Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Appeals From a Hearing Officer or Hearing Panel Decision, 61116-61117 [E6-17168]

Download as PDF 61116 Federal Register / Vol. 71, No. 200 / Tuesday, October 17, 2006 / Notices responsible individual at the clearing firm whom a customer can contact with inquiries regarding the customer’s account.’’).’’ For the Commission, by the Division of Market Regulation, pursuant to delegated authority.2 Jill M. Peterson, Assistant Secretary. [FR Doc. E6–17180 Filed 10–16–06; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54576; File No. SR–Phlx– 2006–57] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Appeals From a Hearing Officer or Hearing Panel Decision October 5, 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 October 3, 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 and II below, which Items have been prepared by the Phlx. The Phlx filed the proposed rule change as a ‘‘non-controversial’’ rule change 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. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Phlx proposes to amend Exchange By-Law Article XI, Section 11–3 to update the By-laws to make a minor clarifying change to reflect the fact that appeals can now be heard from a Hearing Officer or Hearing Panel decision. The proposed amendment to By-Law Article XI, Section 11–3 is set forth below. Italics indicate new text. bajohnson on PROD1PC69 with NOTICES ARTICLE XI Appeals * * * * * 17 CFR 200.30–3(a)(12). 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). 2 04:06 Oct 18, 2006 B. Self-Regulatory Organization’s Statement on Burden on Competition II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others In its filing with the Commission, the Phlx 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. No written comments were either solicited or received. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange recently created the new staff position of a ‘‘Hearing Officer,’’ who, along with two other Hearing Panelists, will hear contested disciplinary matters that were previously heard by a panel appointed by the Chair of the Business Conduct Committee (‘‘BCC’’).5 In connection with creating the Hearing Officer position, the Exchange amended ByLaw Article X, Section 10–11, which governs the BCC, and Exchange Rules 960 and 970, the disciplinary rules. The purpose of this proposal is to update Exchange By-Law Article XI to reflect, based on the recent changes described above, that a decision from the Hearing Officer or Hearing Panel can now be appealed to the Exchange’s Board of Governors. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 6 in general, and furthers the objectives of Section 6(b)(5) of the Act 7 in particular, in that this proposal should help to protect investors and the public interest by clarifying that appeals can now be heard from a Hearing Officer or Hearing Panel decision. 5 See Securities Exchange Act Release No. 54011 (June 16, 2006), 71 FR 36157 (June 23, 2006) (SR– Phlx–2005–65). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 1 15 VerDate Aug<31>2005 Sec. 11–3. Appeal from Decisions of Hearing Officer, Hearing Panel or Business Conduct Committee (a) No change. (b) No change. * * * * * Jkt 211001 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 8 and Rule 19b– 4(f)(6) thereunder.9 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission 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. A proposed rule change filed under Rule 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing.10 However, Rule 19b– 4(f)(6)(iii) 11 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Phlx provided the Commission with written notice of its intent to file this proposed rule change at least five business days prior to the date of filing of the proposed rule change. In addition, the Phlx has requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposed rule change makes Phlx By-Law Article XI, Section 11–3 consistent with changes previously approved by the Commission.12 For this reason, the Commission designates the 8 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6)(iii). 11 Id. 12 See supra note 5. 9 17 E:\FR\FM\17OCN1.SGM 17OCN1 Federal Register / Vol. 71, No. 200 / Tuesday, October 17, 2006 / Notices proposal to be effective and operative upon filing with the Commission.13 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: For the Commission, by the Division of Market Regulation, pursuant to delegated authority. Jill M. Peterson, Assistant Secretary. [FR Doc. E6–17168 Filed 10–16–06; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 10614] Arizona Disaster Number AZ–00005 AGENCY: ACTION: Small Business Administration. Amendment 1. SUMMARY: This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for • Send paper comments in triplicate the State of Arizona (FEMA–1660–DR), to Nancy M. Morris, Secretary, dated 09/07/2006. Securities and Exchange Commission, 100 F Street, NE., Washington, DC Incident: Severe Storms and Flooding. 