Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the Philadelphia Stock Exchange, Inc. Relating to Article III, Section 3-6 and Article IV, Section 4-1 of Its By-laws, 6918-6920 [05-2477]
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6918
Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices
subject to any such commitments were
not subsequently routed to the
Exchange.
Finally, Phlx rules prohibit any
person who is either directly or
indirectly affiliated with an RSQT from
being a specialist, RSQT, SQT, or nonSQT ROT in options in which such
affiliated RSQT is assigned. The
Commission believes this prohibition is
important because of the potential for
allocations of trades to be based, in part,
on a Phlx XL Participant’s quote or
order at the best bid or offer, not based
on the size of such Participant’s quote
or order.18
B. Limitations on Access Due to Systems
Constraints
In addition, the Commission notes
that proposed amendments to Phlx Rule
507(b)(iii), which would allow the
Exchange’s Board of Governors to defer
qualifying applications for RSQT status
based on systems constraints, capacity
restrictions, or other relevant factors,
grant the Exchange no authority at this
time. Specifically, the proposed
amendments to Phlx Rule 507(b)(iii)
would not permit Phlx to place any
limitations on its members under this
rule, unless such limitations were
objectively established and filed with
the Commission under section 19(b) of
the Act.19
C. RSQT Obligations
Proposed Phlx Rule 1014 sets forth
the obligations that an RSQT would be
required to fulfill. Specifically, an RSQT
would be required to quote continuous,
two-sided markets in not less than 60%
of the series in each Streaming Quote
Option in which such RSQT is assigned.
The Commission believes that these
obligations for RSQTs are consistent
with the Act. In particular, the
Commission believes that RSQT’s
affirmative obligations are sufficient to
justify the benefits they receive as
market makers.20 In this regard, the
Commission believes that Phlx rules
impose such affirmative obligations on
RSQTs.
Under the proposal, an RSQT also
would be obligated to maintain
information barriers that are reasonably
designed to prevent the misuse of
material, non-public information with
18 See Securities Exchange Act Release No. 50788
(December 3, 2004), 69 FR 71860 (December 10,
2004) (SR–Phlx–2004–57).
19 15 U.S.C. 78s(b).
20 For example, a lender may extend credit to a
broker-dealer without regard to the restrictions in
Regulation T of the Board of Governors of the
Federal Reserve if the credit is to be used to finance
the broker-dealer’s activities as a specialist or
market maker on a national securities exchange. See
12 CFR 221.5(c)(6).
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any affiliates that may conduct a
brokerage business in options assigned
to the RSQT or that act as a specialist
or market maker in any security
underlying options assigned to the
RSQT. The Commission believes that
the requirement that there be an
information barrier between an RSQT
and its affiliates should reduce the
opportunity for unfair trading
advantages and misuse of material, nonpublic information.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.23
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–2476 Filed 2–8–05; 8:45 am]
D. Trade Allocation
SECURITIES AND EXCHANGE
COMMISSION
The Commission believes that the
trade allocation algorithm that would
apply to RSQTs is consistent with the
Act. The Commission believes that
treating RSQTs and SQTs the same
under Phlx Rule 1014(g)(vii) should
encourage RSQTs to quote
competitively.
E. Book Sweep and Book Match
The Commission notes that Phlx
proposes to include RSQT quotes in the
Exchange’s Book Sweep and Book
Match features. The Commission
believes that including RSQT quotes in
Book Match, and allowing RSQT quotes
to initiate Book Sweep, should result in
customers receiving quicker, more
efficient executives of trades.
F. Firm Quotations
The Commission believes that the
proposed amendments to the
Exchange’s Firm Quote requirement are
consistent with the Act. The
Commission notes that, among other
things, the proposal clarifies that the
Exchange will automatically
disseminate a quotation if the
disseminated size in a particular series
in a Streaming Quote Option is
exhausted at that particular price level,
and no specialist, SQT, or RSQT has
revised its quotation immediately
following the exhaustion. The
Commission believes that this
clarification more accurately describes
the size for which the specialist is firm
when the disseminated size in a
particular series has been exhausted.
