Sunshine Act Meeting, 32926 [E7-11540]
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32926
Federal Register / Vol. 72, No. 114 / Thursday, June 14, 2007 / Notices
Public Document Room (PDR) Reference
staff at 1–800–397–4209, 301–415–4737,
or by e-mail to pdr@nrc.gov.
Dated at Rockville, Maryland, this 7th day
of June 2007.
For the Nuclear Regulatory Commission.
James Smith,
Acting Chief, Technical Support Branch,
Special Projects and Technical Support
Directorate, Division of Fuel Cycle Safety and
Safeguards, Office of Nuclear Material Safety
and Safeguards.
[FR Doc. E7–11510 Filed 6–13–07; 8:45 am]
BILLING CODE 7590–01–P
jlentini on PROD1PC65 with NOTICES
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Pub. L. 94–409, that the
Securities and Exchange Commission
will hold the following meetings during
the week of June 18, 2007:
A Closed Meeting will be held on
Monday, June 18, 2007 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), (8), (9)(B), and
(10) and 17 CFR 200.402(a)(3), (5), (7),
(8), 9(ii) and (10), permit consideration
of the scheduled matters at the Closed
Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matter of the Closed
Meeting scheduled for Monday, June 18,
2007 will be:
Formal orders of investigations;
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings of an
enforcement nature;
Regulatory matter regarding a
financial institution;
Resolution of litigation claims; and
Other matters related to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
17:22 Jun 13, 2007
Jkt 211001
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55884]
Order Exempting Certain Error
Correction Transactions From Rule
611 of Regulation NMS Under the
Securities Exchange Act of 1934
June 8, 2007.
SECURITIES AND EXCHANGE
COMMISSION
VerDate Aug<31>2005
Dated: June 11, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–11540 Filed 6–13–07; 8:45 am]
I. Introduction
Pursuant to Rule 611(d) 1 of
Regulation NMS 2 under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’),
the Securities and Exchange
Commission (‘‘Commission’’), by order,
may exempt from the provisions of Rule
611 of Regulation NMS (‘‘Rule 611’’ or
‘‘Rule’’), either unconditionally or on
specified terms and conditions, any
person, security, transaction, quotation,
or order, or any class or classes of
persons, securities, quotations, or
orders, if the Commission determines
that such exemption is necessary or
appropriate in the public interest, and is
consistent with the protection of
investors.3 As discussed below, the
Commission is exempting from Rule
611(a) certain transactions to correct
bona fide errors in the execution of
customer orders, subject to specified
conditions discussed below. The
exemption is designed to promote
efficiency and the best execution of
investor orders by allowing trading
centers to correct bona fide errors in a
manner consistent with their customers’
orders, without the trading centers
incurring additional costs to meet the
requirements of Rule 611(a).
II. Background
The Commission adopted Regulation
NMS in June 2005.4 Rule 611 addresses
intermarket trade-throughs of displayed
quotations in NMS stocks. Rule
611(a)(1) requires a trading center to
establish, maintain, and enforce written
policies and procedures that are
reasonably designed to prevent tradethroughs on that trading center of
CFR 242.611(d).
CFR 242.600 et seq.
3 See also 15 U.S.C. 78mm(a)(1) (providing
general authority for the Commission to grant
exemptions from provisions of the Exchange Act
and rules thereunder).
4 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496 (June 29, 2005)
(‘‘Regulation NMS Adopting Release’’).
protected quotations in NMS stocks that
do not fall within an exception set forth
in the Rule. Rule 611(b)(6) provides an
exception for a trade-through
transaction effected by a trading center
that simultaneously routes an
intermarket sweep order (‘‘ISO’’) to
execute against the full displayed size of
any protected quotation in the NMS
stock that was traded through. Rule
611(b)(5) provides an exception for a
trade-through transaction that is an
execution of an ISO. Finally, Rule 611(c)
requires that the trading center, broker,
or dealer responsible for the routing of
an ISO take reasonable steps to establish
that such order meets the definition of
an ISO in Rule 600(b)(30).5
The Trading Committee of the
Securities Industry and Financial
Markets Association (‘‘SIFMA’’) has
requested that the Commission exempt
certain error correction transactions
from Rule 611(a).6 According to the
SIFMA Exemption Request, error
correction transactions are the
mechanism through which brokerdealers remedy the execution of
customer orders that have been placed
in error or mishandled due to an error
involving any term of an order,
including, for example, price, number of
shares, identification of the security, or
execution of a transaction on the wrong
side of the market.7 In addition, the
SIFMA Exemption Request noted that,
given the high level of automation in
today’s marketplace, errors often result
from delays, outages, or other failures of
communications systems used in the
delivery or execution of an order.
Broker-dealers typically remedy such
bona fide errors by entering a
subsequent trade on behalf of the
customer on the correct terms of the
original order. In the interim, however,
the market prices for a security may
have moved, and the subsequent error
correction transaction may be effected at
a price that is no longer within the
national best protected bid and offer.8
According to the SIFMA Exemption
Request, broker-dealers seeking to
execute error corrections, if required to
comply with Rule 611, would need to
satisfy all better-priced protected
quotations prior to effecting the error
correction transaction.9 Although some
error correction transactions that are
‘‘underwater’’ within the meaning of the
stopped order exception in Rule
1 17
2 17
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
5 17
CFR 242.600(b)(30).
to Nancy M. Morris, Secretary,
Commission, from Jerry O’Connell, Chairman,
SIFMA Trading Committee, dated May 1, 2007
(‘‘SIFMA Exemption Request’’).
7 Id. at 2.
8 Id.
9 Id.
6 Letter
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[Federal Register Volume 72, Number 114 (Thursday, June 14, 2007)]
[Notices]
[Page 32926]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11540]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and
Exchange Commission will hold the following meetings during the week of
June 18, 2007:
A Closed Meeting will be held on Monday, June 18, 2007 at 2 p.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters may also be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), (8), (9)(B), and (10) and 17 CFR
200.402(a)(3), (5), (7), (8), 9(ii) and (10), permit consideration of
the scheduled matters at the Closed Meeting.
Commissioner Casey, as duty officer, voted to consider the items
listed for the closed meeting in closed session.
The subject matter of the Closed Meeting scheduled for Monday, June
18, 2007 will be:
Formal orders of investigations;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an
enforcement nature;
Regulatory matter regarding a financial institution;
Resolution of litigation claims; and
Other matters related to enforcement proceedings.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Dated: June 11, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-11540 Filed 6-13-07; 8:45 am]
BILLING CODE 8010-01-P
