Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Modification of Phlx Rule 185A, 32695-32697 [E7-11368]

Download as PDF Federal Register / Vol. 72, No. 113 / Wednesday, June 13, 2007 / Notices 7. Acceleration of Expiration Date—Rule 1507 This provision permits OCC to accelerate the expiration date of a credit default option when the option is deemed to have been exercised on any day prior to the expiration date. III. Discussion Section 17A(b)(3)(F) of the Act requires that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions.6 The Commission finds the proposed rule change to be consistent with Section 17A(b)(3)(F) of the Act because it is designed to promote the prompt and accurate clearance and settlement of transactions in, including exercises of, credit default options and to remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of such transactions.7 These purposes are accomplished by having the clearance and settlement of CDOs take place at OCC and by OCC applying substantially the same rules and procedures to CDOs as it applies to similar transactions in other cash-settled options. On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act and in particular Section 17A of the Act and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (File No. SR– OCC–2007–01) as modified by Amendment No. 1 be and hereby is approved. sroberts on PROD1PC70 with NOTICES U.S.C. 78q–1(b)(3)(F). approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:30 Jun 12, 2007 Jkt 211001 June 5, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 2 thereunder, notice is hereby given that on May 25, 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 ‘‘noncontroversial’’ 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). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 5 The Trading Phase Date was the ‘‘[f]inal date for full operation of Regulation NMS-compliant trading systems [by exchanges] that intend[ed] to qualify their quotations for trade-through protection under Rule 611 [during the roll-out of Regulation NMS].’’ See Securities Exchange Act Release No. 55160 (January 24, 2007), 72 FR 4202 (January 30, 2007). 6 The All Stocks Phase Date is the date that full industry compliance with Rules 610 and 611 of Regulation NMS, 17 CFR 242.610 and 611, begins. Currently, the All Stocks Phase Date is scheduled to be August 20, 2007. See Securities Exchange Act Release No. 55160 (January 24, 2007), 72 FR 4202 (January 30, 2007). However, should the Commission change the All Stocks Phase Date, the changes to Phlx Rule 185A adopted in this proposed rule change will remain in effect until that new date. 2 17 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–11370 Filed 6–12–07; 8:45 am] 7 In Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Modification of Phlx Rule 185A The Phlx proposes to amend Phlx Rule 185A, which clarified the entry, routing and other requirements of certain orders on XLE, the Exchange’s electronic equity trading system, prior to March 5, 2007, the Trading Phase Date,5 to make certain provisions of the rule applicable until the All Stocks Phase Date.6 The text of the proposed rule change is available on Phlx’s Web site, http://www.phlx.com, at Phlx’s For the Commission by the Division of Market Regulation, pursuant to delegated authority.8 6 15 [Release No. 34–55860; File No. SR–Phlx– 2007–41] I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change IV. Conclusion BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 32695 principal office, 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 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 purpose of the proposed rule change is to clarify the obligation of XLE Participants when submitting certain XLE order types before the All Stocks Phase Date. Phlx Rule 185A, Orders and Order Execution—Temporary, was adopted in November 2006, to clarify the entry, routing and other requirements of certain orders on XLE in the period before the Trading Phase Date.7 Phlx Rule 185A was subsequently amended twice.8 Each amendment addressed the period before the Trading Phase Date. Phlx Rule 185A clarified the routing of orders from XLE to other marketplaces,9 the entry of Intermarket Sweep Orders and IOC Cross Orders marked by the XLE Participant entering the order as meeting the requirement of an intermarket sweep order,10 the requirements for certain IOC Cross Orders marked as Benchmark,11 and the requirements for certain IOC Cross Orders marked as Qualified Continent Trades.12 At this time, Phlx proposes to delete the provisions of Phlx Rule 185A that applied to routing and modify the remaining provisions of the rule to make them applicable to the period prior to the All Stocks Phase Date. Specifically Phlx Rule 185A(a) is being modified to delete provisions 7 See Securities Exchange Act Release No. 54760 (November 15, 2006), 71 FR 67687 (November 22, 2006) (SR–Phlx–2006–76). 8 See Securities Exchange Act Release Nos. 55044 (January 5, 2007), 72 FR 1361 (January 11, 2007) (SR–Phlx–2006–92) and 54788 (November 20, 2006), 71 FR 68877 (November 28, 2006) (SR–Phlx– 2006–77). 9 See Phlx Rule 185A(a). 10 See Phlx Rule 185A(b). 11 See Phlx Rule 185A(c). 12 See Phlx Rule 185A(d). E:\FR\FM\13JNN1.SGM 13JNN1 32696 Federal Register / Vol. 72, No. 113 / Wednesday, June 13, 2007 / Notices regarding routing of orders on XLE since intermarket sweep orders have been available at all venues to which XLE will route an order since the Trading Phase Date. In its place, Phlx Rule 185A(a) will define the term ‘‘All Stocks Phase Date.’’ Additionally, Phlx Rule 185A(b)–(d) are being amended to substitute the term ‘‘All Stocks Phase Date’’ for ‘‘Trading Phase Date’’ as the provisions of these sections of the rule will apply until the All Stocks Phase Date. At that time, Phlx will delete Phlx Rule 185A from its rulebook as it will no longer have any effect. 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. 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. sroberts on PROD1PC70 with NOTICES 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 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) 13 15 14 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Aug<31>2005 18:30 Jun 12, 2007 Jkt 211001 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. In its filing, the Exchange stated its belief that waiver of the operative delay would be consistent with the protection of investors and the public interest because the amended temporary rule should eliminate potential confusion relating to orders on XLE and clarify XLE Participant obligations when submitting certain order types to the Exchange. 