Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval to Proposed Rule Change Relating to the Extension of a Pilot Program Relating to Transaction Charges Applicable to Linkage “P” and “P/A” Orders, 43733-43735 [E5-4015]

Download as PDF Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices safeguarding of securities or funds in the custody or control of OCC or for which it is responsible and does not significantly affect the respective rights or obligations of the clearing agency or persons using the service. At any time within sixty days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change 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–OCC–2005–11 on the subject line. 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–OCC–2005–11 and should be submitted on or before August 18, 2005. For the Commission by the Division of Market Regulation, pursuant to delegated authority.7 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–4017 Filed 7–27–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52083; File No. SR–PCX– 2005–67] Self-Regulatory Organizations; Pacific Exchange, Inc.; Order Approving Proposed Rule Change Relating to Exchange Fees and Charges July 20, 2005. On May 6, 2005, the Pacific Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’), through its wholly-owned subsidiary PCX Equities, Inc. (‘‘PCXE’’), filed with the Securities Paper Comments and Exchange Commission • Send paper comments in triplicate (‘‘Commission’’) a proposed rule change to Jonathan G. Katz, Secretary, pursuant to section 19(b)(1) of the Securities and Exchange Commission, Securities Exchange Act of 1934 100 F Street, NE., Washington, DC (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 to 20549–9303. modify the list of eligible strategies that All submissions should refer to File apply to Option Strategy Executions Number SR–OCC–2005–11. This file retroactive to January 1, 2005. The number should be included on the proposed rule change was published for subject line if e-mail is used. To help the comment in the Federal Register on Commission process and review your June 14, 2005.3 The Commission comments more efficiently, please use received no comments on the proposal. only one method. The Commission will This order approves the proposed rule post all comments on the Commission’s change. Internet Web site (http://www.sec.gov/ After careful review, the Commission rules/sro.shtml). Copies of the finds that the proposal is consistent submission, all subsequent with the requirements of the Act and the amendments, all written statements rules and regulations thereunder with respect to the proposed rule applicable to a national securities change that are filed with the exchange.4 In particular, the Commission, and all written Commission finds that the proposed communications relating to the rule change is consistent with the proposed rule change between the requirements of section 6(b)(5) of the Commission and any person, other than Act 5 and the rules and regulations those that may be withheld from the thereunder because it is designed to public in accordance with the provisions of 5 U.S.C. 552, will be 7 17 CFR 200.30–3(a)(12). available for inspection and copying in 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. the Commission’s Public Reference 3 See Securities Exchange Act Release No. 51795 Section, 100 F Street, NE., Washington, (June 7, 2005), 70 FR 34511. DC 20549. Copies of such filings also 4 In approving this proposed rule change, the will be available for inspection and Commission notes that it has considered the copying at the principal office of OCC proposed rule’s impact on efficiency, competition and on OCC’s Web site at http:// and capital formation. See 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). www.optionsclearing.com. All VerDate jul<14>2003 13:40 Jul 27, 2005 Jkt 205001 PO 00000 Frm 00055 Fmt 4703 Sfmt 4703 43733 foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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, in general, to protect investors and the public interest. Specifically, the Commission believes that the Exchange’s proposal to retroactively modify certain transaction fees associated with its short-term interest spread transactions should allow the PCX to continue to attract liquidity and conform the Exchange’s fees and rates to those previously approved under the Option Strategy Execution rate plan. It is therefore ordered, pursuant to section 19(b)(2) of the Act,6 that the proposed rule change, (SR–PCX–2005– 67) be, and hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–4014 Filed 7–27–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52095; File No. SR–Phlx– 2005–46] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval to Proposed Rule Change Relating to the Extension of a Pilot Program Relating to Transaction Charges Applicable to Linkage ‘‘P’’ and ‘‘P/A’’ Orders July 21, 2005. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 2 thereunder, notice is hereby given that on July 15, 2005, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II, below, which Items have been prepared by the Phlx. