Federal Register / Vol. 72, No. 55 / Thursday, March 22, 2007 / Notices 13549 

PSE–95–14; SR–Phlx–95–34] (order approving rules 

setting forth depository eligibility requirements for 

issuers seeking to have their shares listed on the 

exchange). 

14 In 1996, the NYSE modified its listing criteria 

to permit listed companies to issue securities in 

book-entry form provided that the issue is included 

in DRS. Securities Exchange Act Release No. 37937 

(November 8, 1996), 61 FR 58728 (November 18, 

1996), [File No. SR–NYSE–96–29]. Similarly, the 

NASD modified its rule to require that if an issuer 

establishes a direct registration program, it must 

participate in an electronic link with a securities 

depository in order to facilitate the electronic 

transfer of the issue. Securities Exchange Act 

Release No. 39369 (November 26, 1997), 62 FR 

64034 (December 3, 1997), [File No. SR–97–51]. On 

July 30, 2002, the Commission approved a rule 

change proposed by the NYSE to amend NYSE 

Section 501.01 of the NYSE Listed Company 

Manual to allow a listed company to issue 

securities in a dematerialized or completely 

immobilized form and therefore not send stock 

certificates to record holders provided the 

company’s stock is issued pursuant to a dividend 

reinvestment program or a stock purchase plan or 

is included in a DRS. Securities Exchange Act 

Release No. 46282 (July 30, 2002), 67 FR 50972 

(August 6, 2002), [File No. SR–NYSE–2001–33]. 

15 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

the efficiency, competition, and capital formation. 

15 U.S.C. 78c(f). 

16 17 CFR 200.30–3(a)(12). 

recently the Commission has approved 

the implementation and expansion of 

DRS.14

While the U.S. markets have made 

great progress in immobilization and 

dematerialization for institutional and 

broker-to-broker transactions, many 

industry representatives believe that the 

small percentage of securities held in 

certificated form (held mostly by retail 

investors) impose unnecessary risk and 

disproportionately large expense to the 

industry and to investors. In an attempt 

to help address this issue, Phlx’s rule 

change, along with those of the NYSE, 

Amex, Nasdaq, NYSE Arca, BSE, and 

CHX, should help expand the use of 

DRS. As a result, risks, costs, and 

processing inefficiencies associated 

with the use of securities certificates 

should be reduced, and impediments to 

the perfection of the national market 

system should be removed. 

Additionally, those investors holding 

securities in listed securities certificates 

covered by the rule change that decide 

to hold their securities in DRS should 

realize the benefits of more accurate, 

quicker, and more cost-efficient 

transfers; faster distribution of sale 

proceeds; reduced number of lost or 

stolen certificates and a reduction in the 

associated certificate replacement costs; 

and consistency of owning in bookentry across asset classes. 

The Commission realizes that some 

issuers and transfer agents may bear 

expenses related to complying with the 

rule change. In order to make an issue 

DRS-eligible, issuers of listed companies 

must have a transfer agent which is a 

DRS Limited Participants and may need 

to amend their corporate governing 

documents to permit the issuance of 

book-entry shares. The Commission 

believes, however, that the long-term 

benefits of increased efficiencies and 

reduced costs and risks afforded by DRS 

outweigh the costs that some issuers 

and transfer agents may incur. 

Furthermore, the time frames built into 

the proposal should allow issuers and 

their transfer agents sufficient time to 

make any necessary changes to comply 

with the rule change. 

While the rule change should 

significantly reduce the number of 

transactions in securities for which 

settlement is effected by the physical 

delivery of securities certificates, it will 

not eliminate the ability of investors to 

obtain securities certificates provided 

the issuer has chosen to issue 

certificates. Such investors can continue 

to contact the issuer’s transfer agent, 

either directly or through their brokerdealer, to obtain a securities certificate. 

Accordingly, for the reasons stated 

above the Commission finds that the 

rule change is consistent with Phlx’s 

obligation under Section 6(b) of the Act 

to foster cooperation and coordination 

with persons engaged in regulating, 

clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, to 

remove impediments to perfect the 

mechanism of a free and open market 

and a national market system, and in 

general to protect investors and the 

public interest.15

V. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and in 

particular with the requirements of 

Section 6(b)(5) of the Act and the rules 

and regulations thereunder. It is 

therefore ordered, pursuant to Section 

19(b)(2) of the Act, that the proposed 

rule change (File No. SR–Phlx–2006–69) 

be and hereby is approved. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5189 Filed 3–21–07; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

Buffalo District Advisory Council; 

Notice of Federal Advisory Committee 

Management Meeting 

The U.S. Small Business 

Administration Buffalo District 

Advisory Council located in the 

geographical area of Buffalo, New York, 

will hold a public Federal advisory 

meeting on Wednesday, April 18, 2007, 

starting at 10 a.m. EST. 

The meeting will take place at the 

SBA Disaster Assistance Customer 

Service Center, located at 130 S. 

Elmwood Avenue, 5th Floor, Buffalo, 

New York. 

The purpose of the meeting is to 

discuss the following topics: (1) FY 2007 

Mid-year report; (2) SBA Program 

updates; (3) SBA’s Military Reservist 

Economic Injury Disaster Loan 

(MREIDL); (4) Disaster Assistance 

Customer Service Center Tour and 

Update; (5) District Small Business 

Week; (6) District SBA Business 

Matchmaking, Awards Luncheon & 

Expo; (7) Roundtable Discussion on 

Small Business Issues. 

Anyone wishing to make an oral 

presentation to the Board must contact 

Franklin J. Sciortino, District Director, 

Buffalo District Office, in writing by 

letter or fax no later than Friday, March 

30, 2007, in order to be put on the 

agenda. Franklin J. Sciortino, District 

Director, Buffalo District Office, U.S. 

Small Business Administration, Niagara 

Center, 540 Niagara Center, 130 S. 

Elmwood Avenue, Buffalo, New York 

14202; telephone (716) 551–4301 or fax 

(716) 551–4418. 

Matthew Teague, 

Committee Management Officer. 

[FR Doc. E7–5222 Filed 3–21–07; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice 5727] 

Formation of the United States 

Delegation to the World 

Radiocommunication Conference: 

Request for Expressions of Interest in 

Being on the United States Delegation 

Summary: The International 

Telecommunication Union (ITU) World 

Radiocommunication Conference (WRC) 

will take place from October 22–

November 16, 2007 in Geneva, 

Switzerland. As part of the preparations 

for the formation of the United States 

delegation to the World 

Radiocommunication Conference, the 

Department of State is requesting 


rwilkins on PROD1PC63 with NOTICES