[Federal Register Volume 68, Number 136 (Wednesday, July 16, 2003)]
[Notices]
[Pages 42154-42155]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-17922]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48135; File No. SR-Phlx-2003-21]


Self-Regulatory Organizations; Order Approving a Proposed Rule 
Change and Amendment No. 1 Thereto by the Philadelphia Stock Exchange, 
Inc. Relating to a Disclaimer by Susquehanna Indices, LLP

July 7, 2003.
    On April 2, 2003, the Philadelphia Stock Exchange, Inc. (``Phlx'' 
or ``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to adopt new Rule 1104A, Susquehanna Indices, LLP 
Indexes, to provide a disclaimer with regards to SIG Investment 
Managers IndexTM (``Index''). On May 23, 2003, the Phlx 
submitted Amendment No. 1 to the proposed rule change.\3\ The proposed 
rule change, as amended, was published in the Federal Register on June 
4, 2003.\4\ This order approves the amended proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Carla Behnfeldt, Director, Legal Department 
New Product Development Group, Phlx, to Lisa N. Jones, Attorney, 
Division of Market Regulation, Commission, dated May 22, 2003 
(``Amendment No. 1'').
    \4\ Securities Exchange Act Release No. 47937 (May 28, 2003), 68 
FR 33555.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\5\ 
Specifically, the Commission believes that the proposal is consistent 
with section 6(b)(5) of the Act,\6\ which requires, among other things, 
that the Exchange's rules be designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest.
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    \5\ In approving this proposal, the Commission has considered 
its impact on efficiency, competition, and capital formation. 15 
U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(5).
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    The Commission notes that the Exchange filed the proposed rule 
change pursuant to a license agreement requirement with Susquehanna 
Indices, LLP (``SI''), and the disclaimer provision would generally 
provide that SI makes no warranty, express or implied, as to the 
results or data to be obtained by any person or entity regarding the 
Index. The Commission believes that the Phlx's

[[Page 42155]]

proposed disclaimer provision is similar to the disclaimer provisions 
provided in other exchanges' rules relating to specified index options, 
and therefore raises no novel regulatory issues.
    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-Phlx-2003-21), as amended, is 
approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-17922 Filed 7-15-03; 8:45 am]
BILLING CODE 8010-01-P