Federal Register / Vol. 65, No. 198 / Thursday, October 12, 2000 / Notices 60703

1 17 CFR 240.11 Aa3–2.

2OPRA is a National Market System Plan

approved by the Commission pursuant to Section

11A of the Act and Rule 11Aa3–2 thereunder. See

Securities Exchange Act Release No. 17638 (March

18, 1981).

The Plan provides for the collection and

dissemination of last sale and quotation information

on options that are traded on the member

exchanges. The six exchanges that are participants

to the Plan are the American Stock Exchange, the

Chicago Board Options Exchange, the International

Securities Exchange, the New York Stock Exchange,

the Pacific Exchange, and the Philadelphia Stock

Exchange.

3No changes are proposed to be made at this time

to fees charged to vendors and subscribers for

access to information pertaining to foreign currency

options (‘‘FCO’’) provided through OPRA’s FCO

Service. 4 17 CFR 240.11Aa3–2(c)(3)(i).

Contracts will satisfy the requirements

of section 27(i)(2)(A).

10. Accordingly, Applicants seek

exemptions pursuant to section 6(c)

from sections 2(a)(32), 22(c) and

27(i)(2)(A) of the 1940 Act and Rule

22c–1 thereunder to the extent deemed

necessary to permit the Companies to

issue Contracts that offer Optional

Insurance Riders and deduct a monthly

charge for each rider upon surrender of

a Contract.

11. Applicants seek relief not only

with respect to themselves and the

Contracts, but also with respect to Other

Separate Accounts established by the

Companies that may support Future

Contracts that may offer the same

benefit described herein, even if the

Optional Insurance Rider is offered

under a different name. Applicants also

seek relief with respect to any of the

Companies’ Broker-Dealers, which will

be members of the NASD.

12. Applicants state, that without the

requested class relief, exemptive relief

for Future Contracts, any other Separate

Account, or any of the Companies’

Broker-Dealers would have to be

requested and obtained separately.

Applicants assert that these additional

requests for exemptive relief would

present no new issues under the 1940

Act not already addressed herein.

Applicants state that if they were to

repeatedly seek exemptive relief with

respect to the same issues addressed

herein, investors would not receive any

additional protection or benefit, and

investors and Applicants could be

disadvantaged by increased costs from

preparing such additional requests for

relief. Applicants argue that the

requested class relief is appropriate in

the public interest because the relief

will promote competitiveness in the

variable annuity market by eliminating

the need for Applicants to refile

redundant exemptive applications,

thereby reducing administrative

expenses and maximizing efficient uses

of resources. Elimination of the delay

and the expense of repeatedly seeking

exemptive relief would, Applicants

opine, enhance each Applicant’s ability

to effectively take advantage of business

opportunities as such opportunities

arise.

Conclusion

For the reasons summarized above,

Applicants submit that the requested

exemptions are necessary and

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policy and provisions of

the 1940 Act. Applicants therefore

request that an order be granted

permitting the proposed transactions.

For the Commission, by Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26184 Filed 10–11–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43414; File No. SR–OPRA–

00–09]

Options Price Reporting Authority;

Notice of Filing and Immediate

Effectiveness of a Proposal To Amend

the Options Price Reporting Authority

Plan To Increase the Professional

Subscriber Information Fees

October 4, 2000.

Pursuant to Rule 11Aa3–2 under the

Securities Exchange Act of 1934

(‘‘Act’’) 1 notice is hereby given that on

October 3, 2000, the Options Price

Reporting Authority (‘‘OPRA’’) 2

submitted to the Securities and

Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) an amendment to the

Plan for Reporting of Consolidated

Options Last Sale Reports and

Quotation Information (‘‘Plan’’). The

proposed Plan amendment would

increase the professional subscriber

information fees charged by OPRA in

respect of its Basic Service.

I. Description and Purpose of the

Amendment

The purpose of the amendment is to

increase by approximately five percent

the device-based information fees

payable to OPRA by professional

subscribers to OPRA’s Basic Service,

which consists of market data and

related information pertaining to equity

and index options (‘‘OPRA Data’’).3

OPRA does not propose to make any

changes to OPRA’s nonprofessional

subscriber fee or to OPRA’s usage-based

fees that apply to dial-up market data

services (which may include Internet

services), radio paging services, and

voice-synthesized market data services.

The proposed increase of devicebased professional subscriber fees

ranges from 4.35% to 6.06% of the

existing fees. Professional subscriber

fees charged to members will continue

to be discounted by two percent for

members who preauthorize payment by

electronic funds transfer through an

automated clearinghouse system. OPRA

estimates that the overall effect of the

proposed increase in professional

subscriber fees will be to increase

revenues derived from professional

subscriber fees by approximately five

percent. Professional subscribers are

those persons who subscribe to OPRA

Data and do not qualify for the reduced

fees charged to nonprofessional

subscribers. As an alternative to devicebased fees, professional subscribers may

pay an enterprise rate fee based on the

number of their U.S. registered

representatives. No changes are

proposed to be made to the enterprise

rate fee.

