Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change and Amendment No. 1 Thereto Requiring Electronic Filing of Form U4 and Form U5 by OTP Holders and OTP Firms Through the CRD, 15672-15674 [E5-1334]

Download as PDF 15672 Federal Register / Vol. 70, No. 58 / Monday, March 28, 2005 / Notices including any other rules proposed to be amended. (B) Self-Regulatory Organization’s Statement on Burden on Competition OCC does not believe that the proposed rule change would impose any burden on competition. (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were not and are not intended to be solicited with respect to the proposed rule change, and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(6) 9 thereunder because it effects a change that (i) does not significantly affect the protection of investors or the public interest, (ii) does not impose any significant burden on competition, and (iii) by its terms, does not become operative for 30 days after the filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the 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 rulecomments@sec.gov. Please include File Number SR–OCC–2005–02 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–2005–02. 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–2005–02 and should be submitted on or before April 18, 2005. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–1336 Filed 3–25–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51398; File No. SR–PCX– 2005–10] Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change and Amendment No. 1 Thereto Requiring Electronic Filing of Form U4 and Form U5 by OTP Holders and OTP Firms Through the CRD March 18, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 8 15 U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b–4(f)(6). VerDate jul<14>2003 15:12 Mar 25, 2005 1 15 Jkt 205001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 notice is hereby given that on January 31, 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 Exchange. On February 28, 2005, the Exchange filed Amendment No. 1 to the proposal. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons and is approving the proposed rule change, as amended, on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The PCX proposes to amend PCX Rules 2.4, 2.17 and 2.23 to support the implementation of an electronic registration process. The text of the proposed rule change is available on the PCX’s Web site https:// www.pacificex.com, at the PCX’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 Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III 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 The current PCX procedures require Option Trading Permit (‘‘OTP’’) applicants to submit the Uniform Application for Securities Industry Registration or Transfer (‘‘Form U4’’) to the Exchange when they are requesting approval to become an OTP Holder or OTP Firm and the Uniform Termination Notice for Securities Industry Registration (‘‘Form U5’’) when they wish to terminate an OTP.3 These forms 3 In Amendment No. 1 the Exchange stated that these requirements are contained in the current PCX Rules. The word ‘‘Rules’’ is replaced by the word ‘‘procedures’’ pursuant to the telephone conversation between Steven Matlin, Senior E:\FR\FM\28MRN1.SGM 28MRN1 Federal Register / Vol. 70, No. 58 / Monday, March 28, 2005 / Notices are currently submitted to the Exchange’s Shareholder and Registration Services (‘‘SRS’’) department. The Exchange is now proposing to require all current OTP Holders and OTP Firms and new applicants to use the National Association of Securities Dealers, Inc. (‘‘NASD’’) Central Registration Depository (‘‘CRD’’) as the mechanism for submitting required Forms U4 and U5 filings to the Exchange. As a result of this change, all persons that currently submit paper Forms U4 and U5 filings to the Exchange would be required to submit these forms electronically through Web CRD. The CRD is a Web based system that provides broker-dealers and their associated persons with ‘‘one stop filing’’ with the Commission, NASD, and other self-regulatory organizations and regulators. The CRD is operated by NASD and is used by participating regulators in connection with registering and licensing broker-dealers and their associated persons. As a result of moving from a manual application process to a fully electronic application process, the Exchange is proposing to reduce the time period, in which OTP Holders must file amendments to their applications, from fifteen business days to ten business days. The Exchange feels that the switch from a manual application process to a fully electronic application justifies such a reduction in time and therefore will not place any additional burden on the applicant. The Exchange has also proposed certain technical changes to the rule text that are necessary to adopt the rules associated with an electronic filing process. The Exchange is also proposing to require any OTP Holder that terminates its OTP to electronically file within ten business days of such termination Form U5 with the CRD. In addition, any amendments to the Form U5 must be filed within ten business days of the occurrence causing the amendment. This proposed rule is necessary to fully automate the registration/termination process. The Exchange anticipates that during the period between April 18, 2005, and May 13, 2005, OTP Holders and OTP Firms will submit an updated Form U4 to Web CRD for all individuals who are employees of OTP Holders and OTP Firms who have not previously submitted a Form U4 to Web CRD.4 The Counsel, PCX, and Kathy England, Assistant Director, Elizabeth Badawy, Accountant, and Natasha Cowen, Attorney, Division of Market Regulation, Commission, on March 15, 2005. 4 A number of individuals that are employees of OTP Holders and OTP Firms already have VerDate jul<14>2003 15:12 Mar 25, 2005 Jkt 205001 proposed rule change would require any person seeking to become an OTP Holder or OTP Firm or any individual who requires registration pursuant to PCX Rule 2.23 to electronically file a Form U4 with Web CRD. The Exchange believes that automating the review of registration applications and termination notices by transmitting all Forms U4 and U5 filings to Web CRD will enable the Exchange to perform more efficiently its regulatory responsibilities with respect to OTP Holders and OTP Firms and, thereby, will ultimately enhance investor protection. 2. Statutory Basis The Exchange believes that the proposed rule change, as amended, is consistent with Section 6(b) of the Act 5 in general, and furthers the objectives of Section 6(b)(5) of the Act 6 in particular, in that 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 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, as amended, will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments on the proposed rule change were neither solicited nor received. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, 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 submitted Form U4 to Web CRD if they work for dual PCX/NASD member firms and their job responsibilities require registration with NASD. 