Joint Industry Plan; Order Extending for One Year the Operation of the Reporting Plan for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis, Submitted by the Pacific Exchange, Inc., the National Association of Securities Dealers, Inc., the American Stock Exchange LLC, the Boston Stock Exchange, Inc., the Chicago Stock Exchange, Inc., the Cincinnati Stock Exchange, Inc., and the Philadelphia Stock Exchange, Inc., and to Extend Certain Exemptive Relief, 11719-11720 [E5-984]
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Federal Register / Vol. 70, No. 45 / Wednesday, March 9, 2005 / Notices
this regard, the Commission also
considered the interrelation of the
operating budgets of the FAF, the FASB
and the Government Accounting
Standards Board (‘‘GASB’’), the FASB’s
sister organization, which sets
accounting standards to be used by state
and local government entities. The FAF
has advised the Commission that none
of the FAF, the FASB and the GASB
accept contributions from the
accounting profession.
After its review, the Commission
determined that the 2005 annual
accounting support fee for the FASB is
consistent with Section 109 of the Act.
Accordingly,
It is ordered pursuant to Section 109
of the Act that the FASB may act in
accordance with this determination of
the Commission.
By the Commission.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–983 Filed 3–8–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51292; File No. S7–24–89]
Joint Industry Plan; Order Extending
for One Year the Operation of the
Reporting Plan for Nasdaq-Listed
Securities Traded on Exchanges on an
Unlisted Trading Privilege Basis,
Submitted by the Pacific Exchange,
Inc., the National Association of
Securities Dealers, Inc., the American
Stock Exchange LLC, the Boston
Stock Exchange, Inc., the Chicago
Stock Exchange, Inc., the Cincinnati
Stock Exchange, Inc., and the
Philadelphia Stock Exchange, Inc., and
to Extend Certain Exemptive Relief
March 2, 2005.
I. Introduction and Description
On December 14, 2004, the Pacific
Exchange, Inc. (‘‘PCX’’) on behalf of
itself and the National Association of
Securities Dealers, Inc. (‘‘NASD’’), the
American Stock Exchange LLC
(‘‘Amex’’), the Boston Stock Exchange,
Inc. (‘‘BSE’’), the Chicago Stock
Exchange, Inc. (‘‘CHX’’), the Cincinnati
Stock Exchange, Inc. (‘‘CSE’’),1 and the
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’) (hereinafter referred to
collectively as ‘‘Participants’’),2 as
1 The Commission notes that the CSE changed its
name to the National Stock Exchange, Inc. See
Securities Exchange Act Release No. 48774
(November 12, 2003), 68 FR 65332 (November 19,
2003) (File No. SR–CSE–2003–12).
2 PCX and its subsidiary the Archipelago
Exchange were elected co-chairs of the operating
VerDate jul<14>2003
20:21 Mar 08, 2005
Jkt 205001
members of the operating committee
(‘‘Operating Committee’’ or
‘‘Committee’’) of the Plan submitted to
the Securities and Exchange
Commission (‘‘Commission’’) a request
to extend the operation of the Plan and
also to extend certain exemptive relief
as described below.3 On December 14,
2004, the Commission issued a notice
for comment and simultaneously
granted summary effectiveness to the
request to extend the operation of the
Plan and certain exemptive relief on a
temporary basis not to exceed 120 days
from December 21, 2004.4 No comments
were received in response to the
publication of this notice.
The Nasdaq UTP Plan governs the
collection, processing, and
dissemination on a consolidated basis of
quotation and last sale information for
each of its Participants. This
consolidated information informs
investors of the current quotation and
recent trade prices of Nasdaq Stock
Market, Inc. (‘‘Nasdaq’’) securities. It
enables investors to ascertain from one
data source the current prices in all the
markets trading Nasdaq securities. The
Plan serves as the required transaction
reporting plan for its Participants,
which is a prerequisite for their trading
Nasdaq securities. The Plan is operating
subject to a temporary extension.
