Federal Register / Vol. 75, No. 169 / Wednesday, September 1, 2010 / Notices 53727 

20 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. 62509 

(July 15, 2010), 75 FR 42804. 

4PSX will not be used for trading any securities 

other than NMS stocks. Existing rules would 

continue to govern registration of associated 

persons of member organizations that trade options, 

but not cash equities, through Phlx. The 

Commission understands that Phlx intends to 

amend its registration rules for its options members 

shortly. 

5See proposed Rule 604(g)(5)(A). 

6See proposed Rule 604(g)(5)(B). 

7Any person associated with a member 

organization as a registered representative whose 

duties are changed to require registration in any 

principal classification would be allowed a period 

of 90 calendar days following the change in his 

duties to pass the appropriate principal 

qualification examination. Upon elevation, the 

member organization shall submit to the Exchange 

through FINRA’s Central Registration Depository 

(‘‘Web CRD’’) an amended ‘‘Uniform Application for 

Securities Industry Registration or Transfer’’ (‘‘Form 

U4’’) and any applicable fees. No one may function 

as a principal beyond the initial 90 calendar day 

period following the change in his duties without 

having passed the appropriate qualification 

examination. See proposed Rule 604(g)(4). 

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 Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of the 

Exchange. 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–PHLX– 

2010–115 and should be submitted on 

or before September 22, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21849 Filed 8–31–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–62776; File No. SR–Phlx– 

2010–91] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Order 

Approving Proposed Rule Change, as 

Modified by Amendment No. 1 Thereto, 

To Amend Phlx Rule 604 Relating to 

Registration and Qualification 

Requirements for PSX 

August 26, 2010. 

I. Introduction 

On June 29, 2010, NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’ 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 adopt provisions relating to 

the registration and qualification of 

members and persons associated with 

member organizations. On July 13, 2010, 

the Exchange submitted Amendment 

No. 1 to the proposed rule change. The 

proposed rule change was published for 

comment in the Federal Register on July 

22, 2010.3 The Commission received no 

comment letters on the proposal. This 

order approves the proposed rule 

change, as modified by Amendment No. 

1. 

II. Description of the Proposal 

Phlx proposes to amend Rule 604, 

‘‘Registration and Termination of 

Registered Persons,’’ to adopt new and 

modify existing provisions governing 

general and limited categories of 

principals and representatives. The 

proposal is meant to capture all persons 

associated with member organizations 

who trade on the Exchange’s new equity 

platform, NASDAQ OMX PSX (‘‘PSX’’). 

Specifically, the Exchange proposes to 

adopt Rule 604(g), ‘‘Principal 

Registration,’’ and Supplementary 

Material .01–.03 to set forth the 

categories of principal registration. The 

rule would require, among other things, 

that all associated persons who perform 

certain functions pass an appropriate 

examination and register as principals; 

every member organization to have at 

least two registered principals (unless 

an exception applies); and each member 

organization to have a Limited 

Principal—Financial/Operations. In 

addition, Phlx Rule 604(h) and 

Supplementary Material .04 would 

require that each representative be 

registered and pass the General 

Securities Representative Examination 

(‘‘Series 7’’). 

Phlx also proposes to adopt Phlx Rule 

604(i)(1) to delineate categories of 

persons that are exempt from 

registration, Rule 604(i)(2) to allow 

member organizations and persons 

associated with member organizations 

to pay to non-registered foreign persons 

transaction-related compensation based 

upon business of customers they direct 

to member organizations if certain 

conditions are met, and Phlx Rule 604(j) 

to allow for waiver of qualification 

examination requirements in 

exceptional circumstances. In 

connection with the above amendments, 

Phlx proposes to add several related 

terms to Rule 1, ‘‘Definitions.’’ Finally, 

Phlx proposes to amend Rule 640, 

‘‘Continuing Education for Registered 

Persons,’’ to delete an outdated 

reference. 

