Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Approval of Proposed Rule Changes Relating to Direct Communication Between Parties and Arbitrators, 53407-53409 [E5-4876]
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Federal Register / Vol. 70, No. 173 / Thursday, September 8, 2005 / Notices
Electronic Comments
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 10 and Rule 19b–4(f)(6)
thereunder 11 because the proposal: (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 prior to
30 days after the date of filing or such
shorter time as the Commission may
designate.12
NASD has requested that the
Commission waive the requirement that
the rule change not become operative
for 30 days after the date of the filing so
that NASD can begin implementation of
this proposed rule change as of the close
of business on August 31, 2005, in order
to prevent the current pilot Rules from
lapsing. The Commission believes that
such waiver is consistent with the
protection of investors and the public
interest because the proposed rule
change would prevent the current pilot
Rules from lapsing while the permanent
adoption of the Rules is under
consideration.
At any given 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.
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:
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 A proposed rule change filed under Rule 19b–
4(f)(6) normally does not become operative prior to
30 days after the date of the filing. However,
pursuant to Rule 19b–4(f)(6)(iii), the Commission
may designate a shorter time if such action is
consistent with the protection of investors and the
public interest.
11 17
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15:25 Sep 07, 2005
Jkt 205001
• 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–NASD–2005–104 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–NASD–2005–104. 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, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of NASD. 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 the File
Number SR–NASD–2005–104 and
should be submitted on or before
September 29, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.13
Jonathan G. Katz,
Secretary.
[FR Doc. E5–4874 Filed 9–7–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52373; File No. SR–PCX–
2005–99]
Self-Regulatory Organizations; Pacific
Exchange, Inc.; Notice of Filing and
Immediate Approval of Proposed Rule
Changes Relating to Direct
Communication Between Parties and
Arbitrators
September 1, 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
23, 2005, the Pacific Exchange, Inc.
(‘‘PCX’’) 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 selfregulatory organization. The PCX has
designated this proposal as ‘‘noncontroversial’’ pursuant to Section
19(b)(3)(A)(iii) of the Act,3 and Rule
19b–4(f)(6) thereunder,4 which renders
the proposed rule change effective
immediately upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The PCX is proposing to amend the
PCX Options and PCX Equities, Inc.
arbitration rules to permit parties in an
arbitration to communicate directly
with the arbitrators if all parties and
arbitrators agree, and to establish
guidelines for such direct
communication. The text of the
proposed rule change is available on the
PCX’s Web site (https://
www.pacificex.com), at the PCX’s Office
of the Secretary, 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
PCX 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 PCX has prepared
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
13 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00077
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53407
E:\FR\FM\08SEN1.SGM
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Federal Register / Vol. 70, No. 173 / Thursday, September 8, 2005 / Notices
include a similar provision as to
themselves in the direct communication
order. PCX will prepare a template for
direct communication orders to guide
the arbitrators and parties in
considering these issues.
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 PCX proposes a rule that would
permit direct communication with the
arbitrators where all parties and
arbitrators agree. The rule would also
establish guidelines for direct
communication.
Under normal procedures, parties
may exchange certain documents among
themselves (such as those relating to
discovery), but must address all
communications intended for the
arbitrators to PCX staff, who then
forward the communications to the
arbitrators. If the communication
includes a motion or similar request,
staff members customarily solicit a
response from the other parties before
forwarding the motion or request.
Similarly, the arbitrators transmit their
orders and any other communications
through PCX staff.
The proposed rule is based on the
rules of the National Association of
Securities Dealers, Inc. (‘‘NASD’’).5
Only parties that are represented by
counsel may use direct communication
under the proposed rule. If, during the
proceeding, a party choses to appear pro
se (without counsel), the rule will no
longer apply. All arbitrators and all
parties must agree to the use of direct
communication before it can be used.
The scope of direct communication will
be set forth in an arbitrator order, and
parties may send the arbitrators only the
types of items that are listed in the
order.