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 6 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 7 17 E:\FR\FM\28JYN1.SGM 28JYN1 43734 Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Phlx proposes to extend, for a one-year period, a pilot relating to transaction fees included in the Exchange’s schedule of dues, fees and charges applicable to the execution of Principal Acting as Agent Orders (‘‘P/A Orders’’) 3 and Principal Orders (‘‘P Orders’’) 4 sent to the Exchange pursuant to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (the ‘‘Plan’’).5 The Exchange proposes to extend the pilot through July 31, 2006. 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 III below. The Phlx has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In July, 2004, the Exchange established, on a one-year pilot basis, a fee of $.45 per contract for inbound P Orders (the ‘‘pilot’’).6 Subsequently, in February, 2005, the Exchange modified the pilot by (i) reducing the transaction 3 A P/A Order is an order for the principal account of a specialist (or equivalent entity on another Participant Exchange that is authorized to represent Public Customer orders), reflecting the terms of a related unexecuted Public Customer order for which the specialist is acting as agent. See Exchange Rule 1083(k)(i). 4 A P Order is an order for the principal account of an Eligible Market Maker and is not a P/A Order. See Exchange Rule 1083(k)(ii). 5 On July 28, 2000, the Commission approved a national market system plan for the purpose of creating and operating an intermarket options market linkage (‘‘Linkage’’) proposed by the American Stock Exchange LLC, Chicago Board Options Exchange, Inc., and International Securities Exchange, Inc. See Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000). Subsequently, Phlx, Pacific Exchange, Inc., and Boston Stock Exchange, Inc. joined the Linkage Plan. See Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65 FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850 (November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029 (February 12, 2004). 6 See Securities Exchange Act Release No. 50125 (July 30, 2004), 69 FR 47479 (August 5, 2004) (SR– Phlx–2004–44). VerDate jul<14>2003 13:40 Jul 27, 2005 Jkt 205001 charge for inbound P Orders from $.45 per contract to $.15 per contract, and (ii) establishing a transaction charge of $.15 per contract for inbound P/A Orders.7 The purpose of the proposed rule change is to extend the pilot for one year, through July 31, 2006. Thus, the Exchange’s current schedule of dues, fees and charges includes a transaction charge of $.15 per contract applicable to Linkage P/A Orders and P Orders sent to the Exchange pursuant to the Plan. The pilot is scheduled to expire on July 31, 2005. The Exchange proposes to extend the current pilot for an additional oneyear period, through July 31, 2006. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 8 in general, and furthers the objectives of Section 6(b)(4) of the Act 9 in particular, in that it is it is an equitable allocation of reasonable fees 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. 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: 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number SR–Phlx–2005–46. 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 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–2005–46 and should be submitted on or before August 18, 2005. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder, applicable to a national securities exchange,10 and, in particular, with the requirements of Section 6(b) of the Act 11 and the rules and regulations thereunder. The Commission finds that the proposed rule change is consistent with Section 6(b)(4) of the Act,12 which requires that the rules of the Exchange provide for the equitable allocation of reasonable dues, fees and other charges among its members and other persons using its facilities. The Commission believes that the extension of the Linkage fee pilot until July 31, 2006 will give the Commission further opportunity to 7 See Securities Exchange Act Release No. 51257 (February 25, 2005), 70 FR 10736 (March 4, 2005) (SR–Phlx–2005–10). 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). 10 In approving this rule, the Commission notes that it has considered its impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 11 15 U.S.C. 78f(b). 12 15 U.S.C. 78f(b)(4). 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–2005–46 on the subject line. Paper Comments PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 E:\FR\FM\28JYN1.SGM 28JYN1 Federal Register / Vol. 70, No. 144 / Thursday, July 28, 2005 / Notices evaluate whether such fees are appropriate. The Commission finds good cause, pursuant to Section 19(b)(2) of the Act,13 for approving the proposed rule change prior to the thirtieth day after the date of publication of the notice of the filing thereof in the Federal Register. The Commission believes that granting accelerating approval will preserve the Exchange’s existing pilot program for Linkage fees without interruption as the Phlx and the Commission further consider the appropriateness of Linkage fees. