Joint Industry Plan; Order Granting Approval of Category 1 Changes From Amendment No. 13 of the Reporting Plan for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privilege Basis, Submitted by the Pacific Exchange, Inc., the National Association of Securities Dealers, Inc., the American Stock Exchange LLC, the Boston Stock Exchange, Inc., the Chicago Stock Exchange, Inc., the National Stock Exchange, Inc., and the Philadelphia Stock Exchange, Inc., 8007-8008 [E6-2108]
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cprice-sewell on PROD1PC66 with NOTICES
Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Notices
There are approximately 4300
investment companies registered with
the Commission, all of which are
required to comply with rule 31a–1. For
purposes of determining the burden
imposed by rule 31a–1, the Commission
staff estimates that each fund is divided
into approximately four series, on
average, and that each series is required
to comply with the recordkeeping
requirements of rule 31a–1. Based on
conversations with fund representatives,
it is estimated that rule 31a–1 imposes
an average burden of approximately
1500 hours annually per series for a
total of 6000 annual hours per fund. The
estimated total annual burden for all
4300 investment companies subject to
the rule therefore is approximately
25,800,000 hours. Based on
conversations with fund representatives,
however, the Commission staff
estimates that even absent the
requirements of rule 31a–1, 90 percent
of the records created pursuant to the
rule are the type that generally would be
created as a matter of normal business
custom and to prepare financial
statements.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study. The
collection of information required by
rule 31a–1 is mandatory. Responses will
not be kept confidential. The records
required by rule 31a–1 are required to
be preserved pursuant to rule 31a–2
under the Investment Company Act [17
CFR 270.31a–2]. Rule 31a–2 requires
that certain of these records be
preserved permanently, and that others
be preserved six years from the end of
the fiscal year in which any transaction
occurred. In both cases, the records
should be kept in an easily accessible
place for the first two years. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a currently valid OMB control
number.
General comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503, or e-mail to:
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Office of Information
Technology, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549. Comments must
VerDate Aug<31>2005
13:17 Feb 14, 2006
Jkt 208001
be submitted to OMB within 30 days of
this notice.
Dated: February 6, 2006.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–2102 Filed 2–14–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53250; File No. S7–24–89]
Joint Industry Plan; Order Granting
Approval of Category 1 Changes From
Amendment No. 13 of the Reporting
Plan for Nasdaq-Listed Securities
Traded on Exchanges on an Unlisted
Trading Privilege Basis, Submitted by
the Pacific Exchange, Inc., the National
Association of Securities Dealers, Inc.,
the American Stock Exchange LLC, the
Boston Stock Exchange, Inc., the
Chicago Stock Exchange, Inc., the
National Stock Exchange, Inc., and the
Philadelphia Stock Exchange, Inc.
February 7, 2006.
I. Introduction and Description
On May 31, 2002, the National Stock
Exchange, Inc. (‘‘NSX’’),1 on behalf of
itself and the National Association of
Securities Dealers, Inc. (‘‘NASD’’), the
American Stock Exchange LLC
(‘‘Amex’’), the Boston Stock Exchange,
Inc. (‘‘BSE’’), the Chicago Stock
Exchange, Inc. (‘‘CHX’’), the Pacific
Exchange, Inc. (‘‘PCX’’), and the
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’) (hereinafter referred to
collectively as ‘‘Participants’’),2 as
members of the Operating Committee of
the Plan submitted to the Securities and
Exchange Commission (‘‘Commission’’)
a proposal to amend the Plan, pursuant
to Rule 608 3 under the Securities
Exchange Act of 1934 (‘‘Act’’ or
‘‘Exchange Act’’). The proposal
represents the 13th amendment (‘‘13th
Amendment’’) made to the Plan. Notice
of the proposed 13th Amendment was
1 At the time Amendment No. 13 was submitted,
the NSX was known as the Cincinnati Stock
Exchange, Inc (‘‘CSE’’). The Commission notes that
the CSE changed its name to the National Stock
Exchange, Inc. See Securities Exchange Act Release
No. 48774 (November 12, 2003), 68 FR 65332
(November 19, 2003) (File No. SR–CSE–2003–12).
2 At the time of submission, NSX was the chair
of the operating committee (‘‘Operating Committee’’
or ‘‘Committee’’) for the Joint Self-Regulatory
Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed
Securities Traded on Exchanges on an Unlisted
Trading Privilege Basis (‘‘Nasdaq UTP Plan’’ or
‘‘Plan’’) by the Participants. PCX is the current chair
of the Operating Committee.
