Self-Regulatory Organizations: Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Electronic Submission of Financial Reports, 37489-37491 [E5-3385]

Download as PDF Federal Register / Vol. 70, No. 124 / Wednesday, June 29, 2005 / Notices Directed Order trading model. Payment for order flow programs are in place at each of the other options exchanges in varying amounts and covering various options. The Exchange states that the revenue generated by the payment for order flow fee, as outlined in this proposed rule change, is intended to be used by Participating specialist units and Directed ROTs to compete for order flow in equity options listed for trading on the Exchange. The Exchange believes that, in today’s competitive environment, changing its payment for order flow program to compete more directly with other options exchanges is important and appropriate. The Exchange further represents that the purpose of modifying the time periods in which to elect to participate or not to participate in the Exchange’s payment for order flow program is to accommodate Participating Specialists and Directed ROTs who would make individual payment for order flow arrangements. 2. Statutory Basis The Exchange believes that its proposal to amend its schedule of dues, fees, and charges is consistent with section 6(b) of the Act 31 in general, and furthers the objectives of sections 6(b)(4) and 6(b)(5) of the Act 32 in particular, in that it is an equitable allocation of reasonable fees among Phlx members and that it is designed to enable the Exchange to compete with other markets in attracting customer order flow. Because the payment for order flow fees are collected only from member organizations respecting customer transactions, the Phlx believes that there is a direct and fair correlation between those members who fund the payment for order flow fee program and those who receive the benefits of the program. The Exchange states that Participating specialists and Directed ROTs potentially benefit from additional customer order flow. In addition, the Phlx believes that the proposed payment for order flow fees would serve to enhance the competitiveness of the Phlx and its members and that this proposal therefore is consistent with and furthers the objectives of the Act, including section 6(b)(5) thereof,33 which requires the rules of exchanges to be designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that attracting more order flow to the Exchange, should, in turn, result in increased liquidity, tighter markets, and more competition 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 been designated as a fee change pursuant to section 19(b)(3)(A)(ii) of the Act 34 and Rule 19b–4(f)(2) 35 thereunder, because it establishes or changes a due, fee, or other charge imposed by the Exchange. Accordingly, the proposal will take effect upon filing with the Commission. At any time within 60 days of the filing of such 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. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR-Phlx-2005–37 on the subject line. Paper comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number SR–Phlx-2005–37. U.S.C. 78f(b). U.S.C. 78f(b)(4)–(5). 33 15 U.S.C. 78f(b)(5). For the Commission, by the Division of Market Regulation, pursuant to delegated authority.36 J. Lynn Taylor, Assistant Secretary. [FR Doc. E5–3383 Filed 6–28–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51910; File No. SR–Phlx– 2005–34] Self-Regulatory Organizations: Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Electronic Submission of Financial Reports June 22, 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 May 9, 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 36 CFR 32 15 17:40 Jun 28, 2005 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 (http:// 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 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 Number SR–Phlx-2005–37 and should be submitted on or before July 20, 2005. V. Solicitation of Comments 31 15 VerDate jul<14>2003 34 15 U.S.C. 78s(b)(3)(A)(ii). 35 17 CFR 240.19b–4(f)(2). Jkt 205001 37489 PO 00000 Frm 00169 Fmt 4703 Sfmt 4703 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\29JNN1.SGM 29JNN1 37490 Federal Register / Vol. 70, No. 124 / Wednesday, June 29, 2005 / Notices in items I, II, and III below, which Items have been prepared by the Phlx. On June 13, 2005, Phlx filed Amendment No. 1 to the proposed rule change.3 The Exchange has designated this proposal as a practice with respect to the administration of an existing rule pursuant to section 19(b)(3)(A)(i) of the Act,4 and Rule 19b4(f)(1) thereunder,5 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.6 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Phlx, pursuant to section 19(b)(1) 7 and Rule 19b–4 thereunder,8 proposes to amend Exchange Rule 703. The proposed amendment would require Phlx members that compute net capital or positive net liquid assets and for which the Exchange is their designated examining authority (‘‘DEA’’), to submit electronically certain financial reports to the Exchange in lieu of manual filings. The text of the proposed rule change is below. New text is italicized. * * * * * Rule 703. Financial Responsibility and Reporting (a)–(f) No change. Commentary .01 No