Notices. Notice; correction

17,394 words·~79 min read·/register/2006/07/03/06-5820·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

BILLING CODE 4510-30-P DEPARTMENT OF LABOR Employment and Training Administration Solicitation for Grant Applications (SGA); High Growth Job Training Initiative Grants for the Advanced Manufacturing Industry Correction AGENCY: Employment and Training Administration (ETA), Labor. ACTION: Notice; correction. SUMMARY: The Employment and Training Administration published a document in the **Federal Register** on June 6, concerning the availability of grant funds for new and innovative approaches to meeting the workforce challenges of the advanced manufacturing industry under the President's High Growth Job Training Initiative.

This correction is to give notice of an upcoming webinar, to correct the *Catalog of Federal Assistance number* and to extend the closing date to August 1, 2006. FOR FURTHER INFORMATION CONTACT: Melissa Abdullah, Grants Management Specialist, Division of Federal Assistance,

(202)693-3346. Notice There will be a webinar held on June 29, 2006 at 2 p.m. Eastern Time titled *ETA Competency Initiative: A Competency Model Framework for Advanced Manufacturing.* Go to *http://www.workforce3one.org/public/skillbuilding/webinar_info.cfm?id=102* to register for this event. A recorded version of the webinar will be posted on this site one day after the event. Questions related to the information presented in the webinar should be directed to Melissa Abdullah, Grants Management Specialist, Division of Federal Assistance, 202-693-3346. Corrections In the **Federal Register** of June 6, 2006, in FR Volume 71, Number 108: —On page 32559, in the second column, is corrected to read: *Catalog of Federal Assistance number:* 17.268. —On page 32566, in the third column, is corrected to read: *Submission Date, Times and Addresses:* The closing date for receipt of applications under this announcement is August 1, 2006. Signed at Washington, DC, this 23rd day of June, 2006. Eric D. Luetkenhaus, Grant Officer. [FR Doc. E6-10362 Filed 6-30-06; 8:45 am] BILLING CODE 4510-30-P NUCLEAR REGULATORY COMMISSION Agency Information Collection Activities: Submission for the Office of Management and Budget

(OMB)Review; Comment Request AGENCY: U.S. Nuclear Regulatory Commission (NRC). ACTION: Notice of the OMB review of information collection and solicitation of public comment. SUMMARY: The NRC has recently submitted to OMB for review the following proposal for the collection of information under the provisions of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). The NRC hereby informs potential respondents that an agency may not conduct or sponsor, and that a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. 1. *Type of submission, new, revision, or extension:* Revision. 2. *The title of the information collection:* 10 CFR Part 60—“Disposal of High-Level Radioactive Wastes in Geologic Repositories.” 3. *The form number if applicable:* Not applicable. 4. *How often the collection is required:* The information need only be submitted one time. 5. *Who will be required or asked to report:* State or Indian Tribes, or their representatives, requesting consultation with the NRC staff regarding review of a potential high-level radioactive waste geologic repository site, or wishing to participate in a license application review for a potential geologic repository (other than a potential geologic repository site at Yucca Mountain, Nevada, currently under investigation by the U.S. Department of Energy, which is now regulated under 10 CFR part 63). 6. *An estimate of the number of annual responses:* 1; however none are expected in the next three years. 7. *The number of annual respondents:* 1; however none are expected in the next three years. 8. *An estimate of the total number of hours needed annually to complete the requirement or request:* 1; however, none are expected in the next three years. 9. *An indication of whether section 3507(d), Public Law 104-13 applies:* Not applicable. 10. *Abstract:* Part 60 requires States and Indian Tribes to submit certain information to the NRC if they request consultation with the NRC staff concerning the review of a potential repository site, or wish to participate in a license application review for a potential repository (other than the Yucca Mountain, Nevada site proposed by the U.S. Department of Energy). Representatives of States or Indian Tribes must submit a statement of their authority to act in such a representative capacity. The information submitted by the States and Indian Tribes is used by the Director of the Office of Nuclear Material Safety and Safeguards as a basis for decisions about the commitment of NRC staff resources to the consultation and participation efforts. As provided in § 60.1, the regulations in 10 CFR. Part 60 no longer apply to the licensing of a geologic repository at Yucca Mountain. All of the information collection requirements pertaining to Yucca Mountain were included in 10 CFR part 63, and were approved by the Office of Management and Budget under control number 3150-0199. The Yucca Mountain site is regulated under 10 CFR part 63 (66 FR 55792, November 2, 2001). A copy of the final supporting statement may be viewed free of charge at the NRC Public Document Room, One White Flint North, 11555 Rockville Pike, Room O-1 F21, Rockville, MD 20852. OMB clearance requests are available at the NRC worldwide Web site: *http://www.nrc.gov/public-involve/doc-comment/omb/index.html.* The document will be available on the NRC home page site for 60 days after the signature date of this notice. Comments and questions should be directed to the OMB reviewer listed below by August 2, 2006. Comments received after this date will be considered if it is practical to do so, but assurance of consideration cannot be given to comments received after this date. John A. Asalone, Office of Information and Regulatory Affairs (3150-0127), NEOB-10202, Office of Management and Budget, Washington, DC 20503. Comments can also be e-mailed to *John_A._Asalone@omb.eop.gov* or submitted by telephone at