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(5). PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 15673 • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–PCX–2005–10 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–2005–10. 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 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–2005–10 and should be submitted on or before April 18, 2005. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change The Commission finds that the proposed rule change, as amended, is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,8 which requires, among other things, that the Exchange’s rules promote just and equitable principles of trade and facilitate transactions in securities, and, in 7 In approving this proposal, the Commission has considered its impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(5). E:\FR\FM\28MRN1.SGM 28MRN1 15674 Federal Register / Vol. 70, No. 58 / Monday, March 28, 2005 / Notices general, protect investors and the public interest. The Exchange has requested that the Commission approve the proposed rule change, as amended, on an accelerated basis. The Commission finds good cause, pursuant to Section 19(b)(2) of the Act,9 for approving the proposed rule change, as amended, prior to the thirtieth day after the date of publication of notice in the Federal Register. The Commission has previously approved a substantially similar proposed rule change submitted by the American Stock Exchange LLC to provide for the processing of the Forms U4 and U5 through Web CRD10 and does not believe that the proposed rule change raises novel regulatory issues. The proposed rule change, as amended, promotes uniformity of registration in the industry. Accordingly, the Commission finds that there is good cause, consistent with Section 6(b)(5) of the Act,11 to approve the proposed rule change, as amended, on an accelerated basis. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change, as amended, (SR– PCX–2005–10) is hereby approved on an accelerated basis.12 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–1334 Filed 3–25–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51399; File No. SR–PCX– 2005–11] Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change and Amendments No. 1 and 2 Thereto Requiring Electronic Filing of Form U4 and Form U5 by ETP Holders Through the CRD March 18, 2005 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 9 15 U.S.C. 78s(b)(2). Securities Exchange Act Release No. 48067 (June 19, 2003), 68 FR 39601 (July 2, 2003) (SR– Amex–2003–48). 11 15 U.S.C. 78s(b)(5). 12 15 U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(12). 10 See VerDate jul<14>2003 15:12 Mar 25, 2005 Jkt 205001 (‘‘Act’’)1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 31, 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 Exchange. On February 28, 2005, the Exchange filed Amendment No. 1, and on March 16, 2005, the Exchange filed Amendment No. 2 to the proposal. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons and is approving the proposed rule change, as amended, on an accelerated basis. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The PCX, through its wholly owned subsidiary PCX Equities, Inc. (‘‘PCXE’’) proposes to amend PCXE Rules 2.3, 2.16 and 2.21 to support the implementation of an electronic registration process. The text of the proposed rule change is available on the PCX’s Web site https:// www.pacificex.com, at the PCX’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 Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III 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 The current PCX procedures require Equities Trading Permit (‘‘ETP’’) applicants to submit the Uniform Application for Securities Industry Registration or Transfer (‘‘Form U4’’) to the Exchange when they are requesting approval to become an ETP Holder and the Uniform Termination Notice for Securities Industry Registration (‘‘Form U5’’) when they wish to withdraw from the Exchange. These forms are currently PO 00000 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00062 Fmt 4703 Sfmt 4703 submitted to the Exchange’s Shareholder and Registration Services (‘‘SRS’’) department. The Exchange is now proposing to require all current ETP Holders and new applicants to use the National Association of Securities Dealers, Inc. (‘‘NASD’’) Central Registration Depository (‘‘CRD’’) as the mechanism for submitting required Forms U4 and U5 filings to the Exchange. As a result of this change, all ETP Holders that currently submit paper Forms U4 and U5 filings to the Exchange would be required to submit these forms electronically through Web CRD. The CRD is a Web based system that provides broker-dealers and their associated persons with ‘‘one stop filing’’ with the Commission, NASD, and other self-regulatory organizations and regulators. The CRD is operated by NASD and is used by participating regulators in connection with registering and licensing broker-dealers and their associated persons. As a result of moving from a manual application process to a fully electronic application process, the Exchange is proposing to reduce the time period, in which ETP Holders must file amendments to their applications, from fifteen business days to ten business days. The Exchange feels that the switch from a manual application process to a fully electronic application justifies such a reduction in time and therefore will not place any additional burden on the applicant. The Exchange has also proposed certain technical changes to the rule text that are necessary to adopt the rules associated with an electronic filing process. The Exchange is also proposing to require ETP Holders to electronically file within ten (10) business days of such termination Form U5 with the CRD when any person associated with an ETP Holder terminates his association with such ETP Holder. In addition, any amendments to the Form U5 must be filed within ten business days of the occurrence causing the amendment. This proposed rule is necessary to fully automate the registration/termination process. The Exchange anticipates that during the period between April 18, 2005, and May 13, 2005, ETP Holders will submit an updated Form U4 to Web CRD for all individuals who are employees of ETP Holders who have not previously submitted a Form U4 to Web CRD.3 The proposed rule change would require any 3 A number of individuals that are employees of ETP Holders already have submitted Form U4 to Web CRD if they work for dual PCXE/NASD member firms and their job responsibilities require registration with NASD. E:\FR\FM\28MRN1.SGM 28MRN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 58 (Monday, March 28, 2005)]
[Notices]
[Pages 15672-15674]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1334]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51398; File No. SR-PCX-2005-10]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Order Granting Accelerated Approval of Proposed Rule Change 
and Amendment No. 1 Thereto Requiring Electronic Filing of Form U4 and 
Form U5 by OTP Holders and OTP Firms Through the CRD

