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33330 Federal Register / Vol. 71, No.

110 / Thursday, June 8, 2006 / Notices

SECURITIES AND EXCHANGE the most significant aspects of such the Index from time to time without the
COMMISSION statements. participation or intervention of Bridge
Data in the process of calculating or
[Release No. 34–53933; File No. SR–Phlx– A. Self-Regulatory Organization’s
disseminating the Index value.8 In
2006–29] Statement of the Purpose of, and
connection with this filing, Phlx has
Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; reconfirmed that KBW has appropriate
Change
Philadelphia Stock Exchange, Inc.; information barriers around the
Notice of Filing and Immediate 1. Purpose personnel who have access to
Effectiveness of Proposed Rule The purpose of the proposed rule information concerning changes and
Change Relating to the PHLX/KBW change is to permit the Exchange itself, adjustments to the Index and confirmed
Bank Index in certain circumstances, to calculate that the Exchange, as calculation agent
and disseminate current index values of for the Index, is independent from
June 1, 2006. KBW, a broker-dealer.9
Pursuant to Section 19(b)(1) of the the Index, an index developed by Keefe,
Securities Exchange Act of 1934 Bruyette & Woods, Inc. (‘‘KBW’’), a 2. Statutory Basis
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 registered broker-dealer that specializes The Exchange believes that the
notice is hereby given that on May 4, in U.S. bank stocks. Under the proposal, proposed rule change is consistent with
2006, the Philadelphia Stock Exchange, the Exchange would calculate and Section 6(b) of the Act 10 in general, and
Inc. (‘‘Exchange’’ or ‘‘Phlx’’) filed with disseminate the index values itself in furthers the objectives of Sections
the Securities and Exchange the event that Bridge Data, the official 6(b)(5) of the Act 11 in particular, in that
Commission (‘‘Commission’’) the calculation agent, is temporarily unable it is designed to promote just and
proposed rule change as described in to calculate and disseminate the values equitable principles of trade, to remove
Items I and II below, which Items have due to technical difficulties. No other impediments to and perfect the
been prepared by the Exchange. The changes are being made to the Index. mechanism of a free and open market
Exchange filed the proposed rule change The Exchange seeks continued approval and a national market system, and, in
as a ‘‘non-controversial’’ rule change to list and trade options on the Index in general to protect investors and the
under Rule 19b–4(f)(6) under the Act,3 view of this change. public interest, by permitting the
The Index was originally listed in
which rendered the proposal effective calculation and dissemination of current
1992 as a narrow-based (industry)
upon filing with the Commission. The index values to be accomplished by
index. The Commission’s approval
Commission is publishing this notice to Exchange personnel, in addition to by
order (‘‘Approval Order’’) 5 contains the
solicit comments on the proposed rule Bridge Data, which should assure
change from interested persons. following language regarding the continuity in the availability of the
calculation of the underlying current Index’s current value in the event that
I. Self-Regulatory Organization’s index value: Bridge Data is unavailable to calculate
Statement of the Terms of Substance of Even though the Index will be maintained
by KBW, the Phlx represents that the and disseminate the values as described
the Proposed Rule Change
Exchange will be solely responsible for the in the Approval Order.
The Exchange proposes to change the calculation of the Index and that the Index
method of calculation and B. Self-Regulatory Organization’s
value will be calculated and disseminated in
dissemination of the PHLX/KBW Bank Statement on Burden on Competition
such a way that neither KBW nor any other
Index (‘‘Index’’). In particular, the party will be in receipt of the Index value The Exchange does not believe that
Exchange proposes to calculate and prior to the public dissemination of the the proposed rule change will impose
disseminate current index values itself, value. In this connection, the Phlx has made any burden on competition that is not
in the event that the official calculation arrangements for the Index to be calculated necessary or appropriate in furtherance
agent, Bridge Data, is temporarily by an independent third party, Bridge Data, of the purposes of the Act.
a vendor of financial information. Bridge
unable to calculate and disseminate the
Data will calculate and disseminate the Index C. Self-Regulatory Organization’s
values due to technical difficulties.4 value to the Options Price Reporting Statement on Comments on the
II. Self-Regulatory Organization’s Authority (‘‘OPRA’’) four times per minute Proposed Rule Change Received From
Statement of the Purpose of, and during the trading day, using the last sale Members, Participants or Others
prices of the component stocks in the Index.
Statutory Basis for, the Proposed Rule The Exchange has neither solicited
* * * OPRA, in turn, will disseminate the
Change Index value to other financial vendors such nor received written comments on the
In its filing with the Commission, the as Reuters, Telerate, and Quotron.6 proposed rule change.
Exchange included statements The Exchange is now capable of
calculating and disseminating the Index III. Date of Effectiveness of the
concerning the purpose of, and basis for,
value at least every 15 seconds per Proposed Rule Change and Timing for
the proposed rule change and discussed
trading day,7 using the last sale prices Commission Action
any comments it received on the
proposed rule change. The text of these of the component stocks in the Index, Because the proposed rule change: (i)
statements may be examined at the without utilizing the services of Bridge Does not significantly affect the
places specified in Item IV below. The Data. The Exchange seeks approval to protection of investors or the public
Exchange has prepared summaries, set continue listing and trading options on interest; (ii) does not impose any
forth in Sections A, B, and C below, of significant burden on competition; and
5 See Securities Exchange Act Release No. 31145 (iii) by its terms, does not become
(September 3, 1992), 57 FR 41531 (September 10,
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1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4. 1992) (SR–Phlx–91–27). 8 The Exchange notes that Index values are

