Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the American Stock Exchange LLC To Require Members To Use and Maintain a Back-up Automatic Quote System in ANTE Classes, 8859-8860 [E5-695]

Download as PDF Federal Register / Vol. 70, No. 35 / Wednesday, February 23, 2005 / Notices available documents and remove potentially sensitive information. Please check the NRC’s Web site for updates concerning the resumption of public access to ADAMS. In addition, regulatory guides are available for inspection at the NRC’s Public Document Room (PDR), which is located at 11555 Rockville Pike, Rockville, Maryland; the PDR’s mailing address is USNRC PDR, Washington, DC 20555–0001. The PDR can also be reached by telephone at (301) 415–4737 or (800) 397–4205, by fax at (301) 415– 3548, and by e-mail to PDR@nrc.gov. Requests for single copies of draft or final guides (which may be reproduced) or for placement on an automatic distribution list for single copies of future draft guides in specific divisions should be made in writing to the U.S. Nuclear Regulatory Commission, Washington, DC 20555–0001, Attention: Reproduction and Distribution Services Section; by e-mail to DISTRIBUTION@nrc.gov; or by fax to (301) 415–2289. Telephone requests cannot be accommodated. Regulatory guides are not copyrighted, and Commission approval is not required to reproduce them. (5 U.S.C. 552(a)) Dated in Rockville, Maryland, this 14th day of February, 2005. For the U.S. Nuclear Regulatory Commission. Carl J. Paperiello, Director, Office of Nuclear Regulatory Research. [FR Doc. 05–3400 Filed 2–22–05; 8:45 am] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] 21st Century Technologies, Inc.; Order of Suspension of Trading February 18, 2005. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of 21st Century Technologies, Inc., (‘‘21st Century’’) because of questions that have been raised about the accuracy of publicly disseminated information concerning, among other things, the valuations assigned to certain purported assets of 21st Century in the company’s most recent Quarterly Report on Form 10–Q and in other filings with the Commission. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading VerDate jul<14>2003 16:28 Feb 22, 2005 Jkt 205001 in the securities of the above listed company. Therefore, it is ordered, pursuant to section 12(k) of the Securities Exchange Act of 1934, that trading in the above listed company is suspended for the period from 9:30 a.m. e.s.t., February 18, 2005, through 11:59 p.m. e.s.t., on March 4, 2005. By the Commission. Jonathan G. Katz, Secretary. [FR Doc. 05–3507 Filed 2–18–05; 12:03 pm] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51209; File No. SR–Amex– 2005–007] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by the American Stock Exchange LLC To Require Members To Use and Maintain a Back-up Automatic Quote System in ANTE Classes February 15, 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 12, 2005, the American Stock Exchange LLC (‘‘Amex’’ 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 Amex. 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 Amex proposes to require members to use and maintain a back-up quoting system in ANTE classes and to incorporate violations of this requirement in the Exchange’s Minor Rule Violation Plan (‘‘Plan’’). The text of the proposed rule change is available on the Amex’s Web site (https:// www.amex.com), at the Amex’s Office of the Secretary, and at the Commission’s Public Reference Room. 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 Amex included statements concerning the purpose of and basis for the PO 00000 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00098 Fmt 4703 Sfmt 4703 8859 proposed rule change. The text of these statements may be examined at the places specified in item IV below. The Amex has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange seeks to amend Amex Rule 950–ANTE(l), Commentary .02(a) to require a Specialist utilizing an Exchange-approved proprietary automatic quote system in a class trading on Amex’s ANTE system to have available for immediate use the Exchange-provided automatic quote system that is independent of the Specialist’s primary automatic quote system. Specialists would be required to take appropriate provisions to immediately fall back onto the Exchange-provided automatic quotation system should their Exchange-approved proprietary automatic quote system fail. Included within ‘‘appropriate provisions’’ would be the requirement that Specialists be diligent in keeping their theoretical values current in their back-up system. This requirement would apply at all times during market hours. The Amex believes that the backup system would need to be independent in order to ensure that any event that could cause a failure to the primary automatic quote system would not corrupt the back-up system. The Exchange believes that the failure of a proprietary automatic quote system could result in the Amex’s inability to open an entire group of listed options classes for a brief or sometimes lengthy time period. Thus, the Amex seeks to require that Specialists have the Exchange-provided automatic quotation system ready, as a back-up, should their primary automatic quote system fail. The Exchange believes that failure to comply with the proposed requirement should be subject to sanction under the Plan. The Exchange has had the Plan since 1976, which provides a simplified