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act 14 that the proposed rule change (SR–Phlx–2005– 46) is hereby approved on an accelerated basis for a pilot period to expire on July 31, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.15 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–4015 Filed 7–27–05; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #10135 and #10136] Alabama Disaster Number AL–00001 Small Business Administration. Amendment 2. AGENCY: ACTION: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Alabama (FEMA–1593–DR), dated 07/10/2005. Incident: Hurricane Dennis. Incident Period: 07/10/2005 and continuing through 07/16/2005. DATES: Effective Date: 07/16/2005. Physical Loan Application Deadline Date: 09/08/2005. EIDL Loan Application Deadline Date: 04/10/2006. ADDRESSES: Submit completed loan applications to: Small Business Administration, Disaster Office 3, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for the State of Alabama, 13 15 U.S.C. 78s(b)(2). 14 Id. 15 17 CFR 200.30–3(a)(12). VerDate jul<14>2003 13:40 Jul 27, 2005 dated 07/10/2005, is hereby amended to establish the incident period for this disaster as beginning 07/10/2005 and continuing through 07/16/2005. All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. 05–14913 Filed 7–27–05; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #10137 and #10138] Florida Disaster Number FL–00005 Small Business Administration. Amendment 2. AGENCY: ACTION: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Florida (FEMA– 1595–DR), dated 07/10/2005. Incident: Hurricane Dennis. Incident Period: 07/10/2005 and continuing . DATES: Effective Date: 07/20/2005. Physical Loan Application Deadline Date: 09/08/2005. EIDL Loan Application Deadline Date: 04/10/2006. ADDRESSES: Submit completed loan applications to: Small Business Administration, Disaster Area Office 3, 14925 Kingsport Road, Fort Worth, TX 76155. A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the Presidential disaster declaration for the State of Florida, dated 07/10/ 2005 is hereby amended to include the following areas as adversely affected by the disaster: Primary Counties: Dixie, Taylor Contiguous Counties: Florida Gilchrist, Lafayette, Levy, Madison All other information in the original declaration remains unchanged. FOR FURTHER INFORMATION CONTACT: (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. 05–14914 Filed 7–27–05; 8:45 am] BILLING CODE 8025–01–P Jkt 205001 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 43735 SMALL BUSINESS ADMINISTRATION Small Business Size Standards: Waiver of the Nonmanufacturer Rule U.S. Small Business Administration. ACTION: Notice of intent to terminate waiver of the Nonmanufacturer Rule for Sporting and Athletic Goods Manufacturing. AGENCY: SUMMARY: The U.S. Small Business Administration (SBA) is considering terminating the waiver of the Nonmanufacturer Rule for Sporting and Athletic Goods Manufacturing based on our recent discovery of a small business manufacturer for this class of products. Terminating this waiver will require recipients of contracts set aside for small businesses, service-disabled veteran-owned small businesses, or SBA’s 8(a) Business Development Program to provide the products of small business manufacturers or processors on such contracts. DATES: Comments and sources must be submitted on or before August 15, 2005. FOR FURTHER INFORMATI0N CONTACT: Edith Butler, Program Analyst, by telephone at (202) 619–0422; by FAX at (202) 481–1788; or by e-mail at edith.butler@sba.gov. Section 8(a)(17) of the Small Business Act, (Act) 15 U.S.C. 637(a)(17), requires that recipients of Federal contracts set aside for small businesses, service-disabled veteran-owned small businesses, or SBA’s 8(a) Business Development Program provide the product of a small business manufacturer or processor, if the recipient is other than the actual manufacturer or processor of the product. This requirement is commonly referred to as the Nonmanufacturer Rule. The SBA regulations imposing this requirement are found at 13 CFR 121.406 (b). Section 8(a)(17)(b)(iv) of the Act authorizes SBA to waive the Nonmanufacturer Rule for any ‘‘class of products’’ for which there are no small business manufacturers or processors available to participate in the Federal market. As implemented in SBA’s regulations at 13 CFR 121.1204, in order to be considered available to participate in the Federal market for a class of products, a small business manufacturer must have submitted a proposal for a contract solicitation or received a contract from the Federal government within the last 24 months. The SBA defines ‘‘class of products’’ based on six digit coding systems. The first coding SUPPLEMENTARY INFORMATION: E:\FR\FM\28JYN1.SGM 28JYN1

