Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Trading Phase Date of Regulation NMS, 7807-7809 [E7-2843]
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Federal Register / Vol. 72, No. 33 / Tuesday, February 20, 2007 / Notices
implementation of the Exchange’s new
equity system.8 The Exchange proposes
at this time to also eliminate this fee for
members, participants, and member or
participant organizations on the options
and foreign currency trading floors. Any
member, participant, and member or
participant organization may, however,
keep their telephone system line
extensions without being charged. The
purpose of this proposal is to simplify
the Exchange’s fee schedule and billing
process. The Exchange proposes to
eliminate the telephone system line
extension charge for the billing period
beginning January 2007.9
2. Statutory Basis
The Exchange believes that its
proposal to amend Appendix A of its fee
schedule by deleting the telephone
system line extension charge for its
members, participants, and member or
participant organizations is consistent
with Section 6(b) of the Act 10 in general
and furthers the objectives of Section
6(b)(4) of the Act 11 in particular in that
it is an equitable allocation of
reasonable fees and other charges among
Exchange members.
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.
hsrobinson on PROD1PC76 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 12 and
paragraph (f)(2) of Rule 19b–4
thereunder, because it establishes or
changes a due, fee, or other charge.13 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
8 See Securities Exchange Act Release No. 54941
(December 14, 2006), 71 FR 77079 (December 22,
2006) (SR–Phlx–2006–70).
9 See note 5 supra.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4).
12 15 U.S.C. 78s(b)(3)(A)(ii).
13 17 CFR 240.19b–4(f)(2).
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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:
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–2007–03 on the
subject line.
7807
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–2838 Filed 2–16–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55273; File No. SR–Phlx–
2007–11]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Trading Phase
Date of Regulation NMS
February 12, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
Paper Comments:
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
• Send paper comments in triplicate
6, 2007, the Philadelphia Stock
to Nancy M. Morris, Secretary,
Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’)
Securities and Exchange Commission,
filed with the Securities and Exchange
100 F Street, NE., Washington, DC
Commission (‘‘Commission’’) the
20549–1090.
proposed rule change as described in
All submissions should refer to File
Items I and II, below, which Items have
Number SR–Phlx–2007–03. This file
been prepared by the Phlx. The
number should be included on the
Exchange filed the proposal as a ‘‘nonsubject line if e-mail is used. To help the controversial’’ rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
Commission process and review your
19b–4(f)(6) thereunder,4 which rendered
comments more efficiently, please use
only one method. The Commission will the proposal effective upon filing with
post all comments on the Commission’s the Commission. The Commission is
publishing this notice to solicit
Internet Web site (https://www.sec.gov/
comments on the proposed rule change
rules/sro.shtml). Copies of the
from interested persons.
submission, all subsequent
amendments, all written statements
I. Self-Regulatory Organization’s
with respect to the proposed rule
Statement of the Terms of Substance of
change that are filed with the
the Proposed Rule Change
Commission, and all written
The Phlx proposes to clarify the
communications relating to the
operation of XLE, the Exchange’s new
proposed rule change between the
equity trading system, and various Phlx
Commission and any person, other than Rules in light of the Commission’s
those that may be withheld from the
extension of the Trading Phase Date of
public in accordance with the
Regulation NMS from February 5, 2007
provisions of 5 U.S.C. 552, will be
until March 5, 2007.5 There is no
available for inspection and copying in
change to Phlx Rule text.
the Commission’s Public Reference
II. Self-Regulatory Organization’s
Room. Copies of the filing also will be
Statement of the Purpose of, and
available for inspection and copying at
Statutory Basis for, the Proposed Rule
the principal office of the Phlx. All
Change
comments received will be posted
In its filing with the Commission, the
without change; the Commission does
Phlx included statements concerning
not edit personal identifying
the purpose of and basis for the
information from submissions. You
should submit only information that
14 17 CFR 200.30–3(a)(12).
you wish to make available publicly. All
1 15 U.S.C. 78s(b)(1).
submissions should refer to File
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
Number SR–Phlx–2007–03 and should
4 17 CFR 240.19b–4(f)(6).
be submitted on or before March 13,
5 See Securities Exchange Act Release No. 55160
2007.
PO 00000
(January 24, 2007), 72 FR 4202 (January 30, 2007).
