Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Rule 1009 To Reference the Exchange's “designated staff” or “designated department” Instead of Its “Department of Securities”, 2977-2978 [E6-433]

Download as PDF Federal Register / Vol. 71, No. 11 / Wednesday, January 18, 2006 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53095; File No. SR–Phlx– 2005–84] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Phlx Rule 1009 To Reference the Exchange’s ‘‘designated staff’’ or ‘‘designated department’’ Instead of Its ‘‘Department of Securities’’ January 10, 2006. 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 December 28, 2005, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ 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 Phlx. The Phlx filed the proposal as a ‘‘noncontroversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposal effective upon filing with the Commission.5 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 Phlx proposes to amend Phlx Rule 1009 to change the reference from Department of Securities (‘‘DOS’’) to the Exchange’s ‘‘designated staff’’ or ‘‘designated department’’ to conform the rule to a recent internal departmental name change. The text of the proposed rule change is below. Proposed new text is in italic, and proposed deletions are in [brackets]. Rule 1009. Criteria for Underlying Securities (a), (b) and (c)—No Change. Commentary: .01—No Change. .02 (a) Members, member organizations or any person proposing to list any option not currently listed on 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 5 As required by Rule 19b–4(f)(6)(iii), 17 CFR 240.19b–4(f)(6)(iii), the Phlx submitted written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing. erjones on PROD1PC68 with NOTICES 2 17 VerDate Aug<31>2005 15:06 Jan 17, 2006 Jkt 208001 the Exchange shall submit a form of request (a ‘‘Request to List an Option’’), available from the Exchange’s [Department of Securities (‘‘DOS’’), to DOS staff ‘‘designated staff’’ or ‘‘designated department’’ (together ‘‘the designated department’’). (b) As soon as practicable, but not later than three (3) business days following receipt of the Request to List an Option, [DOS staff] the designated department shall review the proposed option’s eligibility for listing, using the objective listing criteria set forth in Commentary .01 of this Rule. If [DOS staff] the designated department determines that the proposed option does not meet the objective listing criteria set forth in Commentary .01 of this Rule, [DOS staff] the designated department shall prepare a responsive form (a ‘‘Notification Memorandum’’) stating the reason(s) why the proposed option is not eligible for listing. [DOS staff] The designated department shall forward the Notification Memorandum to the member or member organization that submitted the Request to List an Option within three (3) business days of its determination that the proposed option does not meet objective listing criteria. [DOS staff] The designated department shall maintain all Requests to List an Option and Notification Memoranda in a central file for a period of not less than five (5) years. (c) If [DOS staff] the designated department determines that the proposed option meets the objective listing criteria set forth in Commentary .01 of this Rule, [DOS staff] the designated department shall present the initial Request to List an Option and the subsequent review to the Chairman of the Board of Governors or his designee, who shall, within ten (10) business days of receipt of the Request to List an Option, instruct [DOS staff] the designated department to: (i) Solicit options specialists to submit applications for specialist privileges in the option; or (ii) Within three (3) business days, prepare and forward a letter to the member or member organization that submitted the Request to List an Option, setting forth in reasonable detail the basis on which the decision not to list, or to place limitations or conditions upon, the proposed option was made. .02 (d)–(e)—No Change. .03–.07—No Change. * * * * * PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 2977 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 Phlx included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposal. The text of these statements may be examined at the places specified in Item IV below. The Phlx 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 Currently, Commentary .01 to Phlx Rule 1009 states that the Department of Securities (‘‘DOS’’) receives and processes a ‘‘Request to List an Option’’ form. Due to the recent renaming of DOS at the Exchange, references to DOS in Phlx Rule 1009 need to be changed. To allow adequate flexibility in the event that further changes are necessary in the future, the Exchange proposes to replace in Phlx Rule 1009, the term ‘‘DOS’’ with the terms ‘‘designated staff’’ or ‘‘designated department.’’ 6 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 7 in general, and furthers the objectives of Section 6(b)(5) of the Act 8 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by eliminating obsolete references in Phlx Rule 1009. B. Self-Regulatory Organization’s Statement on Burden on Competition The Phlx believes that the proposed rule change will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. 