The proposed rule provides that
either an arbitrator or a party may
rescind his or her agreement at any time
if direct communication is no longer
working well. Materials must be sent at
the same time and in the same manner
to all parties and the Director of
Arbitration (the ‘‘Director’’) (through an
assigned staff member), and staff must
receive copies of any orders and
decisions made as a result of direct
communication among the parties and
the arbitrators. As requested by staff,
however, the rule contains a provision
stating that materials more than 15
pages long shall be sent to the Director
only by regular mail or overnight
courier, to avoid tying up busy fax
machines and printers. Arbitrators (or
parties) with similar concerns could
5 See
NASD Rule 10334.
VerDate Aug<18>2005
15:25 Sep 07, 2005
Jkt 205001
2. Statutory Basis
For the above reasons, the PCX
believes that the proposed rule would
enhance competition. The PCX believes
that the proposed rule is consistent with
Section 6(b) 6 of the Act, in general, and
furthers the objectives of Section
6(b)(5), 7 in particular, in that it is
designed to facilitate transactions in
securities, to promote just and equitable
principles of trade, to foster competition
and to protect investors and the public
interest. The PCX believes that
permitting direct communication with
the arbitrators where all parties agree,
and where specific guidelines are
followed, will protect investors and the
public interest by expediting the
arbitration process and giving parties
more control over their arbitration cases.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The PCX 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 foregoing proposed rule change
has become effective upon filing
pursuant to Section 19(b)(3)(A) of the
Act 8 and Rule 19b–4(f)(6) thereunder 9
because the proposed rule change does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest. As
required under Rule 19b–4(f)(6)(iii),10
the PCX provided the Commission with
written notice of PCX’s intent to file the
6 15
U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
proposed rule change along with a brief
description and text of the proposed
rule change, at least five business days
prior to the filing date of the proposed
rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative for 30 days after the
date of its filing.11 However Rule 19b–
4(f)(6)(iii) 12 permits the Commission to
designate a shorter time if such action
is consistent with the protection
investors and the public interest. The
PCX has requested that the Commission
waive the 30-day operative delay so that
the proposed rule change will become
immediately effective upon filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.13
Accelerating the operative date will
allow for a more efficient and effective
market operation by enabling the PCX to
provide an arbitration forum that is as
efficient and effective as arbitration
forums offered at other self regulatory
organizations. For these reasons, the
Commission designates that the
proposed rule change has become
effective and operative immediately.
At any time within 60 days of the
filing of such proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
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
Number SR–PCX–2005–99 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
11 Id.
12 Id.
13 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).
E:\FR\FM\08SEN1.SGM
08SEN1
Federal Register / Vol. 70, No. 173 / Thursday, September 8, 2005 / Notices
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–PCX–2005–99. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Section, 450 Fifth Street, NW,
Washington, DC 20549. Copies of such
filing also will be available for
inspection and copying at the principal
office of the PCX. 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–PCX–
2005–99 and should be submitted on or
before September 29, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jonathan G. Katz,
Secretary.
[FR Doc. E5–4876 Filed 9–7–05; 8:45 am]
BILLING CODE 8010–01–P
DEPARTMENT OF STATE
[Public Notice 4709]
Renewal of the Charter of the Advisory
Committee on Cultural Diplomacy
Summary: The Department of State
announces that the charter of the
Advisory Committee on Cultural
Diplomacy has been renewed for an
additional two-year period, to expire on
August 31, 2007.
The Department of State announces
that the charter of the Advisory
Committee on Cultural Diplomacy,
established under Public Law 107–228,
section 224, has been renewed for an
14 17
CFR 200.30–3(a)(12).
VerDate Aug<18>2005
15:25 Sep 07, 2005
Jkt 205001
53409
additional two-year period. The charter
will now expire on August 31, 2007.
The Advisory Committee on Cultural
Diplomacy was established to ‘‘advise
the Secretary on programs and policies
to advance the use of cultural
diplomacy in United States foreign
policy.’’
Dated: August 31, 2005.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. 05–17807 Filed 9–7–05; 8:45 am]
Dated: August 31, 2005.
Daniel Schuman,
Chief, Cultural Programs Division,
Department of State.
