21052 Federal Register / Vol. 65, No. 76 / Wednesday, April 19, 2000 / Notices

9 17 CFR 200.30–3(a)(34).

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

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 42450

(Feb. 23, 2000), 65 FR 10577 (Feb. 28, 2000) File

No. SR–NYSE–99–48). The Commission notes that

similar proposals have been filed by the American

Stock Exchange, Securities Exchange Act Release

No. 42460 (February 25, 2000), 65 FR 11618 (March

3, 2000) (File No. SR–Amex–00–05); the Chicago

Stock Exchange, Securities Exchange Act Release

No. 42459 (Feb. 25, 2000), 65 FR 11619 (March 3,

2000) (File No. SR–CHX–99–28); the Philadelphia

Stock Exchange, Securities Exchange Act Release

No. 42458 (Feb. 25, 2000), 65 FR 11628 (March 3,

2000) (File No. SR–Phlx–00–12); and the Boston

Stock Exchange, SR–BSE–00–02.

reasonably necessary or desirable to carry out

the provisions of this Agreement.

19. Liaison and Notices. All questions

regarding the implementation of this

Agreement shall be directed to the persons

identified in subsections (a) and (b), as

applicable, below. All notices and other

communications required or permitted to be

given under this Agreement shall be in

writing and shall be deemed to have been

duly given upon (i) actual receipt by the

notified party or (ii) constructive receipt (as

of the date marked on the return receipt) if

sent by certified or registered mail, return

receipt requested, to the following addresses:

(a) If to NASDR: NASD Regulation, Inc.,

Office of General Counsel, 1735 K Street,

N.W., Washington, D.C. 20006, Attn: Alden

S. Adkins.

With, if a notice of breach or default, a

required copy to: National Association of

Securities Dealers, Inc., 1735 K Street, NW.,

Washington, D.C. 20006, Attn: Office of

General Counsel—Contracts Group.

(b) If to the Exchange:

International Securities Exchange LLC,

Senior Vice President, Chief Regulatory

Officer & General Counsel, 60 Broad Street,

New York, New York 10004, Attn: Michael

J. Simon.

With, if a notice of breach or default, a

required copy to: Same address as above.

20. Regulatory Responsibility. Pursuant to

Section 17(d)(1)(A) of the Act, and Rules

17d–2 thereunder, NASDR and the Exchange

jointly request the SEC, upon its approval of

this Agreement, to relieve the Exchange of

any and all responsibilities with respect to

the matters allocated to NASDR pursuant to

this Agreement for purposes of Section 17(d)

and 19(g) of the Act, provided however that

the Exchange will continue to have exclusive

regulatory responsibility for ensuring the

continued validity of the certifications made

under Section 5.(c)(1) herein.

21. Governing Law. This Agreement shall

be deemed to have been made in the State

of New York, and shall be construed and

enforced in accordance with the law of the

State of New York, without reference to

principles of conflicts of laws thereof. Each

of the parties hereby consents to submit to

the jurisdiction of the courts by or for the

State of New York in connection with any

action or proceeding relating to this

Agreement.

22. Survival of Provisions. Provisions

intended by their terms or context to survive

and continue notwithstanding delivery of the

Services by NASDR, the payment of the price

by the Exchange, and any expiration of this

Agreement shall survive and continue,

including but not limited to, the items

referred to in Sections 8, 9, and 10.

ISE Certification—ISE Rules Certification for

17d–2 Agreement With NASD

The ISE hereby certifies that the

requirements contained in the ISE rules

listed below are identical to, or substantially

similar to, NASD rules.

ISE Rule 403 (Nominal Employment)

ISE Rule 408 (Prevention of the Misuse of

Material Nonpublic Information)

ISE Rule 409 (Disciplinary Action of Other

Organizations)

ISE Rule 601 (Registration of Options

Principals)

ISE Rule 602 (Registration of Representatives)

ISE Rule 603 (Termination of Registered

Persons)

ISE Rule 604 (Continuing Education for

Registered Persons)

ISE Rule 605 (Other Affiliations of Registered

Persons)

ISE Rule 607 (Branch Offices)

ISE Rule 613 (Statements of Accounts to

Customers)

ISE Rule 614 (Statements of Financial

Condition to Customers)

ISE Rule 615 (Addressing of Communications

to Customers)

ISE Rule 617 (Restrictions on Pledge and

Lending of Customers’ Securities)

ISE Rule 619 (Guarantees)

ISE Rule 620 (Profit Sharing)

ISE Rule 621 (Assuming Losses)

ISE Rule 622 (Transfer of Accounts)

ISE Rule 623 (Communications to Customers)

ISE Rule 624 (Brokers’ Blanket Bond)

ISE Rule 626 (Telephone Solicitation)

ISE Rule 1202 (Margin Requirements)

ISE Rule 1203 (Meeting Margin Calls by

Liquidation Prohibited)

ISE Rule 1400 (Maintenance, Retention and

Furnishing of Books, Records and Other

Information)

ISE Rule 1407 (Market Maker Hedge

Exemption from Nasdaq Short Sale Rule)

III. Solicitation of Comments

In order to assist the Commission in

determining whether to approve this

plan and to relieve the ISE of those

responsibilities designated to the NASD,

interested persons are invited to submit

written data, views, and arguments

concerning the foregoing. Persons

making written submissions should file

six copies thereof with the Secretary,

Securities and Exchange Commission,

450 Fifth Street, NW, Washington, DC

20549–0609. Copies of the submission,

all subsequent amendments, all written

statements with respect to the proposed

plan that are filed with the Commission,

and all written communications relating

to the proposed plan 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 at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All

submissions should refer to File No. 4–

431 and should be submitted by May 10,

2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.9

Jonathan G. Katz,

Secretary.