Applicability—Rule 604(f) 

Proposed Phlx Rule 604(f) would state 

that sub-paragraphs (g) and (h), 

discussed in greater detail below, apply 

to member organizations, and associated 

persons of member organizations, that 

are registered with the Exchange for the 

purpose of trading NMS stocks.4

Principal Registration—Rule 604(g) 

Proposed Phlx Rule 604(g) would 

provide that persons associated with a 

member organization who are actively 

engaged in the management of the 

member organization’s investment 

banking or securities business, 

including supervision, solicitation, 

conduct of business or training of 

persons associated with a member 

organization for any of these functions, 

shall be registered as principals. Such 

persons would include sole proprietors, 

officers, partners, managers of offices of 

supervisory jurisdiction, and directors 

of corporations. 

Every member organization, except a 

sole proprietorship, would be required 

to have at least two officers or partners 

who are registered as principals with 

respect to each aspect of the member 

organization’s investment banking and 

securities business; 5 provided, 

however, that a proprietary trading firm 

with 25 or fewer registered 

representatives would only be required 

to have one officer or partner registered 

as a principal. The proposed rule would 

allow Phlx to waive the two-principal 

requirement in situations that indicate 

conclusively that only one person 

should be required to register as a 

principal.6

All persons who are to function as 

principals 7 would be required to pass 

the General Securities Principal 

Qualification Examination (‘‘Series 24’’) 

and submit a Form U4 through WebCRD 

reflecting registration as such, unless a 

different category of principal 

registration applies. Each person 

seeking to register and qualify as a 

General Securities Principal would be 

required to, before or concurrent with 


hsrobinson on DSK69SOYB1PROD with NOTICES
53728 Federal Register / Vol. 75, No. 169 / Wednesday, September 1, 2010 / Notices 

8The Limited Representative—Corporate 

Securities is a FINRA category of registration and 

requires passing the Series 62 examination. See 

FINRA Rule 1032(e). 

9Each person associated with a member 

organization who is included in the definition of 

principal in Phlx Rule 604(g) may register as a 

Limited Principal—General Securities Sales 

Supervisor if: (i) His supervisory responsibilities are 

limited to the securities sales activities of a member 

organization; (ii) he is registered pursuant to 

Exchange Rules as a General Securities 

Representative; and (iii) he is qualified to be so 

registered by passing an appropriate examination, 

which is the Series 9/10. 

10A Limited Principal—General Securities Sales 

Supervisor will not be qualified to perform for a 

member organization any of the following activities: 

(i) Supervision of the origination and structuring of 

underwritings; (ii) supervision of market making 

commitments; (iii) final approval of advertisements 

as these are defined in Phlx Rule 605; (iv) 

supervision of the custody of firm or customer 

funds and/or securities for purposes of Rule 

15c3–3 under the Act; or (v) supervision of overall 

compliance with financial responsibility rules for 

broker/dealers promulgated pursuant to the 

provisions of the Act. 

11This applies to member organizations operating 

pursuant to Rule 15c3–1(a)(1)(ii), (a)(2)(i), or (a)(8) 

under the Act. 

12These duties are: Final approval and 

responsibility for the accuracy of financial reports 

submitted to any duly established securities 

industry regulatory body; final preparation of such 

reports; supervision of individuals who assist in the 

preparation of such reports; supervision of and 

responsibility for individuals who are involved in 

the actual maintenance of the member 

organization’s books and records from which such 

reports are derived; supervision and/or performance 

of the member organization’s responsibilities under 

all financial responsibility rules promulgated 

pursuant to the provisions of the Act; overall 

supervision of and responsibility for the individuals 

who are involved in the administration and 

maintenance of the member organization’s back 

office operations; or any other matter involving the 

financial and operational management of the 

member organization. 

13Pursuant to proposed Phlx Rule 604.01(c), a 

person registered solely as a General Securities 

Principal is not qualified to function as a FINOP or 

a Limited Principal—General Securities Sales 

Supervisor. 

14Phlx proposes to define ‘‘representative’’ as a 

member or an associated person of a registered 

broker or dealer, including assistant officers other 

than principals, who is engaged in the investment 

banking or securities business for the member 

organization including the functions of supervision, 

solicitation or conduct of business in securities or 

who is engaged in training of persons associated 

with a broker or dealer for any of these functions. 

To the extent provided in Phlx Rule 604, all 

representatives are required to be registered with 

the Exchange and are referred to in Phlx’s rulebook 

as ‘‘Registered Representatives.’’ See proposed Phlx 

Rule 1(uu). 

