	ENVIRONMENTAL PROTECTION AGENCY

	40 CFR Part 52

	[EPA-R03-OAR-2008-0073; FRL-        ]

Approval and Promulgation of Air Quality Implementation Plans; Virginia;
Amendments to Ambient Air Quality Standards for Particulate Matter

AGENCY:  Environmental Protection Agency (EPA).

ACTION:  Proposed rule.

SUMMARY:  EPA is proposing to approve a State Implementation Plan (SIP)
revision submitted by the Commonwealth of Virginia.  This revision
consists of amendments to the Commonwealth of Virginia’s ambient air
quality standards for particulate matter.  This action is being taken
under the Clean Air Act (CAA).

DATES: Written comments must be received on or before [insert date 30
days from date of publication].

ADDRESSES:  Submit your comments, identified by Docket ID Number
EPA-R03-OAR-2008-0073 by one of the following methods:

  www.regulations.gov.  Follow the on-line instructions for submitting
comments.

     B.    E-mail:    HYPERLINK<EMAIL_ADDRESS><EMAIL_ADDRESS>

     C.    Mail:   EPA-R03-OAR-2008-0073, Cristina Fernandez, Chief, Air
Quality Planning, Mailcode 3AP21, U.S. Environmental Protection Agency,
Region III, 1650 Arch Street, Philadelphia, Pennsylvania 19103.

     D.   Hand Delivery: At the previously-listed EPA Region III
address.  Such deliveries are only accepted during the Docket(s normal
hours of operation, and special arrangements should be made for
deliveries of boxed information.

Instructions:  Direct your comments to Docket ID No. EPA-
R03-OAR-2008-0073.  EPA's policy is that all comments received will be
included in the public docket without change, and may be made available
online at www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through www.regulations.gov or
e-mail.  The www.regulations.gov website is an (anonymous access(
system, which means EPA will not know your identity or contact
information unless you provide it in the body of your comment.  If you
send an e-mail comment directly to EPA without going through
www.regulations.gov, your e-mail address will be automatically captured
and included as part of the comment that is placed in the public docket
and made available on the Internet.  If you submit an electronic
comment, EPA recommends that you include your name and other contact
information in the body of your comment and with any disk or CD-ROM you
submit.  If EPA cannot read your comment due to technical difficulties
and cannot contact you for clarification, EPA may not be able to
consider your comment.  Electronic files should avoid the use of special
characters, any form of encryption, and be free of any defects or
viruses.

Docket:  All documents in the electronic docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, i.e., CBI or other information
whose disclosure is restricted by statute.  Certain other material, such
as copyrighted material, is not placed on the Internet and will be
publicly available only in hard copy form.  Publicly available docket
materials are available either electronically in www.regulations.gov or
in hard copy during normal business hours at the Air Protection
Division, U.S. Environmental Protection Agency, Region III, 1650 Arch
Street, Philadelphia, Pennsylvania 19103. Copies of the State submittal
are available at the Virginia Department of Environmental Quality, 629
East Main Street, Richmond, Virginia, 23219.

FOR FURTHER INFORMATION CONTACT: Gobeail McKinley,<PHONE_NUMBER>, or by
e-mail at   HYPERLINK<EMAIL_ADDRESS><EMAIL_ADDRESS>.

SUPPLEMENTARY INFORMATION:  On January 7, 2008, the Commonwealth of
Virginia submitted a formal revision to its State Implementation Plan.
The SIP revision consists of amendments to the Commonwealth’s existing
ambient air quality standards in 9 VAC 5 Chapter 30.

