Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 12339 

12 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4 15 U.S.C. 78f(b). 

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

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s 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. The Commission 

has waived the five-day prefiling requirement. 

8See Securities Exchange Act Release No. 66349 

(February 7, 2012), 77 FR 7637 (February 13, 2012) 

(SR–NYSEAmex–2012–09). 

9For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

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

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–4727 Filed 2–28–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66450; File No. SR– 

NYSEAmex–2012–14] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Correcting the 

Formatting of a Recently Adopted 

NYSE Amex Rule 

February 23, 2012. 

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 

17, 2012, NYSE Amex LLC (the 

‘‘Exchange’’ or ‘‘NYSE Amex’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Exchange has designated the proposed 

rule change as constituting a noncontroversial rule change under Rule 

19b–4(f)(6) under the Act,3 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to correct the 

formatting of a recently adopted NYSE 

Amex Rule. The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and www.nyse.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 

self-regulatory organization 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to correct the 

formatting of a recently adopted NYSE 

Amex Rule. Specifically, the Exchange 

recently codified in Commentary .05 of 

NYSE Amex Rule 903 the ability to 

allow trading of options on iShares®

Silver Trust (‘‘SLV’’ or ‘‘SLV Trust’’) 

and United States Oil Fund (‘‘USO’’ or 

‘‘USO Fund’’) at $0.50 strike price 

intervals where the strike price is less 

than $75. In adopting the rule change, 

the Exchange adopted new paragraph 

(b) in Commentary .05 and designated 

the existing language in Commentary 

.05 as paragraph (a). In this filing, the 

Exchange is proposing to change the 

references to (a), (b) and (c) in paragraph 

(a) to (i), (ii) and (iii). Other than this 

reformatting, the Exchange is not 

proposing any changes to the text of 

Commentary .05. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 4 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5),5 in particular, in that it 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 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 Exchange believes 

that the proposed rule change, which 

would correct the formatting of a 

recently amended Exchange rule, would 

provide more clarity to ATP Holders 

and the investing public with respect to 

that rule. 

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 solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not significantly affect the 

protection of investors or the public 

interest, does not impose any significant 

burden on competition, and, by its 

terms, does not become operative for 30 

days from the date on which it was 

filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 6 and Rule 19b– 

4(f)(6) thereunder.7

The Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal would correct the 

formatting of a recently amended 

Exchange rule 8 and thereby provide 

more clarity to ATP Holders and the 

investing public with respect to that 

rule. Therefore, the Commission 

designates the proposal operative upon 

filing.9

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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. 


tkelley on DSK3SPTVN1PROD with NOTICES
12340 Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 66080 

(January 3, 2012), 77 FR 1119 (‘‘Notice’’). 

4See letters to Elizabeth M. Murphy, Secretary, 

Commission, from David T. Bellaire, Esq., General 

Counsel and Director of Government Affairs, 

Financial Services Institute, dated January 30, 2012 

(‘‘FSI Letter’’); Eric Berman, CPA—Chair, Financial 

Management Standards Board, Association of 

Government Accountants, dated January 30, 2012 

(‘‘AGA Letter’’); David L. Cohen, Managing Director, 

Associate General Counsel, Securities Industry and 

Financial Markets Association, dated January 30, 

2012 (‘‘SIFMA Letter’’); Jeffrey L. Esser, Executive 

Director and Chief Executive Officer, Government 

Finance Officers Association, Robert O’Neill, 

Executive Director, International City/County 

Management Association, Larry E. Naake, Executive 

Director, National Association of Counties, Donald 

J. Borut, Executive Director, National League of 

Cities, and Tom Cochran, CEO and Executive 

Director, United States Conference of Mayors, dated 

January 30, 2012 (‘‘Associations Letter’’); John T. 

Hicks, President, National Association of State 

Budget Officers, dated January 30, 2012 (‘‘NASBO 

Letter’’); Ronald L. Jones, President, National 

Association of State Auditors, Comptrollers and 

Treasurers, dated January 30, 2012 (‘‘NASACT 

Letter’’); Michael Nicholas, Chief Executive Officer, 

Bond Dealers of America, dated January 30, 2012 

(‘‘BDA Letter’’); Martin J. Benison, Comptroller, 

Office of the Comptroller, Commonwealth of 

Massachusetts, dated January 24, 2012 

(‘‘Massachusetts Letter’’); and Chris Melton, Sr., 

dated January 19, 2012 (‘‘Melton Letter’’). 

