Sentencing Guidelines for United States Courts, 51398-51399 [05-17186]

Download as PDF 51398 Federal Register / Vol. 70, No. 167 / Tuesday, August 30, 2005 / Notices arbitrators. Although it is clear under NASD rules that persons who are registered through a broker or a dealer are associated persons of that brokerdealer, is this amendment helpful? 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–NASD–2005–094 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52328; File No. SR–NYSE– 2005–45] Self-Regulatory Organizations; New York Stock Exchange, Inc.; Order Approving Proposed Rule Change To Amend NYSE Rule 80A (Index Arbitrage Trading Restrictions) To Calculate Limitations on Index Arbitrage Trading Based on the NYSE Composite Index August 24, 2005. On June 28, 2005, the New York Stock Exchange, Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange • Send paper comments in triplicate Commission (‘‘Commission’’), pursuant to Jonathan G. Katz, Secretary, to Section 19(b)(1) of the Securities Securities and Exchange Commission, Exchange Act of 1934 (‘‘Act’’),1 and 100 F Street, NE., Washington, DC Rule 19b–4 thereunder,2 a proposed rule 20549–2001. change to amend NYSE Rule 80A (Index All submissions should refer to File Arbitrage Trading Restrictions) relating Number SR–NASD–2005–094. This file to limitations on index arbitrage trading. number should be included on the subject line if e-mail is used. To help the The proposed rule change was published for comment in the Federal Commission process and review your Register on July 25, 2005.3 The comments more efficiently, please use only one method. The Commission will Commission received no comments on post all comments on the Commission’s the proposal. This order approves the proposed rule change. Internet Web site (http://www.sec.gov/ Current NYSE Rule 80A provides for rules/sro.shtml). Copies of the limitations on index arbitrage trading in submission, all subsequent any component stock of the S&P 500 amendments, all written statements Stock Price Index on any day that the with respect to the proposed rule Dow Jones Industrial Average (‘‘DJIA’’) 4 change that are filed with the advances or declines at least 2% 5 from Commission, and all written its previous day’s closing value.6 The communications relating to the NYSE proposes to amend NYSE Rule proposed rule change between the Commission and any person, other than 80A to calculate the limitations on index arbitrage trading as provided in those that may be withheld from the the rule based on the average closing public in accordance with the value of the NYSE Composite Index provisions of 5 U.S.C. 552, will be (‘‘NYA’’), replacing the current usage of available for inspection and copying at the DJIA. the Commission’s Public Reference The Commission finds that the Room. Copies of such filing also will be proposed rule change is consistent with available for inspection and copying at the requirements of the Act and the the principal office of NASD. All rules and regulations thereunder comments received will be posted applicable to a national securities without change; the Commission does not edit personal identifying 1 15 U.S.C. 78s(b)(1). information from submissions. You 2 17 CFR 240.19b–4. should submit only information that 3 Securities Exchange Act Release No. 52051 (July you wish to make available publicly. All 18, 2005), 70 FR 42608. submissions should refer to the File 4 ‘‘Dow Jones Industrial Average’’ is a service mark of Dow Jones & Company, Inc. Number SR–NASD–2005–094 and 5 Current NYSE Rule 80A provides that collars are should be submitted on or before based on a quarterly calculation of ‘‘two percent September 20, 2005. Paper Comments For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–4726 Filed 8–29–05; 8:45 am] BILLING CODE 8010–01–P 11 17 CFR 200.30–3(a)(12). VerDate Aug<18>2005 15:17 Aug 29, 2005 Jkt 205001 value,’’ which is 2%, rounded down to the nearest ten points, of the average closing value of the DJIA for the last month of the previous calendar quarter. 