Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Deletion of Certain Obsolete or Unnecessary Rules, 11296-11297 [E5-931]
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11296
Federal Register / Vol. 70, No. 44 / Tuesday, March 8, 2005 / Notices
investors, or otherwise in furtherance of
the purposes of the Act.
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.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–967 Filed 3–7–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–OCC–2005–01 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–OCC–2005–01. 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 OCC and on OCC’s Web site at
https://www.optionsclearing.com. 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–OCC–2005–01 and should
be submitted on or before March 29,
2005.
VerDate jul<14>2003
19:54 Mar 07, 2005
Jkt 205001
[Release No. 34–51281; File No. SR–PCX–
2005–21]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Deletion
of Certain Obsolete or Unnecessary
Rules
March 1, 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 February
9, 2005, the Pacific Exchange, Inc.
(‘‘PCX’’ 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 PCX. The Exchange has filed the
proposal as a ‘‘non-controversial’’ rule
change pursuant to section 19(b)(3)(A)
of the Act,3 and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
Commission.5 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 PCX is proposing to amend its
rules to delete certain rules, or portions
thereof, which have been determined as
obsolete or unnecessary. The text of the
proposed rule change is available on the
PCX’s Web site at https://
www.pacificex.com, at the Exchange’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 The PCX asked the Commission to waive the 30day operative delay and the five-day pre-filing
notice requirement. See Rule 19b–4(f)(6)(iii).
PO 00000
9 17
1 15
Frm 00104
Fmt 4703
Sfmt 4703
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
PCX 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 aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On December 9, 2003, the Exchange
responded to a request by the
Commission’s Office of Compliance
Inspections and Examinations for
section 19(g) obligation compliance
under the Act.6 As part of its
compliance, the Exchange performed a
complete review of the PCX rules, as
well as the surveillance procedures
thereof, and found a number of rules
that are obsolete or superfluous in the
current market structure. Thus, the
Exchange proposes to delete these
inapplicable rules, or portions thereof,
at this time. The proposed rules, or
portions thereof, to be deleted are:
• PCX Rule 4.1, Commentary .02—
This commentary relates to trading in
gold and silver bullion. This
commentary is obsolete because the
Exchange no longer trades gold and
silver bullion.
• PCX Rule 6.91—This rule sets forth
the pilot program for the Intermarket
Linkage Program. This rule is no longer
necessary as the permanent Intermarket
Linkage Program (PCX Rules 6.92–6.96)
has been implemented.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,7 in general, and
furthers the objectives of section
6(b)(5),8 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
6 15
U.S.C. 78s(g).
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
7 15
E:\FR\FM\08MRN1.SGM
08MRN1
Federal Register / Vol. 70, No. 44 / Tuesday, March 8, 2005 / Notices
open market and a national market
system.
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 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
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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) does not become operative for 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, the proposed rule
change has become effective pursuant to
section 19(b)(3)(A) of the Act 9 and Rule
19b–4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
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.
Furthermore, Rule 19b–4(f)(6)(iii)
requires a self-regulatory organization to
give the Commission written notice of
its intent to file a proposed rule change
under that subsection at least five
business days prior to the date of filing,
or such shorter time as designated by
the Commission. The Exchange has
requested that the Commission waive
the 30-day operative delay and the fiveday pre-filing notice requirement, as
specified in Rule 19b–4(f)(6)(iii), and
designate the proposed rule change
immediately operative.
The Commission believes that
waiving the 30-day operative delay and
the five-day pre-filing notice
requirement is consistent with the
protection of investors and the public
interest.12 By waiving the 30-day
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 Id.
12 For purposes only of waiving the 30-day preoperative period, the Commission has considered
10 17
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19:54 Mar 07, 2005
Jkt 205001
operative delay and the five-day prefiling notice requirement, the deletion of
the obsolete or unnecessary rules will
take effect as of the date the PCX filed
the proposed rule change.
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.
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:
11297
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–PCX–2005–21 and should
be submitted on or before March 29,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–931 Filed 3–7–05; 8:45 am]
BILLING CODE 8010–01–P
SECURTITES AND EXCHANGE
COMMISSION
[Release No. 34–51286; File No. SR–PCX–
2003–55]
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–PCX–2005–21 on the
subject line.