(202)395-4650. The NRC Clearance Officer is Brenda Jo. Shelton, 301-415-7233. Dated at Rockville, Maryland, this 27th day of June, 2006. For the Nuclear Regulatory Commission. Brenda Jo. Shelton, NRC Clearance Officer, Office of Information Services. [FR Doc. E6-10350 Filed 6-30-06; 8:45 am] BILLING CODE 7590-01-P NUCLEAR REGULATORY COMMISSION [Docket No. 50-133] Environmental Assessment and Finding of No Significant Impact Related to Issuance of Technical Specification Amendment for the Humboldt Bay Power Plant Unit 3 License DPR-007, Humboldt, CA AGENCY: U.S. Nuclear Regulatory Commission. ACTION: Environmental assessment and finding of no significant impact. FOR FURTHER INFORMATION CONTACT: John Hickman, Division of Waste Management and Environmental Protection, Office of Nuclear Material Safety and Safeguards, U.S. Nuclear Regulatory Commission, Mail Stop: T7E18, Washington, DC 20555-00001. Telephone:

(301)415-3017; e-mail: *jbh@nrc.gov.* SUPPLEMENTARY INFORMATION: I. Introduction The U.S. Nuclear Regulatory Commission

(NRC)staff is considering a request dated January 19, 2006, by the Pacific Gas and Electric Company (PGE or the Licensee), to approve an amendment to Facility Operating License No. DPR-7 that would revise Technical Specification

(TS)3.1.2 to correct an editorial error, and TS 5.2.2 to allow leaving the Unit 3 control room temporarily unmanned during emergency conditions requiring personnel to evacuate occupied buildings for their safety. II. Environmental Assessment Background Humboldt Bay Power Plant

(HBPP)was permanently shut down in July 1976, and until recently was in safe storage condition (SAFSTOR). SAFSTOR is defined as a method of decommissioning in which the nuclear facility is placed and maintained in safe condition for an extended period of time to permit radioactive material to decay to levels that ease subsequent decontamination and decommissioning of the facility. A Decommissioning Plan was approved in July 1988. Subsequent to the 1996 decommissioning rule, the licensee converted its decommissioning plan into its Defueled Safety Analysis Report which is updated every two years. A Post Shutdown Decommissioning Activities Report was issued by the licensee in February 1998. The licensee is now engaged in some incremental decommissioning activities. In December 2003, PG&E formally submitted a license application to the NRC for approval of a dry-cask Independent Spent Fuel Storage Installation (ISFSI) at the Humboldt Bay site. A license and safety evaluation report for the Humboldt Bay ISFSI were issued on November 17, 2005. PG&E should begin active decommissioning of the facility in 2007. On June 14, 2005, a magnitude 7.2 earthquake occurred 97 miles WNW of the Humboldt Bay site and was felt onsite. Subsequently a tsunami warning was issued for an area that included the plant site. In accordance with plant emergency procedures, site personnel evacuated the facility to the high ground evacuation site within the owner controlled area of the site. Since TS 5.2.2.c requires continuous staffing of the Unit 3 control room, or alternatively of the Units 1 and 2 control station, this necessitated that the licensee invoke the provisions of 10 CFR 50.54(x) for noncompliance with the TS. Based on this experience, and that the site will continue to be subject to potential earthquakes and tsunamis, the licensee requested the change to the TS to allow temporarily not manning the Unit 3 control room, or the Units 1 or 2 control station, when necessary to protect worker health and safety. This Environmental Assessment

(EA)has been developed in accordance with the requirements of 10 CFR 51.21. Proposed Action The change proposed by this LAR will modify TS 3.1.2, Limiting Condition for Operation

