8408 Federal Register / Vol. 72, No. 37 / Monday, February 26, 2007 / Notices 

7 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

8 15 U.S.C. 78f(b)(5). 

9See e.g., Securities Exchange Act Release Nos. 

55029 (December 29, 2006), 72 FR 806 (January 8, 

2007) (SR–Amex–2006–76) (DB Multi-Sector 

Commodity Trust); 54450 (September 14, 2006), 71 

FR 55230 (September 21, 2006) (SR–Amex–2006–

44) (PowerShares DB G10 Harvest Fund, formerly 

known as DB Currency Index Value Fund); and 

53105 (January 11, 2006), 71 FR 3129 (January 19, 

2006) (SR–Amex–2005–059) (DB Commodity Index 

Tracking Fund). 

10 15 U.S.C. 78k–1(a)(1)(C)(iii). 

11A number of independent sources verify both 

the intraday and closing Index values. See Notice, 

72 FR at 3173, note 13. 

12 15 U.S.C. 78s(b)(2). 

13See supra note 9. 

14 15 U.S.C. 78s(b)(2). 

15 17 CFR 200.30–3(a)(12). 

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). 

with the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange.7 In particular, the 

Commission finds that the proposal is 

consistent with the requirements of 

Section 6(b)(5) of the Act,8 which 

requires, among other things, that the 

Exchange’s rules be 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. The Commission notes 

that these Funds are substantially 

similar to other funds, the listing and 

trading of shares of which have 

previously been approved by the 

Commission. Such shares are currently 

trading pursuant to Commentary .07 to 

Amex Rule 1202.9

The Commission further believes that 

the proposal is consistent with Section 

11A(a)(1)(C)(iii) of the Exchange Act,10

which sets forth Congress’ finding that 

it is in the public interest and 

appropriate for the protection of 

investors and the maintenance of fair 

and orderly markets to assure the 

availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities. Key information will be 

disseminated at least every 15 seconds 

throughout the trading day, including 

the value of each Index 11 and the 

Indicative Fund Value on a per-Share 

basis for each Fund. The NAV of each 

of the Funds will be calculated once 

each trading day and disseminated to all 

market participants at the same time. In 

addition, daily settlement prices, futures 

quotes, and last-sale information for the 

DX Contracts will be disseminated 

through a variety of major market data 

vendors, and complete real-time data for 

such futures are available by 

subscription from such vendors. The 

Exchange’s Web site will also disclose 

information regarding the Shares, 

including among other things, the 

current value of the Cash Deposit 

Amount for the creation of a Basket, 

daily trading volume, the closing price, 

and the number of Shares outstanding. 

In support of this proposal, the 

Exchange has made the following 

representations: 

(1) Amex would rely on its existing 

surveillance procedures, which are 

adequate to monitor the trading of the 

Shares and to deter and detect 

violations of applicable rules. 

Specifically, the Exchange will rely on 

its surveillance procedures applicable to 

trust-issued receipts, portfolio 

depository receipts, and index fund 

shares and will incorporate and rely 

upon existing Amex surveillance 

procedures governing options and 

equities. In addition, Amex has in place 

an information sharing agreement with 

NYBOT, which is a member of the 

Intermarket Surveillance Group. 

(2) The Index Sponsor has in place 

procedures to prevent the improper 

sharing of information between different 

affiliates, departments, and employees 

of the Index Sponsor. Specifically, an 

information barrier exists between the 

personnel of the Index Sponsor that 

calculate and reconstitute the Indexes 

and other personnel of the Index 

Sponsor, including, without limitation, 

the Managing Owner, employees 

involved in sales and trading activities, 

internal and external fund managers, 

and certain bank personnel. 

(3) Amex will distribute an 

Information Circular to its members 

providing guidance with regard to the 

special characteristics and risks of 

trading this type of security, the creation 

and redemption procedures, applicable 

Amex rules, the various fees and 

expenses, and the prospectus delivery 

requirements applicable to the Funds. 

This Order is conditioned on Amex’s 

adherence to the foregoing 

representations. 

