24350 Federal Register / Vol. 72, No. 84 / Wednesday, May 2, 2007 / Notices 

5 See Amendment No. 1. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(i). 

4 17 CFR 240.19b–4(f)(1). 

submitted electronically over the 

Commission’s EDGAR system. 

Furthermore, the Electronic Disclosure 

submission system has been designed to 

be simple to operate. As such, Nasdaq 

does not believe that the required use of 

the Electronic Disclosure submission 

system will be a burden on companies. 

If a company repeatedly fails to either 

notify Nasdaq prior to the distribution 

of material news, or to use the electronic 

disclosure submission system when 

Nasdaq finds no emergency situation 

existed, Nasdaq may issue a Staff 

Determination, pursuant to the Nasdaq 

Rule 4800 Series,5 that is a public 

reprimand letter or, in extreme 

situations, a Staff Determination to 

delist the company’s securities. In 

determining whether to issue a public 

reprimand letter, Nasdaq will consider 

whether the issuer has demonstrated a 

pattern of failures, whether the issuer 

has been contacted concerning previous 

violations, and whether the issuer has 

taken steps to assure that future 

violations will not occur. 

2. Statutory Basis 

Nasdaq believes that the proposed 

rule change is consistent with Section 

6(b) of the Act,6 in general, and furthers 

the objectives of Section 6(b)(5) of the 

Act,7 in particular. Nasdaq believes that 

the proposed rule change would 

enhance its ability to timely review 

issuer disclosures, thereby facilitating 

the operation of a free and open market 

and protecting investors and the public 

interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Nasdaq does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which Nasdaq consents, the 

Commission will: 

(A) By order approve such proposed 

rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change, as amended, is consistent with 

the Act. Comments may be submitted by 

any of the following methods: 

Electronic Comments 

<bullet≤ Use the Commission’s 

Internet comment form http:// 

www.sec.gov/rules/sro.shtml; or 

<bullet≤ Send an e-mail to rulecomments@sec.gov. Please include File 

No. SR–NASDAQ–2007–029 on the 

subject line. 

Paper Comments 

<bullet≤ Send paper comments in 

triplicate to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE, Washington, DC 

20549–1090. 

All submissions should refer to File No. 

SR–NASDAQ–2007–029. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site at http://www.sec.gov/ 

rules/sro.shtml. Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of the filing also will be 

available for inspection and copying at 

the principal office of Nasdaq. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File No. 

SR–NASDAQ–2007–029 and should be 

submitted on or before May 23, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8313 Filed 5–1–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55670; File No. SR–NYSE– 

2007–41) 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Eliminate 

the Securities Manager Examination 

(‘‘Series 12’’) 

April 25, 2007. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (‘‘Act’’) 

1 and Rule 19b–4 thereunder,2 notice is 

hereby given that on April 19, 2007, the 

New York Stock Exchange LLC 

(‘‘NYSE’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

substantially prepared by the Exchange. 

The Exchange has designated the 

proposed rule change as constituting a 

stated policy, practice, or interpretation 

with respect to the meaning, 

administration, or enforcement of an 

existing rule pursuant to Section 

19(b)(3)(A)(i) of the Act 3 and Rule 19b– 

4(f)(1) thereunder,4 which renders the 

proposal effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing this proposal to 

eliminate the Securities Manager 

qualification examination (‘‘Series 12’’). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

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Federal Register / Vol. 72, No. 84 / Wednesday, May 2, 2007 / Notices 24351 

5 See also NYSE Rule 345 (‘‘Employees— 

Registration, Approval, Records’’), which requires 

supervisors of registered representatives to be 

registered. In addition, NYSE Rule 345.15 requires 

candidates for registration to meet training 

requirements and pass a qualification examination. 6 The Series 24 examination is only recognized 

by the Exchange if taken and passed on or after July 

2, 2001. Further, unlike the Series 9/10 

examination, which qualifies a person to supervise 

options and municipal business as well as equities 

business, the Series 24 examination only qualifies 

a person to supervise equities business. A BOM 

may qualify to supervise options and municipal 

securities business by passing the Registered 

Options Principal examination (‘‘Series 4’’) and the 

Municipal Securities Principal examination 

(‘‘Series 53’’), respectively. See also NYSE 

Information Memo 02–51 (November 12, 2002). 7 When originally introduced in 1964, the Series 

12 was the standard BOM examination. The BOM 

examination was administered in this form until 

April 1984 when it was changed to the General 

Securities Sales Supervisor examination (‘‘Series 

8’’), which was created from the Series 12, Series 

24, Series 4 and Series 53 examinations. The twopart Series 8 examination later split into the Series 

9⁄10 with the Web CRD conversion in August 1999. 

