Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating To Delay of Implementation Date of Revisions to the Series 4 Examination Program, 32689-32690 [E5-2831]
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Federal Register / Vol. 70, No. 106 / Friday, June 3, 2005 / Notices
particular, the Commission believes that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,10 which
requires among other things, that the
rules of the Exchange are 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 notes that the proposal
does not alter the obligations of PCX
Market Makers, except for the fact that
it will reduce a LMM’s continuous
quoting obligation from 100% of the
trading day to 99% of the trading day
for each of its appointed classes. The
Commission notes that this reduction
should provide the LMM a brief amount
of time to update its quotes when the
Exchange does not generate quotes on
behalf of the LMM because no other
market makers are quoting. In addition,
the Commission believes that the
proposed rule change should provide
PCX Market Makers assistance in
effectively managing their quotations.
The PCX has requested that the
Commission find good cause for
approving the proposed rule change and
Amendment Nos. 1, 2, 3, and 4 thereto
prior to the thirtieth day after
publication of notice thereof in the
Federal Register. The Commission notes
that similar proposals to provide
protection from risk for market makers
have been approved for other options
exchanges.11 The Commission believes
that granting accelerated approval of the
proposal should provide PCX Market
Makers with similar protections from
the risk associated with an excessive
number of near simultaneous executions
in a single options class. Accordingly,
the Commission finds good cause,
pursuant to Section 19(b)(2) of the
Act,12 for approving the proposed rule
change, as amended, prior to the
thirtieth day after the date of
publication of notice thereof in the
Federal Register.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,13 that the
proposed rule change (SR–PCX–2005–
64), and Amendment Nos. 1, 2, 3, and
4 thereto, are hereby approved on an
accelerated basis.
10 15
U.S.C. 78f(b)(5).
Securities Exchange Act Release Nos.
51049 (January 28, 2005), 70 FR 3756 (January 26,
2005) (SR–BSE–2004–52); and 51050 (January 18,
2005), 70 FR 3758 (January 26, 2005) (SR–ISE–
2004–31).
12 15 U.S.C. 78s(b)(2).
13 15 U.S.C. 78s(b)(2).
11 See
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Jkt 205001
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–2830 Filed 6–2–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51728; File No. SR–PCX–
2005–57]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Thereto Relating To Delay of
Implementation Date of Revisions to
the Series 4 Examination Program
May 24, 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 22,
2005, the Pacific Exchange, Inc. (‘‘PCX’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by PCX. PCX has designated
the proposed rule change as one
constituting a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule of PCX
pursuant to Section 19(b)(3)(A)(i) of the
Act 3 and Rule 19b–4(f)(1) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
Exchange filed Amendment No. 1 to the
proposed rule change on May 16, 2005.5
The Commission is publishing this
notice to solicit comments on the
proposed rule change, as amended, from
interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Pursuant to the provisions of Section
19(b)(1) of the Act,6 the Exchange is
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
5 In Amendment No. 1, PCX provided a new
statutory basis for the proposed rule change and
made technical corrections to the proposed rule
change. For purposes of calculating the 60-day
period within which the Commission may
summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission
considers the period to commence on May 16, 2005,
the date on which the Exchange filed Amendment
No. 1. See 15 U.S.C. 78s(b)(3)(C).
6 15 U.S.C. 78s(b)(1).
PO 00000
14 17
1 15
Frm 00126
Fmt 4703
Sfmt 4703
32689
filing with the Commission a proposed
rule change to delay until no later than
November 30, 2005 the implementation
date of the recent revisions to the
Limited Principal—Registered Options
(Series 4) examination program,
including the study outline and
selection specifications (‘‘Series 4
Examination’’). PCX is not proposing
any textual changes to its rules.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
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. 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
On April 12, 2005, PCX filed with the
SEC for immediate effectiveness
revisions to the Series 4 Examination.7
The Series 4 Examination is an
industry-wide examination that
qualifies an individual to function as a
Registered Options Principal. The Series
4 Examination is shared by PCX and the
following self-regulatory organizations:
the American Stock Exchange LLC
(‘‘Amex’’), the Chicago Board Options
Exchange, Incorporated, the National
Association of Securities Dealers, Inc.
(‘‘NASD’’), the New York Stock
Exchange, Inc., and the Philadelphia
Stock Exchange, Inc. Amex and NASD
filed with the SEC similar revisions to
the Series 4 Examination.8 PCX
intended to implement the Series 4
Examination revisions no later than
April 29, 2005 in order to be consistent
with NASD.9 However, due to
administrative issues, PCX is proposing
to delay until no later than November
30, 2005 the implementation date of the
revisions.
7 See Securities Exchange Act Release No. 34–
51727 (May 24, 2005) (SR–PCX–2005–51).
