Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Suspension of Certain Provisions Due to Inactivity, 69730-69732 [2010-28663]

Download as PDF 69730 Federal Register / Vol. 75, No. 219 / Monday, November 15, 2010 / Notices cancelled by the submitting ETP Holder. Each execution and subsequent reposting prior to exhaustion or cancellation would result in a new time priority. The Exchange believes the elimination of the Tracking Order’s current cancellation feature would benefit Exchange ETP Holders and customers by maintaining available liquidity in the Tracking Order Process, thereby increasing the likelihood that Tracking Orders would interact with contra-side liquidity and receive an execution. The proposed amendment would also increase ETP Holder efficiency with respect to time and messaging resources by eliminating the need to re-enter the balance of partially executed Tracking Orders. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),5 in general, and furthers the objectives of Section 6(b)(5) of the Act,6 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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. Specifically, the Exchange believes that the proposed change would maintain available liquidity in the Tracking Order Process while also increasing ETP Holder efficiency with respect to time and messaging resources by eliminating the need to re-enter the balance of partially executed Tracking Orders. 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. srobinson on DSKHWCL6B1PROD with NOTICES C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Mar<15>2010 18:04 Nov 12, 2010 Jkt 223001 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–NYSEArca–2010–96 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090. All submissions should refer to File Number SR–NYSEArca–2010–96. 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,9 all subsequent 7 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to provide 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, 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 Exchange has fulfilled this requirement. 9 The text of the proposed rule change is available on the Commission’s Web site at https:// www.sec.gov. 8 17 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change: (1) Does not significantly affect 5 15 the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) by its terms does not become operative for 30 days after the date of this filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b–4(f)(6) thereunder.8 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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. PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 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 Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. 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– NYSEArca–2010–96 and should be submitted on or before December 6, 2010. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–28690 Filed 11–12–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–63268; File No. SR–SCCP– 2010–03] Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Suspension of Certain Provisions Due to Inactivity November 8, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on October 27, 2010, Stock Clearing Corporation of Philadelphia (‘‘SCCP’’) 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 primarily by SCCP. SCCP filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act 3 and 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 1 15 E:\FR\FM\15NON1.SGM 15NON1 Federal Register / Vol. 75, No. 219 / Monday, November 15, 2010 / Notices Rule 19b–4(f)(3) 4 so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change SCCP proposes to amend its By-Laws to: (1) Suspend certain maintenance and reporting requirements during the period of inactivity of SCCP; (2) remove all references to the Philadelphia Depository Trust Company; (3) remove the requirement to furnish an annual statement of SCCP’s business and affairs; (4) remove references to certain standing committees of NASDAQ OMX PHLX (‘‘PHLX’’); (5) reflect the change of the name of The Philadelphia Stock Exchange to NASDAQ OMX PHLX LLC; and (6) make conforming changes to the rules. srobinson on DSKHWCL6B1PROD with NOTICES II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, SCCP 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. SCCP 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 SCCP is a wholly owned subsidiary of PHLX and is registered with the Commission as a clearing agency pursuant to Section 17A of the Act.5 On July 24, 2008, The NASDAQ OMX Group, Inc. completed an acquisition of The Philadelphia Stock Exchange and renamed it NASDAQ OMX PHLX. Thereafter, a decision was made to cease SCCP operations and on December 31, 2008, SCCP ceased all business operations with the exception of the return of the clearing fund deposits that were provided to SCCP by its members for the purpose of offsetting SCCP’s financial risk while operating a clearing agency for the member. SCCP returned all clearing fund deposits by September 30, 2009; therefore, as of that date SCCP no longer maintains clearing members 4 17 5 15 CFR 240.19b–4(f)(3). U.S.C. 78q–1. VerDate Mar<15>2010 18:04 Nov 12, 2010 Jkt 223001 or any other clearing operations. However, SCCP desires to maintain its registration as a clearing agency for possible active operations in the future. Currently, SCCP only conducts the administrative operations that are required to maintain its registration, which generally consist of tax and record maintenance obligations, as well as the various maintenance and reporting requirements of a clearing agency. Since SCCP no longer maintains members or conducts clearing business operations, SCCP is requesting that it may suspend certain maintenance and reporting requirements where it makes sense to do so. SCCP believes that it is appropriate under the circumstances of SCCP’s inactivity to suspend the following portions of its By-Laws or Rules during any period in which SCCP has suspended its operations and is in an inactive status: (1) SCCP Article IV Section 2(c) and (d): SCCP proposes to suspend the requirement that the Board of Directors contain at least one participant, and to amend the requirement that at least one of SCCP’s directors must be a governor of the Exchange; (2) SCCP Article IV, Section 8: SCCP proposes to suspend the requirement to maintain Standing Committees; (3) SCCP Rule 4, Section 1: SCCP proposes to eliminate the need for a Participant Fund and furthermore defines the term ‘‘inactive’’. (4) SCCP