I.    Background

Effective on September 16, 1997, EPA established two new standards for
fine particulate matter (PM2.5) that applies to particles 2.5
micrometers in diameter or less (62 FR 38652).  The two new PM2.5
standards were set at 15 micrograms per cubic meter (µg/m3), based on
the 3-year average of annual arithmetic mean PM2.5 concentrations from
single or multiple community-oriented monitors, and 65 µg/m3, based on
the 3-year average of the 98th percentile of 24-hour PM2.5
concentrations at each population-oriented monitor within an area.
Effective on December 18, 2006, EPA revised the level of the 24-hour
PM2.5 standard to 35 µg/m3, retained the level of the annual PM2.5
standard at 15 µg/m3, retained the 24-hour PM10 standard at 150 µg/m3,
and revoked the annual PM10 standard (71 FR 61144).

II.   Summary of SIP Revision

The Commonwealth’s SIP revision to the Virginia Regulations for the
Control and

Abatement of Air Pollution: 9 VAC 5 Chapter 30 - Ambient Air Quality
Standards incorporates the annual and 24-hour PM2.5 national ambient air
quality standards (NAAQS) that were established by the EPA on July 18,
1997 (62 FR 38652) and on October 17, 2006 (71 FR 61144).  The revision
is consistent with the national ambient air quality standards set out in
40 CFR Part 50.  The SIP revision amends the Commonwealth’s PM2.5
standard to add the new 24-hour standard of 35 µg/m3, retains the
current 24-hour standard of 65 µg/m3 during the transition to the new
standard, adds transitional language to clarify implementation of these
standards, and removes obsolete language referencing the annual PM10
standard.  The SIP revision also adds new reference conditions to make
the state regulation consistent with 40 CFR Part 50.

III.  General Information Pertaining to SIP Submittals From the
Commonwealth of Virginia

In 1995, Virginia adopted legislation that provides, subject to certain
conditions, for an environmental assessment (audit) “privilege” for
voluntary compliance evaluations performed by a regulated entity.  The
legislation further addresses the relative burden of proof for parties
either asserting the privilege or seeking disclosure of documents for
which the privilege is claimed.  Virginia's legislation also provides,
subject to certain conditions, for a penalty waiver for violations of
environmental laws when a regulated entity discovers such violations
pursuant to a voluntary compliance evaluation and voluntarily discloses
such violations to the Commonwealth and takes prompt and appropriate
measures to remedy the violations.  Virginia's Voluntary Environmental
Assessment Privilege Law, Va. Code Sec. 10.1-1198, provides a privilege
that protects from disclosure documents and information about the
content of those documents that are the product of a voluntary
environmental assessment. The Privilege Law does not extend to documents
or information (1) that are generated or developed before the
commencement of a voluntary environmental assessment; (2) that are
prepared independently of the assessment process; (3) that demonstrate a
clear, imminent and substantial danger to the public health or
environment; or (4) that are required by law.

On January 12, 1998, the Commonwealth of Virginia Office of the Attorney
General provided a legal opinion that states that the Privilege law, Va.
Code Sec. 10.1-1198,  precludes granting a privilege to documents and
information “required by law,” including documents and information
(required by Federal law to maintain program delegation, authorization
or approval,” since Virginia must (enforce Federally authorized
environmental programs in a manner that is no less stringent than their
Federal counterparts. . . .”   The opinion concludes that
“[r]egarding ( 10.1-1198, therefore, documents or other information
needed for civil or criminal enforcement under one of these programs
could not be privileged because such documents and information are
essential to pursuing enforcement in a manner required by Federal law to
maintain program delegation, authorization or approval.”

Virginia's Immunity law, Va. Code Sec. 10.1-1199, provides that ([t]o
the extent consistent with requirements imposed by Federal law,( any
person making a voluntary disclosure of information to a state agency
regarding a violation of an environmental statute, regulation, permit,
or administrative order is granted immunity from administrative or civil
penalty.  The Attorney General's January 12, 1998 opinion states that
the quoted language renders this statute inapplicable to enforcement of
any Federally authorized programs, since (no immunity could be afforded
from administrative, civil, or criminal penalties because granting such
immunity would not be consistent with Federal law, which is one of the
criteria for immunity.(

Therefore, EPA has determined that Virginia's Privilege and Immunity
statutes will not preclude the Commonwealth from enforcing its program
consistent with the Federal requirements.  In any event, because EPA has
also determined that a state audit privilege and immunity law can affect
only state enforcement and cannot have any impact on Federal enforcement
authorities, EPA may at any time invoke its authority under the CAA,
including, for example, sections 113, 167, 205, 211 or 213, to enforce
the requirements or prohibitions of the state plan, independently of any
state enforcement effort.  In addition, citizen enforcement under
section 304 of the CAA is likewise unaffected by this, or any, state
audit privilege or immunity law.

