Federal Register / Vol. 70, No. 171 / Tuesday, September 6, 2005 / Notices 53029 

Topics for discussion include findings 

on two congressionally mandated 

studies: home health margins, and 

payments for oncology drugs and 

administration services in the Medicare 

system. The Commission will also 

discuss issues related to the Medicare 

wage index, outpatient therapy, valuing 

services in the physician fee schedule, 

and physician resource use. The 

Commission will also host a panel on 

quality measures in managed care 

organizations. 

Agendas will be e-mailed 

approximately one week prior to the 

meeting. The final agenda will be 

available on the Commission’s Web site 

(http://www.medpac.gov). 

This will be the last notice placed in 

the Federal Register by the 

Commission. We will continue to e-mail 

meeting agendas, which you can sign up 

to receive at http://www.medpac.gov. 

They will also be posted on our Web 

site. In addition, we will now e-mail a 

meeting notice two weeks prior to the 

meeting date. If you have any comments 

on this action, please contact Annissa 

McDonald at amcdonald@medpac.gov 

or (202) 220–3700. 

ADDRESSES: MedPAC’s address is: 601 

New Jersey Avenue, NW., Suite 9000, 

Washington, DC 20001. The telephone 

number is (202) 220–3700. 

Mark E. Miller, 

Executive Director. 

[FR Doc. 05–17567 Filed 9–2–05; 8:45 am] 

BILLING CODE 6820–BW–M 

OVERSEAS PRIVATE INVESTMENT 

CORPORATION 

September 8, 2005 Public Hearing 

OPIC’s Sunshine Act notice of its 

Public Hearing in Conjunction with 

each Board meeting was published in 

the Federal Register (Volume 70, 

Number 158, Page 48446) on August 17, 

2005. No requests were received to 

provide testimony or submit written 

statements for the record; therefore, 

OPIC’s public hearing in conjunction 

with OPIC’s September 15, 2005 Board 

of Directors meeting scheduled for 2 

p.m. on September 8, 2005 has been 

cancelled. 

Contact Person For Information: 

Information on the hearing cancellation 

may be obtained from Connie M. Downs 

at (202) 336–8438, via facsimile at (202) 

218–0136, or via e-mail at 

cdown@opic.gov. 

Dated: September 1, 2005. 

Connie M. Downs, 

OPIC Corporate Secretary. 

[FR Doc. 05–17723 Filed 9–1–05; 2:13 pm] 

BILLING CODE 3210–01–M 

OVERSEAS PRIVATE INVESTMENT 

CORPORATION 

September 15, 2005 Board of Directors 

Meeting 

Time And Date: Thursday, September 

15, 2005, 10 a.m. (Open Portion) 10:15 

a.m. (Closed Portion). 

Place: Offices of the Corporation, 

Twelfth Floor Board Room, 1100 New 

York Avenue, NW., Washington, DC. 

Status: Meeting Open to the Public 

from 10 a.m. to 10:15 a.m. Closed 

portion will commence at 10:15 a.m. 

(approx.). 

Matters To Be Considered: 

1. President’s Report. 

2. Approval of July 28, 2005 Minutes 

(Open Portion). 

Further Matters To Be Considered: 

(Closed to the Public 10:15 a.m.) 

1. Proposed FY2007 Budget. 

2. Finance Project—Russia. 

3. Finance Project—Asia. 

4. Finance Project—Eastern Europe 

and Turkey. 

5. Finance Project—Mexico. 

6. Approval of July 28, 2005 Minutes 

(Closed Portion). 

7. Pending Major Projects. 

8. Reports. 

Contact Person For Information: 

Information on the meeting may be 

obtained from Connie M. Downs at (202) 

336–8438. 

Dated: September 1, 2005. 

Connie M. Downs, 

Corporate Secretary, Overseas Private 

Investment Corporation. 

[FR Doc. 05–17724 Filed 9–1–05; 2:13 pm] 

BILLING CODE 3210–01–M 

OFFICE OF SCIENCE AND 

TECHNOLOGY POLICY 

Meeting of the President’s Council of 

Advisors on Science and Technology 

ACTION: Notice of meeting. 

SUMMARY: This notice sets forth the 

schedule and summary agenda for a 

meeting of the President’s Council of 

Advisors on Science and Technology 

(PCAST), and describes the functions of 

the Council. Notice of this meeting is 

required under the Federal Advisory 

Committee Act (FACA). 