15The term ‘‘associated person’’ or ‘‘person 

associated with’’ a member organization means any 

partner, officer, director, or branch manager of an 

Exchange member organization or applicant (or 

person occupying a similar status or performing 

similar functions), any person directly or indirectly 

controlling, controlled by, or under common 

control with such member organization or 

applicant, or any employee of such member or 

applicant, except that any person associated with a 

member organization or applicant whose functions 

are solely clerical or ministerial shall not be 

included in the meaning of such term for purposes 

of the Exchange rules. See proposed Phlx Rule 

1(vv). See also 15 U.S.C. 78c(a)(18). 

16The term ‘‘investment banking or securities 

business’’ means the business, carried on by a 

broker or dealer, of underwriting or distributing 

issues of securities, or of purchasing securities and 

offering the same for sale as a dealer, or of 

purchasing and selling securities upon the order 

and for the account of others. See proposed Phlx 

Rule 1(ww). 

17See Section 3(a)(39) of the Act; 15 U.S.C. 

78c(a)(39). 

such registration, become registered 

either as a General Securities 

Representative or as a Limited 

Representative—Corporate Securities.8

The Exchange proposes to adopt a 

‘‘Limited Principal—General Securities 

Sales Supervisor’’ category for persons 

whose supervisory responsibilities are 

limited.9 A person registered in this 

category solely on the basis of having 

passed the General Securities Sales 

Supervisor Qualification Examination 

(‘‘Series 9/10’’) would not be qualified to 

function in a principal capacity with 

responsibility over any area of business 

activity other than securities sales 

activity, nor be counted for purposes of 

fulfilling the requirement that member 

organizations have at least two 

principals.10

The Exchange also proposes to adopt 

a requirement that member 

organizations 11 register as a Limited 

Principal—Financial and Operations 

(‘‘FINOP’’), any associated person who 

performs enumerated financial and 

operational management duties (one of 

whom must be the Chief Financial 

Officer).12 Each would be required to 

pass the Financial and Operations 

Principal Qualification Examination 

(‘‘Series 27’’). 

Furthermore, in general, a person 

designated as a Chief Compliance 

Officer on Schedule A of Form BD of a 

member organization would be required 

to register with the Exchange as a 

General Securities Principal and pass 

the Series 24 examination (‘‘Series 24’’) 

before his registration could become 

effective, unless the person’s activities 

are so limited to qualify him for one or 

more of the limited categories of 

principal registration.13

Phlx proposes to add that any person 

whose registration has been revoked by 

the Exchange as a disciplinary sanction, 

or whose most recent registration as 

Principal has been terminated for a 

period of two or more years 

immediately preceding the date of 

receipt by the Exchange of a new 

application, must pass a qualification 

examination for principals appropriate 

to the person’s category of registration. 

Representative Registration—Rule 

604(h) and Supplementary Material .04 

Proposed Phlx Rule 604(h) and 

Supplementary Material .04 would 

govern the registration of 

representatives 14 with the Exchange. 

All persons engaged or to be engaged in 

the investment banking or securities 

business of a member organization who 

are to function as representatives would 

be required to pass the Series 7, register 

as a General Securities Representative, 

and submit a Form U4 through WebCRD 

reflecting their registration status. Any 

person whose registration has been 

revoked by the Exchange as a 

disciplinary sanction or whose most 

recent registration as a representative or 

principal has been terminated for a 

period of two or more years 

immediately preceding the date of 

receipt by the Exchange of a new 

application would be required to pass 

the Series 7 examination. No member 

organization would be able to permit 

any member or person associated with 

it 15 to engage in the investment banking 

or securities business 16 unless the 

member organization determines that 

the person satisfies the qualification 

requirements and is not subject to 

statutory disqualification.17

Phlx Rule 604(i)(1) 

