Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Exchange Fees and Charges, 24155-24156 [E5-2211]
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Federal Register / Vol. 70, No. 87 / Friday, May 6, 2005 / Notices
information is now set forth in PCX
Rule 6.68.
After careful review of the 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 Specifically, the
Commission believes that the proposed
rule change is consistent with Section
6(b)(5) of the Act,8 in that it is designed
to promote just and equitable principles
of trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
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.
The Commission believes that the
proposal amends the Exchange’s rules to
more accurately reflect the Exchange’s
actual practices and policies, and,
therefore, should promote greater
transparency and improved
understanding of Exchange rules.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,9 that the
proposed rule change (SR–PCX–2004–
65) and Amendment Nos. 1 and 2 are
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2199 Filed 5–5–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51641; File No. SR–PCX–
2005–49]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Exchange
Fees and Charges
May 2, 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 April 8,
2005, the Pacific Exchange, Inc. (‘‘PCX’’
7 In approving the proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(2).
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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18:03 May 05, 2005
Jkt 205001
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. The proposed rule
change has been filed by the PCX as
establishing or changing a due, fee, or
other charge, pursuant to Section
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
4(f)(2) 4 thereunder, which renders the
proposal effective upon filing with the
Commission. 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 proposes to amend its
Schedule of Fees and Charges in order
to adopt fees associated with the
implementation of an electronic
registration process through the
National Association of Securities
Dealers, Inc. (‘‘NASD’’) Web Central
Registration Depository (‘‘CRD’’). The
text of the proposed rule change is
available on the PCX Web site (https://
www.pacificex.com/), at the principal
office of the Exchange, 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 PCX 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 purpose of this proposed rule
change is to adopt the fees associated
with the implementation of an
electronic registration process through
NASD’s CRD system. The Commission
recently approved the PCX proposals to
require all Option Trading Permit
(‘‘OTP’’) Holders and OTP Firms 5 as
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
5 See Securities Exchange Act Release No. 51398
(March 18, 2005), 70 FR 15672 (March 28, 2005)
(SR–PCX–2005–10).
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3 15
4 17
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Sfmt 4703
24155
well as all Equity Trading Permit
(‘‘ETP’’) Holders 6 to use NASD’s CRD
system as the mechanism for submitting
required Forms U–4 and U–5 filings to
the Exchange. The proposed fees will
apply to all OTP and ETP applicants.
The proposed fees are similar to those
fees charged by other SROs that use
NASD’s CRD. The proposed new fees
are a NASD CRD Processing Fee, a
NASD Disclosure Processing Fee, a PCX
Transfer/Relicense Fee, a NASD Annual
System Processing Fee and a NASD
Manual Processing Fee for Fingerprint
Results Submitted by Other SROs.
2. Statutory Basis
The Exchange believes that its
proposal to amend its schedule of fees
is consistent with Section 6(b) of the
Act,7 in general, and furthers the
objectives of Section 6(b)(4) of the Act,8
in particular, in that it is an equitable
allocation of reasonable fees among
Exchange members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become immediately effective
pursuant to Section 19(b)(3)(A)(ii) of the
Act 9 and Rule 19b–4(f)(2) 10 thereunder,
because it establishes a fee imposed by
the Exchange. At any time within 60
days of the filing of the 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,
6 See Securities Exchange Act Release No. 51399
(March 18, 2005), 70 FR 15674 (March 28, 2005)
(SR–PCX–2005–11).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78(s)(b)(3)(A)(ii).
10 17 CFR 240.19b–4(f)(2).
E:\FR\FM\06MYN1.SGM
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24156
Federal Register / Vol. 70, No. 87 / Friday, May 6, 2005 / Notices
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–PCX–2005–49 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.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51640; File No. SR–Phlx–
2005–20]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change,
and Amendment No. 1 Thereto, by the
Philadelphia Stock Exchange, Inc.
Relating to the Elimination of the
Prohibition Against the Entry of
Multiple Orders in an Option Within
Any 15-Second Period for an Account
or Accounts of the Same Beneficial
Owner
April 29, 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 Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ or the ‘‘Exchange’’) filed
All submissions should refer to File
with the Securities and Exchange
Number SR–PCX–2005–49. This file
Commission (‘‘Commission’’) the
number should be included on the
subject line if e-mail is used. To help the proposed rule change as described in
Items I, II, and III below, which Items
Commission process and review your
have been prepared by the Phlx. On
comments more efficiently, please use
only one method. The Commission will April 11, 2005, the Phlx filed
Amendment No. 1 to the proposed rule
post all comments on the Commission’s
change.3 The Commission is publishing
Internet Web site (https://www.sec.gov/
this notice to solicit comments on the
rules/sro.shtml). Copies of the
proposed rule change, as amended, from
submission, all subsequent
interested persons.
amendments, all written statements
I. Self-Regulatory Organization’s
with respect to the proposed rule
Statement of the Terms of Substance of
change that are filed with the
the Proposed Rule Change
Commission, and all written
communications relating to the
The Phlx proposes to amend
Exchange Rule 1080, Philadelphia Stock
proposed rule change between the
Commission and any person, other than Exchange Automated Options Market
(‘‘AUTOM’’) System,4 to eliminate the
those that may be withheld from the
limitation contained in the rule
public in accordance with the
providing that Order Entry Firms (as
provisions of 5 U.S.C. 552, will be
defined below) may neither enter nor
available for inspection and copying in
permit the entry of multiple orders in an
the Commission’s Public Reference
option within any 15-second period for
Room. Copies of the filing also will be
an account or accounts of the same
available for inspection and copying at
beneficial owner, and to remove a
the principal office of the PCX. All
similar provision relating to orders
comments received will be posted
submitted by off-floor broker-dealers (as
without change; the Commission does
defined below). The text of the proposed
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–2005–49 and should
be submitted on or before May 27, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2211 Filed 5–5–05; 8:45 am]
BILLING CODE 8010–01–P
11 17
CFR 200.30–3(a)(12).
