In the Matter of China Energy Savings Technology, Inc.; Corrected Order of Suspension of Trading, 58019-58020 [06-8414]

Download as PDF Federal Register / Vol. 71, No. 190 / Monday, October 2, 2006 / Notices party to the Plan by: (i) Executing a copy of the Plan, as then in effect (with the only changes being the addition of the new participant’s name in Section 11(a) of the Plan and the new participant’s single-digit code in Section VI(a)(1) of the Plan) and (ii) submitting such executed plan to the Commission for approval. II. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed JointSRO Plan amendment 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/nms.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number 4–518 on the subject line. Paper Comments rmajette on PROD1PC67 with NOTICES1 • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number 4–518. 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/ nms.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed Joint-SRO Plan amendment that are filed with the Commission, and all written communications relating to the proposed Joint-SRO Plan amendment 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 the filing also will be available for inspection and copying at the principal office of ISE. 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 4–518 and should be submitted on or before November 1, 2006. VerDate Aug<31>2005 15:07 Sep 29, 2006 Jkt 211001 III. Commission’s Findings and Order Granting Accelerated Approval of Proposed Plan Amendment The Commission finds that the proposed Joint-SRO Plan amendment is consistent with the requirements of the Act and the rules and regulations thereunder.4 Specifically, the Commission believes that the proposed amendment, which permits ISE to become a participant to the Joint-SRO Plan, is consistent with the requirements of Section 11A of the Act, and Rule 608 of Regulation NMS. The Plan establishes appropriate procedures for market centers to follow in making their monthly reports required pursuant to Rule 605 of Regulation NMS, available to the public in a uniform, readily accessible, and usable electronic format. The proposed amendment to include ISE as a participant in the JointSRO Plan will contribute to the maintenance of fair and orderly markets and remove impediments to and perfect the mechanisms of a national market system by facilitating the uniform public disclosure of order execution information by all market centers. The Commission finds good cause to grant temporary effectiveness to the proposed Joint-SRO Plan amendment, for 120 days, until January 30, 2007. The Commission believes that it is necessary and appropriate in the public interest, for the maintenance of fair and orderly markets, to remove impediments to, and perfect mechanisms of, a national market system to allow ISE to become a participant in the Joint-SRO Plan. On September 1, 2006, the Commission approved a proposed rule change by the ISE to establish ISE Stock Exchange, LLC (‘‘ISE Stock Exchange’’) as an equities trading facility of ISE.5 As a Plan participant, ISE would have timely information on the Plan procedures as they are formulated and modified by the participants. The Commission finds, therefore, that granting temporary effectiveness of the proposed Joint-SRO Plan amendment is appropriate and consistent with Section 11A of the Act.6 4 In approving this proposed Joint-SRO Plan amendment, the Commission has considered the proposal’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 5 See Securities Exchange Act Release No. 54399 (September 1, 2006), 71 FR 53728 (September 12, 2006). The ISE Stock Exchange consists of a new electronic trading system developed to trade equities and will provide for the electronic execution and display of orders as well as a midpoint matching system. The Commission has published for comment a proposed rule change by ISE to adopt rules and amend existing ISE rules to govern the ISE Stock Exchange. See Securities Exchange Act Release No. 54287 (August 8, 2006), 71 FR 46947 (August 15, 1006). 6 15 U.S.C. 78k–1. PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 58019 IV. Conclusion It is therefore ordered, pursuant to Section 11A of the Act 7 and Rule 608 of Regulation NMS,8 that the proposed Joint-SRO Plan amendment is approved for 120 days, through January 30, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Nancy M. Morris, Secretary. [FR Doc. E6–16170 Filed 9–29–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] In the Matter of China Energy Savings Technology, Inc.; Corrected Order of Suspension of Trading September 26, 2006. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of China Energy Savings Technology, Inc. (‘‘China Energy’’), a Nevada corporation headquartered in Hong Kong, which trades in the over-the-counter market under the symbol ‘‘CESV.’’ Questions have arisen regarding the accuracy and completeness of information contained in China Energy’s press releases and public filings with the Commission concerning, among other things: (i) The company’s purported ownership and control of its sole asset, Shenzhen Dicken Industrial Development, a manufacturer of energy saving devices located and doing business in the People’s Republic of China; and (ii) the existence and/or identity of the company’s purported former Chairman and Chief Executive Officer, Mr. Sun Li. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to section 12(k) of the Securities Exchange Act of 1934, that trading in the abovelisted company is suspended for the period from 9:30 a.m. EDT, September 26, 2006, through 11:59 p.m. EDT, on October 9, 2006. 7 15 U.S.C. 78k–1. CFR 242.608. 9 17 CFR 200.30–3(a)(29). 8 17 E:\FR\FM\02OCN1.SGM 02OCN1 58020 Federal Register / Vol. 71, No. 190 / Monday, October 2, 2006 / Notices By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 06–8414 Filed 9–27–06; 4:39 pm] II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8010–01–P In its filing with the Commission, the BSE included statements concerning the purpose of, and basis for, the proposed rule change, as amended, and discussed any comments it received on the proposed rule change, as amended. The text of these statements may be examined at the places specified in Item IV below. The BSE has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54507; File No. SR–BSE– 2006–36] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Market Opening Pilot Program for the Boston Options Exchange Facility September 26, 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 September 1, 2006, the Boston Stock Exchange, Inc. (‘‘BSE’’ 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 BSE. On September 18, 2006, the BSE 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 BSE is proposing to retroactively reinstate the pilot program related to market opening procedures on the Boston Options Exchange facility.4 The pilot program expired on August 6, 2006. The BSE is proposing to retroactively reinstate the pilot program for the time period August 6, 2006 through September 1, 2006. The BSE does not propose to make any substantive changes to the pilot program rules. The only change to be achieved by this rule filing is to retroactively reinstate the pilot program for the time period August 6, 2006 through September 1, 2006.5 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 replaced the original filing in its entirety. 4 The BSE filed another proposed rule, SR–BSE– 2006–37, in order to extend the market opening procedures pilot program from September 1, 2006 to August 6, 2007. See Securities Exchange Act Release No. 54467 (September 20, 2006). 5 The Commission has previously approved proposals to extend pilot programs on a retroactive basis when an extension was not filed prior to the expiration date. See Securities Exchange Act rmajette on PROD1PC67 with NOTICES1 2 17 VerDate Aug<31>2005 15:07 Sep 29, 2006 Jkt 211001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On August 6, 2006 the market opening procedures pilot program expired. The purpose of this proposed rule change is to retroactively reinstate the market opening procedures pilot program for the time period August 6, 2006 through September 1, 2006 so as to avoid an interruption in that pilot program. The BSE is not proposing any other changes to the market opening procedures pilot with this filing. 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b) of the Act 6 in general, and Section 6(b)(5) of the Act7 in particular, that an exchange have rules that are designed to prevent fraudulent and manipulative practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. In particular, the proposed rule change will avoid an interruption of the pilot program which provides a quicker, more efficient, fair and orderly market opening process. B. Self-Regulatory Organization’s Statement on Burden on Competition The BSE does not believe that the proposed rule change, as amended, will impose any burden on competition that Release No. 50097 (July 27, 2004), 69 FR 46609 (August 3, 2004) (File No. SR–NASD–2004–112). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 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 The BSE did not receive any written comments on the proposed rule change, as amended. 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: 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–BSE–2006–36 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–BSE–2006–36. 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 E:\FR\FM\02OCN1.SGM 02OCN1

