Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the New York Stock Exchange, Inc. Relating To Its Original Financial Listing Standards Pilot Program, 6482-6484 [E5-465]

Download as PDF 6482 Federal Register / Vol. 70, No. 24 / Monday, February 7, 2005 / Notices 4(f)(6)(iii) 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 five-day prefiling requirement and the 30-day operative delay, as specified in Rule 19b–4(f)(6)(iii), and designate the proposed rule change immediately operative. The Commission believes that waiving the five-day pre-filing provision and the 30-day operative delay is consistent with the protection of investors and the public interest.12 By waiving the pre-filing requirement and accelerating the operative date, the Pilot Program can continue without interruption. The Commission believes that allowing the pilot to continue will allow Participants to either gather sufficient information to justify the need for the pilot program or determine that the exemption from trade-through liability is no longer necessary. Increasing the maximum number of contracts to be satisfied with respect to Satisfaction Orders in the last seven minutes of trading in options to 50 contracts will enhance customer order protection. 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.13 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 (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–ISE–2005–08 on the subject line. 12 For purposes of accelerating the operative date of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 13 For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on January 28, 2005, the date the Exchange filed Amendment No. 1 to the proposed rule change. See 15 U.S.C. 78s(c)(3)(C). VerDate jul<14>2003 21:04 Feb 04, 2005 Jkt 205001 Paper Comments (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on January • Send paper comments in triplicate 13, 2005, the New York Stock Exchange, to Jonathan G. Katz, Secretary, Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with Securities and Exchange Commission, the Securities and Exchange 450 Fifth Street, NW., Washington, DC Commission (‘‘Commission’’) the 20549–0609. proposed rule change as described in All submissions should refer to File Items I, II, and III below, which Items Number SR–ISE–2005–08. This file have been prepared by the Exchange. number should be included on the The proposed rule change has been filed subject line if e-mail is used. To help the by the NYSE as a ‘‘non-controversial’’ Commission process and review your rule change pursuant to Rule 19b–4(f)(6) comments more efficiently, please use under the Act.3 The Commission is only one method. The Commission will publishing this notice to solicit post all comments on the Commission’s comments on the proposed rule change Internet Web site (https://www.sec.gov/ from interested persons. rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s submission, all subsequent Statement of the Terms of Substance of amendments, all written statements the Proposed Rule Change with respect to the proposed rule change that are filed with the The Exchange seeks to extend its Commission, and all written original financial listing standards pilot communications relating to the program (the ‘‘Pilot Program’’) 4 until proposed rule change between the the earlier of April 30, 2005, or such Commission and any person, other than date as the Commission may approve those that may be withheld from the File Number SR–NYSE–2004–20,5 public in accordance with the which seeks permanent approval of the provisions of 5 U.S.C. 552, will be Pilot Program. The Pilot Program available for inspection and copying in established revised financial standards the Commission’s Public Reference applicable to the listing of equity Room. Copies of the filing also will be securities on the Exchange. The Pilot available for inspection and copying at Program is currently in effect on an the principal office of the ISE. All extended basis until the earlier of comments received will be posted January 31, 2004, or such date as the without change; the Commission does Commission may approve File Number not edit personal identifying SR–NYSE–2004–20.6 information from submissions. You II. Self-Regulatory Organization’s should submit only information that you wish to make available publicly. All Statement of the Purpose of, and Statutory Basis for, the Proposed Rule submissions should refer to File SR– Change ISE–2005–08 and should be submitted In its filing with the Commission, the on or before February 28, 2005. Exchange included statements For the Commission, by the Division of concerning the purpose of and basis for Market Regulation, pursuant to delegated the proposed rule change and discussed authority.14 any comments it received on the Jill M. Peterson, proposed rule change. The text of these Assistant Secretary. statements may be examined at the [FR Doc. E5–473 Filed 2–4–05; 8:45 am] places specified