IV. Conclusion
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to a national
securities exchange, and, in particular,
with section 6(b)(5) of the Act.21
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,22 that the
PO 00000
proposed rule change (SR–Phlx–2004–
90) is approved.
BILLING CODE 8010–10–M
[Release No. 34–51127; File No. SR–Phlx–
2005–11]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
the Philadelphia Stock Exchange, Inc.
Relating to Article III, Section 3–6 and
Article IV, Section 4–1 of Its By-laws
February 2, 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
31, 2005, the Philadelphia Stock
Exchange, Inc. (‘‘Phlx’’ or the
‘‘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 Phlx. 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 Phlx proposes to amend Article
III, Section 3–6 and Article IV, Section
4–1 its By-Laws to convert one of the
On-Floor Equity Governor positions on
the Board of Governors into a
Philadelphia Board of Trade, Inc.
(‘‘PBOT’’) representative Governor
position.
The text of the proposed amendments
to Article III, Section 3–6 and Article IV,
Section 4–1 of the Exchange’s By-laws
is set forth below.
Italics indicate new text; brackets
indicate deletions.
*
*
*
*
*
23 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
21 15
U.S.C. 78f(b)(5).
22 15 U.S.C. 78s(b)(2).
Frm 00090
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Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices
Article III
Sec. 3–6
Open Meetings of Nominating and
Elections Committee—
Recommendations—Notice
(a) The Nominating and Elections
Committee shall hold at least two (2)
open meetings during the month of
January in each year for the purpose of
receiving recommendations as to
candidates for positions as On-Floor
Governors. Recommendations for OnFloor Governors may be made by any
member, participant or Member
Organization Representative or by any
member of the Nominating and
Elections Committee then in office. With
respect to the On-Floor PBOT Governor,
recommendations shall be submitted by
the PBOT Board of Governors.
Recommendations may be submitted in
writing or they may be presented in
person. Notice of such meetings and of
the period within which
recommendations may be submitted in
writing or presented in person shall be
given by the Secretary of the Exchange
to all members, participants and
Member Organization Representatives.
(b) No change.
*
*
*
*
*
Article IV
Sec. 4–1
Number and Composition
The management of the business and
affairs of the Exchange shall be vested
in the Board of Governors. The Board of
Governors shall be composed of the
Chairman of the Board of Governors,
who shall be the individual then
holding the office of Chief Executive
Officer of the Exchange, and 21
Governors as hereafter provided. There
shall be five (5) Governors (On-Floor
Governors) consisting of: [Two (2)] One
(1) Governor[s] who [are] is an industry
Governor[s] and [are] is a member[s]
primarily engaged in business on the
Exchange’s Equity Floor or a general
partner[s], executive officer[s] (vice
president and above) or member[s]
associated with a member
organization[s] primarily engaged in
business on the Exchange’s Equity Floor
(On-Floor Equity Governor[s]); one (1)
Governor who is an industry Governor
and is a member of the Philadelphia
Board of Trade (On-Floor PBOT
Governor); one (1) Governor who is an
industry Governor and is a member
primarily engaged in business as a
specialist on the Exchange’s Equity
Options Floor or a general partner,
executive officer (vice president and
above) or a member associated with a
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16:49 Feb 08, 2005
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member organization primarily engaged
in specialist business on the Exchange’s
Equity Options Floor (On-Floor Equity
Options Specialist Governor); one (1)
Governor who is an industry Governor
and is a member primarily engaged in
business as a registered options trader
on the Exchange’s Equity Options Floor
or a general partner, executive officer
(vice president and above) or a member
associated with a member organization
primarily engaged in registered options
trader business on the Exchange’s
Equity Options Floor (On-Floor Equity
Options Registered Options Trader
Governor); and one (1) Governor who is
an industry Governor and is a member
primarily engaged in business on the
Exchange’s Equity Options Floor as a
floor broker (On-Floor Equity Options
Broker Governor). There shall be five (5)
Governors (Off-Floor Governors) who
are industry Governors and are general
partners, executive officers (vice
president or above), or members or
participants associated with member or
participant organizations which conduct
a non-member or nonparticipant public
customer business and shall
individually not be primarily engaged in
business activities on the Exchange
Floor (Off-Floor Governors). There shall
be eleven (11) nonindustry Governors,
of whom at least five (5) shall be public
Governors. There also shall be one (1)
On-Floor and one (1) Off-Floor Vice
Chairman of the Board of Governors.
