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49342 Federal Register / Vol. 70, No.

162 / Tuesday, August 23, 2005 / Notices

the membership subject to the revenue CBOE receives under the ‘‘Commission’’), pursuant to Section
Exchange’s Constitution and Rules. In Consolidated Tape Association Plan for 19(b)(1) of the Securities Exchange Act
addition, the trustee and grantor will be trades in Tape B securities consistent of 1934 (‘‘Act’’),1 and Rule 19b–4
required to become allied members or with the requirements of the Act and the thereunder,2 a proposed rule change
approved persons of the Exchange, as rules and regulations thereunder deleting existing Rule G–38, on
applicable, and will remain subject to applicable to a national securities consultants, and replacing it with new
the Constitution and Rules of the exchange.5 In particular, the Rule G–38, on solicitation of municipal
Exchange. The Commission also notes Commission believes that the proposal securities business. In addition, the
that the proposal is similar to a Chicago is consistent with Section 6(b)(5) of the proposed rule change would make
Board Options Exchange, Incorporated Act,6 which requires that the rules of the related amendments to Rule G–37, on
(‘‘CBOE’’) rule 8 that was previously exchange be designed to promote just political contributions and prohibitions
approved by the Commission and and equitable principles of trade, to on municipal securities business, Rule
permits trusts to directly own CBOE foster cooperation and coordination G–8, on recordkeeping, Form G–37/G–
seats. with persons engaged in regulating 38 and Form G–37x, as well as add new
It is therefore ordered, pursuant to transactions in securities, and to remove Form G–38t. The proposed rule change
Section 19(b)(2) of the Act,9 that the impediments to and perfect the was published for comment in the
proposed rule change (SR–Amex–2005– mechanisms of a free and open market Federal Register on April 21, 2005.3
003), as amended, be, and hereby is, and a national market system. The The Commission received four comment
approved. Commission notes that CBOE will begin letters regarding the proposal.4 On
For the Commission, by the Division of its Revenue Sharing Program upon the August 9, 2005, the MSRB filed
Market Regulation, pursuant to delegated launch of its new stock trading Amendment No. 1 to the proposed rule
authority.10 platform.7 change and a response to the four
Margaret H. McFarland, It is therefore ordered, pursuant to comment letters.5 This order approves
Deputy Secretary. Section 19(b)(2) of the Act,8 that the the proposed rule change, accelerates
[FR Doc. E5–4595 Filed 8–22–05; 8:45 am] proposed rule change (SR–CBOE–2005– approval of Amendment No. 1, and
BILLING CODE 8010–01–P 17) be, and it hereby is, approved. solicits comments from interested
persons on Amendment No. 1.
For the Commission, by the Division of
Market Regulation, pursuant to delegated II. Description of the Proposal
COMMISSION The proposal would delete existing
Margaret H. McFarland, Rule G–38, on consultants, and replace
[Release No. 34–52252; File No. SR–CBOE– Deputy Secretary. it with new Rule G–38, on solicitation
2005–17] [FR Doc. E5–4583 Filed 8–22–05; 8:45 am] of municipal securities business. The
BILLING CODE 8010–01–P MSRB believes that it would be
Self-Regulatory Organizations;
appropriate to apply the basic standards
Chicago Board Options Exchange,
of fair practice and professionalism
Incorporated; Order Approving SECURITIES AND EXCHANGE embodied in MSRB rules to all persons
Proposed Rule Change To Adopt a COMMISSION who solicit municipal securities
Revenue Sharing Program for Trades
[Release No. 34–52278, File No. SR–MSRB– business on behalf of dealers. A full
in Tape B Securities
2005–04] description of the proposal is contained
August 15, 2005. in the Commission’s Notice.6
On February 7, 2005, the Chicago Self-Regulatory Organizations; In Amendment No. 1, the MSRB
Board Options Exchange, Incorporated Municipal Securities Rulemaking provides that the proposed rule change
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the Board; Order Approving Proposed would become effective on the first
Securities and Exchange Commission Rule Change and Notice of Filing and business Monday at least five business
(‘‘Commission’’), pursuant to Section Order Granting Accelerated Approval days after Commission approval.
19(b)(1) of the Securities Exchange Act to Amendment No. 1 to the Proposed Amendment No. 1 also deletes the
of 1934 (‘‘Act’’) 1 and Rule 19b-4 Rule Change Relating to Solicitation of requirement in proposed Rule G–38(c)
thereunder,2 a proposed rule change to Municipal Securities Business under relating to transitional payments that
adopt a Revenue Sharing Program for MSRB Rule G–38
1 15 U.S.C. 78s(b)(1).
trades in Tape B securities.3 The
proposed rule change was published for August 17, 2005. 2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 51561
comment in the Federal Register on July I. Introduction (April 15, 2005), 70 FR 20782 (April 21, 2005).
15, 2005.4 The Commission received no 4 See letter from Rick Santorum, Senator, United
On March 22, 2005, the Municipal
comments on the proposal. This order States Senate, to William H. Donaldson, Chairman,
Securities Rulemaking Board (‘‘MSRB’’ Commission, dated March 31, 2005 (‘‘Senator
approves the proposed rule change.
The Commission finds CBOE’s or ‘‘Board’’), filed with the Securities Santorum’s Letter’’); letter from Chris Charles,
and Exchange Commission (‘‘SEC’’ or President, Wulff, Hansen & Co. (‘‘Wulff, Hansen’’),
proposal to amend its Fee Schedule to to Jonathan G. Katz, Secretary, Commission, dated
adopt a Revenue Sharing Program for 5 In approving this proposed rule change, the
May 6, 2005 (‘‘Wulff, Hansen’s Letter’’); letter from
Lynnette Kelly Hotchkiss, Senior Vice President
Commission has considered the proposed rule’s and Associate General Counsel, The Bond Market
8 See CBOE Rule 3.25. impact on efficiency, competition, and capital Association (the ‘‘BMA’’), to Jonathan G. Katz,
9 15 U.S.C. 78s(b)(2). formation. See 15 U.S.C. 78c(f). Secretary, Commission, dated May 5, 2005 (‘‘BMA’s
10 17 CFR 200.30–3(a)(12). 6 15 U.S.C. 78f(b)(5).
Letter’’); and letter from Jonathan Stein, Director of
1 15 U.S.C. 78s(b)(1). 7 The CBOE has filed a proposed rule change (SR– Regulatory Affairs—Fixed Income, Raymond James
2 17 CFR 240.19b–4. CBOE–2004–21) to adopt a new set of rules to allow & Associates, Inc. (‘‘Raymond James’’), to Jonathan
3 Tape B securities are securities listed on the for the trading of non-option securities on G. Katz, Secretary, Commission, dated May 24, 2005
American Stock Exchange or the regional national CBOEdirect, the exchange’s screen based trading (‘‘Raymond James’’ Letter).
securities exchanges. system. 5 Amendment No. 1 is described in Section II,
4 See Securities Exchange Act Release No. 52005 8 15 U.S.C. 78s(b)(2). infra.
(July 11, 2005), 70 FR 41063. 9 17 CFR 200.30–3(a)(12). 6 See supra note 3.

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