8 See Securities Exchange Act Release Nos. 51689
(May 12, 2005), 70 FR 28965 (May 19, 2005 (SRAmex-2005–039); and 51216 (February 16, 2005),
70 FR 8866 (February 23, 2005) (SR–NASD–2005–
025).
9 See Securities Exchange Act Release No. 51216
(February 16, 2005), 70 FR 8866, 8867 (February 23,
2005), (SR–NASD–2005–025).
E:\FR\FM\03JNN1.SGM
03JNN1
32690
Federal Register / Vol. 70, No. 106 / Friday, June 3, 2005 / Notices
PCX understands that Amex and
NASD also will file with the SEC similar
proposed rule changes to delay until no
later than November 30, 2005 the
implementation date of the revisions to
the Series 4 Examination.
2. Statutory Basis
PCX believes that the proposed rule
change is consistent with Section 6(b) of
the Act,10 in general, and furthers the
objectives of Section 6(b)(1) 11 in
particular, in that it is designed to
enforce compliance by Options Trading
Permit (‘‘OTP’’) Holders and OTP Firms
and persons associated with the rules of
the Exchange.
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–2005–57 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. 34–51727; File No. SR–PCX–
2005–51]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Thereto Relating to Revisions to the
Series 4 Examination Program
May 24, 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 12,
2005, the Pacific Exchange, Inc. (‘‘PCX’’
All submissions should refer to File
B. Self-Regulatory Organization’s
or ‘‘Exchange’’) filed with the Securities
Number SR–PCX–2005–57. This file
Statement on Burden on Competition
and Exchange Commission
number should be included on the
The Exchange believes that the
subject line if e-mail is used. To help the (‘‘Commission’’) the proposed rule
proposed rule change will impose no
change as described in Items I, II, and
Commission process and review your
burden on competition that is not
III below, which Items have been
comments more efficiently, please use
necessary or appropriate in furtherance
prepared by PCX. PCX has designated
only one method. The Commission will the proposed rule change as one
of the purposes of the Act, as amended.
post all comments on the Commission’s constituting a stated policy, practice, or
C. Self-Regulatory Organization’s
Internet Web site (https://www.sec.gov/
interpretation with respect to the
Statement on Comments on the
rules/sro.shtml). Copies of the
meaning, administration, or
Proposed Rule Change Received From
submission, all subsequent
enforcement of an existing rule of PCX
Members, Participants, or Others
amendments, all written statements
pursuant to section 19(b)(3)(A)(i) of the
Written comments were neither
with respect to the proposed rule
Act 3 and Rule 19b–4(f)(1) thereunder,4
solicited nor received by the Exchange
change that are filed with the
which renders the proposal effective
on this proposal.
Commission, and all written
upon filing with the Commission. The
communications relating to the
Exchange filed Amendment No. 1 to the
III. Date of Effectiveness of the
proposed rule change between the
proposed rule change on May 16, 2005.5
Proposed Rule Change and Timing for
Commission and any person, other than The Commission is publishing this
Commission Action
notice to solicit comments on the
those that may be withheld from the
The proposed rule change has become public in accordance with the
proposed rule change, as amended, from
effective pursuant to Section
interested persons.
provisions of 5 U.S.C. 552, will be
19(b)(3)(A)(i) of the Act 12 and Rule 19b–
available for inspection and copying at
I. Self-Regulatory Organization’s
4(f)(1) thereunder,13 in that the
the principal office of PCX. All
Statement of the Terms of Substance of
proposed rule change constitutes a
comments received will be posted
the Proposed Rule Change
stated policy, practice, or interpretation
without change; the Commission does
with respect to the meaning,
Pursuant to the provisions of section
not edit personal identifying
administration, or enforcement of an
19(b)(1) of the Act,6 the Exchange is
information from submissions. You
existing rule of PCX.
filing with the Commission revisions to
should submit only information that
At any time within 60 days of the
the study outline and selection
you wish to make available publicly. All specifications for the Limited
filing of the proposed rule change, the
submissions should refer to the File
Commission may summarily abrogate
Principal—Registered Options (Series 4)
Number SR–PCX–2005–57 and should
such rule change if it appears to the
examination (‘‘Series 4 Examination’’).
be submitted on or before June 24, 2005.
Commission that such action is
1 15 U.S.C. 78s(b)(1).
necessary or appropriate in the public
For the Commission, by the Division of
2 17 CFR 240.19b–4.
interest, for the protection of investors,
Market Regulation, pursuant to delegated
3 15 U.S.C. 78s(b)(3)(A)(i).
or otherwise in furtherance of the
authority.14
1 17 CFR 240.19b–4(f)(1).
purposes of the Act.
Margaret H. McFarland,
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
Deputy Secretary.
[FR Doc. E5–2831 Filed 6–2–05; 8:45 am]
BILLING CODE 8010–01–P
10 15
U.S.C. 78f(b).
U.S.C. 78f(b)(1).