20549–1090. Incident Period: 07/25/2006 through All submissions should refer to File 08/04/2006. Number SR–Phlx–2006–57. This file Effective Date: 09/29/2006. number should be included on the subject line if e-mail is used. To help the Physical Loan Application Deadline Commission process and review your Date: 11/06/2006. comments more efficiently, please use only one method. The Commission will ADDRESSES: Submit completed loan post all comments on the Commission’s applications to: U.S. Small Business Administration, Processing and Internet Web site (https://www.sec.gov/ Disbursement Center, 14925 Kingsport rules/sro.shtml). Copies of the Road, Fort Worth, TX 76155. submission, all subsequent amendments, all written statements FOR FURTHER INFORMATION CONTACT: A. with respect to the proposed rule Escobar, Office of Disaster Assistance, change that are filed with the U.S. Small Business Administration, Commission, and all written 409 3rd Street, SW., Suite 6050, communications relating to the Washington, DC 20416. proposed rule change between the Commission and any person, other than SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster those that may be withheld from the declaration for Private Non-Profit public in accordance with the organizations in the State of Arizona, provisions of 5 U.S.C. 552, will be dated 09/07/2006, is hereby amended to available for inspection and copying in include the following areas as adversely the Commission’s Public Reference Room. Copies of such filing also will be affected by the disaster. available for inspection and copying at Primary Counties: Gila, Graham, the principal office of the Phlx. All Greenlee, Navajo, The Tribal Areas of comments received will be posted The Hopi Tribe Within Navajo County, without change; the Commission does The Navajo Nation Within Navajo not edit personal identifying County, and The San Carlos Apache information from submissions. You Tribe Within Gila, Graham, and Pinal should submit only information that Counties. you wish to make available publicly. All All other information in the original submissions should refer to File declaration remains unchanged. Number SR–Phlx–2006–57 and should (Catalog of Federal Domestic Assistance be submitted on or before November 7, Number 59008) 2006.14 bajohnson on PROD1PC69 with NOTICES 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). 14 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 04:06 Oct 18, 2006 Jkt 211001 [Docket No. SSA–2006–0077] Program: Cooperative Agreements for Work Incentives Planning and Assistance Projects; Program Announcement No. SSA–OESP–07–1 Social Security Administration. Announcement of the availability of fiscal year 2006 cooperative agreement funds and request for applications. ACTION: Paper Comments 13 For SOCIAL SECURITY ADMINISTRATION AGENCY: 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–Phlx–2006–57 on the subject line. 61117 James E. Rivera, Acting Associate Administrator for Disaster Assistance. [FR Doc. E6–17155 Filed 10–16–06; 8:45 am] BILLING CODE 8025–01–P PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 Catalog of Federal Domestic Assistance (CFDA): This program is listed in the Catalog of federal Domestic Assistance under Program number 96.008, Social Security Administration—Work Incentives Planning and Assistance Program. SUMMARY: The Social Security Administration (SSA) announces its intention to competitively award cooperative agreements to establish community-based work incentives planning and assistance projects in the following locations: State of Alabama, the counties of Autauga, Baldwin, Barbour, Bullock, Butler, Choctaw, Clarke, Coffee, Conecuh, Covington, Crenshaw, Dale, Dallas, Elmore, Escambia, Geneva, Henry, Houston, Lee, Lowndes, Macon, Marengo, Mobile, Monroe, Montgomery, Pike, Russell, Washington, and Wilcox; State of Indiana, the counties of Clark, Crawford, Daviess, Dearborn, Dubois, Floyd, Gibson, Greene, Harrison, Hendricks, Jackson, Jefferson, Jennings, Knox, Lawrence, Martin, Monroe, Ohio, Orange, Parke, Perry, Pike, Posey, Ripley, Scott, Spencer, Sullivan, Switzerland, Vanderburgh, Vermillion, Vigo, Warrick, Washington; State of Kentucky, the counties of Bath, Bell, Bourbon, Boyd, Bracken, Breathitt, Carter, Clark, Clay, Elliott, Estill, Fleming, Floyd, Garrard, Greenup, Harlan, Harrison, Jackson, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lewis, Madison, Magoffin, Martin, Mason, McCreary, Menifee, Montgomery, Morgan, Nicholas, Owsley, Pendleton, Perry, Pike, Powell, Robertson, Rockcastle, Rowan, Whitley, and Wolfe; State of Nevada, all counties; State of New York, the counties of Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rockland, Ulster, and Westchester; State of Ohio, the counties of Ashtabula, Mahoning, Portage, Stark, Summit, and Trumbull; and Pacific territories of Guam, the Northern Mariana Islands, and American Samoa. E:\FR\FM\17OCN1.SGM 17OCN1

