50848 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(6). 

16 17 CFR 240.19b–4(f)(6)(iii). 

17For 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). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Premium Product is defined in the Schedule of 

Fees as the products enumerated therein. 

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 

The Exchange has designated the 

proposed rule change as one 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) 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 if 

consistent with the protection of 

investors and the public interest. 

Additionally, the Exchange provided 

the Commission with written notice of 

its intention to file the proposed rule 

change at least five business days before 

its filing. Therefore, the foregoing rule 

change has become effective pursuant to 

Section 19(b)(3)(A) of the Act 14 and 

Rule 19b–4(f)(6) thereunder.15

A proposed rule change filed under 

Rule 19b–4(f)(6) under the Act normally 

may not become operative prior to 30 

days after the date of filing. However, 

Rule 19b–4(f)(6)(iii) under the Act 16

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, which 

would make the rule change effective 

and operative upon filing. The Exchange 

believes that waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest as it will allow the Exchange to 

continue to list options on the EEM 

Fund. For this reason, the Commission 

designates that the proposed rule 

change has become effective and 

operative immediately.17

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. 

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 

Number SR–ISE–2008–66 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, Station Place, 100 F Street, 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2008–66. 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 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 publicly available. All 

submissions should refer to File 

Number SR–ISE–2008–66 and should be 

submitted on or before September 18, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19943 Filed 8–27–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Release No. 34–58411; File No. SR–ISE–

2008–65] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to Fee Changes 

August 22, 2008. 

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 August 

12, 2008, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission the proposed 

rule change, as described in Items I, II, 

and III below, which items have been 

prepared by the self-regulatory 

organization. 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 ISE is proposing to amend its 

Schedule of Fees to establish fees for 

transactions in options on 12 Premium 

Products.3 The text of the proposed rule 

change is available at the Exchange. 

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 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices 50849 

4 iShares is a registered trademark of Barclays 

Global Investors, N.A. (‘‘BGI’’), a wholly owned 

subsidiary of Barclays Bank PLC. ‘‘Dow Jones’’ and 

‘‘Dow Jones U.S. Financial Sector Index Fund’’ are 

service marks of Dow Jones & Company, Inc. (‘‘Dow 

Jones’’) and have been licensed for use for certain 

purposes by BGI. All other trademarks and service 

marks are the property of their respective owners. 

The Dow Jones U.S. Financial Sector Index Fund 

(‘‘IYF’’) is not sponsored, endorsed, issued, sold or 

promoted by Dow Jones. BGI and Dow Jones 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 IYF 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 IYF or with making disclosures 

concerning options on IYF under any applicable 

federal or state laws, rules or regulations. BGI and 

Dow Jones do not sponsor, endorse, or promote 

such activity by ISE, and are not affiliated in any 

manner with ISE. 

5The Market Vectors Coal ETF (‘‘KOL’’) is 

distributed by Van Eck Securities Corporation 

(‘‘VESC’’) and tracks the Stowe Coal IndexSM, which 

is published by Stowe Global Indexes LLC 

(‘‘Stowe’’). VESC has entered into a licensing 

agreement with Stowe to use the Stowe Coal Index 

in connection with KOL. Van Eck Associates 

Corporation (‘‘VEAC’’) is the investment adviser to 

KOL. Stowe’s only relationship with VEAC is the 

licensing of certain service marks and trade names 

of Stowe and of the Stowe Coal Index. Stowe does 

not sponsor, endorse, or promote KOL and makes 

no representation regarding the advisability of 

investing in KOL. Neither VESC nor VEAC has 

licensed or authorized ISE to (i) engage in the 

creation, listing, provision of a market for trading, 

marketing, and promotion of options on KOL 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 KOL or with making disclosures 

concerning options on KOL under any applicable 

federal or state laws, rules or regulations. Neither 

VESC nor VEAC sponsors, endorses, or promotes 

such activity by ISE, and are not affiliated in any 

manner with ISE. 

6 ‘‘SPDR’’ is a trademark of the The McGraw-Hill 

Companies, Inc (‘‘McGraw-Hill’’). The ‘‘KBW 

Regional Bank IndexSM’’ and ‘‘Keefe, Bruyette & 

WoodsSM’’ are service marks and the property of 

Keefe, Bruyette & Woods, Inc. (‘‘KBW’’). KBW’s 

only relationship to State Street Bank and Trust 

Company is the licensing of certain trademarks and 

tradenames of KBW and the KBW Regional Banking 

Index in connection with the listing and trading of 

the KBW Regional Banking ETF (‘‘KRE’’) on the 

American Stock Exchange. KRE is not sponsored, 

sold or endorsed by KBW or McGraw-Hill and 

neither KBW nor McGraw-Hill makes any 

representation regarding the advisability of 

investing in KRE. Neither KBW nor McGraw-Hill 

has licensed or authorized ISE to (i) engage in the 

creation, listing, provision of a market for trading, 

marketing, and promotion of options on KRE 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 KRE or with making disclosures 