12 15 U.S.C. 78s(b)(3)(A)(i).
13 17 CFR 240.19b–4(f)(1).
11 15
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18:03 Jun 02, 2005
14 17
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PO 00000
CFR 200.30–3(a)(12).
Frm 00127
Fmt 4703
Sfmt 4703
5 In Amendment No. 1, PCX provided a new
statutory basis for the proposed rule change and
made technical corrections to the proposed rule
change. PCX also included a copy of a Commission
letter regarding procedures for filing qualification
exams. See letter from Belinda Blaine, Associate
Director, Division of Market Regulation
Commission, to Alden S. Adkins, Senior Vice
President & General Counsel, NASD Regulation,
Inc., dated July 24, 2000. For purposes of
calculating the 60-day period within which the
Commission may summarily abrogate the proposed
rule change under section 19(b)(3)(C) of the Act, the
Commission considers the period to commence on
May 16, 2005, the date on which the Exchange filed
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
6 15 U.S.C. 78(b)(1).
E:\FR\FM\03JNN1.SGM
03JNN1
]]>Agencies
[Federal Register Volume 70, Number 106 (Friday, June 3, 2005)]
[Notices]
[Pages 32689-32690]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2831]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51728; File No. SR-PCX-2005-57]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change and
Amendment No. 1 Thereto Relating To Delay of Implementation Date of
Revisions to the Series 4 Examination Program
May 24, 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 22, 2005, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by PCX. PCX has
designated the proposed rule change as one constituting a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule of PCX pursuant to
Section 19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission. The Exchange filed Amendment No. 1 to the proposed rule
change on May 16, 2005.\5\ The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, 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)(i).
\4\ 17 CFR 240.19b-4(f)(1).
\5\ In Amendment No. 1, PCX provided a new statutory basis for
the proposed rule change and made technical corrections to the
proposed rule change. For purposes of calculating the 60-day period
within which the Commission may summarily abrogate the proposed rule
change under Section 19(b)(3)(C) of the Act, the Commission
considers the period to commence on May 16, 2005, the date on which
the Exchange filed Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) of the Act,\6\ the
Exchange is filing with the Commission a proposed rule change to delay
until no later than November 30, 2005 the implementation date of the
recent revisions to the Limited Principal--Registered Options (Series
4) examination program, including the study outline and selection
specifications (``Series 4 Examination''). PCX is not proposing any
textual changes to its rules.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, 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. 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
On April 12, 2005, PCX filed with the SEC for immediate
effectiveness revisions to the Series 4 Examination.\7\ The Series 4
Examination is an industry-wide examination that qualifies an
individual to function as a Registered Options Principal. The Series 4
Examination is shared by PCX and the following self-regulatory
organizations: the American Stock Exchange LLC (``Amex''), the Chicago
Board Options Exchange, Incorporated, the National Association of
Securities Dealers, Inc. (``NASD''), the New York Stock Exchange, Inc.,
and the Philadelphia Stock Exchange, Inc. Amex and NASD filed with the
SEC similar revisions to the Series 4 Examination.\8\ PCX intended to
implement the Series 4 Examination revisions no later than April 29,
2005 in order to be consistent with NASD.\9\ However, due to
administrative issues, PCX is proposing to delay until no later than
November 30, 2005 the implementation date of the revisions.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 34-51727 (May 24,
2005) (SR-PCX-2005-51).
\8\ See Securities Exchange Act Release Nos. 51689 (May 12,
2005), 70 FR 28965 (May 19, 2005 (SR-Amex-2005-039); and 51216
(February 16, 2005), 70 FR 8866 (February 23, 2005) (SR-NASD-2005-
025).
\9\ See Securities Exchange Act Release No. 51216 (February 16,
2005), 70 FR 8866, 8867 (February 23, 2005), (SR-NASD-2005-025).
---------------------------------------------------------------------------
[[Page 32690]]
PCX understands that Amex and NASD also will file with the SEC
similar proposed rule changes to delay until no later than November 30,
2005 the implementation date of the revisions to the Series 4
Examination.
2. Statutory Basis
PCX believes that the proposed rule change is consistent with
Section 6(b) of the Act,\10\ in general, and furthers the objectives of
Section 6(b)(1) \11\ in particular, in that it is designed to enforce
compliance by Options Trading Permit (``OTP'') Holders and OTP Firms
and persons associated with the rules of the Exchange.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will impose no
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received by the
Exchange on this proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \12\ and Rule 19b-4(f)(1) thereunder,\13\ in
that the proposed rule change constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule of PCX.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(i).
\13\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
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, including whether the proposed rule
change, as amended, 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-2005-57 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-2005-57. 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 at the principal office of 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 the File Number SR-PCX-2005-57 and should be submitted
on or before June 24, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-2831 Filed 6-2-05; 8:45 am]
BILLING CODE 8010-01-P