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7808
Federal Register / Vol. 72, No. 33 / Tuesday, February 20, 2007 / Notices
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 purpose of the proposed rule
change is to clarify the effect on XLE
and various Phlx Rules of the
Commission’s extension of the Trading
Phase Date of Regulation NMS from
February 5, 2007 until March 5, 2007.6
The Trading Phase Date is significant to
the Exchange because that is the ‘‘[f]inal
date for full operation of Regulation
NMS-compliant trading systems [by
exchanges] that intend to qualify their
quotations for trade-through protection
under Rule 611 [during the roll-out of
Regulation NMS].’’ 7 The Phlx intends to
qualify its quotations for trade-through
protection under Rule 611 during the
roll-out of Regulation NMS and
therefore intends to operate a Regulation
NMS-compliant trading system no later
than the Trading Phase Date.8
A number of Phlx Rules or portions of
Rules adopted by Phlx in connection
with XLE were approved with delayed
effectiveness by the Commission until
the Trading Phase Date that was in
effect at that time, which was February
5, 2007.9 With this proposed rule
change, the Exchange clarifies that the
effectiveness of these rules or portions
of rules is tied to the Trading Phase
Date, currently March 5, 2007, not to
February 5, 2007. The Phlx Rules that
are affected by this clarification include,
but are not necessarily limited to the
following: Phlx Rule 1(cc), Definition of
Protected Bid, Offer or Quotation; Phlx
Rule 185(b)(2)(C), regarding Intermarket
Sweep Orders (‘‘ISOs’’); 10 Phlx Rule
185(c)(2)(D), regarding IOC Cross Orders
marked by the XLE Participant entering
6 Id.
hsrobinson on PROD1PC76 with NOTICES
7 Id.
at 4203.
8 See Phlx Rule 160.
9 See Securities Exchange Act Release No. 54538
(September 28, 2006), 71 FR 59184 (October 6,
2006) (‘‘XLE Approval Order’’).
10 Phlx notes, however, ISOs and IOC Cross
Orders marked by the XLE Participant entering the
order as meeting the requirements of an intermarket
sweep order in Regulation NMS Rule 600(b)(30)
currently have a limited effectiveness pursuant to
Phlx Rule 185A(b). See Securities Exchange Act
Release Nos. 54788 (November 20, 2006), 71 FR
68877 (November 28, 2006) (SR–Phlx–2006–77) and
54760 (November 15, 2006), 71 FR 67687
(November 22, 2006) (SR–Phlx–2006–76).
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16:14 Feb 16, 2007
Jkt 211001
the order as meeting the requirements of
an intermarket sweep order in
Regulation NMS Rule 600(b)(30); 11 Phlx
Rule 185(c)(3), regarding IOC Cross
Orders marked Benchmark or Qualified
Contingent Trade; 12 Phlx Rule 185(h),
regarding the ‘‘self-help’’ exemption to
Rule 611; and Phlx Rule 186, Locking or
Crossing Quotations in NMS Stocks.
The Exchange also clarifies that the use
of the term ‘‘Trading Phase Date’’ in
Phlx Rule 185A means the Trading
Phase Date, currently March 5, 2007, not
February 5, 2007.
Finally, the XLE Approval Order
noted that the certain features of XLE
would be rolled out in three phases.
Phases 1 and 2, concerning two-sided
orders and ‘‘Do Not Route’’ orders, are
completed. Phase 3, routing
functionally, is currently being rolled
out and is scheduled to be completed
before March 5, 2007.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 13 in general, and furthers the
objectives of Section 6(b)(5) of the Act 14
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
clarifying the effect on Phlx Rules of the
recent extension of the Trading Phase
Date of Regulation NMS from February
5, 2007 until March 5, 2007.
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 solicited
or received by the Exchange.
11 See
supra note 10.
notes, however, IOC Cross Orders marked
Benchmark or Qualified Contingent Trade for
Nasdaq securities currently are effective pursuant to
Phlx Rule 185A(c) and (d). See Securities Exchange
Act Release No. 55044 (January 5, 2007), 72 FR
1361 (January 11, 2007) (SR–Phlx–2006–92). In
addition, Phlx may file additional proposed rule
change(s) regarding IOC Cross Orders marked
Benchmark or Qualified Contingent Trade for nonNasdaq securities before March 5, 2007.
13 15 U.S.C. 78f(b).
14 15 U.S.C. 78f(b)(5).
