Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change Relating to Reducing Staffing Requirements for Options Specialist Units, 35475-35477 [E6-9605]
Download as PDF
<![CDATA[
Federal Register / Vol. 71, No. 118 / Tuesday, June 20, 2006 / Notices
charged to ADR holders has become an
impediment to intermarket competition
both within the United States and with
international listing venues.
Moreover, NYSE notes that fees
applicable to ADR holders are clearly
disclosed in the company’s registration
statement when a company registers its
ADRs and the underlying securities
with the Commission in connection
with listing on a U.S. market. The
deposit agreement, which sets forth the
applicable fees, is also required to be
filed as an exhibit to the company’s
registration statement and to the
depositary bank’s registration statement
on Form F–6.
NYSE also believes that the
competition among the depositary banks
in the sponsored ADR market serves to
regulate the fees that banks charge to
ADR holders. In light of these
developments, the Exchange no longer
feels that it is necessary or appropriate
for NYSE to regulate fees for ADR
holders.
2. Statutory Basis
The Exchange believes that the
statutory basis for the proposed rule
change, as amended, is the requirement
under Section 6(b)(5) of the Act 6 that an
exchange have rules that are designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to remove
impediments to, and perfect the
mechanism of a free and open market
and, in general, 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 Exchange Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
rwilkins on PROD1PC63 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
NYSE has designated the foregoing
rule change, as amended, as a ‘‘noncontroversial’’ rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 7 and
Rule 19b–4(f)(6) thereunder 8 because
the rule change does not: (i)
6 15
U.S.C. 78(f)(b)(5).
U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6).
7 15
VerDate Aug<31>2005
17:31 Jun 19, 2006
Jkt 208001
35475
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; or (iii) become operative
for 30 days from the day 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. The Exchange has
requested that the Commission waive
the five-day pre-filing requirement and
the 30-day operative delay period for
‘‘non-controversial’’ proposals and make
the proposed rule change, as amended,
effective and operative upon filing. The
Commission hereby grants the request.
The Commission believes that waiving
the 30-day operative delay for the
proposed rule change, as amended, is
consistent with the protection of
investors and the public interest
because other national securities
exchanges do not have similar
restrictions on depositary bank fees in
their listing standards.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 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
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
All submissions should refer to File
Number SR–NYSE–2006–42. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room. Copies of such filing also will be
available for inspection and copying at
the principal office of NYSE. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–NYSE–2006–42 and should
be submitted on or before July 11, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–9606 Filed 6–19–06; 8:45 am]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2006–42 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.
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. See 15 U.S.C. 78c(f).
10 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change, as amended,
under Section 19(b)(3)(C) of the Act, the
Commission considers the period to commence on
June 12, 2006, the date on which NYSE submitted
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
PO 00000
Frm 00068
Fmt 4703
Sfmt 4703
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53979; File No. SR–Phlx–
20006–30]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing of Proposed Rule
Change Relating to Reducing Staffing
Requirements for Options Specialist
Units
June 14, 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 May 4,
2006, the Philadelphia Stock Exchange,
Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\20JNN1.SGM
20JNN1
35476
Federal Register / Vol. 71, No. 118 / Tuesday, June 20, 2006 / Notices
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by the Phlx. On
June 6, 2006, the Phlx 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to amend Phlx
Rule 501(d) to reduce the mandatory
staffing requirement to be approved as
an options or foreign currency options
specialist unit and to retain such status,
while continuing to enable the
Exchange’s Options Allocation,
Evaluation and Securities Committee
(‘‘Options Allocation Committee’’) 4 to
require a unit to obtain additional
staffing.
The text of the proposed rule change
is set forth below. Proposed new
language is in italics; proposed
deletions are in [brackets]:
Rule 501. Specialist Appointment
(a)–(c)—No Change.
(d) To be approved as a specialist unit
and to retain the privilege of such
status, an options or foreign currency
options specialist unit must maintain
the approved clearing arrangements and
capital structure stated on their
application as described in (b)(2) and
(b)(3) above. Changes regarding the
requirements in (b)(4) must be
submitted and approved by the
Committee. In addition, each unit must
consist of at least the following staff for
each [quarter turret (or equivalent
portion of a] trading floor specialist
post[)]: (1) One head specialist; and
(2)[two] one assistant specialist[s with
respect to options specialist units (of
which at least one] that must be
associated with the specialist unit[); and
(3) one specialist clerk]. The Committee,
in its discretion, may require a unit to
obtain additional staff depending upon
the number of assigned options classes
and associated order flow.
rwilkins on PROD1PC63 with NOTICES
(e)–(f)—No Change.
