Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Philadelphia Stock Exchange, Inc. Relating to Disclaimer of Warranties by SIG Indices, LLLP and by Standard and Poor's, 25641-25643 [E5-2382]
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Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices
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 Exchange. 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–2004–72 and should
be submitted on or before June 3, 2005.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,14 that the
proposed rule change (File No. SR–
PCX–2004–72), as amended, be
approved, and that Amendment No. 3
thereto be approved on an accelerated
basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2384 Filed 5–12–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51664; File No. SR–Phlx–
2005–24]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by the
Philadelphia Stock Exchange, Inc.
Relating to Disclaimer of Warranties by
SIG Indices, LLLP and by Standard and
Poor’s
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
notice is hereby given that on April 20,
2005, the Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in items I and II below, which items
have been prepared by the Phlx. 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 Phlx proposes to amend Phlx
Rule 1104A (Susquehanna Indices,
LLLP Indexes), regarding disclaimer of
express or implied warranties, to add
the new SIG Coal Producers Index TM
licensed by Susquehanna Indices, LLLP
(‘‘SI’’) to Phlx. The Exchange also
proposes to adopt Phlx Rule 1105A
(Standard and Poor’s Index), regarding
disclaimer of express or implied
warranties, with respect to the Standard
& Poor’s 500 Index (‘‘S&P 500 Index’’)
that S&P licensed to the Exchange.
The text of the proposed rule change
is available on Phlx’s Web site (https://
www.phlx.com), the Phlx’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
Phlx 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 Phlx 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 the proposed rule
change is to amend Exchange Rule
1104A, which applies to indexes
maintained by SI, to include a new
index that was recently licensed by SI
to the Exchange.3 The purpose of the
May 6, 2005.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
14 15
15 17
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
VerDate jul<14>2003
15:59 May 12, 2005
Jkt 205001
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Exchange currently lists options on the SIG
Investment Managers Index TM, the SIG Cable,
Media & Entertainment Index TM, the SIG Casino
Gaming Index TM, the SIG Semiconductor
2 17
PO 00000
Frm 00121
Fmt 4703
Sfmt 4703
25641
proposed rule change is also to adopt
new Phlx Rule 1105A, which is similar
to existing rule 1104A but applies to the
Index developed and maintained by
S&P, that was recently licensed to the
Exchange and indicates that S&P does
not make specified express or implied
warranties.4
Phlx Rule 1104A currently provides
that SI makes no warranty, express or
implied, as to results to be obtained by
any person or entity from the use of the
SIG Investment Managers Index TM, the
SIG Cable, Media & Entertainment
Index TM, the SIG Casino Gaming
Index TM, the SIG Semiconductor
Equipment Index TM, the SIG
Semiconductor Device Index TM, the SIG
Steel Producers Index TM, the SIG
Specialty Retail Index TM, the SIG
Footwear & Athletic Index TM, the SIG
Education Index TM, and the SIG
Restaurant Index TM, and that SI makes
no express or implied warranties of
merchantability or fitness for a
particular purpose for use with respect
to any of the named indexes or any data
included therein.5 The Exchange is now
proposing to amend Rule 1104A to
expand the coverage of the rule to
include the newly-licensed and listed
index—the SIG Coal Producers Index TM
as required by the license agreement
issued to the Exchange.6
The Exchange is proposing to
establish new Phlx Rule 1105A
essentially based on current Phlx Rule
1104A, as required by a licensing
agreement between S&P and the
Equipment Index TM, the SIG Semiconductor Device
Index TM, the SIG Steel Producers Index TM, the SIG
Specialty Retail Index TM, the SIG Footwear &
Athletic Index TM, the SIG Education Index TM, and
the SIG Restaurant Index TM, and on newly-licensed
index, the SIG Coal Producers Index TM, pursuant to
a license agreement with SI and Exchange Rule
1009A(b). The indexes are trademarks of SIG
Indices, LLLP.
4 The Exchange currently lists options on
Standard and Poor’s Depository Receipts
(‘‘SPDRs’’), pursuant to a license agreement with
Standard & Poor’s, a division of McGraw-Hill
Companies, Inc. ‘‘Standard & Poor’s’’, ‘‘S&P’’,
‘‘S&P 500’’, ‘‘Standard & Poor’s 500’’, and ‘‘500’’
are trademarks of McGraw-Hill Companies, Inc.
