Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval of Proposed Rule Change and Amendment No. 1 Thereto To Require Specialists To Use and Maintain a Back-Up Automatic Quote System in ANTE Classes, 17730-17731 [E5-1580]
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17730
Federal Register / Vol. 70, No. 66 / Thursday, April 7, 2005 / Notices
Cleco Corp.
[70–10268]
Cleco Corporation (‘‘Cleco Corp.’’),
2030 Donahue Ferry Road, Pineville,
LA, a Louisiana corporation and a
holding company exempt under section
3(a)(1) of the Act, has filed an
application under sections 9(a)(2) and
10 to retain its ownership interest in
Perryville Energy Partners, LLC
(‘‘Perryville’’), upon Perryville’s loss of
status as an exempt wholesale generator
(‘‘EWG’’) under the Act.
Cleco Corp. is the parent company of
Cleco Power LLC (‘‘Cleco Power’’), a
Louisiana limited liability public-utility
company that provides electric utility
service in central and southeastern
Louisiana. Cleco Corp. also is the
indirect owner, through its subsidiary
companies Cleco Midstream Resources
LLC and Perryville Energy Holdings
LLC of Perryville, which owns a 718megawatt generating facility as well as
interconnection facilities used to
connect the facility to the transmission
system of Entergy Louisiana (‘‘Entergy
LA’’). Perryville has entered into an
agreement to sell the generating facility
to Entergy LA (although it will retain
ownership of the interconnection
facilities). Following the sale, Perryville
will no longer own generating facilities,
will cease to qualify as an EWG, and
will become a public-utility company,
as defined in section 2(a)(5) of the Act.
For the Commission by the Division of
Investment Management, pursuant to
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1601 Filed 4–6–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of Homeland Security
Network, Inc.; Order of Suspension of
Trading
April 5, 2005.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Homeland
Security Network, Inc. (‘‘HSYN’’)
because the company is delinquent in
its periodic filing obligations under
section 13(a) of the Securities Exchange
Act of 1934 and because of possible
manipulative conduct occurring in the
market for the company’s stock.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
VerDate jul<14>2003
18:22 Apr 06, 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 abovelisted company is suspended for the
period from 9:30 a.m. e.d.t., on April 5,
2005, through 11:59 p.m. e.d.t., on April
18, 2005.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 05–7025 Filed 4–5–05; 11:35 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51460; File No. SR–Amex–
2005–007]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Approval of Proposed Rule
Change and Amendment No. 1 Thereto
To Require Specialists To Use and
Maintain a Back-Up Automatic Quote
System in ANTE Classes
March 31, 2005.
On January 12, 2005, the American
Stock Exchange LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend Amex Rule 950–ANTE(l),
Commentary .02(a) to require specialists
to use and maintain a back-up automatic
quote system in ANTE classes, and to
incorporate violations of this
requirement in the Exchange’s minor
rule violation plan (‘‘Plan’’). The
proposed rule change was published for
comment in the Federal Register on
February 23, 2005.3 The Commission
received no comments on the proposal.
On March 15, 2005, the Exchange filed
Amendment No. 1 to the proposed rule
change.4 This order approves the
proposed rule change, as amended.
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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 51209
(February 15, 2005), 70 FR 8859.
4 See Partial Amendment dated March 15, 2005
(‘‘Amendment No. 1’’). In Amendment No. 1, the
Exchange made technical corrections to the
proposed rule text. Accordingly, this Amendment is
not subject to notice and comment.
PO 00000
1 15
securities exchange,5 and, in particular,
the requirements of Section 6 of the
Act 6 and the rules and regulations
thereunder. The Commission finds
specifically that the proposed rule
change, as amended, is consistent with
Section 6(b)(5) of the Act 7 because 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. The Commission also
finds that the Exchange’s Plan is
consistent with Section 6(b)(6) of the
Act,8 which require that the rules of an
exchange enforce compliance and
provide appropriate discipline for
violations of Commission and Exchange
rules.