6 NYSE Rule 80A’s current limitations on index arbitrage trading provide that if the market advances by 2% or more, all index arbitrage orders to buy must be stabilizing (buy minus); similarly, if the market declines by 2% or more, all index arbitrage orders to sell must be stabilizing (sell plus). The stabilizing requirements are removed if the DJIA moves back to or within 1% of its closing value. PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 exchange 7 and, in particular, the requirements of Section 6 of the Act 8 and the rules and regulations thereunder. Specifically, the Commission finds the proposal to be consistent with Section 6(b)(5) of the Act,9 in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. According to the Exchange, the NYA is a better reflection of market activity with respect to the S&P 500 and thus, a better indicator as to when the restrictions on index arbitrage trading provided by NYSE Rule 80A should be triggered. Therefore, the Commission believes that it is consistent with the Act for the NYSE to amend NYSE Rule 80A to calculate limitations on index arbitrage trading based on the NYA.10 It is therefore ordered, pursuant to Section 19(b)(2) of the Act,11 that the proposed rule change (SR–NYSE–2005– 45) be, and it hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–4724 Filed 8–29–05; 8:45 am] BILLING CODE 8010–01–P UNITED STATES SENTENCING COMMISSION Sentencing Guidelines for United States Courts United States Sentencing Commission. ACTION: Notice of final priorities. AGENCY: 7 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f. 9 15 U.S.C. 78f(b)(5). 10 The Commission notes that approval of the proposed rule change is based, in part, on the fact that NYSE Rule 80A affects only certain types of trading by NYSE members trading on the floor of the Exchange. The rule’s cross-market implications are minimal. The Commission, therefore, believes that the NYSE should have considerable discretion in determining which index to apply under this rule. The Commission’s approval of the proposed rule change should in no way be interpreted as an indication that a similar change to NYSE Rule 80B (Trading Halts Due to Extraordinary Market Volatility), which is integral to the cross-market trading halt procedures known as ‘‘Circuit Breakers,’’ would be subject to the same analysis or similarly approved by the Commission. 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(12). E:\FR\FM\30AUN1.SGM 30AUN1 Federal Register / Vol. 70, No. 167 / Tuesday, August 30, 2005 / Notices SUMMARY: In June 2005, the Commission published a notice of possible policy priorities for the amendment cycle ending May 1, 2006. See 70 FR 37145 (June 28, 2005). After reviewing public comment received pursuant to the notice of proposed priorities, the Commission has identified its policy priorities for the upcoming amendment cycle and hereby gives notice of these policy priorities. FOR FURTHER INFORMATION CONTACT: Michael Courlander, Public Affairs Officer, Telephone: (202) 502–4590. SUPPLEMENTARY INFORMATION: The United States Sentencing Commission is an independent agency in the judicial branch of the United States Government. The Commission promulgates sentencing guidelines and policy statements for federal sentencing courts pursuant to 28 U.S.C. 994(a). The Commission also periodically reviews and revises previously promulgated guidelines pursuant to 28 U.S.C. 994(o) and submits guideline amendments to the Congress not later than the first day of May each year pursuant to 28 U.S.C. 994(p). As part of its statutory authority and responsibility to analyze sentencing issues, including operation of the federal sentencing guidelines, the Commission has identified its policy priorities for the amendment cycle ending May 1, 2006, and possibly continuing into the amendment cycle ending May 1, 2007. While the Commission intends to address these priority issues, it recognizes that other factors, most notably changes that may be required as a result of United States v. Booker, 543 U.S. ll (2005), 125 S.Ct. 738 (2005), as well as the enactment of any legislation requiring Commission action, may affect the Commission’s ability to complete work on any or all policy issues by the statutory deadline of May 1, 2006. The Commission’s policy priorities for the upcoming amendment cycle are as follows: (1) Implementation of crime legislation enacted during the 108th Congress and the first session of the 109th Congress warranting a Commission response, including (A) the Family Entertainment and Copyright Act of 2005, Public Law 109–9; (B) the Intellectual Property Protection and Courts Amendment Act of 2004, Public Law 108–482; (C) the Anabolic Steroids Act, Public Law 108–358 (and as part of its work on this Act, examination of offenses involving human growth hormones under 21 U.S.C. 333(e)); (D) the Intelligence Reform and Terrorism Reform Act of 2004, Public Law 108– VerDate Aug<18>2005 15:17 Aug 