5 The Exchange noted in its filing to adopt Rule
1104A that the proposed disclaimer was
appropriate given that it was similar to disclaimer
provisions of American Stock Exchange Rule 902C
relating to indexes underlying options listed on that
exchange. See Securities Exchange Act Release No.
48135 (July 7, 2003), 68 FR 42154 (July 16, 2003)
(approving SR–Phlx–2003–21). The Exchange
recently amended Rule 1104A to include the SIG
Specialty Retail Index TM, the SIG Steel Producers
Index TM, the SIG Footwear & Athletic Index TM, the
SIG Education Index TM, and the SIG Restaurant
Index TM, as required by the license agreement
between SI and the Exchange. See Securities
Exchange Act Release No. 51239 (February 22,
2005), 70 FR 10015 (March 1, 2005) (SR–Phlx–
2005–13).
6 The SIG Coal Producers Index TM was listed
pursuant to Sec. 19b–4(e) on March 23, 2005.
E:\FR\FM\13MYN1.SGM
13MYN1
25642
Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices
Exchange licensing it to trade options
on SPDRs and products based on the
Index maintained by S&P and licensed
to the Exchange.7 The purpose of
proposed Rule 1105A is to indicate that
S&P makes no express or implied
warranties regarding merchantability or
fitness for a particular purpose or use
with respect to the S&P 500 Index or
any data included therein, in
connection with the trading of options
contracts thereon.
The Exchange believes that proposed
Phlx Rule 1105A is similar in concept
to current Rule 1104A, would provide
S&P with a disclaimer of any implied
or express warranties of merchantability
or fitness for a particular purpose in
respect of an option on an index that
S&P licensed to the Exchange, and
would put S&P on similar footing with
the licensor of other options on indexes
to the Exchange.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 8 in general, and furthers the
objectives of Section 6(b)(5) of the Act 9
in particular, in that it is designed 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, in
general, to protect investors and the
public interest. The Exchange believes
that the proposed rule should encourage
SIG Indices, LLLP and S&P to continue
to maintain indexes so that options on
the respective indexes may be traded on
the Exchange, thereby providing
investors with enhanced investment
opportunities.
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.
7 The Exchange has been listing options on SPDRs
since on or about January 10, 2005, pursuant to a
provisional license with S&P. The Exchange has
subsequently entered into a permanent license
agreement with S&P that supersedes the
provisional license and is proposing new Rule
1105A pursuant to the permanent license
agreement.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
VerDate jul<14>2003
15:59 May 12, 2005
Jkt 205001
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 proposed rule change is being
designated by the Exchange as ‘‘noncontroversial’’ pursuant to section
19(b)(3)(A) of the Act 10 and
subparagraph (f)(6) of Rule 19b–4 11
thereunder, because the proposed rule
change (1) does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for thirty
days from the date on which it was
filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest.12 Consequently, the
proposed rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 13 and Rule 19b–4(f)(6)
thereunder.14
Pursuant to Rule 19b–4(f)(6)(iii), a
proposed ‘‘non-controversial’’ rule
change does not become operative for 30
days after the date of filing, or such
shorter time as the Commission may
designate, if consistent with the
protection of investors and the public
interest, and the Phlx gave the
Commission written notice of its intent
to file the proposed rule change, along
with a brief description and text of the
proposed rule change, at least five
business days prior to the date of filing
of the proposed rule change, or such
shorter time as designated by the
Commission.15 The Phlx has requested
that the Commission waive the 30-day
operative delay. The Commission has
determined that it is consistent with the
protection of investors and the public
interest to waive the 30-day operative
delay.16 The Commission believes that
accelerating the operative date will help
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4.
12 As required under Rule 19b–4(f)(6)(iii), the
Exchange has provided the Commission with
written notice of its intent to file the proposed rule
change at least five business days prior to the filing
date of this proposal.
13 15 U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(6).
15 17 CFR 240.19b–4(f)(6)(iii).
16 For the purposes only of accelerating the
operative date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
PO 00000
10 15
11 17
Frm 00122
Fmt 4703
Sfmt 4703
to ensure that all options traded on the
indexes are treated uniformly.
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 Act.
