization’s
In its filing with the Commission, ISE Statement of the Purpose of, and Pilot Program increased the applicable
included statements concerning the Statutory Basis for, the Proposed Rule position and exercise limits for equity
purpose of and basis for the proposed Change options and options on the QQQQ to the
rule change and discussed any following levels:
comments it received on the proposed 1. Purpose
rule change. The text of these statements The Pilot Program provides for an
may be examined at the places specified increase to the standard position and
in Item IV below. The Exchange has exercise limits for equity option

Current equity option contract limit 8 Pilot program equity option contract limit

13,500 25,000
22,500 50,000
31,500 75,000
60,000 200,000
75,000 250,000

Current QQQQ option contract limit Pilot program QQQQ option contract limit

300,000 900,000

The purpose of the proposed rule B. Self-Regulatory Organization’s 4(f)(6)(iii) 15 permits the Commission to
change is to extend the Pilot Program for Statement on Burden on Competition designate a shorter time if such action
an additional six-month period, until The proposed rule change does not is consistent with the protection of
March 1, 2008. The Exchange believes impose any burden on competition. investors and the public interest. The
that extending the Pilot Program for this Exchange has requested that the
additional period is warranted due to C. Self-Regulatory Organization’s Commission waive the 30-day operative
Statement on Comments on the
the positive feedback from members and delay. The Commission believes that
Proposed Rule Change Received From
for the reasons cited in the original rule waiving the 30-day operative delay is
Members, Participants, or Others
filing that proposed the adoption of the consistent with the protection of
Pilot Program.9 Additionally, the The Exchange has not solicited, and investors and in the public interest
Exchange represents that it has not does not intend to solicit, comments on because it will allow the Pilot Program
experienced any problems or difficulties this proposed rule change. The to continue uninterrupted. For this
relating to the Pilot Program since its Exchange has not received any reason, the Commission designates that
unsolicited written comments from
inception. For these reasons, the the proposed rule change become
members or other interested parties.
Exchange requests that the Commission operative immediately.16
extend the Pilot Program until March 1, III. Date of Effectiveness of the At any time within 60 days of the
2008. Proposed Rule Change and Timing for filing of the proposed rule change, the
Commission Action
2. Statutory Basis Commission may summarily abrogate
Because the forgoing rule change does such rule change if it appears to the
The Exchange believes that its not: (1) Significantly affect the Commission that such action is
proposal is consistent with Section 6(b) protection of investors or the public necessary or appropriate in the public
of the Act 10 in general, and furthers the interest; (2) impose any significant interest, for the protection of investors,
objective of Section 6(b)(5) of the Act 11 burden on competition; and (3) become or otherwise in furtherance of the Act.
in particular, in that it is designed to operative for 30 days after the date of
promote just and equitable principles of this filing, or such shorter time as the IV. Solicitation of Comments
trade and to protect investors and the Commission may designate, it has
become effective pursuant to Section Interested persons are invited to
public interest. submit written data, views, and
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13 arguments concerning the foregoing,
5 See Securities Exchange Act Release No. 51295
A proposed rule change filed under including whether the proposed rule
(March 2, 2005), 70 FR 11292 (March 8, 2005) (SR–
ISE–2005–14) (‘‘Pilot Program Notice’’). 19b–4(f)(6) normally may not become change is consistent with the Act.
6 See Securities Exchange Act Release Nos. 54335 operative prior to 30 days after the date Comments may be submitted by any of
(August 18, 2006), 71 FR 50954 (August 28, 2006) of filing.14 However, Rule 19b– the following methods:
(SR–ISE–2006–47); 53345 (February 22, 2006), 71
FR 10579 (March 1, 2006) (SR–ISE–2006–10); and 12 15 U.S.C. 78s(b)(3)(A).
52265 (August 15, 2005), 70 FR 48996 (August 22, 13 17 CFR 240.19b–4(f)(6).
2005) (SR–ISE–2005–39). 14 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
7 See Securities Exchange Act Release No. 55311 Commission. ISE has satisfied the five-day pre-
19b–4(f)(6)(iii) requires that a self-regulatory filing requirement.
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(February 16, 2007), 72 FR 8408 (February 26, 2007)


organization submit to the Commission written 15 Id.
(SR–ISE–2007–15).
8 Except when the Pilot Program is in effect.
notice of its intent to file the proposed rule change,
16 For the purposes only of waiving the operative
along with a brief description and text of the
9 See Pilot Program Notice, supra note 5. delay, the Commission has considered the proposed
proposed rule change, at least five business days
10 15 U.S.C. 78f(b). rule’s impact on efficiency, competition, and capital
prior to the date of filing of the proposed rule
11 15 U.S.C. 78f(b)(5). change, or such shorter time as designated by the formation. See 15 U.S.C. 78c(f).