Dates and Place: September 20, 2005, 

Washington, DC. The meeting will be 

held in Room 100 of the National 

Academies Keck Center located at 500 

Fifth Street, NW., Washington, DC 

20001. 

Type of Meeting: Open. Further 

details on the meeting agenda will be 

posted on the PCAST Web site at: 

http://www.ostp.gov/PCAST/pcast.html. 

Proposed Schedule and Agenda: The 

President’s Council of Advisors on 

Science and Technology is scheduled to 

meet in open session on Tuesday, 

September 20, 2005, at approximately 9 

a.m. The PCAST is tentatively 

scheduled to hear presentations on 

research and commercialization 

activities in the areas of 

pharmacogenomics (or personalized 

medicine) and alternative energy. These 

are both areas in which PCAST may 

undertake studies regarding the Federal 

role in research and development and 

the barriers and possible implications 

surrounding widespread adoption. A 

review and update of other PCAST 

topics (e.g., nanotechnology) is also 

tentatively scheduled to occur. This 

session will end at approximately 5 p.m. 

Additional information on the agenda 

will be posted at the PCAST Web site at: 

http://www.ostp.gov/PCAST/pcast.html. 

Public Comments: There will be time 

allocated for the public to speak on the 

above agenda items. This public 

comment time is designed for 

substantive commentary on PCAST’s 

work topics, not for business marketing 

purposes. Please submit a request for 

the opportunity to make a public 

comment five (5) days in advance of the 

meeting. The time for public comments 

will be limited to no more than 5 

minutes per person. Written comments 

are also welcome at any time following 

the meeting. Please notify Celia 

Merzbacher, PCAST Executive Director, 

at (202) 456–7116, or fax your request/ 

comments to (202) 456–6021. 

FOR FURTHER INFORMATION CONTACT: For 

information regarding time, place and 

agenda, please call Celia Merzbacher at 

(202) 456–7116, prior to 3 p.m. on 

Friday, September 16, 2005. Information 

will also be available at the PCAST Web 

site at: http://www.ostp.gov/PCAST/ 

pcast.html. Please note that public 

seating for this meeting is limited and 

is available on a first-come, first-served 

basis. 

SUPPLEMENTARY INFORMATION: The 

President’s Council of Advisors on 

Science and Technology was 

established by Executive Order 13226, 

on September 30, 2001. The purpose of 

PCAST is to advise the President on 

matters of science and technology 

policy, and to assist the President’s 

National Science and Technology 

53030 Federal Register / Vol. 70, No. 171 / Tuesday, September 6, 2005 / Notices 

1On July 28, 2000, the Commission approved a 

national market system plan for the purpose of 

creating and operating an intermarket options 

market linkage (‘‘Linkage’’) proposed by Amex, 

CBOE, and ISE. See Securities Exchange Act 

Release No. 43086 (July 28, 2000), 65 FR 48023 

(August 4, 2000). Subsequently, Phlx, PCX, and BSE 

joined the Linkage Plan. See Securities Exchange 

Act Release Nos. 43573 (November 16, 2000), 65 FR 

70851 (November 28, 2000); 43574 (November 16, 

2000), 65 FR 70850 (November 28, 2000); and 49198 

(February 5, 2004), 69 FR 7029 (February 12, 2004). 

2A ‘‘Principal Order’’ is an order for the principal 

account of an eligible market maker that does not 

relate to a customer order the market maker is 

holding. See Section 2(16)(b) of the Linkage Plan. 

3Specified in Section 8(b)(iii) of the Linkage Plan. 

4See Securities Exchange Act Release No. 52074 

(July 20, 2005), 70 FR 43469. 

10 15 U.S.C. 78k–1. 

11 17 CFR 240.11Aa3–2. 

12 15 U.S.C. 78k–1. 

13 17 CFR 240.11Aa3–2. 

14 17 CFR 200.30–3(a)(29). 

Council in securing private sector 

participation in its activities. The 

Council members are distinguished 

individuals appointed by the President 

from non-Federal sectors. The PCAST is 

co-chaired by Dr. John H. Marburger, III, 

the Director of the Office of Science and 

Technology Policy, and by E. Floyd 

Kvamme, a Partner at Kleiner Perkins 

Caufield & Byers. 

Stanley S. Sokul, 

General Counsel, Office of Science and 

Technology Policy. 

[FR Doc. 05–17595 Filed 9–2–05; 8:45 am] 

BILLING CODE 3170–W4–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52350; File No. 4–429] 

Joint Industry Plan; Order Approving 

Amendment No. 17 to the Plan for the 

Purpose of Creating and Operating an 

Intermarket Option Linkage Regarding 

Modifying the 80/20 Test for 

Determining Limitations on Principal 

Order Access to Linkage 

August 26, 2005. 