[FR Doc. 05–17804 Filed 9–7–05; 8:45 am]
DEPARTMENT OF STATE
BILLING CODE 4710–05–P
BILLING CODE 4710–08–P
[Public Notice 5184]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Fra
Angelico’’
ACTION:
DEPARTMENT OF STATE
[Public Notice 5185]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘Clouet
to Seurat: French Drawings from the
British Museum’’
Summary: Notice is hereby given of
the following determinations: Pursuant
to the authority vested in me by the Act
of October 19, 1965 (79 Stat. 985; 22
U.S.C. 2459), Executive Order 12047 of
March 27, 1978, the Foreign Affairs
Reform and Restructuring Act of 1998
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
note, et seq.), Delegation of Authority
No. 234 of October 1, 1999, and
Delegation of Authority No. 236 of
October 19, 1999, as amended, and
Delegation of Authority No. 257 of April
15, 2003 [68 FR 19875], I hereby
determine that the objects to be
included in the exhibition ‘‘Clouet to
Seurat: French Drawings from the
British Museum,’’ imported from abroad
for temporary exhibition within the
United States, are of cultural
significance. The objects are imported
pursuant to a loan agreement with the
foreign lender. I also determine that the
exhibition or display of the exhibit
objects at The Metropolitan Museum of
Art, New York, NY from on or about
November 7, 2005 to on or about
January 29, 2006, and at possible
additional venues yet to be determined,
is in the national interest. Public Notice
of these determinations is ordered to be
published in the Federal Register.
For Further Information Contact: For
further information, including a list of
the exhibit objects, contact Carol B.
Epstein, Attorney-Adviser, Office of the
Legal Adviser, Department of State,
(telephone: 202/453–8048). The address
is Department of State, SA–44, 301 4th
Street, SW., Room 700, Washington, DC
20547–0001.
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
Notice; correction.
SUMMARY: On January 31, 2005, Notice
was published on page 4913 of the
Federal Register (Volume 70, Number
19) by the Department of State
pertaining to the exhibition ‘‘Fra
Angelico.’’ The referenced Notice is
hereby corrected to include eight
additional loans imported from abroad
for temporary exhibition within the
United States, which I hereby determine
are of cultural significance. The objects
are imported pursuant to a loan
agreement with the foreign lenders. I
also determine that the exhibition or
display of the exhibit objects at The
Metropolitan Museum of Art, New York,
NY from on or about October 25, 2005
to on or about January 29, 2006, and at
possible additional venues yet to be
determined, is in the national interest.
Public Notice of these determinations is
ordered to be published in the Federal
Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Carol B.
Epstein, Attorney-Adviser, Office of the
Legal Adviser, Department of State,
(telephone: 202/453–8048). The address
is Department of State, SA–44, 301 4th
Street, SW., Room 700, Washington, DC
20547–0001.
Dated: August 31, 2005.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. 05–17806 Filed 9–7–05; 8:45 am]
BILLING CODE 4710–08–P
DEPARTMENT OF STATE
[Delegation of Authority No. 284]
Delegation of Authority to the Under
Secretary for Political Affairs
By virtue of the authority vested in
me as Secretary of State, including the
authority of section 1 of the State
E:\FR\FM\08SEN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 173 (Thursday, September 8, 2005)]
[Notices]
[Pages 53407-53409]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4876]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52373; File No. SR-PCX-2005-99]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of
Filing and Immediate Approval of Proposed Rule Changes Relating to
Direct Communication Between Parties and Arbitrators
September 1, 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 23, 2005, the Pacific Exchange, Inc. (``PCX'') 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 self-regulatory organization. The PCX has designated
this proposal as ``non-controversial'' pursuant to Section
19(b)(3)(A)(iii) of the Act,\3\ and Rule 19b-4(f)(6) thereunder,\4\
which renders the proposed rule change effective immediately upon
filing with the Commission. 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The PCX is proposing to amend the PCX Options and PCX Equities,
Inc. arbitration rules to permit parties in an arbitration to
communicate directly with the arbitrators if all parties and
arbitrators agree, and to establish guidelines for such direct
communication. The text of the proposed rule change is available on the
PCX's Web site (https://www.pacificex.com), at the PCX's Office of the
Secretary, 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 PCX 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 PCX has prepared
[[Page 53408]]
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 PCX proposes a rule that would permit direct communication with
the arbitrators where all parties and arbitrators agree. The rule would
also establish guidelines for direct communication.