III.   Proposed Action

EPA is proposing to approve the Virginia SIP revision for amendments to
the existing air quality standards, 9 VAC 5 Chapter 30.  The
Commonwealth’s SIP revision (9 VAC 5-30-65) includes an incorrect
reference of the Federal Register document for the annual and 24-hour
PM2.5 NAAQS that were established by the EPA on July 18, 1997 (62 FR
38652).  EPA will not promulgate a final approval rule until the
Commonwealth of Virginia submits a correction to 9 VAC 5 Chapter 30.
EPA is soliciting public comments on the issues discussed in this
document.  These comments will be considered before taking final action.

IV. Statutory and Executive Order Reviews

Under the Clean Air Act, the Administrator is required to approve a SIP
submission that complies with the provisions of the Act and applicable
Federal regulations.  42 U.S.C. 7410(k); 40 CFR 52.02(a).  Thus, in
reviewing SIP submissions, EPA’s role is to approve state choices,
provided that they meet the criteria of the Clean Air Act.  Accordingly,
this action merely proposes to approve state law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by state law.  For that reason, this proposed action:

is not a "significant regulatory action” subject to review by the
Office of Management and Budget under Executive Order 12866 (58 FR
51735, October 4, 1993);

does not impose an information collection burden under the provisions of
the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);

is certified as not having a significant economic impact on a
substantial number of small entities under the Regulatory Flexibility
Act (5 U.S.C. 601 et seq.);

does not contain any unfunded mandate or significantly or uniquely
affect small governments, as described in the Unfunded Mandates Reform
Act of 1995 (Public Law 104-4);

does not have Federalism implications as specified in Executive Order
13132 (64 FR 43255, August 10, 1999);

is not an economically significant regulatory action based on health or
safety risks subject to Executive Order 13045 (62 FR 19885, April 23,
1997);

is not a significant regulatory action subject to Executive Order 13211
(66 FR 28355, May 22, 2001);

is not subject to requirements of Section 12(d) of the National
Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272 note)
because application of those requirements would be inconsistent with the
Clean Air Act; and

does not provide EPA with the discretionary authority to address, as
appropriate, disproportionate human health or environmental effects,
using practicable and legally permissible methods, under Executive Order
12898 (59 FR 7629, February 16, 1994).

In addition, this proposed rule, amending ambient air quality standards
for particulate matter in the Commonwealth of Virginia, does not have
tribal implications as specified by Executive Order 13175 (65 FR 67249,
November 9, 2000), because the SIP is not approved to apply in Indian
country located in the state, and EPA notes that it will not impose
substantial direct costs on tribal governments or preempt tribal law.

List of Subjects in 40 CFR Part 52

Environmental protection, Air pollution control, Nitrogen dioxide,
Particulate matter, Reporting and recordkeeping requirements, Sulfur
oxides.

Authority: 42 U.S.C. 7401 et seq.

___November 6, 2008_________           ______________/s/______________

Dated:                                                      Donald S.
Welsh,

Regional Administrator,

                                                                 Region
III.

