[Federal Register: April 10, 2007 (Volume 72, Number 68)]
[Notices]
[Page 17978]
[DOCID:fr10ap07-128]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55582; File No. SR-ODD-2007-01]

Self-Regulatory Organizations; The Options Clearing Corporation;
Order Granting Approval of Accelerated Delivery of Supplement to the
Options Disclosure Document Reflecting Certain Changes to Disclosure
Regarding Rate-Modified Cash-Settled Foreign Currency Options

April 4, 2007.
    On March 13, 2007, The Options Clearing Corporation (``OCC'')
submitted to the Securities and Exchange Commission (``Commission''),
pursuant to Rule 9b-1 under the Securities Exchange Act of 1934
(``Act''),\1\ five preliminary copies of a supplement to its options
disclosure document (``ODD'') reflecting certain changes to disclosure
regarding rate-modified cash-settled foreign currency options (``Rate-
Modified FCOs'').\2\ On April 3, 2007, the OCC submitted to the
Commission five definitive copies of the supplement.\3\
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    \1\ 17 CFR 240.9b-1.
    \2\ See letter from Jean M. Cawley, First Vice President and
Deputy General Counsel, OCC, to Sharon Lawson, Senior Special
Counsel, Division of Market Regulation (``Division''), Commission,
dated March 5, 2007.
    \3\ See letter from Jean M. Cawley, First Vice President and
Deputy General Counsel, OCC, to Sharon Lawson, Senior Special
Counsel, Division, Commission, dated April 3, 2007.
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    The ODD currently provides general disclosures on the
characteristics and risks of trading standardize options. Recently, an
options exchange amended its rules to permit the listing and trading of
Rate-Modified FCOs.\4\ The proposed supplement, which supersedes and
replaces the January 2007 Supplement to the ODD,\5\ provides disclosure
on the characteristics of non-rate modified cash-settled foreign
currency options (``Non-Rate Modified FCOs'') and adds new disclosure
on the characteristics of Rate-Modified FCOs.
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    \4\ See Securities Exchange Act Release No. 55575 (April 3,
2007) (approving File No. SR-ISE-2006-59).
    \5\ See Securities Exchange Act Release No. 55035 (December 29,
2006), 72 FR 1358 (January 11, 2007) (SR-ODD-2006-01) (``January
2007 Supplement'').
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    In addition to providing new disclosure on the characteristics of
Rate-Modified FCOs, the proposed supplement to the ODD also reorganizes
the January 2007 Supplement to distinguish disclosures regarding Non-
Rate Modified FCOs from Rate-Modified FCOs, as well as providing a
separate heading for certain disclosures pertaining to all dollar-
denominated cash-settled foreign currency options. Further, the
proposed supplement adds new clarification regarding exercise
settlement values of Rate-Modified FCOs. The proposed supplement is
intended to be read in conjunction with the more general ODD, which, as
described above, discusses the characteristics and risks of options
generally.\6\
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    \6\ The Commission notes that the options markets must continue
to ensure that the ODD is in compliance with the requirements of
Rule 9b-1(b)(2)(i) under the Act, 17 CFR 240.9b-1(b)(2)(i),
including when future changes are made regarding Non-Rate Modified
FCOs and Rate-Modified FCOs. Any future changes to the rules of the
options markets would need to be submitted to the Commission under
Section 19(b) of the Act. 15 U.S.C. 78s(b).
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    Rule 9b-1(b)(2)(i) under the Act \7\ provides that an options
market must file five copies of an amendment or supplement to the ODD
with the Commission at least 30 days prior to the date definitive
copies are furnished to customers, unless the Commission determines
otherwise, having due regard to the adequacy of information disclosed
and the public interest and protection of investors.\8\ In addition,
five copies of the definitive ODD, as amended or supplemented, must be
filed with the Commission not later than the date the amendment or
supplement, or the amended options disclosure document, is furnished to
customers. The Commission has reviewed the proposed supplement and
finds, having due regard to the adequacy of information disclosed and
the public interest and protection of investors, that the proposed
supplement may be furnished to customers as of the date of this order.
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    \7\ 17 CFR 240.9b-1(b)(2)(i).
    \8\ This provision permits the Commission to shorten or lengthen
the period of time which must elapse before definitive copies may be
furnished to customers.
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    It is therefore ordered, pursuant to Rule 9b-1 under the Act,\9\
that definitive copies of the proposed supplement to the ODD (SR-ODD-
2007-01), reflecting disclosure regarding Non-Rate Modified FCOs and
adding disclosure regarding Rate-Modified FCOs, may be furnished to
customers as of the date of this order.
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    \9\ 17 CFR 240.9b-1.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(39).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-6709 Filed 4-9-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: July 29, 2008 (Volume 73, Number 146)]
[Notices]
[Page 43968-43970]
[DOCID:fr29jy08-92]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58208; File No. SR-NYSEArca-2008-77]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade the Barclays Middle East
Equities (MSCI GCC) Non Exchange Traded Notes Due 2038

