Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a System Change to the Options Floor Broker Management System, 41064-41066 [E6-11390]

Download as PDF 41064 Federal Register / Vol. 71, No. 138 / Wednesday, July 19, 2006 / Notices security or calculated index value at about the time that the Short Term Option Series is opened.8 CBOE is now proposing to modify these terms of the Pilot Program to provide that up to seven (as opposed to five) Short Term Option Series may be opened in an options class selected for the program for each expiration date. Approximately the same number of strike prices would be opened above and below the value of the underlying security or calculated index value at about the time the Short Term Option Series are initially opened for trading. For example, if seven series are initially opened, there will be at least three strike prices above and three strike prices below the value of the underlying security or calculated index value. In addition, the Exchange is proposing that, if the Exchange has opened less than seven Short Term Option Series in a particular options class for a given expiration date, additional series in that class may be opened for trading on the Exchange when the Exchange deems it necessary to maintain an orderly market, to meet customer demand, or when the current value of the underlying index moves substantially from the exercise price or prices of the series already opened. In any event, the total number of series for a given expiration date will not exceed seven. sroberts on PROD1PC70 with NOTICES 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) of the Act 10 in particular, in that it is designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts, to remove impediments to and to perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. The Exchange believes that the proposed modification to the Pilot Program would result in a continuing benefit to investors, by allowing the Exchange to maintain an orderly market and meet customer demand, and accommodate instances where the underlying security or index value may move substantially. As such, the Exchange believes the change would increase the utility of the Pilot Program, consistent with the Pilot Program’s objectives. 8 The interval between strike prices on a Short Term Option Series is the same as with the corresponding monthly options series. 9 15 U.S.C. 78f(b). 10 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 18:28 Jul 18, 2006 Jkt 208001 B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change would 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 were neither solicited nor received with respect to the proposed rule change. 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, or (B) Institute proceedings to determine whether the proposed rule change 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: 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–CBOE–2006–49 on the subject line. 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 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–CBOE–2006–49 and should be submitted on or before August 9, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 J. Lynn Taylor, Assistant Secretary. [FR Doc. E6–11388 Filed 7–18–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54138; File No. SR–Phlx– 2006–35] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a System Change to the Options Floor Broker Management System July 12, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Paper Comments notice is hereby given that on May 18, 2006,the Philadelphia Stock Exchange, • Send paper comments in triplicate Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with to Nancy M. Morris, Secretary, the Securities and Exchange Securities and Exchange Commission, Commission (‘‘Commission’’) the Station Place, 100 F Street, NE., proposed rule change as described in Washington, DC 20549–1090. Items I, II, and III below, which Items All submissions should refer to File have been prepared by the Phlx. On July Number SR–CBOE–2006–49. This file 12, the Exchange filed Amendment No. number should be included on the subject line if e-mail is used. To help the 1 to the proposed rule change.3 The Commission process and review your 11 17 CFR 200.30–3(a)(12). comments more efficiently, please use 1 15 U.S.C. 78s(b)(1). only one method. The Commission will 2 17 CFR 240.19b–4. post all comments on the Commission’s 3 See Form 19b–4 dated July 12, 2006 Internet Web site (http://www.sec.gov/ (‘‘Amendment No. 1’’). Amendment No. 1 replaced the original filing in its entirety. Telephone rules/sro.shtml). Copies of the PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\19JYN1.SGM 19JYN1 Federal Register / Vol. 71, No. 138 / Wednesday, July 19, 2006 / Notices Exchange filed the proposal pursuant to section 19(b)(3)(A) of the Act 4 and Rule 19b–4(f)(5) thereunder,5 which renders the proposal effective upon filing with the Commission. 