3 17 CFR 202.608.
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
8007
published in the Federal Register on
July 5, 2002.4
The Nasdaq UTP Plan governs the
collection, processing, and
dissemination on a consolidated basis of
quotation and last sale information for
each of its Participants. This
consolidated information informs
investors of the current quotation and
recent trade prices of The Nasdaq Stock
Market, Inc. (‘‘Nasdaq’’) securities. It
enables investors to ascertain from one
data source the current prices in all the
markets trading Nasdaq securities. The
Plan serves as the required transaction
reporting plan for its Participants,
which is a prerequisite for their trading
Nasdaq securities.
As discussed in the 13th Amendment
Notice, proposed amendments to the
Plan have been segregated into four
categories: (1) Category 1, ‘‘Effective
Upon Nasdaq’s Exchange Registration;’’
(2) Category 2, ‘‘Effective Upon Launch
of the Internal SIP;’’ (3) Category 3,
‘‘Effective Upon End of Parallel
Period—Elimination of the Legacy SIP;’’
and (4) Category 4, ‘‘Timing Not An
Issue.’’ The amendments detailed in
Category 2 were granted summary
effectiveness through the 13th
Amendment Notice so as to allow the
target launch date for the new Internal
Securities Information Processor (‘‘SIP’’)
data feeds to be met.5 In addition, the
Commission granted partial temporary
approval to the 13th Amendment with
respect to extension of the expiration
date of the Plan itself. The partial
temporary approval extended the
expiration date of the Plan through
August 19, 2003.6 The Commission then
granted approval to the amendments
detailed in Categories 2, 3, and 4 on a
pilot basis.7 However, the order
approving parts 2, 3, and 4 of
Amendment 13 noted specifically that it
did not approve those amendments
detailed in Category 1 because the
Commission intended to address those
amendments detailed in Category 1
through separate action when the
Commission acted on the Nasdaq
exchange registration application.8
4 See Securities Exchange Act Release No. 46139
(June 28, 2001 [sic]), 67 FR 44888 (‘‘13th
Amendment Notice’’).
5 The summary effectiveness expired on October
26, 2002.
6 See Securities Exchange Act Release No. 46381
(August 19, 2002), 67 FR 54687 (August 23, 2002)
(‘‘Date Extension Approval Order’’).
7 See Securities Exchange Act Release No. 46729
(October 25, 2002), 67 FR 66685 (November 1,
2002).
8 Pursuant to Rule 608(b)(2), 17 CFR
242.608(b)(2), the Commission must take action
within 120 days of the date of publication of notice
of filing of amendment in the Federal Register
E:\FR\FM\15FEN1.SGM
Continued
15FEN1
8008
Federal Register / Vol. 71, No. 31 / Wednesday, February 15, 2006 / Notices
cprice-sewell on PROD1PC66 with NOTICES
Now that the Nasdaq exchange
registration application has been
approved,9 the Commission is
approving the amendments detailed in
Category 1 of Amendment 13, as
published in the Federal Register.10
The Commission received one
comment letter on the 13th Amendment
from BrokerageAmerica (‘‘BA’’).11
However, this comment letter discussed
changes proposed in Categories 2, 3, and
4 of Amendment 13, and the comment
letter was discussed fully in the Partial
Temporary Approval of Amendment
No. 13.12
The Commission finds that the
Category 1 changes included in the 13th
Amendment are consistent with the
requirements of the Act and the rules
and regulations thereunder, and, in
particular, Section 12(f) 13 and Section
11A(a)(1) 14 of the Act and Rules 601
and 608 thereunder.15 Section 11A of
the Act directs the Commission to
facilitate the development of a national
market system for securities, ‘‘having
due regard for the public interest, the
protection of investors, and the
maintenance of fair and orderly
markets,’’ and cites as an objective of
that system ‘‘fair competition * * *
between exchange markets and markets
other than exchange markets.’’ 16 When
the Commission first approved the Plan
on a pilot basis, it found that the Plan
‘‘should enhance market efficiency and
fair competition, avoid investor
confusion, and facilitate surveillance of
concurrent exchange and OTC
trading.’’ 17 The Commission believes
unless the sponsors of such amendment consent to
an extension. The sponsors of the 13th Amendment
consented to final action on the Category 1
amendments being contingent upon a subsequent
trigger event. See letter from Jeffrey T. Brown,
Chairman, Operating Committee, to Jonathan G.
