Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change to Provide for a 10-Day Notice Requirement Before a Party Issues a Subpoena to a Non-Party for Pre-Hearing Discovery, 56201-56203 [E5-5173]
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Federal Register / Vol. 70, No. 185 / Monday, September 26, 2005 / Notices
will facilitate the accurate clearance and
settlement of transactions.
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
NSCC has not solicited or received
written comments relating to the
proposed rule change. NSCC will notify
the Commission if it receives any
written comments.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) 3 of the Act and Rule
19b–4(f)(4) 4 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
responsible and does not significantly
affect NSCC’s or its participants’
respective rights or obligations. At any
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, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
Electronic Comments
Street, NE., Washington, DC 20549–
9303. All submissions should refer to
File Number SR–NSCC–2005–10. 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, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at NSCC’s principal office and on
NSCC’s Web site (https://www.nscc.com/
legal/). 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–NSCC–
2005–10 and should be submitted on or
before October 17, 2005.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.5
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5172 Filed 9–23–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52468; File No. SR–NYSE–
2005–48]
• 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–2005–10 on the
subject line.
Self-Regulatory Organizations; New
York Stock Exchange, Inc.; Notice of
Filing of Proposed Rule Change to
Provide for a 10-Day Notice
Requirement Before a Party Issues a
Subpoena to a Non-Party for PreHearing Discovery
Paper Comments
September 19, 2005.
Send paper comments in triplicate to
Jonathan G. Katz, Secretary, Securities
and Exchange Commission, 100 F
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 2 thereunder,
5 17
CFR 200.30–3(a)(12).
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)(4).
VerDate Aug<31>2005
14:49 Sep 23, 2005
1 15
Jkt 205001
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Frm 00039
Fmt 4703
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56201
notice is hereby given that on July 13,
2005, the New York Stock Exchange,
Inc. (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
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 NYSE is proposing to amend Rule
619 (‘‘General Provision Governing
Subpoenas, Production of Documents,
etc.’’) primarily to provide for a 10-day
notice period requirement before a party
issues a subpoena to a non-party for prehearing discovery. Below is the text of
the proposed rule change. Proposed new
language is in italics; proposed
deletions are in brackets.
*
*
*
*
*
Rule 619: General Provision Governing
Subpoenas, Production of Documents,
etc.
(a) to (e) no change.
(f) Subpoenas.
(1) The arbitrator(s) and any counsel
of record to the proceedings [shall have
the power of the subpoena process] may
issue subpoenas as provided by law.
[All parties shall be given a copy of the
subpoena upon its issuance.] The party
who requests or issues a subpoena must
send a copy of the request or subpoena
to all parties and the entity receiving the
subpoena in a manner that is
reasonably expected to cause the
request or subpoena to be delivered to
all parties and the entity receiving the
subpoena on the same day. The parties
shall produce witnesses and present
[proofs to the fullest extent possible
without resort to the subpoena process]
proof at the hearing whenever possible
without using subpoenas.
(2) No subpoenas seeking discovery
shall be issued to or served upon nonparties to an arbitration unless, at least
10 days prior to the issuance or service
of the subpoena, the party seeking to
issue or serve the subpoena sends notice
of intention to serve the subpoena,
together with a copy of the subpoena, to
all parties to the arbitration.
(3) In the event a party receiving such
a notice objects to the scope or propriety
of the subpoena, that party shall, within
the 10 days prior to the issuance or
service of the subpoena, file with the
Director of Arbitration, with copies to all
other parties, written objections. The
party seeking to issue or serve the
E:\FR\FM\26SEN1.SGM
26SEN1
56202
Federal Register / Vol. 70, No. 185 / Monday, September 26, 2005 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
amendments, the arbitrators, rather the
courts, would rule on these discovery
disputes.
Under the proposed rule, the party
who requests or issues a subpoena must
send a copy of the request or subpoena
to all parties to the arbitration, and to
non-parties, if applicable, in a manner
reasonably expected to result in delivery
to everyone on the same day.
