SEC NEWS DIGEST

   Issue 2006-232 					 December 4, 2006

   COMMISSION ANNOUNCEMENTS

   SEC STAFF ANNOUNCES  POSSIBLE  TOPICS  FOR  2007  CCOutreach  REGIONAL
   SEMINARS

   Lori Richards, Director of the SEC's Office of Compliance  Inspections
   and  Examinations,  announced  that  the  next  series  of  CCOutreach
   regional  seminars  for  mutual  fund  and  investment  adviser  chief
   compliance officers will be held in April, May, and June  of  2007  at
   various  locations  throughout  the  country.  During  the  CCOutreach
   National Seminar on Nov. 14, 2006, in Washington  D.C.,  Ms.  Richards
   encouraged chief compliance officers (CCOs) to share their preferences
   with respect to possible discussion topics.

   Ms. Richards said, "We want the CCOutreach program to be as helpful as
   possible to CCOs by addressing the areas of interest or  concern  that
   CCOs feel are important. Therefore, we will set  the  agenda  for  our
   2007 regional seminars based on CCO feedback. We  feel  this  approach
   will strengthen our growing relationship with CCOs  and  will  educate
   and inform CCOs on information, issues, and/or events  most  pertinent
   to them and their businesses."

   The 2007 CCOutreach  regional  seminars  will  include  four  or  five
   compliance topics. Possible topics for the seminars include,  but  are
   not limited to

        * the examination process;
        * the risk assessment process;
        * portfolio management;
        * brokerage arrangements, best execution and trade allocation;
        * personal securities transactions;
        * pricing and valuation;
        * books and records;
        * disclosures and filings;
        * marketing, performance advertising and distribution; and
        * safety of client assets.

   With respect to each topic, the regional  seminars  will  address  the
   information and documents that are requested  during  exams,  frequent
   examination findings, various analyses  that  may  be  performed,  and
   factors to consider when establishing compliance controls.

   CCOs may provide suggestions  with  respect  to  the  2007  CCOutreach
   regional seminars, including topics to  be  addressed,  via  email  to
   CCOutreach@sec.gov before  the  end  of  the  calendar  year.  Further
   information  about  the  CCOutreach  program  can  be  found  on   the
   Commission's website at http://www.sec.gov/info/ccoutreach.htm. (Press
   Rel. 2006-199)

   RULES AND RELATED MATTERS

   PROPOSED AMENDMENTS TO MUNICIPAL SECURITIES DISCLOSURE

   The Commission is publishing for comment proposed amendments to a rule
   under the Securities  Exchange  Act  of  1934  relating  to  municipal
   securities disclosure which would delete references to  the  Municipal
   Securities Rulemaking Board as a recipient of material  event  notices
   filed by or on behalf of issuers  of  municipal  securities  or  other
   obligated persons.

   Comments on the release are due within 30 days  following  publication
   in the Federal Register. (Rel. 34-54863; File No. S7-19-06)

   ENFORCEMENT PROCEEDINGS

   JEFFERIES SETTLES SEC CHARGES ARISING OUT OF THE ILLEGAL PROVISION  OF
   $2 MILLION IN GIFTS AND EXCESSIVE ENTERTAINMENT TO MUTUAL FUND COMPANY
   TRADERS FOR BROKERAGE BUSINESS

   On December 1, the Commission today charged  registered  broker-dealer
   Jefferies  &  Co.,  Inc.,  and  two  executives  in  connection   with
   approximately $2 million worth of lavish gifts, extravagant travel and
   entertainment and other illegal gratuities to win mutual fund  trading
   business. Jefferies, its Director of Equities, Scott Jones, and  Kevin
   Quinn, the firm's  former  Senior  Vice  President  and  equity  sales
   trader,  have  agreed  to  the  Commission's  institution  of  settled
   enforcement proceedings.