Under normal procedures, parties may exchange certain documents
among themselves (such as those relating to discovery), but must
address all communications intended for the arbitrators to PCX staff,
who then forward the communications to the arbitrators. If the
communication includes a motion or similar request, staff members
customarily solicit a response from the other parties before forwarding
the motion or request. Similarly, the arbitrators transmit their orders
and any other communications through PCX staff.
The proposed rule is based on the rules of the National Association
of Securities Dealers, Inc. (``NASD'').\5\ Only parties that are
represented by counsel may use direct communication under the proposed
rule. If, during the proceeding, a party choses to appear pro se
(without counsel), the rule will no longer apply. All arbitrators and
all parties must agree to the use of direct communication before it can
be used. The scope of direct communication will be set forth in an
arbitrator order, and parties may send the arbitrators only the types
of items that are listed in the order.
---------------------------------------------------------------------------
\5\ See NASD Rule 10334.
---------------------------------------------------------------------------
The proposed rule provides that either an arbitrator or a party may
rescind his or her agreement at any time if direct communication is no
longer working well. Materials must be sent at the same time and in the
same manner to all parties and the Director of Arbitration (the
``Director'') (through an assigned staff member), and staff must
receive copies of any orders and decisions made as a result of direct
communication among the parties and the arbitrators. As requested by
staff, however, the rule contains a provision stating that materials
more than 15 pages long shall be sent to the Director only by regular
mail or overnight courier, to avoid tying up busy fax machines and
printers. Arbitrators (or parties) with similar concerns could include
a similar provision as to themselves in the direct communication order.
PCX will prepare a template for direct communication orders to guide
the arbitrators and parties in considering these issues.
2. Statutory Basis
For the above reasons, the PCX believes that the proposed rule
would enhance competition. The PCX believes that the proposed rule is
consistent with Section 6(b) \6\ of the Act, in general, and furthers
the objectives of Section 6(b)(5), \7\ in particular, in that it is
designed to facilitate transactions in securities, to promote just and
equitable principles of trade, to foster competition and to protect
investors and the public interest. The PCX believes that permitting
direct communication with the arbitrators where all parties agree, and
where specific guidelines are followed, will protect investors and the
public interest by expediting the arbitration process and giving
parties more control over their arbitration cases.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The PCX 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 foregoing proposed rule change has become effective upon filing
pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6)
thereunder \9\ because the proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest. As required under
Rule 19b-4(f)(6)(iii),\10\ the PCX provided the Commission with written
notice of PCX's 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 filing date of the proposed rule change.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative for 30 days after the date of its filing.\11\
However Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate
a shorter time if such action is consistent with the protection
investors and the public interest. The PCX has requested that the
Commission waive the 30-day operative delay so that the proposed rule
change will become immediately effective upon filing.
---------------------------------------------------------------------------
\11\ Id.
\12\ Id.
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public
interest.\13\ Accelerating the operative date will allow for a more
efficient and effective market operation by enabling the PCX to provide
an arbitration forum that is as efficient and effective as arbitration
forums offered at other self regulatory organizations. For these
reasons, the Commission designates that the proposed rule change has
become effective and operative immediately.
---------------------------------------------------------------------------
\13\ 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).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
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 Number SR-PCX-2005-99 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission,
[[Page 53409]]
100 F Street, NE., Washington, DC 20549-9303.
All submissions should refer to File Number SR-PCX-2005-99. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Section, 450 Fifth
Street, NW, Washington, DC 20549. Copies of such filing also will be
available for inspection and copying at the principal office of the
PCX. 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-PCX-
2005-99 and should be submitted on or before September 29, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. E5-4876 Filed 9-7-05; 8:45 am]
BILLING CODE 8010-01-P
