Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Revisions to the Study Outline and Selection Specifications for the Limited Principal-Registered Options (Series 4) Examination Program, 74395-74397 [E5-7367]

Download as PDF Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices Nasdaq listing standards, or raise public interest concerns. Nasdaq believes, however, that the authority to issue public reprimand letters would provide Nasdaq with the ability to impose lesser sanctions on issuers in limited circumstances, when delisting is not appropriate. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of section 15A of the Act,12 in general, and with section 15A(b)(6) of the Act,13 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, remove impediments to a free and open market and a national market system, and, in general, to protect investors and the public interest. Nasdaq believes that this proposed rule change would increase the objectivity and transparency of its process of sanctioning companies for violations of listing standards and would promote public confidence in Nasdaq and the quality of Nasdaq’s listed companies. B. Self-Regulatory Organization’s Statement on Burden on Competition Nasdaq does not believe that the proposed rule change would result in 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 Nasdaq neither solicited nor received written comments. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action This proposal has become effective pursuant to section 19(b)(3)(A) of the Act 14 and subparagraph (f)(6) of Rule 19b–4 thereunder 15 because the proposal: (1) Does not significantly affect the protection of investors or the public interest, (2) does not impose any significant burden on competition, and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest. Nasdaq has requested that the Commission waive the requirement that 12 15 U.S.C. 78o–3. U.S.C. 78o–3(b)(6). 14 15 U.S.C. 78s(b)(3)(A). 15 17 CFR 240.19b–4(f)(6). 13 15 VerDate Aug<31>2005 17:24 Dec 14, 2005 Jkt 208001 the proposed rule change not become operative for 30 days after the date of the filing. The Commission notes that the proposed rule change is substantially similar to New York Stock Exchange Rule 303A.13,16 which was previously approved by the Commission after notice and comment and, therefore, does not raise any new regulatory issues.17 For this reason, the Commission designates the proposal to be effective and operative upon filing with the Commission.18 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 is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NASD–2005–136 on the subject line. Paper Comments • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number SR–NASD–2005–136. 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 16 See Securities Exchange Release No. 48745 (November 4, 2003), 68 FR 64154 (November 12, 2003) (SR–NYSE–2002–33). 17 Rule 19b–4(f)(6) also requires a self-regulatory organization to give written notice of a proposed rule change filed pursuant to this subsection at least five business days prior to filing. Nasdaq complied with this requirement. 18 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 74395 submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of the NASD. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–NASD–2005–136 and should be submitted on or before January 5, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.19 Jonathan G. Katz, Secretary. [FR Doc. E5–7384 Filed 12–14–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52921; File No. SR–NYSE– 2005–84] Self-Regulatory Organizations; New York Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Revisions to the Study Outline and Selection Specifications for the Limited Principal—Registered Options (Series 4) Examination Program December 7, 2005. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on November 30, 2005, the New York Stock Exchange, Inc. (‘‘NYSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as constituting a stated policy, practice, or interpretation with respect to the meaning, 19 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\15DEN1.SGM 15DEN1 74396 Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices administration, or enforcement of an existing rule of the self-regulatory organization pursuant to section 19(b)(3)(A)(i) of the Act 3 and Rule 19b– 4(f)(1) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing with the Commission revisions to the study outline and selection specifications for the Limited Principal—Registered Options (Series 4) examination program. The proposed revisions update the material to reflect changes to the laws, rules, and regulations covered by the examination, as well as modify the content of the examination program to track more closely the functional workflow of a Series 4 Limited Principal. The revised study outline is available on the Exchange’s Web site (https:// www.nyse.com), at the NYSE, and at the Commission. However, the Exchange has omitted the Series 4 selection specifications from this filing and has submitted the specifications under separate cover to the Commission with a request for confidential treatment pursuant to Rule 24b–2 5 under the Act. The Exchange will announce the proposed rule change and the implementation date to its members and member organizations in an Information Memo to be published no later than 30 days after SEC Notice of this filing. 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 change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The 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 Pursuant to section 6(c)(3)(B) 6 of the Act, which requires the Exchange to prescribe standards of training, experience, and competence for persons associated with Exchange members and member organizations, the Exchange has developed examinations, and administers examinations developed by other self-regulatory organizations (‘‘SROs’’), that are designed to establish that persons associated with Exchange members and member organizations have attained specified levels of competence and knowledge. The Exchange periodically reviews the content of the examinations to determine whether revisions are necessary or appropriate in view of changes pertaining to the subject matter covered by the examinations. NYSE Rule 345 (‘‘Employees— Registration, Approval, Records’’) requires member firms to register with the NYSE any individuals who regularly perform duties customarily performed by a direct supervisor of a registered representative. NYSE Rule 720 (‘‘Registration of Options Principals’’) provides, in part, that no member