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28062 Federal Register / Vol. 71, No.

93 / Monday, May 15, 2006 / Notices

transaction under the rule. The in particular, in that it is designed to 100 F Street, NE., Washington, DC
proposed definition of ‘‘obvious error’’ promote just and equitable principles of 20549–1090.
would apply during both normal and trade, to remove impediments to and All submissions should refer to File
unusual market conditions, thus further perfect the mechanism of a free and Number SR–Phlx–2005–73. This file
streamlining the Floor Officials’ review open market and national market number should be included on the
process. system, and, in general, to protect subject line if e-mail is used. To help the
investors and the public interest, by Commission process and review your
Definition of Theoretical Price
establishing objective definitions of comments more efficiently, please use
Currently, Phlx Rule 1092(b) defines Theoretical Price and ‘‘obvious error’’ only one method. The Commission will
‘‘Theoretical Price’’ as the last bid or that address issues raised by the post all comments on the Commission’s
offer, just prior to the transaction, on the increasingly electronic options Internet Web site (
exchange that has the most total volume marketplace. rules/sro.shtml). Copies of the
in that option over the most recent 60 submission, all subsequent
calendar days; or if there are no quotes B. Self-Regulatory Organization’s
amendments, all written statements
for comparison purposes, as determined Statement on Burden on Competition
with respect to the proposed rule
by two Floor Officials and designated The Exchange does not believe that change that are filed with the
personnel in the Exchange’s Market the proposed rule change, as amended, Commission, and all written
Surveillance Department. The proposed will impose any burden on competition communications relating to the
rule change would define ‘‘Theoretical that is not necessary or appropriate in proposed rule change between the
Price’’ as, respecting series traded on at furtherance of the purposes of the Act. Commission and any person, other than
least one other options exchange, the those that may be withheld from the
mid-point of the National Best Bid and C. Self-Regulatory Organization’s
public in accordance with the
Offer (‘‘NBBO’’) just prior to the Statement on Comments on the
provisions of 5 U.S.C. 552, will be
transaction. Proposed Rule Change Received From
available for inspection and copying in
The Phlx notes that currently, all Members, Participants or Others
the Commission’s Public Reference
options exchanges, including the Phlx, No written comments were solicited Room. Copies of the filing also will be
have rules permitting specialists and or received by the Exchange on this available for inspection and copying at
market makers to disseminate electronic proposal, as amended. the principal office of the Exchange. All
quotations with a bid/ask differential of comments received will be posted
III. Date of Effectiveness of the
up to $5.00, regardless of the price of without change; the Commission does
Proposed Rule Change and Timing for
the bid.5 For the most part, the Phlx not edit personal identifying
Commission Action
believes that such quotations do not information from submissions. You
reflect the NBBO. Under the current Within 35 days of the date of should submit only information that
Exchange rule, the Theoretical Price, publication of this notice in the Federal you wish to make available publicly. All
defined as the last bid or offer just prior Register or within such longer period (i) submissions should refer to File
to the transaction on the market with as the Commission may designate up to Number SR–Phlx–2005–73 and should
the highest volume, could differ from 90 days of such date if it finds such be submitted on or before June 5, 2006.
the NBBO by a significant amount if the longer period to be appropriate and For the Commission, by the Division of
bid/ask differential on such market in publishes its reasons for so finding, or Market Regulation, pursuant to delegated
the series is $5.00 wide. In order to (ii) as to which the Exchange consents, authority.8
account for this potential discrepancy the Commission will: Jill M. Peterson,
between the Theoretical Price as (A) By order approve the proposed Assistant Secretary.
established by rule and the actual rule change, as amended, or
[FR Doc. E6–7323 Filed 5–12–06; 8:45 am]
NBBO, the proposal would re-define the (B) Institute proceedings to determine
term ‘‘Theoretical Price’’ to mean the whether the proposed rule change, as
mid-point of the NBBO just prior to the amended, should be disapproved.
transaction. This should provide IV. Solicitation of Comments UNITED STATES SENTENCING
Exchange Floor Officials with a more
Interested persons are invited to COMMISSION
accurate measure of the price on which
to base their determination that a submit written data, views, and
Sentencing Guidelines for United
transaction resulted from an obvious arguments concerning the foregoing,
States Courts
error, based on the actual NBBO instead including whether the proposed rule
of a quotation with a bid/ask differential change, as amended, is consistent with AGENCY: United States Sentencing
of $5.00. the Act. Comments may be submitted by Commission.
For consistency, the Exchange any of the following methods: ACTION: Notice of request for comment.
proposes to delete Commentary .02 to Electronic Comments SUMMARY: The Commission requests
Phlx Rule 1092, which references the
Theoretical Price as currently defined, • Use the Commission’s Internet public comment pertaining to an
from the Rule. comment form ( amendment submitted to the Congress
rules/sro.shtml); or on May 1, 2006, that creates a policy
2. Statutory Basis • Send an e-mail to rule- statement governing a reduction in term
The Exchange believes that this Please include File of imprisonment as a result of a motion
proposal is consistent with Section 6(b) Number SR–Phlx–2005–73 on the by the Director of the Bureau of Prisons
of the Act 6, in general, and furthers the subject line. (published elsewhere in this issue of the
jlentini on PROD1PC65 with NOTICES