Rule 11, Reserve Fund: SCCP proposes to suspend the requirement for the reserve fund; (5) SCCP Rule 28: SCCP proposes to suspend the requirement of: (a) furnishing annual unconsolidated audited comparative financial statements prepared in accordance with generally accepted accounting principles; (b) accompanied by a report prepared by an independent public accountant; furnishing unaudited quarterly financial statements; and (c) furnishing an annual review of internal control prepared by independent public accountants. During the time SCCP was active, SCCP’s Audit Committee and Finance Committee were also the comparable committees of SCCP’s parent, The Philadelphia Stock Exchange. However, PHLX has since eliminated its own Audit Committee and Finance Committee and allows the function of those committees to be performed by other board committees within its corporate structure. Accordingly, SCCP will amend its rules to provide that, in the event SCCP resumes active operations, it will have its own Audit Committee and Finance Committee. PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 69731 SCCP also proposes to remove SCCP By-Law Article X regarding the presentation of an annual statement of the corporation at each annual meeting. SCCP believes Article X is not legally required and therefore proposes to remove this language permanently. SCCP also proposes to make certain administrative changes. Certain SCCP By-Laws and rules reference the Philadelphia Depository Trust Company (‘‘Philadep’’), a trust company that was deregistered as a national clearing agency as of December 31, 2002, and dissolved as a trust company in the Commonwealth of Pennsylvania on August 7, 2004. At this time, SCCP proposes to eliminate all references to Philadep. In addition, SCCP proposes to eliminate Rule 4, Section 1, paragraph four, section (ii). This section is duplicative of section (i). Furthermore, SCCP proposes to make clerical changes that are necessary due to the changes contained within this proposed rule change. Finally, SCCP proposes to amend the By-Laws and the Rules to reflect the change of the name of The Philadelphia Stock Exchange to NASDAQ OMX PHLX LLC. SCCP states that that its proposal is consistent with Section 17A of the Act 6 in general and furthers the objectives of Section 17A(b)(3)(F) of the Act 7 in particular in that it is designed to remove impediments to and perfect the mechanism of national market system, and, in general does not impose any burden on competition not necessary or appropriate. SCCP further states that the proposal seeks to suspend maintenance and reporting requirements and make other administrative changes during the time when SCCP has suspended its business operations. None of these changes affect the investing public but rather are concerned solely with the administration of SCCP. B. Self-Regulatory Organization’s Statement on Burden on Competition SCCP does not believe that the proposed rule change will impose any burden on competition 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 SCCP has not solicited or received written comments relating to the proposed rule change. SCCP will notify the Commission of any written comments it receives. 6 15 7 15 E:\FR\FM\15NON1.SGM U.S.C. 78q–1. U.S.C. 78q–1(b)(3)(F). 15NON1 69732 Federal Register / Vol. 75, No. 219 / Monday, November 15, 2010 / Notices Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at SCCP’s principal office and on SCCP’s Web site at https:// nasdaqtrader.com/micro.aspx?id=PHLX Rulefilings. 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–SCCP– 2010–03 and should be submitted on or before December 6, 2010. 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: For the Commission by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. BILLING CODE 8011–01–P The number assigned to this disaster for physical damage is 12379B and for economic injury is 12380B. 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–SCCP–2010–03 on the subject line. srobinson on DSKHWCL6B1PROD 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)(iii) of the Act 8 and Rule 19b–4(f)(3) 9 because it is concerned solely with the administration of SCCP. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend 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. SMALL BUSINESS ADMINISTRATION (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–SCCP–2010–03. 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 Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., 8 Supra 9 Supra note 2. note 3. VerDate Mar<15>2010 Jkt 223001 Percent For Physical Damage: Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Non-Profit Organizations Without Credit Available Elsewhere ..................................... 3.625 3.000 3.000 [FR Doc. 2010–28663 Filed 11–12–10; 8:45 am] [Disaster Declaration #12379 and #12380] U.S. Virgin Islands Disaster #VI–00005 U.S. Small Business Administration. ACTION: Notice. James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2010–28671 Filed 11–12–10; 8:45 am] AGENCY: BILLING CODE 8025–01–P This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the Territory of the U.S. Virgin Islands (FEMA–1948–DR), dated 11/05/2010. Incident: Severe Storms, Flooding, Mudslides, and Landslides associated with Tropical Storm Otto. Incident Period: 10/01/2010 through 10/08/2010. DATES: Effective Date: 11/05/2010. Physical Loan Application Deadline Date: 01/04/2011. Economic Injury (EIDL) Loan Application Deadline Date: 08/05/2011. 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: Notice is hereby given that as a result of the President’s major disaster declaration on 11/05/2010, Private Non-Profit organizations that provide essential SUMMARY: 10 17 18:04 Nov 12, 2010 services of governmental nature may file disaster loan applications at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Islands: Saint Croix; Saint John; Saint Thomas, Including Water Island. The Interest Rates are: PO 00000 CFR 200.30–3(a)(12). Frm 00114 Fmt 4703 Sfmt 4703 SMALL BUSINESS ADMINISTRATION [Disaster Declaration #12375 and #12376] South Dakota Disaster #SD–00035 U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for Public Assistance Only for the State of South Dakota (FEMA–1947– DR), dated 11/02/2010. Incident: Severe Storms and Flooding. Incident Period: 09/22/2010 through 09/23/2010. DATES: Effective Date: 11/02/2010. Physical Loan Application Deadline Date: 01/03/2011. Economic Injury (EIDL) Loan Application Deadline Date: 08/02/2011. 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. SUMMARY: E:\FR\FM\15NON1.SGM 15NON1