The Commission believes that
requiring Amex specialists to use and
maintain an Exchange-provided
automatic quote system as a back-up to
the Exchange-approved proprietary
automatic quote system in ANTE classes
should help to assure an orderly market.
In addition, the Commission believes
that including this requirement in the
Exchange’s Plan should strengthen the
ability of the Exchange to carry out its
oversight and enforcement
responsibilities as a self-regulatory
organization (‘‘SRO’’). In approving this
proposed rule change, as amended, the
Commission in no way minimizes the
importance of compliance with Amex
Rule 950—ANTE(l), Commentary .02(a)
and all other rules subject to the
imposition of fines under the
Exchange’s Plan. The Commission
believes that the violation of any SRO’s
rules, as well as Commission rules, is a
serious matter. However, the Exchange’s
Plan provides a reasonable means of
addressing rule violations that do not
rise to the level of requiring formal
disciplinary proceedings, while
providing greater flexibility in handling
certain violations. The Commission
expects that the Amex will continue to
conduct surveillance with due diligence
and make a determination based on its
findings, whether fines of more or less
than the recommended amount are
appropriate for violations under the
Plan, on a case-by-case basis, or a
violation requires formal disciplinary
action.
2 17
Frm 00087
Fmt 4703
Sfmt 4703
5 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78f(b)(6).
E:\FR\FM\07APN1.SGM
07APN1
Federal Register / Vol. 70, No. 66 / Thursday, April 7, 2005 / Notices
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–Amex–2005–
007), as amended, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1580 Filed 4–6–05; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–51459; File No. SR–CBOE–
2005–27]
Self-Regulatory Organizations; Notice
of Filing of a Proposed Rule Change by
the Chicago Board Options Exchange,
Incorporated Relating to the Hybrid
Opening System
March 31, 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 March 24,
2005, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ 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 CBOE. 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 proposed rule change would
amend the Hybrid Opening System
(‘‘HOSS’’) procedures and the rule
relating to the obligations of electronic
designated primary market makers (‘‘eDPMs’’). The text of the proposed rule
change is available on the CBOE’s Web
site (https://www.cboe.com), at the
CBOE’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,
CBOE included statements concerning
the purpose of and basis for the
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
10 17
VerDate jul<14>2003
18:22 Apr 06, 2005
Jkt 205001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
9 15
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 CBOE has
prepared summaries, set forth in
sections A, B, and C below, of the most
significant aspects of such statements.
The Exchange is proposing to amend
its rules relating to HOSS procedures
and the rules relating to e-DPMs to
require all e-DPMs to submit opening
quotes during the HOSS opening
rotation for every series in each Hybrid
class to which any e-DPM is allocated.
Currently, CBOE rules only require
DPMs to submit opening quotes in
option classes listed and traded on the
Exchange. The Exchange believes that
requiring e-DPMs to submit opening
quotes along with DPMs would enhance
the opening process for Hybrid option
classes by providing greater liquidity
during opening rotations, which would
in turn lessen the possibility that a
Hybrid option class might be unable to
open.
To illustrate, under current CBOE
rules, only a DPM is required to submit
opening quotes in a series 3 and, if the
DPM’s quoted size at the open is below
the total size of the market orders on the
other side of the market and no other
quotes are on the open, there is a market
order imbalance and, under CBOE rules,
HOSS will not open that series.4 If all
e-DPMs are now required to add size to
the opening quote for each series in the
option classes allocated to e-DPMs, the
incidence of market order imbalances is
likely to decrease.
As such, HOSS rules 5 and the rules
relating to e-DPM and DPM obligations,
respectively,6 will be amended to
require both e-DPMs and DPMs to enter
opening quotes in accordance with
HOSS rules in 100% of the series of
each class allocated to that DPM or eDPM.7
Rule 6.2B(a).
Rule 6.2B(e)(iii).
5 Rule 6.2B.
6 DPM obligations are provided under Rule
8.85(a) and e-DPM obligations are provided under
Rule 8.93.
