Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto To Add New Account Identification Codes, 40757-40759 [E5-3729]
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Federal Register / Vol. 70, No. 134 / Thursday, July 14, 2005 / Notices
other comprehensive income or loss
and/or treasury stock), minority
interests, preferred stock, preferred
securities, equity linked securities, longterm debt (including Rate Reduction
Bonds), short-term debt and current
maturities.
On March 7, 2000, the Commission
issued an order in file 70–9541 (HCAR
35–27147, the ‘‘Prior Order’’) granting
WMECO’s and its affiliates’’ previouslysubmitted application/declaration
(‘‘Original Application’’) in which the
Commission recognized the fact that
WMECO (and other affiliated utilities)
would fall below the 30% Threshold
when the impact of Rate Reduction
Bonds were included in its
capitalization calculation and
authorized this through December 31,
2004. The Commission noted that
restructuring legislation in
Massachusetts where WMECO operates
allowed for the issuance of Rate
Reduction Bonds to finance a portion of
the utility’s cost incurred in the sale of
its regulatory assets and/or renegotiation
of its obligations under purchase power
contracts. Rate Reduction Bonds are
securities issued in accordance with
state law by a special purpose
subsidiary of the utility to finance a
portion of a utility’s cost incurred in the
sale of its regulatory assets and/or
renegotiation of its obligations under
purchase power contracts, and are nonrecourse to WMECO or the NU system.
As stated in the Original Application,
because of the state-mandated
divestiture of generating assets and
issuance of Rate Reduction Bonds, NU’s
utilities, including WMECO,
experienced a significant decrease in the
amount of tangible assets that each
owned and received a significant influx
of cash causing each of NU’s electric
utilities to fall below the 30% Threshold
when the impact of Rate Reduction
Bonds and the effects of capital
restructuring associated with the asset
divestitures were considered. On May
17, 2001, WMECO Funding LLC, a
subsidiary of WMECO, issued $155
million of Rate Reduction Bonds
causing WMECO to fall below the 30%
Threshold at that time.1
The Original Application also stated
that the ratings of the respective senior
debt securities of WMECO would be
unaffected or would be improved by the
issuance of the Rate Reduction Bonds,
as such bonds are not considered
obligations of the utilities by the ratings
agencies. The Original Application
1 In a financing order issued July 2, 2004, HCAR
No. 27868A, the Commission noted that WMECO’s
Debt/Equity Ratio had improved to a level of 66.6%
/ 33.4%.
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18:32 Jul 13, 2005
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stated that the senior debt ratings of
WMECO issued by Standard & Poor’s
(‘‘S&P) were ‘‘BBB-’’ while the senior
debt ratings of WMECO issued by
Moody’s Investor Service, Inc.
(‘‘Moody’s’’) were ‘‘Baa3’’. Since that
time, WMECO’s credit ratings have
improved. As of the date of this filing,
WMECO’s senior unsecured debt ratings
from S&P and Moody’s were BBB+ and
Baa2, respectively.
By order issued December 28, 2004
the Commission authorized an
extension for WMECO’s utility affiliates,
Connecticut Light and Power Company
(‘‘CL&P’’) and Public Service of New
Hampshire (‘‘PSNH’’), to remain below
the 30% Threshold when the impact of
the Rate Reduction Bonds is considered.
The Commission reserved jurisdiction
on the request by CL&P and PSNH to
remain below the 30% Threshold
through December 31, 2007 but granted
authority beyond December 31, 2006.
WMECO was not an applicant for that
extension of authority and did not
receive the extension granted to its
utility affiliates. During the fourth
quarter of 2004, WMECO was forecasted
to be at 30.6% common equity ratio at
year’s end and to improve thereafter.
WMECO’s actual common equity ratio
at December 31, 2004 was 30.7%, but at
March 31, 2005 its actual common
equity ratio was at 30.8%, slightly lower
than had been forecast.
In preparing the budget and financing
plans for WMECO for 2005,
management noted that there is a risk
that WMECO could fall below the 30%
Threshold, when the impact of the Rate
Reduction Bonds is considered, at some
point during the Authorization Period
and is forecast to remain only slightly
above 30% through December 31, 2005.