12 Phlx
PO 00000
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Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule (i) does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) by its terms, does
not become operative for 30 days from
the date on which it was filed, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest, provided that the Exchange has
given the Commission written notice of
its intent to file the proposed rule
change at least five business days prior
to the date of filing of the proposed rule
change or such shorter time as
designated by the Commission, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 15 and Rule 19b–4(f)(6)
thereunder.16 As required under Rule
19b–4(f)(6)(iii) under the Act,17 Phlx
provided the Commission with written
notice of its intent to file the proposed
rule change, along with a brief
description and text of the proposed
rule change, prior to the date of the
filing of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) under the Act 18
normally may not become operative
prior to 30 days after the date of filing.
However, Rule 19b–4(f)(6)(iii) under the
Act 19 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay, which would make the rule
change effective and operative upon
filing. The Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the proposed rule change
clarifies the effect on Phlx Rules of the
recent extension of the Trading Phase
Date of Regulation NMS from February
5, 2007 until March 5, 2007.20
Accordingly, the Commission
designates the proposal to be effective
and operative upon filing with the
Commission.
At any time within 60 days of the
filing of the proposed rule change, the
15 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
17 17 CFR 240.19b–4(f)(6)(iii).
18 17 CFR 240.19b–4(f)(6).
19 17 CFR 240.19b–4(f)(6)(iii).
20 For the purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
16 17
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Federal Register / Vol. 72, No. 33 / Tuesday, February 20, 2007 / Notices
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.21
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:
be submitted on or before March 13,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.22
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–2843 Filed 2–16–07; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
Electronic Comments
The Social Security Administration
(SSA) publishes a list of information
collection packages that will require
clearance by the Office of Management
and Budget (OMB) in compliance with
P.L. 104–13, the Paperwork Reduction
Act of 1995, effective October 1, 1995.
The information collection packages
that may be included in this notice are
Paper Comments
for new information collections,
approval of existing information
• Send paper comments in triplicate
collections, revisions to OMB-approved
to Nancy M. Morris, Secretary,
information collections, and extensions
Securities and Exchange Commission,
(no change) of OMB-approved
100 F Street, NE., Washington, DC
information collections.
20549–1090.
SSA is soliciting comments on the
All submissions should refer to File
accuracy of the agency’s burden
Number SR–Phlx–2007–11. This file
estimate; the need for the information;
number should be included on the
its practical utility; ways to enhance its
subject line if e-mail is used. To help the quality, utility, and clarity; and on ways
Commission process and review your
to minimize burden on respondents,
comments more efficiently, please use
including the use of automated
only one method. The Commission will collection techniques or other forms of
post all comments on the Commission’s information technology. Written
Internet Web site (https://www.sec.gov/
comments and recommendations
rules/sro.shtml). Copies of the
regarding the information collection(s)
submission, all subsequent
should be submitted to the OMB Desk
amendments, all written statements
Officer and the SSA Reports Clearance
with respect to the proposed rule
Officer. The information can be mailed,
change that are filed with the
faxed or e-mailed to the individuals at
Commission, and all written
the addresses and fax numbers listed
communications relating to the
below:
proposed rule change between the
(OMB) Office of Management and
Commission and any person, other than Budget, Attn: Desk Officer for SSA, Fax:
those that may be withheld from the
202–395–6974, E-mail address:
public in accordance with the
OIRA_Submission@omb.eop.gov.
provisions of 5 U.S.C. 552, will be
(SSA) Social Security Administration,
available for inspection and copying in
DCFAM, Attn: Reports Clearance
the Commission’s Public Reference
Officer, 1333 Annex Building, 6401
Room. Copies of the filing also will be
Security Blvd., Baltimore, MD 21235,
available for inspection and copying at
Fax: 410–965–6400, E-mail address:
the principal office of the Phlx. All
OPLM.RCO@ssa.gov.
comments received will be posted
I. The information collections listed
without change; the Commission does
below are pending at SSA and will be
not edit personal identifying
submitted to OMB within 60 days from
information from submissions. You
the date of this notice. Therefore, your
should submit only information that
comments should be submitted to SSA
you wish to make available publicly. All within 60 days from the date of this
submissions should refer to File
publication. You can obtain copies of
Number SR–Phlx–2007–11 and should
the collection instruments by calling the
hsrobinson on PROD1PC76 with NOTICES
• 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-2007–11 on the subject
line.
