[Federal Register Volume 69, Number 187 (Tuesday, September 28, 2004)]
[Notices]
[Page 58005]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-2395]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50413; File No. SR-PCX-2004-45]


Self-Regulatory Organizations; The Pacific Exchange, Inc.; Order 
Granting Approval to Proposed Rule Change and Amendment No. 1 To Amend 
the PCX Sanctioning Guidelines To Enforce Compliance With the 
Exchange's FOCUS Reports Filing Requirements

September 20, 2004.
    On May 17, 2004, the Pacific Exchange, Inc. (``PCX'' 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 amend the PCX sanctioning guidelines to more 
effectively enforce compliance with the Exchange's Financial and 
Operational Combined Uniform Single (``FOCUS'') Reports filing 
requirements. The PCX amended the proposal on July 1, 2004.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The July 1, 2004 amendment (``Amendment No. 1'') replaced 
the original filing in its entirety.
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    The proposed rule change, as modified by Amendment No. 1, was 
published for comment in the Federal Register on August 5, 2004.\4\ The 
Commission received no comments on the proposal. This order approves 
the proposed rule change, as amended.
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    \4\ Securities Exchange Act Release No. 50126 (July 30, 2004), 
69 FR 47477.
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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\ The 
Commission finds specifically that the proposed rule change is 
consistent with Section 6(b)(5) of the Act,\6\ in that it is designed 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, 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. The 
Commission also finds that the proposal is consistent with Section 
6(b)(6) of the Act,\7\ which requires that members and persons 
associated with members be appropriately disciplined for violations of 
Exchange rules.
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    \5\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. 15 U.S.C. 78c(f).
    \6\ 6 15 U.S.C. 78f(b)(5).
    \7\ 15 U.S.C. 78f(b)(6).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-PCX-2004-45) be, and it 
hereby is, approved, as amended.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
 [FR Doc. E4-2395 Filed 9-27-04; 8:45 am]
BILLING CODE 8010-01-P