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32156 Federal Register / Vol. 71, No.

106 / Friday, June 2, 2006 / Notices

Under Rule 19b–4(f)(6) of the Act,11 with respect to the proposed rule of Directors (‘‘Board’’) with respect to
the proposal does not become operative change that are filed with the actions or inactions of committees of
for 30 days after the date of its filing, or Commission, and all written CBOE and CBOE staff. The text of the
such shorter time as the Commission communications relating to the proposed rule change is below.
may designate if consistent with the proposed rule change between the Proposed new language is in italics;
protection of investors and the public Commission and any person, other than proposed deletions are in [brackets].
interest. The Amex has requested that those that may be withheld from the * * * * *
the Commission waive the five-day pre- public in accordance with the
filing requirement 12 and the 30-day provisions of 5 U.S.C. 552, will be Chicago Board Options Exchange,
operative delay to allow for the available for inspection and copying in Incorporated
expeditious and accurate publication of the Commission’s Public Reference Rules
Amex rules. The Commission believes Room. Copies of such filing also will be
that the Amex’s proposal raises no new available for inspection and copying at * * * * *
issues or regulatory concerns as it is the principal office of the Amex. All Chapter II Organization and
simply a proposal to reformat rule text comments received will be posted Administration (Rules 2.1–2.40)
changes that have already been without change; the Commission does
approved by the Commission. not edit personal identifying Part A—Committees (Rule 2.1)
Therefore, the Commission, consistent information from submissions. You Rule 2.1. Committees of the Exchange
with the protection of investors and the should submit only information that
(a)–(c) No change.
public interest, has determined to waive you wish to make available publicly. All
(d) General Duties and Powers of
the five-day pre-filing requirement and submissions should refer to File
Committees. Each committee shall
the 30-day operative date so that the Number SR–Amex–2006–52 and should
administer the provisions of the
proposal may take effect upon filing.13 be submitted on or before June 23, 2006.
Constitution and the rules of the
For the Commission, by the Division of Exchange pertaining to matters within
IV. Solicitation of Comments Market Regulation, pursuant to delegated its jurisdiction. In addition to any
Interested persons are invited to authority.14
powers and duties specifically granted
submit written data, views, and J. Lynn Taylor,
in the Constitution or Rules, e[E]ach
arguments concerning the foregoing, Assistant Secretary. committee shall have only such other
including whether the proposed rule [FR Doc. E6–8538 Filed 6–1–06; 8:45 am] powers and duties as may be delegated
change is consistent with the Act. BILLING CODE 8010–01–P to it by the Board of Directors. Each
Comments may be submitted by any of committee is subject to the control and
the following methods: supervision of the Board of Directors.
Electronic Comments SECURITIES AND EXCHANGE
COMMISSION Part B—Board Review (Rule 2.2)
• Use the Commission’s Internet Rule 2.2. Power of the Board to Review
[Release No. 34–34–53872; File No. SR–
comment form (http://www.sec.gov/ Exchange Decisions
CBOE–2006–45]
rules/sro.shtml); or
• Send an e-mail to rule- In connection with any delegation to
Self-Regulatory Organizations;
comments@sec.gov. Please include File a committee or committees pursuant to
Chicago Board Options Exchange,
Number SR–Amex–2006–52 on the Article EIGHTH of the Certificate of
Incorporated; Notice of Filing of a
subject line. Incorporation, the Board retains the
Proposed Rule Change Regarding Its
power and authority to review, affirm,
Paper Comments Board Review Authority
modify, suspend or overrule any and all
• Send paper comments in triplicate May 25, 2006. actions or inactions of committees and
to Nancy M. Morris, Secretary, Pursuant to Section 19(b)(1) of the of all officers, representatives or
Securities and Exchange Commission, Securities Exchange Act of 1934 (the designees of the Exchange; provided,
Station Place, 100 F Street, NE., ‘‘Act’’),1 and Rule 19b–4 thereunder,2 however, that such power and authority
Washington, DC 20549–1090. notice is hereby given that on May 5, shall not apply to (a) actions taken (or
All submissions should refer to File 2006, the Chicago Board Options inactions) pursuant to Chapters XVII,
Number SR–Amex–2006–52. This file Exchange, Incorporated (‘‘CBOE’’ or XVIII and XIX of the Rules, unless
number should be included on the ‘‘Exchange’’) filed with the Securities specifically provided for in those Rules,
subject line if e-mail is used. To help the and Exchange Commission or (b) actions taken by (or inactions of)
Commission process and review your (‘‘Commission’’) the proposed rule the Nominating Committee or Executive
comments more efficiently, please use change as described in Items I, II, and Committee pursuant to Article IV of the
only one method. The Commission will III below, which Items have been Constitution.
post all comments on the Commission’s prepared by CBOE. The Commission is Part [B]C—Departments (Rule 2.15)
Internet Web site (http://www.sec.gov/ publishing this notice to solicit
rules/sro.shtml). Copies of the comments on the proposed rule change No change.
submission, all subsequent from interested persons. Part [C]D—Dues, Fees and Other
amendments, all written statements I. Self-Regulatory Organization’s Charges (Rules 2.20–2.40)
11 Id.
Statement of the Terms of Substance of * * * * *
12 Amex provided the Commission with written
the Proposed Rule Change
II. Self-Regulatory Organization’s
notice of its intent to file the proposed rule change The Exchange proposes to amend its
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one day prior to the filing date. Statement of the Purpose of, and
13 For purposes only of waiving the operative
rules to clarify the authority of its Board Statutory Basis for, the Proposed Rule
delay for this proposal, the Commission has
14 17
Change
considered the proposed rule’s impact on CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. 15 1 15 U.S.C. 78s(b)(1). In its filing with the Commission,
U.S.C. 78c(f). 2 17 CFR 240.19b–4. CBOE included statements concerning