This order approves, pursuant to Rule
11Aa3–2(c)(2) under the Securities
Exchange Act of 1934 (‘‘Act’’),5 the
request to extend operation of the Plan,
as modified by all changes previously
approved, and the request to extend
certain exemptive relief for a one-year
period expiring on December 21, 2005.
II. Exemptive Relief
While both Nasdaq and the NASD
operate under the umbrella of a single
Plan Participant, the submission of two
distinct best bids and offers (‘‘BBOs’’)
could be deemed inconsistent with
Section VI.C.1 of the Plan.6 Pursuant to
the 13th Amendment of the Plan and
committee (‘‘Operating Committee’’ or
‘‘Committee’’) for the Joint Self-Regulatory
Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed
Securities Traded on Exchanges on an Unlisted
Trading Privilege Basis (‘‘Nasdaq UTP Plan’’ or
‘‘Plan’’) by the Participants.
3 See letter from Bridget M. Farrell, Co-Chairman,
and Michael P. Rountree, Co-Chairman, Plan
Operating Committee, to Jonathan G. Katz,
Secretary, Commission, dated December 14, 2004.
4 See Securities Exchange Act Release No. 50855,
69 FR 76499 (December 21, 2004).
5 17 CFR 240.11Aa3–2(c)(2).
6 Section VI.C.1. of the Plan, as approved in the
13th Amendment, states that ‘‘[t]he Processor shall
disseminate on the UTP Quote Data Feed the best
bid and offer information supplied by each
Participant, including the NASD * * *.
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
11719
Rule 11Aa3–2(a),7 Nasdaq cannot be
granted Plan Participant status until it is
registered as a national securities
exchange. While Nasdaq submits a
distinct BBO from the NASD and until
Nasdaq is registered as a national
securities exchange, the NASD will
submit quotes to the Plan’s Securities
Information Processor (‘‘SIP’’) in a
manner different than specified in
Section VI.C.1. of the Plan and, thus,
potentially in conflict with Rule 11Aa3–
2(d) under the Act.8
As discussed at length in the notice of
the 13th Amendment,9 the Commission
determined to relieve the potential
conflict among the SuperMontage
approval order,10 Rule 11Aa3–2,11 and
the Plan, by granting the NASD an
exemption under Rule 11Aa3–2(f) 12
from compliance with Section VI.C.1. of
the Plan as required by Rule 11Aa3–
2(d) 13 until such time as Nasdaq is
registered as a national securities
exchange. The Plan Participants have
requested an extension of the exemptive
relief.
III. Discussion
The Commission finds that extending
the operation of the Plan is consistent
with the requirements of the Act and the
rules and regulations thereunder, and,
in particular, Section 12(f) 14 and
Section 11A(a)(1) 15 of the Act and Rules
11Aa3–1 and 11Aa3–2 thereunder.16
Section 11A of the Act directs the
Commission to facilitate the
development of a national market
system for securities, ‘‘having due
regard for the public interest, the
protection of investors, and the
maintenance of fair and orderly
markets,’’ and cites as an objective of
that system the ‘‘fair competition * * *
7 17
CFR 240.11Aa3–2(a).
CFR 240.11Aa3–2(d). Rule 11Aa3–2(d) under
the Act requires a self-regulatory organization
participant of national market system plan to
comply with the terms of that plan.
9 See Securities Exchange Act Release No. 46139
(June 28, 2001 [sic]), 67 FR 44888 (July 5, 2002).
10 See Securities Exchange Act Release No. 43863
(January 19, 2001), 66 FR 8020 (January 26, 2001).
11 17 CFR 240.11Aa3–2.
12 17 CFR 240.11Aa3–2(f).
13 17 CFR 240.11Aa3–2(d).
14 15 U.S.C. 78l(f). The Commission finds that
extending the Plan is consistent with fair and
orderly markets, the protection of investors and the
public interest, and otherwise in furtherance of the
purposes of the Act. The Commission has taken into
account the public trading activity in securities
traded pursuant to the Plan, the character of the
trading, the impact of the trading of such securities
on existing markets, and the desirability of
removing impediments to, and the progress that has
been made toward the development of a national
market system.