in Item IV below. The BILLING CODE 8010–01–P Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant parts of such SECURITIES AND EXCHANGE statements. COMMISSION [Release No. 34–51104; File No. SR–NYSE– 2005–08] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the New York Stock Exchange, Inc. Relating To Its Original Financial Listing Standards Pilot Program January 28, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 PO 00000 14 17 CFR 200.30–3(a)(12). Frm 00076 Fmt 4703 Sfmt 4703 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 4 See Securities Exchange Act Release Nos. 50615 (October 29, 2004), 69 FR 64799 (November 8, 2004); 50123 (July 29, 2004) (File No. SR–NYSE 2004–58); 69 FR 57474 (August 5, 2004) (File No. SR–NYSE–2004–40), and 49154 (January 29, 2004), 69 FR 5633 (February 5, 2004) (approving File No. SR–NYSE–2003–43). 5 See Securities Exchange Act Release No. 49917 (June 25, 2004), 69 FR 40439 (July 2, 2004). 6 The Exchange previously extended the Pilot Program from June 30, 2004 until October 31, 2004 in Securities Exchange Act Release No. 50123, supra note 4. The Exchange later extended the Pilot Program until January 31, 2005 in Securities Exchange Act Release No. 50615, supra note 4. 2 17 E:\FR\FM\07FEN1.SGM 07FEN1 Federal Register / Vol. 70, No. 24 / Monday, February 7, 2005 / Notices A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On January 29, 2004, the Commission granted accelerated approval to the Pilot Program on a six-month pilot basis through July 30, 2004.7 Two comments were received in response to File Number SR–NYSE–2003–43.8 The NYSE thereafter filed File Number SR– NYSE–2004–15 on March 16, 2004 for immediate effectiveness,9 which suspended portions of the original Pilot Program regarding minimum numerical continued listing set forth in Section 802.01B of the NYSE’s Listed Company Manual. In File Number SR–NYSE– 2004–15, the Exchange noted its intention to publish the requirements of the original Pilot Program regarding minimum numerical continued listing standards set forth Section 802.01B for public comment on a non-accelerated timeframe. File Number SR–NYSE– 2004–15 did not, however, affect the Pilot Program with respect to original listing standards set forth in Sections 102.01C and 103.01B of the NYSE’s Listed Company Manual or the Pilot Program’s non-substantive change to the language of Section 802.01C. On April 4, 2004, the Exchange filed File Number SR–NYSE–2004–20, which seeks permanent approval for the Pilot Program currently in effect with respect to the Exchange’s original minimum listing standards and approval of the continued minimum listing standards as originally proposed in File Number SR– NYSE–2003–43. File Number SR– NYSE–2004–20 was published in the Federal Register on July 2, 2004.10 Three comment letters were received in response to File Number SR–NYSE– 2004–20.11 Following consideration of these comment letters, the Exchange filed Amendment No. 2 to File Number SR–NYSE–2004–20 on August 31, 7 See Securities Exchange Act Release No. 49154, supra note 4. 8 See letters to Jonathan G. Katz, Secretary, Commission, from W. Randy Eaddy, Kilpatrick Stockton LLP, dated March 11, 2004, and Kenneth A. Hoogstra, von Briesen & Roper, s.c., dated February 25, 2004. 9 See Securities Exchange Act Release No. 49443 (March 18, 2004), 69 FR 13929 (March 24, 2004) (File No. SR–NYSE–2004–15). 10 See supra note 5. 11 See letters to Jonathan G. Katz, Secretary, Commission, from Richard F. Latour, President & CEO, MicroFinancial Incorporated, July 15, 2004, Kenneth A. Hoogstra, von Briesen & Roper, s.c., dated July 20, 2004, and John L. Patenaude, Vice President Finance and Chief Financial Officer, Nashua Corporation, dated July 22, 2004. VerDate jul<14>2003 21:04 Feb 04, 2005 Jkt 205001 2004.12 On October 12, 2004, the Exchange filed File Number SR–NYSE– 2004–58 to extend the Pilot Program until January 31, 2005.13 Thereafter, the Exchange filed amendments to File Number SR–NYSE–2004–20 on November 29, 2004,14 December 17, 2004,15 and January 25, 2005.16 Therefore, the Exchange believes it is appropriate to extend the amended Pilot Program until the earlier of April 30, 2005, or such date as the Commission may approve File Number SR–NYSE– 2004–20. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b)(5) of the Act 17 because it is 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. 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 Written comments were neither solicited nor 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 (1) does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms, does not become operative until 30 days from the date on which it was filed, or such shorter time 12 See letter to Nancy J. Sanow, Assistant Director, Division, Commission, from Darla C. Stuckey, Corporate Secretary, NYSE, dated August 31, 2004 (‘‘Amendment No. 2’’). 13 See Securities Exchange Act Release No. 50615, supra note 4. 