5See Letter to Elizabeth M. Murphy, Secretary, 

Commission, from Brant K. Brown, Associate 

General Counsel, FINRA, dated February 13, 2012 

(‘‘FINRA Response Letter’’). 

6See Dodd-Frank Wall Street Reform and 

Consumer Protection Act, Pub. L. No. 111–203, 124 

Stat. 1376 (2010). 

7See 15 U.S.C. 77s(g). For purposes of the GASB 

Accounting Support Fee, the annual budget of the 

GASB is the annual budget reviewed and approved 

according to the internal procedures of the 

Financial Accounting Foundation (‘‘FAF’’). See 15 

U.S.C. 77s(g)(2). FINRA stated that it anticipates 

that the GASB’s annual budget will include an 

administrative fee to FINRA. The administrative fee 

is intended to cover FINRA’s costs associated with 

calculating, assessing, and collecting the GASB 

Accounting Support Fee, and the amount will be 

negotiated with the FAF each year. For the initial 

year, the administrative fee will be $50,000. 

8See Securities Exchange Act Release No. 64462 

(May 11, 2011), 76 FR 28247 (May 16, 2011). 

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 email to rulecomments@sec.gov. Please include File 

Number SR–NYSEAmex–2012–14 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEAmex–2012–14. This 

file number should be included on the 

subject line if email 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 Web site viewing and 

printing 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 

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– 

NYSEAmex–2012–14 and should be 

submitted on or before March 21, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–4764 Filed 2–28–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66454; File No. SR–FINRA– 

2011–073] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Order Granting 

Approval of Proposed Rule Change 

Relating to Establishing a 

Governmental Accounting Standards 

Board Accounting Support Fee 

February 23, 2012. 

I. Introduction 

On December 20, 2011, the Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a 

proposed rule change to adopt Section 

14 to Schedule A of the FINRA By-Laws 

to establish an accounting support fee to 

adequately fund the annual budget of 

the Governmental Accounting 

Standards Board (‘‘GASB’’). The 

proposed rule change was published for 

comment in the Federal Register on 

January 9, 2012.3 The Commission 

received nine comment letters on the 

proposed rule change.4 On February 13, 

2012, FINRA submitted a response letter 

to the comments.5 This order grants 

approval of the proposed rule change. 

II. Description of the Proposed Rule 

Change 

The Dodd-Frank Wall Street Reform 

and Consumer Protection Act (‘‘DoddFrank Act’’) was signed into law by 

President Obama on July 21, 2010.6 As 

added by Section 978 of the Dodd-Frank 

Act, Section 19(g) of the Securities Act 

of 1933 (‘‘Securities Act’’) gives the 

Commission the authority to require a 

national securities association to 

establish a reasonable annual 

accounting support fee to adequately 

fund the annual budget of the GASB 

(‘‘GASB Accounting Support Fee’’), and 

rules and procedures to provide for the 

equitable allocation, assessment, and 

collection of the GASB Accounting 

Support Fee from the association’s 

members.7 On May 11, 2011, the 

Commission exercised this authority 

and issued an order requiring FINRA to 

establish (a) a reasonable annual 

accounting support fee to adequately 

fund the annual budget of the GASB; 

and (b) rules and procedures, in 

consultation with the principal 

organizations representing State 

governors, legislators, local elected 

officials, and State and local finance 

officers, to provide for the equitable 

allocation, assessment, and collection of 

the accounting support fee from its 

members, and the remittance of all such 

accounting support fees to the FAF.8

In response to the Commission’s order 

of May 11, 2011, FINRA proposed new 

Section 14 (Accounting Support Fee for 

Governmental Accounting Standards 

Board) to Schedule A of the FINRA ByLaws to establish the GASB Accounting 

Support Fee. The proposed rule change 

would assess the fee based on FINRA 

members’ municipal securities trading 

volume reported to the Municipal 

Securities Rulemaking Board (‘‘MSRB’’). 

FINRA stated its belief that basing the 

GASB Accounting Support Fee on 

reliable and timely reporting data will 

ensure the accuracy of the fee and that 

using transaction data to apportion the 


tkelley on DSK3SPTVN1PROD with NOTICES