Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 13 (Definitions of Orders), 62499-62501 [E6-17832]
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Federal Register / Vol. 71, No. 206 / Wednesday, October 25, 2006 / Notices
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 and Rule 19b–4(f)(6) thereunder.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.
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:
mstockstill on PROD1PC61 with NOTICES
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 NASD–2006–118 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 NASD–2006–118. 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
6 17
CFR 240.19b–4(f)(6).
VerDate Aug<31>2005
15:12 Oct 24, 2006
Jkt 211001
62499
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 NASD. 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–NASD–2006–118 and
should be submitted on or before
November 15, 2006.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change seeks to
make a clarifying amendment to NYSE
Rule 13 (‘‘Definitions of Orders’’) as it
relates to Stop Limit Orders (P3) which
was part of the pilot (‘‘Pilot’’) 4 to put
into operation certain rule changes
pending before the Commission to
coincide with the Exchange’s
implementation of Phase 3 of the NYSE
HYBRID MARKETSM (‘‘Hybrid
Market’’).5
The text of the proposed rule is
available on the NYSE’s Web site at
https://www.nyse.com, at the NYSE’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Nancy M. Morris,
Secretary.
[FR Doc. E6–17844 Filed 10–24–06; 8:45 am]
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
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The Exchange has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54624; File No. SR–NYSE–
2006–87]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
Rule 13 (Definitions of Orders)
October 18, 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
16, 2006, the New York Stock Exchange
LLC (‘‘NYSE’’ 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 Exchange. The
proposed rule change has been filed by
the NYSE as a ‘‘non-controversial’’ rule
change under Rule 19b–4(f)(6) under the
Act,3 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.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
PO 00000
Frm 00084
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On October 5, 2006, the Exchange
proposed a Pilot to, among other things,
make operative certain proposed
modifications to Exchange Rules that
are the subject of pending rule filings 6
before the Commission to coincide with
the Exchange’s implementation of Phase
3 of the Hybrid Market. The Pilot
commenced following Commission
approval, on October 5, 2006 and is
4 See Securities Exchange Act Release No, 54578
(October 5, 2006), 71 FR 60216 (October 12, 2006)
(SR–NYSE–2006–82).
5 See Securities Exchange Act Release Act Release
No. 53539 (March 22, 2006), 71 FR 16353 (March
31, 2006) (SR–NYSE\2004–05).
6 See Securities Exchange Act Release Nos. 54504
(September 26, 2006), 71 FR 57011 (NYSE–2006–
76) (Notice) (proposing to amend the specialist
stabilization requirements set forth in Exchange
Rule 104.10) (‘‘Stabilization Filing’’); 54520
(September 27, 2006), 71 FR 57590 (September 29,
2006) (NYSE–2006–65) (Notice) (proposing to
amend several Exchange Rules to clarify certain
definitions and systemic processes) (‘‘Omnibus
Filing’’); and SR–NYSE–2006–73 (filed on
September 13, 2006) (proposing to amend Exchange
Rule 127 which governs the execution of a block
cross transaction at a price outside the prevailing
NYSE quotation) (‘‘Block Cross Filing’’).
E:\FR\FM\25OCN1.SGM
25OCN1
62500
Federal Register / Vol. 71, No. 206 / Wednesday, October 25, 2006 / Notices
scheduled to terminate on the close of
business October 31, 2006.7
Pursuant to the Pilot, the Exchange
proposed the elimination of Stop Limit
orders as an acceptable order type on
the Exchange in securities that are
subject to the Pilot. The Exchange seeks
to clarify that the elimination of Stop
Limit orders during the Pilot relates to
all securities on the Exchange.
Accordingly, the Exchange seeks to
amend NYSE Rule 13(P3) Stop Limit
Orders to state that Stop Limit orders
are not a valid order type for all
securities traded on the Exchange
commencing October 16, 2006 and
continuing during the Hybrid Phase 3
Pilot.
2. Statutory Basis
The Exchange believes that the
proposed rule change 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 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. The proposed rule
change also is designed to support the
principles of Section 11A(a)(1),10 in that
it seeks to assure economically efficient
execution of securities transactions.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change. The Exchange
has not received any unsolicited written
comments from members or other
interested parties.
mstockstill on PROD1PC61 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has been
filed by the Exchange as a ‘‘noncontroversial’’ rule change pursuant to
Section 19(b)(3)(A) of the Act 11 and
supra note 4.
U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78k–1(a)(1).
11 15 U.S.C. 78s(b)(3)(A).
8 15
15:12 Oct 24, 2006
12 17
CFR 240.19b–4(f)(6).
U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(6).