The proposed increase in the amount

of the professional subscriber fees is

intended to generate additional OPRA

revenues derived from device-based

subscriber fees in order to cover actual

and anticipated increases in the costs of

collecting, consolidating, processing,

and disseminating options market data.

These increases for the most part reflect

the costs of major enhancements to and

upgrades of the OPRA system to enable

it to handle expanded multiple trading

of options, overall greater trading

volume, and the move to decimal

pricing for options.

II. Implementation of the Plan

Amendment

Pursuant to paragraph (c)(3)(i) of Rule

11Aa3–2,4 OPRA designates this

amendment as establishing or changing

a fee or other charge collected on behalf

of all of the OPRA participants in

connection with access to or use of

OPRA facilities, thereby qualifying for

effectiveness upon filing. In order to

give subscribers advance notice of the

revised fees, they are proposed to be put

into effect commencing January 1, 2001.

The Commission may summarily

abrogate the amendment within 60 days

of filing and require refiling and

approval of the amendment by

Commission order pursuant to Rule

60704 Federal Register / Vol. 65, No. 198 / Thursday, October 12, 2000 / Notices

5 17 CFR 240.11Aa3–2(c)(2).

6 17 CFR 240.11Aa3–2.

7 17 CFR 200.30–3(a)(29).

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 43191

(August 22, 2000), 65 FR 52456 (August 29, 2000).

4Securities Exchange Act Release No. 42947, 65

FR 39211 (June 23, 2000).

5 15 U.S.C. 78f.

6 15 U.S.C. 78f(b)(5).

7 15 U.S.C. 78s(b)(3)(A).

8 17 CFR 240.19b–4(f)(3).

9 15 U.S.C. 78s(b)(3)(C).

11Aa3–2(c)(2),5 if it appears to the

Commission that such action is

necessary or appropriate in the public

interests, for the protection of investors

and the maintenance of fair and orderly

markets, to remove impediments to, and

perfect the mechanisms of, a national

market system, or otherwise in

furtherance of the purposes of the

Exchange Act.6

II. Solicitation of Comments

Interested person are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed Plan

amendment is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. Copies of

the Submission, all subsequent

amendments, and all written statements

with respect to the proposed Plan

amendment that are filed with the

Commission, and all written

communications relating to the

proposed Plan amendment between the

Commission and any person, other than

those withheld from the public in

accordance with the provisions of 5

U.S.C. 552, will be available for

inspection and copying in the

Commission’s Public Reference Room.

Copies of the filing also will be available

at the principal offices of OPRA. All

submissions should refer to File No.

SR–OPRA–00–09 and should be

submitted by November 2, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26185 Filed 10–11–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43405; File No. SR–AMEX–

00–54]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange LLC

Relating to Amex Rule 915

October 3, 2000.

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

September 27, 2000, the American Stock

Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the Exchange.

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 amend the

numbering of Amex Rule 915,

Commentary .07, as filed with the

Commission in SR–Amex–00–45, to

Amex Rule 915, Commentary .08. This

commentary relates to liability

disclaimer and warranty with respect to

the FORTUNE Indexes.

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

On August 16, 2000, the Exchange

filed an amendment to Amex Rule 915

relating to the liability disclaimer and

warranty with respect to the FORTUNE

Indexes (SR–Amex–00–45). This

amendment became effective pursuant

to Section 19(b)(3) of the Act and

subparagraph (f)(6) of Rule 19b–4 under

the Act.3 In SR–Amex–00–45, proposed

new Commentary to Amex Rule 915 was

inadvertently numbered as Commentary

.07. The Exchange hereby amends

numbering of this Commentary .07 to

Commentary .08 to avoid conflict with

Amex Rule 915, Commentary .07

relating to options on Trust Issued

Receipts, previously approved by the

Commission on June 15, 2000.4

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with Section

6(b) 5 of the Act in general and furthers

the objectives of Section 6(b)(5) 6 in

particular in that is it designed to

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; and are not designed to

permit unfair discrimination between

customers, issuers, brokers and dealers.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange represents that the

proposed rule change will impose no

burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing proposed rule change

has become effective pursuant to

Section 19(b)(3)(A) of the Act 7 and Rule

19b–4(f)(1) thereunder 8 because the

proposed rule change 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 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 the furtherance of the

purposes of the Act.9

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.

Persons making written submissions