51398 Federal Register / Vol. 70, No. 167 / Tuesday, August 30, 2005 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 52051 (July 

18, 2005), 70 FR 42608. 

4 ‘‘Dow Jones Industrial Average’’ is a service 

mark of Dow Jones & Company, Inc. 

5Current NYSE Rule 80A provides that collars are 

based on a quarterly calculation of ‘‘two percent 

value,’’ which is 2%, rounded down to the nearest 

ten points, of the average closing value of the DJIA 

for the last month of the previous calendar quarter. 

6NYSE Rule 80A’s current limitations on index 

arbitrage trading provide that if the market 

advances by 2% or more, all index arbitrage orders 

to buy must be stabilizing (buy minus); similarly, 

if the market declines by 2% or more, all index 

arbitrage orders to sell must be stabilizing (sell 

plus). The stabilizing requirements are removed if 

the DJIA moves back to or within 1% of its closing 

value. 

7 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). 

8 15 U.S.C. 78f. 

9 15 U.S.C. 78f(b)(5). 

10The Commission notes that approval of the 

proposed rule change is based, in part, on the fact 

that NYSE Rule 80A affects only certain types of 

trading by NYSE members trading on the floor of 

the Exchange. The rule’s cross-market implications 

are minimal. The Commission, therefore, believes 

that the NYSE should have considerable discretion 

in determining which index to apply under this 

rule. The Commission’s approval of the proposed 

rule change should in no way be interpreted as an 

indication that a similar change to NYSE Rule 80B 

(Trading Halts Due to Extraordinary Market 

Volatility), which is integral to the cross-market 

trading halt procedures known as ‘‘Circuit 

Breakers,’’ would be subject to the same analysis or 

similarly approved by the Commission. 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(12). 

arbitrators. Although it is clear under 

NASD rules that persons who are 

registered through a broker or a dealer 

are associated persons of that brokerdealer, is this amendment helpful? 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NASD–2005–094 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Jonathan G. Katz, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–2001. 

All submissions should refer to File 

Number SR–NASD–2005–094. 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 at 

the Commission’s Public Reference 

Room. Copies of such filing also will be 

available for inspection and copying at 

the principal office of NASD. 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 the File 

Number SR–NASD–2005–094 and 

should be submitted on or before 

September 20, 2005. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.11

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4726 Filed 8–29–05; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52328; File No. SR–NYSE–

2005–45] 

Self-Regulatory Organizations; New 

York Stock Exchange, Inc.; Order 

Approving Proposed Rule Change To 

Amend NYSE Rule 80A (Index 

Arbitrage Trading Restrictions) To 

Calculate Limitations on Index 

Arbitrage Trading Based on the NYSE 

Composite Index 

August 24, 2005. 

On June 28, 2005, the New York Stock 

Exchange, Inc. (‘‘NYSE’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘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 to amend NYSE Rule 80A (Index 

Arbitrage Trading Restrictions) relating 

to limitations on index arbitrage trading. 

The proposed rule change was 

published for comment in the Federal 

Register on July 25, 2005.3 The 

Commission received no comments on 

the proposal. This order approves the 

proposed rule change. 

Current NYSE Rule 80A provides for 

limitations on index arbitrage trading in 

any component stock of the S&P 500 

Stock Price Index on any day that the 

Dow Jones Industrial Average (‘‘DJIA’’) 4

advances or declines at least 2%5 from 

its previous day’s closing value.6 The 

NYSE proposes to amend NYSE Rule 

80A to calculate the limitations on 

index arbitrage trading as provided in 

the rule based on the average closing 

value of the NYSE Composite Index

(‘‘NYA’’), replacing the current usage of 

the DJIA. 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange 7 and, in particular, the 

requirements of Section 6 of the Act 8

and the rules and regulations 

thereunder. Specifically, the 

Commission finds the proposal to be 

consistent with Section 6(b)(5) of the 

Act,9 in that it is designed 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. According to the 