July 22, 2008.
    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 July 17, 2008, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE
Arca Equities''), 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. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the Barclays
Middle East Equities (MSCI GCC) Non Exchange Traded Notes due 2038
(``Notes''), which are linked to the MSCI Gulf Cooperation Council
(GCC) Countries ex-Saudi Arabia Net Total Return Index SM
(U.S. dollar) (``Index''). The text of the proposed rule change is
available at the Exchange, the Commission's Public Reference Room, and
http://www.nyse.com.

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 list and trade the Notes, which are linked
to the Index, under NYSE Arca Equities Rule 5.2(j)(6), which includes
the Exchange's listing standards for Equity Index-Linked Securities.\3\
The Notes are senior unsecured debt obligations of Barclays Bank PLC
(``Barclays''). The Index is comprised of all of the equity securities
(each an ``Index Component'' and, collectively, the ``Index
Components'') that are included in the following five individual
country indices (each a ``Country Index'' and, collectively, the
``Country Indices''): MSCI Bahrain IndexSM, MSCI Kuwait
IndexSM, MSCI Oman IndexSM, MSCI Qatar
IndexSM, and MSCI United Arab Emirates IndexSM.
Each Country Index is a free float-adjusted market capitalization

index that is designed to measure the market performance, including
price performance and income from dividend payments, of equity
securities in the country it represents. The Index and the Country
Indices are calculated and maintained by MSCI, Inc. (``MSCI'').
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    \3\ Equity Index-Linked Securities are securities that provide
for the payment at maturity of a cash amount based on the
performance of an underlying index or indexes of equity securities
(``Equity Reference Asset'').
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    The Exchange is submitting this proposed rule change because the
Index does not meet all of the ``generic'' listing requirements of NYSE
Arca Equities Rule 5.2(j)(6) applicable to the listing of Equity Index-
Linked Securities. The Index meets all such requirements except for
those set forth in NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii)
\4\ and (vi).\5\ The Exchange represents that: (1) Except for NYSE Arca
Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii) and (vi), the Notes currently
satisfy all of the generic listing standards under NYSE Arca Equities
Rule 5.2(j)(6) applicable to Equity Index-Linked Securities; (2) the
continued listing standards under NYSE Arca Equities Rules 5.2(j)(6)
applicable to Equity Index-Linked Securities shall apply to the Notes;
and (3) Barclays is required to comply with Rule 10A-3 under the Act
\6\ for the initial and continued listing of the Notes. In addition,
the Exchange represents that the Notes will comply with all other
requirements applicable to Equity Index-Linked Securities including,
but not limited to, requirements relating to the dissemination of key
information such as the Equity Reference Asset value and Intraday
Indicative Value, rules and policies governing the trading of equity
securities, trading hours, trading halts, surveillance, firewalls, and
Information Bulletin to ETP Holders, as set forth in prior Commission
orders approving the generic listing rules applicable to the listing
and trading of Index-Linked Securities, generally, and Equity Index-
Linked Securities, in particular.\7\
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    \4\ NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(ii) provides
that each component security of the underlying index shall have
trading volume in each of the last six months of not less than
1,000,000 shares per month, except that for each of the lowest
dollar weighted component securities in the index that, in the
aggregate, account for no more than 10% of the dollar weight of the
index, the trading volume shall be at least 500,000 shares per month
in each of the last six months. In each of the last six months,
87.995% of the Index had a trading volume of 1,000,000 shares, and
8.79% of the bottom 10% of the Index had a trading volume of 500,000
shares.
    \5\ NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(vi) provides
that all component securities of the underlying index shall be
either (A) securities (other than foreign country securities and
American Depositary Receipts (``ADRs'')) that are (x) issued by an
Act reporting company or by an investment company registered under
the Investment Company Act of 1940, which in each case is listed on
a national securities exchange, and (y) an ``NMS stock'' (as defined
in Rule 600 of Regulation NMS) or (B) foreign country securities or
ADRs, provided that foreign country securities or foreign country
securities underlying ADRs having their primary trading market
outside the United States on foreign trading markets that are not
members of the Intermarket Surveillance Group (``ISG'') or parties
to comprehensive surveillance sharing agreements with the Exchange
will not, in the aggregate, represent more than 20% of the dollar