Agencies

[Federal Register Volume 75, Number 219 (Monday, November 15, 2010)]
[Notices]
[Pages 69730-69732]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28663]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63268; File No. SR-SCCP-2010-03]


Self-Regulatory Organizations; Stock Clearing Corporation of 
Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating to the Suspension of Certain Provisions Due to 
Inactivity

November 8, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 27, 2010, Stock Clearing Corporation of Philadelphia 
(``SCCP'') 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 primarily by SCCP. SCCP filed 
the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the 
Act \3\ and

[[Page 69731]]

Rule 19b-4(f)(3) \4\ so that the proposal was 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)(iii).
    \4\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    SCCP proposes to amend its By-Laws to: (1) Suspend certain 
maintenance and reporting requirements during the period of inactivity 
of SCCP; (2) remove all references to the Philadelphia Depository Trust 
Company; (3) remove the requirement to furnish an annual statement of 
SCCP's business and affairs; (4) remove references to certain standing 
committees of NASDAQ OMX PHLX (``PHLX''); (5) reflect the change of the 
name of The Philadelphia Stock Exchange to NASDAQ OMX PHLX LLC; and (6) 
make conforming changes to the rules.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, SCCP 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. SCCP 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

    SCCP is a wholly owned subsidiary of PHLX and is registered with 
the Commission as a clearing agency pursuant to Section 17A of the 
Act.\5\ On July 24, 2008, The NASDAQ OMX Group, Inc. completed an 
acquisition of The Philadelphia Stock Exchange and renamed it NASDAQ 
OMX PHLX. Thereafter, a decision was made to cease SCCP operations and 
on December 31, 2008, SCCP ceased all business operations with the 
exception of the return of the clearing fund deposits that were 
provided to SCCP by its members for the purpose of offsetting SCCP's 
financial risk while operating a clearing agency for the member. SCCP 
returned all clearing fund deposits by September 30, 2009; therefore, 
as of that date SCCP no longer maintains clearing members or any other 
clearing operations. However, SCCP desires to maintain its registration 
as a clearing agency for possible active operations in the future.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

