Federal Register / Vol. 70, No. 168 / Wednesday, August 31, 2005 / Notices 51857 

5 In approving this proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

6 15 U.S.C. 78f(b)(5). 

7See BSE Rules Chapter VI, Section 5(b) and (c), 

and Section 10. 

8 15 U.S.C. 78s(b)(2). 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 52058 

(July 19, 2005), 70 FR 42604 (July 25, 2005). 

4 In approving this rule the Commission notes 

that it has considered the proposed rule’s impact on 

efficiency, competition and capital formation. 15 

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

5 15 U.S.C. 78o–4(b)(2)(C). 

6 Id. 

7 15 U.S.C. 78s(b)(2). 

8 17 CFR 200.30–3(a)(12). 

Price Improvement Mechanism (‘‘PIM’’), 

or send the order to the Exchange’s limit 

order book. If the market maker submits 

the order to the PIM and is quoting at 

the national best bid or offer (‘‘NBBO’’) 

on the opposite side of the Directed 

Order, it would be prohibited from 

changing its quotation to a price less 

favorable than the price available at the 

NBBO or reducing the size of its 

quotation prior to submitting the 

Directed Order to the PIM, unless such 

quotation change is the result of an 

automated quotation system that 

operates independently from the 

existence or nonexistence of a pending 

Directed Order. If the market maker 

sends the order to the Exchange’s limit 

order book (or the Exchange system 

releases the order to the limit order book 

after three seconds) certain restrictions 

would apply to a market maker’s ability 

to trade with the order depending on 

whether the Directed Order is 

marketable or not marketable, and 

whether the Directed Market Maker is 

quoting at the NBBO or not quoting at 

the NBBO. In any case, the Directed 

Market Maker would be last in priority 

when the Directed Order is matched 

against contra interest. 

After careful consideration, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange.5 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,6 which requires 

among other things, that an exchange 

have rules that are designed to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transaction in 

securities, to remove impediments to 

and perfect the mechanism for a free 

and open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

The Commission notes that the 

proposal is similar to the Directed Order 

program currently in place on the 

Boston Options Exchange facility 

(‘‘BOX’’) of the Boston Stock Exchange, 

Inc. (‘‘BSE’’).7 Similar to the program 

currently in place on BOX, market 

makers receiving Directed Orders must 

accept all orders directed to them and 

must send such orders only to the PIM 

or to the Exchange’s limit order book. In 

addition, a market maker that receives a 

Directed Order when not quoting at the 

NBBO as well as when quoting at the 

NBBO, would have to wait three 

seconds before trading with the Directed 

Order. The Directed Order would be 

exposed to other market participants to 

give them the first opportunity to trade 

with the Directed Order. Accordingly, 

the Commission believes that the 

proposal would not provide any 

disincentive for market makers that 

receive Directed Orders to quote 

competitively. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,8 that the 

proposed rule change (SR–ISE–2004–16) 

be, and it hereby is, approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.9

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4732 Filed 8–30–05; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52333, File No. SR–MSRB–

2005–13] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Order Approving Proposed 

Rule Change Relating to Official 

Statement Delivery Requirements 

Under Rule G–32, Rule G–36, and Rule 

G–11 

August 25, 2005. 

On June 23, 2005, the Municipal 

Securities Rulemaking Board (‘‘MSRB’’

or ‘‘Board’’), filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’),1 and Rule 19b-4 

thereunder,2 a proposed rule change 

consisting of amendments to Rule G–32 

(on delivery of official statements to 

new issue customers), Rule G–36 (on 

delivery of official statements and 

advance refunding documents to the 

Board) and Rule G–11 (on new issue 

municipal securities during the 

underwriting period). The proposed rule 

change is intended to improve the 

efficiency of official statement 

dissemination in the municipal 

securities marketplace and the 

timeliness of official statement 

deliveries to customers. The proposed 

rule change was published for comment 

in the Federal Register on July 25, 

2005.3 The Commission received no 

comment letters regarding the proposal. 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to the MSRB4 and, in 