organization may conduct a public options business unless those engaged in the management of the business pertaining to options are registered with and approved by the Exchange as Options Principals. Among other things, an Options Principal is required to successfully complete an examination prescribed by the Exchange for the purpose of demonstrating an adequate knowledge of options trading. The Series 4 examination is such an examination. The Series 4 examination, an industry-wide examination, qualifies an individual to function as a Registered Options and Security Futures Principal, but only for purposes of supervising a member firm’s options activities.7 The Series 4 examination tests a candidate’s knowledge of options trading generally, the industry rules applicable to trading of option contracts, and the rules of registered clearing agencies for options. The Series 4 examination covers, among other things, 6 15 U.S.C. 78f(c)(3)(B). Registered Options and Security Futures Principal also must complete a firm-element continuing education program that addresses security futures and a principal’s responsibilities for security futures before such person can supervise security futures activities. 7A 3 15 U.S.C. 78s(b)(3)(A)(i). CFR 240.19b–4(f)(1). 5 17 CFR 240.24b–2. 4 17 VerDate Aug<31>2005 17:24 Dec 14, 2005 Jkt 208001 PO 00000 Frm 00108 Fmt 4703 Sfmt 4703 equity options, foreign currency options, index options, and options on government and mortgage-backed securities. The Series 4 examination program is shared by the Exchange and the following SROs: the National Association of Securities Dealers, Inc., the American Stock Exchange LLC, the Chicago Board Options Exchange, Inc., the Pacific Exchange, Inc., and the Philadelphia Stock Exchange, Inc. A committee of industry representatives, together with the staff of the Exchange and the other SROs, recently undertook a periodic review of the Series 4 examination program. As a result of this review and as part of an ongoing effort to align the examination more closely to the supervisory duties of a Series 4 Limited Principal, the Exchange is proposing to modify the content of the examination to track the functional workflow of a Series 4 Limited Principal. More specifically, the Exchange is proposing to revise the main section headings and the number of questions on each section of the Series 4 study outline as follows: Options Investment Strategies, decreased from 35 to 34 questions; Supervision of Sales Activities and Trading Practices, increased from 71 to 75 questions; and Supervision of Employees, Business Conduct, and Recordkeeping and Reporting Requirements, decreased from 19 to 16 questions. The Exchange is further proposing revisions to the study outline to reflect the SEC short sale requirements. The revised examination continues to cover the areas of knowledge required to supervise options activities. The Exchange is proposing these changes to the entire content of the Series 4 examination, including the selection specifications and question bank. The number of questions on the Series 4 examination will remain at 125, and candidates will continue to have three hours to complete the exam. Also, each question will continue to count one point, and each candidate must correctly answer 70 percent of the questions to receive a passing grade. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(c)(3)(B) 8 of the Act, in that it provides for the prescription by NYSE of standards of training, experience, and competence for persons associated with NYSE members and member organizations. 8 15 E:\FR\FM\15DEN1.SGM U.S.C. 78f(c)(3)(B). 15DEN1 Federal Register / Vol. 70, No. 240 / Thursday, December 15, 2005 / Notices B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in 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 Comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The proposed rule change has become effective pursuant to section 19(b)(3)(A)(i) 9 of the Act and Rule 19b– 4(f)(1) thereunder,10 in that the proposed rule change constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule of the self-regulatory organization. The Exchange will announce the implementation date to its members and member organizations in an Information Memo to be published no later than 30 days after SEC Notice of this filing. 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 is consistent with the Act. Comments may be submitted by any of the following methods: 100 F Street, NE., Washington, DC 20549–9303. All submissions should refer to File Number SR–NYSE–2005–84. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will 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–2005–84 and should be submitted on or before January 5, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Jonathan G. Katz, Secretary. [FR Doc. E5–7367 Filed 12–14–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52927; File No. SR–PCX– 2005–128] Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2005–84 on the subject line. Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Clarifying the Hours Certain Vanguard International Equity Index Funds Are Eligible To Trade on the Archipelago Exchange Paper Comments December 8, 2005. • Send paper comments in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. notice is hereby given that on November 22, 2005, the Pacific Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposed rule change as a ‘‘noncontroversial’’ rule change under Rule 19b–4(f)(6) under the Act,3 which rendered the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange, through its wholly owned subsidiary PCX Equities, Inc. (‘‘PCXE’’), proposes to amend its rules governing the Archipelago Exchange (‘‘ArcaEx’’), the equity trading facility of PCXE. With this filing, the Exchange proposes to clarify the hours under PCXE Rule 7.34 that three exchange traded funds based on Vanguard International Equity Indices—Morgan Stanley Capital International Inc. (‘‘MSCI’’) Europe Index (ticker symbol: VGK), MSCI Pacific Index (ticker symbol: VPL), and MSCI Emerging Markets Select Index (ticker symbol: VWO) (the ‘‘Funds’’)—are eligible to trade on ArcaEx pursuant to unlisted trading privileges (‘‘UTP’’). A copy of the proposed rule change is available on the PCX Web site (https:// www.pacificex.com), at the PCX’s Office of the Secretary, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. 11 17 9 15 U.S.C. 78s(b)(3)(A)(i). 10 17 CFR 240.19b–4(f)(1). VerDate Aug<31>2005 17:24 Dec 14, 2005 1 15 Jkt 208001 PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 74397 3 17 E:\FR\FM\15DEN1.SGM CFR 240.19b–4(f)(6). 15DEN1