Change .02 Organizations designated to the Exchange for financial responsibility pursuant to SEC Rule 17d–1 and subject to SEC Rules 15c3–1 and 17a–5 or exempt from SEC Rule 15c3–1 and maintaining net liquid assets in accordance with Rule 703(a), must file electronically with the Exchange’s Examinations Department, utilizing such method as required by the Exchange, FOCUS Reports and filings required by SEC Rule 17a–5(a) and (b) 3 The effective date of the original proposed rule change is May 9, 2005 and the effective date of the amendment is June 13, 2005. For purposes of calculating the 60-day period within which the Commission may summarily abrogate the proposed rule change, as amended, under Section 19(b)(3)(C) of the Act, the Commission considers the period to commence on June 13, 2005, the date on which the Phlx submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C). 4 15 U.S.C. 78s(b)(3)(A)(i). 5 17 CFR 240.19b–4(f)(1). 6 In an e-mail from Angela Dunn, Director, Phlx, to E. David Hwa, Special Counsel, Division of Market Regulation, Commission, dated June 17, 2005, Phlx agreed to minor revisions by Commission staff made to the rule change and this notice. 7 15 U.S.C. 78s(b)(1). 8 17 CFR 240.19b–4. VerDate jul<14>2003 17:40 Jun 28, 2005 Jkt 205001 and Rule 703(c), (d) and (f). Exchange members are still obligated to submit such filings to the Securities and Exhange Commission as specified in the Securities Exchange Act of 1934 (‘‘Act’’), as amended, and the rules promulgated under the Act. * * * * * 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 Exchange 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 create an efficient method of collecting FOCUS reports and other financial filings, including those required by SEC Rules 17a–5(a) and (b) and Rule 703(c), (d) and (f) (‘‘Financial Documents’’). Currently, the Financial Documents are provided in hard copy format to Exchange staff. The information is manually key punched by Exchange staff into a database utilized by the Exchange for submissions to the Commission and for collecting monthly financial information. The proposed rule change would require Exchange members, for which the Exchange is their DEA, to electronically submit their Financial Documents to the Exchange, utilizing Exchange proprietary software. The features of the electronic submission system are designed to eliminate errors and provide more efficient means of gathering necessary financial information. The Exchange expects to provide each user with password and logon identification and create a profile for each user. It is the Exchange’s intention to design the software with required fields of entry, as well as edit checks for various balances that are entered by the users. Additionally, the software is intended to automatically provide alerts, if the user is past the due date or the financial information indicates the firm is below a financial requirement when submitting the report. These safeguards PO 00000 Frm 00170 Fmt 4703 Sfmt 4703 should lead to fewer mistakes and provide users with helpful tools to assist with filings. The Exchange anticipates it will have the ability to receive summary and exception reports and review the information gathered by the software. The Exchange will submit required financials to the Commission. In summary, the electronic submission process should create a greater likelihood that data from members will be accurate and efficient, as well as utilize fewer Exchange resources. 2. Statutory Basis The Exchange believes that its proposal is consistent with section 6(b) of the Act 9 in general, and furthers the objectives of section 6(b)(5) of the Act 10 in particular, in that it is designed to promote just and equitable principles of trade and to protect investors and the public interest. 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 been designated as a practice with respect to the administration of an existing rule pursuant to section 19(b)(3)(A)(i) 11 of the Act and Rule 19b– 4(f)(1) 12 thereunder. Accordingly, the proposal will take effect upon filing with the Commission. Notwithstanding that this rule change would be effective immediately upon filing, the Exchange will start rolling out member firms onto the electronic filing system on approval of this filing, and after notice to membership, with complete implementation and mandatory rollout by January 2006. 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, 9 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 11 15 U.S.C. 78s(b)(3)(A)(i). 12 17 CFR 240.19b–4(f)(1). 10 15 E:\FR\FM\29JNN1.SGM 29JNN1 Federal Register / Vol. 70, No. 124 / Wednesday, June 29, 2005 / Notices 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 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 J. Lynn Taylor, Assistant Secretary. [FR Doc. E5–3385 Filed 6–28–05; 8:45 am] BILLING CODE 8010–01–P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Docket No. AB–369 (Sub–No. 5X)] • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number S–Phlx–2005–34 on the subject line. Buffalo & Pittsburgh Railroad, Inc.