March 18, 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 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 Exchange. On February 
28, 2005, the Exchange filed Amendment No. 1 to the proposal. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change, as amended, from interested persons and is 
approving the proposed rule change, as amended, on an accelerated 
basis.
---------------------------------------------------------------------------

    \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 PCX proposes to amend PCX Rules 2.4, 2.17 and 2.23 to support 
the implementation of an electronic registration process. The text of 
the proposed rule change is available on the PCX's Web site https://
www.pacificex.com, at the PCX'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 Exchange included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item III 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
    The current PCX procedures require Option Trading Permit (``OTP'') 
applicants to submit the Uniform Application for Securities Industry 
Registration or Transfer (``Form U4'') to the Exchange when they are 
requesting approval to become an OTP Holder or OTP Firm and the Uniform 
Termination Notice for Securities Industry Registration (``Form U5'') 
when they wish to terminate an OTP.\3\ These forms

[[Page 15673]]

are currently submitted to the Exchange's Shareholder and Registration 
Services (``SRS'') department.
---------------------------------------------------------------------------

    \3\ In Amendment No. 1 the Exchange stated that these 
requirements are contained in the current PCX Rules. The word 
``Rules'' is replaced by the word ``procedures'' pursuant to the 
telephone conversation between Steven Matlin, Senior Counsel, PCX, 
and Kathy England, Assistant Director, Elizabeth Badawy, Accountant, 
and Natasha Cowen, Attorney, Division of Market Regulation, 
Commission, on March 15, 2005.
---------------------------------------------------------------------------