15 15 U.S.C. 78k–1(a)(1).
16 17 CFR 240.11Aa3–1 and 17 CFR 240.11Aa3–
2.
8 17
E:\FR\FM\09MRN1.SGM
09MRN1
11720
Federal Register / Vol. 70, No. 45 / Wednesday, March 9, 2005 / Notices
between exchange markets and markets
other than exchange markets.’’ 17 When
the Commission first approved of the
Plan on a pilot basis, it found that the
Plan ‘‘should enhance market efficiency
and fair competition, avoid investor
confusion, and facilitate surveillance of
concurrent exchange and OTC
trading.’’ 18 The Plan has been in
existence since 1990 and Participants
have been trading Nasdaq securities
under the Plan since 1993.
The Commission finds that extending
the operation of the Plan for a year
furthers the goals described above by
preventing the lapsing of the sole
effective transaction reporting plan for
Nasdaq securities traded by exchanges
pursuant to unlisted trading privileges.
The Commission believes that the Plan
is a critical component of the national
market system and that the Plan’s
expiration would have a serious,
detrimental impact on the further
development of the national market
system.
The Commission also finds that it is
appropriate to extend the exemption
under Rule 11Aa3–2(f) 19 from
compliance with Section VI.C.1. of the
Plan as required by Rule 11Aa3–2(d).20
The Commission believes that the
requested exemptive relief extension is
consistent with the Act, the Rules
thereunder, and, specifically, with the
objectives set forth in Sections 12(f) and
11A of the Act 21 and Rules 11Aa3–1
and 11Aa3–2 thereunder.22 The
Commission believes that the Plan is a
critical component of the national
market system and that the requested
exemptive relief is necessary to assure
the effective operation of the Plan.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.25
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–984 Filed 3–8–05; 8:45 am]
IV. Conclusion
Institution and settlement of injunctive
actions; and
Institution and settlement of administrative
proceedings of an enforcement nature.
It is therefore ordered, pursuant to
Sections 12(f) and 11A of the Act 23 and
paragraph (c)(4) of Rule 11Aa3–2 24
thereunder, that the operation of the
Plan be, and hereby is, extended and
that certain exemptive relief also be
extended until December 21, 2005.
17 15
U.S.C. 78k–1(a).
Securities Exchange Act Release No. 28146
(June 26, 1990), 55 FR 27917 (July 6, 1990).
19 17 CFR 240.11Aa3–2(f).
20 17 CFR 240.11Aa3–2(d).
21 15 U.S.C. 78l(f) and 15 U.S.C. 78k–1.
22 17 CFR 240.11Aa3–1 and 11Aa3–2.
23 15 U.S.C. 78l(f) and 15 U.S.C. 78k–1.
24 17 CFR 240.11Aa3–2(c)(4).
25 17 CFR 200.30–3(a)(27).
18 See
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20:21 Mar 08, 2005
Jkt 205001
Dated: March 7, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–4781 Filed 3–7–05; 4:04 pm]
BILLING CODE 8010–01–U
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold the following
meetings during the week of March 14,
2005:
Closed Meetings will be held on Monday,
March 14, 2005 at 3:30 p.m. and Thursday,
March 17, 2005 at 10 a.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meetings. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), (9)(B), and
(10) and 17 CFR 200.402(a)(5), (7), 9(ii)
and (10), permit consideration of the
scheduled matters at the Closed
Meetings.
Commissioner Goldschmid, as duty
officer, voted to consider the items
listed for the closed meetings in closed
session.
The subject matter of the Closed
Meeting scheduled for Monday, March
14, 2005, will be:
The subject matter of the Closed
Meeting scheduled for Thursday, March
17, 2005, will be:
Formal orders of investigations;
Institution and settlement of injunctive
actions; and
Institution and settlement of administrative
proceedings of an enforcement nature; and an
Opinion.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
942–7070.