Agencies

[Federal Register Volume 70, Number 240 (Thursday, December 15, 2005)]
[Notices]
[Pages 74395-74397]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7367]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52921; File No. SR-NYSE-2005-84]


Self-Regulatory Organizations; New York Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Revisions to the Study Outline and Selection Specifications 
for the Limited Principal--Registered Options (Series 4) Examination 
Program

December 7, 2005.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on November 30, 2005, the New York Stock Exchange, Inc. (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III below, which Items have been prepared by the 
Exchange. The Exchange has designated the proposed rule change as 
constituting a stated policy, practice, or interpretation with respect 
to the meaning,

[[Page 74396]]

administration, or enforcement of an existing rule of the self-
regulatory organization pursuant to section 19(b)(3)(A)(i) of the Act 
\3\ and Rule 19b-4(f)(1) thereunder,\4\ which renders the proposal 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing with the Commission revisions to the study 
outline and selection specifications for the Limited Principal--
Registered Options (Series 4) examination program. The proposed 
revisions update the material to reflect changes to the laws, rules, 
and regulations covered by the examination, as well as modify the 
content of the examination program to track more closely the functional 
workflow of a Series 4 Limited Principal.
    The revised study outline is available on the Exchange's Web site 
(https://www.nyse.com), at the NYSE, and at the Commission. However, the 
Exchange has omitted the Series 4 selection specifications from this 
filing and has submitted the specifications under separate cover to the 
Commission with a request for confidential treatment pursuant to Rule 
24b-2 \5\ under the Act.
---------------------------------------------------------------------------

    \5\ 17 CFR 240.24b-2.
---------------------------------------------------------------------------

    The Exchange will announce the proposed rule change and the 
implementation date to its members and member organizations in an 
Information Memo to be published no later than 30 days after SEC Notice 
of this filing.

