Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the SizeQuote Mechanism Pilot Program for a Period of One Year, 9406-9407 [E6-2535]

Download as PDF 9406 Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53315; File No. SR–PCX– 2006–09] Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the SizeQuote Mechanism Pilot Program for a Period of One Year February 15, 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 February 6, 2006, 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 PCX. The Exchange filed the proposal as a ‘‘non-controversial’’ proposed rule change pursuant to section 19(b)(3)(A) of the Act3 and Rule 19b–4(f)(6) thereunder,4 which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. rwilkins on PROD1PC63 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change PCX proposes to amend its rules in order to extend the SizeQuote Mechanism Pilot Program (‘‘Pilot Program’’) contained in PCX Rule 6.47(g), for a one-year period ending February 15, 2007. The text of the proposed rule change is available on the Exchange’s Web site (http:// www.pacificex.com), at the Exchange’s Office of the Secretary and at the Commission. 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 PCX 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. 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). 16:15 Feb 22, 2006 1. Purpose The purpose of this proposal is to extend for one year the Exchange’s SizeQuote Mechanism Pilot Program (‘‘Pilot Program’’). The current Pilot Program, established when the PCX filed SR–PCX–2005–35,5 was effective upon filing, and expires on February 15, 2006. At the time SR–PCX–2005–35 was filed, the Exchange represented that at the completion of the Pilot Program the PCX would provide to the Commission a report summarizing the effectiveness of the SizeQuote program. While the Exchange believes that the SizeQuote Mechanism can be an effective tool for Floor Brokers to use while executing large size orders in open outcry, the mechanism has not been used frequently enough to supply sufficient evidence to evaluate the effectiveness of the Pilot Program. In order to allow for additional time to compile sufficient evidence as to the effectiveness of the Pilot Program, the PCX proposes to extend the Pilot Program for a one-year period ending February 15, 2007. At the end of the extended Pilot Program the PCX feels it will be able to supply the Commission with a report summarizing the effectiveness of the program. 2. Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,6 in general, and furthers the objectives of section 6(b)(5) of the Act,7 in particular, in that it is designed to facilitate transactions in securities, to promote just and equitable principles of trade and to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments on the proposed rule change were neither solicited nor received. 5 See Securities Exchange Act Release No. 51576 (April 19, 2005), 70 FR 21488 (April 26, 2005). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 2 17 VerDate Aug<31>2005 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Jkt 205001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) Impose any significant burden on competition; and (iii) Become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to section 19(b)(3)(A) of the Act8 and Rule 19b–4(f)(6) thereunder.9 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 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. A proposed rule change filed under section 19b–4(f)(6) normally may not become operative prior to 30 days after the date of its filing.10 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.11 PCX has requested that the Commission 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 so that the Pilot Program may continue until February 15, 2007 without interruption.12 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: 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). Pursuant to Rule 19b– 4(f)(6)(iii) under the Act, the Exchange is required to give the Commission 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 of the proposed rule change, or such shorter time as designated by the Commission. The Commission notes that the Exchange provided notice of the filing at least five business days prior to the date of filing. 10 17 CFR 240.19b–4(f)(6)(iii). 11 Id. 12 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. See 15 U.S.C. 78c(f). 9 17 E:\FR\FM\23FEN1.SGM 23FEN1 Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / Notices 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–PCX–2006–09 on the subject line. [Disaster Declaration #10299 and #10300] Connecticut Disaster Number CT– 00002 Small Business Administration. Amendment 1. AGENCY: ACTION: SUMMARY: This is an amendment of the Administrative declaration of a major disaster for the State of Connecticut, • Send paper comments in triplicate dated 12/21/2005. to Nancy M. Morris, Secretary, Incident: Severe Flooding. Securities and Exchange Commission, Incident Period: 10/14/2005 through 100 F Street, NE., Washington, DC 10/15/2005. 