weight of the index. Subject to the pending approval of a separate
rule filing (Securities Exchange Act Release No. 58142 (July 11,
2008), 73 FR 41147 (July 17, 2008) (SR-NYSEArca-2008-70)), this
subsection will be renumbered as NYSE Arca Equities Rule
5.2(j)(6)(B)(I)(1)(b)(v).
    \6\ 17 CFR 240.10A-3.
    \7\ See e.g., Securities Exchange Act Release Nos. 56637
(October 10, 2007), 72 FR 58704 (October 16, 2007) (SR-NYSEArca-
2007-92); 57132 (January 11, 2008), 73 FR 3300 (January 17, 2008)
(SR-NYSEArca-2007-125); 56838 (November 26, 2007), 72 FR 67774
(November 30, 2007) (SR-NYSEArca-2007-118); 56879 (December 3, 2007)
72 FR 69271 (December 7, 2007) (SR-NYSEArca-2007-110); 52204 (August
3, 2005), 70 FR 46559 (August 10, 2005) (SR-PCX-2005-63).
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    The Index Components are all components of the Country Indices, as
described below. As of April 25, 2008, there were 103 stocks in the
Index of which: 5 were included in the MSCI Bahrain Index \SM\, 47 were
included in the MSCI Kuwait Index \SM\, 9 were included in the MSCI
Oman Index \SM\, 16 were included in the MSCI Qatar Index \SM\, and 26
were included in the MSCI United Arab Emirates Index \SM\. Each Index
Component is included in the Index at a weight that reflects the ratio
of its free float-adjusted market capitalization (i.e., free public
float multiplied by price) to the free float-adjusted market
capitalization of all the Index Components.
    As of April 25, 2008, the market capitalization of the Index was
approximately $125.176 billion of which: 1.28% was represented by
components of the MSCI Bahrain Index \SM\, 49.23% was represented by
components of the MSCI Kuwait Index \SM\, 3.56% was represented by
components of the MSCI Oman Index \SM\, 15.00% was represented by
components of the MSCI Qatar Index \SM\, and 30.94% was represented by
components of the MSCI United Arab Emirates Index \SM\, traded on the
Bahrain Stock Exchange, Kuwait Stock Exchange, Muscat Securities
Market, Doha Securities Market, and the Dubai Financial Market or Abu
Dhabi Securities Market (collectively, ``Middle East Exchanges''),
respectively.
    With respect to NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(vi),
which requires that at least 80% of the component stock trade on
markets that are members of ISG or parties to comprehensive
surveillance sharing agreements with the Exchange, the Exchange has
attempted to, but to date has not been able to, enter into
comprehensive surveillance sharing agreements with the Middle East
Exchanges. Currently, the Middle East Exchanges are not members of ISG.
Accordingly, the Exchange may not be able to obtain surveillance
information from the Middle East Exchanges regarding the component
stocks.
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products to monitor trading in the
Notes. The Exchange represents that these procedures are adequate to
properly monitor Exchange trading of the Notes in all trading sessions
and to deter and detect violations of Exchange rules. The Exchange's
current trading surveillance focuses on detecting securities trading
outside their normal patterns. When such situations are detected,
surveillance analysis follows and investigations are opened, where
appropriate, to review the behavior of all relevant parties for all
relevant trading violations. The Exchange may obtain information via
ISG from other exchanges who are members of ISG.\8\
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    \8\ For a list of the current members and affiliate members of
ISG, see http://www.isgportal.com.
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    Notwithstanding the Notes' inability to meet the requirements of
NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii) and (vi),\9\ the
Exchange believes that the Index is sufficiently broad-based in scope
and, as such, is less susceptible to potential manipulation: the Index
contains 105 companies, listed in five countries with no one Middle
East Exchange listing greater than 50% of the Index Components. The
Exchange further believes that no one Index Component dominates the
underlying Index, thereby serving to protect the public interest and
promote capital formation.
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    \9\ E-mail from Timothy J. Malinowski, Director, NYSE Euronext,
to Edward Cho, Special Counsel, Division of Trading and Markets,
Commission, dated July 21, 2008 (confirming the requirements of NYSE
Arca Equities Rule 5.2(j)(6) applicable to Equity Index-Linked
Securities that the Notes do not satisfy).
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    Detailed descriptions of the Notes, the Index (including the
methodology used to determine the composition of the Index), fees,
redemption procedures and payment at redemption, payment at maturity,
taxes, and risk factors relating to the Notes will be available in the
Prospectus \10\ or on the Web site for the Notes (http://
www.barclays.com), as applicable.
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    \10\ See Barclay's Prospectus, as amended, filed pursuant to
Rule 424(b)(2) under the Act (File No. 333-145845).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with