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment Nos. 1
and 2 Thereto Relating to Position
Limits and Exercise Limits
March 1, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
• Send paper comments in triplicate
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
to Jonathan G. Katz, Secretary,
notice is hereby given that on
Securities and Exchange Commission,
September 29, 2003, the Pacific
450 Fifth Street, NW., Washington, DC
Exchange, Inc. (‘‘PCX’’ of ‘‘Exchange’’)
20549–0609.
filed with the Securities snd Exchange
All submissions should refer to File
Commission (‘‘Commission’’) the
Number SR–PCX–2005–21. This file
proposed rule change as described in
number should be included on the
items I and II below, which items have
subject line if e-mail is used. To help the
been prepared by PCX. On February 25,
Commission process and review your
2005, the PCX filed Amendment No. 1
comments more efficiently, please use
to the proposed rule change.3 On
only one method. The Commission will
February 28, 2005, the PCX filed
post all comments on the Commission’s
Amendment No. 2 to the proposed rule
Internet Web site (https://www.sec.gov/
change.4 As amended by Amendment
rules/sro.shtml). Copies of the
No. 1, the proposal has been submitted
submission, all subsequent
as a ‘‘non-controversial’’ rule change
amendments, all written statements
pursuant to section 19(b)(3)(A) of the
with respect to the proposed rule
Act 5 and Rule 19b–4(f)(6) thereunder,6
change that are filed with the
Commission, and all written
13 17 CFR 200.30–3(a)(12).
communications relating to the
1 15 U.S.C. 78s(b)(1).
proposed rule change between the
2 17 CFR 240.19b–4.
Commission and any person, other than
3 Amendment No. 1, which replaced and
those that may be withheld from the
superseded the original filing in its entirety,
eliminated among other things, certain hedge
public in accordance with the
exemptions and the position accountability
provisions of 5 U.S.C. 552, will be
program that were proposed in the original filing,
available for inspection and copying in
established a new hedge exemption (‘‘reverse
the Commission’s Public Reference
collar’’), requested that the increases to the standard
position and exercise limits proposed in the filing
Room. Copies of the filing also will be
be adopted as a six-month pilot basis, made various
available for inspection and copying at
clarifying changes to the filing, and changed the
the principal offices of the PCX. All
statutory basis of the filing.
4 Amendment No. 2 made certain technical
comments received will be posted
Paper Comments
the proposed rule’s impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
changes to the filing.
5 15 U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4(f)(6).
E:\FR\FM\08MRN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 44 (Tuesday, March 8, 2005)]
[Notices]
[Pages 11296-11297]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-931]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51281; File No. SR-PCX-2005-21]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Deletion of Certain Obsolete or Unnecessary Rules
March 1, 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 February 9, 2005, the Pacific Exchange, Inc. (``PCX'' 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 PCX. The Exchange has
filed the proposal as a ``non-controversial'' rule change pursuant to
section 19(b)(3)(A) of the Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposal effective upon filing with the
Commission.\5\ 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\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The PCX asked the Commission to waive the 30-day operative
delay and the five-day pre-filing notice requirement. See Rule 19b-
4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX is proposing to amend its rules to delete certain rules, or
portions thereof, which have been determined as obsolete or
unnecessary. The text of the proposed rule change is available on the
PCX's Web site at https://www.pacificex.com, at the Exchange'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 PCX 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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
On December 9, 2003, the Exchange responded to a request by the
Commission's Office of Compliance Inspections and Examinations for
section 19(g) obligation compliance under the Act.\6\ As part of its
compliance, the Exchange performed a complete review of the PCX rules,
as well as the surveillance procedures thereof, and found a number of
rules that are obsolete or superfluous in the current market structure.
Thus, the Exchange proposes to delete these inapplicable rules, or
portions thereof, at this time. The proposed rules, or portions
thereof, to be deleted are:
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(g).
---------------------------------------------------------------------------
PCX Rule 4.1, Commentary .02--This commentary relates to
trading in gold and silver bullion. This commentary is obsolete because
the Exchange no longer trades gold and silver bullion.
PCX Rule 6.91--This rule sets forth the pilot program for
the Intermarket Linkage Program. This rule is no longer necessary as
the permanent Intermarket Linkage Program (PCX Rules 6.92-6.96) has
been implemented.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\7\ in general, and furthers the
objectives of section 6(b)(5),\8\ in particular, because it is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and
[[Page 11297]]
open market and a national market system.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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 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
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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) does not become
operative for 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, the proposed rule
change has become effective pursuant to section 19(b)(3)(A) of the Act
\9\ and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of filing.
However, Rule 19b-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. Furthermore, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission written
notice of its intent to file a proposed rule change under that
subsection at least five business days prior to the date of filing, or
such shorter time as designated by the Commission. The Exchange has
requested that the Commission waive the 30-day operative delay and the
five-day pre-filing notice requirement, as specified in Rule 19b-
4(f)(6)(iii), and designate the proposed rule change immediately
operative.
---------------------------------------------------------------------------
\11\ Id.
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay and
the five-day pre-filing notice requirement is consistent with the
protection of investors and the public interest.\12\ By waiving the 30-
day operative delay and the five-day pre-filing notice requirement, the
deletion of the obsolete or unnecessary rules will take effect as of
the date the PCX filed the proposed rule change.
---------------------------------------------------------------------------
\12\ For purposes only of waiving the 30-day pre-operative
period, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
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.
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-PCX-2005-21 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-PCX-2005-21. 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 the
filing also will be available for inspection and copying at the
principal offices of the PCX. 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-PCX-2005-21 and should be submitted on or before March
29, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-931 Filed 3-7-05; 8:45 am]
BILLING CODE 8010-01-P
