Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Equities Inc. Rule 5.1(c), 25274-25276 [E6-6414]

Download as PDF 25274 Federal Register / Vol. 71, No. 82 / Friday, April 28, 2006 / Notices dually listed on the Nasdaq Capital Market, is $15,000, the same as for any other dually listed security. Finally, Nasdaq proposes to make technical corrections to more clearly describe the termination of a dual listing, correct an error in the numbering of the subparagraphs of NASD Rule 4520(a), correct a reference in NASD Rule 4520(c)(8), and to delete IM–4500–2 and IM–4500–3, which no longer have any applicability. 2. Statutory Basis jlentini on PROD1PC65 with NOTICES Nasdaq believes that the proposed rule change is consistent with the provisions of Section 15A of the Act,9 in general, and with Sections 15A(b)(5) and (6) of the Act,10 in particular, in that it is designed to provide an equitable allocation of reasonable dues, fees, and charges among members and issuers and other persons using any facility or system which NASD operates or controls, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The proposed rule change will assure that an issuer is not required to pay duplicative fees to multiple markets, thereby removing an impediment to issuers transferring from another market to Nasdaq. 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. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.13 Nancy M. Morris, Secretary. [FR Doc. E6–6410 Filed 4–27–06; 8:45 am] IV. Solicitation of Comments BILLING CODE 8010–01–P 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 rulecomments@sec.gov. Please include File Number SR–NASD–2006–047 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53703; File No. SR– NYSEArca–2006–09] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Equities Inc. Rule 5.1(c) April 21, 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 April 13, 2006, NYSE Arca, Inc. (‘‘NYSE Arca’’ or Paper Comments ‘‘Exchange’’) filed with the Securities • Send paper comments in triplicate and Exchange Commission to Nancy M. Morris, Secretary, (‘‘Commission’’) the proposed rule Securities and Exchange Commission, change as described in Items I, II, and 100 F Street, NE., Washington, DC III below, which Items have been 20549–1090. prepared by the Exchange. The All submissions should refer to File Exchange filed the proposal pursuant to Number SR–NASD–2006–047. This file section 19(b)(3)(A) of the Act 3 and Rule B. Self-Regulatory Organization’s number should be included on the 19b–4(f)(6) thereunder,4 which renders Statement on Burden on Competition subject line if e-mail is used. To help the the proposal effective upon filing with Nasdaq does not believe that the Commission process and review your the Commission. The Commission is proposed rule change will result in any comments more efficiently, please use publishing this notice to solicit burden on competition that is not only one method. The Commission will comments on the proposed rule change necessary or appropriate in furtherance post all comments on the Commission’s from interested persons. of the purposes of the Act, as amended. Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s rules/sro.shtml). Copies of the C. Self-Regulatory Organization’s Statement of the Terms of Substance of submission, all subsequent Statement on Comments on the the Proposed Rule Change amendments, all written statements Proposed Rule Change Received From NYSE Arca, through its wholly owned with respect to the proposed rule Members, Participants, or Others subsidiary NYSE Arca Equities, Inc. change that are filed with the Written comments were neither (‘‘NYSE Arca Equities’’), is proposing, Commission, and all written solicited nor received. for the reasons and time period set forth communications relating to the in this proposal, that an independent proposed rule change between the III. Date of Effectiveness of the Commission and any person, other than accounting firm not prepare a report— Proposed Rule Change and Timing for for submission to the Commission—on those that may be withheld from the Commission Action Archipelago Holdings, Inc.’s public in accordance with the The proposed rule change has become provisions of 5 U.S.C. 552, will be (‘‘Archipelago Holdings’’) compliance effective pursuant to Section with the applicable NYSE Arca Equities’ available for inspection and copying in 19(b)(3)(A)(i) of the Act 11 and Rule 19b– the Commission’s Public Reference listing standards, as required by NYSE 4(f)(1) thereunder,12 in that the Room. Copies of such filing also will be Arca Equities Rule 5.1(c). proposed rule change constitutes a available for inspection and copying at II. Self-Regulatory Organization’s stated policy, practice, or interpretation the principal office of NASD. Statement of the Purpose of, and with respect to the meaning, All comments received will be posted Statutory Basis for, the Proposed Rule administration, or enforcement of an without change; the Commission does Change existing rule of NASD. At any time not edit personal identifying within 60 days of the filing of the In its filing with the Commission, the information from submissions. You proposed rule change, the Commission Exchange included statements should submit only information that may summarily abrogate such rule you wish to make available publicly. All 13 17 CFR 200.30–3(a)(12). submissions should refer to File 9 15 U.S.C. 78o–3. 1 15 U.S.C. 78s(b)(1). Number SR–NASD–2006–047 and 10 15 U.S.C. 78o–3(b)(5) and (6). 2 17 CFR 240.19b–4. should be submitted on or before May 11 15 U.S.C. 78s(b)(3)(A)(i). 3 15 U.S.C. 78s(b)(3)(A). 19, 2006. 