*
*
*
*
*
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
Phlx 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 Phlx 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 purpose of the proposed rule
change is to change the composition of
the Phlx’s Board of Governors to better
reflect the Exchange’s business by
replacing an On-Floor Equity Governor
position with a PBOT representative
Governor position. PBOT is a subsidiary
of the Exchange.
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
6919
With regard to changes to By-Law
Article III, Sections 3–6 and Article IV,
Section 4–1, the proposed amendment
converts an On-Floor Equity Governor
position into that of a PBOT
representative Governor position.
Recommendations for the PBOT
Governor position candidate would be
submitted to the Nominating and
Elections Committee by the PBOT Board
of Governors.3 The Phlx’s Board of
Governors believes that such a change
in composition is appropriate to reflect
the investment in and strategic
initiatives regarding the Exchange’s
ownership interests in the PBOT. The
Phlx believes that the new Board of
Governors composition, with a PBOT
representative Governor, would more
accurately represent the strategic
ownership and on-going business
interests of the Exchange while still
affording appropriate proportional
representation of On-Floor Governors—
three from the options trading floor, one
from the equities trading floor and one
from the PBOT.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,4 in general, and furthers the
objectives of Section 6(b)(3) of the Act,5
in particular, in that it assures a fair
representation of its members in the
selection of its directors and
administration of its affairs and that it
is designed, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Phlx does not believe that the
proposed rule change will impose any
inappropriate 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.
3 To the extent that the proposed rule change runs
counter to the Commission’s recent governance and
transparency proposals, Securities Exchange Act
Release No. 50699 (November 18, 2004), 69 CFR
71125 (December 8, 2004), the Phlx will conform
its By-laws accordingly. Telephone conversation
among Scott Donnini, Vice President, Phlx, Nancy
Sanow, Assistant Director, Division of Market
Regulation (‘‘Division’’), Commission, Gordon
Fuller, Counsel to the Assistant Director, Division,
Commission and Geraldine Idrizi, Attorney,
Division, Commission, on January 26, 2005.
4 15 U.S.C. 78f(b)
5 15 U.S.C. 78f(b)(3).
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6920
Federal Register / Vol. 70, No. 26 / Wednesday, February 9, 2005 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the Exchange consents,
the Commission shall:
(a) By order approve such rule
change; or
(b) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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 such filing also will be
available for inspection and copying at
the principal office of the Phlx. 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–Phlx–2005–11 and should
be submitted on or before March 2,
2005.
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:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority. 6
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05–2477 Filed 2–8–05; 8:45 am]
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–Phlx–2005–11 on the
subject line.
SMALL BUSINESS ADMINISTRATION
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–Phlx–2005–11.
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
Primary Counties:
Bartholomew
Brown
Clay
Decatur
Fountain
6 17
SUPPLEMENTARY INFORMATION:
Title: ‘‘U.S. Small Business
Administration Advisory Committee
Membership-Nominee Information.’’
Description of Respondents: To
collect information for Candidates for
Advisory Council.
Form No: 898.
Annual Responses: 100.
Annual Burden: 100.
Jacqueline White,
Chief, Administrative Information Branch.
[FR Doc. 05–2527 Filed 2–8–05; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 10007 and # 10008]
Indiana Disaster # IN–00001 Disaster
Declaration
ACTION:
Data Collection Available for Public
Comments and Recommendations
Notice and request for
comments.
ACTION:
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995, this
notice announces the Small Business
Administration’s intentions to request
approval on a new and/or currently
approved information collection.
DATES: Submit comments on or before
April 11, 2005.