Exchange, the NYA is a better reflection 

of market activity with respect to the 

S&P 500 and thus, a better indicator as 

to when the restrictions on index 

arbitrage trading provided by NYSE 

Rule 80A should be triggered. Therefore, 

the Commission believes that it is 

consistent with the Act for the NYSE to 

amend NYSE Rule 80A to calculate 

limitations on index arbitrage trading 

based on the NYA.10

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,11 that the 

proposed rule change (SR–NYSE–2005–

45) be, and it hereby is, approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.12

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4724 Filed 8–29–05; 8:45 am] 

BILLING CODE 8010–01–P 

UNITED STATES SENTENCING 

COMMISSION 

Sentencing Guidelines for United 

States Courts 

AGENCY: United States Sentencing 

Commission. 

ACTION: Notice of final priorities. 

Federal Register / Vol. 70, No. 167 / Tuesday, August 30, 2005 / Notices 51399 

SUMMARY: In June 2005, the Commission 

published a notice of possible policy 

priorities for the amendment cycle 

ending May 1, 2006. See 70 FR 37145 

(June 28, 2005). After reviewing public 

comment received pursuant to the 

notice of proposed priorities, the 

Commission has identified its policy 

priorities for the upcoming amendment 

cycle and hereby gives notice of these 

policy priorities. 

FOR FURTHER INFORMATION CONTACT: 

Michael Courlander, Public Affairs 

Officer, Telephone: (202) 502–4590. 

SUPPLEMENTARY INFORMATION: The 

United States Sentencing Commission is 

an independent agency in the judicial 

branch of the United States 

Government. The Commission 

promulgates sentencing guidelines and 

policy statements for federal sentencing 

courts pursuant to 28 U.S.C. 994(a). The 

Commission also periodically reviews 

and revises previously promulgated 

guidelines pursuant to 28 U.S.C. 994(o) 

and submits guideline amendments to 

the Congress not later than the first day 

of May each year pursuant to 28 U.S.C. 

994(p). 

As part of its statutory authority and 

responsibility to analyze sentencing 

issues, including operation of the 

federal sentencing guidelines, the 

Commission has identified its policy 

priorities for the amendment cycle 

ending May 1, 2006, and possibly 

continuing into the amendment cycle 

ending May 1, 2007. While the 

Commission intends to address these 

priority issues, it recognizes that other 

factors, most notably changes that may 

be required as a result of United States 

v. Booker, 543 U.S. ll (2005), 125 

S.Ct. 738 (2005), as well as the 

enactment of any legislation requiring 

Commission action, may affect the 

Commission’s ability to complete work 

on any or all policy issues by the 

statutory deadline of May 1, 2006. 

The Commission’s policy priorities 

for the upcoming amendment cycle are 

as follows: 

(1) Implementation of crime 

legislation enacted during the 108th 

Congress and the first session of the 

109th Congress warranting a 

Commission response, including (A) the 

Family Entertainment and Copyright 

Act of 2005, Public Law 109–9; (B) the 

Intellectual Property Protection and 

Courts Amendment Act of 2004, Public 

Law 108–482; (C) the Anabolic Steroids 

Act, Public Law 108–358 (and as part of 

its work on this Act, examination of 

offenses involving human growth 

hormones under 21 U.S.C. 333(e)); (D) 

the Intelligence Reform and Terrorism 

Reform Act of 2004, Public Law 108–

458; and (E) other legislation, amending 

statutory penalties and creating new 

offenses, that requires incorporation 

into the guidelines; 

(2) Assessment of the Justice for All 

Act of 2004, Public Law 108–405, and 

other statutes pertaining to victims’

rights; 

(3) Continuation of its work with the 

congressional, executive, and judicial 

branches of the government and other 

interested parties on appropriate 

responses to United States v. Booker, 

including any appropriate guideline 

changes, and a report on the effects of 

Booker on federal sentencing, including 

an analysis of sentencing data collected 

within the first year of that decision; 