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–Phlx–2005–24 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–Phlx–2005–24. 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 Phlx. 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
E:\FR\FM\13MYN1.SGM
13MYN1
Federal Register / Vol. 70, No. 92 / Friday, May 13, 2005 / Notices
Number SR–Phlx–2005–24 and should
be submitted on or before June 6, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5–2382 Filed 5–12–05; 8:45 am]
BILLING CODE 8010–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages that will require
clearance by the Office of Management
and Budget (OMB) in compliance with
Pub. L. 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. The information collection
packages that may be included in this
notice are for new and revised
information collections and extensions
(no change) of OMB-approved
information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and on ways
to minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Written
comments and recommendations
regarding the information collection(s)
should be submitted to the OMB Desk
Officer and the SSA Reports Clearance
Officer. The information can be mailed
and/or faxed to the individuals at the
addresses and fax numbers listed below:
(OMB), Office of Management and
Budget, Attn: Desk Officer for SSA,
Fax: (202) 395–6974.
(SSA), Social Security Administration,
DCFAM, Attn: Reports Clearance
Officer, 1338 Annex Building, 6401
Security Blvd., Baltimore, MD 21235,
Fax: (410) 965–6400.
I. The information collection listed
below is pending at SSA and will be
submitted to OMB within 60 days from
the date of this notice. Therefore, your
comments should be submitted to SSA
within 60 days from the date of this
publication. You can obtain copies of
the collection instrument by calling the
SSA Reports Clearance Officer at (410)
Respondents
Title II payment recipients
965–0454 or by writing to the address
listed above.
National Direct Deposit Initiative—31
CFR 210—0960–NEW. Many recipients
of SSA’s benefits choose to receive their
payments via the Direct Deposit
Program, in which funds are transferred
directly into recipients’ accounts at a
financial institution (FI). However, 8
million Title II payment recipients still
receive their payments through
traditional paper checks. In an effort to
encourage these beneficiaries to change
from paper checks to the Direct Deposit
Program, SSA is collaborating with the
Department of the Treasury and several
FIs to implement the National Direct
Deposit Initiative. In this program, SSA
will work with FIs to determine which
of the target 8 million Title II
beneficiaries have accounts at the
participating banks. The banks will then
send forms to these beneficiaries
encouraging them to enroll in the Direct
Deposit Program. The respondents are
the participating FIs and Title II
beneficiaries currently receiving their
payments via check.
Type of Request: New information
collection.
Financial institutions (banks)
Information Collection Requirements ..........................................
Direct
Deposit
Form.
Number of Respondents .............................................................
Frequency of Response ..............................................................
Average Burden per Response (minutes) ..................................
Estimated Annual Burden (hours) ...............................................
Cost Requirement .......................................................................
500,000 ....................................
1 ...............................................
2 ...............................................
16,667 ......................................
N/A ...........................................
Estimated Cost Burden per Respondent ....................................
N/A ...........................................
Data
screening/matching;
SSA’s data management requirements.
12 .............................................
1.
240.
48 .............................................
Printing and mailing of 300,000
enrollment forms.
$2,462.
Total Annual Cost Burden ...................................................
N/A ...........................................
$29,544 ....................................
II. The information collections listed
below have been submitted to OMB for
clearance. Your comments on the
information collections would be most
useful if received by OMB and SSA
within 30 days from the date of this
publication. You can obtain a copy of
the OMB clearance packages by calling
the SSA Reports Clearance Officer at
410–965–0454, or by writing to the
address listed above.
Note: Please note that this collection was
erroneously published as a 60-day Federal
Register Notice on Monday, April 25, 2005,
at 70 FR 8125. It should have been published
as a 30-day Federal Register Notice.
17 17
Enrollment
Comments should be submitted within 30
days of publication.
The Ticket To Work and SelfSufficiency Program—20 CFR 411.160–
.730—0960–0644
The Ticket to Work and SelfSufficiency program allows individuals
with disabilities who are receiving
disability payments to work towards
decreased dependence on government
cash benefits programs without
jeopardizing their benefits during the
transition period to employment. The
program allows disability payment
recipients to choose a provider from an
employment network (EN), who will
19:56 May 12, 2005
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PO 00000
Frm 00123
Fmt 4703
Sfmt 4703
Totals
512,000
16,715
$29,544
guide these beneficiaries in obtaining,
regaining, and maintaining selfsupporting employment. 20 CFR
411.160–.730 of the Code of Federal
Regulations discusses the rules
governing this program. The
respondents are individuals entitled to
Social Security benefits based on
disability or individuals entitled to SSI
based on disability; program managers;
EN contractors; and State vocational
rehabilitation agencies.