12 17 CFR 240.19b–4(f)(1). 4 17 CFR 240.19b–4(f)(6). VerDate Aug<31>2005 17:14 Apr 27, 2006 Jkt 208001 PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\28APN1.SGM 28APN1 Federal Register / Vol. 71, No. 82 / Friday, April 28, 2006 / Notices 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 NYSE Arca 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose NYSE Arca Equities Rule 5.1(c) requires, among other things, that if a security of an affiliate of NYSE Arca Equities or any entity that operates and/ or owns a trading system or facility of NYSE Arca is listed pursuant to the rules of NYSE Arca Equities, then, once a year, an independent accounting firm shall review the listing standards for the subject security to ensure that the issuer is in compliance with NYSE Arca’s Equities’ listing requirements, and a copy of the report shall be forwarded promptly to the Commission (‘‘Annual Report’’).5 In August 2004, Archipelago Holdings’’ common stock was listed on NYSE Arca pursuant to the rules of NYSE Arca Equities. Because Archipelago Holdings owns and operates NYSE Arca Marketplace (formerly known as the Archipelago Exchange), a facility of NYSE Arca (formerly known as the Pacific Exchange), it was subject to the requirements of Rule 5.1(c), including the Annual Report.6 On March 7, 2006, as a result of the merger between Archipelago Holdings and the New York Stock Exchange Inc., which was completed that day, Archipelago Holdings’ common stock was delisted from NYSE Arca. Accordingly, for the following reasons, NYSE Arca, by this filing, is proposing that the Annual Report related to Archipelago Holdings’ listing on NYSE Arca for the period August 2004 through March 2006 not be completed: jlentini on PROD1PC65 with NOTICES 5 NYSE Arca Equities Rule 5.1(c) also requires that NYSE Arca Equities submit a monthly report to the Commission that describes its monitoring, among other things, of (i) trading in listed securities subject to this rule, and (ii) compliance by such listings with applicable listing standards. NYSE Arca Equities submitted such reports related to the listing of Archipelago Holdings on a timely basis for each month that Archipelago Holdings was listed and subject to this rule, including the report for March 2006, which was submitted on April 10, 2006. 6 See Securities Exchange Act Release No. 50171 (August 9, 2004), 69 FR 50427 (August 16, 2004) (order approving NYSEArca Equities Rule 5.1(c)) (‘‘Approval Order’’). VerDate Aug<31>2005 17:14 Apr 27, 2006 Jkt 208001 1. The Annual Report would relate to an entity (Archipelago Holdings) that is no longer publicly traded or listed on NYSE Arca, and as such, policy considerations that underlie the requirement in NYSE Arca Equities Rule 5.1(c) for an Annual Report as set forth in the Commission’s Approval Order— that it would provide additional assurance that all listed securities comply with listing standards and help serve to minimize or eliminate potential conflicts of interest that may exist as a result of the listing on NYSE Arca of the security of an affiliate of NYSE Arca Equities or an entity that operates and/ or owns a trading system or facility of the Exchange 7—are no longer applicable; 8 2. NYSE Arca Equities otherwise fully complied with its Rule 5.1(c) during this time period, including the preparation and submission to the Commission of the monthly reports also required by Rule 5.1(c); and 3. The costs and burden related to preparation of the Annual Report would be substantial in relation to any benefits. Notwithstanding this filing, NYSE Arca Equities Rule 5.1(c) remains in full force and effect, and is not revised in any way by this filing. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act 9 in general and furthers the objectives of section 6(b)(5) 10 in particular, in that the policy and practical considerations underlying NYSE Arca Equities Rule 5.1(c) are no longer applicable, that NYSE Arca Equities otherwise complied with Rule 5.1(c), and the costs and burden related to compliance would be substantial in relation to any benefits.11 B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposal will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 7 A discussion of these conflicts is contained in the Approval Order. 8 Telephone conversation between A. David Strandberg III, Director, NYSE Arca Equities, and Heather A. Seidel, Senior Special Counsel, Commission, Division of Market Regulation (‘‘Division’’), on April 21, 2006. 9 15 U.S.C. 78f(b). 10 15 U.S.C. 78f(b)(5). 11 At the request of the Exchange, the Commission staff amended the statutory basis section to make it consistent with the Form 19b–4 as filed by the Exchange. Telephone conversation between A. David Strandberg III, Director, NYSE Arca Equities, and Natasha Cowen, Attorney, Commission, Division, on April 19, 2006 (‘‘April 19 Telephone Conversation’’). PO 00000 Frm 00143 Fmt 4703 Sfmt 4703 25275 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 if consistent with the protection of investors and the public interest, it has become effective pursuant to section 19(b)(3)(A) of the Act 12 and Rule 19b–4(f)(6) thereunder.13 As required under Rule 19b–4(f)(6)(iii) under the Act,14 the Exchange provided the Commission with 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 the filing of the proposed rule change. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEArca–2006–09 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, 12 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). April 19 Telephone Conversation. 14 17 CFR 240.19b–4(f)(6)(iii). 