14 See Amendment No. 3, dated November 29, 2004, submitted by Mary Yeager, Assistant Corporate Secretary, NYSE. 15 See Amendment No. 4, dated December 17, 2004, submitted by Mary Yeager, Assistant Corporate Secretary, NYSE. 16 See Amendment No. 5, dated January 25, 2005, submitted by Mary Yeager, Assistant Corporate Secretary, NYSE. 17 15 U.S.C. 78f(b)(5). PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 6483 as the Commission may designate if consistent with the protection of investors and the public interest, and the Exchange provided the Commission with written notice of its intent to file 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act 18 and Rule 19b–4(f)(6) thereunder.19 At any time within 60 days of the filing of this 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. Although Rule 19b–4(f)(6) under the Act 20 requires that an Exchange submit a notice of its intent to file at least five business days prior to the filing date, the Commission is waiving this requirement at the Exchange’s request in view of the fact that the proposed rule change seeks to continue the existing Pilot Program. The NYSE has also requested that the Commission waive the 30-day operative delay. The Commission believes waiving the 30day operative delay is consistent with the protection of investors and the public interest. Waiver of the operative date will allow the Exchange’s Pilot Program to continue without any interruption in service to issuers and investors. For these reasons, the Commission designates the proposal to be effective and operative upon filing with the Commission.21 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 (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2005–08 on the subject line. 18 15 19 17 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 20 Id. 21 For purposes only of accelerating the operative date of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). E:\FR\FM\07FEN1.SGM 07FEN1 6484 Federal Register / Vol. 70, No. 24 / Monday, February 7, 2005 / Notices Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549–0609. All submissions should refer to File Number SR–NYSE–2005–08. 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 (https://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 Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such filing also will be available on NYSE’s website (https://www.nyse.com/ regulation/construles/ 1098741855384.html) and for inspection and copying at the principal office of NYSE. 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–NYSE–2005–08 and should be submitted on or before February 28, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.22 Jill M. Peterson, Assistant Secretary. [FR Doc. E5–465 Filed 2–4–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51091; File No. SR–NYSE– 2005–01] Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Two Crossing Sessions in the Exchange’s Off-Hours Trading Facility January 28, 2005. 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 January 4, 2005, the New York Stock Exchange, Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder, which renders it effective upon filing with the Commission.4 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 proposed rule change makes operative the following pilot programs until February 1, 2006: Crossing Session III, for the execution of guaranteed price coupled orders by member organizations to fill the balance of customer orders at a price that was guaranteed to a customer prior to the close of the Exchange’s 9:30 a.m. to 4 p.m. trading session (‘‘Crossing Session III’’); and Crossing Session IV, whereby an unfilled balance of an order may be filled at a price such that the entire order is filled at no worse price than the Volume Weighted Average Price (‘‘VWAP’’) for the subject security (‘‘Crossing Session IV’’) (Crossing Session III and Crossing Session IV, the ‘‘Pilots’’).5 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 5 On November 12, 2004, the Exchange made an electronic 19b–4 filing to extend the Pilots as of December 1, 2004, the date the Pilots were due to expire. The Commission did not receive this filing, however. With the instant proposed rule change, the Exchange is making the Pilots operative until February 1, 2006. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for the Proposed Rule Change In its filing with the Commission, NYSE 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 the proposed rule change is available on the NYSE’s Web site (https://www.nyse.com), at the NYSE’s Office of the Secretary, and at the Commission’s Public Reference Room. 