Type of Request: Extension of an
OMB-approved information collection.
CFR 200.30–3(a)(12).
VerDate jul<14>2003
25643
E:\FR\FM\13MYN1.SGM
13MYN1
]]>Agencies
[Federal Register Volume 70, Number 92 (Friday, May 13, 2005)]
[Notices]
[Pages 25641-25643]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2382]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51664; File No. SR-Phlx-2005-24]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Philadelphia Stock
Exchange, Inc. Relating to Disclaimer of Warranties by SIG Indices,
LLLP and by Standard and Poor's
May 6, 2005.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, and Rule 19b-4 \2\ thereunder, notice is hereby given
that on April 20, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
items I and II below, which items have been prepared by the Phlx. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to amend Phlx Rule 1104A (Susquehanna Indices,
LLLP Indexes), regarding disclaimer of express or implied warranties,
to add the new SIG Coal Producers Index TM licensed by
Susquehanna Indices, LLLP (``SI'') to Phlx. The Exchange also proposes
to adopt Phlx Rule 1105A (Standard and Poor's[supreg] Index), regarding
disclaimer of express or implied warranties, with respect to the
Standard & Poor's 500 Index (``S&P 500[supreg] Index'') that
S&P[supreg] licensed to the Exchange.
The text of the proposed rule change is available on Phlx's Web
site (https://www.phlx.com), the Phlx'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 Phlx 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 Phlx 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 the proposed rule change is to amend Exchange Rule
1104A, which applies to indexes maintained by SI, to include a new
index that was recently licensed by SI to the Exchange.\3\ The purpose
of the proposed rule change is also to adopt new Phlx Rule 1105A, which
is similar to existing rule 1104A but applies to the Index developed
and maintained by S&P[supreg], that was recently licensed to the
Exchange and indicates that S&P[supreg] does not make specified express
or implied warranties.\4\
---------------------------------------------------------------------------
\3\ The Exchange currently lists options on the SIG Investment
Managers Index TM, the SIG Cable, Media & Entertainment
Index TM, the SIG Casino Gaming Index TM, the
SIG Semiconductor Equipment Index TM, the SIG
Semiconductor Device Index TM, the SIG Steel Producers
Index TM, the SIG Specialty Retail Index TM,
the SIG Footwear & Athletic Index TM, the SIG Education
Index TM, and the SIG Restaurant Index TM, and
on newly-licensed index, the SIG Coal Producers Index TM,
pursuant to a license agreement with SI and Exchange Rule 1009A(b).
The indexes are trademarks of SIG Indices, LLLP.
\4\ The Exchange currently lists options on Standard and Poor's
Depository Receipts (``SPDRs''), pursuant to a license agreement
with Standard & Poor's, a division of McGraw-Hill Companies, Inc.
``Standard & Poor's[supreg]'', ``S&P[supreg]'', ``S&P 500[supreg]'',
``Standard & Poor's 500'', and ``500'' are trademarks of McGraw-Hill
Companies, Inc.
---------------------------------------------------------------------------
Phlx Rule 1104A currently provides that SI makes no warranty,
express or implied, as to results to be obtained by any person or
entity from the use of the SIG Investment Managers Index TM,
the SIG Cable, Media & Entertainment Index TM, the SIG
Casino Gaming Index TM, the SIG Semiconductor Equipment
Index TM, the SIG Semiconductor Device Index TM,
the SIG Steel Producers Index TM, the SIG Specialty Retail
Index TM, the SIG Footwear & Athletic Index TM,
the SIG Education Index TM, and the SIG Restaurant Index
TM, and that SI makes no express or implied warranties of
merchantability or fitness for a particular purpose for use with
respect to any of the named indexes or any data included therein.\5\
The Exchange is now proposing to amend Rule 1104A to expand the
coverage of the rule to include the newly-licensed and listed index--
the SIG Coal Producers Index TM as required by the license
agreement issued to the Exchange.\6\
---------------------------------------------------------------------------
\5\ The Exchange noted in its filing to adopt Rule 1104A that
the proposed disclaimer was appropriate given that it was similar to
disclaimer provisions of American Stock Exchange Rule 902C relating
to indexes underlying options listed on that exchange. See
Securities Exchange Act Release No. 48135 (July 7, 2003), 68 FR
42154 (July 16, 2003) (approving SR-Phlx-2003-21). The Exchange
recently amended Rule 1104A to include the SIG Specialty Retail
Index TM, the SIG Steel Producers Index TM,
the SIG Footwear & Athletic Index TM, the SIG Education
Index TM, and the SIG Restaurant Index TM, as
required by the license agreement between SI and the Exchange. See
Securities Exchange Act Release No. 51239 (February 22, 2005), 70 FR
10015 (March 1, 2005) (SR-Phlx-2005-13).