   The Commission issued an Order that finds that, in May 2002, Jefferies
   hired Quinn to increase Jefferies' brokerage business with a family of
   mutual funds managed by an adviser with which Quinn had a pre-existing
   relationship. To retain Quinn as an expected rainmaker, the firm  gave
   him a highly lucrative  compensation  package  that  included  a  $1.5
   million annual travel and entertainment budget, which  Quinn  used  to
   lavish travel, entertainment and  gifts  on  a  handful  of  the  fund
   adviser's most successful equity traders and  the  adviser's  head  of
   equity trading. The Commission's Order finds Quinn aided  and  abetted
   the violations of the fund adviser's employees, and that Jefferies and
   Jones failed to supervise Quinn's misconduct.

   According to the Commission's Order, Quinn provided the  traders  with
   expensive golf trips, flew them on private jets, lodged them at  fancy
   hotels, and showered them with golf merchandise and other presents. On
   certain occasions, he also made private jets available to them to take
   on personal trips without his attendance. Quinn also gave  these  same
   traders  tickets  to  major  sporting  events,  Broadway  shows,   and
   concerts, again without his attendance, and even helped  pay  for  one
   trader's elaborate bachelor party in  Miami.  The  Commission's  Order
   further  finds  that  Jones,  Quinn's  primary  supervisor,   approved
   numerous expense vouchers that reflected inappropriate expenditures on
   behalf of the traders. The illegal conduct occurred between  May  2002
   and October 2004.

   The Commission's Orders find that Quinn willfully  aided  and  abetted
   and caused violations of Section 17(e)(1) of  the  Investment  Company
   Act, Section 17(a)(1) of the Exchange Act and Rule  17a-3  thereunder.
   Under the terms of the settlement, Quinn has agreed, without admitting
   or denying the Commission's findings or allegations, to payment of  $1
   of disgorgement and a civil monetary penalty of  $468,000  to  a  Fair
   Fund for the benefit of the fund adviser's clients; a cease-and-desist
   order against committing or causing  any  violations  and  any  future
   violations of Section 17(e)(1)  of  the  Investment  Company  Act  and
   Section17(a)(1) of the Exchange Act and Rule 17a-3 thereunder;  a  bar
   from association with any broker or dealer;  and  a  prohibition  from
   serving or acting as an employee,  officer,  director,  member  of  an
   advisory board, investment  adviser  or  depositor  of,  or  principal
   underwriter for, a registered investment company.

   The Orders further find that Jefferies failed reasonably to  supervise
   Quinn, with a view to preventing  and  detecting  Quinn's  aiding  and
   abetting and causing violations of Section 17(e)(1) of the  Investment
   Company Act. The Order also  finds  that  Jefferies  violated  Section
   17(a)(1) of the Securities Exchange Act of  1934  (Exchange  Act)  and
   Rule 17a-3 thereunder. Without admitting or denying  the  Commission's
   findings or allegations, Jefferies has consented to the imposition  of
   a cease-and-desist order against committing or causing any  violations
   and any future violations of Section 17(a)(1) of the Exchange Act  and
   Rule 17a-3 thereunder; a censure;  and  payment  of  $4.2  million  in
   disgorgement, plus prejudgment interest. Jefferies has also agreed  to
   retain an independent compliance consultant to conduct a comprehensive
   review of Jefferies' supervisory, compliance, and other  policies  and
   procedures  relating  to  the  provision   of   gifts,   travel,   and
   entertainment by the company and its employees.  Jefferies  also  will
   pay a  penalty  of  $5.5  million  to  NASD  in  connection  with  the
   settlement of a separate NASD proceeding based on the same  underlying
   conduct.

   Finally, the Order finds that Jones  failed  reasonably  to  supervise
   Quinn, with a view to preventing  and  detecting  Quinn's  aiding  and
   abetting and causing violations of Section 17(e)(1) of the  Investment
   Company Act. Jones has consented, without  admitting  or  denying  the
   Commission's findings or allegations, to  payment  of  a  civil  money
   penalty of $50,000 and a three  month  suspension  from  acting  in  a
   supervisory capacity for any broker or dealer.

   The Commission acknowledges the assistance  and  cooperation  in  this
   investigation of NASD, which first discovered  the  conduct  at  issue
   during a routine examination of Jefferies & Co., Inc.

   The Commission's investigation is ongoing. (Rel. 34-54861; File No. 3-
   12495; Press Rel. 2006-198)

   COMMISSION FILES SUBPOENA ENFORCEMENT ACTION AGAINST CONCETTA  DONOVAN
   AND DAVID DONOVAN, SR.