(LCO)3.1.2, Condition A to replace the word “restriction” with the word “weight” so that action is required if the load weight, rather than the load restriction, is not within the limit. The change will also modify TS 5.2.2.c to allow the Unit 3 control room, and the associated control station in Units 1 and 2, to be temporarily unmanned in an emergency when personnel are required to evacuate occupied buildings for their health and safety. The proposed action is in accordance with the licensee's application dated January 19, 2006, requesting approval. Need for Proposed Action The proposed change to TS 3.1.2 will clarify the LCO and is needed to ensure that the appropriate limit is maintained. The proposed change to TS 5.2.2.c to allow the Unit 3 control room, and the associated control station in Units 1 and 2, to be temporarily unmanned in an emergency requiring evacuation is needed to protect personnel health and safety. Environmental Impacts of the Proposed Action The NRC has completed its evaluation of the proposed amendments to the Technical Specifications and concludes the changes would have no significant impacts to the environment. The NRC evaluated the safety impacts of the proposed changes and determined that the changes proposed by this license amendment request, to clarify an existing requirement and allow the licensee evacuate the control room in an emergency that requires site evacuation for the protection of site staff health and safety, will better ensure that a safety limit is maintained and will not hinder the licensee's response to an emergency. Allowing the control room operators to evacuate the control room during an emergency will not create a situation where response will be delayed or less effective due to the absence of the monitoring and coordination provided by the control room operators, because the plant operators who perform the recovery actions will also be evacuated in a life threatening emergency, thereby removing the staff that the control room operators would direct in the emergency. Additionally, the possible loss of the control room operator in an emergency would further delay the site recovery when the emergency condition has passed. Therefore, for the hazardous conditions considered, the proposed action would best insure that the personnel required for recovery are available when the recovery can be performed. Based on the above, the proposed action would not increase the probability or consequences of accidents, would not change the types of effluents that may be released offsite, and would not increase occupation or public radiation exposure. Since the amendment only affects actions in the industrial portion of the facility, the proposed action does not have a potential to affect any historic sites. Alternatives to the Proposed Action The alternative to the proposed action would be to deny the request. Denial of this amendment request would have the same environmental impact as the proposed action. Agencies and Persons Consulted This EA was prepared by John B. Hickman, Project Manager, Decommissioning Directorate, Division of Waste Management and Environmental Protection (DWMEP). NRC staff determined that the proposed action is not a major decommissioning activity and will not affect listed or proposed endangered species, nor critical habitat. Therefore, no further consultation is required under Section 7 of the Endangered Species Act. Likewise, NRC staff determined that the proposed action is not the type of activity that has the potential to cause previously unconsidered effects on historic properties, as consultation for site decommissioning has been conducted previously. There are no additional impacts to historic properties associated with the disposal method and location for demolition debris. Therefore, no consultation is required under Section 106 of the National Historic Preservation Act. The NRC provided a draft of its EA to the Radiologic Health Branch of the California State Department of Health Services. The state official had no comments. III. Finding of No Significant Impact On the basis of the environmental assessment, the NRC concludes that the proposed action will not have a significant effect on the quality of the human environment. Accordingly, the NRC has determined not to prepare an environmental impact statement for the proposed action. IV. Further Information For further details with respect to the proposed action, see the licensee's letter dated January 19, 2006. (ADAMS Accession No. ML060310499) The NRC Public Documents Room is located at NRC Headquarters in Rockville, MD, and can be contacted at

(301)415-6334; fax number:

(301)415-5955; e-mail: *mgr@nrc.gov.* SUPPLEMENTARY INFORMATION: I. Introduction The Nuclear Regulatory Commission

(NRC)proposes to issue a license amendment to Source Materials License No. SUA-1473 held by Rio Algom Mining LLC (the licensee), to approve a soil decommissioning plan for its uranium mill tailings site in Ambrosia Lake, New Mexico. The NRC has prepared an Environmental Assessment

(EA)in support of this amendment in accordance with the requirements of 10 CFR part 51. Based on the EA, the NRC has concluded that a Finding of No Significant Impact (FONSI) is appropriate. The amendment will be issued following the publication of this Notice. II. EA Summary The licensee's plan addresses the methods and procedures to be implemented to ensure that soil remediation is performed in a manner that is protective of human health and the environment. The Uranium Mill Tailings Radiation Control Act, as amended, and regulations in Title 10 of the Code of Federal Regulations, 10 CFR part 40 require that material at uranium mill tailings sites be disposed of in a manner that protects human health and the environment. On February 15, 2000, May 30, 2001, and July 7, 2005, Rio Algom Mining, LLC requested that the NRC approve the proposed amendment. The licensee's request for the proposed change was previously noticed in the **Federal Register** on June 29, 2000, (65 FR 40144) with a notice of an opportunity to request a hearing and an opportunity to provide comments on the amendment and its environmental impacts. The staff has prepared the EA in support of the proposed license amendment. The staff considered impacts that the licensee's Soil Decommissioning Plan

