Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval to Proposed Rule Change and Amendment No. 1 Thereto Relating to the Integration of Regulatory Staff into Floor Official Rulings and the Review of Floor Official Rulings and Expediting the Process for Appealing Floor Official Rulings, 58246-58247 [E5-5449]
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58246
Federal Register / Vol. 70, No. 192 / Wednesday, October 5, 2005 / Notices
(O1–F21), Rockville, Maryland, 20852–
2738.
Nick
Hilton, Senior Enforcement Specialist,
Office of Enforcement, U.S. Nuclear
Regulatory Commission, Washington,
DC 20555–0001, (301) 415–3055, e-mail
ndh@nrc.gov.
FOR FURTHER INFORMATION CONTACT:
‘‘ADR’’ is
a term that refers to a number of
processes that can be used in assisting
parties in resolving disputes and
potential conflicts. Most of these
processes are voluntary, where the
parties to the dispute are in control of
the decision on whether to participate
in the process and whether to agree to
any resolution of the dispute. The
parties are assisted in their efforts to
reach agreement by a neutral third
party.
Proposed evaluation criteria for the
pilot program include: (1) Program
effectiveness, including success of the
program in helping ensure safety is
maintained and settlement rate; (2)
program efficiency in terms of both
timeliness and cost efficiency; and (3)
program satisfaction, including
perceptions of fairness, usefulness,
parties’ satisfaction with outcomes,
public perception of the program, and
interest in using the program after initial
program use. In addition, the NRC is
interested in general comments
regarding the pilot program and
recommendations for a potential future
program. The evaluation criteria are
addressed in a document for comment
on the NRC’s Web site at https://
www.nrc.gov, select What We Do,
Enforcement, then Alternative Dispute
Resolution. This document is also
available in ADAMS at ML052640603.
After a brief presentation regarding
the status of the pilot program, the
meeting on October 11, 2005, will be
conducted as a roundtable discussion
among participants who have been
invited to represent the broad spectrum
of interests in the areas of allegations
and enforcement. The participants
include representatives from
whistleblower counsels, the public, and
the nuclear industry. The meeting is
open to the public and all attendees will
have an opportunity to offer comments
and ask questions at selected points
throughout the meeting. Any questions
regarding the roundtable discussion
should be directed to the meeting
facilitator, Francis ‘‘Chip’’ Cameron by
phone at 301–415–1642 or e-mail
fxc@nrc.gov.
SUPPLEMENTARY INFORMATION:
Dated at Rockville, Maryland, this 26th day
of September, 2005.
VerDate Aug<31>2005
16:03 Oct 04, 2005
Jkt 208001
For the Nuclear Regulatory Commission.
Michael R. Johnson,
Director, Office of Enforcement.
[FR Doc. 05–19931 Filed 10–4–05; 8:45 am]
BILLING CODE 7590–01–P
NUCLEAR WASTE TECHNICAL
REVIEW BOARD
Notice of Meeting
Board Meetings: November 8–9,
2005—Las Vegas, Nevada; The U.S.
Nuclear Waste Technical Review will
meet to discuss technical and scientific
issues related to the U.S. Department of
Energy’s efforts to develop a repository
at Yucca Mountain in Nevada.
Pursuant to its authority under
section 5051 of Public Law 100–203,
Nuclear Waste Policy Amendments Act
of 1987, the U.S. Nuclear Waste
Technical Review Board will meet in
Las Vegas, Nevada, on Tuesday,
November 8, and for a half-day on
Wednesday, November 9, 2005. The
Board will discuss a range of technical
and scientific issues pertinent to the
Department of Energy’s (DOE) efforts to
develop a repository for the permanent
disposal of spent nuclear fuel and highlevel radioactive waste at Yucca
Mountain in Nevada. The Board was
established by Congress in the Nuclear
Waste Policy Amendments Act of 1987
and charged with reviewing the
technical and scientific validity of
activities undertaken by the Secretary of
Energy related to disposal,
transportation, and packaging of spent
nuclear fuel and high-level radioactive
waste.
The meeting will be held at the
Renaissance Las Vegas Hotel; 3400
Paradise Road, Las Vegas, Nevada; (tel)
(702) 733–6533; (fax) (702) 735–3130.