particular, the requirements of Section 

15B(b)(2)(C) of the Act 5 and the rules 

and regulations thereunder. Section 

15B(b)(2)(C) of the Act requires, among 

other things, that the MSRB’s rules be 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in municipal 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market in municipal securities, 

and, in general, to protect investors and 

the public interest.6 In particular, the 

Commission finds that the proposed 

rule change will increase the efficiency 

of official statement dissemination in 

the marketplace and the timeliness of 

official statement deliveries to 

customers. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,7 that the 

proposed rule change (SR–MSRB–2005–

13) be, and hereby is, approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.8

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4751 Filed 8–30–05; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Motor Carrier Safety 

Administration 

[Docket No. FMCSA–2005–22056] 

Public Meeting To Discuss the 

Implementation of the North American 

Standard for Cargo Securement 

AGENCY: Federal Motor Carrier Safety 

Administration (FMCSA), DOT. 

51858 Federal Register / Vol. 70, No. 168 / Wednesday, August 31, 2005 / Notices 

ACTION: Notice of public meeting. 

SUMMARY: FMCSA announces the 

second in a series of public meetings 

concerning the implementation of the 

North American Standard for Protection 

Against Shifting or Falling Cargo. On 

September 27, 2002, FMCSA published 

a final rule revising its regulations 

concerning protection against shifting 

and falling cargo for commercial motor 

vehicles (CMVs) engaged in interstate 

commerce. Motor carriers operating in 

the United States were given until 

January 1, 2004, to comply with the new 

regulations. On September 23, 2004, 

Canada’s Council of Ministers 

Responsible for Transportation and 

Highway Safety approved a new 

National Safety Code Standard for cargo 

securement. Full implementation of the 

new cargo securement requirements in 

Canada began in the summer of 2005. 

The purpose of this meeting is second 

in a series of meetings to discuss the 

process for ensuring the consistent 

interpretation of the harmonized cargo 

securement standards by FMCSA and 

the Canadian Provinces, and of the 

issues raised by enforcement agencies 

and motor carriers in the U.S., and to 

address potential implementation issues 

for the Canadian Provinces, and motor 

carriers operating in Canada. 

DATES: The meeting will be held on 

September 29–30, 2005. The meeting 

will begin at 1 p.m. and end at 5 p.m 

on September 29, and continue from 9 

a.m. until 5 p.m. on September 30. 

ADDRESSES: The meeting will be held at 

the Beau Rivage Resort, 875 Beach 

Boulevard, Biloxi, Mississippi. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Larry W. Minor, Director of the Office of 

Bus and Truck Standards and 

Operations (MC–PS), 202–366–4009, 

Federal Motor Carrier Safety 

Administration, 400 Seventh Street SW., 

Washington, DC 20590. 

SUPPLEMENTARY INFORMATION: 

Background 

On September 27, 2002 (67 FR 61212), 

FMCSA published a final rule revising 

its regulations concerning protection 

against shifting and falling cargo for 

CMVs operated in interstate commerce 

(49 CFR part 393). The new cargo 

securement standards are based on the 

North American Cargo Securement 

Standard Model Regulations, reflecting 

the results of a multi-year 

comprehensive research program to 

evaluate the then-current U.S. and 

Canadian cargo securement regulations; 

the motor carrier industry’s best 

practices; and recommendations 

presented during a series of public 

meetings involving U.S. and Canadian 

industry experts, Federal, State and 

Provincial enforcement officials, and 

other interested parties. The Agency 

indicated that the intent of the 

rulemaking is to reduce the number of 

crashes caused by cargo shifting on or 

within, or falling from, CMVs operating 

in interstate commerce, and to 

harmonize to the greatest extent 

practicable U.S., Canadian and Mexican 

cargo securement regulations. Motor 

carriers were given until January 1, 

2004, to comply with the new 

regulations. 

