[Federal Register Volume 70, Number 103 (Tuesday, May 31, 2005)]
[Notices]
[Pages 30988-30990]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2728]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51723; File No. SR-PCX-2005-52]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change and 
Amendments No. 1 and 2 Thereto Making Certain Administrative Changes to 
the PCX Rules

May 20, 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 12, 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, II and III below, which 
Items have been prepared by PCX. On May 5, 2005, the Exchange filed 
Amendment No. 1 to the proposed rule change.\3\ On May 9, 2005, the

[[Page 30989]]

Exchange filed Amendment No. 2 to the proposed rule change.\4\ The 
Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the 
Act,\5\ and Rule 19b-4(f)(3) thereunder,\6\ 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\ In Amendment No. 1, the Exchange corrected typographical 
errors and made clarifying changes to the proposed rule text. 
Amendment No. 1 superseded and replaced the original proposed rule 
change in its entirety. Telephone Conference on May 19, 2005 between 
Tania Blanford, Regulatory Attorney, PCX and Mitra Mehr, Staff 
Attorney, Division of Market Regulation, Commission (``May 19th 
Telephone Conference'').
    \4\ In Amendment No. 2, the Exchange made additional clarifying 
changes to the proposed rule text. Amendment No. 2 superseded and 
replaced the proposed rule change, as amended by Amendment No. 1, in 
its entirety. May 19th Telephone Conference.
    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4(f)(3).
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 I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    PCX proposes to amend the PCX Rules to make certain administrative 
changes that were inadvertently omitted when PCX demutualized. The text 
of the proposed rule change is available on the PCX Web site (http://www.pacificex.com com), at the PCX's Office of the Secretary 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 Exchange 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 Exchange 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 Exchange is proposing to amend the PCX Rules in order to make 
certain administrative changes that were inadvertently not included in 
the proposed rule change pertaining to the Exchange's 
demutualization.\7\ These changes include removing certain obsolete 
terms and replacing them with the appropriate terms now used for the 
demutualized exchange, updating cross-references in the PCX Rules and 
correcting typographical errors. Once updated, the PCX Rules will read 
as intended at the completion of demutualization. The proposed rule 
change, as amended, also sets forth circumstances when an Exchange 
Official can take specified actions.
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    \7\ See Securities Exchange Release No. 49718 (May 17, 2004), 69 
FR 29611 (May 24, 2004) (SR-PCX-2004-08).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\8\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\9\ in particular, in that it 
is designed to facilitate transactions in securities, to promote just 
and equitable principles of trade, to enhance competition and to 
protect investors and the public interest.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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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 burden on competition that is 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

    Written comments on the proposed rule change 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) of the Securities Exchange Act of 
1934 \10\ and subparagraph (f)(3) of Rule 19b-4 thereunder \11\ because 
it is 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 purposes of the Act.\12\
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    \10\ 15 U.S.C. 78f(b)(3)(A)(iii).
    \11\ 17 CFR 240.19b-4(f)(3).
    \12\ For purposes of calculating the 60-day period within which 
the Commission may summarily abrogate the proposed rule change under 
Section 19(b)(3)(C) of the Act, the Commission considers that period 
to commence on May 9, 2005, the date the Exchange filed Amendment 
No. 2 to the proposed rule change. See 15 U.S.C. 78s(b)(3)(C).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-PCX-2005-52 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-2005-52. 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 such 
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-PCX-2005-52 and should be submitted on or before June 
21, 2005.


[[Page 30990]]


    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-2728 Filed 5-27-05; 8:45 am]
BILLING CODE 8010-01-P