The meeting sessions will begin on both
days at 8 a.m. and will continue until
approximately 5:30 p.m. on Tuesday
and 12:30 p.m. on Wednesday.
Topics that will be discussed at the
meeting include corrosion of the
repository waste package and drip
shield, investigations undertaken in the
saturated zone below the proposed
repository, and models used to
represent how waste will move through
the proposed repository’s surface
facilities. A final meeting agenda will be
available on the Board’s Web site, http:
//www.nwtrb.gov, approximately one
week before the date of the meeting. The
agenda also may be obtained by
telephone request at that time.
Time will be set aside at the end of
the sessions on both days for public
comments. Those wanting to speak are
encouraged to sign the ‘‘Public
PO 00000
Frm 00068
Fmt 4703
Sfmt 4703
Comment Register’’ at the check-in
table. A time limit may have to be set
on individual remarks, but written
comments of any length may be
submitted for the record. Interested
parties also may submit questions in
writing. As time permits, written
questions that are relevant to the
discussion may be raised by Board
members during the meeting.
Transcripts of the meetings will be
available on the Board’s Web site, by email, on computer disk, or on libraryloan basis in paper format beginning
December 5, 2005. For assistance in
obtaining meeting transcripts, contact
Davonya Barnes, NWTRB staff.
A block of rooms has been set aside
at the Renaissance Las Vegas Hotel for
meeting participants. When making a
reservation, please state that you are
attending the Nuclear Waste Technical
Review Board meeting. Reservations
should be made by October 15, 2005, to
ensure receiving the meeting rate.
For more information, contact Karyn
Severson, NWTRB External Affairs;
2300 Clarendon Boulevard, Suite 1300;
Arlington, VA 22201–3367; (tel) (703)
235–4473; (fax) (703) 235–4495.
Dated: September 30, 2005.
William D. Barnard,
Executive Director, Nuclear Waste Technical
Review Board.
[FR Doc. 05–20015 Filed 10–4–05; 8:45 am]
BILLING CODE 6820–AM–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52527; File No. SR–Amex–
2005–052]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Approval to Proposed Rule
Change and Amendment No. 1 Thereto
Relating to the Integration of
Regulatory Staff into Floor Official
Rulings and the Review of Floor
Official Rulings and Expediting the
Process for Appealing Floor Official
Rulings
September 29, 2005.
I. Introduction
On May 11, 2005, the American Stock
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to: (1) Amend Amex Rules 22(c),
1 15
2 17
E:\FR\FM\05OCN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
05OCN1
Federal Register / Vol. 70, No. 192 / Wednesday, October 5, 2005 / Notices
115, 958A(d), 958A–ANTE(d), 118(n),
135A and Amex Rule 155, Commentary
.05 to integrate regulatory staff into
Floor Official rulings and the review of
Floor Official rulings; and (2) amend
Amex Rule 22(d) to expedite the process
for appealing a Floor Official’s ruling.
On August 12, 2005, the Amex filed
Amendment No. 1 to the proposed rule
change.3 The proposed rule change, as
amended, was published for comment
in the Federal Register on August 30,
2005.4 The Commission received no
comments on the proposal, as amended.
This order approves the proposed rule
change, as amended.
II. Description of the Proposal
The Exchange proposes to amend
Amex Rule 22(c) to require that a
member of the regulatory staff
participate in an advisory capacity in
the following categories of Floor Official
rulings: 5 (i) Unusual market exception
to the Commission’s Firm Quote Rule;
(ii) Intermarket Trading System
disputes; (iii) member disputes; and (iv)
cancellations or revisions to trades. In
particular, the Exchange’s proposal
would require a member of the
regulatory staff to be present during a
Floor Official’s ruling on an advisory
basis. This member of the regulatory
staff would give his or her opinion on
the matter and, although the Floor
Official would be required to take this
opinion into consideration, the Floor
Official would not be required to rule
according to the regulatory staff
member’s opinion. Once a Floor
Official’s decision is documented by the
Floor Official, the participating
regulatory staff person will also sign the
form, indicating whether he or she
disagrees with the ruling.6 To conform
the remainder of the Exchange’s rules
with this proposed modification to
Amex Rule 22(c), the proposed rule
change also makes corresponding
amendments to Amex Rules 115,
958A(d), 958A–ANTE(d), 118(n), 135A
3 In Amendment No. 1 Amex made minor
revisions to the proposed rule text and clarified
certain details of its proposal. Amendment No. 1
replaced and superseded Amex’s original filing in
its entirety.
