Order Pursuant to Section 11A of the Securities Exchange Act of 1934 and Rule 608(e) Thereunder Extending a De Minimis, 53695-53696 [05-17954]
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Federal Register / Vol. 70, No. 174 / Friday, September 9, 2005 / Notices
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Dated: September 1, 2005.
Sharon A. Steele,
Acting Branch Chief, ACRS/ACNW.
[FR Doc. E5–4902 Filed 9–8–05; 8:45 am]
BILLING CODE 7590–01–P
PRESIDIO TRUST
Notice of Receipt of and Availability for
Public Comment on an Application for
Wireless Telecommunications
Facilities Site; The Presidio of San
Francisco, California
The Presidio Trust.
ACTION: Public notice.
AGENCY:
SUMMARY: This notice announces the
Presidio Trust’s receipt of and
availability for public comment on an
application from New Cingular Wireless
PCS, LLC for installation of a wireless
telecommunications facilities site
(‘‘Project’’) in The Presidio of San
Francisco. The proposed location of the
Project is the south side of the
MacArthur Tunnel.
The Project involves (i) installing a
32-foot pole with two sets of antennae
panels and power and
telecommunications panels, (ii) placing
the associated telecommunications
equipment within three cabinets on a
concrete pad, and (iii) mounting two
antennae on the south face of the
MacArthur Tunnel wall. Power and
telecommunications service will be
brought to the site via underground
trench.
Comments: Comments on the
proposed project must be sent to Steve
Carp, Presidio Trust, 34 Graham Street,
P.O. Box 29052, San Francisco, CA
94129–0052, and be received by October
12, 2005. A copy of Cingular’s
application is available upon request to
the Presidio Trust.
FOR FURTHER INFORMATION CONTACT:
Steve Carp, Presidio Trust, 34 Graham
Street, P.O. Box 29052, San Francisco,
CA 94129–0052. E-mail:
scarp@presidiotrust.gov. Telephone:
415–561–5300.
VerDate Aug<18>2005
15:19 Sep 08, 2005
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53695
Dated: September 2, 2005.
Steve Carp,
Legal Analyst.
[FR Doc. 05–17899 Filed 9–8–05; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
BILLING CODE 4310–4R–P
Order Pursuant to Section 11A of the
Securities Exchange Act of 1934 and
Rule 608(e) Thereunder Extending a De
Minimis Exemption for Transactions in
Certain Exchange-Traded Funds from
the Trade-Through Provisions of the
Intermarket Trading System
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
September 6, 2005.
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold the following meeting during
the week of September 12, 2005:
A closed meeting will be held on
Thursday, September 15, 2005 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), (9)(B), and
(10) and 17 CFR 200.402(a)(3), (5), (7),
9(ii) and (10) permit consideration of
the scheduled matters at the closed
meeting.
Commissioner Campos, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matters of the closed
meeting scheduled for Thursday,
September 15, 2005, will be:
Formal orders of investigations;
Institution and settlement of
injunctive actions; and
Institution and settlement of
administrative proceedings of an
enforcement nature.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: September 7, 2005.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–17996 Filed 9–7–05; 11 am]
BILLING CODE 8010–01–P
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[Release No. 34–52382]
This order extends, through June 28,
2006, a de minimis exemption to the
provisions of the Intermarket Trading
System Plan (‘‘ITS Plan’’),1 a national
market system plan,2 governing
intermarket trade-throughs that expired
on September 4, 2005. The de minimis
exemption was originally issued by the
Commission on August 28, 2002 3 and
extended on May 30, 2003,4 on March
3, 2004,5 and on December 3, 2004.6
Specifically, this order continues the
de minimis exemption from compliance
with Section 8(d)(i) of the ITS Plan with
respect to two specific exchange-traded
1 The self-regulatory organizations (‘‘SROs’’)
participating in the ITS Plan include the American
Stock Exchange LLC, the Boston Stock Exchange,
Inc., the Chicago Board Options Exchange, Inc., the
Chicago Stock Exchange, Inc., the National Stock
Exchange, Inc. (formerly the Cincinnati Stock
Exchange, Inc.), the National Association of
Securities Dealers, Inc. (‘‘NASD’’), the New York
Stock Exchange, Inc., the Pacific Exchange, Inc.,
and the Philadelphia Stock Exchange, Inc.