Management’s forecast does anticipate
that WMECO’s common equity ratio
will end the year at 31.7%. WMECO
states, however, that there is inherent
uncertainty in forecasts, and therefore is
WMECO now seeking authorization
through the Authorization Period for its
common equity ratio to remain below
the 30% Threshold when the impact of
Rate Reduction Bonds is considered
while remaining above 30% when the
impact of Rate Reduction Bonds is
excluded.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3721 Filed 7–13–05; 8:45 am]
BILLING CODE 8010–01–P
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40757
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51991; File No. SR–BSE–
2005–23]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto To Add New
Account Identification Codes
July 7, 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 June 23,
2005, the Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the BSE. On July 7, 2005, the BSE
filed Amendment No. 1 to the proposed
rule change.3 The BSE filed the proposal
pursuant to Section 19(b)(3)(A) of the
Act,4 and Rule 19b–4(f)(6) thereunder,5
which renders the proposal effective
upon filing with the Commission.6 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
The BSE proposes to amend its rules
regarding Account Identification
Codes.7 The text of the proposed rule
change is available on the BSE’s Internet
Web site (https://www.bostonstock.com),
at the BSE’s Office of the Secretary, and
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In Amendment No. 1, the Exchange made nonsubstantive changes to re-format certain account
identification code headings and clarify references
made to rules of the New York Stock Exchange, Inc.
(‘‘NYSE’’) and the American Stock Exchange LLC
(‘‘AMEX’’). The effective date of the original
proposed rule change is June 23, 2005, and the
effective date of Amendment No. 1 is July 7, 2005.
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
such period to commence on July 7, 2005, the date
on which the Exchange filed Amendment No. 1. See
15 U.S.C. 78s(b)(3)(C).
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
6 The BSE has asked the Commission to waive the
five-day pre-filing notice requirement and the 30day operative delay. See Rule 19b–4(f)(6)(iii), 17
CFR 240.19b–4(f)(6)(iii). See also discussion infra
Section III.
7 See infra Section II.A.1 for a complete
description of the terms and purpose of the
proposed rule change.
2 17
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Federal Register / Vol. 70, No. 134 / Thursday, July 14, 2005 / Notices
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
BSE 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 BSE 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
its existing rules regarding
recordkeeping requirements. In Chapter
II, ‘‘Dealings on the Exchange’’, Section
15, ‘‘Record of Orders from Offices to
Floor’’, the BSE requires that each order
be marked with one of several Account
Identification Codes. The codes that are
currently available are as follows:
1. Purpose
The Exchange is seeking to add
several Account Identification Codes to
Program
trade index
arbitrage
Program
trade non-index
arbitrage
D
M
C
N
P
W
J
U
K
Y
I
A
Member/member organization:
—Proprietary ...................................................................................................................
—As agent for other member .........................................................................................
Customer:
—Individual (80A) ...........................................................................................................
—Other agency ..............................................................................................................
Accompanying the existing Account
Identification Codes are definitions, as
follows:
Definitions
Member/member organization,
proprietary: A member/member
organization trading for its own account.
Member/member organization, as
agent for other member: A member/
member organization trading as agent
for the account of another member/
member organization.
Program Trade, Index Arbitrage: The
purchase or sale of ‘‘baskets’’ or groups
of stocks in conjunction with the
intended purchase or sale of one or
more cash-settled options or futures
contracts in an attempt to profit by the
price difference, as defined in NYSE
Rule 80A.
Program Trade, Non-Index Arbitrage:
A trading strategy involving the related
purchase or sale of a group of 15 or
more stocks having a total market value
of $1 million or more, as defined in
NYSE Rule 80A.
Individual (80A): An account for an
individual as defined by NYSE Rule
80A.
Other Agency: Any other non-member
or non-member organization.
The BSE proposes to add new
Account Identification Codes and
definitions to its rules in order to
All other
orders
provide its members and customers
with the ability to more accurately
reflect their specific type of trading in
the records of their orders. Similar
identification codes and accompanying
definitions are presently utilized by
other exchanges, such as the NYSE, as
required by NYSE Rule 123 ‘‘Record of
Orders,’’ and the AMEX, as set forth in
AMEX Rule 719, ‘‘Comparison of
Exchange Transactions.’’ The account
types and definitions that the BSE seeks
to add to its existing rules are similar to
those set forth by the NYSE and AMEX.
The BSE proposes to add the following
information to its account indicator
requirements:
Competing market maker
Short exempt
Competing market, maker,
short exempt
O
T
E
F
L
X
—
R
H
B
—
Z
Member/member organization:
—Proprietary ...................................................................................................................
—As agent for other member .........................................................................................
Customer:
—Individual (80A) ...........................................................................................................
—Other agency ..............................................................................................................
Additional definitions would also be
added to reflect the new codes:
Competing Market Maker: Any person
acting as a market maker, as defined
in Section 3(a)(38) of the Securities
Exchange Act of 1934, in an
exchange-listed security. A person
acting solely in the capacity of a block
positioner would not be considered a
competing market maker.