4 See Securities Exchange Act Release No. 52325
(August 23, 2005), 70 FR 51392.
5 Floor Officials are officers of the Exchange, who
are authorized to (1) make rulings on behalf of the
Exchange with respect to certain matters that
require a decision by the Exchange, and (2) resolve
trading disputes submitted to them by members.
Floor Official decisions are currently subject to
same day, on-floor appeal at the request of an
aggrieved member, first by an Exchange Official,
then by a Governor and finally by a panel of three
Governors.
6 The regulatory staff person will be responsible
for maintaining the documentation related to Floor
Official rulings and reviews that require the
participation of a regulatory staff person.
VerDate Aug<31>2005
16:03 Oct 04, 2005
Jkt 208001
and 155, Commentary .05, which are the
existing rules governing the application
of the unusual market exception to the
Commission’s Firm Quote Rule and the
Amex rules governing cancellation or
revisions to trades.7 Amex has indicated
that at the present time, regulatory staff
would not be required to participate in
Floor Official rulings relating to trading
halts, indications and reopenings, nonregular way trades, turning Auto-Ex off,
voluntary publication of imbalances,
and enforcing standards of floor
decorum.
The Amex also is proposing to amend
Amex Rule 22(d) in two respects.8 First,
the Exchange is proposing to amend
Amex Rule 22(d) to clarify that Senior
Floor Officials have the same authority
as Governors with respect to matters
arising on the Floor that require review
or action by Governors.9 The
amendment will replace each reference
to ‘‘Governor’’ with ‘‘Senior Floor
Official.’’ The Exchange also proposes to
make conforming changes to Amex Rule
118(n)(iii) 10 and Amex 135A(c) 11 to
replace ‘‘governor’’ and ‘‘Floor
Governor,’’ as applicable, with ‘‘Senior
Floor Official.’’ 12
Second, the Exchange proposes to
amend Amex Rule 22(d) to eliminate the
second tier in the current review
process of Floor Official decisions.
Amex Rule 22(d) currently provides for
three tiers of review in the appeal of a
Floor Official’s initial ruling.13 The
proposed rule will provide two levels of
review to a Floor Official’s initial
decision, first by an Exchange Official,
and then by a panel of three Senior
Floor Officials. In addition, under the
proposal, regulatory staff would advise
and participate in each level of review
of a Floor Official decision or ruling that
required the advice and participation of
a member of the regulatory staff in the
initial Floor Official ruling.
7 Amex Rules 936, 936C, 936–ANTE, 936C–
ANTE, governing the cancellation and adjustment
to equity and index option transactions, are not
being amended because regulatory staff is already
required to participate in such rulings.
8 Amex Rule 22(d) relates to the procedures for
reviewing a Floor Official’s initial ruling.
9 These changes are based on a recent amendment
to Amex Rule 21 approved by the Commission. See
Securities Exchange Act Release No. 51503 (April
7, 2005), 70 FR 19534 (April 13, 2005).
10 Amex Rule 118 relates to trading in Nasdaq
National Market securities.
11 Amex 135A relates to cancellations of, and
revisions in, transactions where both the buying
and selling members do not agree to the
cancellation or revision.
12 Amex Rules 118(n)(iii) and 135A(c) address the
process for review of transactions, and the ability
of a Floor Governor to declare a transaction null or
void, in the event of an operational malfunction or
‘‘extraordinary market conditions.’’
13 See supra note 5.
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Fmt 4703
Sfmt 4703
58247
III. Discussion
The Commission has carefully
reviewed the proposed rule change, as
amended, and finds that it is consistent
with the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange 14 and, in particular, the
requirements of Section 6 of the Act 15
and the rules and regulations
thereunder. Specifically, the
Commission finds that the proposal is
consistent with Section 6(b)(5) of the
Act 16 because it is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, and, in general, to
protect investors and the public interest.
