Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Relating to Complex Orders, 52462-52464 [E5-4827]
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Federal Register / Vol. 70, No. 170 / Friday, September 2, 2005 / Notices
charged to both the insurance carrier
and the broker-dealer); and
(9) Brokerage Identification Number
Change Confirm (‘‘BIN Confirm’’),
which allows the insurance carrier to
confirm back to the broker-dealers BIN
Request transactions. ($0.20 per
transaction, charged to both the
insurance carrier and the brokerdealer).6
The above fees apply to both test and
production transactions. Fees for
production transactions will be effective
on September 1, 2005. Fees for test
transactions will not be assessed until
January 1, 2006.
The proposed change is consistent
with Section 17A of the Act 7 and the
rules and regulations thereunder
applicable to NSCC because it effects a
change in an existing service that will
facilitate the transmission of
information for annuity and life
insurance products in a standardized
and automated format using NSCC’s
connectivity. In addition, the proposed
rule change establishes fees, providing
for the equitable allocation of dues, fees,
and other charges among NSCC
members. Standardization and
automation of information related to
annuity and life insurance products can
be expected to reduce processing errors
and delays that are typically associated
with manual processes.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
NSCC does not believe that the
proposed rule change will have any
impact or impose any burden on
competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments relating to the
proposed rule change have not yet been
solicited or received. NSCC will notify
the Commission of any written
comments received by NSCC.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(4) 9 thereunder because it
effects a change in an existing service of
NSCC that does not adversely affect the
safeguarding of securities or funds in
NSCC’s control or for which NSCC is
6 The BIN Request and BIN Confirm functions are
stand-alone IPS/IFT functions only.
7 15 U.S.C. 78q–1.
8 15 U.S.C. 78s(b)(3)(A)(iii).
9 17 CFR 240.19b–4(f)(4).
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responsible and does not significantly
affect NSCC’s or its members’ respective
rights or obligations. 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.
information that you wish to make
available publicly. All submissions
should refer to File Number SR–NSCC–
2005–09 and should be submitted on or
before September 23, 2005.
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:
BILLING CODE 8010–01–P
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–NSCC–2005–09 on the
subject line.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.10
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4805 Filed 9–1–05; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52351; File No. SR-PCX–
2005–92]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change and Amendment No. 1
Relating to Complex Orders
August 26, 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 August 3,
Paper Comments
2005, the Pacific Exchange, Inc. (‘‘PCX’’
• Send paper comments in triplicate
or ‘‘Exchange’’) filed with the Securities
to Jonathan G. Katz, Secretary,
and Exchange Commission
Securities and Exchange Commission,
(‘‘Commission’’) the proposed rule
100 F Street, NE., Washington, DC
change as described in Items I and II
20549–9303.
below, which Items have been prepared
All submissions should refer to File
by the Exchange. On August 17, 2005,
Number SR–NSCC–2005–09. This file
the PCX submitted Amendment No. 1 to
number should be included on the
the proposed rule change.3 The PCX
subject line if e-mail is used. To help the
filed the proposal pursuant to Section
Commission process and review your
19(b)(3)(A) of the Act,4 and Rule 19b–
comments more efficiently, please use
4(f)(6) thereunder,5 which renders the
only one method. The Commission will
proposal effective upon filing with the
post all comments on the Commission’s
Commission.6 The Commission is
Internet Web site (https://www.sec.gov/
publishing this notice to solicit
rules/sro.shtml). Copies of the
comments on the proposed rule change,
submission, all subsequent
as amended, from interested persons.
amendments, all written statements
I. Self-Regulatory Organization’s
with respect to the proposed rule
Statement of the Terms of Substance of
change that are filed with the
the Proposed Rule Change
Commission, and all written
communications relating to the
The PCX proposes to amend PCX Rule
proposed rule change between the
6.91, ‘‘Complex Orders on the PCX Plus
Commission and any person, other than System,’’ to better describe the
those that may be withheld from the
allocation methodology for individual
public in accordance with the
provisions of 5 U.S.C. 552, will be
10 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
available for inspection and copying in
2 17 CFR 240.19b–4.
the Commission’s Public Reference
3 Amendment No. 1 revises the proposal to
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will correct a typographical error in the original filing
and to make minor changes clarifying the text of the
be available for inspection and copying
proposed rule and the PCX’s description of the
at the principal office of NSCC and on
proposal.
4 15 U.S.C. 78s(b)(3)(A).