Maintaining Uniformity Between U.S. 

and Canadian Cargo Securement 

Standards 

FMCSA believes it is necessary to 

continue working with U.S. and 

Canadian industry experts, Federal, 

State and Provincial enforcement 

officials, and other interested parties to 

maintain to the greatest extent 

practicable, harmonization of U.S. and 

Canadian cargo securement standards. A 

major part of this effort includes 

uniformity in interpreting the meaning 

of the requirements adopted by the U.S. 

and Canada. While there are some 

differences between certain provisions 

of the regulations adopted by FMCSA 

and Canada’s National Safety Code 

Standard 10, most of the contents of the 

model regulations have been adopted, or 

will soon be adopted, by almost all 

jurisdictions in the U.S. and Canada. To 

ensure consistency in the interpretation 

and enforcement of the requirements, 

FMCSA is working with its partners in 

Canada to develop a process for sharing 

information about requests for 

interpretation, and exchanging technical 

information that would be helpful to the 

regulatory agencies in developing 

responses to such requests. FMCSA 

would also work with its partners in 

Canada to ensure that interpretations are 

made available to all interested parties 

in an efficient and timely manner. 

As part of the process for ensuring 

consistent interpretations of the 

harmonized cargo securement 

regulations, FMCSA is holding this 

public meeting to provide all interested 

parties the opportunity to participate in 

the discussions between the Agency and 

its Canadian counterparts about 

interpretations and other 

implementation issues. This is the 

second in a series of public meetings on 

this subject. The first meeting was held 

April 21–22 in Albuquerque, New 

Mexico (70 FR 16884, April 1, 2005). 

Minutes from the Albuquerque meeting, 

and the presentations made by 

participants have been placed in the 

docket listed at the beginning of this 

notice. The minutes and presentations 

from the Biloxi meeting and any future 

cargo securement implementation issues 

meetings will be placed in this docket. 

Future public meetings will be 

announced in the Federal Register. 

Meeting Information 

The meeting will be held on 

September 29–30, 2005, at the Beau 

Rivage Resort, 875 Beach Boulevard, 

Biloxi, Mississippi. The meeting is 

scheduled from 1 p.m. to 5 p.m. on 

September 29, and from 9 a.m. to 5 p.m. 

on September 30. The meeting is being 

held in connection with the Commercial 

Vehicle Safety Alliance’s (CVSA) 2005 

Fall Workshop. Attendance for the cargo 

securement meeting is free of charge 

and open to all interested parties. 

However, anyone interested in attending 

the sessions and committee meetings of 

the CVSA’s 2005 Fall Workshop must 

register with the CVSA and pay the 

appropriate registration fee. For further 

information about registration for other 

sessions or meetings of the CVSA’s 2005 

Fall Workshop please contact the CVSA 

at (202) 775–1623. 

Issued on: August 24, 2005. 

Warren E. Hoemann, 

Deputy Administrator. 

[FR Doc. 05–17276 Filed 8–30–05; 8:45 am] 

BILLING CODE 4910–EX–P 

DEPARTMENT OF TRANSPORTATION 

Federal Railroad Administration 

Petition for Waiver of Compliance 

In accordance with part 211 of title 49 

Code of Federal Regulations (CFR), 

notice is hereby given that the Federal 

Railroad Administration (FRA) received 

a request for a waiver of compliance 

with certain requirements of its safety 

standards. The individual petition is 

described below, including the party 

seeking relief, the regulatory provisions 

involved, the nature of the relief being 

requested, and the petitioner’s 

arguments in favor of relief. 

Indiana Northeastern Railroad 

Company (Docket Number FRA–2005–

21963) 

The Indiana Northeastern Railroad 

Company (IN) seeks a waiver of 

compliance from the provisions of the 

Track Safety Standards, 49 CFR 

213.233(c), that requires a twice-weekly 

track inspection when operating 

passenger trains. 

The IN, a shortline railroad operating 

in the states of Indiana, Ohio, and 

Michigan, has commenced weekend 

excursion passenger train operation