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]

Download as PDF 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. VerDate jul<14>2003 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). PO 00000 3 15 4 17 Frm 00195 Fmt 4703 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 06MYN1 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). VerDate jul<14>2003 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. PO 00000 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]


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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).
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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).
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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.
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    \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.
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    \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
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