NSCC’s Web site at https://
5 17 CFR 240.19b–4(f)(6).
www.nscc.com. All comments received
6 The PCX has requested that the Commission
will be posted without change; the
waive both the five-day pre-filing notification
Commission does not edit personal
requirement and the 30-day operative delay, as
identifying information from
specified in Rule 19b–4(f)(6)(iii). 17 CFR 240.19b–
4(f)(6)(iii).
submissions. You should submit only
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Federal Register / Vol. 70, No. 170 / Friday, September 2, 2005 / Notices
orders or quotes residing in the
Consolidated Book that execute against
complex trades. The text of the
proposed rule change is available on the
PCX’s Web site (https://
www.pacificex.com), at the PCX, and 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
Exchange 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 adopt clarifying language to
better describe the allocation
methodology for individual orders or
quotes residing in the Consolidated
Book that execute against complex
trades. The Commission recently
approved PCX Rule 6.91, which sets
forth the procedures used to trade
complex orders on the PCX Plus
system.7 PCX Rule 6.91 does not
specifically state what the allocation
methodology for individual orders or
quotes residing in the Consolidated
Book that execute against complex
trades will be.
According to the PCX, the Exchange
intended at all times and built its
complex order trading system in such a
way that the allocation methodology for
these types of trades would be governed
by PCX Rule 6.75, ‘‘Priority and
Allocation Procedures,’’ with the
exception that there would be no
guaranteed participation for Lead
Market Makers (‘‘LMMs’’) when two
separate orders in the Consolidated
Book matched up against a complex
order in the complex trading engine
(‘‘CTE’’). The PCX believes that
removing the LMM guaranteed
participation is appropriate because it
creates more incentive for PCX market
makers to improve prices when
submitting orders into the CTE. With
improved prices in the CTE, the PCX
believes that it is more likely that
individual legs of the complex order
will match up against orders in the
Consolidated Book, thus providing more
liquidity for customer orders. The PCX
believes that improving prices and
creating more competition among PCX
market makers for complex order trade
allocations is beneficial to the public.
According to the PCX, the proposed rule
change now clearly states the allocation
methodology for these types of trades.
Amendment No. 1 revises the
proposal to correct a typographical error
in the original filing and to make minor
clarifying changes to the text of PCX
Rule 6.91(c)(3)(i) and to the PCX’s
description of the proposal.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
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 facilitate transactions in
securities, to promote just and equitable
principles of trade, to enhance
competition 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 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
Written comments on the proposed
rule change were neither solicited nor
received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the
proposed rule change as one that: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days from the date of filing, or such
shorter time as the Commission may
designate. Therefore, the foregoing rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 10 and
Rule 19b–4(f)(6) thereunder.11
8 15
7 See
Securities Exchange Act Release No. 52060
(July 19, 2005), 70 FR 42610 (July 25, 2005) (order
approving File No. SR–PCX–2005–71).
VerDate Aug<18>2005
18:00 Sep 01, 2005
Jkt 205001
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
9 15
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52463
Pursuant to Rule 19b–4(f)(6)(iii) under
the Act,12 a proposal does not become
operative for 30 days after the date of its
filing, or such shorter time as the
Commission may designate if 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 PCX has asked the
Commission to waive the five-day prefiling requirement and the 30-day
operative delay. The PCX notes that the
proposal clarifies the intent of PCX Rule
6.91. In addition, the PCX believes that
the proposal will allow more efficient
and effective market operation by
enabling the PCX to provide a
competitive means of trading complex
orders.
The Commission waives the five-day
pre-filing 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 proposal
merely clarifies the intent of PCX Rule
6.91 and does not raise significant
regulatory issues.13 For these reasons,
the Commission designates that the
proposed rule change become operative
immediately.
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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.14
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:
12 17
CFR 240.19b–4(f)(6)(iii).
purposes 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).
14 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
the proposed rule change to have been filed on
August 17, 2005, the date on which the PCX filed
Amendment No. 1.
13 For
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52464
Federal Register / Vol. 70, No. 170 / Friday, September 2, 2005 / Notices
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–PCX–2005–92 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
No. SR–PCX–2005–92. 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 the filing also will be
available for inspection and copying at
the principal office of the Exchange. 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–PCX–2005–92 and should be
submitted on or before September 23,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4827 Filed 9–1–05; 8:45 am]
BILLING CODE 8010–01–P
15 CFR
200.30–3(a)(12).
