Document ID: SEC-2006-1042-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: NYSE Arca, Inc.
Posted Date: 2006-08-14T04:00Z

[Federal Register: August 14, 2006 (Volume 71, Number 156)]
[Notices]               
[Page 46534]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14au06-116]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54283; File No. SR-PCX-2005-97]

 
Self-Regulatory Organizations; Pacific Exchange, Inc. (n/k/a NYSE 
Arca, Inc.), Order Approving Proposed Rule Change and Amendment Nos. 1 
and 2 Thereto Requiring ETP Holders To Participate in the Federal Trade 
Commission's National Do-Not-Call Registry

 August 8, 2006.
    On August 15, 2005, Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.) 
(``NYSE Arca'') \1\ filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ a 
proposed amendment to NYSE Arca Equities Rule 9.20. On May 26, 2006, 
NYSE Arca filed Amendment No. 1 to the proposed rule change.\4\ On June 
21, 2006, NYSE Arca filed Amendment No. 2 to the proposed rule 
change.\5\ The proposed rule change, as amended, was published for 
comment in the Federal Register on July 10, 2006.\6\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change, as amended.
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    \1\ On March 6, 2006, the Pacific Exchange, Inc. filed a rule 
proposal, effective upon filing, to amend its rules to reflect these 
name changes: from Pacific Exchange, Inc. to NYSE Arca, Inc.; from 
PCX Equities, Inc. to NYSE Arca Equities, Inc.; from PCX Holdings, 
Inc., to NYSE Arca Holdings, Inc.; and from the Archipelago 
Exchange, L.L.C. to NYSE Arca, L.L.C. See File No. SR-PCX-2006-24 
(March 6, 2006).
    \2\ 15 U.S.C. 78s(b)(1).
    \3\ 17 CFR 240.19b-4.
    \4\ In Amendment No. 1, NYSE Arca partially amended the text of 
proposed amended NYSE Arca Equities Rule 9.20 and made conforming 
and technical changes to the original filing.
    \5\ In Amendment No. 2, NYSE Arca made additional changes to the 
text of proposed amended NYSE Arca Equities Rule 9.20 and to the 
original filing.
    \6\ See Securities Exchange Act Release No. 54079 (June 30, 
2006), 71 FR 38957 (July 10, 2006) (this notice listed an incorrect 
filing date for the initial proposal).
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    The proposed amendment to NYSE Arca Equities Rule 9.20 would 
replace the current text of Rule 9.20(b) with text that would require 
ETP Holders to participate in the national do-not-call registry 
maintained by the Federal Trade Commission (``FTC'') and to follow 
applicable regulations of the Federal Communications Commission 
(``FCC''). The proposed amendment would make Rule 9.20(b) consistent 
with NYSE Rule 404A and requirements of FCC regulations applicable to 
broker-dealers engaged in telemarketing by including provisions 
concerning general telemarketing requirements, procedures, wireless 
communications, outsourcing telemarketing, pre-recorded messages, 
telephone facsimile or computer advertisements and caller 
identification. The amended rule would generally prohibit ETP Holders 
and their associated persons from making telemarketing calls to people 
who have registered with the national do-not-call registry. The amended 
rule also would set forth firm-specific do-not-call restrictions, time-
of-day restrictions, and disclosure requirements similar to those 
contained in the current rule.
    The Commission finds that the proposed rule change, as amended, is 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to a national securities exchange.\7\ 
In particular, the Commission finds that the proposed rule change is 
consistent with Section 6(b)(5) of the Act,\8\ which requires, among 
other things, that the rules of an exchange be designed to promote just 
and equitable principles of trade, to remove impediments to and perfect 
the mechanism of a free and open market and national market system, and 
in general, to protect investors and the public interest. The 
Commission believes that the proposed rule change, as amended, is 
designed to accomplish these ends by requiring ETP Holders and their 
associated persons to observe time-of-day restrictions on telephone 
solicitations, maintain firm-specific do-not-call lists, and refrain 
from initiating telephone solicitations to investors and other members 
of the public who have registered their telephone numbers on the 
national do-not-call registry. The Commission also believes that the 
proposed rule change, as amended, establishes adequate procedures to 
prevent ETP Holders and their associated persons from making telephone 
solicitations to do-not-call registrants, which should have the effect 
of protecting investors by enabling persons who do not want to receive 
telephone solicitations from members or member organizations to receive 
the protections of the national do-not-call registry, while providing 
appropriate exceptions to the rule's restrictions, which should promote 
just and equitable principles of trade.
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    \7\ In approving this proposed rule change, the Commission has 
considered whether the proposed rule change will promote efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
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    It Is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (SR-PCX-2005-97), as amended, be 
and is hereby approved.
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    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-13241 Filed 8-11-06; 8:45 am]

BILLING CODE 8010-01-P