20549–1090. Effective Date: 02/13/2006. Physical Loan Application Deadline All submissions should refer to File Date: 03/23/2006. Number SR–PCX–2006–09. This file EIDL Loan Application Deadline Date: number should be included on the 09/21/2006. subject line if e-mail is used. To help the ADDRESSES: Submit completed loan Commission process and review your applications to: U.S. Small Business comments more efficiently, please use Administration, National Processing only one method. The Commission will And Disbursement Center, 14925 post all comments on the Commission’s Kingsport Road, Fort Worth, TX 76155. Internet Web site (http://www.sec.gov/ FOR FURTHER INFORMATION CONTACT: A. rules/sro.shtml). Copies of the Escobar, Office of Disaster Assistance, submission, all subsequent U.S. Small Business Administration, amendments, all written statements 409 3rd Street, SW., Suite 6050, with respect to the proposed rule Washington, DC 20416. change that are filed with the SUPPLEMENTARY INFORMATION: The notice Commission, and all written of an Administrative declaration for the communications relating to the State of Connecticut, dated 12/21/2005, proposed rule change between the is hereby amended to extend the Commission and any person, other than deadline for filing applications for those that may be withheld from the physical damages as a result of this public in accordance with the disaster to 03/23/2006. provisions of 5 U.S.C. 552, will be All other information in the original available for inspection and copying in declaration remains unchanged. the Commission’s Public Reference (Catalog of Federal Domestic Assistance Section, 100 F Street, NE., Washington, Numbers 59002 and 59008) DC 20549. Copies of such filing also will Dated: February 13, 2006. be available for inspection and copying Hector V. Barreto, at the principal office of the Exchange. Administrator. All comments received will be posted [FR Doc. E6–2536 Filed 2–22–06; 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 you wish to make available publicly. All DEPARTMENT OF STATE submissions should refer to File [Public Notice 5267] Number SR–PCX–2006–09 and should Notice of Renewal for the Charter of be submitted on or before March 16, the Secretary of State’s Advisory 2006. Committee on Leadership and For the Commission, by the Division of Management Under the Name of the Market Regulation, pursuant to delegated Secretary of State’s Advisory authority.13 Committee on Transformational J. Lynn Taylor, Diplomacy Paper Comments rwilkins on PROD1PC63 with NOTICES Assistant Secretary. [FR Doc. E6–2535 Filed 2–22–06; 8:45 am] BILLING CODE 8010–01–P 13 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:15 Feb 22, 2006 Jkt 205001 SUMMARY: Pursuant to Section 9(a) of the Federal Advisory Committee Act (Pub. L. 92–463) and under the general authority of the Secretary and the Department of State, as derived from the President’s constitutional authority and as set forth in sections 2656 and 2651a PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 9407 of Title 22 of the United States Code and other relevant statutes, this notice announces the renewal of the Secretary of State’s Advisory Committee on Leadership and Management and amends the title as the Secretary of State’s Advisory Committee on Transformational Diplomacy. The Advisory Committee was created as a vehicle to address leadership and management issues pertaining to transformational diplomacy as they arise and not in response to a specific issue or pending concern. Members of the Advisory Committee may include former senior U.S. government officials and members of Congress and representatives of corporations, not-forprofit non-governmental organizations, professional associations, public policy or academic institutions, and other experts as needed. All meetings of this Committee will be published ahead of time in the Federal Register. Additionally, the establishment of the Secretary of State’s Advisory Committee on Transformational Diplomacy is essential to the conduct of Department of State business, and is in the public interest. Further information regarding this committee may be obtained from Madelyn S. Marchessault, Office of Management Policy, U.S. Department of State, Washington, DC 20520, phone (202) 647–1068. Dated: February 7, 2006. Marguerite Coffey, Acting Director, Office of Management Policy, Department of State. [FR Doc. E6–2591 Filed 2–22–06; 8:45 am] BILLING CODE 4710–35–P DEPARTMENT OF STATE [Public Notice 5306] Meeting of Advisory Committee on International Communications and Information Policy The Department of State announces the next meeting of its Advisory Committee on International Communications and Information Policy (ACICIP) to be held on Thursday, March 30, 2006, from 10 a.m. to 12:30 p.m., in the Loy Henderson Auditorium of the Harry S. Truman Building of the U.S. Department of State. The Truman Building is located at 2201 C Street, NW., Washington, DC 20520. The committee provides a formal channel for regular consultation and coordination on major economic, social and legal issues and problems in international communications and information policy, especially as these issues and problems involve users of E:\FR\FM\23FEN1.SGM 23FEN1