(collectively, the ‘‘participants’’). See Securities
Exchange Act Release No. 19456 (January 27, 1983),
48 FR 4938 (February 3, 1983).
2 Securities Exchange Act of 1934 (‘‘Act’’) Rule
11Aa3–2(d), 17 CFR 240.11Aa3–2(d), promulgated
under Section 11A, 15 U.S.C. 78k–1, of the Act
requires each SRO to comply with, and enforce
compliance by its members and their associated
persons with, the terms of any effective national
market system plan of which it is a sponsor or
participant. Rule 608(e) (formerly Rule 11Aa3–2(f)),
17 CFR 242.608(e), under the Act authorizes the
Commission to exempt, either unconditionally or
on specified terms and conditions, any SRO,
member of an SRO, or specified security from the
requirement of the rule if the Commission
determines that such exemption is consistent with
the public interest, the protection of investors, the
maintenance of fair and orderly markets and the
removal of impediments to, and perfection of the
mechanisms of, a national market system.
3 See Securities Exchange Act Release No. 46428
(August 28, 2002), 67 FR 56607 (September 4, 2002)
(the ‘‘August 2002 Order’’). The August 2002 Order
granted relief through June 4, 2003.
4 See Securities Exchange Act Release No. 47950
(May 30, 2003), 68 FR 33748 (June 5, 2003) (the
‘‘May 2003 Order’’). The May 2003 Order granted
relief through March 4, 2004.
5 See Securities Exchange Act Release No. 49356
(March 3, 2004), 69 FR 11057 (March 9, 2004) (the
‘‘March 2004 Order’’). The March 2004 Order
granted relief through December 4, 2004.
6 See Securities Exchange Act Release No. 50795
(December 3, 2004), 69 FR 71445 (December 9,
2004) (the ‘‘December 2004 Order’’). The December
2004 Order granted relief through September 4,
2005.
E:\FR\FM\09SEN1.SGM
09SEN1
53696
Federal Register / Vol. 70, No. 174 / Friday, September 9, 2005 / Notices
funds (‘‘ETFs’’), the Dow Jones
Industrial Average ETF (‘‘DIA’’) and the
Standard & Poor’s 500 Index ETF
(‘‘SPY’’).7 By its terms, the December
2004 Order continued the exemption
from the trade-through provisions of the
ITS Plan of any transactions in the two
ETFs that are effected at prices at or
within three cents away from the best
bid and offer quoted in the Consolidated
Quote System (‘‘CQS’’) for a period of
nine months, which ended on
September 4, 2005.
Our August 2002, May 2003, March
2004, and December 2004 orders
discussed our basis for determining that
issuing and extending the de minimis
exemption was consistent with the
public interest, the protection of
investors, the maintenance of fair and
orderly markets and the removal of
impediments to, and perfection of the
mechanisms of, a national market
system. The December 2004 Order
further noted that:
In March 2004 and in May 2003, the
Commission extended the three cent de
minimis exemption for additional ninemonth periods, in order to assess trading data
associated with the de minimis exemption
and to consider whether to adopt the de
minimis exemption on a permanent basis, to
adopt some other alternative solution, or to
allow the exemption to expire. As a result of
its review of trading data associated with the
de minimis exemption, the Commission has
proposed, as part of its market structure
initiatives, Regulation NMS under the Act,
which would include a new rule relating to
trade-throughs.
On April 6, 2005, the Commission
approved Regulation NMS under the
Act.8 In Regulation NMS, the
Commission adopted an approach that,
among other things, protects only
automated quotations and excludes
manual quotations from trade-through
protection, and renders the de minimis
exemption unnecessary. However, until
Regulation NMS is implemented in this
regard, the reasons for maintaining the
de minimis exemption in effect continue
to be valid.