3 17 CFR 240.19b–4(f)(6). 6 Id. disseminated not to OPRA, but rather to the


4 Telephone conference between Carla Behnfeldt, 7 Telephone conference between Carla Behnfeldt, Consolidated Tape Association for further
Director, Legal Department, New Product Director, Legal Department, New Product dissemination to major market data vendors.
9 See supra note 6.
Development Group, Phlx, and Florence E. Harmon, Development Group, Phlx, and David L. Orlic,
10 15 U.S.C. 78f(b).
Senior Special Counsel, Division of Market Special Counsel, Division of Market Regulation,
Regulation, Commission, on June 1, 2006. Commission, on May 26, 2006. 11 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 71, No. 110 / Thursday, June 8, 2006 / Notices 33331

operative for 30 days after the date of 100 F Street, NE., Washington, DC SSA is soliciting comments on the
filing, or such shorter time as the 20549–1090. accuracy of the agency’s burden
Commission may designate, if All submissions should refer to File estimate; the need for the information;
consistent with the protection of Number SR–Phlx–2006–29. This file its practical utility; ways to enhance its
investors and the public interest, the number should be included on the quality, utility, and clarity; and on ways
proposed rule change has become subject line if e-mail is used. To help the to minimize burden on respondents,
effective pursuant to Section 19(b)(3)(A) Commission process and review your including the use of automated
of the Act 12 and subparagraph (f)(6) of comments more efficiently, please use collection techniques or other forms of
Rule 19b–4 thereunder.13 The Exchange only one method. The Commission will information technology. Written
has requested that the Commission post all comments on the Commission’s comments and recommendations
waive the five-day pre-filing notice and Internet Web site (http://www.sec.gov/ regarding the information collection(s)
the 30-day operative delay for ‘‘non- rules/sro.shtml). Copies of the should be submitted to the OMB Desk
controversial’’ proposals and make the submission, all subsequent Officer and the SSA Reports Clearance
proposed rule change effective and amendments, all written statements Officer. The information can be mailed
operative upon filing. The Commission with respect to the proposed rule and/or faxed to the individuals at the
believes that waiver of the five-day pre- change that are filed with the addresses and fax numbers listed below:
filing notice and the 30-day operative Commission, and all written (OMB) Office of Management and
delay is consistent with the protection communications relating to the Budget, Attn: Desk Officer for SSA, Fax:
of investors and the public interest. By proposed rule change between the 202–395–6974.
waiving the five-day pre-filing notice Commission and any person, other than (SSA) Social Security Administration,
and the 30-day operative delay, the those that may be withheld from the DCFAM, Attn: Reports Clearance
continued availability of current Index public in accordance with the Officer, 1333 Annex Building, 6401
values may be assured, notwithstanding provisions of 5 U.S.C. 552, will be Security Blvd., Baltimore, MD 21235,
any unavailability of Bridge Data to available for inspection and copying in Fax: 410–965–6400.
calculate and disseminate those values. the Commission’s Public Reference The information collection listed
For this reason, the Commission Room. Copies of such filing also will be below has been submitted to OMB for
designates the proposal to be effective available for inspection and copying at clearance. Your comments on the
and operative upon filing with the the principal office of the Exchange. All information collections would be most