The Exchange also proposes to adopt 

Phlx Rule 604(i)(1) exempting the 

following persons associated with a 

member organization from registration 

with the Exchange: (1) Persons whose 

functions are solely and exclusively 

clerical or ministerial; (2) persons who 

are not actively engaged in the 

investment banking or securities 

business; (3) persons whose functions 

are related solely and exclusively to the 

member organization’s need for nominal 

corporate officers or for capital 

participation; and (4) persons whose 

functions are related solely and 

exclusively to: (A) effecting transactions 

on the floor of another national 

securities exchange and who are 

registered as floor members with such 

exchange; (B) transactions in municipal 

securities; (C) transactions in 

commodities; (D) transactions in 

security futures, provided that any such 

person is registered with FINRA or a 

registered futures association; (E) 

transactions in variable contracts and 

insurance premium funding programs 

and other contracts issued by an 

insurance company; (F) transactions in 

direct participation programs; (G) 

transactions in government securities; or 

(H) effecting sales as part of a primary 

offering of securities not involving a 

public offering pursuant to Section 3(b), 

4(2), or 4(6) of the Securities Act of 1933 

and the rules and regulations 

thereunder. 


hsrobinson on DSK69SOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 169 / Wednesday, September 1, 2010 / Notices 53729 

18Advanced age or physical infirmity will not 

alone constitute sufficient grounds to waive a 

qualification examination. Experience in fields 

ancillary to the investment banking or securities 

business may constitute sufficient grounds to waive 

a qualification examination. 

19Phlx also proposes to amend Rule 640, 

Commentary .01 to delete an outdated reference to 

‘‘XLE,’’ the Exchange’s former trading system for 

NMS stocks, since XLE ceased operations in 2008. 

20 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). 

21 15 U.S.C. 78f(b)(5). 

22 15 U.S.C. 78f(c)(3)(B). 

23 15 U.S.C. 78k–1(a)(1). 

24Section 6 requires exchanges to have the ability 

to enforce compliance by their members and 

associated persons with the Federal securities laws 

and with their own rules. 15 U.S.C. 78f. 

25Broker and dealers are required to supervise the 

activities of their associated persons. See Section 

15(b)(4)(E) of the Act. 

26See Section 6(c)(2) of the Act and Rule 19h– 

1 under the Act. The Commission believes that it 

is important that certain registration information, 

such as whether an associated person is subject to 

a statutory disqualification, is available to 

exchanges and other regulators, including the 

Commission and the State securities regulators, 

through WebCRD as well as members of the public 

through BrokerCheck, which derives information 

from WebCRD. 

27Exchange Rule 748, Supervision, requires that 

all locations and activities of a member organization 

be supervised by a qualified supervisor. The 

principal registration requirement in proposed Rule 

604(g) supplements Rule 748. 

Phlx Rule 604(j) 

Proposed Phlx Rule 604(j) provides 

that the Exchange may, in exceptional 

cases and where good cause is shown, 

waive an applicable qualification 

examination and accept other standards 

as evidence of an applicant’s 

qualifications for registration.18

Other Changes 

Pursuant to proposed Rule 604(i)(2), 

the Exchange proposes to allow a 

member organization, and persons 

associated with a member organization, 

to pay to non-registered foreign persons 

transaction-related compensation based 

upon the business of customers directed 

to member organizations under certain 

enumerated conditions.19

III. Discussion and Commission 

Findings 

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.20 Specifically, the 

Commission finds that the proposal is 

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

Act,21 which requires, among other 

things, that the rules of a national 

securities exchange be 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. The Commission 

believes that the proposed rule change 

is also consistent with Section 6(c)(3)(B) 

of the Act,22 which authorizes 

exchanges to prescribe standards of 

training, experience and competence for 

persons associated with exchange 

members, and gives exchanges the 

authority to bar a natural person from 

becoming a member or a person 

associated with a member, if the person 

does not meet the standards of training, 

experience and competence prescribed 

in the rules of the exchange. The 

Commission believes that the changes 

proposed by Phlx to its rules will 

strengthen the regulatory structure of 

the Exchange and should enhance the 

ability of member firms to comply with 

the Exchange’s rules as well as with the 

Federal securities laws. 

Additionally, the Commission 

believes that the proposed rule change 

is consistent with the principles of 

Section 11A(a)(1) 23 of the Act in that it 

seeks to assure fair competition among 

brokers and dealers and among 

exchange markets. The Commission 

believes that the proposed rule will 

promote uniformity of regulation across 

markets, thus reducing opportunities for 

regulatory arbitrage. The proposed rule 

helps ensure that all persons conducting 

a securities business through Phlx are 

subject to registration, qualification and 

continuing education requirements, and 

are appropriately supervised, as the 

Commission expects of all selfregulatory organizations (‘‘SROs’’). 

