Federal Register: April 27, 2005 (Volume 70, Number 80)
DOCID: FR Doc E5-1986
SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-51580; File No. SR-PCX-2005-36]
NOTICE: NOTICES
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY:
Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc. Relating to the Arbitration Fees
DOCUMENT SUMMARY:
April 20, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on March 24, 2005, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'' or
``SEC'') the proposed rule change as described in Items I, II and III
below, which Items have been prepared by PCX. On April 18, 2005, the
PCX filed Amendment No. 1 to the proposed rule change.\3\ The PCX filed
this proposal pursuant to Section 19(b)(3)(A)(iii) of the Act \4\ and
Rule 19b4(f)(3) thereunder,\5\ as one concerned solely with the
administration of the selfregulatory organization, which renders the
proposal effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ In Amendment No. 1, the PCX provided an additional statutory basis for this proposal.
\4\ 15 U.S.C. 78s(b)(3)(A)(iii).
\5\ 17 CFR 240.19b4(f)(3).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The PCX is proposing to amend the PCX arbitration rules in order to
make a minor rule numbering change. The text of the proposed rule
change, as amended, is available on PCX's Web site (http://www.pacificex.com ), at the principal office of the PCX, and at the
Commission's Public Reference Section.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PCX included statements
concerning the purpose of and basis for the proposed rule change, as
amended, and discussed any comments it received on the proposed rule
change, as amended. The text of these statements may be examined at the
places specified in Item IV below. The PCX has prepared summaries, set
forth in Sections A, B and C below, of the most significant aspects of such statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
Purpose
The Exchange proposes to make a minor rule numbering change to the
PCX arbitration rules. In December 2004, the Exchange filed a proposed
rule change with the Commission to amend the PCX Options and PCX
Equities (``PCXE'') arbitration rules with respect to arbitration fees
that only affect OTP Holders, OTP Firms and ETP Holders.\6\ As part of
that filing, the Exchange proposed to adopt a PreHearing and Hearing
Process Fee in PCX Rule 12.33 and PCXE Rule 12.32(k). At this time, the
Exchange proposes to renumber the PCX Options rule for PreHearing and
Hearing Process Fees from PCX Rule 12.33 to PCX Rule 12.31(k) so that
the rule is similarly located for both PCX Options and PCX Equities.
PCX Rule 12.31 contains the Schedule of Fees for arbitration
proceedings. The Exchange believes the renumbering will provide
consistency and ease of use for Exchange staff as well as the OTP
Holders, OTP Firms, ETP Holders and the public. The Exchange does not
propose any substantive changes to this rule or any rule renumbering changes for PCX Equities.
\6\ See Exchange Act Release No. 51102 (January 28, 2005), 70 FR 6063 (February 4, 2005) (SRPCX2004118).
Statutory Basis
The Exchange believes that the proposed rule change, as amended, is
consistent with Section 6(b) \7\ of the Act, in general, and Section
6(b)(4) of the Act \8\, in particular, in that it provides for the
equitable allocation of reasonable fees and charges among its OTP
Holders, OTP Firms, ETP Holders, issuers and other persons using its
facilities. The Exchange also believes the proposal, as amended, is
consistent with Section 6(b)(5)\9\ in that it is related to the
administration of the Exchange because it reorganizes the Exchange's rules but does not change the substance of these rules.
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
\9\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change, as amended, will impose any burden on competition
[[Page 21833]]
that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change, as amended, were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing rule change, as amended, has become effective
pursuant to Section 19(b)(3)(A)(iii) \10\ of the Act and subparagraph
(f)(3) of Securities Exchange Act Rule 19b4 \11\ thereunder as one
concerned solely with the administration of the Exchange. At any time
within 60 days of the filing of such 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 Act.\12\
\10\ 5 U.S.C. Sec. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b4(f)(2).
\12\ For purposes of calculating the 60day abrogation period,
the Commission considers the proposed rule change to have been filed
on April 18, 2005, when Amendment No. 1 was filed. See, 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, as amended, is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRPCX200536. This file number should be included on the subject line if email 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, as amended, that are filed with the Commission, and all written communications relating to the proposed rule change, as amended, 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 Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of the PCX. 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 SRPCX200536 and should be submitted on or before May 18, 2005.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\13\
Margaret H. McFarland,
Deputy Secretary.
\13\ 17 CFR 200.303(a)(12).