   The Commission announced today that it filed an  application  on  Nov.
   30, 2006, in the U.S. District Court for the District of Massachusetts
   for orders to enforce investigative subpoenas served  on  Concetta  A.
   Donovan (Concetta) and David K. Donovan, Sr. (DKD Sr.) of  Marblehead,
   Massachusetts.

   The Commission's application and supporting  papers  allege  that,  on
   March 22, 2005, the  Commission  issued  a  formal  order  of  private
   investigation  authorizing  its  staff  to  investigate,  among  other
   things, potential illegal insider trading in the securities  of  Covad
   Communications Group, Inc (Covad). On April 6,  2005,  the  Commission
   issued investigative subpoenas to Concetta and DKD Sr.  The  subpoenas
   required Concetta and DKD Sr. to produce  documents  relevant  to  the
   investigation and to appear before the Commission staff for testimony.
   The Commission  alleges  that,  despite  a  number  of  accommodations
   offered to Concetta and DKD Sr., as of the date  of  its  application,
   they have refused to produce the subpoenaed  documents,  and  Concetta
   has refused to appear for testimony.  According  to  the  Commission's
   application, neither Concetta nor DKD Sr. have a  valid  justification
   for their failure to comply with the subpoenas, and court  orders  are
   necessary to compel them to produce the subpoenaed  documents  and  to
   compel Concetta to appear for testimony.

   The Commission alleges that Concetta  and  DKD  Sr.'s  son,  David  K.
   Donovan, Jr. (DKD, Jr.), was an equity trader for FMR Co.,  Inc.  (FMR
   Co.), a Boston, Massachusetts-based  investment  adviser  to  Fidelity
   Investments' family of mutual funds and other  institutional  clients.
   According to  the  Commission's  application  and  supporting  papers,
   during a period of approximately one month in July  and  August  2003,
   DKD Jr. accessed information in  FMR  Co.'s  internal  trade  database
   about Covad stock on 44 occasions and thereby learned that FMR Co. was
   purchasing and intended to continue purchasing substantial amounts  of
   Covad stock for its advisory clients. When DKD Jr. accessed FMR  Co.'s
   internal trade database concerning Covad stock at 7:48 a.m. on Aug. 5,
   2003, for example, he would have been able to determine that  FMR  Co.
   had pending orders to buy 1,966,400  shares  of  Covad  stock  and  no
   pending orders to sell any Covad stock. The Commission alleges that on
   August 5 and 6, 2003, at least four telephone calls were  placed  from
   DKD Jr.'s work number at FMR Co. to  his  parents'  home,  and  within
   fifteen minutes of two of those telephone calls,  purchases  of  Covad
   stock were placed in a brokerage account in Concetta's name. According
   to the Commission's application and supporting papers, from  August  5
   through Aug. 7, 2003, a total of 55,000 shares  of  Covad  stock  were
   purchased in Concetta's brokerage account, resulting in profits in the
   amount of approximately $89,775.

   A hearing on the Commission's application has not yet been  scheduled.
   [SEC v. Concetta A. Donovan and David K. Donovan, Sr., USDC,  District
   of Massachusetts, 06-MC-10454-RCL] (LR-19930)

   PERMANENT INJUNCTION ASSESSED AGAINST ANDREW ZAHN

   The Commission announced that on Nov.  27,  2006,  the  U.S.  District
   Court for the Northern District of Illinois entered a  Final  Judgment
   as to Defendant Andrew J. Zahn based on his Consent. In SEC v.  Andrew
   J. Zahn, Philip J. Sexauer, and  Cynthia  K.  Berryman,  each  of  the
   defendants is a former officer of DFG, L.L.C. (DFG),  a  Chicago-based
   company that was a subsidiary of a subsidiary of IBP, Inc. (IBP).