— Discontinuance of Service Exemption—Between Brookville and Mahoning in Jefferson and Armstrong Counties, PA Buffalo & Pittsburgh Railroad, Inc. (BPRR) has filed a notice of exemption under 49 CFR 1152 subpart F—Exempt Paper Comments Abandonments and Discontinuances of • Send paper comments in triplicate Service to discontinue service over a to Jonathan G. Katz, Secretary, 40.0-mile portion of a line operated by Securities and Exchange Commission, BPRR between milepost 22.0 south of 100 F Street, NE., Washington, DC Brookville in Jefferson County, PA, and 20549–9303. milepost 62.0 in Mahoning in Armstrong County, PA.1 The line All submissions should refer to File traverses United States Postal Service Number SR–Phlx–2005–34. This file ZIP Codes 15472, 15663, 15770, 15778, number should be included on the subject line if e-mail is used. To help the 15847, 16232, 16259, 17821, and 17844. BPRR states that it intends to operate Commission process and review your over the track between milepost 22.0 comments more efficiently, please use and milepost 24.0, and between only one method. The Commission will milepost 56.0 and milepost 62.0, as post all comments on the Commission’s private sidetracks or spurs. Internet Web site (http://www.sec.gov/ BPRR has certified that: (1) No local rules/sro.shtml). Copies of the traffic has moved over the line for at submission, all subsequent least 2 years; (2) any overhead traffic amendments, all written statements can be rerouted over other lines; (3) no with respect to the proposed rule formal complaint filed by a user of rail change that are filed with the service on the line (or by a state or local Commission, and all written government entity acting on behalf of communications relating to the such user) regarding cessation of service proposed rule change between the over the line either is pending with the Commission and any person, other than Surface Transportation Board (Board) or those that may be withheld from the with any U.S. District Court or has been public in accordance with the decided in favor of complainant within the 2-year period; and (4) the provisions of 5 U.S.C. 552, will be requirements at 49 CFR 1105.11 available for inspection and copying in (transmittal letter), 49 CFR 1105.12 the Commission’s Public Reference (newspaper publication), and 49 CFR Section, 100 F Street, NE., Washington, 1152.50(d)(1) (notice of governmental DC 20549. Copies of the filing also will agencies) have been met. be available for inspection and copying As a condition to this exemption, any at the principal office of the Phlx. All employee adversely affected by the comments received will be posted discontinuance shall be protected under without change; the Commission does Oregon Short Line R. Co.— not edit personal identifying Abandonment—Goshen, 360 I.C.C. 91 information from submissions. You (1979). To address whether this should submit only information that condition adequately protects affected you wish to make available publicly. All submissions should refer to File 13 17 CFR 200.30–3(a)(12). Number SR–Phlx–2005–34 and should 1 Simultaneously with this filing, in STB Docket be submitted on or before July 20, 2005. No. AB–976X, the owner of this line, Pittsburg & Shawmut Railroad, LLC has filed a petition for exemption to abandon the line. VerDate jul<14>2003 17:40 Jun 28, 2005 Jkt 205001 PO 00000 Frm 00171 Fmt 4703 Sfmt 4703 37491 employees, a petition for partial revocation under 49 U.S.C. 10502(d) must be filed. Provided no formal expression of intent to file an offer of financial assistance (OFA) has been received, this exemption will be effective on July 29, 2005,2 unless stayed pending reconsideration. Petitions to stay and formal expressions of intent to file an OFA under 49 CFR 1152.27(c)(2), must be filed by July 11, 2005. Petitions to reopen must be filed by July 19, 2005, with: Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423–0001. A copy of any petition filed with the Board should be sent to BPRR’s representative: Eric M. Hocky, Four Penn Center, Suite 200, 1600 JFK Blvd., Philadelphia, PA 19103. If the verified notice contains false or misleading information, the exemption is void ab initio. Board decisions and notices are available on our Web site at http:// www.stb.dot.gov. Decided: June 23, 2005. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. [FR Doc. 05–12845 Filed 6–28–05; 8:45 am] BILLING CODE 4915–01–P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Docket No. AB–979X] Connecticut Southern Railroad, Inc.— Abandonment Exemption—in Hartford County, CT Connecticut Southern Railroad, Inc. (CSO) has filed a notice of exemption under 49 CFR part 1152 subpart F– Exempt Abandonments to abandon a 942-foot long stub-ended line of railroad extending from milepost 9.4 (Station 5673+42 on the north side of Colonial Drive) to the end of the line at milepost 9.6 (Station 5664+00), in Manchester, Hartford County, CT. The line traverses United States Postal Service ZIP Code 06040. CSO has certified that: (1) No local traffic has moved over the line for at least 2 years; (2) any overhead traffic can be rerouted over other lines; (3) no formal complaint filed by a user of rail 2 Because this is a discontinuance of service proceeding and not an abandonment, there is no need to provide an opportunity for trail use/rail banking or public use condition requests. Likewise, no environmental or historic documentation is required under 49 CFR 1105.6(c)(6) and 1105.8. E:\FR\FM\29JNN1.SGM 29JNN1