(SDP)will have on ground water, surface water, socioeconomic conditions, threatened and endangered species, transportation, land use, public and occupational health, and historic and cultural resources. The EA supports a FONSI because of the following: The Uranium Mill Tailings Radiation Control Act, as amended, and regulations in Title 10 of the Code of Federal Regulations, 10 CFR part 40 require that material at uranium mill tailings sites be disposed of in a manner that protects human health and the environment: The methods and procedures described in the SDP have been judged by staff to be acceptable because the plan addresses those methods and procedures to be implemented by the licensee to ensure that soil remediation is performed in a manner that is protective of human health and the environment. The actual decommissioning of the licensee's mill tailings site will utilize the SDP and as each area is remediated, it will be verified that it is in compliance with all regulatory requirements and the SDP. III. Finding of No Significant Impact On the basis of the EA, NRC has concluded that there are no significant environmental impacts from the proposed amendment and NRC staff has determined not to prepare an environmental impact statement. IV. Further Information Documents related to this action, including the application for amendment and supporting documentation, are available electronically at the NRC's Electronic Reading Room at *http://www.nrc.gov/reading-rm/adams.html.* From this site, you can access the NRC's Agencywide Document Access and Management System (ADAMS), which provides text and image files of NRC's public documents. The ADAMS accession numbers for the documents related to this notice are as follows: Document ADAMS accession No. Date NUREG-1748, “Environmental Review Guidance for Licensing Actions Associated With NMSS Programs—Final Report,” Nuclear Regulatory Commission, Washington, DC ML031000403 April 10, 2003. NUREG-1620, Rev. 1, “Standard Review Plan for Review of a Reclamation Plan for Mill Tailings Sites Under Title II of the Uranium Mill Tailings Radiation Control Act of 1978,” Nuclear Regulatory Commission, Washington, DC ML032250190 June 30, 2003. Rio Algom Mining LLC, 2004, “Soil Decommissioning Plan” ML050400566 January 19, 2005. Rio Algom Mining LLC, 2005, “Response to Request for Additional Information for Soil Decommissioning Plan and the Closure Plan—Lined Evaporation Ponds for Ambrosia Lake Facility” ML052060155 June 15, 2005. Rio Algom Mining LLC, 2005, “Response to Request for Additional Information Items 6, 9, and 13 for the Soil Decommissioning Plan and the Closure Plan—Lined Evaporation Ponds for Ambrosia Lake Facility” ML052090175 July 15, 2005. Rio Algom Mining LLC, 2005, “Response to July 21, 2005 Request for Additional Information for the Soil Decommissioning Plan and the Closure Plan—Lined Evaporation Ponds for Ambrosia Lake Facility” ML053000439 September 26, 2005. U.S. Fish and Wildlife Service. Letter to M. Raddatz ML052910059 October 31, 2005. Data Recovery Plan For lA 82634 and lA 82635 at Rio Algom Mine, Near Ambrosia Lake, McKinley County, New Mexico ML060670532 December 31, 2005. Final Environmental Assessment, Soil Decommissioning Plan for Rio Algom Mining LLC's Uranium Mill Tailings Site, Ambrosia Lake, McKinley County, New Mexico ML061630291 May 15, 2006. If you do not have access to ADAMS or if there are problems in accessing the documents located in ADAMS, contact the NRC's Public Document Room

(PDR)Reference staff at 1-800-397-4209, 301-415-4737, or by e-mail to *pdr@nrc.gov.* These documents may also be viewed electronically on the public computers located at the NRC's PDR, O1 F21, One White Flint North, 11555 Rockville Pike, Rockville, MD 20852. The PDR reproduction contractor will copy documents for a fee. Dated at Rockville, Maryland, this 27th day of June, 2006. For the Nuclear Regulatory Commission. Gary S. Janosko, Chief, Fuel Cycle Facilities Branch, Division of Fuel Cycle Safety and Safeguards, Office of Nuclear Material Safety and Safeguards. [FR Doc. E6-10349 Filed 6-30-06; 8:45 am] BILLING CODE 7590-01-P NUCLEAR REGULATORY COMMISSION [Docket No. 50-029] Environmental Assessment and Finding of No Significant Impact Related to Exemption From the Recordkeeping Requirements of Title 10 of the Code of Federal Regulations (10 CFR) Part 50.71(c); 10 CFR Part 50, Appendix A; 10 CFR Part 50, Appendix B for the Yankee Atomic Electric Company License DPR-003, Rowe, MA AGENCY: U.S. Nuclear Regulatory Commission. ACTION: Environmental assessment and finding of no significant impact. FOR FURTHER INFORMATION CONTACT: John Hickman, Division of Waste Management and Environmental Protection, Office of Nuclear Material Safety and Safeguards, U.S. Nuclear Regulatory Commission, Mail Stop: T7E18, Washington, DC 20555-00001. Telephone:

