Securities Exchange Act of 1934; Release No. 52426/September 14, 2005; In the Matter of: The National Association of Securities Dealers, Incorporated; Order of Summary Abrogation, 55179-55180 [05-18667]

Download as PDF Federal Register / Vol. 70, No. 181 / Tuesday, September 20, 2005 / Notices *The schedule for Commission meetings is subject to change on short notice. To verify the status of meetings, call (recording)—(301) 415–1292. Contact person for more information: Michelle Schroll, (301) 415–1662. * * * * * The NRC Commission Meeting Schedule can be found on the Internet at: https://www.nrc.gov/what-we-do/ policy-making/schedule.html. * * * * * The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify the NRC’s Disability Program Coordinator, August Spector, at 301–415–7080, TDD: 301–415–2100, or by e-mail at aks@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * This notice is distributed by mail to several hundred subscribers; if you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969). In addition, distribution of this meeting notice over the Internet system is available. If you are interested in receiving this Commission meeting schedule electronically, please send an electronic message to dkw@nrc.gov. Dated: September 15, 2005. R. Michelle Schroll, Office of the Secretary. [FR Doc. 05–18784 Filed 9–16–05; 10:14 am] BILLING CODE 7590–01–M SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request Copies Available From: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Form N–8b–4; SEC File No. 270– 180; OMB Control No. 3235–0247. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) requests for extension of the VerDate Aug<31>2005 14:53 Sep 19, 2005 Jkt 205001 previously approved collection of information discussed below. • Form N–8b–4—Registration Statement of Face-Amount Certificate Companies Form N–8b–4 is the form used by face-amount certificate companies to comply with the filing and disclosure requirements imposed by Section 8(b) of the Investment Company Act of 1940 [15 U.S.C. 80a–8(b)]. Form N–8b–4 requires disclosure about the organization of a face-amount certificate company, its business and policies, its investment in securities, its certificates issued, the personnel and affiliated persons of the depositor, the distribution and redemption of securities, and financial statements. The Commission uses the information provided in the collection of information to determine compliance with Section 8(b) of the Investment Company Act of 1940. Based on the Commission’s industry statistics, the Commission estimates that there would be approximately 1 annual filing on Form N–8b–4. The Commission estimates that each registrant filing a Form N–8b–4 would spend 171 hours in preparing and filing the Form and that the total hour burden for all Form N–8b–4 filings would be 171 hours. Estimates of the burden hours are made solely for the purposes of the PRA, and are not derived from a comprehensive or even a representative survey or study of the costs of SEC rules and forms. The information provided on Form N–8b–4 is mandatory. The information provided on Form N–8b–4 will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. General comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Office of Information Technology, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549. Comments must be submitted to OMB within 30 days of this notice. PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 55179 Dated: September 12, 2005. Jonathan G. Katz, Secretary. [FR Doc. 05–18613 Filed 9–19–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. SR–NASD–2005–093] Securities Exchange Act of 1934; Release No. 52426/September 14, 2005; In the Matter of: The National Association of Securities Dealers, Incorporated; Order of Summary Abrogation Notice is hereby given that the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(3)(C) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’),1 is summarily abrogating a proposed rule change of The National Association of Securities Dealers, Incorporated (‘‘NASD’’). On July 20, 2005, the NASD filed SR– NASD–2005–093.2 The NASD submitted the rule change for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Exchange Act.3 The proposed rule change amended NASD Rule 3370 to clarify that members must make an affirmative determination and document compliance when effecting long sale orders. In the proposal, the NASD stated that it proposed to amend Rule 3370, ‘‘to re-adopt expressly the affirmative determination requirements as they now relate to member obligations with respect to long sales under Regulation SHO’’.4 The NASD designated the rule change proposal as ‘‘non-controversial’’ under paragraph (f)(6) of Rule 19b–4 under the Exchange Act,5 which renders the proposal effective upon filing with the Commission. Pursuant to Section 19(b)(3)(C) of the Exchange Act,6 at any time within 60 days of the date of filing a proposed rule change pursuant to Section 19(b)(1) of 1 15 U.S.C. 78s(b)(3)(C). Securities Exchange Act Release No. 52131 (Jul. 27, 2005), 70 FR 44707 (Aug. 3, 2005). 3 15 U.S.C. 78s(b)(3)(A). 4 See Securities Exchange Act Release No. 52131, 70 FR at 44708. 5 A proposed rule filing may take effect upon filing with the Commission pursuant to Section 19(b)(3)(A) if it is properly designated by the selfregulatory organization as effecting a change 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) By its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate * * *.’’ 17 CFR 240.19b–4(f)(6). 6 15 U.S.C. 78s(b)(3)(C). 