Section 6(b) of the Act,\11\ in general, and Section 6(b)(5),\12\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system. The Exchange believes that it has
developed adequate trading rules, procedures, surveillance programs,
and listing standards for the initial and continued listing and trading
of the Notes, which promote investor protection in the public
interest.\13\ In addition, the Notes satisfy all of the requirements of
NYSE Arca Equities Rule 5.2(j)(6), with the two exceptions noted
above.\14\
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ E-mail from Timothy J. Malinowski, Director, NYSE Euronext,
to Edward Cho, Special Counsel, Division of Trading and Markets,
Commission, dated July 21, 2008 (confirming the Exchange's statutory
basis for the proposed rule change).
    \14\ See id.
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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

    No written comments were solicited or received with respect to the
proposed rule change.

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 such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule
change 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 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_ADDRESS>Please include
File No. SR-NYSEArca-2008-77 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

    All submissions should refer to File Number SR-NYSEArca-2008-77.
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, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. 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-NYSEArca-2008-77 and should
be submitted on or before August 19, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-17307 Filed 7-28-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 163 (Wednesday, August 22, 2012)]
[Notices]
[Pages 50681-50682]
[FR Doc No: 2012-20599]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2130-066]

Pacific Gas and Electric Company; Notice of Receipt of
Application

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:

    a. Application Type: Pinecrest Lake Shoreline Management Plan.
    b. Project No.: 2130-066.
    c. Date Filed: July 23, 2012.
    d. Applicant: Pacific Gas and Electric Company (PG&E).
    e. Name of Project: Spring Gap--Stanislaus Hydroelectric Project.
    f. Location: The project is located on the Middle Fork and South
Forks of the Stanislaus River in Calaveras and Tuolumne Counties,
California, and occupies approximately 1,060 acres within the
Stanislaus National Forest, managed by the U.S. Department of
Agriculture--Forest Service (Forest Service).
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Mr. Richard Doble, Senior License
Coordinator, PG&E, 245 Market Street, San Francisco, CA 94105. Phone:
(415) 973-4480.
    i. Forest Service Contact: Ms. Susan Skalaski, Forest Supervisor,
Stanislaus National Forest, 19777 Greenley Road, Sonora, CA 95370.
Phone:<PHONE_NUMBER>.
    j. FERC Contact: Any questions regarding this notice should be
addressed to Dr. Mark Ivy at<PHONE_NUMBER> or by email:
<EMAIL_ADDRESS>    k. Description of the Application: After receiving Forest Service
approval on July 18, 2012, PG&E filed a shoreline management plan (SMP)
for Pinecrest Lake pursuant to a mandatory requirement of the Forest
Service's section 4(e) condition No. 29, which was included as part of
the license for the Spring Gap-Stanislaus Hydroelectric Project. The
Forest Service, which owns and manages all of the shoreline lands at
Pinecrest Lake as part of the Stanislaus National Forest, required the
SMP as a sub-plan under condition No. 29 (Recreation Facilities and
Administration) to manage the reservoir shoreline at Pinecrest Lake and
to address privately owned boat docks and mooring balls, and include
zoning of