 PAGE

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 PAGE  9


[Federal Register: June 12, 2009 (Volume 74, Number 112)]
[Notices]
[Page 28081-28083]
[DOCID:fr12jn09-107]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60053; File No. SR-MSRB-2009-07]

Self-Regulatory Organizations; Municipal Securities Rulemaking
Board; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to the Termination of the CDINet System

June 5, 2009.
    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 May 29, 2009, the Municipal Securities Rulemaking Board (``MSRB'' or
``Board''), 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 substantially prepared by the
MSRB. The MSRB has filed the proposal as a ``non-controversial'' rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act,\3\ and Rule
19b-4(f)(6) thereunder,\4\ 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)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The MSRB is proposing to terminate the MSRB's CDINet system for
material event notices received pursuant to Exchange Act Rule 15c2-12
on July 1, 2009. The text of the proposed rule change is available on
the MSRB's Web site at (http://www.msrb.org/msrb1/sec.asp), at the
MSRB's principal office, and at the Commission's Public Reference Room.
The full text of MSRB facilities is available at http://www.msrb.org/
msrb1/rulesandforms.

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 MSRB 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 MSRB 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 proposed rule change would terminate the MSRB's CDINet system
for material event notices received pursuant to Exchange Act Rule 15c2-
12 on July 1, 2009. CDINet is operated as a system of the MSRB's
Municipal Securities Information Library system. The Commission has
previously approved the establishment of a continuing disclosure
service of the MSRB's Electronic Municipal Market Access system
(``EMMA''), which will be placed into operation on July 1, 2009 and
will replace CDINet.\5\
---------------------------------------------------------------------------

    \5\ \\ See Exchange Act Release No. 59061 (December 5, 2008), 73
FR 75778 (December 12, 2008) (File No. SR-MSRB-2008-05).
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    In addition, the MSRB expects to commence operation of a pilot
phase of the continuing disclosure service (the ``continuing disclosure
pilot'') on June 1, 2009. The continuing disclosure pilot would permit
voluntary submission and public dissemination of continuing disclosure
documents prior to the commencement of operation of the permanent EMMA
continuing disclosure service. The MSRB would view electronic
submissions of material event notices to the continuing disclosure
pilot as having been submitted to the MSRB for purposes of any existing
continuing disclosure undertakings entered into consistent with
Exchange Act Rule 15c2-12 pursuant to which an issuer or obligated
person has undertaken to provide such documents to the MSRB. The MSRB
urges, but does not require, submitters currently using CDINet in
connection with their material event notice filings to instead make
submissions on or after June 1, 2009 to the continuing disclosure
pilot, solely in electronic format, upon the launch of the continuing
disclosure pilot until such time as all submissions must be made to the
permanent EMMA continuing disclosure service.
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with
Section 15B(b)(2)(C) of the Act,\6\ which provides that the MSRB's
rules shall:
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    \6\ 15 U.S.C. 78o-4(b)(2)(C).

    be 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
regulating, clearing, settling, processing information with respect
to, and facilitating transactions in municipal securities, to remove
impediments to and perfect the mechanism of a free and open market
in municipal securities, and, in general, to protect investors and
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the public interest.

    The MSRB believes that the proposed rule change is consistent with
the Act. The replacement of CDINet with the continuing disclosure
service of EMMA will remove impediments to and help perfect the
mechanisms of a free and open market in municipal securities, assist in
preventing fraudulent and manipulative acts and practices, and will in
general promote investor protection and the public interest by ensuring
significantly more efficient submissions of a broader, more
comprehensive array of continuing disclosure documents to the MSRB and
the broader, more efficient dissemination of such continuing disclosure
documents to the public through the EMMA Web portal and to subscribers.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Board does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. CDINet and the subscription
service provided thereunder will be replaced on July 1, 2009 by the
continuing disclosure service of EMMA as a source of continuing
disclosure documents to the general public through the EMMA Web portal
and to subscribers through a continuing disclosure subscription
service. The continuing disclosure subscription service will make
continuing disclosure documents available on an equal basis without
imposing restrictions on subscribers from re-disseminating such
documents or otherwise offering value-added services and products based
on such documents on terms determined by each subscriber.

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 on the
proposed rule change.

