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]
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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).
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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, https://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
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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).
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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).
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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
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Frm 00091
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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 (https://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 (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
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).
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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).
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18:30 Jun 12, 2007
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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
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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
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]]>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, https://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.
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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.
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.
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\18\ 17 CFR 240.19b-4(f)(6).
\19\ 17 CFR 240.19b-4(f)(6)(iii).
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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\
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\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).
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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\
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\22\ 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-2007-41 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 (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
[[Page 32697]]
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