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Federal Register / Vol. 71, No. 106 / Friday, June 2, 2006 / Notices 32157

the purpose of, and basis for, the specifically provided for in those Rules, III. Date of Effectiveness of the
proposed rule change and discussed any or to actions taken by (or inactions of) Proposed Rule Change and Timing for
comments it received on the proposed the Nominating Committee or Executive Commission Action
rule change. The text of these statements Committee relating to the nominating Within 35 days of the date of
may be examined at the places specified process pursuant to Article IV of the publication of this notice in the Federal
in Item IV below. CBOE has prepared Exchange’s Constitution. The proposed Register or within such longer period (i)
summaries, set forth in Sections A, B, rule change also seeks to amend CBOE as the Commission may designate up to
and C below, of the most significant Rule 2.1 to make clear that committees 90 days of such date if it finds such
aspects of such statements. will only have such powers and duties longer period to be appropriate and
A. Self-Regulatory Organization’s as are specifically granted in the publishes its reasons for so finding or
Statement of the Purpose of, and Exchange’s Constitution or Rules and (ii) as to which the Exchange consents,
Statutory Basis for, the Proposed Rule only such other powers and duties as the Commission shall:
Change may be delegated to them by the Board. (A) By order approve such proposed
rule change, or
1. Purpose 2. Statutory Basis (B) institute proceedings to determine
CBOE’s Certificate of Incorporation whether the proposed rule change
provides that the Board shall manage The Exchange believes that, because it
should be disapproved.
the business and affairs of the Exchange clarifies the Board’s authority, the
except to the extent that the authority, proposed rule change is consistent with IV. Solicitation of Comments
powers, and duties of such management the requirements of Section 6(b)(5) of Interested persons are invited to
shall be delegated to a committee or the Act 4 which requires, among other submit written data, views, and
committees of the Exchange that are things, that the rules of the Exchange be arguments concerning the foregoing,
established pursuant to the Exchange’s designed to promote just and equitable including whether the proposed rule
Constitution. The Certificate of principles of trade, to foster cooperation change is consistent with the Act.
Incorporation and Constitution of CBOE and coordination with persons engaged Comments may be submitted by any of
also provide that the Board may in regulating, clearing, settling, the following methods:
establish one or more committees, each processing information with respect to,
of which shall have the authority, Electronic Comments
and facilitating transactions in
power, and duties as may be prescribed securities, and in general, to protect • Use the Commission’s Internet
in the Exchange’s Constitution or Rules, investors and the public interest. The comment form (http://www.sec.gov/
or by resolution of the Board.3 Exchange also believes that the rules/sro.shtml); or
Over time the Board has established proposed rule change is consistent with • Send an e-mail to rule-
various committees, several of which comments@sec.gov. Please include File
the requirements of Section 6(b)(1) of
have specific authorities described in No. SR–CBOE–2006–45 on the subject
the Exchange’s Constitution or Rules. the Act,5 which requires that an
exchange be so organized so as to have line.
Though CBOE Rule 2.1, Committees of
the Exchange, currently provides that the capacity to be able to carry out the Paper Comments
each committee ‘‘is subject to the purposes of the Act and to comply, and • Send paper comments in triplicate
control and supervision of the Board,’’ (subject to any rule or order of the to Nancy M. Morris, Secretary,
this supervisory power alone does not Commission pursuant to Section 17(d)6 Securities and Exchange Commission,
make explicit the power of the Board to or 19(g)(2)7 of the Act) to enforce Station Place, 100 F Street, NE.,
directly modify or overrule the action compliance by its members and persons Washington, DC 20549–1090.
(or inaction) of a committee when the associated with its members, with the All submissions should refer to File
decisionmaking authority with respect provisions of the Act, the rules and Number SR–CBOE–2006–45. This file
to the action has been delegated to the regulations thereunder, and the rules of number should be included on the
committee in the Exchange’s Rules. The the Exchange. subject line if e-mail is used. To help the
proposed rule change will address this Commission process and review your
by explicitly reserving the Board’s B. Self-Regulatory Organization’s
Statement on Burden on Competition comments more efficiently, please use
review authority over all actions taken only one method. The Commission will
by (or inactions of) committees of CBOE, post all comments on the Commissions
CBOE does not believe that the
as well as CBOE staff. Specifically, this
proposed rule change will impose any Internet Web site (http://www.sec.gov/
proposed rule change seeks to adopt
burden on competition that is not rules/sro.shtml). Copies of the
CBOE Rule 2.2, Power of the Board to
necessary or appropriate in furtherance submission, all subsequent
Review Exchange Decisions, which
of the purposes of the Act. amendments, all written statements
clarifies that the Board retains the
with respect to the proposed rule
power and authority to review, affirm, C. Self-Regulatory Organization’s change that are filed with the
modify, suspend, or overrule any and all Statement on Comments on the Commission, and all written
actions or inactions of committees of Proposed Rule Change Received From communications relating to the
CBOE and of CBOE officers, Members, Participants or Others proposed rule change between the
representatives, or designees. Proposed
CBOE Rule 2.2 would not apply to Commission and any person, other than
No written comments were solicited those that may be withheld from the
actions taken (or inactions) pursuant to or received with respect to the proposed
Chapters XVII (Discipline), XVIII public in accordance with the
rule change. provisions of 5 U.S.C. 552, will be
(Arbitration), and XIX (Hearings and
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Review) of the Exchange’s Rules, unless available for inspection and copying in
4 15 U.S.C. 78f(b)(5). the Commission’s Public Reference
3 SeeArticle EIGHTH of the CBOE Certificate of
5 15 U.S.C. 78f(b)(1). Room. Copies of such filing also will be
Incorporation and Section 7.6 of the CBOE
6 15 U.S.C. 78q(d). available for inspection and copying at
Constitution. 7 15 U.S.C. 78s(g)(2). the principal office of CBOE. All