certain sections of shoreline for swimming, fishing, and shoreline boat
access.
    Since all of the shoreline at Pinecrest Lake is owned and managed
by the Forest Service, the Commission has no authority to dictate how
the SMP is to be implemented. As such, the Commission views PG&E's
filing as informational and will not take action on it. Any comments on
the SMP should be directed to the Forest Service.
    l. Locations of the Application: A copy of the application is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street, NE., Room 2A, Washington,
DC 20426, or by calling<PHONE_NUMBER>. This filing may also be viewed
on the Commission's Web site at http://www.ferc.gov/docs-filing/efiling.asp. Enter the docket number (P-2130) in the docket number
field to access the document. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of
new filings and issuances related to this or other pending projects.
For assistance, call 1-866-208-3676 or email
<EMAIL_ADDRESS>for TTY, call<PHONE_NUMBER>. A copy is
also available for inspection and reproduction at the address in item
(h) above.

    Dated: August 15, 2012.
 Kimberly D. Bose,
 Secretary.
[FR Doc. 2012-20599 Filed 8-21-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: April 27, 2006 (Volume 71, Number 81)]
[Notices]
[Page 24885-24886]
[DOCID:fr27ap06-87]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53688; File No. SR-Phlx-2006-24]

Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
and Amendment No. 1 Thereto Relating to Fees Associated With
Participation in the Web Central Registration Depository

April 20, 2006.
    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 7, 2006, the Philadelphia Stock Exchange, Inc. (``Phlx'' 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 Phlx. On April 18,
2006, the Phlx filed Amendment No. 1 to the proposed rule change.\3\
The Phlx has designated this proposal as one establishing or changing a
due, fee, or other charge imposed by the Phlx under Section
19(b)(3)(A)(ii) of the Act,\4\ and Rule 19b-4(f)(2) thereunder,\5\
which renders the proposal effective upon filing with the Commission.
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, the Exchange made clarifying changes to
the proposal, including the rule text. The effective date of the
original proposed rule change is April 7, 2006, and the effective
date of the amendment is April 18, 2006. For purposes of calculating
the 60-day period within which the Commission may summarily abrogate
the proposed rule change, as amended, under Section 19(b)(3)(C) of
the Act, the Commission considers the period to commence on April
18, 2006, the date on which the Exchange submitted Amendment No. 1.
See 15 U.S.C. 78s(b)(3)(C).
    \4\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \5\ 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 Phlx proposes to: (1) Adopt fees associated with the
implementation of an electronic registration process through the
National Association of Securities Dealers, Inc. (``NASD'') Web Central
Registration Depository (``Web CRD'');\6\ and (2) amend the Exchange's
fee schedule to reflect various changes to Registered Representative
Registration fees in connection with the implementation of Web CRD.
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    \6\ The Exchange notified the members regarding the migration to
Web CRD on February 21, 2006, March 7, 2006, March 27, 2006 and
April 10, 2006.
---------------------------------------------------------------------------