29, 2005 Jkt 205001 458; and (E) other legislation, amending statutory penalties and creating new offenses, that requires incorporation into the guidelines; (2) Assessment of the Justice for All Act of 2004, Public Law 108–405, and other statutes pertaining to victims’ rights; (3) Continuation of its work with the congressional, executive, and judicial branches of the government and other interested parties on appropriate responses to United States v. Booker, including any appropriate guideline changes, and a report on the effects of Booker on federal sentencing, including an analysis of sentencing data collected within the first year of that decision; (4) Continuation of its policy work regarding immigration offenses, specifically, offenses under §§ 2L1.1 (Smuggling, Transporting, or Harboring an Unlawful Alien) and 2L1.2 (Unlawfully Entering or Remaining in the United States), and Chapter Two, Part L, Subpart 2 (Naturalization and Passports); (5) Continuation of its work with the congressional, executive, and judicial branches of the government and other interested parties on cocaine sentencing policy, including the update of Commission research, in view of the Commission’s 2002 report to Congress, Cocaine and Federal Sentencing Policy; (6) Review, and possible amendment, of commentary in Chapter Eight (Organizations) regarding waiver of the attorney-client privilege and work product protections; (7) Review, and possible amendment, of guideline provisions pertaining to firearms offenses, particularly the trafficking of firearms, and of departure provisions related to firearms offenses; (8) Consideration of policy statements pertaining to motions under 18 U.S.C. 3582(c)(1)(A)(i) for sentence reductions for ‘‘extraordinary and compelling reasons’’; (9) Resolution of a number of circuit conflicts, pursuant to the Commission’s continuing authority and responsibility, under 28 U.S.C. 991(b)(1)(B) and Braxton v. United States, 500 U.S. 344 (1991), to resolve conflicting interpretations of the guidelines by the federal courts; and (10) Review, and possible amendment, of pertinent guideline provisions to address structural issues regarding the Sentencing Table in Chapter Five, Part A, particularly ‘‘clifflike’’ effects occurring between levels 42 and 43, and a possible adjustment to the offense level computation in cases in which the offense level exceeds level 43, and to address other miscellaneous PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 51399 and limited issues pertaining to the application of the sentencing guidelines. Authority: 28 U.S.C. 994(a), (o); USSC Rules of Practice and Procedure 5.2. Ricardo H. Hinojosa, Chair. [FR Doc. 05–17186 Filed 8–29–05; 8:45 am] BILLING CODE 2210–40–P SMALL BUSINESS ADMINISTRATION National Small Business Development Center Advisory Board; Public Meeting The U.S. Small Business Administration, Office of Small Business Development Centers, National Advisory Board will be hosting its annual quarterly meeting to discuss such matters that may be presented by members, the staff of the U.S. Small Business Administration, and interested others. The meeting is scheduled for Wednesday, September 7, 2005, starting at 2:45 until 6 p.m. Eastern Standard Time. The meeting will take place at the Marriott Waterfront Hotel, 700 Aliceanna Street, Board Room, Baltimore, MD 21202. Anyone wishing to attend must contact Erika Fischer, Senior Program Analyst, U.S. Small Business Administration, Office of Small Business Development Centers, 409 3rd Street, SW., Washington, DC 20416, telephone (202) 205–7045 or fax (202) 481–0681. Matthew K. Becker, Committee Management Officer. [FR Doc. 05–17171 Filed 8–29–05; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION National Small Business Development Center Advisory Board; Public Meeting A Dialogue with the Small Business Development Center (SBDC) National Advisory Board will take place at the Association of SBDCs National Conference in Baltimore, Maryland on Thursday, September 8, 2005, starting at 10:30 a.m. until noon. This session will take place at the Marriott Waterfront Hotel, 700 Aliceanna Street, Board Room, Baltimore, Maryland 21202. The ‘‘Dialogue’’ session is an opportunity for state and regional SBDC Directors to discuss any issues (programmatic, policy, etc.) regarding the SBDC Program with the Board. Anyone wishing to attend must contact Erika Fischer, Senior Program Analyst, U.S. Small Business Administration, Office of Small E:\FR\FM\30AUN1.SGM 30AUN1