In order to meet its obligations under 

Section 6 of the Act 24 to enforce 

compliance by member firms 25 and 

their associated persons with the Act, 

the rules thereunder, and the exchange’s 

own rules, an exchange must have 

baseline registration and examination or 

qualification requirements for all 

persons conducting business on an 

exchange, as well as for those 

supervising such activity. In addition, 

SROs should have continuing education 

requirements for registered persons 

which help ensure that members and 

persons associated with their members 

are up to date on amendments to SRO 

rules and securities laws, rules, and 

regulations that govern their activities. 

Furthermore, an exchange must know if 

an associated person of a member firm 

is subject to a statutory 

disqualification.26 This information is 

elicited by the Form U4, which is used 

by most exchanges and FINRA to 

register associated persons. 

The Commission believes that Phlx’s 

proposed rule change will help ensure 

that all associated persons of member 

organizations transacting business on 

PSX, as well as those who supervise, 

train or otherwise oversee those who do, 

will be registered with, and qualified by, 

the Exchange and will be subject to 

continuing education requirements. In 

addition, the proposal should 

strengthen the Exchange’s ability to 

ensure an effective supervisory structure 

for those conducting business on PSX.27

The requirements apply broadly and are 

intended to help close a regulatory gap 

which has resulted in varying 

registration, qualification, and 

supervision requirements across 

markets. Phlx will not allow any 

member organization to permit any 

person associated with it to engage in 

the investment banking or securities 

business through its facilities unless the 

member organization determines that 

such person satisfies the registration 

and qualification requirements and is 

not subject to statutory disqualification. 

The Commission believes that Phlx’s 

requirement that each person associated 

with a member organization who 

performs the functions of a 

representative, register with Phlx as a 

General Securities Representative and 

pass the Series 7 examination before 

registration may become effective, helps 

ensure that all associated persons who 

transact business on PSX, including 

those engaged in proprietary trading, are 

subject to appropriate registration, 

qualification, and continuing education 

requirements and is consistent with the 

Act. These requirements bolster the 

integrity of the Exchange by helping to 

ensure that all associated persons 

engaged in a securities business are, and 

will continue to be, properly trained 

and qualified to perform their functions 

and will be supervised and can be 

identified by regulators and the general 

public. 

Similarly, the Commission believes 

that the requirement that all persons 

functioning in certain capacities be 

registered through WebCRD as 

principals and be subject to higher 

qualification standards appropriately 

identifies those persons with heightened 

accountability and reflects the enhanced 

responsibility of the principal role and 

is consistent with the Act. The general 

requirement that firms have a minimum 

of two principals responsible for 

oversight of member organization 

activity on Phlx—who must be 

registered as such and pass the Series 24 

exam—should help Phlx strengthen the 

regulation of its member firms, and 


hsrobinson on DSK69SOYB1PROD with NOTICES
53730 Federal Register / Vol. 75, No. 169 / Wednesday, September 1, 2010 / Notices 

28A Limited Principal—General Securities Sales 

Supervisor may only supervise sales activities. 

Persons qualified only as Limited Principals— 

General Securities Sales Supervisors do not count 

toward the two-principal requirement of Rule 

604(g)(5). 

29See proposed Rule 604(j). 

30See, e.g., FINRA Rule 1070(d) and NASDAQ 

Rule 1070(d) regarding the examination waiver. 

See, e.g., FINRA Rule 1021(e)(2) and NASDAQ Rule 

1021(e)(2) regarding the two-principal requirement 

waiver. 

31See NASDAQ Rule 1060(b) and NASDAQ OMX 

BX Rule 1060(b). 

32 15 U.S.C. 78s(b)(2). 

33 17 CFR 200.30–3(a)(12). 

prepare those individuals for their 

responsibilities. 

In addition, the Commission believes 

that requiring Chief Compliance Officers 

and any employee operating in the 

capacity of a FINOP to register with the 

Exchange as principals and take either 

the Series 24 or Series 27, respectively, 

is appropriate based on the heightened 

level of accountability inherent in the 

duty of overseeing compliance by an 

Exchange member, and in the oversight 

and preparation of financial reports and 

the oversight of those employed in the 

financial and operational capacities at 

each firm. 