6 Promptly after publication by the Commission of this filing, the Exchange will announce the designated staff or designated department that will receive and process the ‘‘Request to List an Option’’ form by way of a memorandum to Exchange membership. Thereafter, change in the designated staff or designated department, which change may be made by an officer of the Exchange, and the effective date thereof will be announced by way of a memorandum to Exchange membership. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). E:\FR\FM\18JAN1.SGM 18JAN1 2978 Federal Register / Vol. 71, No. 11 / Wednesday, January 18, 2006 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Phlx 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 Because the foregoing proposed rule change: (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, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b–4(f)(6) thereunder. A proposed rule change filed under Rule 19b–4(f)(6) normally does not become operative for 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Phlx has asked the Commission to waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposed rule change corrects references that are now obsolete.9 For this reason, the Commission designates that the proposal has become effective and operative immediately upon filing with the Commission. 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.10 erjones on PROD1PC68 with NOTICES 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: purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 10 See Rule 19b–4(f)(6)(iii), 17 CFR 240.19b– 4(f)(6)(iii). Electronic Comments SMALL BUSINESS ADMINISTRATION • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2005–84 on the subject line. [License No. 09/79–0432] Nancy M. Morris, Secretary. [FR Doc. E6–433 Filed 1–17–06; 8:45 am] SUMMARY: This is an amendment of an Economic Injury Disaster Loan (EIDL) declaration for the State of Maine, dated 01/06/2006. Incident: Outbreak of red tide in the waters off Maine. Incident Period: May 24, 2005 and continuing. Notice is hereby given that Telesoft Partners II SBIC, LP, 1450 Fashion Paper Comments Island Blvd., Suite 610, San Mateo, CA 94404, a Federal Licensee under the • Send paper comments in triplicate Small Business Investment Act of 1958, to Nancy M. Morris, Secretary, as amended (‘‘the Act’’), in connection Securities and Exchange Commission, with the financing of a small concern, 100 F Street, NE., Washington, DC has sought an exemption under section 20549–9303. 312 of the Act and section 107.730, All submissions should refer to File Financings which Constitute Conflicts of Interest of the Small Business Number SR–Phlx–2005–84. This file Administration (‘‘SBA’’) Rules and number should be included on the subject line if e-mail is used. To help the Regulations (13 CFR 107.730). Telesoft Partners II SBIC, LP proposes to provide Commission process and review your equity/debt security financing to comments more efficiently, please use only one method. The Commission will LogLogic, Inc. The financing is post all comments on the Commission’s contemplated for working capital and general corporate purposes. Internet Web site (http://www.sec.gov/ The financing is brought within the rules/sro.shtml). Copies of the purview of § 107.730(a)(1) of the submission, all subsequent Regulations because Telesoft Partners II amendments, all written statements QP, LP, Telesoft Partners II, LP and with respect to the proposed rule Telesoft NP Employee Fund, LLC, all change that are filed with the Associates of Telesoft Partners II SBIC, Commission, and all written L.P., own more than ten percent of communications relating to the LogLogic, Inc. proposed rule change between the Notice is hereby given that any Commission and any person, other than interested person may submit written those that may be withheld from the comments on the transaction to the public in accordance with the Associate Administrator for Investment, provisions of 5 U.S.C. 552, will be U.S. Small Business Administration, available for inspection and copying in 409 Third Street, SW., Washington, DC the Commission’s Public Reference 20416. Room. Copies of such filing also will be Dated: November 30, 2005. available for inspection and copying at ´ Jaime Guzman-Fournier, the principal office of the Phlx. Associate Administrator for Investment. All comments received will be posted [FR Doc. E6–439 Filed 1–17–06; 8:45 am] without change; the Commission does BILLING CODE 8025–01–P not edit personal identifying information from submissions. You should submit only information that SMALL BUSINESS ADMINISTRATION you wish to make available publicly. All [Disaster Declaration # 10131] submissions should refer to File Number SR–Phlx–2005–84 and should Maine Disaster # ME–00002 be submitted on or before February 8, Declaration of Economic Injury 2006. AGENCY: U.S. Small Business For the Commission, by the Division of Administration. Market Regulation, pursuant to delegated ACTION: Amendment 1. authority.11 BILLING CODE 8010–01–P 9 For VerDate Aug<31>2005 15:06 Jan 17, 2006 Jkt 208001 Telesoft Partners II SBIC, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest 11 17 PO 00000 CFR 200.30–3(a)(12). Frm 00079 Fmt 4703 Sfmt 4703 DATES: E:\FR\FM\18JAN1.SGM Effective Date: January 6, 2006. 18JAN1