concerning options on KRE under any applicable 

federal or state laws, rules or regulations. Neither 

KBW nor McGraw-Hill sponsors, endorses, or 

promotes such activity by ISE and are not affiliated 

in any manner with ISE. 7 ‘‘Dow Jones’’, ‘‘Dow Jones U.S. Oil & GasSM’’, 

‘‘Dow Jones U.S. Basic MaterialsSM’’, and ‘‘Dow 

Jones U.S. Real EstateSM’’ are service marks of Dow 

Jones & Company, Inc. (‘‘Dow Jones’’) and have 

been licensed for use for certain purposes by 

ProFunds Trust. All other trademarks and service 

marks are the property of their respective owners. 

The Ultra Oil & Gas ProShares (‘‘DIG’’), the 

UltraShort Real Estate ProShares (‘‘SRS’’), and the 

UltraShort Basic Materials ProShares (‘‘SMN’’) are 

not sponsored, endorsed, issued, sold or promoted 

by Dow Jones. Dow Jones has not licensed or 

authorized ISE to (i) engage in the creation, listing, 

provision of a market for trading, marketing, and 

promotion of options on DIG, SRS and SMN 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 DIG, SRS and SMN or with making 

disclosures concerning options on DIG, SRS and 

SMN under any applicable federal or state laws, 

rules or regulations. Dow Jones does not sponsor, 

endorse, or promote such activity by ISE and is not 

affiliated in any manner with ISE. 

8 Vanguard, Vanguard ETFs and Vanguard ETF 

are trademarks of The Vanguard Group, Inc. 

(‘‘Vanguard’’). All other marks are the exclusive 

property of their respective owners. The Vanguard

Materials ETF (‘‘VAW’’) tracks the Morgan Stanley 

Capital International (MSCI) U.S. Investable 

Market Materials Index. The Vanguard REIT ETF 

(‘‘VNQ’’) tracks the MSCI U.S. REIT Index. The 

Vanguard Growth ETF (‘‘VUG’’) tracks the MSCI 

U.S. Prime Market Growth Index. The Vanguard

Europe Pacific ETF (‘‘VEA’’) tracks the MSCI 

Europe, Australasia, Far East Index. The Vanguard

Emerging Markets ETF (‘‘VWO’’) tracks the MSCI 

Emerging Markets Index. MSCI does not sponsor, 

endorse, or promote VAW, VNQ, VUG, VEA and 

VWO and makes no representation regarding the 

advisability of investing in VAW, VNQ, VUG, VEA 

and VWO. Vanguard has not licensed or authorized 

ISE to (i) engage in the creation, listing, provision 

of a market for trading, marketing, and promotion 

of options on VAW, VNQ, VUG, VEA and VWO 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 VAW, VNQ, VUG, VEA 

and VWO or with making disclosures concerning 

options on VAW, VNQ, VUG, VEA and VWO under 

any applicable federal or state laws, rules or 

regulations. Vanguard does not sponsor, endorse, or 

promote such activity by ISE, and is not affiliated 

in any manner with ISE. 

9The Regional Bank HOLDRSSM Trust (‘‘RKH’’) 

issues Depositary Receipts called Regional bank 

HOLDRSSM representing undivided beneficial 

ownership in the U.S.-traded common stock of a 

group of specified companies that, among other 

things, are involved in various segments of the 

regional banking industry. ‘‘HOLDRS’’ and 

‘‘HOLding Company Depositary ReceiptS’’ are 

service marks of Merrill Lynch & Co., Inc. (‘‘Merrill 

Lynch’’). All other trademarks and service marks 

are the property of their respective owners. Merrill 

Lynch has not licensed or authorized ISE to (i) 

engage in the creation, listing, provision of a market 

for trading, marketing, and promotion of options on 

RKH 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 RKH or with making 

disclosures concerning options on RKH under any 

applicable federal or state laws, rules or regulations. 

Merrill Lynch does not sponsor, endorse, or 

promote such activity by ISE, and is not affiliated 

in any manner with ISE. 

10These fees will be charged only to Exchange 

members. Under a pilot program that is set to expire 

on July 31, 2009, these fees will also be charged to 

Linkage Principal Orders (‘‘Linkage P Orders’’) and 

Linkage Principal Acting as Agent Orders (‘‘Linkage 

P/A Orders’’). The amount of the execution fee 

charged by the Exchange for Linkage P Orders and 

Linkage P/A Orders is $0.24 per contract side and 

$0.15 per contract side, respectively. See Securities 

Exchange Act Release No. 58143 (July 11, 2008), 73 

FR 41388 (July 18, 2008) (SR–ISE–2008–52). 

11Public 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 or entity that 

is not a broker or dealer in securities. 