The Commission finds good cause to 

approve the proposed rule change, as 

modified by Amendment Nos. 1, 2, and 

3 thereto, prior to the thirtieth day after 

publication for comment in the Federal 

Register pursuant to Section 19(b)(2) of 

the Act.12 The Shares are similar to 

certain trust-issued receipts, the listing 

and trading of which have previously 

been approved by the Commission, and 

do not appear to present any new 

regulatory concerns.13 Furthermore, the 

Commission did not receive any 

comments on the proposal. Accelerating 

approval will allow the Shares to trade 

on Amex without undue delay and 

should generate additional competition 

in the market for such products. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,14 that the 

proposed rule change (SR–Amex–2006–

86), as modified by Amendment Nos. 1, 

2, and 3, be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.15

Nancy M. Morris, 

Secretary. 

[FR Doc. E7–3158 Filed 2–23–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55311; File No. SR–ISE–

2007–15] 

Self-Regulatory Organizations; 

International Securities Exchange, Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to the Extension of a 

Pilot Period to Increase Position Limits 

and Exercise Limits for Equity Options 

and Options on the Nasdaq-100 

Tracking Stock 

February 16, 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 February 

13, 2007, the International Securities 

Exchange, Inc. (‘‘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 ISE. The 

Exchange has filed the proposal 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 it effective upon filing 

with the Commission. 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 Substance of 

the Proposed Rule Change 

ISE proposes to extend the time 

period for Exchange Rule 412 and Rule 

414 position and exercise limits pilot 


ycherry on PROD1PC64 with NOTICES
Federal Register / Vol. 72, No. 37 / Monday, February 26, 2007 / Notices 8409 

5See Securities Exchange Act Release No. 51295 

(March 2, 2005), 70 FR 11292 (March 8, 2005) (SR–

ISE–2005–14) (‘‘Pilot Program Notice’’). 

6See Securities Exchange Act Release Nos. 53345 

(February 22, 2006), 71 FR 10579 (March 1, 2006) 

(SR–ISE–2006–10); and 52265 (August 15, 2005), 70 

FR 48996 (August 22, 2005) (SR–ISE–2005–39). 

7See Securities Exchange Act Release No. 54335 

(August 18, 2006), 71 FR 50954 (August 28, 2006) 

(SR–ISE–2006–47). 

9See Pilot Program Notice, supra note 5. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(5). 

12 15 U.S.C. 78s(b)(3)(A). 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires that a self-regulatory 

organization submit to the Commission written 

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. ISE has satisfied the five-day prefiling requirement. 

15 Id. 

16For the purposes only of waiving the operative 

delay, the Commission has considered the proposed 

rule’s impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

program for equity option contracts and 

options on the Nasdaq-100 Index 

Tracking Stock (‘‘QQQQ’’) (‘‘Pilot 

Program’’). The text of the proposed rule 

change is available at ISE, the 

Commission’s Public Reference Room, 

and http://www.iseoptions.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, 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 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 Pilot Program provides for an 

increase to the standard position and 

exercise limits for equity option 

contracts and for options on QQQQs.5

The Pilot Program, after being extended 

on prior occasions,6 is set to expire on 

March 1, 2007.7 Specifically, the Pilot 

Program increased the applicable 

position and exercise limits for equity 

options and options on the QQQQ to the 

following levels: 

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 contracts 900,000 contracts 

8Except when the Pilot Program is in effect. 

The purpose of the proposed rule 

change is to extend the Pilot Program for 

an additional six-month period, until 

September 1, 2007. The Exchange 

believes that extending the Pilot 

Program for this additional period is 

warranted due to the positive feedback 

from members and for the reasons cited 

in the original rule filing that proposed 

the adoption of the Pilot Program.9

Additionally, the Exchange represents 

that it has not experienced any 

problems or difficulties relating to the 

Pilot Program since its inception. For 

these reasons, the Exchange requests 

that the Commission extend the Pilot 

Program until September 1, 2007. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 10 in general, and furthers the 

objective of Section 6(b)(5) of the Act 11

in particular, in that it is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition. 

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 forgoing rule change does 

not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 12 and Rule 19b–

4(f)(6) thereunder.13

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative prior to 30 days after the date 

of filing.14 However, Rule 19b–

4(f)(6)(iii) 15 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and in the public interest 

because it will allow the Pilot Program 

to continue uninterrupted.16

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 Act. 


ycherry on PROD1PC64 with NOTICES
8410 Federal Register / Vol. 72, No. 37 / Monday, February 26, 2007 / Notices 

17 17 CFR 200.30–3(a)(12). 