VerDate Aug<18>2005
18:00 Sep 01, 2005
Jkt 205001
OFFICE OF THE UNITED STATES
TRADE REPRESENTATIVE
Country
2005 Reallocation of the Tariff-Rate
Quota for Raw Cane Sugar
Office of the United States
Trade Representative.
ACTION: Notice.
AGENCY:
SUMMARY: The Office of the United
States Trade Representative (USTR) is
providing notice of the country-bycountry reallocations of the FY 05 inquota quantity increase of the tariff-rate
quotas for imported raw cane sugar.
DATES: Effective Date: September 2,
2005.
ADDRESSES: Inquiries may be mailed or
delivered to Elizabeth Leier, Director of
Agricultural Trade Policy, Office of
Agricultural Affairs, Office of the United
States Trade Representative, 600 17th
Street, NW., Washington, DC 20508.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Leier, Office of Agricultural
Affairs, 202–395–6127.
SUPPLEMENTARY INFORMATION: Pursuant
to Additional U.S. Note 5 to chapter 17
of the Harmonized Tariff Schedule of
the United States (HTS), the United
States maintains tariff-rate quotas for
imports of raw cane and refined sugar.
Section 404(d)(3) of the Uruguay
Round Agreements Act (19 U.S.C.
3601(d)(3)) authorizes the President to
allocate the in-quota quantity of a tariffrate quota for any agricultural product
among supplying countries or customs
areas. The President delegated this
authority to the United States Trade
Representative under Presidential
Proclamation 6763 (60 FR 1007).
The in-quota quantity increase of the
tariff-rate quota for raw cane sugar for
the remainder of FY 05 (ending
September 30, 2005) has been
established by the Secretary of
Agriculture at 76,609 metric tons, raw
value (84,447 short tons). In addition, I
have determined to reallocate 53,409
metric tons from countries that have
stated they will be unable to fill the FY
2005 quota. The total quantity of
130,018 metric tons raw value is being
allocated to the following countries:
FY 2005
Reallocation
Country
Argentina ..............................
Australia ................................
Belize ....................................
Bolivia ...................................
Brazil .....................................
Colombia ...............................
Dominican Republic ..............
Ecuador ................................
El Salvador ...........................
Fiji .........................................
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8,890
17,159
2,274
1,654
29,977
4,962
1,220
2,274
5,375
1,861
FY 2005
Reallocation
Guatemala ............................
Guyana .................................
Honduras ..............................
Mauritius ...............................
Mozambique .........................
Nicaragua .............................
Panama ................................
Peru ......................................
South Africa ..........................
Swaziland .............................
Taiwan ..................................
Thailand ................................
Zimbabwe .............................
9,923
2,481
2,067
2,481
2,688
4,342
5,995
8,476
4,755
3,308
2,481
2,894
2,481
These allocations are based on the
countries’ historical shipments to the
United States. The allocations of the raw
cane sugar tariff-rate quota to countries
that are net importers of sugar are
conditioned on receipt of the
appropriate verifications of origin.
Conversion factor: 1 metric ton =
1.10231125 short tons.
Rob Portman,
United States Trade Representative.
[FR Doc. 05–17544 Filed 9–1–05; 8:45 am]
BILLING CODE 3190–W5–P
DEPARTMENT OF TRANSPORTATION
Federal Highway Administration
Environmental Impact Statement:
Colfax and Dodge Counties, NE
Federal Highway
Administration (FHWA), DOT.
ACTION: Notice of intent.
AGENCY:
SUMMARY: The FHWA is issuing this
notice to advise the public that an
Environmental Impact Statement will be
prepared for a proposed highway project
in Colfax and Dodge Counties,
Nebraska.
Mr.
Edward Kosola, Realty/Environmental
Officer, FHWA, Federal Building, Room
220, 100 Centennial Mall North,
Lincoln, Nebraska 68508–3851, (402)
437–5765. Mr. Arthur Yonkey, Planning
and Project Development Engineer,
Nebraska Department of Roads, Box
94759, 1500 Highway 2, Lincoln,
Nebraska 68509, (402) 479–4795.
SUPPLEMENTARY INFORMATION: The
FHWA, in cooperation with the
Nebraska Department of Roads, will
prepare an Environmental Impact
Statement (EIS) for a proposal to
improve Highway US–30 in east-central
Nebraska in Colfax and Dodge Counties.