Proprietary, Competing Market Maker:
A member or member organization
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18:32 Jul 13, 2005
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trading for its own competing market
maker account.
As Agent for Other Member, Competing
Market Maker: A member or member
organization trading as agent for
another member’s competing market
maker account.
Other Agency, Competing Market
Maker: A member or member
organization trading as agent for the
proprietary account for a non-member
competing market maker.
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Short Exempt: Short sale transactions
that are exempt from the provisions of
SEC Rule 10a–1.
In proposing the above changes, the
BSE seeks to be consistent with the
similar requirements of other exchanges
regarding account identification codes.
Moreover, the addition of the various
codes will provide Exchange members
the ability to more appropriately
identify the types of trading activity in
which they engage, and therefore, to
E:\FR\FM\14JYN1.SGM
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Federal Register / Vol. 70, No. 134 / Thursday, July 14, 2005 / Notices
maintain more accurate and detailed
records of their trading activity.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of 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
promote just and equitable principles of
trade and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and is not designed to permit
unfair discrimination between
customers, brokers, or dealers, or to
regulate by virtue of any authority
matters not related to the administration
of the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The BSE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The BSE has neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act and Rule
19b–4(f)(6) thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. In
addition, Rule 19b–4(f)(6)(iii) requires a
self-regulatory organization to provide
the Commission with written notice of
its intent to file the proposed rule
8 15
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate jul<14>2003
18:32 Jul 13, 2005
Jkt 205001
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.
The BSE has asked the Commission to
waive the five-day pre-filing notice
requirement and the 30-day operative
delay to allow the Exchange to
immediately apply the new Account
Identification Codes. The Commission
waives the five-day pre-filing notice
requirement. In addition, the
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because the proposed
rule change will provide the Exchange’s
members and customers with the ability
to more appropriately identify the types
of trading activity in which they engage
and more accurately reflect their
specific type of trading in the records of
their orders.10
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.11
IV. 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
No. SR–BSE–2005–23 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–9303.
All submissions should refer to File
No. SR–BSE–2005–23. This file number
should be included on the subject line
if e-mail is used. To help the
Commission process and review your
10 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
11 See supra note 3.
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40759
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 will also be
available for inspection and copying at
the principal office of the BSE. 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 No. SR–BSE–2005–23 and
should be submitted on or before
August 4, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5–3729 Filed 7–13–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–51992; File No. SR–CBOE–
2005–24]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Approving
Proposed Rule Change Relating to the
Assignment of RAES Orders to
Logged-In Market-Makers Participating
on RAES
July 7, 2005.
I. Introduction
On March 15, 2005, the Chicago
Board Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
12 17
1 15
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CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
14JYN1
]]>Agencies
[Federal Register Volume 70, Number 134 (Thursday, July 14, 2005)]
[Notices]
[Pages 40757-40759]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-3729]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51991; File No. SR-BSE-2005-23]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto To Add New Account Identification Codes
July 7, 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 June 23, 2005, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the BSE. On July 7, 2005,
the BSE filed Amendment No. 1 to the proposed rule change.\3\ The BSE
filed the proposal pursuant to Section 19(b)(3)(A) of the Act,\4\ and
Rule 19b-4(f)(6) thereunder,\5\ which renders the proposal effective
upon filing with the Commission.\6\ 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\ In Amendment No. 1, the Exchange made non-substantive
changes to re-format certain account identification code headings
and clarify references made to rules of the New York Stock Exchange,
Inc. (``NYSE'') and the American Stock Exchange LLC (``AMEX''). The
effective date of the original proposed rule change is June 23,
2005, and the effective date of Amendment No. 1 is July 7, 2005. 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 such period
to commence on July 7, 2005, the date on which the Exchange filed
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
\6\ The BSE has asked the Commission to waive the five-day pre-
filing notice requirement and the 30-day operative delay. See Rule
19b-4(f)(6)(iii), 17 CFR 240.19b-4(f)(6)(iii). See also discussion
infra Section III.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The BSE proposes to amend its rules regarding Account
Identification Codes.\7\ The text of the proposed rule change is
available on the BSE's Internet Web site (https://www.bostonstock.com),
at the BSE's Office of the Secretary, and
[[Page 40758]]
at the Commission's Public Reference Room.