In particular, the Commission believes
that the proposal is reasonably designed
to (1) ensure a more consistent
application of Amex’s rules in Floor
Official rulings and that such rulings are
in accordance with applicable rules, and
(2) increase the efficiency in reviewing
such rulings, while continuing to
provide for two levels of on-floor
review.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,17 that the
proposed rule change (SR–Amex–2005–
052), as amended, be, and it hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.18
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5449 Filed 10–4–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52516; File No. SR–Amex–
2005–078]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Approval to a Proposed Rule
Change and Amendment No. 1 Thereto
To Temporarily Suspend Specialist
Transaction Charges for the Nasdaq100 Index Tracking Stock (QQQQ)
September 27, 2005.
On July 15, 2005, the American Stock
Exchange LLC (‘‘Amex’’) filed with the
14 In approving this proposed rule change, as
amended, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
15 15 U.S.C. 78f.
16 15 U.S.C. 78f(b)(5).
17 15 U.S.C. 78s(b)(2).
18 17 CFR 200.30–3(a)(12).
E:\FR\FM\05OCN1.SGM
05OCN1
]]>Agencies
[Federal Register Volume 70, Number 192 (Wednesday, October 5, 2005)]
[Notices]
[Pages 58246-58247]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5449]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52527; File No. SR-Amex-2005-052]
Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval to Proposed Rule Change and Amendment No. 1 Thereto
Relating to the Integration of Regulatory Staff into Floor Official
Rulings and the Review of Floor Official Rulings and Expediting the
Process for Appealing Floor Official Rulings
September 29, 2005.
I. Introduction
On May 11, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to: (1) Amend Amex Rules 22(c),
[[Page 58247]]
115, 958A(d), 958A-ANTE(d), 118(n), 135A and Amex Rule 155, Commentary
.05 to integrate regulatory staff into Floor Official rulings and the
review of Floor Official rulings; and (2) amend Amex Rule 22(d) to
expedite the process for appealing a Floor Official's ruling. On August
12, 2005, the Amex filed Amendment No. 1 to the proposed rule
change.\3\ The proposed rule change, as amended, was published for
comment in the Federal Register on August 30, 2005.\4\ The Commission
received no comments on the proposal, as amended. This order approves
the proposed rule change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1 Amex made minor revisions to the proposed
rule text and clarified certain details of its proposal. Amendment
No. 1 replaced and superseded Amex's original filing in its
entirety.
\4\ See Securities Exchange Act Release No. 52325 (August 23,
2005), 70 FR 51392.
---------------------------------------------------------------------------
II. Description of the Proposal
The Exchange proposes to amend Amex Rule 22(c) to require that a
member of the regulatory staff participate in an advisory capacity in
the following categories of Floor Official rulings: \5\ (i) Unusual
market exception to the Commission's Firm Quote Rule; (ii) Intermarket
Trading System disputes; (iii) member disputes; and (iv) cancellations
or revisions to trades. In particular, the Exchange's proposal would
require a member of the regulatory staff to be present during a Floor
Official's ruling on an advisory basis. This member of the regulatory
staff would give his or her opinion on the matter and, although the
Floor Official would be required to take this opinion into
consideration, the Floor Official would not be required to rule
according to the regulatory staff member's opinion. Once a Floor
Official's decision is documented by the Floor Official, the
participating regulatory staff person will also sign the form,
indicating whether he or she disagrees with the ruling.\6\ To conform
the remainder of the Exchange's rules with this proposed modification
to Amex Rule 22(c), the proposed rule change also makes corresponding
amendments to Amex Rules 115, 958A(d), 958A-ANTE(d), 118(n), 135A and
155, Commentary .05, which are the existing rules governing the
application of the unusual market exception to the Commission's Firm
Quote Rule and the Amex rules governing cancellation or revisions to
trades.\7\ Amex has indicated that at the present time, regulatory
staff would not be required to participate in Floor Official rulings
relating to trading halts, indications and reopenings, non-regular way
trades, turning Auto-Ex off, voluntary publication of imbalances, and
enforcing standards of floor decorum.