procedure for the resolution of minor rule violations. Codified in Amex Rule 590, the Plan has three distinct sections: Part 1 (‘‘General Rule Violations’’) which covers more substantive matters that, nonetheless, are deemed ‘‘minor’’ by the Commission and the Amex; Part 2 (‘‘Floor Decorum’’) which covers Floor Decorum and operational matters; and Part 3 (‘‘Reporting Violations’’) which E:\FR\FM\23FEN1.SGM 23FEN1 8860 Federal Register / Vol. 70, No. 35 / Wednesday, February 23, 2005 / Notices covers the late submission of routine reports. Accordingly, the Amex proposes to amend Part 1(g) of Amex Rule 590 to allow for the issuance of minor fines when a Specialist fails to comply with the Exchange’s procedures regarding maintaining and utilizing the Exchangeprovided automatic quote system as a back-up to the Specialist’s Exchangeapproved proprietary automatic quote system. change is consistent with the Act. Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–51208; File No. SR–Amex– 2005–019] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Amending Amex Rule 26 2. Statutory Basis • 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–Amex–2005–007 on the subject line. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 • Send paper comments in triplicate notice is hereby given that on February to Jonathan G. Katz, Secretary, 8, 2005, the American Stock Exchange Securities and Exchange Commission, LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with 450 Fifth Street, NW., Washington, DC the Securities and Exchange 20549–0609. Commission (‘‘Commission’’) the All submissions should refer to File proposed rule change as described in Number SR–Amex–2005–007. This file items I and II below, which items have number should be included on the been prepared by the Amex. The subject line if e-mail is used. To help the Exchange has filed the proposal as a Commission process and review your ‘‘non-controversial’’ rule change comments more efficiently, please use pursuant to section 19(b)(3)(A) of the only one method. The Commission will Act,3 and Rule 19b–4(f)(6) thereunder,4 post all comments on the Commission’s which renders the proposal effective Internet Web site (https://www.sec.gov/ upon filing with the Commission.5 The rules/sro.shtml). Copies of the Commission is publishing this notice to submission, all subsequent solicit comments on the proposed rule amendments, all written statements change from interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The Amex seeks to amend Amex Rule Commission and any person, other than 26 to remove references to the ‘‘Minor those that may be withheld from the Floor Violation Disciplinary public in accordance with the Committee.’’ The text of the proposed provisions of 5 U.S.C. 552, will be rule change is available on Amex’s Web available for inspection and copying in site https://www.amex.com, at the Amex’s Office of the Secretary, and the the Commission’s Public Reference Commission’s Public Reference Room. Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such Self-Regulatory Organization’s filing also will be available for Statement of the Purpose of, and inspection and copying at the principal Statutory Basis for, the Proposed Rule office of the Amex. All comments Change received will be posted without change; In its filing with the Commission, the Commission does not edit personal Amex included statements concerning identifying information from the purpose of and basis for the submissions. You should submit only proposed rule change and discussed any information that you wish to make comments it received on the proposed available publicly. All submissions rule change. The text of these statements should refer to File Number SR–Amex– may be examined at the places specified 2005–007 and should be submitted on in item IV below. The Exchange has or before March 16, 2005. prepared summaries, set forth in For the Commission, by the Division of sections A, B, and C below, of the most Market Regulation, pursuant to delegated significant aspects of such statements. 5 The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,3 in general, and furthers the objectives of section 6(b)(5) of the Act,4 in particular, in that it is designed 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 No written comments were solicited or received by the Exchange on this proposal. 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 will: A. By order approve such proposed 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 Paper Comments authority. Jill M. Peterson, Assistant Secretary. [FR Doc. E5–695 Filed 2–22–05; 8:45 am] BILLING CODE 8010–01–P 3 15 U.S.C. 78f(b). 4 15 U.S.C. 78f(b)(5). VerDate jul<14>2003 16:28 Feb 22, 2005 5 17 Jkt 205001 February 15, 2005. PO 00000 CFR 200.30–3(a)(12). Frm 00099 Fmt 4703 Sfmt 4703 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 The Amex asked the Commission to waive the 30-day operative delay. See Rule 19b–4(f)(6)(iii). 17 CFR 240.19b–4(f)(6)(iii). 2 17 E:\FR\FM\23FEN1.SGM 23FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 35 (Wednesday, February 23, 2005)]
[Notices]
[Pages 8859-8860]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-695]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51209; File No. SR-Amex-2005-007]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the American Stock Exchange LLC To Require Members To Use and 
Maintain a Back-up Automatic Quote System in ANTE Classes