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[Federal Register Volume 71, Number 36 (Thursday, February 23, 2006)]
[Notices]
[Pages 9406-9407]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2535]



[[Page 9406]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53315; File No. SR-PCX-2006-09]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Extending 
the SizeQuote Mechanism Pilot Program for a Period of One Year

February 15, 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 February 6, 2006, 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 PCX. The Exchange 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 it effective upon filing with the Commission. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    PCX proposes to amend its rules in order to extend the SizeQuote 
Mechanism Pilot Program (``Pilot Program'') contained in PCX Rule 
6.47(g), for a one-year period ending February 15, 2007. The text of 
the proposed rule change is available on the Exchange's Web site 
(http://www.pacificex.com), at the Exchange's Office of the Secretary 
and at the Commission.

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 PCX 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
    The purpose of this proposal is to extend for one year the 
Exchange's SizeQuote Mechanism Pilot Program (``Pilot Program''). The 
current Pilot Program, established when the PCX filed SR-PCX-2005-
35,\5\ was effective upon filing, and expires on February 15, 2006. At 
the time SR-PCX-2005-35 was filed, the Exchange represented that at the 
completion of the Pilot Program the PCX would provide to the Commission 
a report summarizing the effectiveness of the SizeQuote program. While 
the Exchange believes that the SizeQuote Mechanism can be an effective 
tool for Floor Brokers to use while executing large size orders in open 
outcry, the mechanism has not been used frequently enough to supply 
sufficient evidence to evaluate the effectiveness of the Pilot Program. 
In order to allow for additional time to compile sufficient evidence as 
to the effectiveness of the Pilot Program, the PCX proposes to extend 
the Pilot Program for a one-year period ending February 15, 2007. At 
the end of the extended Pilot Program the PCX feels it will be able to 
supply the Commission with a report summarizing the effectiveness of 
the program.
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    \5\ See Securities Exchange Act Release No. 51576 (April 19, 
2005), 70 FR 21488 (April 26, 2005).
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2. Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act,\6\ in general, and furthers the 
objectives of section 6(b)(5) of the Act,\7\ in particular, in that it 
is designed to facilitate transactions in securities, to promote just 
and equitable principles of trade and to protect investors and the 
public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

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

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    Because the foregoing proposed rule change does not:
    (i) Significantly affect the protection of investors or the public 
interest;
    (ii) Impose any significant burden on competition; and
    (iii) Become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate, it has 
become effective pursuant to section 19(b)(3)(A) of the Act\8\ and Rule 
19b-4(f)(6) thereunder.\9\ 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 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.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii) 
under the Act, the Exchange is required to give the Commission 
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 of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Commission notes that the Exchange provided notice of the filing 
at least five business days prior to the date of filing.
---------------------------------------------------------------------------

    A proposed rule change filed under section 19b-4(f)(6) normally may 
not become operative prior to 30 days after the date of its filing.\10\ 
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.\11\ PCX has requested that the Commission 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 so that the Pilot Program may continue until 
February 15, 2007 without interruption.\12\
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    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ Id.
    \12\ 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. See 15 U.S.C. 
78c(f).
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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:

[[Page 9407]]

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-PCX-2006-09 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 20549-1090.

All submissions should refer to File Number SR-PCX-2006-09. 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 Section, 100 F Street, 
NE., Washington, DC 20549. Copies of such filing also will be available 
for inspection and copying at the principal office of the Exchange. 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-PCX-2006-09 and should be 
submitted on or before March 16, 2006. 

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-2535 Filed 2-22-06; 8:45 am]
BILLING CODE 8010-01-P