2 See E:\FR\FM\20SEN1.SGM 20SEN1 55180 Federal Register / Vol. 70, No. 181 / Tuesday, September 20, 2005 / Notices the Exchange Act,7 the Commission may summarily abrogate the change in the rules of the self-regulatory organization and require that the proposed rule change be re-filed in accordance with the provisions of Section 19(b)(1) of the Exchange Act 8 and reviewed in accordance with Section 19(b)(2) of the Exchange Act,9 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 Exchange Act. The Commission has received three comment letters in response to the proposed rule change.10 The substance of the comment letters calls into question the ‘‘non-controversial’’ designation of the proposal. Accordingly, the Commission believes that the procedures provided by Section 19(b)(2) of the Exchange Act 11 will provide a more appropriate mechanism for determining whether the proposed rule change is consistent with the Exchange Act. Therefore, the Commission finds that it is appropriate in the public interest, for the protection of investors, and otherwise in furtherance of the purposes of the Exchange Act, to abrogate the proposed rule change. It is therefore ordered, pursuant to Section 19(b)(3)(C) of the Exchange Act,12 that File No. SR–NASD–2005– 093 be, and it hereby is, summarily abrogated. If the NASD chooses to re-file the proposed rule change, it must do so pursuant to Sections 19(b)(1) 13 and 19(b)(2) of the Exchange Act.14 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.15 Jonathan G. Katz, Secretary. [FR Doc. 05–18667 Filed 9–19–05; 8:45 am] BILLING CODE 8010–01–P 7 15 U.S.C. 78s(b)(1). 8 Id. 9 15 U.S.C. 78s(b)(2). letter from Ira D. Hammerman, Senior Vice President and General Counsel, Securities Industry Association, to Jonathan G. Katz, Secretary, Commission, dated Aug. 24, 2005; letter from Julian Rainero, Bingham McCutchen LLP, to Jonathan G. Katz, Secretary, Commission, dated Aug. 24, 2005; letter from Shane E. Swanson, General Counsel, Automated Trading Desk, LLC, to Jonathan Katz, Secretary, Commission, dated Aug. 24, 2005. 11 Id. 12 15 U.S.C. 78s(b)(3)(C). 13 15 U.S.C. 78s(b)(1). 14 15 U.S.C. 78s(b)(2). 15 17 CFR 200.30–3(a)(58). 10 See VerDate Aug<31>2005 14:53 Sep 19, 2005 Jkt 205001 SECURITIES AND EXCHANGE COMMISSION 100 F Street, NE., Washington, DC 20549–0102 (tel. 202–551–5850). [Investment Company Act Release No. 27064; 812–12868] Applicant’s Representations 1. Applied, a Delaware corporation, is in the business of developing, manufacturing, marketing and servicing integrated circuit fabrication equipment. Customers for Applied’s products include semiconductor wafer manufacturers and semiconductor integrated circuit, or ‘‘chip’’ manufacturers such as Intel, Texas Instruments and IBM. Applied represents that these chips are key components in most advanced electronic devices and that the push to make these devices more powerful, portable and affordable spurs a rapid pace of technological change in the semiconductor industry. Applied states that in the past 23 years, it has introduced over 100 major products. 2. Applied states that it requires substantial liquid capital to fund its global infrastructure, manufacturing and service activities, and to continue its research, development and engineering programs. Applied also intends to use its liquid capital to support other business and strategic objectives by acquiring and investing in businesses with complementary products, services and/or technologies. In addition to being capital intensive, Applied states that the integrated circuit fabrication equipment industry is subject to volatile business cycles due to the rapid pace of technological developments and changes in global and regional economic conditions. Applied seeks to preserve its capital and maintain liquidity, pending the use of such capital for its current and future operations, by investing in short-term investment grade and liquid fixed income and money market investments that earn competitive market returns and provide a low level of credit risk (‘‘Capital Preservation Investments’’). Applied’s board of directors oversees Applied’s investment practices and defines the parameters for investment activities. Applied states that it does not invest in securities for short-term speculative purposes. Applied Materials, Inc.; Notice of Application September 13, 2005. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of application under section 3(b)(2) of the Investment Company Act of 1940 (the ‘‘Act’’). AGENCY: Applied Materials, Inc. (‘‘Applied’’) seeks an order under section 3(b)(2) of the Act declaring it to be primarily engaged in a business other than that of investing, reinvesting, owning, holding or trading in securities. Applied, directly and through its wholly-owned subsidiaries, develops, manufactures, markets and services integrated circuit fabrication equipment. FILING DATES: The application was filed on August 14, 2002, and amended on February 28, 2005, May 31, 2005 and September 6, 2005. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on October 11, 2005, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–9303. Applicant, 3050 Bowers Ave., P.O. Box 58039, Santa Clara, CA 95054. FOR FURTHER INFORMATION CONTACT: Julia Kim Gilmer, Senior Counsel, at (202) 551–6871, or Janet M. Grossnickle, Branch Chief, at (202) 551–6821 (Division of Investment Management, Office of Investment Company Regulation). SUMMARY OF APPLICATION: The following is a summary of the application. The complete application may be obtained for a fee at the Commission’s Public Reference Desk, SUPPLEMENTARY INFORMATION: PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 Applicant’s Legal Analysis 1. Applied seeks an order under section 3(b)(2) of the Act declaring that it is primarily engaged in a business other than that of investing, reinvesting, owning, holding or trading in securities, and therefore not an investment company as defined in the Act. 2. Under section 3(a)(1)(C) of the Act, an issuer is an investment company if it is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in E:\FR\FM\20SEN1.SGM 20SEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 70, Number 181 (Tuesday, September 20, 2005)]
[Notices]
[Pages 55179-55180]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-18667]


