Document ID: SEC-2007-1017-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: Philadelphia Stock Exchange, Inc.
Posted Date: 2007-07-30T04:00Z

[Federal Register: July 30, 2007 (Volume 72, Number 145)]
[Notices]               
[Page 41564-41565]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30jy07-89]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56121; File No. SR-Phlx-2007-16]

 
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Order Granting Approval to a Proposed Rule Change Regarding Rules 
Pertaining to Training Requirements and Floor Procedure Advices

July 24, 2007.
    On May 25, 2007, the Philadelphia Stock Exchange, 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

[[Page 41565]]

thereunder,\2\ a proposed rule change to amend: (a) Rule 625, Training; 
(b) Equity Floor Procedure Advices and Order & Decorum Regulations, F-
30 Training; and (c) Options Floor Procedure Advices and Order & 
Decorum Regulations, F-30 Options Trading Floor Training, to clarify 
and expand the Exchange's training requirements. Specifically, the 
proposed rule change expanded the category of individuals who are 
required to attend the mandatory training sessions and the training 
topics covered. Further, the Exchange set forth mandatory training 
requirements, which would take place on at least a semi-annual basis, 
for floor members. The Exchange also proposed changes to the language 
in Rule 970, Floor Procedure Advices: Violations, Penalties and 
Procedures, to delete the reference to the now-obsolete Market 
Surveillance Department and to provide that any authorized official of 
the Exchange may sign a citation for a floor procedure advice 
violation. The proposal was published for comment in the Federal 
Register on June 19, 2007.\3\ The Commission received no comments on 
the proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 55729 (June 12, 
2007), 72 FR 33797.
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    After careful review of the proposal, 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.\4\ In particular, the Commission finds that the 
proposal is consistent with section 6(b)(5) of the Act,\5\ which 
requires, among other things that the rules of an 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.
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    \4\ 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).
    \5\ 15 U.S.C. 78f(b)(5).
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    Expanding the Exchange's current mandatory training program should 
provide a means for keeping members and persons employed by or 
associated with such members or member organizations, and Participant 
Authorized Users, informed of and educated about, among other things, 
current rules and regulations and trading-related Exchange systems, 
which should enhance member compliance with the federal securities law 
and Exchange rules. Additionally, updating the language in Exchange 
Rule 970 should promote efficiency in connection with the issuance of 
citations.
    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-Phlx-2007-16) be, and hereby 
is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-14606 Filed 7-27-07; 8:45 am]

BILLING CODE 8010-01-P