See also NYSE Information Memo 81–57 (December 

1, 1981), which announced the approval of the 

Series 8 examination. 

8 See NYSE Information Memo 07–32 (April 11, 

2007). 9 Individuals wishing to take the Series 12 

examination were instructed to make the 

appropriate request through the Central Registration 

Depository on or before Friday, April 20, 2007. 

Individuals who made an appropriate request by 

April 20, 2007 have 120 days to take the Series 12 

examination. NYSE will also continue to grant 

Securities Manager qualification to individuals who 

have passed the Series 24 on or after July 2, 2001, 

except for those individuals who supervise options 

or municipal securities sales activity. See NYSE 

Information Memo 02–51 (November 12, 2002). 10 15 U.S.C. 78f(c)(3)(B). 

11 15 U.S.C. 78s(b)(3)(A)(i). 

12 17 CFR 240.19b–4(f)(1). 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to rescind 

the Series 12 examination. The Series 12 

is owned and maintained by the NYSE 

and administered through the National 

Association of Securities Dealers, Inc. 

Background. NYSE Rule 342 

(‘‘Offices—Approval, Supervision and 

Control’’) requires that member 

organizations be appropriately 

supervised. NYSE Rule 342.13 

prescribes specific qualification 

standards for supervisors.5 It requires 

that a Branch Office Manager (‘‘BOM’’) 

pass the General Securities Sales 

Supervisor examination (‘‘Series 9/10’’) 

or another examination acceptable to 

the Exchange. The Exchange currently 

accepts two alternatives to the Series 9/ 

10 examination: The Series 12 

examination and the General Securities 

Principal (‘‘Series 24’’) examination.6

Since the Series 12 examination 

qualifies a candidate as a Securities 

Manager, it has generally been utilized 

by individuals employed by a broker/ 

dealer whose business is limited solely 

to equity and non-municipal fixed 

income securities. 

Proposed Amendment. The Exchange 

is seeking to rescind the Series 12 

examination 7 primarily because its 

content is now covered by the Series 10 

examination, which is the general 

securities portion of the Series 9⁄10

examination. The Series 12 consists of 

100 multiple-choice questions covering 

the following four general areas of 

knowledge, which are also addressed in 

the Series 10: Sales Supervision; 

Account Supervision; Compliance, 

Recordkeeping and Financial 

Responsibility; and Regulations 

Affecting the Operation of Securities 

Markets. The primary difference 

between the Series 12 and the Series 10 

is that the Series 12 does not cover 

municipal securities. Thus, candidates 

seeking a BOM and/or Securities 

Manager designation may qualify via the 

Series 10 examination (or the Series 24 

examination) in lieu of the Series 12. 

Further, few candidates take the 

Series 12, and the number of candidates 

taking the exam annually has declined 

steadily over the past several years. For 

example, in 2000, 70 candidates took 

the Series 12. By 2003, only 20 

candidates took the Series 12, and only 

15 candidates took the exam in 2006. 

Maintenance of an examination program 

is a labor-intensive process because an 

exam must be reviewed and updated 

regardless of the number of candidates 

taking the exam. Rescission of the Series 

12 will enable the Exchange to better 

allocate its resources to updating and 

administering the Series 10 

examination. 

In order to notify candidates who are 

currently registering or preparing for the 

Series 12 examination, the Exchange 

published an Information Memo 

announcing the Exchange’s intention to 

file this proposed rescission with the 

Commission.8 In brief, it informed 

candidates who requested to take the 

Series 12 prior to April 23, 2007 that 

they will be registered to do so.9 If, 

however, a candidate requests 

registration for the Series 12 on or after 

that date, the candidate will 

automatically be registered to take the 

Series 10 examination. 

2. Statutory Basis 

The Exchange believes that the 

proposed rescission is consistent with 

the requirements of Section 6(c)(3)(B) 10

of the Act. The Exchange believes, 

pursuant to that section, it has a 

responsibility to prescribe standards of 

training, experience, and competence 

for persons associated with Exchange 

member organizations. The Exchange 

notes that proposed rescission of the 

Series 12 will not result in any 

diminution of Exchange competency 

standards because the content of the 

Series 12 is covered by the Series 10 

examination, and the Exchange 

prospectively will require all candidates 

who would have otherwise taken the 

Series 12 to take the Series 10. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The proposed rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A)(i) 11 of the Act and 

paragraph (f)(1) of Rule 19b–4 

thereunder,12 in that it constitutes a 

stated policy, practice, or interpretation 

with respect to the meaning, 

administration, or enforcement of an 

existing rule of the Exchange. At any 

time within 60 days of the filing of such 

proposed rule change, the Commission 

may summarily abrogate such rule 

change if it appears to the Commission 

that such action is necessary or 

appropriate in the public interest, for 

the protection of investors, or otherwise 

in furtherance of the purposes of the 

Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

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24352 Federal Register / Vol. 72, No. 84 / Wednesday, May 2, 2007 / Notices 

13 17 CFR 200.30–3(a)(12). 