Katz, Secretary, Commission, dated May 30, 2002
(‘‘13th Amendment Filing’’).
9 See Securities Exchange Act Release No. 53128
(January 13, 2006), 71 FR 3550 (January 23, 2006).
10 See supra note 4, 13th Amendment Notice.
11 See letter from Sam Guidetti, Senior Vice
President & Chief Compliance Officer,
BrokerageAmerica, to Jonathan Katz, Secretary,
Commission, dated September 17, 2002.
12 See supra note 7.
13 15 U.S.C. 78l(f). The Commission finds that
extending the Plan is consistent with fair and
orderly markets, the protection of investors and the
public interest, and otherwise in furtherance of the
purposes of the Act. The Commission has taken into
account the public trading activity in securities
traded pursuant to the Plan, the character of the
trading, the impact of the trading of such securities
on existing markets, and the desirability of
removing impediments to, and the progress that has
been made toward the development of a national
market system.
14 15 U.S.C. 78k–1(a)(1).
15 17 CFR 242.601 and 17 CFR 242.608.
16 15 U.S.C. 78k–1(a).
17 See Securities Exchange Act Release No. 28146
(June 26, 1990), 55 FR 27917 (July 6, 1990).
VerDate Aug<31>2005
13:17 Feb 14, 2006
Jkt 208001
that amending the Plan to incorporate
the amendments detailed in Category 1
of Amendment 13 furthers these goals.
It is therefore ordered, pursuant to
Sections 12(f) and 11A of the Act 18 and
paragraph (b)(4) of Rule 608
thereunder,19 that the operation of the
Plan, as modified by the amendments
detailed in Category 1 of Amendment 13
be, and hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.20
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–2108 Filed 2–14–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53244; File No. SR–Amex–
2006–003]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Order Granting
Accelerated Approval of a Proposed
Rule Change and Amendment No. 1
Thereto To Adjust the Close of Normal
Trading Hours in Equity Options and
Narrow-Based Index Options
February 7, 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 January 5,
2006, the American Stock Exchange LLC
(‘‘Amex’’ 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 Amex. On January 31, 2006, the
Exchange filed Amendment No. 1 to the
proposed rule change.3 The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons
and to approve the amended proposal
on an accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Amex proposes to amend
Exchange Rules 1, 918—ANTE, 936C—
ANTE and 903C to adjust the close of
normal trading hours in equity options
18 15
U.S.C. 78(f) and 15 U.S.C. 78k–1.
CFR 242.608(b)(4).
20 17 CFR 200.30–3(a)(27).
1 15 U.S.C 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, the Exchange requested
that the implementation date for the new closing
time be changed from February 1, 2006, as was
originally proposed, to February 13, 2006.
19 17
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
and options based on stock index
industry groups (‘‘narrow-based index
options’’) from 4:02 p.m. eastern time
(‘‘e.t.’’) to 4 p.m. e.t. The Exchange
proposes that these changes be
implemented on February 13, 2006.4
The text of the proposed rule change, as
amended, is available on the Amex’s
Web site at (https://www.amex.com), at
the Amex’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, as amended,
and discussed any comments it received
on the proposed rule change, as
amended. The text of these statements
may be examined at the places specified
in Item III 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
According to the Exchange, the
purpose of the proposed rule change, as
amended, is to amend the Amex’s rules
to conform to an industry-wide
consensus to change the close of trading
hours for equity options and narrowbased index options from 4:02 p.m. e.t.
to 4 p.m. e.t. After the change, the time
of the close of trading in these Amex
options will correspond to the normal
time set for the close of trading on the
primary exchanges listing the stocks
underlying the Amex options. The
primary exchanges generally close at 4
p.m. e.t.
The Exchange notes that, on May 14,
1997, the Amex received approval to
move the close of equity options trading
from 4:10 p.m. to 4:02 p.m.5 The change
was prompted by improvements in the
dissemination of closing prices in the
underlying securities, the limited ability
of public customers to reach as quickly
as professional traders news
announcements in the last ten minutes
of trading, and the difficulties
experienced by options specialists and
4 Id.
5 See Securities Exchange Act Release No. 38640
(May 14, 1997), 62 FR 28081 (May 22, 1997).