[FR Doc. 00–9791 Filed 4–18–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42660; File No. SR–PCX–

00–11]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Pacific Exchange, Inc., Rescinding

the Exchange’s Off-Board Trading

Rules

April 10, 2000.

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 March 26,

2000, the Pacific Exchange, Inc. (‘‘PCX’’

or ‘‘Exchange’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change as described in Items I, II,

and III below, which Items have been

prepared by the Exchange. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

The Exchange’s proposed rule change

raises issues similar to those raised by

the New York Stock Exchange’s

(‘‘NYSE’’ proposal to repeal NYSE Rule

390, which rule generally prohibits

NYSE members and their affiliates from

effecting transactions in certain NYSElisted securities away from a national

securities exchange. The Commission

recently issued the notice of filing for

the NYSE’s proposal (‘‘NYSE Notice’’)

and solicited comment on a number of

important issues that have broad

implications for the structure of the U.S.

securities markets.3 Specifically, the

Commission requested comment on

market fragmentation—the trading of

orders in multiple locations without

interaction among those orders—and on

Federal Register / Vol. 65, No. 76 / Wednesday, April 19, 2000 / Notices 21053

4The Commission notes that the NYSE Notice is

available on the Commission’s website at: <http://

www.sec.gov/rules/sros/ny9948n.htm.>

5Telephone conversation between Michael D.

Pierson, Senior Attorney, Regulatory Policy,

Exchange, and Rebekah Liu, Special Counsel,

Division of Market Regulation, Commission, dated

April 3, 2000.

6 15 U.S.C. 78f.

7 15 U.S.C. 78f(b)(5). 8See supra notes 3 and 4. 9 17 CFR 200.30–3(a)(12).

several options for addressing market

fragmentation. To promote a

comprehensive discussion of off-board

trading restrictions and related market

fragmentation issues, the Commission

requests that persons interested in the

Exchange’s proposal refer to the NYSE

Notice and submit comments that

respond to the questions presented in

the NYSE Notice.4

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to eliminate

Rules 5.43–5.49 and to modify Rule

5.5(b) which relate to off-board trading

restrictions.

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

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 Exchange is proposing to

eliminate Rules 5.43–5.49 and to modify

Rule 5.5(b) which relate to off-board

trading restrictions. The Exchange

believes that once the Commission

approves the NYSE’s proposal to

rescind its off-board trading restrictions,

the Exchange’s off-board trading

restrictions will no longer be necessary

or appropriate.5

2. Statutory Basis

The proposed rule changes are

consistent with Section 6(b) of the Act 6

in general and furthers the objectives of

Section 6(b)(5) 7 in particular in that

they are designed to prevent fraudulent

and manipulative acts and practices, to

promote just and equitable principles of

trade, to remove impediments to and

perfect the mechanism of a free and

open market and a national market

system, and, in general, to protect

investors and the public interest; and

are not designed to permit unfair

discrimination between customers,

issuers, brokers and dealers.

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 furthermore

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

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 the self-regulatory

organization 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 is consistent with the Act. The

Commission also invites interested

persons to submit written data, views,

and arguments on the market

fragmentation issues presented in the

NYSE Notice.8 Persons making written

submissions should file six copies

thereof with the Secretary, Securities

and Exchange Commission, 450 Fifth

Street, NW, Washington, DC 20549–

0609. 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 persons, 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 will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–PCX–00–11 and should be

submitted by May 10, 2000. Comments

responding to the Commission’s request

for comment on market fragmentation

issues should refer to File No. SR–

NYSE–99–48 and should be submitted

by April 28, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.9

Jonathan G. Katz,

Secretary.

[FR Doc. 00–9790 Filed 4–18–00; 8:45 am]

BILLING CODE 8010–01–M

SELECTIVE SERVICE SYSTEM

Form Submitted to the Office of

Management and Budget for Extension

of Clearance

The form described below has been

modified and has been submitted to the

Office of Management and Budget

(OMB) for extension of clearance in

compliance with the Paperwork

Reduction Act (44 U.S.C. Chapter 35):

SSS Form 22

Title: Claim Documentation Form—

Conscientious Objector.

Purpose: It is used to document a

claim for classification as a

conscientious objector.

Respondents: Registrants who claim

to be conscientious objectors.

Frequency: One-time.

Burden: The reporting burden is one

hour per individual.

Copies of the above identified form

can be obtained upon written request to

the Selective Service System, Reports

Clearance Officer, Arlington, Virginia,

22209–2425.

Written comments and

recommendations for the proposed

extension of clearance of the form

should be sent within 30 days of

publication of this notice to the

Selective Service System, Reports

Clearance Officer, Arlington, Virginia,

22209–2425.

A copy of the comments should be

sent to Office of Information and

Regulatory Affairs. Attention: Desk

Officer, Selective Service System, Office