Commentary—No Change.
3 In Amendment No. 1, the Exchange clarified the
rationale for reducing staffing for foreign currency
options and made non-substantive changes to the
proposed rule change.
4 See Phlx By-Law Article X, Section 10–7. The
Options Allocations Committee has jurisdiction
over, among other things: the appointment of
specialists on the options and foreign currency
options trading floors; allocation, retention and
transfer of privileges to deal in options on the
trading floors; and administration of the 500 series
of Phlx rules.
VerDate Aug<31>2005
17:31 Jun 19, 2006
Jkt 208001
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, as amended, 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 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
The purpose of the proposed rule
change, as amended, is to provide
flexibility in options and foreign
currency options specialist unit staffing
by reducing the mandatory staffing
requirement, in light of increased
automation respecting options trading.
Currently, Phlx Rule 501(d) requires
that in order to be approved as an
options or foreign currency options
specialist unit and retain such status,
the specialist unit shall have at each
quarter turret or trading post one head
specialist, two assistant specialists (at
least one of whom must be associated
with the specialist unit), and one
specialist clerk.5 However, as the
Exchange and member organizations
continue to enhance options trading
technology and options orders are now
automatically executed on the Exchange
over 90% of the time, the need to
maintain the present required staffing
levels for every specialist unit (three
specialists and a clerk) is significantly
reduced.6 The Exchange believes that,
in light of such technological advances,
and in conjunction with requests from
specialist units for greater staffing
flexibility, requiring only one assistant
specialist and eliminating the
5 The Exchange is also proposing to make nonsubstantive changes to Phlx Rule 501(d) such as
deletion of obsolete references to quarter turrets,
which are no longer used on the floor.
6 Furthermore, the Phlx believes that the number
of foreign currency option orders executed on the
Exchange does not warrant high staffing levels. In
2005, as an example, the number of foreign
currency option orders executed on the Exchange
was less than 1% of the overall number of option
orders executed on the Exchange. Telephone
conversation between Jurij Trypupenko, Director,
Phlx and David Michehl, Special Counsel, Division
of Market Regulation, Commission on June 13,
2006.
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
requirement for a specialist clerk is
warranted.7
2. Statutory Basis
The Exchange believes that the
proposal, as amended, is consistent with
Section 6(b) of the Act,8 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,9 in particular, in that the
proposal is designed to promote just and
equitable principles of trade, and to
protect investors and the public interest,
by adding flexibility to specialist
staffing requirements while retaining
the ability of the Options Allocations
Committee to require additional staffing
where appropriate, which should
enhance operational efficiencies.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change, as amended,
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
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
A. By order approve such proposed
rule change, as amended; or
B. Institute proceedings to determine
whether the proposed rule change, as
amended, should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
7 The changes proposed in Phlx Rule 501(d)
herein are not intended to alter other specialist unit
obligations established by Phlx rules.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\20JNN1.SGM
20JNN1
Federal Register / Vol. 71, No. 118 / Tuesday, June 20, 2006 / Notices
Electronic Comments
SMALL BUSINESS ADMINISTRATION
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Phlx–2006–30 on the
subject line.
[License No. 09/79–0450]
Rustic Canyon Ventures SBIC, L.P.;
Notice Seeking Exemption Under
Section 312 of the Small Business
Investment Act, Conflicts of Interest
Notice is hereby given that Rustic
Canyon Ventures SBIC, L.P., 2425
Paper Comments
Olympic Blvd., Suite 6050W, Santa
Monica, CA 90404, a Federal Licensee
• Send paper comments in triplicate
under the Small Business Investment
to Nancy M. Morris, Secretary,
Act of 1958, as amended (‘‘the Act’’), in
Securities and Exchange Commission,
connection with the financing of a small
Station Place, 100 F Street, NE.,
concern, has sought an exemption under
Washington, DC 20549–1090.