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

    Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days after the date of filing (or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest), the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \7\ and subparagraph (f)(6)
of Rule 19b-4 thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). The MSRB has satisfied the five-day
pre-filing requirement of Rule 19b-4(f)(6)(iii).
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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.\9\
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    \9\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

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 Number SR-MSRB-2009-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-MSRB-2009-07. 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 MSRB. 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-MSRB-2009-07 and should be submitted on or before July
6, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13810 Filed 6-11-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: March 14, 2006 (Volume 71, Number 49)]
[Notices]
[Page 13202-13203]
[DOCID:fr14mr06-127]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53413; File No. SR-PCX-2006-06]

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

March 3, 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 February 17, 2006, 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. PCX has
designated the proposed rule change as one 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) thereunder,\4\ 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.
---------------------------------------------------------------------------

    \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

    PCX proposes to amend its Schedule of Fees and Charges in order to
extend the pilot program (``Pilot Program'') that applies to Option
Strategy Executions until September 1, 2006.
    The text of the proposed rule change is available on PCX's Web site
at http://www.pacificex.com, at the Office of the Secretary at PCX, 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 proposal. 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 purpose of this proposed rule change is to extend the Pilot
Program that applies to Option Strategy Executions until September 1,
2006. The transactions included as part of the Pilot Program include
reversals and conversions,\5\ dividend spreads,\6\ box spreads,\7\
short stock interest spreads,\8\ and merger spreads.\9\ Because the
referenced Options Strategy Transactions are generally executed by
professionals whose profit margins are generally narrow, the Pilot
Program caps the transaction fees associated with such executions at
$1,000 for strategy executions that are executed on the same trading
day in the same option class. In addition, there is also a monthly cap
of $50,000 per initiating firm for all strategy executions. The
Exchange believes that by keeping fees low, the Exchange will be able
to attract liquidity by accommodating these transactions. Extending the
Pilot Program until September 1, 2006 will allow the Exchange to keep
these fees low and thus continue to attract liquidity.
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    \5\ Reversals and conversions are transactions that employ
calls, puts and the underlying stock to lock in a nearly risk-free
profit. Reversals are established by combining a short stock
position with a short put and a long call position that shares the
same strike and expiration. Conversions employ long positions in the
underlying stock that accompany long puts and short calls sharing
the same strike and expiration.
    \6\ Dividend spreads are trades involving deep-in-the-money
options that exploit pricing differences arising around the time a
stock goes ex-dividend.
    \7\ Box spreads is a strategy that synthesizes long and short
stock positions to create a profit. Specifically, a long call and
short put at one strike is combined with a short call and long put
at a different strike to create synthetic long and synthetic short
stock positions, respectively.
    \8\ A short stock interest spread is a spread that uses two
deep-in-the-money put options of the same class followed by the
exercise of the resulting long position in order to establish a
short stock interest arbitrage position.
    \9\ A merger spread is a transaction executed pursuant to a
strategy involving the simultaneous purchase and sale of options of
the same class and expiration date, but with different strike prices
followed by the exercise of the resulting long option position.
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    OTP Holders and OTP Firms who wish to benefit from the fee cap will
be required to submit to the Exchange forms with supporting
documentation (e.g., clearing firm transaction data) to qualify for the
cap.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\10\ in general, and Section 6(b)(4),\11\ in
particular, in that it provides for an equitable allocation of
reasonable dues, fees, and other charges among its members and other
persons using its facilities.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    PCX believes that proposed rule change will not 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 has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act \12\ and subparagraph (f)(2) of Rule 19b-4
thereunder \13\ because it establishes or changes a due, fee, or other
charge. 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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    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \13\ 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, 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 Number SR-PCX-2006-06 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-PCX-2006-06. 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 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-2006-06 and should be submitted on or before April 4, 2006.

    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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Nancy M. Morris,
Secretary.
 [FR Doc. E6-3548 Filed 3-13-06; 8:45 am]

BILLING CODE 8010-01-P