As amended, the rule provides that
subpoenas can be issued to non-parties
only after all parties have ten days
advance notice and the opportunity to
file objections. If a party has an
objection to the propriety or scope of the
subpoena, that party may file objections
in writing with the Director of
Arbitration and send copies to all other
parties within the ten-day period prior
to the issuance or service of the
subpoena. The party requesting the
subpoena may file a reply to objections.
The arbitrator(s) shall determine the
propriety and scope of the requested
subpoena(s).
Additionally, as amended, the rule
provides that non-parties must be
advised that documents subpoenaed are
to be preserved but not delivered
pending any determination that may be
required by the arbitrator(s).
Furthermore, the proposed rule does not
apply to subpoenas addressed to parties
or non-parties to appear at a hearing
before the arbitrator(s).3 The proposed
rule also provides that the arbitrator(s)
may quash or limit the scope of
subpoena(s).
The proposed amendments are based
on the Securities Industry Conference
on Arbitration’s Uniform Code of
Arbitration.
1. Purpose
2. Statutory Basis
Parties in arbitration often seek the
production of documents from third
parties as part of pre-hearing discovery.
Exchange Rule 619 sets forth procedures
for the issuance of subpoenas and for
the production of documents. The rule
provides that arbitrators and attorneys
for the parties have subpoena powers as
provided by law, and that all parties are
to be given copies of subpoenas when
issued.
Under the current procedures, the
opposing attorney may not receive
notice of the subpoena until after it has
been served on a non-party. In such
situations, non-parties may produce
documents that are the subject of
dispute as to whether they should be
produced at all. This has led to court
action to have subpoenas quashed,
which adds expense and delay to the
arbitration process. Under the proposed
The proposed changes are consistent
with Section 6(b)(5) 4 of the Act in that
they promote just and equitable
principles of trade by ensuring that
members and member organizations and
the public have a fair and impartial
forum for the resolution of their
disputes.
subpoena may respond thereto. The
arbitrator(s) appointed shall rule
promptly on the issuance and scope of
the subpoena.
(4) In the event an objection to a
subpoena is filed under paragraph (f)(3),
the subpoena may only be issued or
served prior to the arbitrator’s(s’) ruling
if the party seeking to issue or serve the
subpoena advises the subpoenaed party
of the existence of the objection at the
time the subpoena is served, and
instructs the subpoenaed party that it
should preserve the subpoenaed
documents, but not deliver them until a
ruling is made by the arbitrator(s).
(5) Rule 619(f)(2) and (3) do not apply
to subpoenas addressed to parties or
non-parties to appear at a hearing
before the arbitrator(s).
(6) The arbitrator(s) shall have the
power to quash or limit the scope of any
subpoena.
(g) No change.
*
*
*
*
*
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 changes. 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.
VerDate Aug<31>2005
14:49 Sep 23, 2005
Jkt 205001
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.
3 Telephone conversation between Karen
Kupersmith, Director of Arbitration, NYSE, and
Michael Hershaft, Attorney Adviser, Division of
Market Regulation, Commission (Sept. 15, 2005).
4 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00040
Fmt 4703
Sfmt 4703
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
A. By order approve the proposed rule
change, or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2005–48 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–NYSE–2005–48. 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
E:\FR\FM\26SEN1.SGM
26SEN1
Federal Register / Vol. 70, No. 185 / Monday, September 26, 2005 / Notices
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 such filing will also be
available for inspection and copying at
the principal office of the NYSE. 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–NYSE–2005–48 and should be
submitted on or before October 17,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.5
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5173 Filed 9–23–05; 8:45 am]
[License No. 06/76–0330]
SunTx Fulcrum Fund II—SBIC, L.P.;
Notice Seeking Exemption Under
Section 312 of the Small Business
Investment Act, Conflicts of Interest
Notice is hereby given that SunTx
Fulcrum Fund II—SBIC, L.P., 14001 N.