Agencies

[Federal Register Volume 70, Number 144 (Thursday, July 28, 2005)]
[Notices]
[Pages 43733-43735]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4015]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52095; File No. SR-Phlx-2005-46]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Order Granting Accelerated Approval to Proposed 
Rule Change Relating to the Extension of a Pilot Program Relating to 
Transaction Charges Applicable to Linkage ``P'' and ``P/A'' Orders

July 21, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on July 15, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx'' 
or ``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II, below, which Items have been prepared by the Phlx. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.

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[[Page 43734]]

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

    The Phlx proposes to extend, for a one-year period, a pilot 
relating to transaction fees included in the Exchange's schedule of 
dues, fees and charges applicable to the execution of Principal Acting 
as Agent Orders (``P/A Orders'') \3\ and Principal Orders (``P 
Orders'') \4\ sent to the Exchange pursuant to the Plan for the Purpose 
of Creating and Operating an Intermarket Option Linkage (the 
``Plan'').\5\ The Exchange proposes to extend the pilot through July 
31, 2006.
---------------------------------------------------------------------------

    \3\ A P/A Order is an order for the principal account of a 
specialist (or equivalent entity on another Participant Exchange 
that is authorized to represent Public Customer orders), reflecting 
the terms of a related unexecuted Public Customer order for which 
the specialist is acting as agent. See Exchange Rule 1083(k)(i).
    \4\ A P Order is an order for the principal account of an 
Eligible Market Maker and is not a P/A Order. See Exchange Rule 
1083(k)(ii).
    \5\ On July 28, 2000, the Commission approved a national market 
system plan for the purpose of creating and operating an intermarket 
options market linkage (``Linkage'') proposed by the American Stock 
Exchange LLC, Chicago Board Options Exchange, Inc., and 
International Securities Exchange, Inc. See Securities Exchange Act 
Release No. 43086 (July 28, 2000), 65 FR 48023 (August 4, 2000). 
Subsequently, Phlx, Pacific Exchange, Inc., and Boston Stock 
Exchange, Inc. joined the Linkage Plan. See Securities Exchange Act 
Release Nos. 43573 (November 16, 2000), 65 FR 70851 (November 28, 
2000); 43574 (November 16, 2000), 65 FR 70850 (November 28, 2000); 
and 49198 (February 5, 2004), 69 FR 7029 (February 12, 2004).
---------------------------------------------------------------------------

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 III below. The Phlx has prepared summaries, set forth in sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In July, 2004, the Exchange established, on a one-year pilot basis, 
a fee of $.45 per contract for inbound P Orders (the ``pilot'').\6\ 
Subsequently, in February, 2005, the Exchange modified the pilot by (i) 
reducing the transaction charge for inbound P Orders from $.45 per 
contract to $.15 per contract, and (ii) establishing a transaction 
charge of $.15 per contract for inbound P/A Orders.\7\ The purpose of 
the proposed rule change is to extend the pilot for one year, through 
July 31, 2006.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 50125 (July 30, 
2004), 69 FR 47479 (August 5, 2004) (SR-Phlx-2004-44).
    \7\ See Securities Exchange Act Release No. 51257 (February 25, 
2005), 70 FR 10736 (March 4, 2005) (SR-Phlx-2005-10).
---------------------------------------------------------------------------

    Thus, the Exchange's current schedule of dues, fees and charges 
includes a transaction charge of $.15 per contract applicable to 
Linkage P/A Orders and P Orders sent to the Exchange pursuant to the 
Plan. The pilot is scheduled to expire on July 31, 2005. The Exchange 
proposes to extend the current pilot for an additional one-year period, 
through July 31, 2006.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \8\ in general, and furthers the objectives of Section 
6(b)(4) of the Act \9\ in particular, in that it is it is an equitable 
allocation of reasonable fees among Exchange members.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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. 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2005-46 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-2005-46. 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 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-2005-46 and should be submitted on or before August 
18, 2005.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules and regulations thereunder, applicable to a national securities 
exchange,\10\ and, in particular, with the requirements of Section 6(b) 
of the Act \11\ and the rules and regulations thereunder. The 
Commission finds that the proposed rule change is consistent with 
Section 6(b)(4) of the Act,\12\ which requires that the rules of the 
Exchange provide for the equitable allocation of reasonable dues, fees 
and other charges among its members and other persons using its 
facilities. The Commission believes that the extension of the Linkage 
fee pilot until July 31, 2006 will give the Commission further 
opportunity to

[[Page 43735]]

evaluate whether such fees are appropriate.
---------------------------------------------------------------------------

    \10\ In approving this rule, the Commission notes that it has 
considered its impact on efficiency, competition and capital 
formation. 15 U.S.C. 78c(f).
    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Commission finds good cause, pursuant to Section 19(b)(2) of 
the Act,\13\ for approving the proposed rule change prior to the 
thirtieth day after the date of publication of the notice of the filing 
thereof in the Federal Register. The Commission believes that granting 
accelerating approval will preserve the Exchange's existing pilot 
program for Linkage fees without interruption as the Phlx and the 
Commission further consider the appropriateness of Linkage fees.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act 
\14\ that the proposed rule change (SR-Phlx-2005-46) is hereby approved 
on an accelerated basis for a pilot period to expire on July 31, 2006.
---------------------------------------------------------------------------

    \14\ Id.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4015 Filed 7-27-05; 8:45 am]
BILLING CODE 8010-01-P