Agencies

[Federal Register Volume 70, Number 124 (Wednesday, June 29, 2005)]
[Notices]
[Pages 37489-37491]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3385]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51910; File No. SR-Phlx-2005-34]


Self-Regulatory Organizations: Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
and Amendment No. 1 Thereto Relating to the Electronic Submission of 
Financial Reports

June 22, 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 May 9, 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

[[Page 37490]]

in items I, II, and III below, which Items have been prepared by the 
Phlx. On June 13, 2005, Phlx filed Amendment No. 1 to the proposed rule 
change.\3\ The Exchange has designated this proposal as a practice with 
respect to the administration of an existing rule pursuant to section 
19(b)(3)(A)(i) of the Act,\4\ and Rule 19b4(f)(1) thereunder,\5\ 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.\6\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The effective date of the original proposed rule change is 
May 9, 2005 and the effective date of the amendment is June 13, 
2005. For purposes of calculating the 60-day period within which the 
Commission may summarily abrogate the proposed rule change, as 
amended, under Section 19(b)(3)(C) of the Act, the Commission 
considers the period to commence on June 13, 2005, the date on which 
the Phlx submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
    \4\ 15 U.S.C. 78s(b)(3)(A)(i).
    \5\ 17 CFR 240.19b-4(f)(1).
    \6\ In an e-mail from Angela Dunn, Director, Phlx, to E. David 
Hwa, Special Counsel, Division of Market Regulation, Commission, 
dated June 17, 2005, Phlx agreed to minor revisions by Commission 
staff made to the rule change and this notice.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Phlx, pursuant to section 19(b)(1) \7\ and Rule 19b-4 
thereunder,\8\ proposes to amend Exchange Rule 703. The proposed 
amendment would require Phlx members that compute net capital or 
positive net liquid assets and for which the Exchange is their 
designated examining authority (``DEA''), to submit electronically 
certain financial reports to the Exchange in lieu of manual filings.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(1).
    \8\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    The text of the proposed rule change is below. New text is 
italicized.
* * * * *

Rule 703. Financial Responsibility and Reporting

    (a)-(f) No change.
Commentary
    .01 No Change
    .02 Organizations designated to the Exchange for financial 
responsibility pursuant to SEC Rule 17d-1 and subject to SEC Rules 
15c3-1 and 17a-5 or exempt from SEC Rule 15c3-1 and maintaining net 
liquid assets in accordance with Rule 703(a), must file electronically 
with the Exchange's Examinations Department, utilizing such method as 
required by the Exchange, FOCUS Reports and filings required by SEC 
Rule 17a-5(a) and (b) and Rule 703(c), (d) and (f). Exchange members 
are still obligated to submit such filings to the Securities and 
Exhange Commission as specified in the Securities Exchange Act of 1934 
(``Act''), as amended, and the rules promulgated under the Act.
* * * * *

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 Exchange 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 create an efficient 
method of collecting FOCUS reports and other financial filings, 
including those required by SEC Rules 17a-5(a) and (b) and Rule 703(c), 
(d) and (f) (``Financial Documents''). Currently, the Financial 
Documents are provided in hard copy format to Exchange staff. The 
information is manually key punched by Exchange staff into a database 
utilized by the Exchange for submissions to the Commission and for 
collecting monthly financial information. The proposed rule change 
would require Exchange members, for which the Exchange is their DEA, to 
electronically submit their Financial Documents to the Exchange, 
utilizing Exchange proprietary software.
    The features of the electronic submission system are designed to 
eliminate errors and provide more efficient means of gathering 
necessary financial information. The Exchange expects to provide each 
user with password and logon identification and create a profile for 
each user. It is the Exchange's intention to design the software with 
required fields of entry, as well as edit checks for various balances 
that are entered by the users. Additionally, the software is intended 
to automatically provide alerts, if the user is past the due date or 
the financial information indicates the firm is below a financial 
requirement when submitting the report. These safeguards should lead to 
fewer mistakes and provide users with helpful tools to assist with 
filings.
    The Exchange anticipates it will have the ability to receive 
summary and exception reports and review the information gathered by 
the software. The Exchange will submit required financials to the 
Commission. In summary, the electronic submission process should create 
a greater likelihood that data from members will be accurate and 
efficient, as well as utilize fewer Exchange resources.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with section 
6(b) of the Act \9\ in general, and furthers the objectives of section 
6(b)(5) of the Act \10\ in particular, in that it is designed to 
promote just and equitable principles of trade and to protect investors 
and the public interest.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 been designated as a 
practice with respect to the administration of an existing rule 
pursuant to section 19(b)(3)(A)(i) \11\ of the Act and Rule 19b-4(f)(1) 
\12\ thereunder. Accordingly, the proposal will take effect upon filing 
with the Commission. Notwithstanding that this rule change would be 
effective immediately upon filing, the Exchange will start rolling out 
member firms onto the electronic filing system on approval of this 
filing, and after notice to membership, with complete implementation 
and mandatory rollout by January 2006. 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,

[[Page 37491]]

or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A)(i).
    \12\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number S-Phlx-2005-34 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-Phlx-2005-34. 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 (http://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 Section, 100 F Street, 
NE., Washington, DC 20549. 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 Number SR-Phlx-2005-34 and should be 
submitted on or before July 20, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3385 Filed 6-28-05; 8:45 am]
BILLING CODE 8010-01-P