Dallas Parkway, Suite 111, Dallas, Texas
75240, a Federal Licensee under the
Small Business Investment Act of 1958,
as amended (‘‘the Act’’), in connection
with the financing of a small concern,
has sought an exemption under section
312 of the Act and section 107.730,
Financings which Constitute Conflicts
of Interest of the Small Business
Administration (‘‘SBA’’) rules and
regulations (13 CFR 107.730 (2002)).
SunTx Fulcrum Fund II—SBIC, L.P.
proposes to invest in Interface Security
Systems Holdings, Inc. (‘‘Interface’’).
The financing will provide the funding
for the future acquisitions.
The financing is brought within the
purview of Sec. 107.730(a) and Section
107.730(d) of the Regulations because
SunTx Fulcrum Fund, L.P. and SunTx
Fulcrum Dutch Investors, L.P.,
Associates of SunTx Fulcrum Fund II—
SBIC, L.P., owns 93.87% of the existing
and outstanding ownership of Interface.
Therefore, this transaction is
considered financing of an Associate
requiring prior SBA approval.
VerDate Aug<31>2005
14:49 Sep 23, 2005
Jkt 205001
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Small Business Size Standards:
Waiver of the Nonmanufacturer Rule
U.S. Small Business
Administration.
ACTION: Notice of intent to waive the
Nonmanufacturer Rule for Photographic
Film, Paper, Plate, and Chemical
Manufacturing.
SMALL BUSINESS ADMINISTRATION
CFR 200.30–3(a)(12).
Dated: September 19, 2005.
Jaime Guzman-Fournier,
Associate Administrator For Investment.
[FR Doc. 05–19101 Filed 9–23–05; 8:45 am]
AGENCY:
BILLING CODE 8010–01–P
5 17
Notice is hereby given that any
interested person may submit written
comments on the transaction, within 15
days of the date of this publication, to
the Associate Administrator for
Investment, U.S. Small Business
Administration, 409 Third Street, SW.,
Washington, DC 20416.
SUMMARY: The U.S. Small Business
Administration (SBA) is considering
granting a waiver of the
Nonmanufacturer Rule for Photographic
Film, Paper, Plate, and Chemical
Manufacturing. The basis for waivers is
that no small business manufacturers
are supplying these classes of products
to the Federal government. The effect of
a waiver would be to allow otherwise
qualified regular dealers to supply the
products of any domestic manufacturer
on a Federal contract set aside for small
businesses, service disabled veteranowned small businesses or SBA’s 8(a)
Business Development Program. The
purpose of this notice is to solicit
comments and potential source
information from interested parties.
DATES: Comments and sources must be
submitted on or before October 7, 2005.
FOR FURTHER INFORMATION CONTACT:
Edith Butler, Program Analyst, by
telephone at (202) 619–0422; by FAX at
481–1788; or by e-mail at
edith.butler@sba.gov.
SUPPLEMENTARY INFORMATION: Section
8(a)(17) of the Small Business Act, (Act)
15 U.S.C. 637(a)(17), requires that
recipients of Federal contracts set aside
for small businesses, service-disabled
veteran-owned small businesses, or
SBA’s 8(a) Business Development
Program provide the product of a small
business manufacturer or processor, if
the recipient is other than the actual
manufacturer or processor. This
requirement is commonly referred to as
the Nonmanufacturer Rule.
The SBA regulations imposing this
requirement are found at 13 CFR
PO 00000
Frm 00041
Fmt 4703
Sfmt 4703
56203
121.406 (b). Section 8(a)(17)(b)(iv) of the
Act authorizes SBA to waive the
Nonmanufacturer Rule for any ‘‘class of
products’’ for which there are no small
business manufacturers or processors in
the Federal market.