   The Commission  alleged  in  the  complaint  that  Zahn,  among  other
   defendants, engaged in an array of accounting improprieties to inflate
   DFG's earnings. These misstatements caused IBP to materially  misstate
   its own financial results for the fourth quarter of 1999 and the first
   three quarters of 2000. Specifically, the Commission alleged that Zahn
   and others directed that DFG not charge certain expense items  in  the
   period they were  incurred,  but  instead  improperly  included  these
   amounts in inventory, prepaid expense, and accounts  receivable  asset
   accounts to overstate DFG's earnings. The Commission alleged that Zahn
   was  motivated  by  personal  compensation  tied  to  DFG's  financial
   performance.

   In its complaint, the Commission claims that, through  these  actions,
   each of the defendants violated Section  13(b)(5)  of  the  Securities
   Exchange Act of 1934 (Exchange Act) and Rule  13b2-1  thereunder,  and
   aided and abetted IBP's violations of Sections 13(a), 13(b)(2)(A), and
   13(b)(2)(B) of the Exchange Act and Rules 12b-20 and 13a-1 thereunder.
   It further claims that Zahn violated Section 10(b) of the Exchange Act
   and Rules 10b-5 and 13a-13 thereunder.

   The Final Judgment enjoins Zahn from future violations of the  federal
   securities laws and imposes a five year officer and director bar. Zahn
   was also ordered to  pay  a  civil  penalty  of  $50,000.00  and  post
   judgment interest on any delinquent amounts pursuant to 28 USC  1961.
   [SEC v. Andrew J. Zahn, Philip J. Sexauer  and  Cynthia  K.  Berryman,
   Case No. 04C4948 (N.D. Ill.)] (LR-19931; AAE Rel. 2519)

   SEC v. BART THIELBAR, DAVID MONAGHAN, KEITH BEACHLER,  JANA  QUAM  AND
   CARY GRISWOLD

   The Commission today filed a complaint against  five  individuals  for
   misstating  the  financial  results  of  NorthWestern   Communications
   Solutions (NCS),  a  former  division  of  NorthWestern  Corporation's
   utility subsidiary. The Commission's complaint, filed  in  the  United
   States District Court for the District of South Dakota,  alleges  that
   these misstatements caused NorthWestern  to  report  materially  false
   financial results in Commission filings and press releases relating to
   the fourth quarter of 2001 and the first two quarters of 2002. In  its
   complaint, the Commission named Bart A. Thielbar, the former  head  of
   NCS, Keith W. Beachler, a former vice president of NCS,  and  Cary  B.
   Griswold, a former NCS accountant; as well as David  A.  Monaghan  and
   Jana L. Quam, the former vice president  of  finance  and  controller,
   respectively, for NorthWestern's utility subsidiary.

   During the time period referenced in the Commission's  complaint,  NCS
   was headquartered in Sioux Falls, South Dakota, and sold and installed
   telecommunications equipment. The Commission's complaint alleges that,
   during the fourth quarter of 2001 and the first two quarters of  2002,
   NCS improperly recognized approximately $3.2  million  of  revenue  by
   recording revenue on non-existent contracts and by  recording  revenue
   before work had been performed on existing contracts. The Commission's
   complaint also alleges that, for  the  fourth  quarter  of  2001,  NCS
   improperly reclassified approximately $1  million  in  unsubstantiated
   assets to a goodwill  account  to  avoid  a  year-end  charge  against
   income. The complaint further alleges that, during the  third  quarter
   of 2002, Thielbar and Monaghan attempted  to  cover  up  the  improper
   accounting   after   it   was   exposed    by    internal    auditors,
   mischaracterizing the  nature  and  extent  of  the  improprieties  in
   reports to NorthWestern's audit committee and outside auditors.

   The Commission's complaint charges  Thielbar,  Monaghan  and  Beachler
   with violations of Section 10(b) of the Securities and Exchange Act of
   1934 (Exchange Act) and Rule 10b-5 thereunder, and  Section  17(a)  of
   the  Securities  Act  of  1933.  The  complaint  further  charges  all
   defendants with violations of Section 13(b)(5) of the Exchange Act and
   Rule 13b2-1 thereunder, and with aiding  and  abetting  NorthWestern's
   violations of Sections  13(a),  13(b)(2)(A)  and  13(b)(2)(B)  of  the
   Exchange Act and  Rules  12b-20,  13a-1,  and  13a-11  thereunder.  It
   further  charges  Thielbar,  Beachler  and  Griswold  with   violating
   Exchange Act Rule 13a-13. The Commission's complaint  seeks  permanent
   injunctions,  disgorgement  with  prejudgment  interest,   and   civil
   penalties. The Commission also  seeks  an  officer  and  director  bar
   against Thielbar.