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
[Securities Act of 1933, Release No. 8550/
March 3, 2005 and Securities Exchange Act
of 1934, Release No. 51313/ March 3, 2005]
Order Approving Public Company
Accounting Oversight Board Revised
Budget and Annual Accounting
Support Fee for Calendar Year 2005
The Sarbanes-Oxley Act of 2002 (the
‘‘Act’’) established the Public Company
Accounting Oversight Board (‘‘PCAOB’’)
to oversee the audits of public
companies and related matters, to
protect investors, and to further the
public interest in the preparation of
informative, accurate and independent
audit reports. The PCAOB is to
accomplish these goals through
registration of public accounting firms
and standard setting, inspection, and
disciplinary programs. Section 109 of
the Act provides that the PCAOB shall
establish a reasonable annual
accounting support fee, as may be
necessary or appropriate to establish
and maintain the PCAOB. Section
109(h) amends Section 13(b)(2) of the
Securities Exchange Act of 1934 to
require issuers to pay the allocable share
of a reasonable annual accounting
support fee or fees, determined in
accordance with Section 109 of the Act.
Under Section 109(f), the aggregate
annual accounting support fee shall not
exceed the PCAOB’s aggregate
‘‘recoverable budget expenses,’’ which
may include operating, capital and
accrued items. Section 109(b) of the Act
directs the PCAOB to establish a budget
for each fiscal year in accordance with
the PCAOB’s internal procedures,
subject to approval by the Commission.
The PCAOB originally adopted a
budget for calendar year 2005 and
submitted it to the Commission in
October 2004. After further review of its
proposed expenditures for 2005, the
PCAOB adopted a revised budget for
calendar year 2005 and submitted that
budget to the Commission for approval
on January 6, 2005. In its supporting
materials, the PCAOB noted that the
revised budget ‘‘supports its mission to
oversee the auditors of public
companies in order to protect the
interests of investors and further the
public interest in the preparation of
informative, fair and independent audit
reports. This includes carrying out the
E:\FR\FM\09MRN1.SGM
09MRN1
]]>Agencies
[Federal Register Volume 70, Number 45 (Wednesday, March 9, 2005)]
[Notices]
[Pages 11719-11720]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-984]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51292; File No. S7-24-89]
Joint Industry Plan; Order Extending for One Year the Operation
of the Reporting Plan for Nasdaq-Listed Securities Traded on Exchanges
on an Unlisted Trading Privilege Basis, Submitted by the Pacific
Exchange, Inc., the National Association of Securities Dealers, Inc.,
the American Stock Exchange LLC, the Boston Stock Exchange, Inc., the
Chicago Stock Exchange, Inc., the Cincinnati Stock Exchange, Inc., and
the Philadelphia Stock Exchange, Inc., and to Extend Certain Exemptive
Relief
March 2, 2005.
I. Introduction and Description
On December 14, 2004, the Pacific Exchange, Inc. (``PCX'') on
behalf of itself and the National Association of Securities Dealers,
Inc. (``NASD''), the American Stock Exchange LLC (``Amex''), the Boston
Stock Exchange, Inc. (``BSE''), the Chicago Stock Exchange, Inc.
(``CHX''), the Cincinnati Stock Exchange, Inc. (``CSE''),\1\ and the
Philadelphia Stock Exchange, Inc. (``Phlx'') (hereinafter referred to
collectively as ``Participants''),\2\ as members of the operating
committee (``Operating Committee'' or ``Committee'') of the Plan
submitted to the Securities and Exchange Commission (``Commission'') a
request to extend the operation of the Plan and also to extend certain
exemptive relief as described below.\3\ On December 14, 2004, the
Commission issued a notice for comment and simultaneously granted
summary effectiveness to the request to extend the operation of the
Plan and certain exemptive relief on a temporary basis not to exceed
120 days from December 21, 2004.\4\ No comments were received in
response to the publication of this notice.