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 rulecomments@sec.gov. Please include File 

No. SR–ISE–2007–15 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File No. 

SR–ISE–2007–15. This file number 

should be included on the subject line 

if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of such filing will also be 

available for inspection and copying at 

the principal office of 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 No. 

SR–ISE–2007–15 and should be 

submitted on or before March 19, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.17

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. E7–3157 Filed 2–23–07; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: Notice of reporting requirements 

submitted for OMB review. 

SUMMARY: Under the provisions of the 

Paperwork Reduction Act (44 U.S.C. 

Chapter 35), agencies are required to 

submit proposed reporting and 

recordkeeping requirements to OMB for 

review and approval, and to publish a 

notice in the Federal Register notifying 

the public that the agency has made 

such a submission. 

DATES: Submit comments on or before 

March 28, 2007. If you intend to 

comment but cannot prepare comments 

promptly, please advise the OMB 

Reviewer and the Agency Clearance 

Officer before the deadline. 

Copies: Request for clearance (OMB 

83–1), supporting statement, and other 

documents submitted to OMB for 

review may be obtained from the 

Agency Clearance Officer. 

ADDRESSES: Address all comments 

concerning this notice to: Agency 

Clearance Officer, Jacqueline White, 

Small Business Administration, 409 3rd 

Street, SW., 5th Floor, Washington, DC 

20416; and OMB Reviewer, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, New 

Executive Office Building, Washington, 

DC 20503. 

FOR FURTHER INFORMATION CONTACT: 

Jacqueline White, Agency Clearance 

Officer, (202) 205–7044. 

SUPPLEMENTARY INFORMATION: 

Title: Alternative Creditworthiness 

Assessment. 

No’s: 2294. 

Frequency: On Occasion. 

Description of Respondents: 

Personnel that assist in the processing of 

loan application and disbursement of 

loan funds to victims of Hurricanes 

Katrina, Rita and Wilma. 

Responses: 1,849. 

Annual Burden: 8. 

Jacqueline White, 

Chief, Administrative Information Branch. 

[FR Doc. E7–3150 Filed 2–23–07; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: Notice of Reporting 

Requirements Submitted for OMB 

Review. 

SUMMARY: Under the provisions of the 

Paperwork Reduction Act (44 U.S.C. 

Chapter 35), agencies are required to 

submit proposed reporting and 

recordkeeping requirements to OMB for 

review and approval, and to publish a 

notice in the Federal Register notifying 

the public that the agency has made 

such a submission. 

DATES: Submit comments on or before 

March 28, 2007. If you intend to 

comment but cannot prepare comments 

promptly, please advise the OMB 

Reviewer and the Agency Clearance 

Officer before the deadline. 

Copies: Request for clearance (OMB 

83–1), supporting statement, and other 

documents submitted to OMB for 

review may be obtained from the 

Agency Clearance Officer. 

ADDRESSES: Address all comments 

concerning this notice to: Agency 

Clearance Officer, Jacqueline White, 

Small Business Administration, 409 3rd 

Street, SW., 5th Floor, Washington, DC 

20416; and OMB Reviewer, Office of 

Information and Regulatory Affairs, 

Office of Management and Budget, New 

Executive Office Building, Washington, 

DC 20503. 

FOR FURTHER INFORMATION CONTACT: 

Jacqueline White, Agency Clearance 

Officer, (202) 205–7044. 

SUPPLEMENTARY INFORMATION: 

Title: Form of Detached Assignment 

for U.S. Small Business Administration 

Loan Poll or Guaranteed Interest 

Certificate. 

No: 1088. 

Frequency: On Occasion. 

Description of Respondents: 

Secondary Market Participants. 

Responses: 6,500. 

Annual Burden: 9,750. 

Title: Training Program Evaluation. 

No: 20. 

Frequency: On Occasion. 

Description of Respondents: Small 

Business Clients. 

Responses: 200,000. 

Annual Burden: 40,000. 

Title: SBDC Program & Financial 

Reports. 

No: SF–269 and SF–272. 

Frequency: On Occasion. 

Description of Respondents: SBDC 

Directors. 

Responses: 114. 

Annual Burden: 7,524. 

Jacqueline White, 

Chief, Administrative Information Branch. 

[FR Doc. E7–3161 Filed 2–23–07; 8:45 am] 

BILLING CODE 8025–01–P 


ycherry on PROD1PC64 with NOTICES