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32158 Federal Register / Vol. 71, No. 106 / Friday, June 2, 2006 / Notices

comments received will be posted II. Description of the Proposal receive less, and possibly significantly
without change; the Commission does The NYSE proposes to list and trade less, than the $50 principal amount per
not edit personal identifying the Index-Linked Securities (‘‘Notes’’) Note. In addition, holders of the Notes
information from submissions. You that will track the performance of the will not receive any interest payments
should submit only information that Index pursuant to Section 703.19 from the Notes. The Notes will have a
you wish to make available publicly. All (‘‘Other Securities’’) of the NYSE Listed term of 30 years. The Notes are not
submissions should refer to File Company Manual (the ‘‘Manual’’). callable.6
Number SR–CBOE–2006–45 and should Barclays intends to issue the Notes Holders who have not previously
be submitted on or before June 23, 2006. under the name ‘‘iPathSM Exchange- redeemed their Notes will receive a cash
Traded Notes.’’ The Exchange believes payment at maturity equal to the
For the Commission, by the Division of principal amount of their Notes times
Market Regulation, pursuant to delegated that the Notes will conform to the initial
listing standards for equity securities the index factor on the Final Valuation
authority.8 Date (as defined below) minus the
under Section 703.19 of the Manual
J. Lynn Taylor, investor fee on the Final Valuation Date.
because Barclays is an affiliate of
Assistant Secretary. Barclays PLC,4 an Exchange-listed The ‘‘index factor’’ on any given day
[FR Doc. E6–8552 Filed 6–1–06; 8:45 am] company in good standing. Under will be equal to the closing value of the
BILLING CODE 8010–01–P Section 703.19 of the Manual, the Index on that day divided by the initial
Exchange may approve for listing and index level. The ‘‘initial index level’’ is
trading securities not otherwise covered the closing value of the Index on the
SECURITIES AND EXCHANGE by the criteria of Sections 1 and 7 of the date of issuance of the Notes (the ‘‘Trade
COMMISSION Manual, provided the issue is suited for Date’’), and the ‘‘final index level’’ is the
auction market trading.5 The Notes will closing value of the Index on the Final
have a minimum life of one year, the Valuation Date. The investor fee is equal
[Release No. 34–53876; File No. SR–NYSE– to 0.75% per year times the principal
2006–16] minimum public market value of the
Notes at the time of issuance will amount of a holder’s Notes times the
exceed $4 million, there will be at least index factor, calculated on a daily basis
Self-Regulatory Organizations; New
one million Notes outstanding, and in the following manner: The investor
York Stock Exchange, Inc. (n/k/a New
there will be at least 400 holders at the fee on the Trade Date will equal zero.
York Stock Exchange LLC); Order On each subsequent calendar day until
Granting Approval of a Proposed Rule time of issuance.
The Notes are a series of medium- maturity or early redemption, the
Change and Amendment No. 1 investor fee will increase by an amount
Relating to the Listing and Trading of term debt securities of Barclays that
provide for a cash payment at maturity equal to 0.75% times the principal
Index-Linked Securities of Barclays amount of a holder’s Notes times the
Bank PLC Linked to the Performance or upon earlier exchange at the holder’s
option, based on the performance of the index factor on that day (or, if such day
of the Dow Jones—AIG Commodity is not a trading day, the index factor on
Index Total Return Index. The principal amount of each
Note is $50. The Notes will trade on the the immediately preceding trading day)