   Monaghan, Beachler, Quam and Griswold, without  admitting  or  denying
   the allegations in the Commission's complaint, each consented  to  the
   entry of a final judgment permanently enjoining them from violating or
   aiding and  abetting  violations  of  the  provisions  they  allegedly
   violated. Monaghan consented to  pay  a  $25,000  civil  penalty,  and
   Griswold consented to pay a  $10,000  civil  penalty.  The  Commission
   waived the imposition of a civil penalty against Beachler  based  upon
   his sworn financial statements. Quam's  consent  does  not  include  a
   penalty. [SEC v.  BART  A.  THIELBAR,  DAVID  A.  MONAGHAN,  KEITH  W.
   BEACHLER, JANA L. QUAM AND CARY B. GRISWOLD, USDC for the District  of
   South Dakota, Civil Action No. 06-4253)] (LR-19932; AAE Rel. 2520)

   SEC FILES FRAUD CHARGES AGAINST CHINA ENERGY SAVINGS TECHNOLOGY,  INC.
   AND OTHERS; COURT ORDERS ASSET FREEZE

   The Commission today filed an emergency action  against  China  Energy
   Savings  Technology,  Inc.,  several  of  its  former  officers,   its
   controlling shareholder, and others, alleging that  they  orchestrated
   an  elaborate  stock  manipulation  scheme.  In  its  complaint,   the
   Commission alleges that China Energy  and  the  company's  undisclosed
   control person, Chiu Wing Chiu, with the assistance of  the  company's
   Corporate Secretary, Lai Fun  (Stella)  Sim,  devised  a  wide-ranging
   stock manipulation  scheme  to  fraudulently  obtain  Nasdaq  National
   Market System (NMS) listing, artificially inflate China Energy's stock
   price, and sell millions of China Energy shares into the U.S.  capital
   markets. According to the Commission's complaint,  other  participants
   in the scheme included the company's  former  purported  Chairman  and
   CEO, Sun Li; a former company employee, Zhao Jun Tang (J.  Zhao);  and
   New  Solomon  Consultants,   which   was   China   Energy's   majority
   shareholder. All the defendants reside or have operations abroad.

   Among other things, the Commission's complaint alleges that  Chiu  and
   Sim formed China Energy through a  transaction  with  a  Nevada  shell
   corporation called Rim Holdings, Inc. and the  subsequent  acquisition
   of a British Virgin Islands holding company called Starway  Management
   Limited. According to the Commission's complaint,  in  furtherance  of
   the scheme, the  Defendants:  (i)  caused  China  Energy  to  purchase
   Starway at an excessive price to  facilitate  the  issuance  of  large
   quantities of China Energy shares to entities controlled by Chiu; (ii)
   caused China Energy to obtain a NMS listing by artificially creating a
   shareholder base and falsely representing to Nasdaq that  the  company
   had met its minimum shareholder requirement; (iii) issued false  press
   releases  concerning  China  Energy's  NMS   listing;   (iv)   created
   artificial demand for China Energy stock by engaging  in  manipulative
   trading and entering into secret deals to give free China Energy stock
   to shareholders willing to purchase China Energy in the  open  market;
   and (v) concealed the fact that Chiu controlled both the  company  and
   the company's public float.

   In addition, according to the Commission's  complaint,  China  Energy,
   Chiu, and others engaged in  illegal  unregistered  sales  by  gifting
   shares to more than 400 persons  as  part  of  the  fraudulent  Nasdaq
   listing scheme and  by  improperly  issuing  S-8  stock  to  promoters
   engaged in capital raising activities and consultants who performed no
   services.

