Document ID: SEC-2006-1043-0001
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 46534-46535]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14au06-117]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54282; File No. SR-PCX-2005-54]

 
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 OTP Holders and OTP Firms 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 Rule 9.20. On May 26, 2006, NYSE Arca 
filed Amendment No. 1 to the proposed rule change.\4\ On June 22,

[[Page 46535]]

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 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 Rule 9.20 and to the original 
filing.
    \6\ See Securities Exchange Act Release No. 54078 (June 30, 
2006), 71 FR 38953 (July 10, 2006) (this notice listed incorrect 
filing dates for the initial proposal and Amendment No. 2).
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    The proposed amendment to NYSE Arca Rule 9.20 would replace the 
current text of Rule 9.20(b) with text that would require OTP Holders 
and OTP Firms 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 OTP Holders 
and OTP Firms, 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 OTP Holders and OTP 
Firms, 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 OTP Holders and OTP Firms, 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-2005-54), 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. E6-13270 Filed 8-11-06; 8:45 am]

BILLING CODE 8010-01-P