Therefore, to maintain the status quo
and avoid requiring market participants
to make short-term trading or
programming changes pending such
implementation, it is appropriate to
extend the de minimis exemption
through June 28, 2006, the day before
the first scheduled date of that
implementation under Regulation NMS.
The Commission will consider whether
to extend the de minimis exemption
further if the DIA or the SPY are not
chosen to be included in the NMS
compliance phase that begins on June
29, 2006. The Commission emphasizes,
as it did in the December 2004 Order,
the March 2004 Order, the May 2003
Order, and the August 2002 Order, that
the de minimis exemption does not
relieve brokers and dealers of their best
execution obligations under the federal
securities laws and SRO rules.
Accordingly, it is ordered, pursuant to
Section 11A of the Act and Rule 608(e)
thereunder,9 that participants of the ITS
Plan and their members are hereby
exempt from Section 8(d) of the ITS
Plan during the period covered by this
Order with respect to transactions in
DIAs and SPYs that are executed at a
price that is no more than three cents
lower than the highest bid displayed in
CQS and no more than three cents
higher than the lowest offer displayed in
CQS. This Order extends the de minimis
exemption from September 4, 2005
through June 28, 2006.
By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–17954 Filed 9–6–05; 4:12 pm]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
Order of Suspension of Trading
7 The
Commission limited the de minimis
exemption to these two securities because they
share certain characteristics that may make
immediate execution of their shares highly
desirable to certain investors. In particular, trading
in the two ETFs is highly liquid and market
participants may value an immediate execution at
a displayed price more than the opportunity to
obtain a slightly better price. Unlike prior orders,
the December 2004 extension of the de minimis
exemption applied only to the DIA and the SPY,
and not the QQQ, because, on December 1, 2004,
trading of the QQQ transferred from the American
Stock Exchange to Nasdaq, and thus trades in the
QQQ ceased to be subject to the trade-through
provisions of the ITS Plan. Accordingly, an
exemption for the QQQ was no longer necessary.
See December 2004 Order.
8 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005).
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September 7, 2005.
In the Matter of Advanced Media, Inc., Air
Packaging Technologies, Inc., American Film
Technologies, Inc., American Plastics &
Chemicals, Inc., AmeriQuest Technologies,
Inc., Apparel Technologies, Inc., BPI
Packaging Technologies, Inc., Chantal
Pharmaceutical Corp., CML Group, Inc.,
Compositech, Ltd., Crown Laboratories, Inc.,
DBS Industries, Inc., Dental Medical
Diagnostic Systems, Inc., Dispatch
Management Services Corp., Eglobe, Inc.,
Enamelon, Inc., Finantra Capital, Inc., First
Scientific, Inc., Hayes Corp., Hybrid
Networks, Inc., iPrint Technologies, Inc.,
9 17
PO 00000
CFR 242.608(e).
