You are on page 1of 1

Federal Register / Vol. 70, No.

217 / Thursday, November 10, 2005 / Notices 68505

SECURITIES AND EXCHANGE provide appropriate discipline for, For the Commission, by the Division of
COMMISSION violations of Commission and Exchange Market Regulation, pursuant to delegated
rules. In addition, because existing PCX authority.11
[Release No. 34–52732; File No. SR–PCX– Jonathan G. Katz,
2005–98] Rule 10.12 provides procedural rights to
a person fined under the MRP to contest Secretary.
Self-Regulatory Organizations; Pacific the fine and permits a hearing on the [FR Doc. 05–22452 Filed 11–9–05; 8:45 am]
Exchange, Inc.; Order Approving matter, the Commission believes the BILLING CODE 8010–01–P
Proposed Rule Change and MRP, as amended by this proposal,
Amendment No. 1 Thereto to Amend provides a fair procedure for the
the Minor Rule Plan and disciplining of members and persons DEPARTMENT OF TRANSPORTATION
Recommended Fine Schedule in associated with members, consistent
Connection with Rules Regarding Federal Aviation Administration
with sections 6(b)(7) and 6(d)(1) of the
Principal Orders, Principal Acting as Act.7
Agent Orders, and Limitations on Agency Information Collection Activity
Principal Order Access Finally, the Commission finds that the Under OMB Review, Request for
proposal is consistent with the public Comments; Renewal of an Approved
November 3, 2005. interest, the protection of investors, or Information Collection Activity, New
On August 16, 2005, the Pacific otherwise in furtherance of the purposes Final rule Certification of Repair
Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’) of the Act, as required by Rule 19d– Stations, Part 145 of Title 14, CFR
filed with the Securities and Exchange 1(c)(2) under the Act 8 which governs Compliance of 145.163
Commission (‘‘Commission’’), pursuant minor rule violation plans. The
to section 19(b)(1) of the Securities AGENCY: Federal Aviation
Commission believes that the proposed Administration (FAA), DOT.
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
change to the MRP will strengthen the ACTION: Notice and request for
19b–4 thereunder,2 a proposed rule
Exchange’s ability to carry out its comments.
change to amend its Minor Rule Plan
(‘‘MRP’’) and Recommended Fine oversight and enforcement
responsibilities as a self-regulatory SUMMARY: The FAA invites public
Schedule under PCX Rule 10.12 with
respect to provisions of the PCX Options organization in cases where full comments about our intention to request
Linkage program (‘‘Linkage’’) that relate disciplinary proceedings are unsuitable the Office of Management and Budget’s
to Principal Orders (‘‘P Orders’’), in view of the minor nature of the (OMB) renewal of a current information
Principal Acting as Agent Orders (‘‘P/A particular violation. collection. The Federal Register Notices
Orders’’), and Limitations on Principal with a 60-day comment period soliciting
In approving this proposed rule
Order Access (collectively, ‘‘Linkage comments on the following collection of
change, the Commission in no way
Rules’’). On September 27, 2005, PCX information was published on July 27,
minimizes the importance of 2005, vol. 70, #143, pages 43502–43503.
filed Amendment No. 1 to the proposed compliance with PCX rules and all other
rule change. The proposed rule change, Information is collected from applicants
rules subject to the imposition of fines who wish to obtain repair station
as amended, was published for under the MRP. The Commission
comment in the Federal Register on certification. Applicants must submit
believes that the violation of any self- FAA form 8310–3 to the appropriate
October 4, 2005.3 The Commission regulatory organization’s rules, as well
received no comments regarding the FAA flight standards district office for
as Commission rules, is a serious matter. review. When all the requirements have
proposal.
However, the MRP provides a been met, and air agency certificate and
The Commission finds that the
proposed rule change is consistent with reasonable means of addressing rule repair station operations specifications
the requirements of the Act and the violations that do not rise to the level of with appropriate rating and limitations
rules and regulations thereunder requiring formal disciplinary are issued.
applicable to a national securities proceedings, while providing greater DATES: Please submit comments by
exchange.4 In particular, the flexibility in handling certain violations. December 12, 2005.
Commission believes that the proposal The Commission expects that PCX will FOR FURTHER INFORMATION CONTACT: Judy
is consistent with section 6(b)(5) of the continue to conduct surveillance with Street on (202) 267–9895.
Act,5 because a rule that is reasonably due diligence and make a determination SUPPLEMENTARY INFORMATION:
designed to require Exchange members based on its findings, on a case-by-case
to comply with its Linkage Rules should basis, whether a fine of more or less Federal Aviation Administration (FAA)
help protect investors and the public than the recommended amount is Title: New Final rule Certification of
interest. The Commission also believes appropriate for a violation under the Repair Stations, Part 145 of Title 14,
that handling violations of Linkage MRP or whether a violation requires CFR Compliance of 145.163.
Rules pursuant to the MRP is consistent formal disciplinary action under PCX Type of Request: Renewal of an
with sections 6(b)(1) and 6(b)(6) of the Rules 10.4 and 10.12(f). approved collection.
Act,6 which require that the rules of an OMB Control Number: 2120–0682.
It is therefore ordered, pursuant to
exchange enforce compliance with, and Forms(s): FAA Form 8310–3.
section 19(b)(2) of the Act 9 and Rule Affected Public: A total of 4,625
1 15 U.S.C. 78s(b)(1).
19d–1(c)(2) under the Act,10 that the Respondents.
2 17 CFR 240.19b–4. proposed rule change (SR–PCX–2005– Frequency: The information is
3 See Securities Exchange Act Release No. 52523 98), as amended, be, and hereby is, conducted on an as-needed basis.
(September 28, 2005), 70 FR 57918. approved and declared effective. Estimated Average Burden Per
4 In approving this proposed rule change, the

Commission notes that it has considered the Response: Approximately 22 hours per
7 15 U.S.C. 78f(b)(7) and 78f(d)(1).
proposed rule’s impact on efficiency, competition, response.
8 17 CFR 240.19d–1(c)(2).
and capital formation. See 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(5). 9 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(12); 17 CFR 200.30–
6 15 U.S.C. 78f(b)(1) and 78f(b)(6). 10 17 CFR 240.19d–1(c)(2). 3(a)(44).

VerDate Aug<31>2005 19:02 Nov 09, 2005 Jkt 208001 PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 E:\FR\FM\10NON1.SGM 10NON1

You might also like