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 change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The 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
    Pursuant to section 6(c)(3)(B) \6\ of the Act, which requires the 
Exchange to prescribe standards of training, experience, and competence 
for persons associated with Exchange members and member organizations, 
the Exchange has developed examinations, and administers examinations 
developed by other self-regulatory organizations (``SROs''), that are 
designed to establish that persons associated with Exchange members and 
member organizations have attained specified levels of competence and 
knowledge. The Exchange periodically reviews the content of the 
examinations to determine whether revisions are necessary or 
appropriate in view of changes pertaining to the subject matter covered 
by the examinations.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(c)(3)(B).
---------------------------------------------------------------------------

    NYSE Rule 345 (``Employees--Registration, Approval, Records'') 
requires member firms to register with the NYSE any individuals who 
regularly perform duties customarily performed by a direct supervisor 
of a registered representative.
    NYSE Rule 720 (``Registration of Options Principals'') provides, in 
part, that no member organization may conduct a public options business 
unless those engaged in the management of the business pertaining to 
options are registered with and approved by the Exchange as Options 
Principals. Among other things, an Options Principal is required to 
successfully complete an examination prescribed by the Exchange for the 
purpose of demonstrating an adequate knowledge of options trading. The 
Series 4 examination is such an examination.
    The Series 4 examination, an industry-wide examination, qualifies 
an individual to function as a Registered Options and Security Futures 
Principal, but only for purposes of supervising a member firm's options 
activities.\7\
---------------------------------------------------------------------------

    \7\ A Registered Options and Security Futures Principal also 
must complete a firm-element continuing education program that 
addresses security futures and a principal's responsibilities for 
security futures before such person can supervise security futures 
activities.
---------------------------------------------------------------------------

    The Series 4 examination tests a candidate's knowledge of options 
trading generally, the industry rules applicable to trading of option 
contracts, and the rules of registered clearing agencies for options. 
The Series 4 examination covers, among other things, equity options, 
foreign currency options, index options, and options on government and 
mortgage-backed securities.
    The Series 4 examination program is shared by the Exchange and the 
following SROs: the National Association of Securities Dealers, Inc., 
the American Stock Exchange LLC, the Chicago Board Options Exchange, 
Inc., the Pacific Exchange, Inc., and the Philadelphia Stock Exchange, 
Inc. A committee of industry representatives, together with the staff 
of the Exchange and the other SROs, recently undertook a periodic 
review of the Series 4 examination program.
    As a result of this review and as part of an ongoing effort to 
align the examination more closely to the supervisory duties of a 
Series 4 Limited Principal, the Exchange is proposing to modify the 
content of the examination to track the functional workflow of a Series 
4 Limited Principal. More specifically, the Exchange is proposing to 
revise the main section headings and the number of questions on each 
section of the Series 4 study outline as follows: Options Investment 
Strategies, decreased from 35 to 34 questions; Supervision of Sales 
Activities and Trading Practices, increased from 71 to 75 questions; 
and Supervision of Employees, Business Conduct, and Recordkeeping and 
Reporting Requirements, decreased from 19 to 16 questions. The Exchange 
is further proposing revisions to the study outline to reflect the SEC 
short sale requirements. The revised examination continues to cover the 
areas of knowledge required to supervise options activities.
    The Exchange is proposing these changes to the entire content of 
the Series 4 examination, including the selection specifications and 
question bank. The number of questions on the Series 4 examination will 
remain at 125, and candidates will continue to have three hours to 
complete the exam. Also, each question will continue to count one 
point, and each candidate must correctly answer 70 percent of the 
questions to receive a passing grade.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(c)(3)(B) \8\ of the Act, in that it provides for the 
prescription by NYSE of standards of training, experience, and 
competence for persons associated with NYSE members and member 
organizations.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(c)(3)(B).

---------------------------------------------------------------------------

[[Page 74397]]

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in 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

    Comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The proposed rule change has become effective pursuant to section 
19(b)(3)(A)(i) \9\ of the Act and Rule 19b-4(f)(1) thereunder,\10\ in 
that the proposed rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the self-regulatory organization. 
The Exchange will announce the implementation date to its members and 
member organizations in an Information Memo to be published no later 
than 30 days after SEC Notice of this filing.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

    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 is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2005-84 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-2005-84. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room. Copies of such 
filing also will 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-2005-84 and should be submitted on or before 
January 5, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jonathan G. Katz,
Secretary.
 [FR Doc. E5-7367 Filed 12-14-05; 8:45 am]
BILLING CODE 8010-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.