(4) Continuation of its policy work 

regarding immigration offenses, 

specifically, offenses under §§ 2L1.1 

(Smuggling, Transporting, or Harboring 

an Unlawful Alien) and 2L1.2 

(Unlawfully Entering or Remaining in 

the United States), and Chapter Two, 

Part L, Subpart 2 (Naturalization and 

Passports); 

(5) Continuation of its work with the 

congressional, executive, and judicial 

branches of the government and other 

interested parties on cocaine sentencing 

policy, including the update of 

Commission research, in view of the 

Commission’s 2002 report to Congress, 

Cocaine and Federal Sentencing Policy; 

(6) Review, and possible amendment, 

of commentary in Chapter Eight 

(Organizations) regarding waiver of the 

attorney-client privilege and work 

product protections; 

(7) Review, and possible amendment, 

of guideline provisions pertaining to 

firearms offenses, particularly the 

trafficking of firearms, and of departure 

provisions related to firearms offenses; 

(8) Consideration of policy statements 

pertaining to motions under 18 U.S.C. 

3582(c)(1)(A)(i) for sentence reductions 

for ‘‘extraordinary and compelling 

reasons’’; 

(9) Resolution of a number of circuit 

conflicts, pursuant to the Commission’s 

continuing authority and responsibility, 

under 28 U.S.C. 991(b)(1)(B) and 

Braxton v. United States, 500 U.S. 344 

(1991), to resolve conflicting 

interpretations of the guidelines by the 

federal courts; and 

(10) Review, and possible 

amendment, of pertinent guideline 

provisions to address structural issues 

regarding the Sentencing Table in 

Chapter Five, Part A, particularly ‘‘clifflike’’ effects occurring between levels 42 

and 43, and a possible adjustment to the 

offense level computation in cases in 

which the offense level exceeds level 

43, and to address other miscellaneous 

and limited issues pertaining to the 

application of the sentencing guidelines. 

Authority: 28 U.S.C. 994(a), (o); USSC 

Rules of Practice and Procedure 5.2. 

Ricardo H. Hinojosa, 

Chair. 

[FR Doc. 05–17186 Filed 8–29–05; 8:45 am] 

BILLING CODE 2210–40–P 

SMALL BUSINESS ADMINISTRATION 

National Small Business Development 

Center Advisory Board; Public Meeting 

The U.S. Small Business 

Administration, Office of Small 

Business Development Centers, National 

Advisory Board will be hosting its 

annual quarterly meeting to discuss 

such matters that may be presented by 

members, the staff of the U.S. Small 

Business Administration, and interested 

others. The meeting is scheduled for 

Wednesday, September 7, 2005, starting 

at 2:45 until 6 p.m. Eastern Standard 

Time. The meeting will take place at the 

Marriott Waterfront Hotel, 700 

Aliceanna Street, Board Room, 

Baltimore, MD 21202. 

Anyone wishing to attend must 

contact Erika Fischer, Senior Program 

Analyst, U.S. Small Business 

Administration, Office of Small 

Business Development Centers, 409 3rd 

Street, SW., Washington, DC 20416, 

telephone (202) 205–7045 or fax (202) 

481–0681. 

Matthew K. Becker, 

Committee Management Officer. 

[FR Doc. 05–17171 Filed 8–29–05; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

National Small Business Development 

Center Advisory Board; Public Meeting 

A Dialogue with the Small Business 

Development Center (SBDC) National 

Advisory Board will take place at the 

Association of SBDCs National 

Conference in Baltimore, Maryland on 

Thursday, September 8, 2005, starting at 

10:30 a.m. until noon. This session will 

take place at the Marriott Waterfront 

Hotel, 700 Aliceanna Street, Board 

Room, Baltimore, Maryland 21202. The 

‘‘Dialogue’’ session is an opportunity for 

state and regional SBDC Directors to 

discuss any issues (programmatic, 

policy, etc.) regarding the SBDC 

Program with the Board. 

Anyone wishing to attend must 

contact Erika Fischer, Senior Program 

Analyst, U.S. Small Business 

Administration, Office of Small