[Federal Register Volume 70, Number 237 (Monday, December 12, 2005)]
[Notices]
[Pages 73490-73491]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-7188]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52895; File No. SR-BSE-2005-48]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto 
Requiring Its Member To Provide Electronic Mail Addresses to the 
Exchange

December 5, 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 October 28, 2005, the Boston Stock Exchange, Inc. (``BSE'' 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 the Exchange. On 
November 23, 2005, the BSE filed Amendment No. 1 to the proposed rule 
change.\3\ 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\ In Amendment No. 1, BSE made clarifying changes to its 
statement of purpose for the proposed rule change.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The BSE proposes to amend its rules to require members and member 
organizations to provide e-mail addresses to the Exchange for use in 
transmitting notices and other communications. Below is the text of the 
proposed rule change. Proposed new language is in italics.

Rules of the Boston Stock Exchange

Chapter XXV--Registration of Member-Corporations

    SEC. 1. A member of the Exchange may register a corporation as a 
member-corporation of the Exchange, upon application by the member and 
the corporation, subject to the following terms and conditions:
    (a)--(n) No change.

Designation of Electronic Mail Addresses

    (o) Every member and member organization shall designate one or 
more electronic mail addresses for the purpose of receiving Exchange 
notices and communications and shall promptly update those electronic 
mail addresses when those addresses change

[[Page 73491]]

or are no longer valid. An authorized representative of the Exchange 
may elect to transmit notices or other communications to members and 
member organizations electronically; provided, however, that nothing in 
this rule shall be construed to supersede or modify either the method 
for service of process or other materials in any disciplinary 
proceeding or any other provisions of Exchange rules setting out a 
specific method for the receipt of information from the Exchange.
* * * * *

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 proposes to modify its rules to require each member 
and member organization to provide the Exchange with an electronic mail 
address that the Exchange may use to distribute notices and 
communications. In addition, each member and member organization would 
be required to promptly update those electronic mail addresses when 
those addresses change or are no longer valid. The Exchange represents 
that the proposal is designed to allow the Exchange to take advantage 
of technology to communicate with members in a more efficient and cost-
effective manner, for routine communications as well as in appropriate 
emergency situations. Among other things, the Exchange anticipates that 
it would be able to provide members with electronic copies of the 
Regulatory Circulars, which today are circulated to Exchange Members in 
hard copies.
    Importantly, the Exchange's proposed rule change specifically notes 
that it does not supersede or modify any rule that sets out a different 
method of service required as part of a disciplinary proceeding,\4\ or 
any other provisions of the Exchange rules setting out a specific 
method for the receipt of information from the Exchange. The Exchange 
represents that those materials would continue to be provided by the 
more conventional means set out in the rules.
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    \4\ See Chapter XXX of BSE rules (``Disciplining of Members-
Denial of Membership'').
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2. Statutory Basis
    The Exchange believes the proposal, as amended, is consistent with 
Section 6(b) of the Act \5\, in general, and furthers the objectives of 
Section 6(b)(5) of the Act,\6\ in particular, because it would promote 
just and equitable principles of trade, serve to remove impediments to 
and perfect the mechanism of a free and open market and a national 
market system, and to protect investors and the public interest by 
allowing the Exchange to take advantage of available technology to 
communicate with its members in a more efficient and cost-effective 
manner.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 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, as 
amended, will impose any 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 solicited or received by the Exchange on 
this proposal.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding, or (ii) as to 
which the Exchange consents, the Commission will:
    (A) By order approve the proposed rule change, as amended, or
    (B) Institute proceedings to determine whether the proposed rule 
change, as amended, should be disapproved.

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-BSE-2005-48 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-BSE-2005-48. 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 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-BSE-2005-48 and should be submitted on or before January 
3, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).

Jonathan G. Katz,
Secretary.
 [FR Doc. E5-7188 Filed 12-9-05; 8:45 am]
BILLING CODE 8010-01-P