Agencies

[Federal Register Volume 71, Number 200 (Tuesday, October 17, 2006)]
[Notices]
[Pages 61116-61117]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-17168]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54576; File No. SR-Phlx-2006-57]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Appeals From a Hearing Officer or Hearing Panel Decision

 October 5, 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 October 3, 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 and 
II below, which Items have been prepared by the Phlx. The Phlx filed 
the proposed rule change as a ``non-controversial'' rule change 
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

    The Phlx proposes to amend Exchange By-Law Article XI, Section 11-3 
to update the By-laws to make a minor clarifying change to reflect the 
fact that appeals can now be heard from a Hearing Officer or Hearing 
Panel decision. The proposed amendment to By-Law Article XI, Section 
11-3 is set forth below. Italics indicate new text.

ARTICLE XI Appeals

* * * * *
    Sec. 11-3. Appeal from Decisions of Hearing Officer, Hearing Panel 
or Business Conduct Committee
    (a) No change.
    (b) 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 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 Exchange recently created the new staff position of a ``Hearing 
Officer,'' who, along with two other Hearing Panelists, will hear 
contested disciplinary matters that were previously heard by a panel 
appointed by the Chair of the Business Conduct Committee (``BCC'').\5\ 
In connection with creating the Hearing Officer position, the Exchange 
amended By-Law Article X, Section 10-11, which governs the BCC, and 
Exchange Rules 960 and 970, the disciplinary rules. The purpose of this 
proposal is to update Exchange By-Law Article XI to reflect, based on 
the recent changes described above, that a decision from the Hearing 
Officer or Hearing Panel can now be appealed to the Exchange's Board of 
Governors.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 54011 (June 16, 
2006), 71 FR 36157 (June 23, 2006) (SR-Phlx-2005-65).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \7\ in particular, in that this proposal should help 
to protect investors and the public interest by clarifying that appeals 
can now be heard from a Hearing Officer or Hearing Panel decision.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 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 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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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.
    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to 30 days after the date of filing.\10\ 
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate 
a shorter time if such action is consistent with the protection of 
investors and the public interest. The Phlx provided the Commission 
with written notice of its intent to file this proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change. In addition, the Phlx has requested that the Commission 
waive the 30-day operative delay. The Commission believes that waiving 
the 30-day operative delay is consistent with the protection of 
investors and the public interest because the proposed rule change 
makes Phlx By-Law Article XI, Section 11-3 consistent with changes 
previously approved by the Commission.\12\ For this reason, the 
Commission designates the

[[Page 61117]]

proposal to be effective and operative upon filing with the 
Commission.\13\
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    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ Id.
    \12\ See supra note 5.
    \13\ 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).
---------------------------------------------------------------------------

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 (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2006-57 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Phlx-2006-57. 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-2006-57 and should be submitted on or before 
November 7, 2006.\14\
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    \14\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E6-17168 Filed 10-16-06; 8:45 am]
BILLING CODE 8011-01-P