\6\ The SIG Coal Producers Index TM was listed
pursuant to Sec. 19b-4(e) on March 23, 2005.
---------------------------------------------------------------------------
The Exchange is proposing to establish new Phlx Rule 1105A
essentially based on current Phlx Rule 1104A, as required by a
licensing agreement between S&P[supreg] and the
[[Page 25642]]
Exchange licensing it to trade options on SPDRs and products based on
the Index maintained by S&P[supreg] and licensed to the Exchange.\7\
The purpose of proposed Rule 1105A is to indicate that S&P[supreg]
makes no express or implied warranties regarding merchantability or
fitness for a particular purpose or use with respect to the S&P
500[supreg] Index or any data included therein, in connection with the
trading of options contracts thereon.
---------------------------------------------------------------------------
\7\ The Exchange has been listing options on SPDRs since on or
about January 10, 2005, pursuant to a provisional license with
S&P[supreg]. The Exchange has subsequently entered into a permanent
license agreement with S&P[supreg] that supersedes the provisional
license and is proposing new Rule 1105A pursuant to the permanent
license agreement.
---------------------------------------------------------------------------
The Exchange believes that proposed Phlx Rule 1105A is similar in
concept to current Rule 1104A, would provide S&P[supreg] with a
disclaimer of any implied or express warranties of merchantability or
fitness for a particular purpose in respect of an option on an index
that S&P[supreg] licensed to the Exchange, and would put S&P[supreg] on
similar footing with the licensor of other options on indexes to the
Exchange.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Section
6(b)(5) of the Act \9\ in particular, in that it is designed 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, in general, to protect investors and the public interest.
The Exchange believes that the proposed rule should encourage SIG
Indices, LLLP and S&P[supreg] to continue to maintain indexes so that
options on the respective indexes may be traded on the Exchange,
thereby providing investors with enhanced investment opportunities.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
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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 proposed rule change is being designated by the Exchange as
``non-controversial'' pursuant to section 19(b)(3)(A) of the Act \10\
and subparagraph (f)(6) of Rule 19b-4 \11\ thereunder, because the
proposed rule change (1) does not significantly affect the protection
of investors or the public interest; (2) does not impose any
significant burden on competition; and (3) does not become operative
for thirty days from the date on which it was filed, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest.\12\ Consequently, the proposed
rule change has become effective pursuant to section 19(b)(3)(A) of the
Act \13\ and Rule 19b-4(f)(6) thereunder.\14\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4.
\12\ As required under Rule 19b-4(f)(6)(iii), the Exchange has
provided the Commission with written notice of its intent to file
the proposed rule change at least five business days prior to the
filing date of this proposal.
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6).
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Pursuant to Rule 19b-4(f)(6)(iii), a proposed ``non-controversial''
rule change does not become operative for 30 days after the date of
filing, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest,
and the Phlx gave the Commission written notice of its intent to file
the proposed rule change, along with a brief description and text of
the proposed rule change, at least five business days prior to the date
of filing of the proposed rule change, or such shorter time as
designated by the Commission.\15\ The Phlx has requested that the
Commission waive the 30-day operative delay. The Commission has
determined that it is consistent with the protection of investors and
the public interest to waive the 30-day operative delay.\16\ The
Commission believes that accelerating the operative date will help to
ensure that all options traded on the indexes are treated uniformly.
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\15\ 17 CFR 240.19b-4(f)(6)(iii).
\16\ For the purposes only of accelerating the operative date of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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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 Act.
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 rule-comments@sec.gov. Please include
File Number SR-Phlx-2005-24 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-Phlx-2005-24. 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 Phlx. 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
[[Page 25643]]
Number SR-Phlx-2005-24 and should be submitted on or before June 6,
2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-2382 Filed 5-12-05; 8:45 am]
BILLING CODE 8010-01-P
