53730 Federal Register / Vol. 75, No. 169 / Wednesday, September 1, 2010 / Notices 

28A Limited Principal—General Securities Sales 

Supervisor may only supervise sales activities. 

Persons qualified only as Limited Principals— 

General Securities Sales Supervisors do not count 

toward the two-principal requirement of Rule 

604(g)(5). 

29See proposed Rule 604(j). 

30See, e.g., FINRA Rule 1070(d) and NASDAQ 

Rule 1070(d) regarding the examination waiver. 

See, e.g., FINRA Rule 1021(e)(2) and NASDAQ Rule 

1021(e)(2) regarding the two-principal requirement 

waiver. 

31See NASDAQ Rule 1060(b) and NASDAQ OMX 

BX Rule 1060(b). 

32 15 U.S.C. 78s(b)(2). 

33 17 CFR 200.30–3(a)(12). 

prepare those individuals for their 

responsibilities. 

In addition, the Commission believes 

that requiring Chief Compliance Officers 

and any employee operating in the 

capacity of a FINOP to register with the 

Exchange as principals and take either 

the Series 24 or Series 27, respectively, 

is appropriate based on the heightened 

level of accountability inherent in the 

duty of overseeing compliance by an 

Exchange member, and in the oversight 

and preparation of financial reports and 

the oversight of those employed in the 

financial and operational capacities at 

each firm. 

The Commission believes Phlx’s 

proposed Limited Principal—General 

Securities Sales Supervisor category is 

appropriate as the qualification 

standards required reflect the narrower 

responsibility of persons in this category 

of registration.28 Overall, the proposed 

new principal registration and 

qualification requirements should 

expand and strengthen the framework of 

supervisory rules that apply to 

Exchange member organizations and 

their associated persons doing business 

on PSX. 

The Commission believes Phlx’s 

proposed provision requiring any 

person whose registration has been 

revoked by the Exchange as a 

disciplinary sanction or whose most 

recent registration as a principal or 

representative has been terminated for a 

period of two or more years 

immediately preceding the date of 

receipt by the Exchange of a new 

application, to pass the qualification 

examination appropriate to such 

person’s category of registration is 

appropriate. This rule helps to ensure 

that persons’ qualifications are current. 

The Commission also believes Phlx’s 

proposed exceptions from the abovediscussed general requirements are 

appropriate. Any member seeking an 

exception from Phlx’s mandate that 

each firm have two principals must 

provide evidence that conclusively 

indicates to the Exchange that only one 

principal is necessary. The Commission 

expects this authority to be used 

sparingly, since principals oversee the 

operations of member firms and provide 

the first line of defense in ensuring that 

member firms are complying with the 

rules of an exchange as well as the 

Federal securities laws. In addition, the 

qualification examination waiver 

applies only in exceptional cases and 

requires the Exchange to have good 

cause; 29 the Commission believes this 

authority also should be used sparingly. 

The Commission expects the Exchange 

to maintain records and to utilize 

careful judgment in providing waivers. 

Finally, the Commission notes that 

these exceptions are substantively the 

same as exceptions provided to similar 

rules at other SROs.30

The Commission believes that 

proposed Rule 604(i)(2), which allows 

payment to finders when certain 

conditions are satisfied, is reasonable as 

it is consistent with the compensation 

arrangements allowed on other 

exchanges for foreign finders who direct 

business to member organizations.31

Finally, the Commission believes that 

adding paragraph (f) to Rule 604, 

specifying the applicability of 

paragraphs (g) and (h), and adding terms 

used in the proposed rules to its 

Definitions section will provide clarity 

to Phlx’s rules, enabling regulators, 

members, and the general public to 

better understand the rules. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,32 that the 

proposed rule change (SR–Phlx–2010– 

91), as modified by Amendment No. 1, 

be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21850 Filed 8–31–10; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 7145] 

Culturally Significant Object Imported 

for Exhibition Determinations: ‘‘The 

Roman Mosaic from Lod, Israel’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000, 

I hereby determine that the object to be 

included in the exhibition ‘‘The Roman 

Mosaic from Lod, Israel,’’ imported from 

abroad for temporary exhibition within 

the United States, is of cultural 

significance. The object is imported 

pursuant to a loan agreement with the 

foreign owner or custodian. I also 

determine that the exhibition or display 

of the exhibit object at the Metropolitan 

Museum of Art, New York, New York, 

from on or about September 28, 2010, 

until on or about April 3, 2011, the 

Legion of Honor Museum, San 

Francisco, California, from on or about 

April 23, 2011, until on or about July 24, 

2011, and at possible additional 

exhibitions or venues yet to be 

determined, is in the national interest. 

I have ordered that Public Notice of 

these Determinations be published in 

the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a 

description of the exhibit object, contact 

Paul W. Manning, Attorney-Adviser, 

Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6469). The mailing address is U.S. 

Department of State, SA–5, L/PD, Fifth 

Floor (Suite 5H03), Washington, DC 

20522–0505. 

Dated: August 25, 2010. 

Ann Stock, 

Assistant Secretary, Bureau of Educational 

and Cultural Affairs, Department of State. 

[FR Doc. 2010–21848 Filed 8–31–10; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice 7148] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘Richard Hawkins—Third Mind’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000, 

I hereby determine that the objects to be 

included in the exhibition ‘‘Richard 

Hawkins—Third Mind,’’ imported from 

abroad for temporary exhibition within 

the United States, are of cultural 

significance. The objects are imported 

pursuant to loan agreements with the 

foreign owners or custodians. I also 


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