7 Under current CBOE rules, DPMs already are
required to submit opening quotes in all of its
allocated classes, but this rule filing proposes to
adopt rule language that will apply uniformly to
both DPMs and e-DPMs.
PO 00000
3 See
4 See
Frm 00088
Fmt 4703
Sfmt 4703
17731
2. Statutory Basis
By enhancing HOSS opening
procedures and making an e-DPM’s
HOSS obligations consistent with those
of a DPM’s, the Exchange believes that
this proposed rule change is consistent
with Section 6(b) of the Act,8 in general,
and further the objectives of Section
6(b)(5) 9 in particular, in that it should
promote just and equitable principles of
trade, serve to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
This proposed rule change does not
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 with respect to the proposed
rule change.
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 CBOE 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 rulecomments@sec.gov. Please include File
Number SR–CBOE–2005–27 on the
subject line.
8 15
9 15
E:\FR\FM\07APN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
07APN1
]]>Agencies
[Federal Register Volume 70, Number 66 (Thursday, April 7, 2005)]
[Notices]
[Pages 17730-17731]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1580]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51460; File No. SR-Amex-2005-007]
Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval of Proposed Rule Change and Amendment No. 1 Thereto
To Require Specialists To Use and Maintain a Back-Up Automatic Quote
System in ANTE Classes
March 31, 2005.
On January 12, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Amex Rule 950-ANTE(l), Commentary .02(a)
to require specialists to use and maintain a back-up automatic quote
system in ANTE classes, and to incorporate violations of this
requirement in the Exchange's minor rule violation plan (``Plan''). The
proposed rule change was published for comment in the Federal Register
on February 23, 2005.\3\ The Commission received no comments on the
proposal. On March 15, 2005, the Exchange filed Amendment No. 1 to the
proposed rule change.\4\ This order approves the proposed rule change,
as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 51209 (February 15,
2005), 70 FR 8859.
\4\ See Partial Amendment dated March 15, 2005 (``Amendment No.
1''). In Amendment No. 1, the Exchange made technical corrections to
the proposed rule text. Accordingly, this Amendment is not subject
to notice and comment.
---------------------------------------------------------------------------
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,\5\
and, in particular, the requirements of Section 6 of the Act \6\ and
the rules and regulations thereunder. The Commission finds specifically
that the proposed rule change, as amended, is consistent with Section
6(b)(5) of the Act \7\ because 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. The
Commission also finds that the Exchange's Plan is consistent with
Section 6(b)(6) of the Act,\8\ which require that the rules of an
exchange enforce compliance and provide appropriate discipline for
violations of Commission and Exchange rules.
---------------------------------------------------------------------------
\5\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
\8\ 15 U.S.C. 78f(b)(6).
---------------------------------------------------------------------------
The Commission believes that requiring Amex specialists to use and
maintain an Exchange-provided automatic quote system as a back-up to
the Exchange-approved proprietary automatic quote system in ANTE
classes should help to assure an orderly market. In addition, the
Commission believes that including this requirement in the Exchange's
Plan should strengthen the ability of the Exchange to carry out its
oversight and enforcement responsibilities as a self-regulatory
organization (``SRO''). In approving this proposed rule change, as
amended, the Commission in no way minimizes the importance of
compliance with Amex Rule 950--ANTE(l), Commentary .02(a) and all other
rules subject to the imposition of fines under the Exchange's Plan. The
Commission believes that the violation of any SRO's rules, as well as
Commission rules, is a serious matter. However, the Exchange's Plan
provides a reasonable means of addressing rule violations that do not
rise to the level of requiring formal disciplinary proceedings, while
providing greater flexibility in handling certain violations. The
Commission expects that the Amex will continue to conduct surveillance
with due diligence and make a determination based on its findings,
whether fines of more or less than the recommended amount are
appropriate for violations under the Plan, on a case-by-case basis, or
a violation requires formal disciplinary action.
[[Page 17731]]
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (SR-Amex-2005-007), as amended,
be, and it hereby is, approved.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1580 Filed 4-6-05; 8:45 am]
BILLING CODE 8010-01-P