    Specifically, the Exchange proposes to adopt the following NASD
fees that will be imposed in connection with participation in Web CRD:
(a) An NASD CRD Processing Fee of $85.00; (b) an NASD Disclosure
Processing Fee of $95.00; (c) an NASD Annual System Processing Fee of
$30.00; and (d) fingerprinting fees which vary depending on the
submission: for a first card submission the fee will be $35.00; for a
second card submission the fee will be $13.00; for a third card
submission the fee will be $35.00; and for processing fingerprint
results where the member had prints processed through a self-regulatory
organization and not the NASD, the fee will be $13.00. The NASD will
process the fingerprint cards and will make the results available to
the Exchange, its members, and member and participant organizations via
Web CRD.
    The Exchange is also proposing to assess its fees that are
currently referred to on the Exchange's fee schedule as Registered
Representative Registration\7\ fees to certain Exchange members
designated on Form U4, Uniform Application for Securities Industry
Registration or Transfer, as Member Exchange \8\ and to Off-Floor
Traders.\9\ Therefore, the initial fee of $55.00, the renewal fee of
$55.00 annually, the transfer fee of $55.00 and the termination fee of
$30.00 will be assessed on Registered Representatives, Member Exchange
and Off-Floor Traders.\10\
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    \7\ Registered Representative categories include registered
options principals, general securities representatives, general
securities sales supervisors and United Kingdom limited general
securities registered representatives but do not include ``off-
floor'' traders, as defined in Phlx Rule 604(e). See also Exchange
Rule 604(a) and (d).
    \8\ The Member Exchange category refers to Exchange permit
holders.
    \9\ Every person who is compensated directly or indirectly by a
member or participant organization for which the Exchange is the
Designated Examining Authority or any other associated person of
such member or participant organization, and who executes, makes
trading decisions with respect to, or otherwise engages in
proprietary or agency trading of securities, including, but not
limited to, equities, preferred securities, convertible debt
securities or options off the floor of the Exchange (``Off-Floor
Traders''), must successfully complete the Uniform Registered
Representative Examination Series 7. See Exchange Rule 604.
    \10\ The $55.00 initial registration fee and annual renewal fee
are charged once per registered individual and are not charged per
individual registration category. For example, if a person works for
a member organization and requests to be registered as an ME and a
Series 7 general securities registered representative, the NASD will
collect only one Phlx initial registration fee of $55.00. Further, a
person registered in multiple categories with a single member
organization will be charged a single Phlx annual $55.00 renewal fee
and not $55.00 per registration category.
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    In connection with the above-referenced fees, the Exchange is
proposing to make minor, technical changes to Appendix A of its fee
schedule for purposes of clarity. The Examinations Fee is being
relocated on Appendix A of the fee schedule to group this fee with
similar fees and the categories of Member Exchange and Off-Floor
Traders are being added to the currently named Registered
Representative Registration fee.
    The text of the proposed rule change is available on the Phlx's Web
site (http://www.phlx.com), at the Phlx'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 Phlx 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 Phlx 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 the proposed rule change is to adopt fees associated
with the implementation of an electronic registration process through
NASD's Web CRD,\11\ which should, in turn,

create a more efficient registration process by migrating from a manual
paper-based Exchange procedure for registration to a web-based
registration process that is operated by the NASD. The proposed fees
are similar to those fees charged by other Self-Regulatory
Organizations that use NASD's Web CRD.\12\
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    \11\ The Commission has approved a proposed rule change filed by
the Exchange to use the NASD's Web CRD system as the mechanism for
submitting required Forms U4, Uniform Application for Securities
Industry Registration or Transfer, and Forms U5, Uniform Termination
Notice for Securities Industry Registration. The period from April
10, 2006 to May 11, 2006 has been designated as a phase-in period,
which will permit manual filing in case there is a problem with
filing via Web CRD. On May 12, 2006, the use of Web CRD will become
mandatory. See Securities Exchange Act Release No. 53612 (April 6,
2006), 71 FR 18798 (April 12, 2006) (SR-Phlx-2006-15).
    \12\ See Securities Exchange Act Release Nos. 51641 (May 2,
2005), 70 FR 24155 (May 6, 2005) (SR-PCX-2005-49); 48066 (June 19,
2003), 68 FR 38409 (June 27, 2003) (SR-AMEX-2003-49); and 45112
(November 28, 2001), 66 FR 63086 (December 4, 2001) (SR-NYSE-2001-
47).
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    The purpose of adopting the Member Exchange and Off-Floor Trader
fees is to help offset the Exchange's increased costs relating to its
regulatory oversight and enforcement programs.
    Members and member and participant organizations will be instructed
to pay the NASD fees associated with Web CRD as well as any Registered
Representative/Member Exchange/Off-Floor Trader Registration fees
directly to the NASD through Web CRD. NASD will retain the NASD fees
and remit the Registered Representative/Member Exchange/Off-Floor
Trader Registration fees it collects to Phlx.
    Finally, additional modifications are being made to the fee
schedule to group similar fees together for ease of reference.
2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of
fees is consistent with Section 6(b) of the Act\13\ in general, and
furthers the objectives of Section 6(b)(4) of the Act\14\ in
particular, in that it is an equitable allocation of reasonable fees
among Exchange members.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 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 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

    No written comments were either solicited or received.

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

    Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A)(ii) of the Act\15\ and paragraph (f)(2)
of Rule 19b-4 thereunder.\16 \
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    \15\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \16\ 17 CFR 240.19b-4(f)(2).
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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.\17\
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    \17\ See supra note 3.
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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, 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_ADDRESS>Please include

File Number SR-Phlx-2006-24 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Phlx-2006-24. 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 Phlx. 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-Phlx-2006-24 and should be submitted on or before May
18, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6-6322 Filed 4-26-06; 8:45 am]

BILLING CODE 8010-01-P