Agencies

[Federal Register Volume 70, Number 167 (Tuesday, August 30, 2005)]
[Notices]
[Pages 51398-51399]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-17186]


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UNITED STATES SENTENCING COMMISSION


Sentencing Guidelines for United States Courts

AGENCY: United States Sentencing Commission.

ACTION: Notice of final priorities.

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[[Page 51399]]

SUMMARY: In June 2005, the Commission published a notice of possible 
policy priorities for the amendment cycle ending May 1, 2006. See 70 FR 
37145 (June 28, 2005). After reviewing public comment received pursuant 
to the notice of proposed priorities, the Commission has identified its 
policy priorities for the upcoming amendment cycle and hereby gives 
notice of these policy priorities.

FOR FURTHER INFORMATION CONTACT: Michael Courlander, Public Affairs 
Officer, Telephone: (202) 502-4590.

SUPPLEMENTARY INFORMATION: The United States Sentencing Commission is 
an independent agency in the judicial branch of the United States 
Government. The Commission promulgates sentencing guidelines and policy 
statements for federal sentencing courts pursuant to 28 U.S.C. 994(a). 
The Commission also periodically reviews and revises previously 
promulgated guidelines pursuant to 28 U.S.C. 994(o) and submits 
guideline amendments to the Congress not later than the first day of 
May each year pursuant to 28 U.S.C. 994(p).
    As part of its statutory authority and responsibility to analyze 
sentencing issues, including operation of the federal sentencing 
guidelines, the Commission has identified its policy priorities for the 
amendment cycle ending May 1, 2006, and possibly continuing into the 
amendment cycle ending May 1, 2007. While the Commission intends to 
address these priority issues, it recognizes that other factors, most 
notably changes that may be required as a result of United States v. 
Booker, 543 U.S. ---- (2005), 125 S.Ct. 738 (2005), as well as the 
enactment of any legislation requiring Commission action, may affect 
the Commission's ability to complete work on any or all policy issues 
by the statutory deadline of May 1, 2006.
    The Commission's policy priorities for the upcoming amendment cycle 
are as follows:
    (1) Implementation of crime legislation enacted during the 108th 
Congress and the first session of the 109th Congress warranting a 
Commission response, including (A) the Family Entertainment and 
Copyright Act of 2005, Public Law 109-9; (B) the Intellectual Property 
Protection and Courts Amendment Act of 2004, Public Law 108-482; (C) 
the Anabolic Steroids Act, Public Law 108-358 (and as part of its work 
on this Act, examination of offenses involving human growth hormones 
under 21 U.S.C. 333(e)); (D) the Intelligence Reform and Terrorism 
Reform Act of 2004, Public Law 108-458; and (E) other legislation, 
amending statutory penalties and creating new offenses, that requires 
incorporation into the guidelines;
    (2) Assessment of the Justice for All Act of 2004, Public Law 108-
405, and other statutes pertaining to victims' rights;
    (3) Continuation of its work with the congressional, executive, and 
judicial branches of the government and other interested parties on 
appropriate responses to United States v. Booker, including any 
appropriate guideline changes, and a report on the effects of Booker on 
federal sentencing, including an analysis of sentencing data collected 
within the first year of that decision;
    (4) Continuation of its policy work regarding immigration offenses, 
specifically, offenses under Sec. Sec.  2L1.1 (Smuggling, Transporting, 
or Harboring an Unlawful Alien) and 2L1.2 (Unlawfully Entering or 
Remaining in the United States), and Chapter Two, Part L, Subpart 2 
(Naturalization and Passports);
    (5) Continuation of its work with the congressional, executive, and 
judicial branches of the government and other interested parties on 
cocaine sentencing policy, including the update of Commission research, 
in view of the Commission's 2002 report to Congress, Cocaine and 
Federal Sentencing Policy;
    (6) Review, and possible amendment, of commentary in Chapter Eight 
(Organizations) regarding waiver of the attorney-client privilege and 
work product protections;
    (7) Review, and possible amendment, of guideline provisions 
pertaining to firearms offenses, particularly the trafficking of 
firearms, and of departure provisions related to firearms offenses;
    (8) Consideration of policy statements pertaining to motions under 
18 U.S.C. 3582(c)(1)(A)(i) for sentence reductions for ``extraordinary 
and compelling reasons'';
    (9) Resolution of a number of circuit conflicts, pursuant to the 
Commission's continuing authority and responsibility, under 28 U.S.C. 
991(b)(1)(B) and Braxton v. United States, 500 U.S. 344 (1991), to 
resolve conflicting interpretations of the guidelines by the federal 
courts; and
    (10) Review, and possible amendment, of pertinent guideline 
provisions to address structural issues regarding the Sentencing Table 
in Chapter Five, Part A, particularly ``cliff-like'' effects occurring 
between levels 42 and 43, and a possible adjustment to the offense 
level computation in cases in which the offense level exceeds level 43, 
and to address other miscellaneous and limited issues pertaining to the 
application of the sentencing guidelines.

    Authority: 28 U.S.C. 994(a), (o); USSC Rules of Practice and 
Procedure 5.2.

Ricardo H. Hinojosa,
Chair.
[FR Doc. 05-17186 Filed 8-29-05; 8:45 am]
BILLING CODE 2210-40-P