---------------------------------------------------------------------------
\5\ Floor Officials are officers of the Exchange, who are
authorized to (1) make rulings on behalf of the Exchange with
respect to certain matters that require a decision by the Exchange,
and (2) resolve trading disputes submitted to them by members. Floor
Official decisions are currently subject to same day, on-floor
appeal at the request of an aggrieved member, first by an Exchange
Official, then by a Governor and finally by a panel of three
Governors.
\6\ The regulatory staff person will be responsible for
maintaining the documentation related to Floor Official rulings and
reviews that require the participation of a regulatory staff person.
\7\ Amex Rules 936, 936C, 936-ANTE, 936C-ANTE, governing the
cancellation and adjustment to equity and index option transactions,
are not being amended because regulatory staff is already required
to participate in such rulings.
---------------------------------------------------------------------------
The Amex also is proposing to amend Amex Rule 22(d) in two
respects.\8\ First, the Exchange is proposing to amend Amex Rule 22(d)
to clarify that Senior Floor Officials have the same authority as
Governors with respect to matters arising on the Floor that require
review or action by Governors.\9\ The amendment will replace each
reference to ``Governor'' with ``Senior Floor Official.'' The Exchange
also proposes to make conforming changes to Amex Rule 118(n)(iii) \10\
and Amex 135A(c) \11\ to replace ``governor'' and ``Floor Governor,''
as applicable, with ``Senior Floor Official.'' \12\
---------------------------------------------------------------------------
\8\ Amex Rule 22(d) relates to the procedures for reviewing a
Floor Official's initial ruling.
\9\ These changes are based on a recent amendment to Amex Rule
21 approved by the Commission. See Securities Exchange Act Release
No. 51503 (April 7, 2005), 70 FR 19534 (April 13, 2005).
\10\ Amex Rule 118 relates to trading in Nasdaq National Market
securities.
\11\ Amex 135A relates to cancellations of, and revisions in,
transactions where both the buying and selling members do not agree
to the cancellation or revision.
\12\ Amex Rules 118(n)(iii) and 135A(c) address the process for
review of transactions, and the ability of a Floor Governor to
declare a transaction null or void, in the event of an operational
malfunction or ``extraordinary market conditions.''
---------------------------------------------------------------------------
Second, the Exchange proposes to amend Amex Rule 22(d) to eliminate
the second tier in the current review process of Floor Official
decisions. Amex Rule 22(d) currently provides for three tiers of review
in the appeal of a Floor Official's initial ruling.\13\ The proposed
rule will provide two levels of review to a Floor Official's initial
decision, first by an Exchange Official, and then by a panel of three
Senior Floor Officials. In addition, under the proposal, regulatory
staff would advise and participate in each level of review of a Floor
Official decision or ruling that required the advice and participation
of a member of the regulatory staff in the initial Floor Official
ruling.
---------------------------------------------------------------------------
\13\ See supra note 5.
---------------------------------------------------------------------------
III. Discussion
The Commission has carefully reviewed the proposed rule change, as
amended, and finds that it is consistent with the requirements of the
Act and the rules and regulations thereunder applicable to a national
securities exchange \14\ and, in particular, the requirements of
Section 6 of the Act \15\ and the rules and regulations thereunder.
Specifically, the Commission finds that the proposal is consistent with
Section 6(b)(5) of the Act \16\ because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and, in general, to protect investors
and the public interest. In particular, the Commission believes that
the proposal is reasonably designed to (1) ensure a more consistent
application of Amex's rules in Floor Official rulings and that such
rulings are in accordance with applicable rules, and (2) increase the
efficiency in reviewing such rulings, while continuing to provide for
two levels of on-floor review.
---------------------------------------------------------------------------
\14\ In approving this proposed rule change, as amended, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
\15\ 15 U.S.C. 78f.
\16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\17\ that the proposed rule change (SR-Amex-2005-052), as amended,
be, and it hereby is, approved.
---------------------------------------------------------------------------
\17\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-5449 Filed 10-4-05; 8:45 am]
BILLING CODE 8010-01-P