13 17 E:\FR\FM\28APN1.SGM 28APN1 25276 Federal Register / Vol. 71, No. 82 / Friday, April 28, 2006 / Notices Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSEArca–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 Room. Copies of such filing also will be available for inspection and copying at the principal offices 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–NYSEArca–2006–09 and should be submitted on or before May 19, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.15 Nancy M. Morris, Secretary. [FR Doc. E6–6414 Filed 4–27–06; 8:45 am] jlentini on PROD1PC65 with NOTICES BILLING CODE 8010–01–P 15 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 17:14 Apr 27, 2006 Jkt 208001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53690; File No. SR–PCX– 2005–122] Self-Regulatory Organizations; Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.); Order Granting Accelerated Approval of Proposed Rule Change and Amendment No. 1 Thereto and Notice of Filing and Order Granting Accelerated Approval to Amendment No. 2 to the Proposed Rule Change Relating to Amending Exchange Delisting Rules to Conform to Recent Amendments to Commission Rules Regarding Removal From Listing and Withdrawal From Registration April 20, 2006. I. Introduction On October 24, 2005, the Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.) (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Exchange delisting rules to conform to recent amendments to Commission rules regarding removal from listing and withdrawal from registration.3 On January 6, 2006, the Exchange filed Amendment No. 1 to the proposed rule change.4 The proposed rule change, as amended by Amendment No. 1, was published for comment in the Federal Register on March 23, 2006.5 On March 21, 2006, the Exchange filed Amendment No. 2 to the proposed rule change.6 No 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 On March 6, 2006, the Exchange filed with the Commission a proposed rule change, which was effective upon filing, to change the name of the Exchange, as well as several other related entities, to reflect the recent acquisition of the Pacific Exchange, Inc. by Archipelago Holdings, Inc. (‘‘Archipelago’’) and the merger of NYSE with Archipelago. See Securities Exchange Act Release No. 53615 (April 7, 2006), 71 FR 19226 (April 13, 2006) (File No. SR–PCX–2006–24). All references herein have been changed to reflect the aforementioned rule change. 4 In Amendment No. 1, the Exchange made changes to its rule text to clarify that the delisting procedures set forth therein apply to instances where the Exchange is considering delisting for reasons other than those set forth in amended Rule 12d2–2(a) under the Act. 5 See Securities Exchange Act Release No. 53497 (March 16, 2006), 71 FR 14763. 6 In Amendment No. 2, the Exchange amended its rule text to clarify that an issuer that is below the continued listing policies and standards of the Exchange and seeks to voluntarily apply to withdraw a class of securities from listing must disclose that it is no longer eligible for continued listing in its statement of material facts relating to the reason for withdrawal from listing, its public 2 17 PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 comments were received regarding the proposal. This order approves the proposed rule change, as amended, on an accelerated basis, publishes notice of Amendment No. 2 to the proposed rule change, and grants accelerated approval to Amendment No. 2. II. Description of the Proposed Rule Change Section 12 of the Act 7 and Rule 12d2–2 thereunder 8 (‘‘SEC Rule 12d2– 2’’) govern the process for the delisting and deregistration of securities listed on national securities exchanges. Recent amendments to SEC Rule 12d2–2 (‘‘amended SEC Rule 12d2–2’’) and other Commission rules require the electronic filing of revised Form 25 9 on the Commission’s Electronic Data Gathering, Analysis, and Retrieval (‘‘EDGAR’’) system by exchanges and issuers for all delistings, other than delistings of standardized options and securities futures, which are exempted.10 In the case of exchange-initiated delistings, amended SEC Rule 12d2–2(b) states that a national securities exchange may file an application on Form 25 to strike a class of securities from listing and/or withdraw the registration of such securities, in accordance with its rules, if the rules of such exchange, at a minimum, provide for: (i) Notice to the issuer of the exchange’s decision to delist its securities; (ii) An opportunity for appeal to the exchange’s board of directors, or to a committee designated by the board; and (iii) Public notice of the national securities exchange’s final determination to remove the security from listing and/or registration, by issuing a press release and posting notice on its Web site. Public notice must be disseminated no fewer than 10 days before the delisting becomes effective pursuant to amended SEC Rule 12d2–2(d)(1), and must remain posted on its Web site until the delisting is effective. NYSE Arca Equities Rule 5.5(m) provides the applicable procedures when the Exchange considers removing securities from listing. The Exchange proposes to amend NYSE Arca Equities press release, and its Web site notice. In addition, the Exchange revised its rule text to clarify that applications to voluntarily withdraw a class of securities from listing must be filed on Form 25 and that the previous rule text would be operative until April 23, 2006. 7 15 U.S.C. 78l. 8 17 CFR 240.12d2–2. 9 17 CFR 249.25. 10 See Securities Exchange Act Release No. 52029 (July 14, 2005), 70 FR 42456 (July 22, 2005) (‘‘SEC Rule 12d2–2 Approval Order’’). E:\FR\FM\28APN1.SGM 28APN1