ADDRESSES: Send all comments
regarding whether this information
collection is necessary for the proper
performance of the function of the
agency, whether the burden estimates
are accurate, and if there are ways to
minimize the estimated burden and
enhance the quality of the collection, to
Robert Dillier, Public Affairs Specialist,
Office of Communications, Small
Business Administration, 409 3rd Street
SW., Suite 7450, Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Robert Dillier, Public Affairs Specialist,
(202) 205–6086 robert.dillier@sba.gov
Curtis B. Rich, Management Analyst,
(202) 205–7030 curtis.rich@sba.sba.
Benton
Carroll
Clinton
Delaware
Gibson
Small Business Administration.
Notice.
AGENCY:
BILLING CODE 8010–01–M
SUMMARY: This is a Notice of the
Presidential declaration of a major
disaster for the State of Indiana (FEMA–
1573–DR), dated 01/21/2005.
Incident: Severe Winter Storms and
Flooding.
Incident Period: 01/01/2005 and
continuing.
Effective Dates: 01/21/2005.
Physical Loan Application Deadline
Date: 03/22/2005.
EIDL Loan Application Deadline Date:
10/21/2005.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Disaster Area Office 1,
360 Rainbow Blvd. South 3rd Floor,
Niagara Falls, NY 14303.
FOR FURTHER INFORMATION CONTACT:
Alan Escobar, Office of Disaster
Assistance, U.S. Small Business
Administration, 409 3rd Street, Suite
6050, Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
01/21/2005, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations. The following areas have been
determined to be adversely affected by
the disaster:
Blackford
Cass
Crawford
Dubois
Grant
Boone
Clark
Daviess
Floyd
Greene
CFR 200.30–3(a)(12).
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19:54 Feb 08, 2005
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]]>Agencies
[Federal Register Volume 70, Number 26 (Wednesday, February 9, 2005)]
[Notices]
[Pages 6918-6920]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-2477]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51127; File No. SR-Phlx-2005-11]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by the Philadelphia Stock Exchange, Inc. Relating to Article
III, Section 3-6 and Article IV, Section 4-1 of Its By-laws
February 2, 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 31, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx'' or
the ``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 Phlx.
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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to amend Article III, Section 3-6 and Article IV,
Section 4-1 its By-Laws to convert one of the On-Floor Equity Governor
positions on the Board of Governors into a Philadelphia Board of Trade,
Inc. (``PBOT'') representative Governor position.
The text of the proposed amendments to Article III, Section 3-6 and
Article IV, Section 4-1 of the Exchange's By-laws is set forth below.
Italics indicate new text; brackets indicate deletions.
* * * * *
[[Page 6919]]
Article III
Sec. 3-6
Open Meetings of Nominating and Elections Committee--Recommendations--
Notice
(a) The Nominating and Elections Committee shall hold at least two
(2) open meetings during the month of January in each year for the
purpose of receiving recommendations as to candidates for positions as
On-Floor Governors. Recommendations for On-Floor Governors may be made
by any member, participant or Member Organization Representative or by
any member of the Nominating and Elections Committee then in office.
With respect to the On-Floor PBOT Governor, recommendations shall be
submitted by the PBOT Board of Governors. Recommendations may be
submitted in writing or they may be presented in person. Notice of such
meetings and of the period within which recommendations may be
submitted in writing or presented in person shall be given by the
Secretary of the Exchange to all members, participants and Member
Organization Representatives.
(b) No change.