---------------------------------------------------------------------------
\1\ The Commission notes that the CSE changed its name to the
National Stock Exchange, Inc. See Securities Exchange Act Release
No. 48774 (November 12, 2003), 68 FR 65332 (November 19, 2003) (File
No. SR-CSE-2003-12).
\2\ PCX and its subsidiary the Archipelago Exchange were elected
co-chairs of the operating committee (``Operating Committee'' or
``Committee'') for the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of
Quotation and Transaction Information for Nasdaq-Listed Securities
Traded on Exchanges on an Unlisted Trading Privilege Basis (``Nasdaq
UTP Plan'' or ``Plan'') by the Participants.
\3\ See letter from Bridget M. Farrell, Co-Chairman, and Michael
P. Rountree, Co-Chairman, Plan Operating Committee, to Jonathan G.
Katz, Secretary, Commission, dated December 14, 2004.
\4\ See Securities Exchange Act Release No. 50855, 69 FR 76499
(December 21, 2004).
---------------------------------------------------------------------------
The Nasdaq UTP Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation and last sale
information for each of its Participants. This consolidated information
informs investors of the current quotation and recent trade prices of
Nasdaq Stock Market, Inc. (``Nasdaq'') securities. It enables investors
to ascertain from one data source the current prices in all the markets
trading Nasdaq securities. The Plan serves as the required transaction
reporting plan for its Participants, which is a prerequisite for their
trading Nasdaq securities. The Plan is operating subject to a temporary
extension.
This order approves, pursuant to Rule 11Aa3-2(c)(2) under the
Securities Exchange Act of 1934 (``Act''),\5\ the request to extend
operation of the Plan, as modified by all changes previously approved,
and the request to extend certain exemptive relief for a one-year
period expiring on December 21, 2005.
---------------------------------------------------------------------------
\5\ 17 CFR 240.11Aa3-2(c)(2).
---------------------------------------------------------------------------
II. Exemptive Relief
While both Nasdaq and the NASD operate under the umbrella of a
single Plan Participant, the submission of two distinct best bids and
offers (``BBOs'') could be deemed inconsistent with Section VI.C.1 of
the Plan.\6\ Pursuant to the 13th Amendment of the Plan and Rule 11Aa3-
2(a),\7\ Nasdaq cannot be granted Plan Participant status until it is
registered as a national securities exchange. While Nasdaq submits a
distinct BBO from the NASD and until Nasdaq is registered as a national
securities exchange, the NASD will submit quotes to the Plan's
Securities Information Processor (``SIP'') in a manner different than
specified in Section VI.C.1. of the Plan and, thus, potentially in
conflict with Rule 11Aa3-2(d) under the Act.\8\
---------------------------------------------------------------------------
\6\ Section VI.C.1. of the Plan, as approved in the 13th
Amendment, states that ``[t]he Processor shall disseminate on the
UTP Quote Data Feed the best bid and offer information supplied by
each Participant, including the NASD * * *.
\7\ 17 CFR 240.11Aa3-2(a).
\8\ 17 CFR 240.11Aa3-2(d). Rule 11Aa3-2(d) under the Act
requires a self-regulatory organization participant of national
market system plan to comply with the terms of that plan.
---------------------------------------------------------------------------
As discussed at length in the notice of the 13th Amendment,\9\ the
Commission determined to relieve the potential conflict among the
SuperMontage approval order,\10\ Rule 11Aa3-2,\11\ and the Plan, by
granting the NASD an exemption under Rule 11Aa3-2(f) \12\ from
compliance with Section VI.C.1. of the Plan as required by Rule 11Aa3-
2(d) \13\ until such time as Nasdaq is registered as a national
securities exchange. The Plan Participants have requested an extension
of the exemptive relief.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 46139 (June 28, 2001
[sic]), 67 FR 44888 (July 5, 2002).
\10\ See Securities Exchange Act Release No. 43863 (January 19,
2001), 66 FR 8020 (January 26, 2001).