The Commission believes Phlx’s 

proposed Limited Principal—General 

Securities Sales Supervisor category is 

appropriate as the qualification 

standards required reflect the narrower 

responsibility of persons in this category 

of registration.28 Overall, the proposed 

new principal registration and 

qualification requirements should 

expand and strengthen the framework of 

supervisory rules that apply to 

Exchange member organizations and 

their associated persons doing business 

on PSX. 

The Commission believes Phlx’s 

proposed provision requiring any 

person whose registration has been 

revoked by the Exchange as a 

disciplinary sanction or whose most 

recent registration as a principal or 

representative has been terminated for a 

period of two or more years 

immediately preceding the date of 

receipt by the Exchange of a new 

application, to pass the qualification 

examination appropriate to such 

person’s category of registration is 

appropriate. This rule helps to ensure 

that persons’ qualifications are current. 

The Commission also believes Phlx’s 

proposed exceptions from the abovediscussed general requirements are 

appropriate. Any member seeking an 

exception from Phlx’s mandate that 

each firm have two principals must 

provide evidence that conclusively 

indicates to the Exchange that only one 

principal is necessary. The Commission 

expects this authority to be used 

sparingly, since principals oversee the 

operations of member firms and provide 

the first line of defense in ensuring that 

member firms are complying with the 

rules of an exchange as well as the 

Federal securities laws. In addition, the 

qualification examination waiver 

applies only in exceptional cases and 

requires the Exchange to have good 

cause; 29 the Commission believes this 

authority also should be used sparingly. 

The Commission expects the Exchange 

to maintain records and to utilize 

careful judgment in providing waivers. 

Finally, the Commission notes that 

these exceptions are substantively the 

same as exceptions provided to similar 

rules at other SROs.30

The Commission believes that 

proposed Rule 604(i)(2), which allows 

payment to finders when certain 

conditions are satisfied, is reasonable as 

it is consistent with the compensation 

arrangements allowed on other 

exchanges for foreign finders who direct 

business to member organizations.31

Finally, the Commission believes that 

adding paragraph (f) to Rule 604, 

specifying the applicability of 

paragraphs (g) and (h), and adding terms 

used in the proposed rules to its 

Definitions section will provide clarity 

to Phlx’s rules, enabling regulators, 

members, and the general public to 

better understand the rules. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,32 that the 

proposed rule change (SR–Phlx–2010– 

91), as modified by Amendment No. 1, 

be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–21850 Filed 8–31–10; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 7145] 

Culturally Significant Object Imported 

for Exhibition Determinations: ‘‘The 

Roman Mosaic from Lod, Israel’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000, 

I hereby determine that the object to be 

included in the exhibition ‘‘The Roman 

Mosaic from Lod, Israel,’’ imported from 

abroad for temporary exhibition within 

the United States, is of cultural 

significance. The object is imported 

pursuant to a loan agreement with the 

foreign owner or custodian. I also 

determine that the exhibition or display 

of the exhibit object at the Metropolitan 

Museum of Art, New York, New York, 

from on or about September 28, 2010, 

until on or about April 3, 2011, the 

Legion of Honor Museum, San 

Francisco, California, from on or about 

April 23, 2011, until on or about July 24, 

2011, and at possible additional 

exhibitions or venues yet to be 

determined, is in the national interest. 

I have ordered that Public Notice of 

these Determinations be published in 

the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a 

description of the exhibit object, contact 

Paul W. Manning, Attorney-Adviser, 

Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6469). The mailing address is U.S. 

Department of State, SA–5, L/PD, Fifth 

Floor (Suite 5H03), Washington, DC 

20522–0505. 

Dated: August 25, 2010. 

Ann Stock, 

Assistant Secretary, Bureau of Educational 

and Cultural Affairs, Department of State. 

[FR Doc. 2010–21848 Filed 8–31–10; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice 7148] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘Richard Hawkins—Third Mind’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000, 

I hereby determine that the objects to be 

included in the exhibition ‘‘Richard 

Hawkins—Third Mind,’’ imported from 

abroad for temporary exhibition within 

the United States, are of cultural 

significance. The objects are imported 

pursuant to loan agreements with the 

foreign owners or custodians. I also 


hsrobinson on DSK69SOYB1PROD with NOTICES