15 For the purposes only of accelerating the
operative day of this proposal, the Commission has
considered the proposed rules impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
13 15
7 See
VerDate Aug<31>2005
Rule 19b–4(f)(6), thereunder.12 Because
the forgoing proposed rule change does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; (iii) become
operative for 30 days after the date of its
filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest,
provided that the Exchange has given
the Commission written notice of its
intent to file the proposed rule change,
along with a brief description and text
of the proposed rule change, as least five
business days prior to the date of filing
of the proposed rule change, or shorter
time as the Commission may designate,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 13 and
Rule 19b–4(f)(6), thereunder.14
The Exchange requests that the
Commission waive the five-day prefiling notice requirement and the 30-day
delayed operative date of Rule 19b–
4(f)(6)(iii). Under Rule 19b–4(f)(6)(iii), a
proposed ‘‘non-controversial’’ rule
change does not become operative for 30
days after the date of filing, unless the
Commission designates a shorter time.
The Commission believes that the
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.15 The
Exchange has decided to eliminate the
Stop Limit order type because it is no
longer used. The Exchange represented
that it had notified members that this
order type would no longer be accepted
as of October 16, 2006 to coincide with
other changes that are being
implemented in the Pilot. To minimize
confusion as to acceptable order types,
the Exchange has proposed to eliminate
stop limit orders in all securities, not
just securities eligible for the Pilot.
Accordingly, the Commission believes it
is consistent with the protection of
investors and the public interest to
implement this change immediately.
The Commission designates the
proposed rule change to be effective and
operative upon its filing with the
Commission. The Commission also
waives the five-business day pre-filing
requirements. As 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
Jkt 211001
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
necessary or appropriate in the public
interest.
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 e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2006–87 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy N. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSE–2006–87. 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 will also be
available for inspection and copying at
the principal office of the 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–2006–87 and should be
submitted on or before November 15,
2006.
E:\FR\FM\25OCN1.SGM
25OCN1
Federal Register / Vol. 71, No. 206 / Wednesday, October 25, 2006 / Notices
For the Commission, by the Division
of Market Regulation, pursuant to
delegated authority.16
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–17832 Filed 10–24–06; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
Bureau of Economic and Business
Affairs
[Public Notice 5587]
List of September 20, 2006, of
Participating Countries and Entities
(Hereinafter Known as ‘‘Participants’’)
under the Clean Diamond Trade Act of
2003 (Pub. L. 108–19) and Section 2 of
Executive Order 13312 of July 29, 2003
Department of State.
Notice.
AGENCY:
mstockstill on PROD1PC61 with NOTICES
ACTION:
SUMMARY: In accordance with sections 3
and 6 of the Clean Diamond Trade Act
of 2003 (Pub. L. 108–19) and Section 2
of Executive Order 13312 of July 29,
2003, the Department of State is
identifying all the Participants eligible
for trade in rough diamonds under the
Act, and their respective Importing and
Exporting Authorities, and revising the
previously published list of October 26,
2005 (Volume 70, Number 206) 61875–
6 to include New Zealand.
FOR FURTHER INFORMATION CONTACT: Sue
Saarnio, Special Advisor for Conflict
Diamonds, Bureau of Economic and
Business Affairs, Department of State,
(202) 647–1713.
SUPPLEMENTARY INFORMATION: Section 4
of the Clean Diamond Trade Act (the
‘‘Act’’) requires the President to prohibit
the importation into, or the exportation
from, the United States of any rough
diamond, from whatever source, that
has not been controlled through the
Kimberley Process Certification Scheme
(KPCS). Under section 3(2) of the Act,
‘‘controlled through the Kimberley
Process Certification Scheme’’ means an
importation from the territory of a
Participant or exportation to the
territory of a Participant of rough
diamonds that is either (i) carried out in
accordance with the KPCS, as set forth
in regulations promulgated by the
President, or (ii) controlled under a
system determined by the President to
meet substantially the standards,
practices, and procedures of the KPCS.
The referenced regulations are
contained at 31 CFR part 592 (‘‘Rough
16 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:12 Oct 24, 2006
Jkt 211001
Diamonds Control Regulations’’) (69 FR
56936, September 23, 2004).
Section 6(b) of the Act requires the
President to publish in the Federal Register
a list of all Participants, and all Importing
and Exporting Authorities of Participants,
and to update the list as necessary. Section
2 of Executive Order 13312 of July 29, 2003
delegates this function to the Secretary of
State. Section 3(7) of the Act defines
‘‘Participant’’ as a state, customs territory, or
regional economic integration organization
identified by the Secretary of State. Section
3(3) of the Act defines ‘‘Exporting Authority’’
as one or more entities designated by a
Participant from whose territory a shipment
of rough diamonds is being exported as
having the authority to validate a Kimberley
Process Certificate. Section 3(4) of the Act
defines ‘‘Importing Authority’’ as one or
more entities designated by a Participant into
whose territory a shipment of rough
diamonds is imported as having the authority
to enforce the laws and regulations of the
Participant regarding imports, including the
verification of the Kimberley Process
Certificate accompanying the shipment.