Agencies

[Federal Register Volume 71, Number 82 (Friday, April 28, 2006)]
[Notices]
[Pages 25274-25276]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6414]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53703; File No. SR-NYSEArca-2006-09]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to NYSE 
Arca Equities Inc. Rule 5.1(c)

April 21, 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 April 13, 2006, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III below, which 
Items have been prepared by the Exchange. The Exchange filed the 
proposal 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. 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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NYSE Arca, through its wholly owned subsidiary NYSE Arca Equities, 
Inc. (``NYSE Arca Equities''), is proposing, for the reasons and time 
period set forth in this proposal, that an independent accounting firm 
not prepare a report--for submission to the Commission--on Archipelago 
Holdings, Inc.'s (``Archipelago Holdings'') compliance with the 
applicable NYSE Arca Equities' listing standards, as required by NYSE 
Arca Equities Rule 5.1(c).

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

[[Page 25275]]

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 NYSE Arca 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NYSE Arca Equities Rule 5.1(c) requires, among other things, that 
if a security of an affiliate of NYSE Arca Equities or any entity that 
operates and/or owns a trading system or facility of NYSE Arca is 
listed pursuant to the rules of NYSE Arca Equities, then, once a year, 
an independent accounting firm shall review the listing standards for 
the subject security to ensure that the issuer is in compliance with 
NYSE Arca's Equities' listing requirements, and a copy of the report 
shall be forwarded promptly to the Commission (``Annual Report'').\5\ 
In August 2004, Archipelago Holdings'' common stock was listed on NYSE 
Arca pursuant to the rules of NYSE Arca Equities. Because Archipelago 
Holdings owns and operates NYSE Arca Marketplace (formerly known as the 
Archipelago Exchange), a facility of NYSE Arca (formerly known as the 
Pacific Exchange), it was subject to the requirements of Rule 5.1(c), 
including the Annual Report.\6\
---------------------------------------------------------------------------