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 Exchange Rule 1063(e) to include a cross 6 as one of the transaction categories to be recorded onto the Options Floor Broker Management System (‘‘FBMS’’).7 The text of the proposed rule change, as amended, is available on the Phlx’s Web site (http:// www.phlx.com), at the Phlx’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 sroberts on PROD1PC70 with NOTICES In its filing with the Commission, the Exchange 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 Phlx has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. conversation between Anthony Voci, Director and Counsel, Phlx, and Natasha Cowen, Commission, Division of Market Regulation (‘‘Division’’), on July 12, 2006 (‘‘Telephone Conversation’’). 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(5). 6 A cross can occur when a Floor Broker holds orders to buy and sell the same options series. See Exchange Rule 1064(a). 7 The FBMS is a component of AUTOM, the Exchange’s electronic order delivery, routing, execution and reporting system. See Exchange Rule 1080. The FBMS is designed to enable Floor Brokers and/or their employees to enter, route and report transactions stemming from options orders received on the Exchange. The Options Floor Broker Management System also is designed to establish an electronic audit trail for options orders represented and executed by Floor Brokers on the Exchange, such that the audit trial provides an accurate, time-sequenced record of electronic and other orders, quotations and transactions on the Exchange, beginning with the receipt of an order by the Exchange, and further documenting the life of the order through the process of execution, partial execution, or cancellation of that order. VerDate Aug<31>2005 18:28 Jul 18, 2006 Jkt 208001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In July, 2003, the Exchange implemented a consolidated options audit trail system (‘‘COATS’’) to create an electronic audit trail for nonelectronic orders and to improve, among other things, order handling by Floor Brokers, by deploying the FBMS.8 The purpose of the instant proposed rule change is to improve the existing electronic audit trail and provide a more efficient options marketplace by augmenting the FBMS, as described below. Currently, the FBMS only provides one mechanism for cross transactions that are executed by Floor Brokers, i.e., the entry of two separate, contra-side orders for the same series. The Exchange is implementing a new, additional screen on the FBMS to reflect certain crosses as a single transaction, rather than requiring separate buy and sell transactions to be recorded. Specifically, in cross transactions where both sides of the transaction contain completely identical terms,9 Floor Brokers will select the new cross screen which will automatically duplicate all of the terms of the initiating order to record the contra side, prior to representation in the crowd. The Exchange believes that this should better capture the actual time of receipt of a crossing order by streamlining the data entry process required of Floor Brokers pursuant to Exchange Rule 1063(e). Finally, the proposed systems change will not replace the current rules setting forth the in-crowd requirements for Floor Brokers for handling crosses,10 but will improve the FBMS. 2. Statutory Basis The Exchange believes that its proposal, as amended, is consistent with section 6(b) of the Act 11 in general, and furthers the objectives of section 6(b)(5) of the Act 12 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the 8 See Securities Exchange Act Release No. 48266 (July 31, 2003), 68 FR 47131 (August 7, 2003) (SR– Phlx–2003–56). 9 The following terms must be identical in order for the new cross screen to be utilized: order type, option symbol, price, number of contracts, any contingency indicators, and the clearing number of the broker-dealer that submitted the order. Telephone Conversation. 10 See Exchange Rule 1064. 11 15 U.S.C. 78f(b). 12 15 U.S.C. 78f(b)(5). PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 41065 mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by maintaining an accurate, time-sequenced audit trail of options transactions. 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 The foregoing rule change, as amended, has become effective pursuant to section 19(b)(3)(A) of the Act 13 and Rule 19b–4(f)(5) thereunder.14 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.15 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: 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–Phlx–2006–35 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. 13 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(5). 15 For purposes of calculating the 60-day abrogation period, the Commission considers the proposed rule change to have been filed on July 12, 2006, when Amendment No. 1 was filed. 14 17 E:\FR\FM\19JYN1.SGM 19JYN1 41066 Federal Register / Vol. 71, No. 138 / Wednesday, July 19, 2006 / Notices All submissions should refer to File Number SR–Phlx–2006–35. 