I. Introduction 

On April 20, 2005, May 20, 2005, May 

12, 2005, April 13, 2005, April 27, 2005 

and May 11, 2005, the American Stock 

Exchange LLC (‘‘Amex’’), the Boston 

Stock Exchange, Inc. (‘‘BSE’’), the 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’), the 

International Securities Exchange 

(‘‘ISE’’), the Pacific Exchange, Inc. 

(‘‘PCX’’), and the Philadelphia Stock 

Exchange, Inc. (‘‘Phlx’’) (collectively, 

‘‘Participants’’), respectively, filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) Joint 

Amendment No. 17 to the Plan for the 

Purpose of Creating and Operating an 

Intermarket Option Linkage (‘‘Linkage 

Plan’’).1 In Joint Amendment No. 17, the 

Participants propose to modify the 80/ 

20 Test to determine limitations on 

Principal Order 2 access to Linkage.3

The proposed amendment to the 

Linkage Plan was published in the 

Federal Register on July 27, 2005.4 No 

comments were received on the 

proposed amendment. This order 

approves the proposed amendment to 

the Linkage Plan. 

II. Description and Purpose of the 

Proposed Amendment 

The purpose of the Joint Amendment 

is to modify the 80/20 Test contained in 

Section 8(b)(iii) of the Linkage Plan, 

which provides that market makers 

should send Principal Orders through 

the Linkage on a limited basis and not 

as a primary aspect of their business. 

The 80/20 Test implements this general 

principle by prohibiting a market maker 

from sending Principal Orders in an 

eligible option class if, in the last 

calendar quarter, the market maker’s 

Principal Order contract volume is 

disproportionate to the market maker’s 

contract volume executed against 

customer orders in its own market. 

The Participants have expressed 

concern that the application of the 80/ 

20 Test has resulted in anomalies for 

market makers with limited volume in 

an eligible option class. Specifically, if 

a market maker has very little overall 

trading volume in an option, the 

execution of one or two Principal 

Orders during a calendar quarter could 

result in the market maker failing to 

meet the 80/20 Test. This would bar the 

market maker from using the Linkage to 

send Principal Orders for the following 

calendar quarter. The Participants 

contend that it was not their intent to 

bar market makers with limited volume 

from sending Principal Orders through 

the Linkage in these circumstances 

since such trading clearly was not ‘‘a 

primary aspect of their business.’’ Thus, 

in Joint Amendment No. 17, the 

Participants propose to create a de 

minimis exemption from the 80/20 Test 

for market makers that have total 

contract volume of less than 1,000 

contracts in an options class for a 

calendar quarter. 

III. Discussion 

After careful consideration, the 

Commission finds that the proposed 

amendment to the Linkage Plan seeking 

to create a de minimis exception to the 

80/20 Test is consistent with the 

requirements of the Act and the rules 

and regulations thereunder. 

Specifically, the Commission finds that 

the proposed amendment to the Linkage 

Plan is consistent with Section 11A of 

the Act 10 and Rule 11Aa3–2 

thereunder,11 in that it will increase the 

availability of Linkage to members of 

the Participants by limiting the 

applicability of the 80/20 Test in 

situations where market makers have 

minimal trading volume in a particular 

options class. 

The Commission recognizes that the 

Participants do not believe that it is 

necessary to bar market makers with 

limited volume from sending Principal 

Orders through the Linkage, as such 

trading does not raise concerns that a 

member is sending such orders as ‘‘a 

primary aspect of their business.’’ The 

Commission believes that the de 

minimis exemption from the 80/20 Test 

proposed by the Participants for market 

makers that have total contract volume 

of less than 1,000 contracts in an 

options class for a calendar quarter 

should ensure that market makers with 

relatively low volume in a particular 

options class can send a reasonable 

number of Principal Orders without 

being barred by application of the 80/20 

Test from using the Linkage in the 

following calendar quarter. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act 12 and Rule 

11Aa3–2 thereunder,13 that the 

proposed Joint Amendment No. 17 is 

hereby approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.14

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4835 Filed 9–2–05; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Pub. L. 94–409, that the 

Securities and Exchange Commission 

will hold the following meeting during 

the week of September 5, 2005: 

A Closed Meeting will be held on 

Wednesday, September 7, 2005 at 10 

a.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain