[Federal Register Volume 70, Number 106 (Friday, June 3, 2005)]
[Notices]
[Pages 32689-32690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2831]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51728; File No. SR-PCX-2005-57]


Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change and 
Amendment No. 1 Thereto Relating To Delay of Implementation Date of 
Revisions to the Series 4 Examination Program

May 24, 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 22, 2005, the Pacific Exchange, Inc. (``PCX'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by PCX. PCX has 
designated the proposed rule change as one constituting a stated 
policy, practice, or interpretation with respect to the meaning, 
administration, or enforcement of an existing rule of PCX pursuant to 
Section 19(b)(3)(A)(i) of the Act \3\ and Rule 19b-4(f)(1) 
thereunder,\4\ which renders the proposal effective upon filing with 
the Commission. The Exchange filed Amendment No. 1 to the proposed rule 
change on May 16, 2005.\5\ The Commission is publishing this notice to 
solicit comments on the proposed rule change, as amended, 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)(i).
    \4\ 17 CFR 240.19b-4(f)(1).
    \5\ In Amendment No. 1, PCX provided a new statutory basis for 
the proposed rule change and made technical corrections to the 
proposed rule change. 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 the period to commence on May 16, 2005, the date on which 
the Exchange filed Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Pursuant to the provisions of Section 19(b)(1) of the Act,\6\ the 
Exchange is filing with the Commission a proposed rule change to delay 
until no later than November 30, 2005 the implementation date of the 
recent revisions to the Limited Principal--Registered Options (Series 
4) examination program, including the study outline and selection 
specifications (``Series 4 Examination''). PCX is not proposing any 
textual changes to its rules.
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    \6\ 15 U.S.C. 78s(b)(1).
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II. Self-Regulatory 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 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. 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
    On April 12, 2005, PCX filed with the SEC for immediate 
effectiveness revisions to the Series 4 Examination.\7\ The Series 4 
Examination is an industry-wide examination that qualifies an 
individual to function as a Registered Options Principal. The Series 4 
Examination is shared by PCX and the following self-regulatory 
organizations: the American Stock Exchange LLC (``Amex''), the Chicago 
Board Options Exchange, Incorporated, the National Association of 
Securities Dealers, Inc. (``NASD''), the New York Stock Exchange, Inc., 
and the Philadelphia Stock Exchange, Inc. Amex and NASD filed with the 
SEC similar revisions to the Series 4 Examination.\8\ PCX intended to 
implement the Series 4 Examination revisions no later than April 29, 
2005 in order to be consistent with NASD.\9\ However, due to 
administrative issues, PCX is proposing to delay until no later than 
November 30, 2005 the implementation date of the revisions.
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    \7\ See Securities Exchange Act Release No. 34-51727 (May 24, 
2005) (SR-PCX-2005-51).
    \8\ See Securities Exchange Act Release Nos. 51689 (May 12, 
2005), 70 FR 28965 (May 19, 2005 (SR-Amex-2005-039); and 51216 
(February 16, 2005), 70 FR 8866 (February 23, 2005) (SR-NASD-2005-
025).
    \9\ See Securities Exchange Act Release No. 51216 (February 16, 
2005), 70 FR 8866, 8867 (February 23, 2005), (SR-NASD-2005-025).

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[[Page 32690]]

    PCX understands that Amex and NASD also will file with the SEC 
similar proposed rule changes to delay until no later than November 30, 
2005 the implementation date of the revisions to the Series 4 
Examination.
2. Statutory Basis
    PCX believes that the proposed rule change is consistent with 
Section 6(b) of the Act,\10\ in general, and furthers the objectives of 
Section 6(b)(1) \11\ in particular, in that it is designed to enforce 
compliance by Options Trading Permit (``OTP'') Holders and OTP Firms 
and persons associated with the rules of the Exchange.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(1).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change will impose no 
burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

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

    Written comments were neither solicited nor received by the 
Exchange on this proposal.

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

    The proposed rule change has become effective pursuant to Section 
19(b)(3)(A)(i) of the Act \12\ and Rule 19b-4(f)(1) thereunder,\13\ in 
that the proposed rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of PCX.
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    \12\ 15 U.S.C. 78s(b)(3)(A)(i).
    \13\ 17 CFR 240.19b-4(f)(1).
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    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.

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

     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-2005-57 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-2005-57. 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 at the principal office of 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 the File Number SR-PCX-2005-57 and should be submitted 
on or before June 24, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-2831 Filed 6-2-05; 8:45 am]
BILLING CODE 8010-01-P