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]
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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 (https://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 (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 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
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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
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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 (https://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 (https://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
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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 https://
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
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]]>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]
-----------------------------------------------------------------------
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.
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\11\ 15 U.S.C. 78s(b)(3)(A)(i).
\12\ 17 CFR 240.19b-4(f)(1).
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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 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 (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 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\
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\13\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3385 Filed 6-28-05; 8:45 am]
BILLING CODE 8010-01-P