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Federal Register / Vol. 72, No. 162 / Wednesday, August 22, 2007 / Notices 47107

Electronic Comments SECURITIES AND EXCHANGE most significant aspects of such


COMMISSION statements.
• Use the Commission’s Internet
comment form (http://www.sec.gov/ A. Self-Regulatory Organization’s
[Release No. 34–56271; File No. SR–NYSE– Statement of the Purpose of, and
rules/sro.shtml); or 2007–74]
Statutory Basis for, the Proposed Rule
• Send an e-mail to rule- Change
comments@sec.gov. Please include File Self-Regulatory Organizations; New
No. SR–ISE–2007–69 on the subject York Stock Exchange LLC; Notice of 1. Purpose
line. Filing and Order Granting Accelerated
The Exchange proposes to amend
Approval of Proposed Rule Change To
Section 703.22 of the Manual to permit
Paper Comments Amend Sections 703.22 and 802.01D of
the listing of securities that do not meet
the Exchange’s Listed Company
• Send paper comments in triplicate the one million unit initial distribution
Manual Regarding the Listing and
to Nancy M. Morris, Secretary, requirement but are redeemable on at
Trading of Index-Linked Securities
Securities and Exchange Commission, least a weekly basis at the option of the
Station Place, 100 F Street, NE., August 16, 2007. holders. Section 703.22 is the
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the Exchange’s generic listing standards for
Securities Exchange Act of 1934 equity index-linked securities (‘‘Equity
All submissions should refer to File No. (‘‘Act’’),2 and Rule 19b–4 thereunder,3 Index-Linked Securities’’), commodity-
SR–ISE–2007–69. This file number notice is hereby given that on August 3, linked securities (‘‘Commodity-Linked
should be included on the subject line 2007, New York Stock Exchange LLC Securities’’), and currency-linked
if e-mail is used. To help the (‘‘NYSE’’ or ‘‘Exchange’’) filed with the securities (‘‘Currency-Linked
Commission process and review your Securities and Exchange Commission Securities’’ and, together with Equity
comments more efficiently, please use (‘‘Commission’’) the proposed rule Index-Linked Securities and
only one method. The Commission will changes as described in Items I and II Commodity-Linked Securities, ‘‘Index-
post all comments on the Commission’s below, which items have been prepared Linked Securities’’).
Internet Web site (http://www.sec.gov/ by the Exchange. The Commission is Section 703.22 of the Manual
rules/sro.shtml). Copies of the publishing this notice to solicit currently exempts a new listing of
submission, all subsequent comments on the proposed rule changes Index-Linked Securities from the
from interested persons. otherwise applicable requirement that
amendments, all written statements
the issue have 400 holders upon listing,
with respect to the proposed rule I. Self-Regulatory Organization’s but only if the issue provides for the
change that are filed with the Statement of the Terms of Substance of redemption of securities at the option of
Commission, and all written the Proposed Rule Change the holders on at least a weekly basis.
communications relating to the The Exchange believes that, where there
The Exchange proposes to amend
proposed rule change between the is such a weekly redemption right, the
Section 703.22 of its Listed Company
Commission and any person, other than same justification exists for an
Manual (‘‘Manual’’) to permit the listing
those that may be withheld from the exemption from the requirement to have
of securities that do not meet the one
public in accordance with the million unit initial distribution one million units issued at the time of
provisions of 5 U.S.C. 552, will be requirement but are redeemable on at listing as applies to the 400 holder
available for inspection and copying in least a weekly basis at the option of the requirement. The Exchange believes that
the Commission’s Public Reference holders. The filing also amends Section a weekly redemption right will ensure a
Room, 100 F Street, NE., Washington, 802.01D of the Manual to apply the strong correlation between the market
DC 20549, on official business days continued listing standards under the price of the Index-Linked Securities and
between the hours of 10 a.m. and 3 p.m. heading ‘‘Specialized Securities’’ to the performance of the underlying
Copies of such filing will also be securities listed under Section 703.22. index, as holders will be unlikely to sell
available for inspection and copying at The text of the proposed rule change their securities for less than their
the principal office of ISE. All is available at the Exchange, the redemption value if they have a weekly
comments received will be posted Commission’s Public Reference Room, right to be redeemed for their full value.
without change; the Commission does and http://www.nyse.com. In addition, in the case of those Index-
not edit personal identifying Linked Securities with a weekly
II. Self-Regulatory Organization’s redemption feature that are currently
information from submissions. You Statement of the Purpose of, and
should submit only information that listed, as well as all of those that are
Statutory Basis for, the Proposed Rule currently proposed to be listed, the
you wish to make available publicly. All Change
submissions should refer to File No. issuer has the ability to issue new
In its filing with the Commission, the Index-Linked Securities from time to
SR–ISE–2007–69 and should be
Exchange included statements time at the indicative value at the time
submitted on or before September 12,
concerning the purpose of and basis for of such sale. This provides a ready
2007.
the proposed rule change and discussed supply of new Index-Linked Securities,
For the Commission, by the Division of any comments it received on the thereby lessening the possibility that the
Market Regulation, pursuant to delegated proposed rule change. The text of these market price of such securities will be
authority.17 statements may be examined at the affected by a scarcity of available Index-
Florence E. Harmon, places specified in Item III below. The Linked Securities for sale. The Exchange
Deputy Secretary. NYSE has prepared summaries, set forth believes that it also assists in
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[FR Doc. E7–16527 Filed 8–21–07; 8:45 am] in Sections A, B and C below, of the maintaining a strong correlation
between the market price and the
BILLING CODE 8010–01–P
1 15 U.S.C. 78s(b)(1). indicative value, as investors will be
2 15 U.S.C. 78a. unlikely to pay more than the indicative
17 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. value in the open market if they can

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