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 In SR–NYSE–2002–40,6 the Commission approved the establishment of the Pilots in the Exchange’s Off-Hours Trading Facility (‘‘OHTF’’), expiring on December 1, 2004. The instant proposed rule change makes the Pilots operative until February 1, 2006. No changes have been made to the manner in which the Pilots operate.7 Background The purpose of SR–NYSE–2002–40 was to add two pilot programs, Crossing Session III and Crossing Session IV, to the OHTF. Before the proposed rule change, the OHTF consisted of Crossing Sessions I and II. Crossing Session I permits the execution, at the Exchange’s closing price, of single-stock, singlesided closing price orders and crosses of single-stock, closing price buy and sell orders. Crossing Session II permits the execution of crosses of multiple-stock (‘‘basket’’) aggregate price buy and sell orders. For Crossing Session II, trade reporting is accomplished by reporting to the Consolidated Tape the total number of shares and the total market value of the aggregate-price trades. There is no indication of the individual component stocks involved in the aggregate-price transactions. 2 17 22 17 CFR 200.30–3(a)(12). VerDate jul<14>2003 21:04 Feb 04, 2005 Jkt 205001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 6 See Securities Exchange act Release No. 48857 (December 1, 2003), 68 FR 68440 (December 8, 2003) (SR–NYSE–2002–40). 7 See January 7, 2005 telephone conference among Donald Siemer, Director, Market Surveillance, NYSE, Joseph P. Morra, Special Counsel, Division of Market Regulation (‘‘Division’’), Commission and Mitra Mehr, Attorney, Division, Commission. E:\FR\FM\07FEN1.SGM 07FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 24 (Monday, February 7, 2005)]
[Notices]
[Pages 6482-6484]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-465]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51104; File No. SR-NYSE-2005-08]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the New York Stock Exchange, 
Inc. Relating To Its Original Financial Listing Standards Pilot Program

January 28, 2005.
    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 January 13, 2005, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
proposed rule change has been filed by the NYSE as a ``non-
controversial'' rule change pursuant to Rule 19b-4(f)(6) under the 
Act.\3\ The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange seeks to extend its original financial listing 
standards pilot program (the ``Pilot Program'') \4\ until the earlier 
of April 30, 2005, or such date as the Commission may approve File 
Number SR-NYSE-2004-20,\5\ which seeks permanent approval of the Pilot 
Program. The Pilot Program established revised financial standards 
applicable to the listing of equity securities on the Exchange. The 
Pilot Program is currently in effect on an extended basis until the 
earlier of January 31, 2004, or such date as the Commission may approve 
File Number SR-NYSE-2004-20.\6\
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    \4\ See Securities Exchange Act Release Nos. 50615 (October 29, 
2004), 69 FR 64799 (November 8, 2004); 50123 (July 29, 2004) (File 
No. SR-NYSE 2004-58); 69 FR 57474 (August 5, 2004) (File No. SR-
NYSE-2004-40), and 49154 (January 29, 2004), 69 FR 5633 (February 5, 
2004) (approving File No. SR-NYSE-2003-43).
    \5\ See Securities Exchange Act Release No. 49917 (June 25, 
2004), 69 FR 40439 (July 2, 2004).
    \6\ The Exchange previously extended the Pilot Program from June 
30, 2004 until October 31, 2004 in Securities Exchange Act Release 
No. 50123, supra note 4. The Exchange later extended the Pilot 
Program until January 31, 2005 in Securities Exchange Act Release 
No. 50615, supra note 4.
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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 parts of such 
statements.

[[Page 6483]]

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On January 29, 2004, the Commission granted accelerated approval to 
the Pilot Program on a six-month pilot basis through July 30, 2004.\7\ 
Two comments were received in response to File Number SR-NYSE-2003-
43.\8\ The NYSE thereafter filed File Number SR-NYSE-2004-15 on March 
16, 2004 for immediate effectiveness,\9\ which suspended portions of 
the original Pilot Program regarding minimum numerical continued 
listing set forth in Section 802.01B of the NYSE's Listed Company 
Manual. In File Number SR-NYSE-2004-15, the Exchange noted its 
intention to publish the requirements of the original Pilot Program 
regarding minimum numerical continued listing standards set forth 
Section 802.01B for public comment on a non-accelerated timeframe. File 
Number SR-NYSE-2004-15 did not, however, affect the Pilot Program with 
respect to original listing standards set forth in Sections 102.01C and 
103.01B of the NYSE's Listed Company Manual or the Pilot Program's non-
substantive change to the language of Section 802.01C.
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    \7\ See Securities Exchange Act Release No. 49154, supra note 4.
    \8\ See letters to Jonathan G. Katz, Secretary, Commission, from 
W. Randy Eaddy, Kilpatrick Stockton LLP, dated March 11, 2004, and 
Kenneth A. Hoogstra, von Briesen & Roper, s.c., dated February 25, 
2004.
