[Federal Register Volume 70, Number 87 (Friday, May 6, 2005)]
[Notices]
[Pages 24155-24156]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2211]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51641; File No. SR-PCX-2005-49]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Exchange Fees and Charges

May 2, 2005.
    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 April 8, 2005, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'') 
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 by the Exchange. The proposed rule change has been 
filed by the PCX as establishing or changing a due, fee, or other 
charge, pursuant to Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 
19b-4(f)(2) \4\ thereunder, which renders the proposal effective upon 
filing with the Commission. The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The PCX proposes to amend its Schedule of Fees and Charges in order 
to adopt fees associated with the implementation of an electronic 
registration process through the National Association of Securities 
Dealers, Inc. (``NASD'') Web Central Registration Depository (``CRD''). 
The text of the proposed rule change is available on the PCX Web site 
(http://www.pacificex.com/), at the principal office of the Exchange, 
and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the PCX 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. The PCX 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

1. Purpose
    The purpose of this proposed rule change is to adopt the fees 
associated with the implementation of an electronic registration 
process through NASD's CRD system. The Commission recently approved the 
PCX proposals to require all Option Trading Permit (``OTP'') Holders 
and OTP Firms \5\ as well as all Equity Trading Permit (``ETP'') 
Holders \6\ to use NASD's CRD system as the mechanism for submitting 
required Forms U-4 and U-5 filings to the Exchange. The proposed fees 
will apply to all OTP and ETP applicants. The proposed fees are similar 
to those fees charged by other SROs that use NASD's CRD. The proposed 
new fees are a NASD CRD Processing Fee, a NASD Disclosure Processing 
Fee, a PCX Transfer/Relicense Fee, a NASD Annual System Processing Fee 
and a NASD Manual Processing Fee for Fingerprint Results Submitted by 
Other SROs.
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    \5\ See Securities Exchange Act Release No. 51398 (March 18, 
2005), 70 FR 15672 (March 28, 2005) (SR-PCX-2005-10).
    \6\ See Securities Exchange Act Release No. 51399 (March 18, 
2005), 70 FR 15674 (March 28, 2005) (SR-PCX-2005-11).
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2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of 
fees is consistent with Section 6(b) of the Act,\7\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act,\8\ in 
particular, in that it is an equitable allocation of reasonable fees 
among Exchange members.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any inappropriate burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become immediately effective 
pursuant to Section 19(b)(3)(A)(ii) of the Act \9\ and Rule 19b-4(f)(2) 
\10\ thereunder, because it establishes a fee imposed by the Exchange. 
At any time within 60 days of the filing of the 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 purposes of the Act.
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    \9\ 15 U.S.C. 78(s)(b)(3)(A)(ii).
    \10\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing,

[[Page 24156]]

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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-PCX-2005-49 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.

All submissions should refer to File Number SR-PCX-2005-49. 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 (http://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 inspection and 
copying in the Commission's Public Reference Room. Copies of the 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 SR-PCX-
2005-49 and should be submitted on or before May 27, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
Jill M. Peterson,
Assistant Secretary.
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    \11\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E5-2211 Filed 5-5-05; 8:45 am]
BILLING CODE 8010-01-P