According to the Exchange, from 1978 through
1997, equity options were traded until 4:10 p.m. to
allow investors to trade options based upon the
final closing prices of the underlying securities.
E:\FR\FM\15FEN1.SGM
15FEN1
]]>Agencies
[Federal Register Volume 71, Number 31 (Wednesday, February 15, 2006)]
[Notices]
[Pages 8007-8008]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2108]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53250; File No. S7-24-89]
Joint Industry Plan; Order Granting Approval of Category 1
Changes From Amendment No. 13 of the Reporting Plan for Nasdaq-Listed
Securities Traded on Exchanges on an Unlisted Trading Privilege Basis,
Submitted by the Pacific Exchange, Inc., the National Association of
Securities Dealers, Inc., the American Stock Exchange LLC, the Boston
Stock Exchange, Inc., the Chicago Stock Exchange, Inc., the National
Stock Exchange, Inc., and the Philadelphia Stock Exchange, Inc.
February 7, 2006.
I. Introduction and Description
On May 31, 2002, the National Stock Exchange, Inc. (``NSX''),\1\ on
behalf of itself and the National Association of Securities Dealers,
Inc. (``NASD''), the American Stock Exchange LLC (``Amex''), the Boston
Stock Exchange, Inc. (``BSE''), the Chicago Stock Exchange, Inc.
(``CHX''), the Pacific Exchange, Inc. (``PCX''), and the Philadelphia
Stock Exchange, Inc. (``Phlx'') (hereinafter referred to collectively
as ``Participants''),\2\ as members of the Operating Committee of the
Plan submitted to the Securities and Exchange Commission
(``Commission'') a proposal to amend the Plan, pursuant to Rule 608 \3\
under the Securities Exchange Act of 1934 (``Act'' or ``Exchange
Act''). The proposal represents the 13th amendment (``13th Amendment'')
made to the Plan. Notice of the proposed 13th Amendment was published
in the Federal Register on July 5, 2002.\4\
---------------------------------------------------------------------------
\1\ At the time Amendment No. 13 was submitted, the NSX was
known as the Cincinnati Stock Exchange, Inc (``CSE''). The
Commission notes that the CSE changed its name to the National Stock
Exchange, Inc. See Securities Exchange Act Release No. 48774
(November 12, 2003), 68 FR 65332 (November 19, 2003) (File No. SR-
CSE-2003-12).
\2\ At the time of submission, NSX was the chair of the
operating committee (``Operating Committee'' or ``Committee'') for
the Joint Self-Regulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis (``Nasdaq UTP
Plan'' or ``Plan'') by the Participants. PCX is the current chair of
the Operating Committee.
\3\ 17 CFR 202.608.
\4\ See Securities Exchange Act Release No. 46139 (June 28, 2001
[sic]), 67 FR 44888 (``13th Amendment Notice'').
---------------------------------------------------------------------------
The Nasdaq UTP Plan governs the collection, processing, and
dissemination on a consolidated basis of quotation and last sale
information for each of its Participants. This consolidated information
informs investors of the current quotation and recent trade prices of
The Nasdaq Stock Market, Inc. (``Nasdaq'') securities. It enables
investors to ascertain from one data source the current prices in all
the markets trading Nasdaq securities. The Plan serves as the required
transaction reporting plan for its Participants, which is a
prerequisite for their trading Nasdaq securities.
As discussed in the 13th Amendment Notice, proposed amendments to
the Plan have been segregated into four categories: (1) Category 1,
``Effective Upon Nasdaq's Exchange Registration;'' (2) Category 2,
``Effective Upon Launch of the Internal SIP;'' (3) Category 3,
``Effective Upon End of Parallel Period--Elimination of the Legacy
SIP;'' and (4) Category 4, ``Timing Not An Issue.'' The amendments
detailed in Category 2 were granted summary effectiveness through the
13th Amendment Notice so as to allow the target launch date for the new
Internal Securities Information Processor (``SIP'') data feeds to be
met.\5\ In addition, the Commission granted partial temporary approval
to the 13th Amendment with respect to extension of the expiration date
of the Plan itself. The partial temporary approval extended the
expiration date of the Plan through August 19, 2003.\6\ The Commission
then granted approval to the amendments detailed in Categories 2, 3,
and 4 on a pilot basis.\7\ However, the order approving parts 2, 3, and
4 of Amendment 13 noted specifically that it did not approve those
amendments detailed in Category 1 because the Commission intended to
address those amendments detailed in Category 1 through separate action
when the Commission acted on the Nasdaq exchange registration
application.\8\
---------------------------------------------------------------------------
\5\ The summary effectiveness expired on October 26, 2002.