As implemented in SBA’s regulations
at 13 CFE 121.1204, in order to be
considered available to participate in
the Federal market for a class of
products, a small business manufacturer
must have submitted a proposal for a
contract solicitation or received a
contract from the Federal government
within the last 24 months. The SBA
defines ‘‘class of products’’ based on six
digit coding systems. The first coding
system is the Office of Management and
Budget North American Industry
Classification System (NAICS). The
second is the Product and Service Code
required as a data entry field by the
Federal Procurement Data System.
The SBA is currently processing a
request to waive the Nonmanufacturer
Rule for Photographic Film, Paper,
Plate, and Chemical Manufacturing,
North American Industry Classification
System (NAICS) 325992. The public is
invited to comment or provide source
information to SBA on the proposed
waiver of the nonmanufacturer rule for
this NAICS code.
Authority: 15 U.S.C. 637(A)(17).
Dated: September 15, 2005.
Karen C. Hontz,
Associate Administrator for Government
Contracting.
[FR Doc. 05–19100 Filed 9–23–05; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Small Business Size Standards:
Waiver of the Nonmanufacturer Rule
U.S. Small Business
Administration.
ACTION: Notice of intent to waive the
Nonmanufacturer Rule for Household
Refrigerator Equipment.
AGENCY:
SUMMARY: The U.S. Small Business
Administration (SBA) is considering
granting a waiver of the
Nonmanufacturer Rule for Household
Refrigerator Equipment. The basis for
waivers is that no small business
manufacturers are supplying these
classes of products to the Federal
government. The effect of a waiver
would be to allow otherwise qualified
regular dealers to supply the products of
any domestic manufacturer on a Federal
contract set aside for small businesses,
service disabled veteran-owned small
businesses or SBA’s 8(a) Business
Development Program. The purpose of
E:\FR\FM\26SEN1.SGM
26SEN1
]]>Agencies
[Federal Register Volume 70, Number 185 (Monday, September 26, 2005)]
[Notices]
[Pages 56201-56203]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5173]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52468; File No. SR-NYSE-2005-48]
Self-Regulatory Organizations; New York Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change to Provide for a 10-Day Notice
Requirement Before a Party Issues a Subpoena to a Non-Party for Pre-
Hearing Discovery
September 19, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on July 13, 2005, the New York Stock Exchange, Inc. (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The NYSE is proposing to amend Rule 619 (``General Provision
Governing Subpoenas, Production of Documents, etc.'') primarily to
provide for a 10-day notice period requirement before a party issues a
subpoena to a non-party for pre-hearing discovery. Below is the text of
the proposed rule change. Proposed new language is in italics; proposed
deletions are in brackets.
* * * * *
Rule 619: General Provision Governing Subpoenas, Production of
Documents, etc.
(a) to (e) no change.
(f) Subpoenas.
(1) The arbitrator(s) and any counsel of record to the proceedings
[shall have the power of the subpoena process] may issue subpoenas as
provided by law. [All parties shall be given a copy of the subpoena
upon its issuance.] The party who requests or issues a subpoena must
send a copy of the request or subpoena to all parties and the entity
receiving the subpoena in a manner that is reasonably expected to cause
the request or subpoena to be delivered to all parties and the entity
receiving the subpoena on the same day. The parties shall produce
witnesses and present [proofs to the fullest extent possible without
resort to the subpoena process] proof at the hearing whenever possible
without using subpoenas.
(2) No subpoenas seeking discovery shall be issued to or served
upon non-parties to an arbitration unless, at least 10 days prior to
the issuance or service of the subpoena, the party seeking to issue or
serve the subpoena sends notice of intention to serve the subpoena,
together with a copy of the subpoena, to all parties to the
arbitration.
(3) In the event a party receiving such a notice objects to the
scope or propriety of the subpoena, that party shall, within the 10
days prior to the issuance or service of the subpoena, file with the
Director of Arbitration, with copies to all other parties, written
objections. The party seeking to issue or serve the
[[Page 56202]]
subpoena may respond thereto. The arbitrator(s) appointed shall rule
promptly on the issuance and scope of the subpoena.