Commission.14 comments received will be posted useful if received by OMB and SSA
At any time within 60 days of the without change; the Commission does within 30 days from the date of this
filing of the proposed rule change, the not edit personal identifying publication. You can obtain a copy of
Commission may summarily abrogate information from submissions. You the OMB clearance packages by calling
such rule change if it appears to the should submit only information that the SSA Reports Clearance Officer at
Commission that such action is you wish to make available publicly. All 410–965–0454 or by writing to the
necessary or appropriate in the public submissions should refer to File address listed above.
interest, for the protection of investors, Number SR–Phlx–2006–29 and should Request for Review by a Federal
or otherwise in the furtherance of the be submitted on or before June 29, 2006. Reviewing Official—20 CFR 405.1,
purposes of the Act. For the Commission, by the Division of 405.120, 405.210, 405.215, 405.220,
IV. Solicitation of Comments Market Regulation, pursuant to delegated 405.225, 405.230—0960–NEW. In cases
authority.15 where an applicant for Disability
Interested persons are invited to J. Lynn Taylor, Insurance Benefits (DIB) or
submit written data, views, and Assistant Secretary. Supplemental Security Income (SSI)
arguments concerning the foregoing, payments is not satisfied with SSA’s
[FR Doc. E6–8883 Filed 6–7–06; 8:45 am]
including whether the proposed rule initial disability determination, he or
BILLING CODE 8010–01–P
change is consistent with the Act. she may request a review by a Federal
Comments may be submitted by any of reviewing official to determine
the following methods: entitlement to DIB (Title II), and SSI
SOCIAL SECURITY ADMINISTRATION (Title XVI). The SSA–61 will be used to
Electronic Comments
Agency Information Collection document and initiate this request. The
• Use the Commission’s Internet respondents are applicants for DIB and/
comment form (http://www.sec.gov/ Activities: Comment Request
or SSI who received a notice and are
rules/sro.shtml); or The Social Security Administration requesting a review by a Federal
• Send an e-mail to rule- (SSA) publishes a list of information reviewing official.
comments@sec.gov. Please include File collection packages that will require Type of Request: Request for a new
Number SR–Phlx–2006–29 on the clearance by the Office of Management information collection.
subject line. and Budget (OMB) in compliance with Number of Respondents: 29,043.
Paper Comments Public Law 104–13, the Paperwork Frequency of Response: 1.
Reduction Act of 1995, effective October Average Burden Per Response: 8
• Send paper comments in triplicate 1, 1995. The information collection minutes.
to Nancy M. Morris, Secretary, packages that may be included in this Estimated Annual Burden: 3,872
Securities and Exchange Commission, notice are for new information hours.
collections, approval of existing
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12 15 U.S.C. 78s(b)(3)(A). information collections, revisions to Dated: June 1, 2006.


13 17 CFR 240.19b–4(f)(6). OMB-approved information collections, Elizabeth A. Davidson,
14 For the purposes only of accelerating the
and extensions (no change) of OMB- Reports Clearance Officer, Social Security
operative date of this proposal, the Commission has Administration.
considered the proposed rule’s impact on approved information collections.
efficiency, competition and capital formation. 15 [FR Doc. E6–8798 Filed 6–7–06; 8:45 am]
U.S.C. 78c(f). 15 17 CFR 200.30–3(a)(12). BILLING CODE 4191–02–P

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