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 obligations of XLE Participants when submitting certain order types to the Exchange before the All Stocks Phase Date. In particular, the proposal amends the text of Phlx Rule 185A, which had previously been applicable to the Trading Phase Date, to reflect the applicability of those provisions which will remain in effect until the All Stocks Phase Date. Once the All Stocks Phase Date arrives, the applicable provisions of Phlx Rule 185 will be operative and the Exchange will no longer need temporary Rule 185A.20 Accordingly, consistent with the protection of investors and the public interest, the Commission designates 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 As the Exchange has made clear in its filing, it intends to delete Phlx Rule 185A from its rulebook upon the All Stocks Phase Date. Given the definitively limited application of the amended rule and the specified removal date, the Exchange does not intend to file a separate proposed rule change to remove the rule text from its rulebook, but rather will remove the rule as specified. 16 17 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 proposed rule change to be operative upon filing with the Commission.21 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.22 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2007–41 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–2007–41. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of 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 21 For the 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). 22 See 15 U.S.C. 78s(b)(3)(C). E:\FR\FM\13JNN1.SGM 13JNN1 Federal Register / Vol. 72, No. 113 / Wednesday, June 13, 2007 / Notices 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–2007–41 and should be submitted on or before July 5, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.23 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–11368 Filed 6–12–07; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #10870] Vermont Disaster Number VT–00003 Small Business Administration. Amendment 1. AGENCY: ACTION: SUMMARY: This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of Vermont (FEMA–1698–DR), dated 05/04/2007. Incident: Severe storms and flooding. Incident Period: 04/15/2007 through 04/21/2007. Effective Date: 06/04/2007. Physical Loan Application Deadline Date: 07/03/2007. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster declaration for Private Non-Profit organizations in the State of Vermont, dated 05/04/2007, is hereby amended to include the following areas as adversely affected by the disaster. Primary Counties: Lamoille. All other information in the original declaration remains unchanged. sroberts on PROD1PC70 with NOTICES (Catalog of Federal Domestic Assistance Number 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. E7–11345 Filed 6–12–07; 8:45 am] BILLING CODE 8025–01–P 23 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:30 Jun 12, 2007 Jkt 211001 SOCIAL SECURITY ADMINISTRATION Agency Information Collection Activities: Proposed Request and Comment Request 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 Public Law 104–13, the Paperwork Reduction Act of 1995, effective October 1, 1995. The information collection packages that may be included in this notice are for new information collections, approval of existing information collections, revisions to OMB-approved information collections, and extensions (no change) of OMBapproved information collections. SSA is soliciting comments on the accuracy of the agency’s burden estimate; the need for the information; its practical utility; ways to enhance its quality, utility, and clarity; and on ways to minimize burden on respondents, including the use of automated collection techniques or other forms of information technology. Written comments and recommendations regarding the information collection(s) should be submitted to the OMB Desk Officer and the SSA Reports Clearance Officer. The information can be mailed, faxed or emailed to the individuals at the addresses and fax numbers listed below: OMB, Office of Management and Budget, Attn: Desk Officer for SSA, Fax: 202–395–6974, e-mail address: OIRA_Submission@omb.eop.gov. SSA, Social Security Administration, DCBFM, Attn: Reports Clearance Officer, 1333 Annex Building, 6401 Security Blvd., Baltimore, MD 21235, Fax: 410–965–6400, e-mail address: OPLM.RCO@ssa.gov. I. The information collections listed below are pending at SSA and will be submitted to OMB within 60 days from the date of this notice. Therefore, your comments should be submitted to SSA within 60 days from the date of this publication. You can obtain copies of the collection instruments by calling the SSA Reports Clearance Officer at 410– 965–0454 or by writing to the address listed above. 1. National 800 Number—Claims Status—20 CFR 401.45—0960–NEW. SSA has established a process for authenticating the information of individuals who use the automated telephone services or speak to an agent to request information from SSA records. Prior to SSA responding to requests for personal information through the automated telephone PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 32697 services, we must authenticate the requester’s information by obtaining the appropriate identification elements. This automated telephone service will provide callers with status of a Social Security claim which they have filed. All information provided will then be compared to the information contained in our records so that the appropriate claim is accessed and the respondent is given the status of that claim. Respondents are current Social Security beneficiaries. Type of Request: Request for a new information collection. Number of Respondents: 704,422. Frequency of Response: 1. Average Burden per Response: 1 minute. Estimated Annual Burden: 11,740 hours. 2. Function Report-Child: Birth to 1st Birthday (SSA–3375), Age 1 to 3rd Birthday (SSA–3376), Age 3 to 6th Birthday (SSA–3377), Age 6 to 12th Birthday (SSA–3378), and Age 12 to 18th Birthday (SSA–3379)—20 CFR 416.912—0960–0542. State Agency adjudicative teams use the information gathered by these forms in combination with other medical function evidence to form a complete picture of a child’s ability to function. This information is used to help determine if a child is disabled, especially in cases in which disability cannot be found on medical grounds alone. The respondents are applicants for Title XVI childhood disability benefits and their caregivers. Type of Request: Extension of an OMB-approved information collection. Number of Respondents: 550,000. Frequency of Response: 1. Average Burden per Response: 20 minutes. Estimated Annual Burden: 183,333 hours. II. The information collections listed below have been submitted to OMB for clearance. Your comments on the information collections would be most useful if received by OMB and SSA within 30 days from the date of this publication. You can obtain a copy of the OMB clearance packages by calling the SSA Reports Clearance Officer at 410–965–0454, or by writing to the address listed above. 1. Notice Regarding Substitution of Party On Death of Claimant— Reconsideration of Disability Cessation—20 CFR 404.917–404.921 and 416.1407–416.1421—0960–0351. Form SSA–770 is used when a claimant dies before a determination is made on that person’s request for reconsideration on his/her disability cessation. SSA seeks a qualified substitute party to pursue the appeal. If the qualified E:\FR\FM\13JNN1.SGM 13JNN1