21 See
15 U.S.C. 78s(b)(3)(C).
VerDate Aug<31>2005
16:14 Feb 16, 2007
22 17
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CFR 200.30–3(a)(12).
Frm 00047
Fmt 4703
Sfmt 4703
7809
SSA Reports Clearance Officer at 410–
965–0454 or by writing to the address
listed above.
1. Application for Benefits under the
Italy-U.S. International Social Security
Agreement—0960–0445—20 CFR
404.1925. The United States and Italy
entered into an agreement on November
1, 1978. Article 19.2 of that agreement
provides that an applicant for benefits
can file his application with either
country. Article 4.3 of the Protocol to
the Agreement provides that the country
that receives the application will
forward agreed upon forms and
applications to the other country. Form
SSA–2528 is the form agreed upon that
is completed by individuals who file an
application for U.S. benefits directly
with one of the Italian Social Security
Agencies. The information collected on
Form SSA–2528 is required by SSA in
order to determine entitlement to
benefits. The respondents are applicants
for old-age, survivors or disability
benefits, who reside in Italy.
Type of Request: Extension of an
OMB-approved information collection.
Number of Respondents: 200.
Frequency of Response: 1.
Average Burden Per Response: 20
minutes.
Estimated Annual Burden: 67 hours.
2. Social Security Benefits
Applications—20 CFR Subpart D,
404.310–404.311 and 20 CFR Subpart F,
404.601–401.603—0960–0618. One of
the requirements for obtaining Social
Security benefits is the filing of an
application so that a determination may
be made on the applicant’s eligibility for
monthly benefits. In addition to the
traditional paper application, SSA has
developed various options for the public
to add convenience and operational
efficiency to the application process.
The total estimated number of
respondents to all application
collections formats is 3,843,369 with a
cumulative total of 995,457 burden
hours. The respondents are applicants
for retirement insurance benefits (RIB),
disability insurance benefits (DIB), and/
or spouses’ benefits.
Type of Request: Extension of an
OMB-approved information collection.
Internet Social Security Benefits
Application (ISBA)
ISBA, which is available through
SSA’s Internet site, is one method that
an individual can choose to file an
application for benefits. Individuals can
use ISBA to apply for retirement
insurance benefits RIB, DIB and
spouse’s insurance benefits based on
age. SSA gathers only information
relevant to the individual applicant’s
circumstances and will use the
E:\FR\FM\20FEN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 33 (Tuesday, February 20, 2007)]
[Notices]
[Pages 7807-7809]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2843]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55273; File No. SR-Phlx-2007-11]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Trading Phase Date of Regulation NMS
February 12, 2007.
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 February 6, 2007, 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 Exchange
filed the proposal 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 rendered 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to clarify the operation of XLE, the Exchange's
new equity trading system, and various Phlx Rules in light of the
Commission's extension of the Trading Phase Date of Regulation NMS from
February 5, 2007 until March 5, 2007.\5\ There is no change to Phlx
Rule text.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 55160 (January 24,
2007), 72 FR 4202 (January 30, 2007).
---------------------------------------------------------------------------
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
[[Page 7808]]
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 purpose of the proposed rule change is to clarify the effect on
XLE and various Phlx Rules of the Commission's extension of the Trading
Phase Date of Regulation NMS from February 5, 2007 until March 5,
2007.\6\ The Trading Phase Date is significant to the Exchange because
that is the ``[f]inal date for full operation of Regulation NMS-
compliant trading systems [by exchanges] that intend to qualify their
quotations for trade-through protection under Rule 611 [during the
roll-out of Regulation NMS].'' \7\ The Phlx intends to qualify its
quotations for trade-through protection under Rule 611 during the roll-
out of Regulation NMS and therefore intends to operate a Regulation
NMS-compliant trading system no later than the Trading Phase Date.\8\
---------------------------------------------------------------------------
\6\ Id.
\7\ Id. at 4203.
\8\ See Phlx Rule 160.