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 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–2006–35 and should be submitted on or before August 9, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.16 J. Lynn Taylor, Assistant Secretary. [FR Doc. E6–11390 Filed 7–18–06; 8:45 am] BILLING CODE 8010–01–P SOCIAL SECURITY ADMINISTRATION The Ticket to Work and Work Incentives Advisory Panel Meeting AGENCY: Social Security Administration (SSA). ACTION: Notice of quarterly meeting. August 16, 2006—9 a.m. to 5:30 p.m.; August 17, 2006—1:30 p.m. to 5 p.m.; August 18, 2006—9 a.m. to 12 noon. DATES: Double Tree Hotel Crystal City, 300 Army Navy Drive, Arlington, VA 22202. Phone: 703–416–4100. SUPPLEMENTARY INFORMATION: Type of Meeting: On August 16–18, 2006, the Ticket to Work and Work Incentives Advisory Panel (the ‘‘Panel’’) will hold a quarterly meeting open to the public. sroberts on PROD1PC70 with NOTICES ADDRESSES: VerDate Aug<31>2005 18:28 Jul 18, 2006 Jkt 208001 Purpose: In accordance with section 10(a)(2) of the Federal Advisory Committee Act, the Social Security Administration (SSA) announces a meeting of the Ticket to Work and Work Incentives Advisory Panel. Section 101(f) of Public Law 106–170 establishes the Panel to advise the President, the Congress, and the Commissioner of SSA on issues related to work incentive programs, planning, and assistance for individuals with disabilities as provided under section 101(f)(2)(A) of the TWWIA. The Panel is also to advise the Commissioner on matters specified in section 101(f)(2)(B) of that Act, including certain issues related to the Ticket to Work and SelfSufficiency Program established under section 101(a) of that Act. Interested parties are invited to attend the meeting. The Panel will use the meeting time to receive briefings and presentations on matters of interest, conduct full Panel deliberations on the implementation of the Act and receive public testimony. The Panel will meet in person commencing on Wednesday, August 16, 2006, from 9 a.m. until 5:30 p.m. The quarterly meeting will continue on Thursday, August 17, 2006, from 1:30 p.m. until 5 p.m. and on Friday, August 18, 2006, from 9 a.m. until 12 noon. Agenda: The full agenda will be posted at least one week before the start of the meeting on the Internet at http:// www.ssa.gov/work/panel/ meeting_information/agendas.html, or can be received, in advance, electronically or by fax upon request. Public testimony will be heard on Wednesday, August 16, 2006, from 1:30 p.m. until 2:30 p.m. and Thursday, August 17, 2006, from 3:15 p.m. until 3:45 p.m. Individuals interested in providing testimony in person should contact the Panel staff as outlined below to schedule a time slot. Members of the public must schedule a time slot in order to comment. In the event public comments do not take the entire scheduled time period, the Panel may use that time to deliberate or conduct other Panel business. Each individual providing public comment will be acknowledged by the Chair in the order in which they are scheduled to testify and is limited to a maximum fiveminute, verbal presentation. Full written testimony on the Implementation of the Ticket to Work and Work Incentives Program, no longer than five (5) pages, may be submitted in person or by mail, fax or e-mail on an ongoing basis to the Panel for consideration. Since seating may be limited, persons interested in providing testimony at the PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 meeting should contact the Panel staff by e-mailing Ms. Tinya White-Taylor, at Tinya.White-Taylor@ssa.gov or by calling (202) 358–6420. Contact Information: Records are kept of all proceedings and will be available for public inspection by appointment at the Panel office. Anyone requiring information regarding the Panel should contact the staff by: • Mail addressed to the Social Security Administration, Ticket to Work and Work Incentives Advisory Panel Staff, 400 Virginia Avenue, SW., Suite 700, Washington, DC 20024. • Telephone contact with Tinya White-Taylor at (202) 358–6420. • Fax at (202) 358–6440. • E-mail to TWWIIAPanel@ssa.gov. Dated: July 11, 2006. Chris Silanskis, Designated Federal Officer. [FR Doc. E6–11410 Filed 7–18–06; 8:45 am] BILLING CODE 4191–02–P DEPARTMENT OF STATE [Public Notice 5468] 60-Day Notice of Proposed Information Collection: DS–1884, Petition to Classify Special Immigrant Under INA 203(b)(4) as an Employee or Former Employee of the U.S. Government Abroad, OMB Control Number 1405– 0082 Notice of request for public comments. ACTION: SUMMARY: The Department of State is seeking Office of Management and Budget (OMB) approval for the information collection described below. The purpose of this notice is to allow 60 days for public comment in the Federal Register preceding submission to OMB. We are conducting this process in accordance with the Paperwork Reduction Act of 1995. Title of Information Collection: Petition for Classify Special Immigrant Under INA 203(b)(4) as an Employee or Former Employee of the U.S. Government Abroad. OMB Control Number: 1405–0082. Type of Request: Extension of a Currently Approved Collection. Originating Office: Bureau of Consular Affairs, Office of Visa Services (CA/VO) Form Number: DS–1884. Respondents: Aliens petitioning for immigrant visas under INA 203(b)(4). Estimated Number of Respondents: 300 per year. Estimated Number of Responses: 300 per year. Average Hours per Response: 30 minutes. E:\FR\FM\19JYN1.SGM 19JYN1