* * * * *
Article IV
Sec. 4-1
Number and Composition
The management of the business and affairs of the Exchange shall be
vested in the Board of Governors. The Board of Governors shall be
composed of the Chairman of the Board of Governors, who shall be the
individual then holding the office of Chief Executive Officer of the
Exchange, and 21 Governors as hereafter provided. There shall be five
(5) Governors (On-Floor Governors) consisting of: [Two (2)] One (1)
Governor[s] who [are] is an industry Governor[s] and [are] is a
member[s] primarily engaged in business on the Exchange's Equity Floor
or a general partner[s], executive officer[s] (vice president and
above) or member[s] associated with a member organization[s] primarily
engaged in business on the Exchange's Equity Floor (On-Floor Equity
Governor[s]); one (1) Governor who is an industry Governor and is a
member of the Philadelphia Board of Trade (On-Floor PBOT Governor); one
(1) Governor who is an industry Governor and is a member primarily
engaged in business as a specialist on the Exchange's Equity Options
Floor or a general partner, executive officer (vice president and
above) or a member associated with a member organization primarily
engaged in specialist business on the Exchange's Equity Options Floor
(On-Floor Equity Options Specialist Governor); one (1) Governor who is
an industry Governor and is a member primarily engaged in business as a
registered options trader on the Exchange's Equity Options Floor or a
general partner, executive officer (vice president and above) or a
member associated with a member organization primarily engaged in
registered options trader business on the Exchange's Equity Options
Floor (On-Floor Equity Options Registered Options Trader Governor); and
one (1) Governor who is an industry Governor and is a member primarily
engaged in business on the Exchange's Equity Options Floor as a floor
broker (On-Floor Equity Options Broker Governor). There shall be five
(5) Governors (Off-Floor Governors) who are industry Governors and are
general partners, executive officers (vice president or above), or
members or participants associated with member or participant
organizations which conduct a non-member or nonparticipant public
customer business and shall individually not be primarily engaged in
business activities on the Exchange Floor (Off-Floor Governors). There
shall be eleven (11) nonindustry Governors, of whom at least five (5)
shall be public Governors. There also shall be one (1) On-Floor and one
(1) Off-Floor Vice Chairman of the Board of Governors.
* * * * *
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 Phlx 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 Phlx 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 purpose of the proposed rule change is to change the
composition of the Phlx's Board of Governors to better reflect the
Exchange's business by replacing an On-Floor Equity Governor position
with a PBOT representative Governor position. PBOT is a subsidiary of
the Exchange.
With regard to changes to By-Law Article III, Sections 3-6 and
Article IV, Section 4-1, the proposed amendment converts an On-Floor
Equity Governor position into that of a PBOT representative Governor
position. Recommendations for the PBOT Governor position candidate
would be submitted to the Nominating and Elections Committee by the
PBOT Board of Governors.\3\ The Phlx's Board of Governors believes that
such a change in composition is appropriate to reflect the investment
in and strategic initiatives regarding the Exchange's ownership
interests in the PBOT. The Phlx believes that the new Board of
Governors composition, with a PBOT representative Governor, would more
accurately represent the strategic ownership and on-going business
interests of the Exchange while still affording appropriate
proportional representation of On-Floor Governors--three from the
options trading floor, one from the equities trading floor and one from
the PBOT.
---------------------------------------------------------------------------
\3\ To the extent that the proposed rule change runs counter to
the Commission's recent governance and transparency proposals,
Securities Exchange Act Release No. 50699 (November 18, 2004), 69
CFR 71125 (December 8, 2004), the Phlx will conform its By-laws
accordingly. Telephone conversation among Scott Donnini, Vice
President, Phlx, Nancy Sanow, Assistant Director, Division of Market
Regulation (``Division''), Commission, Gordon Fuller, Counsel to the
Assistant Director, Division, Commission and Geraldine Idrizi,
Attorney, Division, Commission, on January 26, 2005.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\4\ in general, and furthers the objectives of Section
6(b)(3) of the Act,\5\ in particular, in that it assures a fair
representation of its members in the selection of its directors and
administration of its affairs and that it is designed, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b)
\5\ 15 U.S.C. 78f(b)(3).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Phlx does not believe that the proposed rule change will impose
any inappropriate 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.
[[Page 6920]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall:
(a) By order approve such rule change; or
(b) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-Phlx-2005-11 on the subject line.
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-Phlx-2005-11. 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 Room. Copies of such filing also will be available for
inspection and copying at the principal office of the Phlx. 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-Phlx-2005-11 and should be
submitted on or before March 2, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority. \6\
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\6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 05-2477 Filed 2-8-05; 8:45 am]
BILLING CODE 8010-01-M