Agencies

[Federal Register Volume 72, Number 113 (Wednesday, June 13, 2007)]
[Notices]
[Pages 32695-32697]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11368]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55860; File No. SR-Phlx-2007-41]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to the Modification of Phlx Rule 185A

June 5, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on May 25, 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 amend Phlx Rule 185A, which clarified the 
entry, routing and other requirements of certain orders on XLE, the 
Exchange's electronic equity trading system, prior to March 5, 2007, 
the Trading Phase Date,\5\ to make certain provisions of the rule 
applicable until the All Stocks Phase Date.\6\ The text of the proposed 
rule change is available on Phlx's Web site, http://www.phlx.com, at 
Phlx's principal office, and at the Commission's Public Reference Room.
---------------------------------------------------------------------------

    \5\ The Trading Phase Date was the ``[f]inal date for full 
operation of Regulation NMS-compliant trading systems [by exchanges] 
that intend[ed] to qualify their quotations for trade-through 
protection under Rule 611 [during the roll-out of Regulation NMS].'' 
See Securities Exchange Act Release No. 55160 (January 24, 2007), 72 
FR 4202 (January 30, 2007).
    \6\ The All Stocks Phase Date is the date that full industry 
compliance with Rules 610 and 611 of Regulation NMS, 17 CFR 242.610 
and 611, begins. Currently, the All Stocks Phase Date is scheduled 
to be August 20, 2007. See Securities Exchange Act Release No. 55160 
(January 24, 2007), 72 FR 4202 (January 30, 2007). However, should 
the Commission change the All Stocks Phase Date, the changes to Phlx 
Rule 185A adopted in this proposed rule change will remain in effect 
until that new date.
---------------------------------------------------------------------------