List of Participants
Pursuant to section 3 of the Clean
Diamond Trade Act (the Act), Section 2
of Executive Order 13312 of July 29,
2003, and Delegation of Authority No.
294 (July 6, 2006), I hereby identify the
following entities as of September 20,
2006, as Participants under section 6(b)
of the Act. Included in this List are the
Importing and Exporting Authorities for
Participants, as required by section 6(b)
of the Act. This list revises the
previously published list of October 26,
2005 (Volume 70, Number 206) 61875–
6.
Angola—Ministry of Geology and Mines.
Armenia—Ministry of Trade and Economic
Development.
Australia—Exporting Authority—Department
of Industry, Tourism and Resources;
Importing Authority—Australian Customs
Service.
Belarus—Department of Finance.
Botswana—Ministry of Minerals, Energy and
Water Resources.
Brazil—Ministry of Mines and Energy.
Bulgaria—Ministry of Finance.
Canada—Natural Resources Canada.
Central African Republic—Ministry of Energy
and Mining.
China—General Administration of Quality
Supervision, Inspection and Quarantine.
Democratic Republic of the Congo—Ministry
of Mines
Croatia—Ministry of Economy.
European Community—DG/External
Relations/A.2.
Ghana—Precious Minerals and Marketing
Company Ltd.
Guinea—Ministry of Mines and Geology.
Guyana—Geology and Mines Commission.
India—The Gem and Jewellery Export
Promotion Council.
Indonesia—Directorate General of Foreign
Trade of the Ministry of Trade.
PO 00000
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Fmt 4703
Sfmt 4703
62501
Israel—The Diamond Controller.
Ivory Coast—Ministry of Mines and Energy.
Japan—Ministry of Economy, Trade and
Industry.
Republic of Korea—Ministry of Commerce,
Industry and Energy.
Laos—Ministry of Finance.
Lebanon—Ministry of Economy and Trade
Lesotho—Commissioner of Mines and
Geology.
Malaysia—Ministry of International Trade
and Industry.
Mauritius—Ministry of Commerce.
Namibia—Ministry of Mines and Energy.
New Zealand—Ministry of Foreign Affairs
and Trade.
Norway—The Norwegian Goldsmiths’
Association.
Romania—National Authority for Consumer
Protection.
Russia—Gokhran, Ministry of Finance.
Sierra Leone—Government Gold and
Diamond Office.
Singapore—Singapore Customs.
South Africa—South African Diamond
Board.
Sri Lanka—National Gem and Jewellery
Authority.
Switzerland—State Secretariat for Economic
Affairs.
Taiwan—Bureau of Foreign Trade.
Tanzania—Commissioner for Minerals.
Thailand—Ministry of Commerce.
Togo—Ministry of Mines and Geology.
Ukraine—State Gemological Centre of
Ukraine.
United Arab Emirates—Dubai Metals and
Commodities Center.
United States of America—Importing
Authority—UnitedStates Bureau of
Customs and Border Protection; Exporting
Authority—Bureau of the Census.
Venezuela—Ministry of Energy and Mines.
Vietnam—Ministry of Trade.
Zimbabwe—Ministry of Mines and Mining
Development.
This notice shall be published in the
Federal Register.
R. Nicholas Burns,
Under Secretary for Political Affairs,
Department of State.
[FR Doc. E6–17894 Filed 10–24–06; 8:45 am]
BILLING CODE 4710–07–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
[Docket OST–2006–23898]
Application of Pacific Airways, Inc. for
Certificate Authority
Department of Transportation.
Notice of Order to Show Cause
(Order 2006–10–10).
AGENCY:
ACTION:
SUMMARY: The Department of
Transportation is directing all interested
persons to show cause why it should
not issue an order finding Pacific
Airways, Inc., fit, willing, and able, and
E:\FR\FM\25OCN1.SGM
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]]>Agencies
[Federal Register Volume 71, Number 206 (Wednesday, October 25, 2006)]
[Notices]
[Pages 62499-62501]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-17832]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54624; File No. SR-NYSE-2006-87]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Rule 13 (Definitions of Orders)
October 18, 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 16, 2006, the New York Stock Exchange LLC (``NYSE'' 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 Exchange. The proposed
rule change has been filed by the NYSE as a ``non-controversial'' rule
change under Rule 19b-4(f)(6) under the Act,\3\ 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change seeks to make a clarifying amendment to
NYSE Rule 13 (``Definitions of Orders'') as it relates to Stop Limit
Orders (P3) which was part of the pilot (``Pilot'') \4\ to put into
operation certain rule changes pending before the Commission to
coincide with the Exchange's implementation of Phase 3 of the NYSE
HYBRID MARKETSM (``Hybrid Market'').\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No, 54578 (October 5,
2006), 71 FR 60216 (October 12, 2006) (SR-NYSE-2006-82).
