Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Granting Approval to Proposed Rule Change Relating to Floor Official Conflicts of Interest, 19140 [E5-1697]
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19140
Federal Register / Vol. 70, No. 69 / Tuesday, April 12, 2005 / Notices
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of the NYSE. 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–NYSE–2005–11 and should
be submitted on or before May 3, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1696 Filed 4–11–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51476; File No. SR–Phlx–
2004–75]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Order Granting Approval to Proposed
Rule Change Relating to Floor Official
Conflicts of Interest
April 5, 2005.
On November 9, 2004, the
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’ 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 Exchange Rule 124, Disputes;
and Option Floor Procedure Advices–
27, Floor Official Rulings—Options
(‘‘OFPA F–27’’), to authorize Exchange
staff 3 to disqualify a Floor Official from
participating in a particular ruling
where it appears that such Floor Official
has a conflict of interest. The proposed
rule change was published for comment
in the Federal Register on March 4,
2005.4 The Commission received no
comments on the proposal.
The proposed rule defines a ‘‘conflict
of interest’’ to exist where a Floor
Official is directly or indirectly
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 ‘‘Exchange staff’’ generally refers to staff of the
Exchange’s Office of Market Surveillance present on
the trading floor. Telephone conversation among
Richard Rudolph, Director and Counsel, Phlx,
Gordon Fuller, Counsel to the Assistant Director,
Division of Market Regulation, Commission and
Geraldine Idrizi, Attorney, Division, Commission
on December 15, 2004.
4 See Securities Exchange Act Release No. 51272
(February 28, 2005), 70 FR 10738.
1 15
VerDate jul<14>2003
16:48 Apr 11, 2005
Jkt 205001
affiliated with a party seeking a Floor
Official ruling; is a participant or is
directly or indirectly affiliated with a
participant in a transaction that is the
subject of a Floor Official ruling; is a
debtor or creditor of a party seeking a
Floor Official ruling; or is an immediate
family member of a party seeking a
Floor Official ruling. The proposal does
not propose to limit the term ‘‘conflict
of interest’’ to these four circumstances
and Exchange staff are authorized to
consider other circumstances, on a caseby-case basis, in determining the
eligibility of a particular Floor Official
to participate in a particular ruling.
The Commission finds that the
proposed rule change 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(b) of the Act 6
and the rules and regulations
thereunder. The Commission finds
specifically that the proposed rule
change is consistent with Section 6(b)(5)
of the Act,7 in that it is designed to
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and to protect investors and the
public interest, by providing expressly
in the Exchange’s rules that Exchange
staff are authorized to disqualify a Floor
Official from participating in a
particular ruling where it appears that
such Floor Official has a conflict of
interest. In the Commission’s view, the
proposed rule change would further the
goal of fair and objective decision
making by Floor Officials, because the
Exchange would be able to take the
steps necessary to prevent a Floor
Official from participating in a
particular ruling where it appears that
the Floor Official has a conflict of
interest.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,8 that the
proposed rule change (SR–Phlx–2004–
75), be, and hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–1697 Filed 4–11–05; 8:45 am]
BILLING CODE 8010–01–P
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. 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
PO 00000
8 15
9 17
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
Frm 00088
Fmt 4703
Sfmt 4703
DEPARTMENT OF STATE
[Public Notice 5043]
60-Day Notice of Proposed Information
Collections
Notice of request for public
comments.
ACTION:
SUMMARY: The Department of State is
seeking Office of Management and
Budget (OMB) approval for the
information collections described
below. The purpose of this notice is to
allow 60 days for public comment in the
Federal Register preceding submission
to OMB. This process is conducted in
accordance with the Paperwork
Reduction Act of 1995.