Frm 00080
Fmt 4703
Sfmt 4703
Microage, Inc., MigraTEC, Inc., Network
Computing Devices, Inc., Pacific Systems
Control Technology, Inc., Paracelsian, Inc.,
Pharmaprint, Inc., Pinnacle Micro, Inc.,
Semiconductor Laser International Corp.,
Socrates Technologies Corp., Star
Technologies, Inc., Sunrise Technologies
International, Inc., Telemonde, Inc.,
thehealthchannel.com, Inc., Transmedia Asia
Pacific, Inc., Tristar Corp., VDC
Communications, Inc., Vianet Technologies,
Inc., and Visionamerica, Inc.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Advanced
Media, Inc., because it is delinquent in
its periodic filing obligations under
Section 13(a) of the Securities Exchange
Act of 1934, having not filed a periodic
report since the period ending
September 30, 1998.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Air
Packaging Technologies, Inc., because it
is delinquent in its periodic filing
obligations under Section 13(a) of the
Securities Exchange Act of 1934, having
not filed a periodic report since the
period ending September 30, 2002.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of American
Film Technologies, Inc., because it is
delinquent in its periodic filing
obligations under Section 13(a) of the
Securities Exchange Act of 1934, having
not filed a periodic report since the
period ending September 30, 2000.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of American
Plastics & Chemicals, Inc., because it is
delinquent in its periodic filing
obligations under Section 13(a) of the
Securities Exchange Act of 1934, having
not filed a periodic report since the
period ending August 31, 1995.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of AmeriQuest
Technologies, Inc., because it is
delinquent in its periodic filing
obligations under Section 13(a) of the
Securities Exchange Act of 1934, having
not filed a periodic report since the
period ending December 31, 2001.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Apparel
Technologies, Inc., because it is
delinquent in its periodic filing
obligations under Section 13(a) of the
E:\FR\FM\09SEN1.SGM
09SEN1
Agencies
[Federal Register Volume 70, Number 174 (Friday, September 9, 2005)]
[Notices]
[Pages 53695-53696]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-17954]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52382]
Order Pursuant to Section 11A of the Securities Exchange Act of
1934 and Rule 608(e) Thereunder Extending a De Minimis Exemption for
Transactions in Certain Exchange-Traded Funds from the Trade-Through
Provisions of the Intermarket Trading System
September 6, 2005.
This order extends, through June 28, 2006, a de minimis exemption
to the provisions of the Intermarket Trading System Plan (``ITS
Plan''),\1\ a national market system plan,\2\ governing intermarket
trade-throughs that expired on September 4, 2005. The de minimis
exemption was originally issued by the Commission on August 28, 2002
\3\ and extended on May 30, 2003,\4\ on March 3, 2004,\5\ and on
December 3, 2004.\6\
---------------------------------------------------------------------------
\1\ The self-regulatory organizations (``SROs'') participating
in the ITS Plan include the American Stock Exchange LLC, the Boston
Stock Exchange, Inc., the Chicago Board Options Exchange, Inc., the
Chicago Stock Exchange, Inc., the National Stock Exchange, Inc.
(formerly the Cincinnati Stock Exchange, Inc.), the National
Association of Securities Dealers, Inc. (``NASD''), the New York
Stock Exchange, Inc., the Pacific Exchange, Inc., and the
Philadelphia Stock Exchange, Inc. (collectively, the
``participants''). See Securities Exchange Act Release No. 19456
(January 27, 1983), 48 FR 4938 (February 3, 1983).
\2\ Securities Exchange Act of 1934 (``Act'') Rule 11Aa3-2(d),
17 CFR 240.11Aa3-2(d), promulgated under Section 11A, 15 U.S.C. 78k-
1, of the Act requires each SRO to comply with, and enforce
compliance by its members and their associated persons with, the
terms of any effective national market system plan of which it is a
sponsor or participant. Rule 608(e) (formerly Rule 11Aa3-2(f)), 17
CFR 242.608(e), under the Act authorizes the Commission to exempt,
either unconditionally or on specified terms and conditions, any
SRO, member of an SRO, or specified security from the requirement of
the rule if the Commission determines that such exemption is
consistent with the public interest, the protection of investors,
the maintenance of fair and orderly markets and the removal of
impediments to, and perfection of the mechanisms of, a national
market system.
\3\ See Securities Exchange Act Release No. 46428 (August 28,
2002), 67 FR 56607 (September 4, 2002) (the ``August 2002 Order'').
The August 2002 Order granted relief through June 4, 2003.
\4\ See Securities Exchange Act Release No. 47950 (May 30,
2003), 68 FR 33748 (June 5, 2003) (the ``May 2003 Order''). The May
2003 Order granted relief through March 4, 2004.
\5\ See Securities Exchange Act Release No. 49356 (March 3,
2004), 69 FR 11057 (March 9, 2004) (the ``March 2004 Order''). The
March 2004 Order granted relief through December 4, 2004.
\6\ See Securities Exchange Act Release No. 50795 (December 3,
2004), 69 FR 71445 (December 9, 2004) (the ``December 2004 Order'').
The December 2004 Order granted relief through September 4, 2005.