---------------------------------------------------------------------------
A number of Phlx Rules or portions of Rules adopted by Phlx in
connection with XLE were approved with delayed effectiveness by the
Commission until the Trading Phase Date that was in effect at that
time, which was February 5, 2007.\9\ With this proposed rule change,
the Exchange clarifies that the effectiveness of these rules or
portions of rules is tied to the Trading Phase Date, currently March 5,
2007, not to February 5, 2007. The Phlx Rules that are affected by this
clarification include, but are not necessarily limited to the
following: Phlx Rule 1(cc), Definition of Protected Bid, Offer or
Quotation; Phlx Rule 185(b)(2)(C), regarding Intermarket Sweep Orders
(``ISOs''); \10\ Phlx Rule 185(c)(2)(D), regarding IOC Cross Orders
marked by the XLE Participant entering the order as meeting the
requirements of an intermarket sweep order in Regulation NMS Rule
600(b)(30); \11\ Phlx Rule 185(c)(3), regarding IOC Cross Orders marked
Benchmark or Qualified Contingent Trade; \12\ Phlx Rule 185(h),
regarding the ``self-help'' exemption to Rule 611; and Phlx Rule 186,
Locking or Crossing Quotations in NMS Stocks. The Exchange also
clarifies that the use of the term ``Trading Phase Date'' in Phlx Rule
185A means the Trading Phase Date, currently March 5, 2007, not
February 5, 2007.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 54538 (September 28,
2006), 71 FR 59184 (October 6, 2006) (``XLE Approval Order'').
\10\ Phlx notes, however, ISOs and IOC Cross Orders marked by
the XLE Participant entering the order as meeting the requirements
of an intermarket sweep order in Regulation NMS Rule 600(b)(30)
currently have a limited effectiveness pursuant to Phlx Rule
185A(b). See Securities Exchange Act Release Nos. 54788 (November
20, 2006), 71 FR 68877 (November 28, 2006) (SR-Phlx-2006-77) and
54760 (November 15, 2006), 71 FR 67687 (November 22, 2006) (SR-Phlx-
2006-76).
\11\ See supra note 10.
\12\ Phlx notes, however, IOC Cross Orders marked Benchmark or
Qualified Contingent Trade for Nasdaq securities currently are
effective pursuant to Phlx Rule 185A(c) and (d). See Securities
Exchange Act Release No. 55044 (January 5, 2007), 72 FR 1361
(January 11, 2007) (SR-Phlx-2006-92). In addition, Phlx may file
additional proposed rule change(s) regarding IOC Cross Orders marked
Benchmark or Qualified Contingent Trade for non-Nasdaq securities
before March 5, 2007.
---------------------------------------------------------------------------
Finally, the XLE Approval Order noted that the certain features of
XLE would be rolled out in three phases. Phases 1 and 2, concerning
two-sided orders and ``Do Not Route'' orders, are completed. Phase 3,
routing functionally, is currently being rolled out and is scheduled to
be completed before March 5, 2007.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \13\ in general, and furthers the objectives of Section
6(b)(5) of the Act \14\ 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 clarifying the effect on Phlx Rules of the recent extension
of the Trading Phase Date of Regulation NMS from February 5, 2007 until
March 5, 2007.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
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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 solicited or received by the Exchange.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule (i) does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest, provided that the
Exchange has given the Commission written notice of its intent to file
the proposed rule change at least five business days prior to the date
of filing of the proposed rule change or such shorter time as
designated by the Commission, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6) thereunder.\16\ As required under Rule 19b-4(f)(6)(iii) under
the Act,\17\ Phlx provided the Commission with written notice of its
intent to file the proposed rule change, along with a brief description
and text of the proposed rule change, prior to the date of the filing
of the proposed rule change.
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ 17 CFR 240.19b-4(f)(6)(iii).
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A proposed rule change filed under Rule 19b-4(f)(6) under the Act
\18\ normally may not become operative prior to 30 days after the date
of filing. However, Rule 19b-4(f)(6)(iii) under the Act \19\ permits
the Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay,
which would make the rule change effective and operative upon filing.
The Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposed rule change clarifies the effect on Phlx Rules of
the recent extension of the Trading Phase Date of Regulation NMS from
February 5, 2007 until March 5, 2007.\20\ Accordingly, the Commission
designates the proposal to be effective and operative upon filing with
the Commission.
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\18\ 17 CFR 240.19b-4(f)(6).
\19\ 17 CFR 240.19b-4(f)(6)(iii).
\20\ For the purposes only of waiving the operative delay for
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the
[[Page 7809]]
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.\21\
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\21\ See 15 U.S.C. 78s(b)(3)(C).
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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-2007-11 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-2007-11. 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 the 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-2007-11 and should be submitted on or before March 13, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-2843 Filed 2-16-07; 8:45 am]
BILLING CODE 8011-01-P