Agencies

[Federal Register Volume 71, Number 138 (Wednesday, July 19, 2006)]
[Notices]
[Pages 41064-41066]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-11390]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54138; File No. SR-Phlx-2006-35]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to a System Change to the Options Floor Broker Management 
System

July 12, 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 18, 2006,the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Phlx. On July 12, 
the Exchange filed Amendment No. 1 to the proposed rule change.\3\ The

[[Page 41065]]

Exchange filed the proposal pursuant to section 19(b)(3)(A) of the Act 
\4\ and Rule 19b-4(f)(5) thereunder,\5\ which renders the proposal 
effective upon filing with the Commission. 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\ See Form 19b-4 dated July 12, 2006 (``Amendment No. 1''). 
Amendment No. 1 replaced the original filing in its entirety. 
Telephone conversation between Anthony Voci, Director and Counsel, 
Phlx, and Natasha Cowen, Commission, Division of Market Regulation 
(``Division''), on July 12, 2006 (``Telephone Conversation'').
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(5).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Phlx proposes to amend Exchange Rule 1063(e) to include a cross 
\6\ as one of the transaction categories to be recorded onto the 
Options Floor Broker Management System (``FBMS'').\7\ The text of the 
proposed rule change, as amended, is available on the Phlx's Web site 
(http://www.phlx.com), at the Phlx's Office of the Secretary, and at 
the Commission's Public Reference Room.
---------------------------------------------------------------------------

    \6\ A cross can occur when a Floor Broker holds orders to buy 
and sell the same options series. See Exchange Rule 1064(a).
    \7\ The FBMS is a component of AUTOM, the Exchange's electronic 
order delivery, routing, execution and reporting system. See 
Exchange Rule 1080. The FBMS is designed to enable Floor Brokers 
and/or their employees to enter, route and report transactions 
stemming from options orders received on the Exchange. The Options 
Floor Broker Management System also is designed to establish an 
electronic audit trail for options orders represented and executed 
by Floor Brokers on the Exchange, such that the audit trial provides 
an accurate, time-sequenced record of electronic and other orders, 
quotations and transactions on the Exchange, beginning with the 
receipt of an order by the Exchange, and further documenting the 
life of the order through the process of execution, partial 
execution, or cancellation of that order.
---------------------------------------------------------------------------

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 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
    In July, 2003, the Exchange implemented a consolidated options 
audit trail system (``COATS'') to create an electronic audit trail for 
non-electronic orders and to improve, among other things, order 
handling by Floor Brokers, by deploying the FBMS.\8\ The purpose of the 
instant proposed rule change is to improve the existing electronic 
audit trail and provide a more efficient options marketplace by 
augmenting the FBMS, as described below.
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 48266 (July 31, 
2003), 68 FR 47131 (August 7, 2003) (SR-Phlx-2003-56).
---------------------------------------------------------------------------

    Currently, the FBMS only provides one mechanism for cross 
transactions that are executed by Floor Brokers, i.e., the entry of two 
separate, contra-side orders for the same series. The Exchange is 
implementing a new, additional screen on the FBMS to reflect certain 
crosses as a single transaction, rather than requiring separate buy and 
sell transactions to be recorded.
    Specifically, in cross transactions where both sides of the 
transaction contain completely identical terms,\9\ Floor Brokers will 
select the new cross screen which will automatically duplicate all of 
the terms of the initiating order to record the contra side, prior to 
representation in the crowd. The Exchange believes that this should 
better capture the actual time of receipt of a crossing order by 
streamlining the data entry process required of Floor Brokers pursuant 
to Exchange Rule 1063(e).
---------------------------------------------------------------------------

    \9\ The following terms must be identical in order for the new 
cross screen to be utilized: order type, option symbol, price, 
number of contracts, any contingency indicators, and the clearing 
number of the broker-dealer that submitted the order. Telephone 
Conversation.
---------------------------------------------------------------------------

    Finally, the proposed systems change will not replace the current 
rules setting forth the in-crowd requirements for Floor Brokers for 
handling crosses,\10\ but will improve the FBMS.
---------------------------------------------------------------------------

    \10\ See Exchange Rule 1064.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal, as amended, is consistent 
with section 6(b) of the Act \11\ in general, and furthers the 
objectives of section 6(b)(5) of the Act \12\ in particular, in that it 
is designed to promote just and equitable principles of trade, to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system, and, in general to protect 
investors and the public interest, by maintaining an accurate, time-
sequenced audit trail of options transactions.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 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

    The foregoing rule change, as amended, has become effective 
pursuant to section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(5) 
thereunder.\14\ 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.\15\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(5).
    \15\ For purposes of calculating the 60-day abrogation period, 
the Commission considers the proposed rule change to have been filed 
on July 12, 2006, when Amendment No. 1 was filed.
---------------------------------------------------------------------------

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:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2006-35 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.


[[Page 41066]]


All submissions should refer to File Number SR-Phlx-2006-35. 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 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-2006-35 and should be submitted on or before August 9, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\16\

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-11390 Filed 7-18-06; 8:45 am]
BILLING CODE 8010-01-P