objectives of Section 6(b)(5) of the Act,7 Federal Register).

Paper Comments
DATES: Written public comment
5 See,e.g., Exchange Rule 1014(c)(i)(A)(2). • Send paper comments in triplicate regarding the issue for comment set
6 15 U.S.C. 78f(b). to Nancy M. Morris, Secretary,
7 15 U.S.C. 78f(b)(5). Securities and Exchange Commission, 8 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 71, No. 93 / Monday, May 15, 2006 / Notices 28063

forth in this notice should be received for the amendments set forth in this (B) The defendant (i) is at least 70
by the Commission not later than July notice. years old; and (ii) has served at least 30
14, 2006. years in prison pursuant to a sentence
FOR FURTHER INFORMATION CONTACT: imposed under 18 U.S.C. 3559(c) for the
Michael Courlander, Public Affairs
Michael Courlander, Public Affairs offense or offenses for which the
Officer, 202–502–4590. The
Officer, 202–502–4590. The amendment defendant is imprisoned;
amendments set forth in this notice also (2) The defendant is not a danger to
to which this issue for comment may be accessed through the
pertains may be accessed through the the safety of any other person or to the
Commission’s Web site at http:// community, as provided in 18 U.S.C.
Commission’s Web site at http:// (see Amendment 1 of the 3142(g); and
document entitled ‘‘Amendments to the SUPPLEMENTARY INFORMATION: The (3) The reduction is consistent with
Sentencing Guidelines, Policy United States Sentencing Commission is this policy statement.
Statements, and Official Commentary an independent agency in the judicial Commentary
(May 1, 2006)’’). branch of the United States
Government. The Commission Application Notes:
SUPPLEMENTARY INFORMATION: On May 1, 1. Application of Subsection (1)(A).—
promulgates sentencing guidelines and
2006, the Commission submitted to the (A) Extraordinary and Compelling
policy statements for Federal sentencing
Congress an amendment to the Federal Reasons.—A determination made by the
courts pursuant to 28 U.S.C. 994(a). The
sentencing guidelines that created a new Director of the Bureau of Prisons that a
Commission also periodically reviews
policy statement at § 1B1.13 (Reduction particular case warrants a reduction for
and revises previously promulgated
in Term of Imprisonment as a Result of extraordinary and compelling reasons
guidelines pursuant to 28 U.S.C. 994(o)
Motion by Director of Bureau of shall be considered as such for purposes
and generally submits guideline
Prisons). This policy statement is a first of subdivision (1)(A).
amendments to Congress pursuant to 28 (B) Rehabilitation of the Defendant.—
step toward fulfilling the congressional
U.S.C. 994(p) not later than the first day Pursuant to 28 U.S.C. 994(t),
directive at 28 U.S.C. 994(t). In the
of May each year. Absent action of rehabilitation of the defendant is not, by
2006–2007 amendment cycle, the
Congress to the contrary, submitted itself, an extraordinary and compelling
Commission will consider developing
amendments become effective by reason for purposes of subdivision
further criteria and a list of specific
operation of law on the date specified (1)(A).
examples of extraordinary and
by the Commission (generally November 2. Application of Subdivision (3).—
compelling reasons for sentence
1 of the year in which the amendments Any reduction made pursuant to a
reduction pursuant to such statute. The
are submitted to Congress). motion by the Director of the Bureau of