Electronic Comments 

<bullet≤ Use the Commission’s 

Internet comment form (http:// 

www.sec.gov/rules/sro.shtml); or 

<bullet≤ Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NYSE–2007–41 on the 

subject line. 

Paper Comments 

<bullet≤ Send paper comments in 

triplicate to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2007–41. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of such filing also will be 

available for inspection and copying at 

the principal office of the NYSE. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–NYSE–2007–41 and should 

be submitted on or before May 23, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8311 Filed 5–1–07; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

Disaster Declaration ●10852 and 

●10853; New York Disaster ●NY– 

00045 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the State of New York 

(FEMA–1692–DR), dated 04/24/2007. 

Incident: Severe Storms and Inland 

and Coastal Flooding. 

Incident Period: 04/14/2007 through 

04/18/2007. 

Effective Date: 04/24/2007. 

Physical Loan Application Deadline 

Date: 06/25/2007. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 01/24/2008. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

04/24/2007, applications for disaster 

loans may be filed at the address listed 

above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties (Physical Damage 

and Economic Injury Loans): 

Orange, Rockland, Westchester. 

Contiguous Counties (Economic Injury 

Loans Only): 

New York: Bronx, Dutchess, Putnam, 

Sullivan, Ulster. 

Connecticut: Fairfield. 

New Jersey: Bergen, Passaic, Sussex. 

Pennsylvania: Pike. 

The Interest Rates are: 

Percent 

For Physical Damage:.

Homeowners with Credit Available Elsewhere: ....................... 5.750 

Homeowners without Credit 

Available Elsewhere: ............... 2.875 

Businesses with Credit Available 

Elsewhere: ............................... 8.000 

Other (Including Non-Profit Organizations) with Credit Available 

Elsewhere: ............................... 5.250 

Businesses and Non-Profit Organizations without Credit Available Elsewhere: ....................... 4.000 

For Economic Injury:.

Businesses & Small Agricultural 

Cooperatives without Credit 

Available Elsewhere: ............... 4.000 

The number assigned to this disaster 

for physical damage is 108526 and for 

economic injury is 108530. 

Federal Domestic Assistance Numbers 

59002 and 59008) 

Jane M. Pease, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E7–8348 Filed 5–1–07; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

Environmental Impact Statement: San 

Diego, CA 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice of intent. 

SUMMARY: The FHWA is issuing this 

notice to advise the public that an 

environmental impact statement will be 

prepared to identify a corridor for a 

future proposed highway and port of 

entry in San Diego County, California. 

FOR FURTHER INFORMATION CONTACT: 

Steve Healow, Project Development 

Engineer, Federal Highway 

Administration, 650 Capitol Mall, Suite 

4–100, Sacramento, California 95814. 

Telephone: (916) 498–5849 or Susanne 

Glasgow, Deputy District Director, 

Environmental Division, California 

Department of Transportation, District 

11, 4050 Taylor Street, MS–242, San 

Diego, CA 92110. Telephone: (619) 688– 

0100. 

SUPPLEMENTARY INFORMATION: The 

FHWA, in cooperation with the 

California Department of Transportation 

(Caltrans) and the General Services 

Administration (GSA), will prepare a 

phased environmental impact statement 

(PEIS) on a proposal to identify and 

preserve a corridor for future State 

Route (SR) 11, identify an area for the 

future Otay Mesa East Port of Entry 

(POE), and study the functionality of the 

existing Commercial Vehicle 

Enforcement Facility (CVEF) on eastern 

Otay Mesa in San Diego County. 

Identification and preservation of the 

highway corridor and port of entry will 

facilitate the application process for 

presidential permit for the POE, land 

use planning by local jurisdictions, and 

right-of-way acquisition for the future 

projects. 

Future SR11 would begin at 

approximately the SR905/SR125 

interchange and proceed easterly 

approximately 2.7 miles to a new POE. 

The completed PEIS will facilitate 

Caltrans, FHWA, and GSA proceeding 

independently with right-of-way 

acquisition, designation, and project 

level environmental processing of their 

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