    The Exchange is now proposing to require all current OTP Holders 
and OTP Firms and new applicants to use the National Association of 
Securities Dealers, Inc. (``NASD'') Central Registration Depository 
(``CRD'') as the mechanism for submitting required Forms U4 and U5 
filings to the Exchange. As a result of this change, all persons that 
currently submit paper Forms U4 and U5 filings to the Exchange would be 
required to submit these forms electronically through Web CRD. The CRD 
is a Web based system that provides broker-dealers and their associated 
persons with ``one stop filing'' with the Commission, NASD, and other 
self-regulatory organizations and regulators. The CRD is operated by 
NASD and is used by participating regulators in connection with 
registering and licensing broker-dealers and their associated persons.
    As a result of moving from a manual application process to a fully 
electronic application process, the Exchange is proposing to reduce the 
time period, in which OTP Holders must file amendments to their 
applications, from fifteen business days to ten business days. The 
Exchange feels that the switch from a manual application process to a 
fully electronic application justifies such a reduction in time and 
therefore will not place any additional burden on the applicant. The 
Exchange has also proposed certain technical changes to the rule text 
that are necessary to adopt the rules associated with an electronic 
filing process.
    The Exchange is also proposing to require any OTP Holder that 
terminates its OTP to electronically file within ten business days of 
such termination Form U5 with the CRD. In addition, any amendments to 
the Form U5 must be filed within ten business days of the occurrence 
causing the amendment. This proposed rule is necessary to fully 
automate the registration/termination process.
    The Exchange anticipates that during the period between April 18, 
2005, and May 13, 2005, OTP Holders and OTP Firms will submit an 
updated Form U4 to Web CRD for all individuals who are employees of OTP 
Holders and OTP Firms who have not previously submitted a Form U4 to 
Web CRD.\4\ The proposed rule change would require any person seeking 
to become an OTP Holder or OTP Firm or any individual who requires 
registration pursuant to PCX Rule 2.23 to electronically file a Form U4 
with Web CRD. The Exchange believes that automating the review of 
registration applications and termination notices by transmitting all 
Forms U4 and U5 filings to Web CRD will enable the Exchange to perform 
more efficiently its regulatory responsibilities with respect to OTP 
Holders and OTP Firms and, thereby, will ultimately enhance investor 
protection.
---------------------------------------------------------------------------

    \4\ A number of individuals that are employees of OTP Holders 
and OTP Firms already have submitted Form U4 to Web CRD if they work 
for dual PCX/NASD member firms and their job responsibilities 
require registration with NASD.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change, as amended, is 
consistent with Section 6(b) of the Act \5\ in general, and furthers 
the objectives of Section 6(b)(5) of the Act \6\ in particular, in that 
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 open market and a national market system.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 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, as 
amended, will impose any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments on the proposed rule change were neither solicited 
nor received.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change, as amended, 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-2005-10 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-2005-10. 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 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-2005-10 and should be submitted on or before April 
18, 2005.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    The Commission finds that the proposed rule change, as amended, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\7\ 
In particular, the Commission finds that the proposed rule change is 
consistent with Section 6(b)(5) of the Act,\8\ which requires, among 
other things, that the Exchange's rules promote just and equitable 
principles of trade and facilitate transactions in securities, and, in

[[Page 15674]]

general, protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ In approving this proposal, the Commission has considered 
its impact on efficiency, competition, and capital formation. See 15 
U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange has requested that the Commission approve the proposed 
rule change, as amended, on an accelerated basis. The Commission finds 
good cause, pursuant to Section 19(b)(2) of the Act,\9\ for approving 
the proposed rule change, as amended, prior to the thirtieth day after 
the date of publication of notice in the Federal Register. The 
Commission has previously approved a substantially similar proposed 
rule change submitted by the American Stock Exchange LLC to provide for 
the processing of the Forms U4 and U5 through Web CRD\10\ and does not 
believe that the proposed rule change raises novel regulatory issues. 
The proposed rule change, as amended, promotes uniformity of 
registration in the industry. Accordingly, the Commission finds that 
there is good cause, consistent with Section 6(b)(5) of the Act,\11\ to 
approve the proposed rule change, as amended, on an accelerated basis.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See Securities Exchange Act Release No. 48067 (June 19, 
2003), 68 FR 39601 (July 2, 2003) (SR-Amex-2003-48).
    \11\ 15 U.S.C. 78s(b)(5).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change, as amended, (SR-PCX-2005-10) is hereby 
approved on an accelerated basis.\12\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).

    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. E5-1334 Filed 3-25-05; 8:45 am]
BILLING CODE 8010-01-P

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