    \9\ See Securities Exchange Act Release No. 49443 (March 18, 
2004), 69 FR 13929 (March 24, 2004) (File No. SR-NYSE-2004-15).
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    On April 4, 2004, the Exchange filed File Number SR-NYSE-2004-20, 
which seeks permanent approval for the Pilot Program currently in 
effect with respect to the Exchange's original minimum listing 
standards and approval of the continued minimum listing standards as 
originally proposed in File Number SR-NYSE-2003-43. File Number SR-
NYSE-2004-20 was published in the Federal Register on July 2, 2004.\10\ 
Three comment letters were received in response to File Number SR-NYSE-
2004-20.\11\ Following consideration of these comment letters, the 
Exchange filed Amendment No. 2 to File Number SR-NYSE-2004-20 on August 
31, 2004.\12\ On October 12, 2004, the Exchange filed File Number SR-
NYSE-2004-58 to extend the Pilot Program until January 31, 2005.\13\ 
Thereafter, the Exchange filed amendments to File Number SR-NYSE-2004-
20 on November 29, 2004,\14\ December 17, 2004,\15\ and January 25, 
2005.\16\ Therefore, the Exchange believes it is appropriate to extend 
the amended Pilot Program until the earlier of April 30, 2005, or such 
date as the Commission may approve File Number SR-NYSE-2004-20.
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    \10\ See supra note 5.
    \11\ See letters to Jonathan G. Katz, Secretary, Commission, 
from Richard F. Latour, President & CEO, MicroFinancial 
Incorporated, July 15, 2004, Kenneth A. Hoogstra, von Briesen & 
Roper, s.c., dated July 20, 2004, and John L. Patenaude, Vice 
President Finance and Chief Financial Officer, Nashua Corporation, 
dated July 22, 2004.
    \12\ See letter to Nancy J. Sanow, Assistant Director, Division, 
Commission, from Darla C. Stuckey, Corporate Secretary, NYSE, dated 
August 31, 2004 (``Amendment No. 2'').
    \13\ See Securities Exchange Act Release No. 50615, supra note 
4.
    \14\ See Amendment No. 3, dated November 29, 2004, submitted by 
Mary Yeager, Assistant Corporate Secretary, NYSE.
    \15\ See Amendment No. 4, dated December 17, 2004, submitted by 
Mary Yeager, Assistant Corporate Secretary, NYSE.
    \16\ See Amendment No. 5, dated January 25, 2005, submitted by 
Mary Yeager, Assistant Corporate Secretary, NYSE.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b)(5) of the Act \17\ because it is 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.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Written comments were neither solicited nor 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 (1) does not 
significantly affect the protection of investors or the public 
interest; (2) does not impose any significant burden on competition; 
and (3) by its terms, does not become operative until 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, and the Exchange provided the Commission with written notice 
of its intent to file 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, it has become effective 
pursuant to Section 19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6) 
thereunder.\19\ At any time within 60 days of the filing of this 
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.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    Although Rule 19b-4(f)(6) under the Act \20\ requires that an 
Exchange submit a notice of its intent to file at least five business 
days prior to the filing date, the Commission is waiving this 
requirement at the Exchange's request in view of the fact that the 
proposed rule change seeks to continue the existing Pilot Program. The 
NYSE has also requested that the Commission waive the 30-day operative 
delay. The Commission believes waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
Waiver of the operative date will allow the Exchange's Pilot Program to 
continue without any interruption in service to issuers and investors. 
For these reasons, the Commission designates the proposal to be 
effective and operative upon filing with the Commission.\21\
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    \20\ Id.
    \21\ For purposes only of accelerating the operative date of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
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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 (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2005-08 on the subject line.

[[Page 6484]]

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.
    All submissions should refer to File Number SR-NYSE-2005-08. 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 (https://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 Section, 450 Fifth 
Street, NW., Washington, DC 20549. Copies of such filing also will be 
available on NYSE's website (https://www.nyse.com/regulation/construles/
1098741855384.html) and for inspection and copying at the principal 
office of NYSE. 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-
NYSE-2005-08 and should be submitted on or before February 28, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E5-465 Filed 2-4-05; 8:45 am]
BILLING CODE 8010-01-P

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