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 purpose of the proposed rule change is to clarify the 
obligation of XLE Participants when submitting certain XLE order types 
before the All Stocks Phase Date. Phlx Rule 185A, Orders and Order 
Execution--Temporary, was adopted in November 2006, to clarify the 
entry, routing and other requirements of certain orders on XLE in the 
period before the Trading Phase Date.\7\ Phlx Rule 185A was 
subsequently amended twice.\8\ Each amendment addressed the period 
before the Trading Phase Date.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 54760 (November 15, 
2006), 71 FR 67687 (November 22, 2006) (SR-Phlx-2006-76).
    \8\ See Securities Exchange Act Release Nos. 55044 (January 5, 
2007), 72 FR 1361 (January 11, 2007) (SR-Phlx-2006-92) and 54788 
(November 20, 2006), 71 FR 68877 (November 28, 2006) (SR-Phlx-2006-
77).
---------------------------------------------------------------------------

    Phlx Rule 185A clarified the routing of orders from XLE to other 
marketplaces,\9\ the entry of Intermarket Sweep Orders and IOC Cross 
Orders marked by the XLE Participant entering the order as meeting the 
requirement of an intermarket sweep order,\10\ the requirements for 
certain IOC Cross Orders marked as Benchmark,\11\ and the requirements 
for certain IOC Cross Orders marked as Qualified Continent Trades.\12\ 
At this time, Phlx proposes to delete the provisions of Phlx Rule 185A 
that applied to routing and modify the remaining provisions of the rule 
to make them applicable to the period prior to the All Stocks Phase 
Date.
---------------------------------------------------------------------------

    \9\ See Phlx Rule 185A(a).
    \10\ See Phlx Rule 185A(b).
    \11\ See Phlx Rule 185A(c).
    \12\ See Phlx Rule 185A(d).
---------------------------------------------------------------------------

    Specifically Phlx Rule 185A(a) is being modified to delete 
provisions

[[Page 32696]]

regarding routing of orders on XLE since intermarket sweep orders have 
been available at all venues to which XLE will route an order since the 
Trading Phase Date. In its place, Phlx Rule 185A(a) will define the 
term ``All Stocks Phase Date.'' Additionally, Phlx Rule 185A(b)-(d) are 
being amended to substitute the term ``All Stocks Phase Date'' for 
``Trading Phase Date'' as the provisions of these sections of the rule 
will apply until the All Stocks Phase Date. At that time, Phlx will 
delete Phlx Rule 185A from its rulebook as it will no longer have any 
effect.
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.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b).
    \14\ 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 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.
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    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. 
In its filing, the Exchange stated its belief that waiver of the 
operative delay would be consistent with the protection of investors 
and the public interest because the amended temporary rule should 
eliminate potential confusion relating to orders on XLE and clarify XLE 
Participant obligations when submitting certain order types to the 
Exchange.
---------------------------------------------------------------------------

    \18\ 17 CFR 240.19b-4(f)(6).
    \19\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    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 obligations of XLE 
Participants when submitting certain order types to the Exchange before 
the All Stocks Phase Date. In particular, the proposal amends the text 
of Phlx Rule 185A, which had previously been applicable to the Trading 
Phase Date, to reflect the applicability of those provisions which will 
remain in effect until the All Stocks Phase Date. Once the All Stocks 
Phase Date arrives, the applicable provisions of Phlx Rule 185 will be 
operative and the Exchange will no longer need temporary Rule 185A.\20\ 
Accordingly, consistent with the protection of investors and the public 
interest, the Commission designates the proposed rule change to be 
operative upon filing with the Commission.\21\
---------------------------------------------------------------------------

    \20\ As the Exchange has made clear in its filing, it intends to 
delete Phlx Rule 185A from its rulebook upon the All Stocks Phase 
Date. Given the definitively limited application of the amended rule 
and the specified removal date, the Exchange does not intend to file 
a separate proposed rule change to remove the rule text from its 
rulebook, but rather will remove the rule as specified.
    \21\ For the 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).
---------------------------------------------------------------------------

    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.\22\
---------------------------------------------------------------------------

    \22\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2007-41 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-2007-41. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room. Copies of 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

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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-2007-41 and should be 
submitted on or before July 5, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-11368 Filed 6-12-07; 8:45 am]
BILLING CODE 8010-01-P