    Currently, SCCP only conducts the administrative operations that 
are required to maintain its registration, which generally consist of 
tax and record maintenance obligations, as well as the various 
maintenance and reporting requirements of a clearing agency. Since SCCP 
no longer maintains members or conducts clearing business operations, 
SCCP is requesting that it may suspend certain maintenance and 
reporting requirements where it makes sense to do so. SCCP believes 
that it is appropriate under the circumstances of SCCP's inactivity to 
suspend the following portions of its By-Laws or Rules during any 
period in which SCCP has suspended its operations and is in an inactive 
status:
    (1) SCCP Article IV Section 2(c) and (d): SCCP proposes to suspend 
the requirement that the Board of Directors contain at least one 
participant, and to amend the requirement that at least one of SCCP's 
directors must be a governor of the Exchange;
    (2) SCCP Article IV, Section 8: SCCP proposes to suspend the 
requirement to maintain Standing Committees;
    (3) SCCP Rule 4, Section 1: SCCP proposes to eliminate the need for 
a Participant Fund and furthermore defines the term ``inactive''.
    (4) SCCP Rule 11, Reserve Fund: SCCP proposes to suspend the 
requirement for the reserve fund;
    (5) SCCP Rule 28: SCCP proposes to suspend the requirement of: (a) 
furnishing annual unconsolidated audited comparative financial 
statements prepared in accordance with generally accepted accounting 
principles; (b) accompanied by a report prepared by an independent 
public accountant; furnishing unaudited quarterly financial statements; 
and (c) furnishing an annual review of internal control prepared by 
independent public accountants.
    During the time SCCP was active, SCCP's Audit Committee and Finance 
Committee were also the comparable committees of SCCP's parent, The 
Philadelphia Stock Exchange. However, PHLX has since eliminated its own 
Audit Committee and Finance Committee and allows the function of those 
committees to be performed by other board committees within its 
corporate structure. Accordingly, SCCP will amend its rules to provide 
that, in the event SCCP resumes active operations, it will have its own 
Audit Committee and Finance Committee.
    SCCP also proposes to remove SCCP By-Law Article X regarding the 
presentation of an annual statement of the corporation at each annual 
meeting. SCCP believes Article X is not legally required and therefore 
proposes to remove this language permanently.
    SCCP also proposes to make certain administrative changes. Certain 
SCCP By-Laws and rules reference the Philadelphia Depository Trust 
Company (``Philadep''), a trust company that was deregistered as a 
national clearing agency as of December 31, 2002, and dissolved as a 
trust company in the Commonwealth of Pennsylvania on August 7, 2004. At 
this time, SCCP proposes to eliminate all references to Philadep. In 
addition, SCCP proposes to eliminate Rule 4, Section 1, paragraph four, 
section (ii). This section is duplicative of section (i). Furthermore, 
SCCP proposes to make clerical changes that are necessary due to the 
changes contained within this proposed rule change. Finally, SCCP 
proposes to amend the By-Laws and the Rules to reflect the change of 
the name of The Philadelphia Stock Exchange to NASDAQ OMX PHLX LLC.
    SCCP states that that its proposal is consistent with Section 17A 
of the Act \6\ in general and furthers the objectives of Section 
17A(b)(3)(F) of the Act \7\ in particular in that it is designed to 
remove impediments to and perfect the mechanism of national market 
system, and, in general does not impose any burden on competition not 
necessary or appropriate. SCCP further states that the proposal seeks 
to suspend maintenance and reporting requirements and make other 
administrative changes during the time when SCCP has suspended its 
business operations. None of these changes affect the investing public 
but rather are concerned solely with the administration of SCCP.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    SCCP does not believe that the proposed rule change will impose any 
burden on competition 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

    SCCP has not solicited or received written comments relating to the 
proposed rule change. SCCP will notify the Commission of any written 
comments it receives.

[[Page 69732]]

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)(iii) of the Act \8\ and Rule 19b-4(f)(3) \9\ because it is 
concerned solely with the administration of SCCP. At any time within 60 
days of the filing of the proposed rule change, the Commission 
summarily may temporarily suspend 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.
---------------------------------------------------------------------------

    \8\ Supra note 2.
    \9\ Supra note 3.
---------------------------------------------------------------------------

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-SCCP-2010-03 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-SCCP-2010-03. 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 Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at SCCP's principal office and on SCCP's Web 
site at https://nasdaqtrader.com/micro.aspx?id=PHLX Rulefilings. 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-SCCP-2010-03 and should be 
submitted on or before December 6, 2010.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-28663 Filed 11-12-10; 8:45 am]
BILLING CODE 8011-01-P
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