Agencies

[Federal Register Volume 71, Number 11 (Wednesday, January 18, 2006)]
[Notices]
[Pages 2977-2978]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-433]



[[Page 2977]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53095; File No. SR-Phlx-2005-84]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Phlx Rule 1009 To Reference the Exchange's ``designated staff'' 
or ``designated department'' Instead of Its ``Department of 
Securities''

January 10, 2006.
    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 December 28, 2005, the Philadelphia Stock Exchange, Inc. (``Phlx'' 
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 Phlx. The Phlx filed 
the proposal as a ``non-controversial'' proposed rule change pursuant 
to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) 
thereunder,\4\ which renders the proposal effective upon filing with 
the Commission.\5\ 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).
    \4\ 17 CFR 240.19b-4(f)(6).
    \5\ As required by Rule 19b-4(f)(6)(iii), 17 CFR 240.19b-
4(f)(6)(iii), the Phlx submitted written notice of its intent to 
file the proposed rule change, along with a brief description and 
text of the proposed rule change, at least five business days prior 
to the date of filing.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Phlx proposes to amend Phlx Rule 1009 to change the reference 
from Department of Securities (``DOS'') to the Exchange's ``designated 
staff'' or ``designated department'' to conform the rule to a recent 
internal departmental name change. The text of the proposed rule change 
is below. Proposed new text is in italic, and proposed deletions are in 
[brackets].
Rule 1009. Criteria for Underlying Securities
    (a), (b) and (c)--No Change.
    Commentary:
    .01--No Change.
    .02 (a) Members, member organizations or any person proposing to 
list any option not currently listed on the Exchange shall submit a 
form of request (a ``Request to List an Option''), available from the 
Exchange's [Department of Securities (``DOS''), to DOS staff 
``designated staff'' or ``designated department'' (together ``the 
designated department'').
    (b) As soon as practicable, but not later than three (3) business 
days following receipt of the Request to List an Option, [DOS staff] 
the designated department shall review the proposed option's 
eligibility for listing, using the objective listing criteria set forth 
in Commentary .01 of this Rule. If [DOS staff] the designated 
department determines that the proposed option does not meet the 
objective listing criteria set forth in Commentary .01 of this Rule, 
[DOS staff] the designated department shall prepare a responsive form 
(a ``Notification Memorandum'') stating the reason(s) why the proposed 
option is not eligible for listing. [DOS staff] The designated 
department shall forward the Notification Memorandum to the member or 
member organization that submitted the Request to List an Option within 
three (3) business days of its determination that the proposed option 
does not meet objective listing criteria. [DOS staff] The designated 
department shall maintain all Requests to List an Option and 
Notification Memoranda in a central file for a period of not less than 
five (5) years.
    (c) If [DOS staff] the designated department determines that the 
proposed option meets the objective listing criteria set forth in 
Commentary .01 of this Rule, [DOS staff] the designated department 
shall present the initial Request to List an Option and the subsequent 
review to the Chairman of the Board of Governors or his designee, who 
shall, within ten (10) business days of receipt of the Request to List 
an Option, instruct [DOS staff] the designated department to:
    (i) Solicit options specialists to submit applications for 
specialist privileges in the option; or
    (ii) Within three (3) business days, prepare and forward a letter 
to the member or member organization that submitted the Request to List 
an Option, setting forth in reasonable detail the basis on which the 
decision not to list, or to place limitations or conditions upon, the 
proposed option was made.
    .02 (d)-(e)--No Change.
    .03-.07--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 Phlx included statements 
concerning the purpose of, and basis for, the proposed rule change and 
discussed any comments it received on the proposal. The text of these 
statements may be examined at the places specified in Item IV below. 
The Phlx 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
    Currently, Commentary .01 to Phlx Rule 1009 states that the 
Department of Securities (``DOS'') receives and processes a ``Request 
to List an Option'' form. Due to the recent renaming of DOS at the 
Exchange, references to DOS in Phlx Rule 1009 need to be changed. To 
allow adequate flexibility in the event that further changes are 
necessary in the future, the Exchange proposes to replace in Phlx Rule 
1009, the term ``DOS'' with the terms ``designated staff'' or 
``designated department.'' \6\
---------------------------------------------------------------------------

    \6\ Promptly after publication by the Commission of this filing, 
the Exchange will announce the designated staff or designated 
department that will receive and process the ``Request to List an 
Option'' form by way of a memorandum to Exchange membership. 
Thereafter, change in the designated staff or designated department, 
which change may be made by an officer of the Exchange, and the 
effective date thereof will be announced by way of a memorandum to 
Exchange membership.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \7\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \8\ in particular, in that it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest, 
by eliminating obsolete references in Phlx Rule 1009.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Phlx believes that the proposed rule change will not impose any 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

[[Page 2978]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Phlx 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

    Because the foregoing proposed rule change: (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, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.
    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of filing. However, 
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Phlx has asked the Commission to waive the 30-
day operative delay. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because the proposed rule change corrects references 
that are now obsolete.\9\ For this reason, the Commission designates 
that the proposal has become effective and operative immediately upon 
filing with the Commission.
---------------------------------------------------------------------------

    \9\ For purposes only of waiving the 30-day operative delay, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    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.\10\
---------------------------------------------------------------------------

    \10\ See Rule 19b-4(f)(6)(iii), 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2005-84 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.

All submissions should refer to File Number SR-Phlx-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 (http://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 Phlx.
    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-Phlx-2005-84 
and should be submitted on or before February 8, 2006.

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

    \11\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-433 Filed 1-17-06; 8:45 am]
BILLING CODE 8010-01-P