Commission requests comment and
specific suggestions for appropriate Notice of proposed amendments was Prisons for the reasons set forth in
criteria and examples, as well as published in the Federal Register on subdivisions (1) and (2) is consistent
guidance regarding the extent of any January 27, 2006 (see 71 FR 4782). The with this policy statement.
such reduction and modifications to a Commission held a public hearing on Background: This policy statement is
term of supervised release. the proposed amendments in an initial step toward implementing 28
Washington, DC, on March 15, 2006. On U.S.C. 994(t). The Commission intends
Authority: 28 U.S.C. 994(a), (o), and (p); May 1, 2006, the Commission submitted
USSC Rule of Practice and Procedure 4.4.
to develop further criteria to be applied
these amendments to Congress and and a list of specific examples of
Ricardo H. Hinojosa, specified an effective date of November extraordinary and compelling reasons
Chair. 1, 2006. for sentence reduction pursuant to such
[FR Doc. E6–7343 Filed 5–12–06; 8:45 am] Authority: 28 U.S.C. 994(a), (o), and (p); statute.’’.
BILLING CODE 2211–01–P USSC Rule of Practice and Procedure 4.1. Reason for Amendment: This
amendment creates a new policy
Ricardo H. Hinojosa, statement at § 1B1.13 (Reduction in
Chair. Term of Imprisonment as a Result of
COMMISSION 1. Amendment: Chapter One, Part B is Motion by Director of Bureau of Prisons)
amended by adding at the end the as a first step toward implementing the
Sentencing Guidelines for United following: directive in 28 U.S.C. 994(t) that the
States Courts Commission ‘‘in promulgating general
‘‘§ 1B1.13. Reduction in Term of
Imprisonment as a Result of Motion by policy statements regarding the sentence
AGENCY: United States Sentencing modification provisions in section
Commission. Director of Bureau of Prisons (Policy
Statement) 3582(c)(1)(A) of title 18, shall describe
ACTION: Notice of submission to what should be considered
Congress of amendments to the Upon motion of the Director of the extraordinary and compelling reasons
sentencing guidelines effective Bureau of Prisons under 18 U.S.C. for sentence reduction, including the
November 1, 2006. 3582(c)(1)(A), the court may reduce a criteria to be applied and a list of
term of imprisonment (and may impose specific examples.’’ The policy
SUMMARY: Pursuant to its authority a term of supervised release with or statement restates the statutory bases for
under 28 U.S.C. 994(p), the Commission without conditions that does not exceed a reduction in sentence under 18 U.S.C.
has promulgated amendments to the the unserved portion of the original 3582(c)(1)(A). In addition, the policy
sentencing guidelines, policy term of imprisonment) if, after statement provides that in all cases
statements, commentary, and statutory considering the factors set forth in 18 there must be a determination made by
jlentini on PROD1PC65 with NOTICES

index. This notice sets forth the U.S.C. 3553(a), to the extent that they the court that the defendant is not a
amendments and the reason for each are applicable, the court determines danger to the safety of any other person
amendment. that— or to the community. The amendment
DATES: The Commission has specified (1)(A) Extraordinary and compelling also provides background commentary
an effective date of November 1, 2006, reasons warrant the reduction; or that states the Commission’s intent to

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