The proposed improvements to US–30
will provide a four-lane highway
between Schuyler and Fremont,
FOR FURTHER INFORMATION CONTACT:
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]]>Agencies
[Federal Register Volume 70, Number 170 (Friday, September 2, 2005)]
[Notices]
[Pages 52462-52464]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4827]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52351; File No. SR-PCX-2005-92]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change and
Amendment No. 1 Relating to Complex Orders
August 26, 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 August 3, 2005, the Pacific Exchange, Inc. (``PCX'' 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 Exchange. On August 17, 2005, the PCX
submitted Amendment No. 1 to the proposed rule change.\3\ The PCX 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\ Amendment No. 1 revises the proposal to correct a
typographical error in the original filing and to make minor changes
clarifying the text of the proposed rule and the PCX's description
of the proposal.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
\6\ The PCX has requested that the Commission waive both the
five-day pre-filing notification requirement and the 30-day
operative delay, as specified in Rule 19b-4(f)(6)(iii). 17 CFR
240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX proposes to amend PCX Rule 6.91, ``Complex Orders on the
PCX Plus System,'' to better describe the allocation methodology for
individual
[[Page 52463]]
orders or quotes residing in the Consolidated Book that execute against
complex trades. The text of the proposed rule change is available on
the PCX's Web site (https://www.pacificex.com), at the PCX, and 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 Exchange 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 adopt clarifying
language to better describe the allocation methodology for individual
orders or quotes residing in the Consolidated Book that execute against
complex trades. The Commission recently approved PCX Rule 6.91, which
sets forth the procedures used to trade complex orders on the PCX Plus
system.\7\ PCX Rule 6.91 does not specifically state what the
allocation methodology for individual orders or quotes residing in the
Consolidated Book that execute against complex trades will be.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 52060 (July 19,
2005), 70 FR 42610 (July 25, 2005) (order approving File No. SR-PCX-
2005-71).
---------------------------------------------------------------------------
According to the PCX, the Exchange intended at all times and built
its complex order trading system in such a way that the allocation
methodology for these types of trades would be governed by PCX Rule
6.75, ``Priority and Allocation Procedures,'' with the exception that
there would be no guaranteed participation for Lead Market Makers
(``LMMs'') when two separate orders in the Consolidated Book matched up
against a complex order in the complex trading engine (``CTE''). The
PCX believes that removing the LMM guaranteed participation is
appropriate because it creates more incentive for PCX market makers to
improve prices when submitting orders into the CTE. With improved
prices in the CTE, the PCX believes that it is more likely that
individual legs of the complex order will match up against orders in
the Consolidated Book, thus providing more liquidity for customer
orders. The PCX believes that improving prices and creating more
competition among PCX market makers for complex order trade allocations
is beneficial to the public. According to the PCX, the proposed rule
change now clearly states the allocation methodology for these types of
trades.
Amendment No. 1 revises the proposal to correct a typographical
error in the original filing and to make minor clarifying changes to
the text of PCX Rule 6.91(c)(3)(i) and to the PCX's description of the
proposal.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with 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 facilitate transactions in securities, to promote just
and equitable principles of trade, to enhance competition and to
protect investors and the public interest.
---------------------------------------------------------------------------
\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 Exchange 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the proposed rule change as one that:
(i) Does not significantly affect the protection of investors or the
public interest; (ii) does not impose any significant burden on
competition; and (iii) does not become operative for 30 days from the
date of filing, or such shorter time as the Commission may designate.
Therefore, the foregoing rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6)
thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Pursuant to Rule 19b-4(f)(6)(iii) under the Act,\12\ a proposal
does not become operative for 30 days after the date of its filing, or
such shorter time as the Commission may designate if 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 PCX has asked the Commission to waive the five-day pre-
filing requirement and the 30-day operative delay. The PCX notes that
the proposal clarifies the intent of PCX Rule 6.91. In addition, the
PCX believes that the proposal will allow more efficient and effective
market operation by enabling the PCX to provide a competitive means of
trading complex orders.
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\12\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission waives the five-day pre-filing 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 proposal merely clarifies the intent of PCX Rule
6.91 and does not raise significant regulatory issues.\13\ For these
reasons, the Commission designates that the proposed rule change become
operative immediately.
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\13\ For purposes 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 the 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.\14\
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\14\ 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 the
proposed rule change to have been filed on August 17, 2005, the date
on which the PCX filed Amendment No. 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:
[[Page 52464]]
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 SR-PCX-2005-92 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 No. SR-PCX-2005-92. 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 the filing
also will be available for inspection and copying at the principal
office of the Exchange. 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-
PCX-2005-92 and should be submitted on or before September 23, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
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\15\ CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4827 Filed 9-1-05; 8:45 am]
BILLING CODE 8010-01-P