\6\ See Securities Exchange Act Release No. 46381 (August 19,
2002), 67 FR 54687 (August 23, 2002) (``Date Extension Approval
Order'').
\7\ See Securities Exchange Act Release No. 46729 (October 25,
2002), 67 FR 66685 (November 1, 2002).
\8\ Pursuant to Rule 608(b)(2), 17 CFR 242.608(b)(2), the
Commission must take action within 120 days of the date of
publication of notice of filing of amendment in the Federal Register
unless the sponsors of such amendment consent to an extension. The
sponsors of the 13th Amendment consented to final action on the
Category 1 amendments being contingent upon a subsequent trigger
event. See letter from Jeffrey T. Brown, Chairman, Operating
Committee, to Jonathan G. Katz, Secretary, Commission, dated May 30,
2002 (``13th Amendment Filing'').
---------------------------------------------------------------------------
[[Page 8008]]
Now that the Nasdaq exchange registration application has been
approved,\9\ the Commission is approving the amendments detailed in
Category 1 of Amendment 13, as published in the Federal Register.\10\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 53128 (January 13,
2006), 71 FR 3550 (January 23, 2006).
\10\ See supra note 4, 13th Amendment Notice.
---------------------------------------------------------------------------
The Commission received one comment letter on the 13th Amendment
from BrokerageAmerica (``BA'').\11\ However, this comment letter
discussed changes proposed in Categories 2, 3, and 4 of Amendment 13,
and the comment letter was discussed fully in the Partial Temporary
Approval of Amendment No. 13.\12\
---------------------------------------------------------------------------
\11\ See letter from Sam Guidetti, Senior Vice President & Chief
Compliance Officer, BrokerageAmerica, to Jonathan Katz, Secretary,
Commission, dated September 17, 2002.
\12\ See supra note 7.
---------------------------------------------------------------------------
The Commission finds that the Category 1 changes included in the
13th Amendment are consistent with the requirements of the Act and the
rules and regulations thereunder, and, in particular, Section 12(f)
\13\ and Section 11A(a)(1) \14\ of the Act and Rules 601 and 608
thereunder.\15\ Section 11A of the Act directs the Commission to
facilitate the development of a national market system for securities,
``having due regard for the public interest, the protection of
investors, and the maintenance of fair and orderly markets,'' and cites
as an objective of that system ``fair competition * * * between
exchange markets and markets other than exchange markets.'' \16\ When
the Commission first approved the Plan on a pilot basis, it found that
the Plan ``should enhance market efficiency and fair competition, avoid
investor confusion, and facilitate surveillance of concurrent exchange
and OTC trading.'' \17\ The Commission believes that amending the Plan
to incorporate the amendments detailed in Category 1 of Amendment 13
furthers these goals.
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78l(f). The Commission finds that extending the
Plan is consistent with fair and orderly markets, the protection of
investors and the public interest, and otherwise in furtherance of
the purposes of the Act. The Commission has taken into account the
public trading activity in securities traded pursuant to the Plan,
the character of the trading, the impact of the trading of such
securities on existing markets, and the desirability of removing
impediments to, and the progress that has been made toward the
development of a national market system.
\14\ 15 U.S.C. 78k-1(a)(1).
\15\ 17 CFR 242.601 and 17 CFR 242.608.
\16\ 15 U.S.C. 78k-1(a).
\17\ See Securities Exchange Act Release No. 28146 (June 26,
1990), 55 FR 27917 (July 6, 1990).
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Sections 12(f) and 11A of the
Act \18\ and paragraph (b)(4) of Rule 608 thereunder,\19\ that the
operation of the Plan, as modified by the amendments detailed in
Category 1 of Amendment 13 be, and hereby is, approved.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78(f) and 15 U.S.C. 78k-1.
\19\ 17 CFR 242.608(b)(4).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------
\20\ 17 CFR 200.30-3(a)(27).
---------------------------------------------------------------------------
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-2108 Filed 2-14-06; 8:45 am]
BILLING CODE 8010-01-P