   The Commission's complaint charges China Energy, Chiu, Sim,  J.  Zhao,
   Li, and New Solomon with violating Section  10(b)  of  the  Securities
   Exchange Act of 1934 and Rule 10b-5 thereunder, charges China  Energy,
   Chiu, Sim, and J. Zhao with violating Sections 5(a)  and  (c)  of  the
   Securities Act of 1933, and seeks  permanent  injunctions  prohibiting
   future violations of the  securities  laws,  disgorgement,  and  civil
   penalties. With respect to Chiu, Sim, J. Zhao, and Li, the  Commission
   also seeks officer and director bars and penny stock bars.

   On Dec. 4, 2006, the federal district court for the  Eastern  District
   of New York issued an order freezing assets of $3.9  million  held  in
   four brokerage accounts in the  names  of  relief  defendants  Precise
   Power Holdings Limited,  Essence  City  Limited,  Amicorp  Development
   Limited, and Yan Hong Zhao. The Commission alleges that these accounts
   realized millions in proceeds from the fraudulent scheme by  receiving
   and selling thousands of shares of China Energy stock.

   For prior Commission actions related to this matter, see Release  Nos.
   34-53839  (May  19,  2006)  (suspending  trading  in  China   Energy's
   securities); 34-54503A (Sept. 26, 2006) (suspending trading  in  China
   Energy's securities),  and  34-54502  (Sept.  26,  2006)  (instituting
   administrative proceedings against China Energy  pursuant  to  Section
   12(j) of the Exchange Act to determine whether to  revoke  or  suspend
   China  Energy's  securities  due  to  its  failure  to  make  periodic
   filings).

   The Commission would like to acknowledge the  assistance  afforded  by
   the Hong Kong Securities and Futures Commission in  this  matter.  The
   Commission's investigation is continuing. [SEC v. China Energy Savings
   Technology, Inc., et al., Civil Action No. 06-6402  (ADS)  EDNY]  (LR-
   19933)

   SELF-REGULATORY ORGANIZATIONS

   PROPOSED RULE CHANGES

   The New York Stock Exchange filed a  proposed  rule  change  (SR-NYSE-
   2006-57)  that  will  amend  its  Rule  180  to  mandate  that  member
   organizations utilize the automated liability notification system of a
   clearing agency registered under Section 17A of the Exchange Act  when
   issuing liability notifications in connection with certain  securities
   transactions. Publication is expected in the Federal  Register  during
   the week of December 4. (Rel. 34-54818)

   The Boston Stock Exchange filed a proposed rule  change  (SR-BSE-2006-
   46) that would amend its rules to mandate that  all  listed  companies
   become  eligible  to  participate  in  a  Direct  Registration  System
   administered by a clearing agency registered under Section 17A of  the
   Act. Publication is expected in the Federal Register during  the  week
   of December 4. (Rel. 34-54832)

   The Chicago Stock Exchange filed a proposed rule change  (SR-CHX-2006-
   33) that would amend its listing standards to mandate that all  listed
   companies become eligible to  participate  in  a  Direct  Registration
   System administered by a clearing agency registered under Section  17A
   of the Act. Publication is expected in the Federal Register during the
   week of December 4. (Rel. 34-54833)

   The Philadelphia Stock Exchange filed a proposed rule change (SR-Phlx-
   2006-69) that will amend its listing standards  to  mandate  that  all
   listed  companies  become  eligible  to  participate   in   a   Direct
   Registration System administered by a securities depository registered
   as a clearing agency under Section 17A  of  the  Act.  Publication  is
   expected in the Federal Register during the week of December 4.  (Rel.
   34-54834)

   The Fixed Income Clearing Corporation filed  a  proposed  rule  change
   (SR-FICC-2006-17) to adjust the deadline  for  satisfying  a  clearing
   fund deficiency call from 10:30 a.m. to 9:30 a.m. in the  Schedule  of
   Timeframes  in  FICC's  Government   Securities   Division   rulebook.
   Publication is expected in the Federal Register  during  the  week  of
   December 4. (Rel. 34-54819)

   The National Securities Clearing Corporation  filed  a  proposed  rule
   change (SR-NSCC-2006-11)  to  amend  its  Rules  and  Procedures  with
   respect to Clearing Fund collateral. Publication is  expected  in  the
   Federal Register during the week of December 4. (Rel. 34-54822)