[FR Doc. E51986 Filed 42605; 8:45 am]
BILLING CODE 801001P
SUMMARY:
Pacific Exchange, Inc.,
DOCUMENT BODY 2:
April 20, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on March 24, 2005, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'' or
``SEC'') the proposed rule change as described in Items I, II and III
below, which Items have been prepared by PCX. On April 18, 2005, the
PCX filed Amendment No. 1 to the proposed rule change.\3\ The PCX filed
this proposal pursuant to Section 19(b)(3)(A)(iii) of the Act \4\ and
Rule 19b4(f)(3) thereunder,\5\ as one concerned solely with the
administration of the selfregulatory organization, which renders the
proposal effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ In Amendment No. 1, the PCX provided an additional statutory basis for this proposal.
\4\ 15 U.S.C. 78s(b)(3)(A)(iii).
\5\ 17 CFR 240.19b4(f)(3).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The PCX is proposing to amend the PCX arbitration rules in order to
make a minor rule numbering change. The text of the proposed rule
change, as amended, is available on PCX's Web site (http://www.pacificex.com ), at the principal office of the PCX, and at the
Commission's Public Reference Section.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, PCX included statements
concerning the purpose of and basis for the proposed rule change, as
amended, and discussed any comments it received on the proposed rule
change, as amended. The text of these statements may be examined at the
places specified in Item IV below. The PCX has prepared summaries, set
forth in Sections A, B and C below, of the most significant aspects of such statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
Purpose
The Exchange proposes to make a minor rule numbering change to the
PCX arbitration rules. In December 2004, the Exchange filed a proposed
rule change with the Commission to amend the PCX Options and PCX
Equities (``PCXE'') arbitration rules with respect to arbitration fees
that only affect OTP Holders, OTP Firms and ETP Holders.\6\ As part of
that filing, the Exchange proposed to adopt a PreHearing and Hearing
Process Fee in PCX Rule 12.33 and PCXE Rule 12.32(k). At this time, the
Exchange proposes to renumber the PCX Options rule for PreHearing and
Hearing Process Fees from PCX Rule 12.33 to PCX Rule 12.31(k) so that
the rule is similarly located for both PCX Options and PCX Equities.
PCX Rule 12.31 contains the Schedule of Fees for arbitration
proceedings. The Exchange believes the renumbering will provide
consistency and ease of use for Exchange staff as well as the OTP
Holders, OTP Firms, ETP Holders and the public. The Exchange does not
propose any substantive changes to this rule or any rule renumbering changes for PCX Equities.
\6\ See Exchange Act Release No. 51102 (January 28, 2005), 70 FR 6063 (February 4, 2005) (SRPCX2004118).
Statutory Basis
The Exchange believes that the proposed rule change, as amended, is
consistent with Section 6(b) \7\ of the Act, in general, and Section
6(b)(4) of the Act \8\, in particular, in that it provides for the
equitable allocation of reasonable fees and charges among its OTP
Holders, OTP Firms, ETP Holders, issuers and other persons using its
facilities. The Exchange also believes the proposal, as amended, is
consistent with Section 6(b)(5)\9\ in that it is related to the
administration of the Exchange because it reorganizes the Exchange's rules but does not change the substance of these rules.
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
\9\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change, as amended, will impose any burden on competition
[[Page 21833]]
that is not necessary or appropriate in furtherance of the purposes of the Act.
C. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change, as amended, were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing rule change, as amended, has become effective
pursuant to Section 19(b)(3)(A)(iii) \10\ of the Act and subparagraph
(f)(3) of Securities Exchange Act Rule 19b4 \11\ thereunder as one
concerned solely with the administration of the Exchange. At any time
within 60 days of the filing of such 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 Act.\12\
\10\ 5 U.S.C. Sec. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b4(f)(2).
\12\ For purposes of calculating the 60day abrogation period,
the Commission considers the proposed rule change to have been filed
on April 18, 2005, when Amendment No. 1 was filed. See, 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, as amended, is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRPCX200536. This file number should be included on the subject line if email 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, as amended, that are filed with the Commission, and all written communications relating to the proposed rule change, as amended, 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 Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of the PCX. 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 SRPCX200536 and should be submitted on or before May 18, 2005.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\13\
Margaret H. McFarland,
Deputy Secretary.
\13\ 17 CFR 200.303(a)(12).
[FR Doc. E51986 Filed 42605; 8:45 am]
BILLING CODE 801001P