Agencies

[Federal Register Volume 71, Number 190 (Monday, October 2, 2006)]
[Notices]
[Pages 58019-58020]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8414]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]


In the Matter of China Energy Savings Technology, Inc.; Corrected 
Order of Suspension of Trading

September 26, 2006.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
China Energy Savings Technology, Inc. (``China Energy''), a Nevada 
corporation headquartered in Hong Kong, which trades in the over-the-
counter market under the symbol ``CESV.''
    Questions have arisen regarding the accuracy and completeness of 
information contained in China Energy's press releases and public 
filings with the Commission concerning, among other things: (i) The 
company's purported ownership and control of its sole asset, Shenzhen 
Dicken Industrial Development, a manufacturer of energy saving devices 
located and doing business in the People's Republic of China; and (ii) 
the existence and/or identity of the company's purported former 
Chairman and Chief Executive Officer, Mr. Sun Li.
    The Commission is of the opinion that the public interest and the 
protection of investors require a suspension of trading in the 
securities of the above-listed company.
    Therefore, it is ordered, pursuant to section 12(k) of the 
Securities Exchange Act of 1934, that trading in the above-listed 
company is suspended for the period from 9:30 a.m. EDT, September 26, 
2006, through 11:59 p.m. EDT, on October 9, 2006.


[[Page 58020]]


    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-8414 Filed 9-27-06; 4:39 pm]
BILLING CODE 8010-01-P