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SECURITIES AND EXCHANGE COMMISSION

[File No. SR-NASD-2005-093]


Securities Exchange Act of 1934; Release No. 52426/September 14, 
2005; In the Matter of: The National Association of Securities Dealers, 
Incorporated; Order of Summary Abrogation

    Notice is hereby given that the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(3)(C) of the Securities 
Exchange Act of 1934 (``Exchange Act''),\1\ is summarily abrogating a 
proposed rule change of The National Association of Securities Dealers, 
Incorporated (``NASD'').
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    \1\ 15 U.S.C. 78s(b)(3)(C).
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    On July 20, 2005, the NASD filed SR-NASD-2005-093.\2\ The NASD 
submitted the rule change for immediate effectiveness pursuant to 
Section 19(b)(3)(A) of the Exchange Act.\3\ The proposed rule change 
amended NASD Rule 3370 to clarify that members must make an affirmative 
determination and document compliance when effecting long sale orders. 
In the proposal, the NASD stated that it proposed to amend Rule 3370, 
``to re-adopt expressly the affirmative determination requirements as 
they now relate to member obligations with respect to long sales under 
Regulation SHO''.\4\ The NASD designated the rule change proposal as 
``non-controversial'' under paragraph (f)(6) of Rule 19b-4 under the 
Exchange Act,\5\ which renders the proposal effective upon filing with 
the Commission.
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    \2\ See Securities Exchange Act Release No. 52131 (Jul. 27, 
2005), 70 FR 44707 (Aug. 3, 2005).
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ See Securities Exchange Act Release No. 52131, 70 FR at 
44708.
    \5\ A proposed rule filing may take effect upon filing with the 
Commission pursuant to Section 19(b)(3)(A) if it is properly 
designated by the self-regulatory organization as effecting a change 
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) By its terms, does not 
become operative for 30 days after the date of the filing, or such 
shorter time as the Commission may designate * * *.'' 17 CFR 
240.19b-4(f)(6).
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    Pursuant to Section 19(b)(3)(C) of the Exchange Act,\6\ at any time 
within 60 days of the date of filing a proposed rule change pursuant to 
Section 19(b)(1) of

[[Page 55180]]

the Exchange Act,\7\ the Commission may summarily abrogate the change 
in the rules of the self-regulatory organization and require that the 
proposed rule change be re-filed in accordance with the provisions of 
Section 19(b)(1) of the Exchange Act \8\ and reviewed in accordance 
with Section 19(b)(2) of the Exchange Act,\9\ 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 Exchange Act.
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    \6\ 15 U.S.C. 78s(b)(3)(C).
    \7\ 15 U.S.C. 78s(b)(1).
    \8\ Id.
    \9\ 15 U.S.C. 78s(b)(2).
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    The Commission has received three comment letters in response to 
the proposed rule change.\10\ The substance of the comment letters 
calls into question the ``non-controversial'' designation of the 
proposal.
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    \10\ See letter from Ira D. Hammerman, Senior Vice President and 
General Counsel, Securities Industry Association, to Jonathan G. 
Katz, Secretary, Commission, dated Aug. 24, 2005; letter from Julian 
Rainero, Bingham McCutchen LLP, to Jonathan G. Katz, Secretary, 
Commission, dated Aug. 24, 2005; letter from Shane E. Swanson, 
General Counsel, Automated Trading Desk, LLC, to Jonathan Katz, 
Secretary, Commission, dated Aug. 24, 2005.
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    Accordingly, the Commission believes that the procedures provided 
by Section 19(b)(2) of the Exchange Act \11\ will provide a more 
appropriate mechanism for determining whether the proposed rule change 
is consistent with the Exchange Act. Therefore, the Commission finds 
that it is appropriate in the public interest, for the protection of 
investors, and otherwise in furtherance of the purposes of the Exchange 
Act, to abrogate the proposed rule change.
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    \11\ Id.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(3)(C) of the 
Exchange Act,\12\ that File No. SR-NASD-2005-093 be, and it hereby is, 
summarily abrogated. If the NASD chooses to re-file the proposed rule 
change, it must do so pursuant to Sections 19(b)(1) \13\ and 19(b)(2) 
of the Exchange Act.\14\
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    \12\ 15 U.S.C. 78s(b)(3)(C).
    \13\ 15 U.S.C. 78s(b)(1).
    \14\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(58).
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Jonathan G. Katz,
Secretary.
[FR Doc. 05-18667 Filed 9-19-05; 8:45 am]
BILLING CODE 8010-01-P

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