---------------------------------------------------------------------------
Specifically, this order continues the de minimis exemption from
compliance with Section 8(d)(i) of the ITS Plan with respect to two
specific exchange-traded
[[Page 53696]]
funds (``ETFs''), the Dow Jones Industrial Average ETF (``DIA'') and
the Standard & Poor's 500 Index ETF (``SPY'').\7\ By its terms, the
December 2004 Order continued the exemption from the trade-through
provisions of the ITS Plan of any transactions in the two ETFs that are
effected at prices at or within three cents away from the best bid and
offer quoted in the Consolidated Quote System (``CQS'') for a period of
nine months, which ended on September 4, 2005.
---------------------------------------------------------------------------
\7\ The Commission limited the de minimis exemption to these two
securities because they share certain characteristics that may make
immediate execution of their shares highly desirable to certain
investors. In particular, trading in the two ETFs is highly liquid
and market participants may value an immediate execution at a
displayed price more than the opportunity to obtain a slightly
better price. Unlike prior orders, the December 2004 extension of
the de minimis exemption applied only to the DIA and the SPY, and
not the QQQ, because, on December 1, 2004, trading of the QQQ
transferred from the American Stock Exchange to Nasdaq, and thus
trades in the QQQ ceased to be subject to the trade-through
provisions of the ITS Plan. Accordingly, an exemption for the QQQ
was no longer necessary. See December 2004 Order.
---------------------------------------------------------------------------
Our August 2002, May 2003, March 2004, and December 2004 orders
discussed our basis for determining that issuing and extending the de
minimis exemption was consistent with the public interest, the
protection of investors, the maintenance of fair and orderly markets
and the removal of impediments to, and perfection of the mechanisms of,
a national market system. The December 2004 Order further noted that:
In March 2004 and in May 2003, the Commission extended the three
cent de minimis exemption for additional nine-month periods, in
order to assess trading data associated with the de minimis
exemption and to consider whether to adopt the de minimis exemption
on a permanent basis, to adopt some other alternative solution, or
to allow the exemption to expire. As a result of its review of
trading data associated with the de minimis exemption, the
Commission has proposed, as part of its market structure
initiatives, Regulation NMS under the Act, which would include a new
rule relating to trade-throughs.
On April 6, 2005, the Commission approved Regulation NMS under the
Act.\8\ In Regulation NMS, the Commission adopted an approach that,
among other things, protects only automated quotations and excludes
manual quotations from trade-through protection, and renders the de
minimis exemption unnecessary. However, until Regulation NMS is
implemented in this regard, the reasons for maintaining the de minimis
exemption in effect continue to be valid.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005).
---------------------------------------------------------------------------
Therefore, to maintain the status quo and avoid requiring market
participants to make short-term trading or programming changes pending
such implementation, it is appropriate to extend the de minimis
exemption through June 28, 2006, the day before the first scheduled
date of that implementation under Regulation NMS. The Commission will
consider whether to extend the de minimis exemption further if the DIA
or the SPY are not chosen to be included in the NMS compliance phase
that begins on June 29, 2006. The Commission emphasizes, as it did in
the December 2004 Order, the March 2004 Order, the May 2003 Order, and
the August 2002 Order, that the de minimis exemption does not relieve
brokers and dealers of their best execution obligations under the
federal securities laws and SRO rules.
Accordingly, it is ordered, pursuant to Section 11A of the Act and
Rule 608(e) thereunder,\9\ that participants of the ITS Plan and their
members are hereby exempt from Section 8(d) of the ITS Plan during the
period covered by this Order with respect to transactions in DIAs and
SPYs that are executed at a price that is no more than three cents
lower than the highest bid displayed in CQS and no more than three
cents higher than the lowest offer displayed in CQS. This Order extends
the de minimis exemption from September 4, 2005 through June 28, 2006.
---------------------------------------------------------------------------
\9\ 17 CFR 242.608(e).
By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. 05-17954 Filed 9-6-05; 4:12 pm]
BILLING CODE 8010-01-P