Section 312 of the Act and Section
107.730, Financings which Constitute
All submissions should refer to File
Conflicts of Interest of the Small
Number SR–Phlx–2006–30. This file
Business Administration (‘‘SBA’’) Rules
number should be included on the
subject line if e-mail is used. To help the and Regulations (13 CFR 107.730
(2005)). Rustic Canyon Ventures SBIC,
Commission process and review your
L.P. proposes to provide equity security
comments more efficiently, please use
financing to Intrepid Learning
only one method. The Commission will
Solutions, Inc., 411 First Avenue South,
post all comments on the Commission’s Suite #300, Seattle WA 98104. The
Internet Web site (https://www.sec.gov/
financing is contemplated for operating
rules/sro.shtml). Copies of the
expenses and for general corporate
submission, all subsequent
purposes.
amendments, all written statements
The financing is brought within the
with respect to the proposed rule
purview of § 107.730(a)(1) of the
change that are filed with the
Regulations because Staenberg Private
Commission, and all written
Capital, LLC and Staenberg Venture
communications relating to the
Partners II, L.P., both Associates of
proposed rule change between the
Rustic Canyon Ventures SBIC, L.P., own
Commission and any person, other than more than ten percent of Intrepid
Learning Solutions, Inc. Therefore,
those that may be withheld from the
Intrepid Learning Solutions, Inc., is
public in accordance with the
considered an Associate of Rustic
provisions of 5 U.S.C. 552, will be
Canyon Ventures SBIC, L.P., as defined
available for inspection and copying in
at 13 CFR 107.50 of the SBIC
the Commission’s Public Reference
Room. Copies of such filing also will be Regulations.
Notice is hereby given that any
available for inspection and copying at
interested person may submit written
the principal office of the Phlx. All
comments on the transaction to the
comments received will be posted
Associate Administrator for Investment,
without change; the Commission does
U.S. Small Business Administration,
not edit personal identifying
409 3rd Street, SW., Washington, DC
information from submissions. You
20416.
should submit only information that
´
you wish to make available publicly. All Jaime Guzman-Fournier,
Associate Administrator for Investment.
submissions should refer to File
Number SR–Phlx–2006–30 and should
[FR Doc. E6–9628 Filed 6–19–06; 8:45 am]
be submitted on or before July 11, 2006. BILLING CODE 8025–01–P
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.10
Nancy M. Morris,
Secretary.
[FR Doc. E6–9605 Filed 6–19–06; 8:45 am]
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #10480 and #10479]
Maine Disaster Number ME–00004
rwilkins on PROD1PC63 with NOTICES
ACTION:
10 17
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the State of Maine (FEMA–
1644–DR), dated 5/25/2006.
Incident: Severe Storms and Flooding.
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
17:31 Jun 19, 2006
Small Business Administration.
Amendment 1.
AGENCY:
BILLING CODE 8010–01–P
Jkt 208001
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
35477
Incident Period: 5/13/2006 and
continuing through 5/23/2006.
Effective Date: 6/12/2006.
Physical Loan Application Deadline
Date: 7/24/2006.
EIDL Loan Application Deadline Date:
2/26/2007.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, National Processing
and Disbursement Center, 14925
Kingsport Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for the State of Maine, dated
5/25/2006, is hereby amended to
establish the incident period for this
disaster as beginning 5/13/2006 and
continuing through 5/23/2006.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008.)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E6–9680 Filed 6–19–06; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #10482 and #10481]
Massachusetts Disaster Number MA–
00006
Small Business Administration.
Amendment 1.
AGENCY:
ACTION:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for the Commonwealth of
Massachusetts (FEMA–1642–DR) , dated
5/25/2006.
Incident: Severe Storms and Flooding.
Incident Period: 5/12/2006 and
continuing through 5/23/2006.
Effective Date: 6/12/2006.
Physical Loan Application Deadline
Date: 7/24/2006.
EIDL Loan Application Deadline Date:
2/26/2007.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, National Processing
and Disbursement Center, 14925
Kingsport Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
E:\FR\FM\20JNN1.SGM
20JNN1
]]>Agencies
[Federal Register Volume 71, Number 118 (Tuesday, June 20, 2006)]
[Notices]
[Pages 35475-35477]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-9605]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53979; File No. SR-Phlx-20006-30]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing of Proposed Rule Change Relating to Reducing Staffing
Requirements for Options Specialist Units
June 14, 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 May 4, 2006, the Philadelphia Stock Exchange, Inc. (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the
[[Page 35476]]
proposed rule change as described in Items I, II and III below, which
Items have been prepared by the Phlx. On June 6, 2006, the Phlx 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, the Exchange clarified the rationale for
reducing staffing for foreign currency options and made non-
substantive changes to the proposed rule change.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to amend Phlx Rule 501(d) to reduce the mandatory
staffing requirement to be approved as an options or foreign currency
options specialist unit and to retain such status, while continuing to
enable the Exchange's Options Allocation, Evaluation and Securities
Committee (``Options Allocation Committee'') \4\ to require a unit to
obtain additional staffing.