---------------------------------------------------------------------------
\7\ See infra Section II.A.1 for a complete description of the
terms and purpose of the proposed rule change.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the BSE 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 BSE 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 Exchange is seeking to add several Account Identification Codes
to its existing rules regarding recordkeeping requirements. In Chapter
II, ``Dealings on the Exchange'', Section 15, ``Record of Orders from
Offices to Floor'', the BSE requires that each order be marked with one
of several Account Identification Codes. The codes that are currently
available are as follows:
----------------------------------------------------------------------------------------------------------------
Program trade
Program trade non-index All other
index arbitrage arbitrage orders
----------------------------------------------------------------------------------------------------------------
Member/member organization:
--Proprietary......................................... D C P
--As agent for other member........................... M N W
Customer:
--Individual (80A).................................... J K I
--Other agency........................................ U Y A
----------------------------------------------------------------------------------------------------------------
Accompanying the existing Account Identification Codes are
definitions, as follows:
Definitions
Member/member organization, proprietary: A member/member
organization trading for its own account.
Member/member organization, as agent for other member: A member/
member organization trading as agent for the account of another member/
member organization.
Program Trade, Index Arbitrage: The purchase or sale of ``baskets''
or groups of stocks in conjunction with the intended purchase or sale
of one or more cash-settled options or futures contracts in an attempt
to profit by the price difference, as defined in NYSE Rule 80A.
Program Trade, Non-Index Arbitrage: A trading strategy involving
the related purchase or sale of a group of 15 or more stocks having a
total market value of $1 million or more, as defined in NYSE Rule 80A.
Individual (80A): An account for an individual as defined by NYSE
Rule 80A.
Other Agency: Any other non-member or non-member organization.
The BSE proposes to add new Account Identification Codes and
definitions to its rules in order to provide its members and customers
with the ability to more accurately reflect their specific type of
trading in the records of their orders. Similar identification codes
and accompanying definitions are presently utilized by other exchanges,
such as the NYSE, as required by NYSE Rule 123 ``Record of Orders,''
and the AMEX, as set forth in AMEX Rule 719, ``Comparison of Exchange
Transactions.'' The account types and definitions that the BSE seeks to
add to its existing rules are similar to those set forth by the NYSE
and AMEX. The BSE proposes to add the following information to its
account indicator requirements:
----------------------------------------------------------------------------------------------------------------
Competing
Competing market Short exempt market, maker,
maker short exempt
----------------------------------------------------------------------------------------------------------------
Member/member organization:
--Proprietary......................................... O E L
--As agent for other member........................... T F X
Customer:
--Individual (80A).................................... -- H --
--Other agency........................................ R B Z
----------------------------------------------------------------------------------------------------------------
Additional definitions would also be added to reflect the new
codes:
Competing Market Maker: Any person acting as a market maker, as defined
in Section 3(a)(38) of the Securities Exchange Act of 1934, in an
exchange-listed security. A person acting solely in the capacity of a
block positioner would not be considered a competing market maker.
Proprietary, Competing Market Maker: A member or member organization
trading for its own competing market maker account.
As Agent for Other Member, Competing Market Maker: A member or member
organization trading as agent for another member's competing market
maker account.
Other Agency, Competing Market Maker: A member or member organization
trading as agent for the proprietary account for a non-member competing
market maker.
Short Exempt: Short sale transactions that are exempt from the
provisions of SEC Rule 10a-1.
In proposing the above changes, the BSE seeks to be consistent with
the similar requirements of other exchanges regarding account
identification codes. Moreover, the addition of the various codes will
provide Exchange members the ability to more appropriately identify the
types of trading activity in which they engage, and therefore, to
[[Page 40759]]
maintain more accurate and detailed records of their trading activity.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of 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 promote just and equitable
principles of trade and to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and
is not designed to permit unfair discrimination between customers,
brokers, or dealers, or to regulate by virtue of any authority matters
not related to the administration of the Exchange.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The BSE does not believe that the proposed rule change will impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The BSE has neither solicited nor received comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. In addition, Rule 19b-4(f)(6)(iii) requires a
self-regulatory organization to provide the Commission with 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.
The BSE has asked the Commission to waive the five-day pre-filing
notice requirement and the 30-day operative delay to allow the Exchange
to immediately apply the new Account Identification Codes. The
Commission waives the five-day pre-filing notice requirement. In
addition, the Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest because the proposed rule change will provide the Exchange's
members and customers with the ability to more appropriately identify
the types of trading activity in which they engage and more accurately
reflect their specific type of trading in the records of their
orders.\10\
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\10\ For purposes only of waiving the 30-day operative delay,
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 purposes of the Act.\11\
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\11\ See supra note 3.
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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 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 No. SR-BSE-2005-23 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-9303.
All submissions should refer to File No. SR-BSE-2005-23. 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 will also be available for inspection and copying at the
principal office of the BSE. 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 No. SR-BSE-2005-23 and
should be submitted on or before August 4, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E5-3729 Filed 7-13-05; 8:45 am]
BILLING CODE 8010-01-P