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18:03 May 05, 2005
Jkt 205001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, the Exchange revised the
statutory section under which the proposed rule
change was filed from Section 19(b)(3)(A) of the
Act, 15 U.S.C. 78s(b)(3)(A), to Section 19(b)(2) of
the Act, 15 U.S.C. 78s(b)(2).
4 AUTOM is the Exchange’s electronic order
delivery, routing, execution and reporting system,
which provides for the automatic entry and routing
of equity option and index option orders to the
Exchange trading floor. Orders delivered through
AUTOM may be executed manually, or certain
orders are eligible for AUTOM’s automatic
execution features, Book Sweep and Book Match.
Equity option and index option specialists are
required by the Exchange to participate in AUTOM
and its features and enhancements. See Exchange
Rule 1080.
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1 15
2 17
Frm 00196
Fmt 4703
Sfmt 4703
rule change is available on the Phlx’s
Web site (https://www.phlx.com), at the
principal office of the Phlx, and at the
Commission’s Public Reference Room.
The text of the proposed rule change
also appears below. Deletions are
[bracketed].
*
*
*
*
*
Philadelphia Stock Exchange
Automated Options Market (AUTOM)
and Automatic Execution System
(AUTO–X)
Rule 1080. (a)–(b) No change.
(c) * * *
(i) No change.
(ii) Order Entry Firms and Users.
(A) No change.
(B) Obligations of Order Entry Firms.
Order Entry Firms shall:
(1)–(2) No change.
[(3) Neither enter nor permit the entry
of multiple orders in call options and/
or put options in the same option issue
within any 15-second period for an
account or accounts of the same
beneficial owner.]
(iii)–(iv) No change.
(d)–(k) No change.
Commentary:
.01–.04 No change.
.05 Off-floor broker-dealer limit
orders delivered through AUTOM must
be represented on the Exchange Floor by
a floor member. Off-floor broker-dealer
orders delivered via AUTOM shall be
for a minimum size of one (1) contract.
Off-floor broker-dealer limit orders are
subject to the following other
provisions:
(i)–(ii) No change.
[(iii) Off-floor broker-dealer limit
orders that are eligible for automatic
execution entered via AUTOM for the
account(s) of the same beneficial owner
may not be entered in options on the
same underlying security more
frequently than every 15 seconds.]
.06–.07 No change.
*
*
*
*
*
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
Phlx included statements concerning
the purpose of and basis for the
proposal and discussed any comments it
received on the proposed rule change,
as amended. The text of these
statements may be examined at the
places specified in Item IV below. The
Phlx has prepared summaries, set forth
in Sections A, B, and C below, of the
most significant aspects of such
statements.
E:\FR\FM\06MYN1.SGM
06MYN1
]]>Agencies
[Federal Register Volume 70, Number 87 (Friday, May 6, 2005)]
[Notices]
[Pages 24155-24156]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2211]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51641; File No. SR-PCX-2005-49]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Exchange Fees and Charges
May 2, 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 April 8, 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. The proposed rule change has been
filed by the PCX as establishing or changing a due, fee, or other
charge, pursuant to Section 19(b)(3)(A)(ii) of the Act \3\ and Rule
19b-4(f)(2) \4\ thereunder, which renders the proposal effective upon
filing with the Commission. 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX proposes to amend its Schedule of Fees and Charges in order
to adopt fees associated with the implementation of an electronic
registration process through the National Association of Securities
Dealers, Inc. (``NASD'') Web Central Registration Depository (``CRD'').
The text of the proposed rule change is available on the PCX Web site
(https://www.pacificex.com/), at the principal office of the Exchange,
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 PCX 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 purpose of this proposed rule change is to adopt the fees
associated with the implementation of an electronic registration
process through NASD's CRD system. The Commission recently approved the
PCX proposals to require all Option Trading Permit (``OTP'') Holders
and OTP Firms \5\ as well as all Equity Trading Permit (``ETP'')
Holders \6\ to use NASD's CRD system as the mechanism for submitting
required Forms U-4 and U-5 filings to the Exchange. The proposed fees
will apply to all OTP and ETP applicants. The proposed fees are similar
to those fees charged by other SROs that use NASD's CRD. The proposed
new fees are a NASD CRD Processing Fee, a NASD Disclosure Processing
Fee, a PCX Transfer/Relicense Fee, a NASD Annual System Processing Fee
and a NASD Manual Processing Fee for Fingerprint Results Submitted by
Other SROs.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 51398 (March 18,
2005), 70 FR 15672 (March 28, 2005) (SR-PCX-2005-10).
\6\ See Securities Exchange Act Release No. 51399 (March 18,
2005), 70 FR 15674 (March 28, 2005) (SR-PCX-2005-11).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal to amend its schedule of
fees is consistent with Section 6(b) of the Act,\7\ in general, and
furthers the objectives of Section 6(b)(4) of the Act,\8\ in
particular, in that it is an equitable allocation of reasonable fees
among Exchange members.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any inappropriate burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become immediately effective
pursuant to Section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-4(f)(2)
\10\ thereunder, because it establishes a fee imposed by the Exchange.
At any time within 60 days of the filing of the 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78(s)(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing,
[[Page 24156]]
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-2005-49 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-2005-49. 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
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-
2005-49 and should be submitted on or before May 27, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
Jill M. Peterson,
Assistant Secretary.
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E5-2211 Filed 5-5-05; 8:45 am]
BILLING CODE 8010-01-P