February 15, 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 12, 2005, the American Stock Exchange LLC (``Amex'' 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 Amex. 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 Amex proposes to require members to use and maintain a back-up 
quoting system in ANTE classes and to incorporate violations of this 
requirement in the Exchange's Minor Rule Violation Plan (``Plan''). The 
text of the proposed rule change is available on the Amex's Web site 
(https://www.amex.com), at the Amex's Office of the Secretary, and at 
the Commission's Public Reference Room.

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 Amex included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these statements may be examined at the places specified in 
item IV below. The Amex has prepared summaries, set forth in sections 
A, B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    The Exchange seeks to amend Amex Rule 950-ANTE(l), Commentary 
.02(a) to require a Specialist utilizing an Exchange-approved 
proprietary automatic quote system in a class trading on Amex's ANTE 
system to have available for immediate use the Exchange-provided 
automatic quote system that is independent of the Specialist's primary 
automatic quote system. Specialists would be required to take 
appropriate provisions to immediately fall back onto the Exchange-
provided automatic quotation system should their Exchange-approved 
proprietary automatic quote system fail. Included within ``appropriate 
provisions'' would be the requirement that Specialists be diligent in 
keeping their theoretical values current in their back-up system. This 
requirement would apply at all times during market hours. The Amex 
believes that the back-up system would need to be independent in order 
to ensure that any event that could cause a failure to the primary 
automatic quote system would not corrupt the back-up system.
    The Exchange believes that the failure of a proprietary automatic 
quote system could result in the Amex's inability to open an entire 
group of listed options classes for a brief or sometimes lengthy time 
period. Thus, the Amex seeks to require that Specialists have the 
Exchange-provided automatic quotation system ready, as a back-up, 
should their primary automatic quote system fail. The Exchange believes 
that failure to comply with the proposed requirement should be subject 
to sanction under the Plan.
    The Exchange has had the Plan since 1976, which provides a 
simplified procedure for the resolution of minor rule violations. 
Codified in Amex Rule 590, the Plan has three distinct sections: Part 1 
(``General Rule Violations'') which covers more substantive matters 
that, nonetheless, are deemed ``minor'' by the Commission and the Amex; 
Part 2 (``Floor Decorum'') which covers Floor Decorum and operational 
matters; and Part 3 (``Reporting Violations'') which

[[Page 8860]]

covers the late submission of routine reports.
    Accordingly, the Amex proposes to amend Part 1(g) of Amex Rule 590 
to allow for the issuance of minor fines when a Specialist fails to 
comply with the Exchange's procedures regarding maintaining and 
utilizing the Exchange-provided automatic quote system as a back-up to 
the Specialist's Exchange-approved proprietary automatic quote system.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act,\3\ in general, and furthers the 
objectives of section 6(b)(5) of the Act,\4\ in particular, in that it 
is designed 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.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 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

    No written comments were solicited or received by the Exchange on 
this proposal.

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 will:
    A. By order approve such proposed 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-Amex-2005-007 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-Amex-2005-007. 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 for inspection and copying at the principal office of the 
Amex. 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-
Amex-2005-007 and should be submitted on or before March 16, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
Jill M. Peterson,
Assistant Secretary.
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E5-695 Filed 2-22-05; 8:45 am]
BILLING CODE 8010-01-P

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