• Title of Information Collection:
Statement of Registration
• OMB Control Number: 1405–0002
• Type of Request: Extension of
Currently Approved Collection
• Originating Office: Bureau of
Political-Military Affairs, Directorate of
Defense Trade Controls, PM/DDTC
• Form Number: DS–2032
• Respondents: Business and nonprofit organizations
• Estimated Number of Respondents:
5,000 (total)
• Estimated Number of Responses:
3,500 (per year)
• Average Hours Per Response: 2
hours
• Total Estimated Burden: 7,000
hours (per year)
• Frequency: Every one or two years
• Obligation to Respond: Mandatory
• Title of Information Collection:
Application/License for Permanent
Export of Unclassified Defense Articles
and Related Unclassified Technical Data
• OMB Control Number: 1405–0003
• Type of Request: Extension of
Currently Approved Collection
• Originating Office: Bureau of
Political-Military Affairs, Directorate of
Defense Trade Controls, PM/DDTC
• Form Number: DSP–5
• Respondents: Business and nonprofit organizations
• Estimated Number of Respondents:
5,000 (total)
• Estimated Number of Responses:
35,000 (per year)
• Average Hours Per Response: 1
hour
• Total Estimated Burden: 35,000
hours (per year)
• Frequency: On occasion
• Obligation to Respond: Required to
Obtain Benefits
• Title of Information Collection:
Application/License for Temporary
Import of Unclassified Defense Articles
• OMB Control Number: 1405–0013
E:\FR\FM\12APN1.SGM
12APN1
]]>Agencies
[Federal Register Volume 70, Number 69 (Tuesday, April 12, 2005)]
[Notices]
[Page 19140]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-1697]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51476; File No. SR-Phlx-2004-75]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Order Granting Approval to Proposed Rule Change Relating to Floor
Official Conflicts of Interest
April 5, 2005.
On November 9, 2004, the Philadelphia Stock Exchange, Inc.
(``Phlx'' 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 Exchange Rule 124,
Disputes; and Option Floor Procedure Advices-27, Floor Official
Rulings--Options (``OFPA F-27''), to authorize Exchange staff \3\ to
disqualify a Floor Official from participating in a particular ruling
where it appears that such Floor Official has a conflict of interest.
The proposed rule change was published for comment in the Federal
Register on March 4, 2005.\4\ The Commission received no comments on
the proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ ``Exchange staff'' generally refers to staff of the
Exchange's Office of Market Surveillance present on the trading
floor. Telephone conversation among Richard Rudolph, Director and
Counsel, Phlx, Gordon Fuller, Counsel to the Assistant Director,
Division of Market Regulation, Commission and Geraldine Idrizi,
Attorney, Division, Commission on December 15, 2004.
\4\ See Securities Exchange Act Release No. 51272 (February 28,
2005), 70 FR 10738.
---------------------------------------------------------------------------
The proposed rule defines a ``conflict of interest'' to exist where
a Floor Official is directly or indirectly affiliated with a party
seeking a Floor Official ruling; is a participant or is directly or
indirectly affiliated with a participant in a transaction that is the
subject of a Floor Official ruling; is a debtor or creditor of a party
seeking a Floor Official ruling; or is an immediate family member of a
party seeking a Floor Official ruling. The proposal does not propose to
limit the term ``conflict of interest'' to these four circumstances and
Exchange staff are authorized to consider other circumstances, on a
case-by-case basis, in determining the eligibility of a particular
Floor Official to participate in a particular ruling.
The Commission finds that the proposed rule change 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(b) of the Act \6\ and the
rules and regulations thereunder. The Commission finds specifically
that the proposed rule change is consistent with Section 6(b)(5) of the
Act,\7\ in that it is designed to promote just and equitable principles
of trade, remove impediments to and perfect the mechanism of a free and
open market and a national market system, and to protect investors and
the public interest, by providing expressly in the Exchange's rules
that Exchange staff are authorized to disqualify a Floor Official from
participating in a particular ruling where it appears that such Floor
Official has a conflict of interest. In the Commission's view, the
proposed rule change would further the goal of fair and objective
decision making by Floor Officials, because the Exchange would be able
to take the steps necessary to prevent a Floor Official from
participating in a particular ruling where it appears that the Floor
Official has a conflict of interest.
---------------------------------------------------------------------------
\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. 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\8\ that the proposed rule change (SR-Phlx-2004-75), be, and hereby
is, approved.
\8\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1697 Filed 4-11-05; 8:45 am]
BILLING CODE 8010-01-P