   The Chicago Board Options Exchange filed a proposed rule  change  (SR-
   CBOE-2005-111) and  Amendment  No.  1  thereto  relating  to  multiple
   representation exception procedures. Publication is  expected  in  the
   Federal Register during the week of December 4. (Rel. 34-54823)

   A proposed rule change (SR-NYSE-2006-97)  relating  to  amendments  to
   NYSE Rule 342.30 has been  filed  by  the  New  York  Stock  Exchange.
   Publication is expected in the Federal Register  during  the  week  of
   December 4. (Rel. 34-54847)

   APPROVAL OF PROPOSED RULE CHANGES 

   The Commission approved a proposed rule change and Amendment  Nos.  1,
   2, and 3 thereto filed by the New York Stock  Exchange  (SR-NYSE-2006-
   65) and accelerated approval of Amendment No. 5  thereto  relating  to
   exchange rules governing certain definitions, systemic  processing  of
   certain orders, and the implementation schedule  of  the  NYSE  Hybrid
   Market. Publication is expected in the  Federal  Register  during  the
   week of December 4. (Rel. 34-54820)

   The Commission granted approval of a proposed  rule  change  (SR-FICC-
   2006-13) filed by Fixed Income Clearing Corporation to amend the rules
   of FICC's Mortgage-Backed Securities Division to require that clearing
   participants satisfy their cash settlement amounts through the Federal
   Reserve's National Settlement Service. Publication is expected in  the
   Federal Register during the week of December 4. (Rel. 34-54821)

   The Commission  approved  a  proposed  rule  change  (SR-Amex-2006-88)
   submitted by the American Stock Exchange to amend its generic  listing
   standards to extend the term of index-linked  securities.  Publication
   is expected in the Federal Register during the  week  of  December  4.
   (Rel. 34-54844)

   IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGES

   A proposed rule change filed by the New York Stock  Exchange  relating
   to the inclusion of an additional security in the pilot  to  put  into
   operation certain rule  changes  pending  before  the  Securities  and
   Exchange Commission to coincide with the Exchange's implementation  of
   Phase 3 of the NYSE Hybrid Market and the substitution of the name and
   trading symbol of  a  security  operating  in  the  pilot  has  become
   effective under Section 19(b)(3)(A)(ii) of the Securities Exchange Act
   of 1934 (SR-NYSE-2006-102). Publication is  expected  in  the  Federal
   Register during the week of December 4. (Rel. 34-54837)

   The Commission issued notice of immediate effectiveness of a  proposed
   rule change (SR-ISE-2006-69) filed  by  the  International  Securities
   Exchange relating to fee  changes.  Publication  is  expected  in  the
   Federal Register during the week of December 4. (Rel. 34-54841)

   A proposed rule change (SR-CHX-2006-35) filed  by  the  Chicago  Stock
   Exchange relating to participant fees and credits has become effective
   under Section 19(b)(3)(A) of the  Securities  Exchange  Act  of  1934.
   Publication is expected in the Federal Register  during  the  week  of
   December 4. (Rel. 34-54842)

   A proposed rule change (SR-CHX-2006-34) filed  by  the  Chicago  Stock
   Exchange regarding the implementation of a communications  or  routing
   service  has  become  effective  under  Section  19(b)(3)(A)  of   the
   Securities Exchange Act  of  1934.  Publication  is  expected  in  the
   Federal Register during the week of December 4. (Rel. 34-54846)

   ACCELERATED APPROVAL OF PROPOSED RULE CHANGES

   The Commission has granted accelerated approval  to  a  proposed  rule
   change and Amendment  No.  1  thereto  (SR-Amex-2006-82)  and  granted
   accelerated approval of Amendment  No.  2  thereto  submitted  by  the
   American  Stock  Exchange  relating   to   MACRO   Tradeable   Shares.
   Publication is expected in the Federal Register  during  the  week  of
   December 4. (Rel. 34-54839)

   The Commission granted accelerated approval to a proposed rule  change
   (SR-NYSE-2006-73) and Amendment Nos. 1, 2, and 3 submitted by the  New
   York Stock Exchange relating to block crosses outside  the  prevailing
   NYSE quotation. Publication is expected in the Federal Register during
   the week of December 4. (Rel. 34-54843)