\5\ See Securities Exchange Act Release Act Release No. 53539
(March 22, 2006), 71 FR 16353 (March 31, 2006) (SR-NYSE\2004-05).
---------------------------------------------------------------------------
The text of the proposed rule is available on the NYSE's Web site
at https://www.nyse.com, at the NYSE'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
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 proposal. The text of these
statements may be examined at the places specified in Item IV below.
The Exchange 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
On October 5, 2006, the Exchange proposed a Pilot to, among other
things, make operative certain proposed modifications to Exchange Rules
that are the subject of pending rule filings \6\ before the Commission
to coincide with the Exchange's implementation of Phase 3 of the Hybrid
Market. The Pilot commenced following Commission approval, on October
5, 2006 and is
[[Page 62500]]
scheduled to terminate on the close of business October 31, 2006.\7\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release Nos. 54504 (September
26, 2006), 71 FR 57011 (NYSE-2006-76) (Notice) (proposing to amend
the specialist stabilization requirements set forth in Exchange Rule
104.10) (``Stabilization Filing''); 54520 (September 27, 2006), 71
FR 57590 (September 29, 2006) (NYSE-2006-65) (Notice) (proposing to
amend several Exchange Rules to clarify certain definitions and
systemic processes) (``Omnibus Filing''); and SR-NYSE-2006-73 (filed
on September 13, 2006) (proposing to amend Exchange Rule 127 which
governs the execution of a block cross transaction at a price
outside the prevailing NYSE quotation) (``Block Cross Filing'').
\7\ See supra note 4.
---------------------------------------------------------------------------
Pursuant to the Pilot, the Exchange proposed the elimination of
Stop Limit orders as an acceptable order type on the Exchange in
securities that are subject to the Pilot. The Exchange seeks to clarify
that the elimination of Stop Limit orders during the Pilot relates to
all securities on the Exchange. Accordingly, the Exchange seeks to
amend NYSE Rule 13(P3) Stop Limit Orders to state that Stop Limit
orders are not a valid order type for all securities traded on the
Exchange commencing October 16, 2006 and continuing during the Hybrid
Phase 3 Pilot.
2. Statutory Basis
The Exchange believes that the proposed rule change 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 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. The proposed rule change also is
designed to support the principles of Section 11A(a)(1),\10\ in that it
seeks to assure economically efficient execution of securities
transactions.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
\10\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
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
The Exchange has neither solicited nor received written comments on
the proposed rule change. The Exchange has not received any unsolicited
written comments from members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has been filed by the Exchange as a ``non-
controversial'' rule change pursuant to Section 19(b)(3)(A) of the Act
\11\ and Rule 19b-4(f)(6), thereunder.\12\ Because the forgoing
proposed rule change does not: (i) Significantly affect the protection
of investors or the public interest; (ii) impose any significant burden
on competition; (iii) become operative for 30 days after the date of
its filing, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest,
provided that the Exchange has given the Commission written notice of
its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, as least five
business days prior to the date of filing of the proposed rule change,
or shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6), thereunder.\14\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6).
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The Exchange requests that the Commission waive the five-day pre-
filing notice requirement and the 30-day delayed operative date of Rule
19b-4(f)(6)(iii). Under Rule 19b-4(f)(6)(iii), a proposed ``non-
controversial'' rule change does not become operative for 30 days after
the date of filing, unless the Commission designates a shorter time.
The Commission believes that the waiving the 30-day operative delay
is consistent with the protection of investors and the public
interest.\15\ The Exchange has decided to eliminate the Stop Limit
order type because it is no longer used. The Exchange represented that
it had notified members that this order type would no longer be
accepted as of October 16, 2006 to coincide with other changes that are
being implemented in the Pilot. To minimize confusion as to acceptable
order types, the Exchange has proposed to eliminate stop limit orders
in all securities, not just securities eligible for the Pilot.
Accordingly, the Commission believes it is consistent with the
protection of investors and the public interest to implement this
change immediately.
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\15\ For the purposes only of accelerating the operative day of
this proposal, the Commission has considered the proposed rules
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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The Commission designates the proposed rule change to be effective
and operative upon its filing with the Commission. The Commission also
waives the five-business day pre-filing requirements. As 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.
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 e-mail to rule-comments@sec.gov. Please include File
Number SR-NYSE-2006-87 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy N. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSE-2006-87. 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 will also be available for inspection and copying at the
principal office of the 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-2006-87 and should be submitted on or before
November 15, 2006.
[[Page 62501]]
For the Commission, by the Division of Market Regulation, pursuant
to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-17832 Filed 10-24-06; 8:45 am]
BILLING CODE 8011-01-P