\11\ 17 CFR 240.11Aa3-2.
\12\ 17 CFR 240.11Aa3-2(f).
\13\ 17 CFR 240.11Aa3-2(d).
---------------------------------------------------------------------------
III. Discussion
The Commission finds that extending the operation of the Plan is
consistent with the requirements of the Act and the rules and
regulations thereunder, and, in particular, Section 12(f) \14\ and
Section 11A(a)(1) \15\ of the Act and Rules 11Aa3-1 and 11Aa3-2
thereunder.\16\ Section 11A of the Act directs the Commission to
facilitate the development of a national market system for securities,
``having due regard for the public interest, the protection of
investors, and the maintenance of fair and orderly markets,'' and cites
as an objective of that system the ``fair competition * * *
[[Page 11720]]
between exchange markets and markets other than exchange markets.''
\17\ When the Commission first approved of the Plan on a pilot basis,
it found that the Plan ``should enhance market efficiency and fair
competition, avoid investor confusion, and facilitate surveillance of
concurrent exchange and OTC trading.'' \18\ The Plan has been in
existence since 1990 and Participants have been trading Nasdaq
securities under the Plan since 1993.
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78l(f). The Commission finds that extending the
Plan is consistent with fair and orderly markets, the protection of
investors and the public interest, and otherwise in furtherance of
the purposes of the Act. The Commission has taken into account the
public trading activity in securities traded pursuant to the Plan,
the character of the trading, the impact of the trading of such
securities on existing markets, and the desirability of removing
impediments to, and the progress that has been made toward the
development of a national market system.
\15\ 15 U.S.C. 78k-1(a)(1).
\16\ 17 CFR 240.11Aa3-1 and 17 CFR 240.11Aa3-2.
\17\ 15 U.S.C. 78k-1(a).
\18\ See Securities Exchange Act Release No. 28146 (June 26,
1990), 55 FR 27917 (July 6, 1990).
---------------------------------------------------------------------------
The Commission finds that extending the operation of the Plan for a
year furthers the goals described above by preventing the lapsing of
the sole effective transaction reporting plan for Nasdaq securities
traded by exchanges pursuant to unlisted trading privileges. The
Commission believes that the Plan is a critical component of the
national market system and that the Plan's expiration would have a
serious, detrimental impact on the further development of the national
market system.
The Commission also finds that it is appropriate to extend the
exemption under Rule 11Aa3-2(f) \19\ from compliance with Section
VI.C.1. of the Plan as required by Rule 11Aa3-2(d).\20\ The Commission
believes that the requested exemptive relief extension is consistent
with the Act, the Rules thereunder, and, specifically, with the
objectives set forth in Sections 12(f) and 11A of the Act \21\ and
Rules 11Aa3-1 and 11Aa3-2 thereunder.\22\ The Commission believes that
the Plan is a critical component of the national market system and that
the requested exemptive relief is necessary to assure the effective
operation of the Plan.
---------------------------------------------------------------------------
\19\ 17 CFR 240.11Aa3-2(f).
\20\ 17 CFR 240.11Aa3-2(d).
\21\ 15 U.S.C. 78l(f) and 15 U.S.C. 78k-1.
\22\ 17 CFR 240.11Aa3-1 and 11Aa3-2.
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Sections 12(f) and 11A of the
Act \23\ and paragraph (c)(4) of Rule 11Aa3-2 \24\ thereunder, that the
operation of the Plan be, and hereby is, extended and that certain
exemptive relief also be extended until December 21, 2005.
---------------------------------------------------------------------------
\23\ 15 U.S.C. 78l(f) and 15 U.S.C. 78k-1.
\24\ 17 CFR 240.11Aa3-2(c)(4).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\25\
Margaret H. McFarland,
Deputy Secretary.
---------------------------------------------------------------------------
\25\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------
[FR Doc. E5-984 Filed 3-8-05; 8:45 am]
BILLING CODE 8010-01-P