---------------------------------------------------------------------------
\4\ See Phlx By-Law Article X, Section 10-7. The Options
Allocations Committee has jurisdiction over, among other things: the
appointment of specialists on the options and foreign currency
options trading floors; allocation, retention and transfer of
privileges to deal in options on the trading floors; and
administration of the 500 series of Phlx rules.
---------------------------------------------------------------------------
The text of the proposed rule change is set forth below. Proposed
new language is in italics; proposed deletions are in [brackets]:
Rule 501. Specialist Appointment
(a)-(c)--No Change.
(d) To be approved as a specialist unit and to retain the privilege
of such status, an options or foreign currency options specialist unit
must maintain the approved clearing arrangements and capital structure
stated on their application as described in (b)(2) and (b)(3) above.
Changes regarding the requirements in (b)(4) must be submitted and
approved by the Committee. In addition, each unit must consist of at
least the following staff for each [quarter turret (or equivalent
portion of a] trading floor specialist post[)]: (1) One head
specialist; and (2)[two] one assistant specialist[s with respect to
options specialist units (of which at least one] that must be
associated with the specialist unit[); and (3) one specialist clerk].
The Committee, in its discretion, may require a unit to obtain
additional staff depending upon the number of assigned options classes
and associated order flow.
(e)-(f)--No Change.
Commentary--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, as
amended, 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 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
The purpose of the proposed rule change, as amended, is to provide
flexibility in options and foreign currency options specialist unit
staffing by reducing the mandatory staffing requirement, in light of
increased automation respecting options trading.
Currently, Phlx Rule 501(d) requires that in order to be approved
as an options or foreign currency options specialist unit and retain
such status, the specialist unit shall have at each quarter turret or
trading post one head specialist, two assistant specialists (at least
one of whom must be associated with the specialist unit), and one
specialist clerk.\5\ However, as the Exchange and member organizations
continue to enhance options trading technology and options orders are
now automatically executed on the Exchange over 90% of the time, the
need to maintain the present required staffing levels for every
specialist unit (three specialists and a clerk) is significantly
reduced.\6\ The Exchange believes that, in light of such technological
advances, and in conjunction with requests from specialist units for
greater staffing flexibility, requiring only one assistant specialist
and eliminating the requirement for a specialist clerk is warranted.\7\
---------------------------------------------------------------------------
\5\ The Exchange is also proposing to make non-substantive
changes to Phlx Rule 501(d) such as deletion of obsolete references
to quarter turrets, which are no longer used on the floor.
\6\ Furthermore, the Phlx believes that the number of foreign
currency option orders executed on the Exchange does not warrant
high staffing levels. In 2005, as an example, the number of foreign
currency option orders executed on the Exchange was less than 1% of
the overall number of option orders executed on the Exchange.
Telephone conversation between Jurij Trypupenko, Director, Phlx and
David Michehl, Special Counsel, Division of Market Regulation,
Commission on June 13, 2006.
\7\ The changes proposed in Phlx Rule 501(d) herein are not
intended to alter other specialist unit obligations established by
Phlx rules.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposal, as amended, is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\9\ in particular, in that the
proposal is designed to promote just and equitable principles of trade,
and to protect investors and the public interest, by adding flexibility
to specialist staffing requirements while retaining the ability of the
Options Allocations Committee to require additional staffing where
appropriate, which should enhance operational efficiencies.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change, as
amended, 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
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
A. By order approve such proposed rule change, as amended; or
B. Institute proceedings to determine whether the proposed rule
change, as amended, should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, is consistent with the Act. Comments may be
submitted by any of the following methods:
[[Page 35477]]
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Phlx-2006-30 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Phlx-2006-30. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of the 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-2006-30 and should be submitted on or before July
11, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-9605 Filed 6-19-06; 8:45 am]
BILLING CODE 8010-01-P