(4) In the event an objection to a subpoena is filed under
paragraph (f)(3), the subpoena may only be issued or served prior to
the arbitrator's(s') ruling if the party seeking to issue or serve the
subpoena advises the subpoenaed party of the existence of the objection
at the time the subpoena is served, and instructs the subpoenaed party
that it should preserve the subpoenaed documents, but not deliver them
until a ruling is made by the arbitrator(s).
(5) Rule 619(f)(2) and (3) do not apply to subpoenas addressed to
parties or non-parties to appear at a hearing before the arbitrator(s).
(6) The arbitrator(s) shall have the power to quash or limit the
scope of any subpoena.
(g) No change.
* * * * *
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 changes.
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
Parties in arbitration often seek the production of documents from
third parties as part of pre-hearing discovery. Exchange Rule 619 sets
forth procedures for the issuance of subpoenas and for the production
of documents. The rule provides that arbitrators and attorneys for the
parties have subpoena powers as provided by law, and that all parties
are to be given copies of subpoenas when issued.
Under the current procedures, the opposing attorney may not receive
notice of the subpoena until after it has been served on a non-party.
In such situations, non-parties may produce documents that are the
subject of dispute as to whether they should be produced at all. This
has led to court action to have subpoenas quashed, which adds expense
and delay to the arbitration process. Under the proposed amendments,
the arbitrators, rather the courts, would rule on these discovery
disputes.
Under the proposed rule, the party who requests or issues a
subpoena must send a copy of the request or subpoena to all parties to
the arbitration, and to non-parties, if applicable, in a manner
reasonably expected to result in delivery to everyone on the same day.
As amended, the rule provides that subpoenas can be issued to non-
parties only after all parties have ten days advance notice and the
opportunity to file objections. If a party has an objection to the
propriety or scope of the subpoena, that party may file objections in
writing with the Director of Arbitration and send copies to all other
parties within the ten-day period prior to the issuance or service of
the subpoena. The party requesting the subpoena may file a reply to
objections. The arbitrator(s) shall determine the propriety and scope
of the requested subpoena(s).
Additionally, as amended, the rule provides that non-parties must
be advised that documents subpoenaed are to be preserved but not
delivered pending any determination that may be required by the
arbitrator(s). Furthermore, the proposed rule does not apply to
subpoenas addressed to parties or non-parties to appear at a hearing
before the arbitrator(s).\3\ The proposed rule also provides that the
arbitrator(s) may quash or limit the scope of subpoena(s).
---------------------------------------------------------------------------
\3\ Telephone conversation between Karen Kupersmith, Director of
Arbitration, NYSE, and Michael Hershaft, Attorney Adviser, Division
of Market Regulation, Commission (Sept. 15, 2005).
---------------------------------------------------------------------------
The proposed amendments are based on the Securities Industry
Conference on Arbitration's Uniform Code of Arbitration.
2. Statutory Basis
The proposed changes are consistent with Section 6(b)(5) \4\ of the
Act in that they promote just and equitable principles of trade by
ensuring that members and member organizations and the public have a
fair and impartial forum for the resolution of their disputes.
---------------------------------------------------------------------------
\4\ 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
The Exchange has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
A. By order approve the proposed rule change, or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
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:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send e-mail to rule-comments@sec.gov. Please include File
Number SR-NYSE-2005-48 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-NYSE-2005-48. 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
[[Page 56203]]
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 such filing will also be available for
inspection and copying at the principal office of the NYSE. 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-NYSE-2005-48 and should be
submitted on or before October 17, 2005.
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\5\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
Jonathan G. Katz,
Secretary.
[FR Doc. E5-5173 Filed 9-23-05; 8:45 am]
BILLING CODE 8010-01-P