12The Exchange applies a sliding scale, between 

$0.01 and $0.18 per contract side, based on the 

number of contracts an ISE market maker trades in 

a month. 

13The amount of the execution fee for non-ISE 

Market Maker transactions executed in the 

Exchange’s Facilitation and Solicitation 

Mechanisms is $0.19 per contract. 

of these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 iShares DJ U.S. Financial 

Sector Index Fund (‘‘IYF’’),4 the Market 

Vectors Coal ETF (‘‘KOL’’),5 the SPDR 

KBW Regional Banking ETF (‘‘KRE’’),6

the Ultra Oil & Gas ProShares Trust 

(‘‘DIG’’), the UltraShort Real Estate 

ProShares Trust (‘‘SRS’’), the UltraShort 

Basic Materials ProShares Trust 

(‘‘SMN’’),7 the Vanguard Materials ETF 

(‘‘VAW’’), the Vanguard REIT ETF 

(‘‘VNQ’’), the Vanguard Growth ETF 

(‘‘VUG’’), the Vanguard Europe Pacific 

ETF (‘‘VEA’’), the Vanguard Emerging 

Markets ETF (‘‘VWO’’) 8 and the 

Regional Bank HOLDRs Trust (‘‘RKH’’).9

The Exchange represents that IYF, KOL, 

KRE, DIG, SRS, SMN, VAW, VNQ, VUG, 

VEA, VWO and RKH are eligible for 

options trading because they constitute 

‘‘Exchange-Traded Fund Share,’’ [sic] as 

defined by ISE Rule 502(h). 

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 for 

all transactions in options on IYF, KOL, 

KRE, DIG, SRS, SMN, VAW, VNQ, VUG, 

VEA, VWO and RKH.10 The amount of 

the execution fee for products covered 

by this filing shall be $0.18 per contract 

for all Public Customer Orders 11 and 

Firm Proprietary orders. The amount of 

the execution fee for all ISE Market 

Maker transactions shall be equal to the 

execution fee currently charged by the 

Exchange for ISE Market Maker 

transactions in equity options.12 Finally, 

the amount of the execution fee for all 

non-ISE Market Maker transactions shall 

be $0.45 per contract.13 Further, since 

options on IYF, KOL, KRE, DIG, SRS, 

SMN, VAW, VNQ, VUG, VEA, VWO 

and RKH are multiply-listed, the 

Exchange’s Payment for Order Flow fee 

shall apply to all these products. The 


jlentini on PROD1PC65 with NOTICES
50850 Federal Register / Vol. 73, No. 168 / Thursday, August 28, 2008 / Notices 

14 15 U.S.C. 78f. 

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

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 19b–4(f)(2). 18 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)(i). 

4 17 CFR 240.19b–4(f)(1). 

5The MSRB is also proposing corresponding 

revisions to the Series 51 question bank, but based 

upon instructions from the Commission staff, the 

MSRB is submitting SR–MSRB–2008–06 for 

immediate effectiveness pursuant to Section 

19(b)(3)(A)(i) of the Act and Rule 19b–4(f)(1) 

thereunder, and is not filing the question bank for 

Commission review. See letter to Diane G. Klinke, 

General Counsel, MSRB, from Belinda Blaine, 

Associate Director, Division of Market Regulation, 

SEC, dated July 24, 2000. The question bank is 

available for Commission review. 

Exchange believes the proposed rule 

change will further the Exchange’s goal 

of introducing new products to the 

marketplace that are competitively 

priced. 

(b) Basis—The Exchange believes that 

the proposed rule change is consistent 

with the objectives of section 6 of the 

Act,14 in general, and furthers the 

objectives of section 6(b)(4),15 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. 

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 

The foregoing rule change has become 

effective pursuant to section 19(b)(3) of 

the Act 16 and Rule 19b–4(f)(2) 17

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. 

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 

Number SR–ISE–2008–65 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2008–65. 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 will also be available 

for inspection and copying at the 

principal office of the self-regulatory 

organization. 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–

2008–65 and should be submitted on or 

before September 18, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19985 Filed 8–27–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58406; File No. SR–MSRB–

2008–06] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to Revisions to the 

Series 51 Examination Program 

August 21, 2008. 

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 August 

18, 2008, the Municipal Securities 

Rulemaking Board (‘‘MSRB’’ or 

‘‘Board’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’

or ‘‘SEC’’) the proposed rule change as 

described in Items I, II and III below, 

which Items have been prepared by the 

MSRB. The MSRB 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 pursuant to Section 

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

4(f)(1) 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The MSRB is filing with the 

Commission revisions to the study 

outline and selection specifications for 

the Municipal Fund Securities Limited 

Principal Qualification Examination 

(Series 51) program.5 The proposed 

revisions consolidate certain job 

responsibilities (such as the 

recordkeeping functions) and regroup 

others in order to allow more detailed 

testing of particular rule requirements. 


jlentini on PROD1PC65 with NOTICES