Exchange’s equity trading floor, and the divided by 365. The investor fee is the
May 25, 2006.
Exchange’s existing equity trading rules only fee holders will be charged in
I. Introduction will apply to trading the Notes. The connection with their ownership of the
Notes will not have a minimum Notes.
On March 6, 2006, the New York Prior to maturity, holders may redeem
principal amount that will be repaid
Stock Exchange, Inc. (n/k/a New York their Notes on any Redemption Date
and, accordingly, payment on the Notes
Stock Exchange LLC) (‘‘NYSE’’ or (defined below) during the term of the
prior to or at maturity may be less than
‘‘Exchange’’) filed with the Securities the original issue price of the Notes. In Notes, provided that they present at
and Exchange Commission (‘‘SEC’’ or fact, the value of the Index must least 50,000 Notes for redemption, or
‘‘Commission’’), pursuant to Section increase for the investor to receive at they act through a broker or other
19(b)(1) of the Securities Exchange Act least the $50 principal amount per Note financial intermediaries (such as a bank
of 1934 (‘‘Act’’) 1 and Rule 19b–4 2 at maturity or upon exchange or or other financial institution not
thereunder, a proposed rule change to redemption. If the value of the Index required to register as a broker-dealer to
list and trade Index-Linked Securities of decreases or does not increase engage in securities transactions) that
Barclays Bank PLC (‘‘Barclays’’) linked sufficiently to offset the investor fee are willing to bundle their Notes for
to the performance of the Dow Jones— (described below), the investor will redemption with other investors’ Notes.
AIG Commodity Index Total Return (the If a holder chooses to redeem his Notes,
‘‘Index’’). On March 27, 2006, NYSE 4 The issuer of the Notes, Barclays, is an affiliate the holder will receive a cash payment
filed Amendment No. 1 to the proposed of an Exchange-listed company (Barclays PLC) and on the applicable Redemption Date
rule change. The proposed rule change, not an Exchange-listed company itself. However, equal to the principal amount of his
Barclays, though an affiliate of Barclays PLC, would Notes times the index factor on the
as amended by Amendment No. 1, was exceed the Exchange’s earnings and minimum
published for comment in the Federal tangible net worth requirements in Section 102 of
applicable Valuation Date (defined
Register on April 21, 2006 for a 15-day the Manual. Additionally, the Exchange states that below) minus the investor fee on the
comment period.3 The Commission the Notes, when combined with the original issue applicable Valuation Date. A
price of all other Note offerings of the issuer that ‘‘Redemption Date’’ is the third business
received no comments on the proposal. are listed on a national securities exchange (or
This order approves the proposed rule association), does not exceed 25% of the issuer’s
day following a Valuation Date (other
change. net worth. Telephone conference between Florence than the Final Valuation Date (defined
E. Harmon, Senior Special Counsel, Division of below)). A ‘‘Valuation Date’’ is each
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Market Regulation (‘‘Division’’), Commission, and Thursday from the first Thursday after
8 17 CFR 200.30–3(a)(12). John Carey, Assistant General Counsel, Exchange,
1 15 U.S.C. 78s(b)(1). on April 11, 2006 (‘‘April 11 Telephone
issuance of the Notes until the last
2 17 CFR 240.19b–4. Conference’’). Thursday before maturity of the Notes
3 See Securities Exchange Act Release No. 53639 5 See Securities Exchange Act Release No. 28217

(April 12, 2006), 71 FR 20741 (the ‘‘Notice’’). (July 18, 1990), 55 FR 30056 (July 24, 1990). 6 April 11 Telephone Conference.

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