    \5\ NYSE Arca Equities Rule 5.1(c) also requires that NYSE Arca 
Equities submit a monthly report to the Commission that describes 
its monitoring, among other things, of (i) trading in listed 
securities subject to this rule, and (ii) compliance by such 
listings with applicable listing standards. NYSE Arca Equities 
submitted such reports related to the listing of Archipelago 
Holdings on a timely basis for each month that Archipelago Holdings 
was listed and subject to this rule, including the report for March 
2006, which was submitted on April 10, 2006.
    \6\ See Securities Exchange Act Release No. 50171 (August 9, 
2004), 69 FR 50427 (August 16, 2004) (order approving NYSEArca 
Equities Rule 5.1(c)) (``Approval Order'').
---------------------------------------------------------------------------

    On March 7, 2006, as a result of the merger between Archipelago 
Holdings and the New York Stock Exchange Inc., which was completed that 
day, Archipelago Holdings' common stock was delisted from NYSE Arca. 
Accordingly, for the following reasons, NYSE Arca, by this filing, is 
proposing that the Annual Report related to Archipelago Holdings' 
listing on NYSE Arca for the period August 2004 through March 2006 not 
be completed:
    1. The Annual Report would relate to an entity (Archipelago 
Holdings) that is no longer publicly traded or listed on NYSE Arca, and 
as such, policy considerations that underlie the requirement in NYSE 
Arca Equities Rule 5.1(c) for an Annual Report as set forth in the 
Commission's Approval Order--that it would provide additional assurance 
that all listed securities comply with listing standards and help serve 
to minimize or eliminate potential conflicts of interest that may exist 
as a result of the listing on NYSE Arca of the security of an affiliate 
of NYSE Arca Equities or an entity that operates and/or owns a trading 
system or facility of the Exchange \7\--are no longer applicable; \8\
---------------------------------------------------------------------------

    \7\ A discussion of these conflicts is contained in the Approval 
Order.
    \8\ Telephone conversation between A. David Strandberg III, 
Director, NYSE Arca Equities, and Heather A. Seidel, Senior Special 
Counsel, Commission, Division of Market Regulation (``Division''), 
on April 21, 2006.
---------------------------------------------------------------------------

    2. NYSE Arca Equities otherwise fully complied with its Rule 5.1(c) 
during this time period, including the preparation and submission to 
the Commission of the monthly reports also required by Rule 5.1(c); and
    3. The costs and burden related to preparation of the Annual Report 
would be substantial in relation to any benefits.
    Notwithstanding this filing, NYSE Arca Equities Rule 5.1(c) remains 
in full force and effect, and is not revised in any way by this filing.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act \9\ in general and furthers the objectives 
of section 6(b)(5) \10\ in particular, in that the policy and practical 
considerations underlying NYSE Arca Equities Rule 5.1(c) are no longer 
applicable, that NYSE Arca Equities otherwise complied with Rule 
5.1(c), and the costs and burden related to compliance would be 
substantial in relation to any benefits.\11\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ At the request of the Exchange, the Commission staff 
amended the statutory basis section to make it consistent with the 
Form 19b-4 as filed by the Exchange. Telephone conversation between 
A. David Strandberg III, Director, NYSE Arca Equities, and Natasha 
Cowen, Attorney, Commission, Division, on April 19, 2006 (``April 19 
Telephone Conversation'').
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposal 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 if 
consistent with the protection of investors and the public interest, it 
has become effective pursuant to section 19(b)(3)(A) of the Act \12\ 
and Rule 19b-4(f)(6) thereunder.\13\ As required under Rule 19b-
4(f)(6)(iii) under the Act,\14\ the Exchange provided the Commission 
with 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 the filing of the 
proposed rule change.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). April 19 Telephone Conversation.
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSEArca-2006-09 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary,

[[Page 25276]]

Securities and Exchange Commission, Station Place, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-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 Room. Copies of such 
filing also will be available for inspection and copying at the 
principal offices 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-NYSEArca-2006-09 and should be submitted on or before 
May 19, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-6414 Filed 4-27-06; 8:45 am]
BILLING CODE 8010-01-P