(301)415-3017; e-mail: *jbh@nrc.gov.* SUPPLEMENTARY INFORMATION: I. Introduction The U.S. Nuclear Regulatory Commission

(NRC)is considering granting a partial exemption from the Recordkeeping requirements of Title 10 of the Code of Federal Regulations (10 CFR) 50.71(c); 10 CFR part 50, Appendix A; 10 CFR part 50, Appendix B; and 10 CFR 50.59(d)(3), for the Yankee Nuclear Power Station

(YNPS)as requested by Yankee Atomic Electric Company (YAEC or the Licensee) on February 15, 2006, as supplemented on March 23, 2006. An environmental assessment

(EA)was performed by the NRC staff in support of its review of the exemption request. II. Environmental Assessment Background YNPS is a deactivated pressurized-water nuclear reactor located in northwestern Massachusetts in Franklin County, near the southern Vermont border. The YNPS plant was constructed between 1958 and 1960 and operated commercially at 185 megawatts electric (after a 1963 upgrade) until 1992. In 1992, YAEC determined that closing of the plant would be in the best economic interest of its customers. In December 1993, NRC amended the YNPS operating license to retain a “possession-only” status. YAEC began dismantling and decommissioning activities at that time. Transfer of the spent fuel from the Spent Fuel Pit

(SFP)to the Independent Spent Fuel Storage Installation (ISFSI) was completed in June 2003. With the exception of the greater than class C waste stored at the ISFSI, the reactor and all associated systems and components, including those associated with storage of spent fuel in the SFP, have been removed from the facility and disposed of offsite. In addition, the structures housing these systems and components have been demolished. Physical work associated with the decommissioning of YNPS is scheduled to be completed in 2006. This Environmental Assessment

(EA)has been developed in accordance with the requirements of 10 CFR 51.21. Proposed Action Yankee Atomic Electric Company

(YAEC)is requesting the following exemption, for records pertaining to systems, structures, or components

(SSCs)and/or activities associated with the nuclear power generating unit, Spent Fuel Pit, and associated support systems, from the retention requirements of:

(1)10 CFR part 50 Appendix A Criterion 1 which requires certain records be retained “throughout the life of the unit”;

(2)10 CFR part 50 Appendix B Criterion XVII which requires certain records be retained consistent with regulatory requirements for a duration established by the licensee;

(3)10 CFR 50.59(d)(3) which requires certain records be maintained until “termination of a license issued pursuant to” part 50; and

(4)10 CFR 50.71(c) which requires records retention for the period specified in the regulations or until license termination. Need for Proposed Action The requested exemption and application of the exemption will eliminate the requirement to maintain records that are no longer necessary due to the permanently shutdown status of the facility and thereby reduce the financial burden on ratepayers associated with the storage of a large volume of records. Environmental Impacts of the Proposed Action The proposed action is purely administrative in nature and will not significantly increase the probability or consequences of accidents. No changes are being made in the types of effluents that may be released off site and there is no significant increase in the amount of any effluent released offsite. There is no significant increase in occupational or public radiation exposure. Therefore, there are no significant radiological environmental impacts associated with the proposed action. With regard to potential nonradiological impacts, the proposed action does not have a potential to affect any historic sites. It does not affect nonradiological plant effluents, and it has no other environmental impact. Therefore, there are no significant nonradiological environmental impacts associated with the proposed action. Accordingly, the NRC concludes that the proposed action will have no significant effect on the environment. Environmental Impacts of the Alternatives to the Proposed Action As an alternative to the proposed action, the staff considered denial of the proposed action (i.e., the “no-action” alternative). Under this alternative YNPS would continue to store the records in question until license termination which would result in no change in current environmental impacts. The environmental impacts of the proposed action and the alternative action are similar. Agencies and Persons Consulted None. III. Finding of No Significant Impact Based on this review, the NRC staff has concluded that there are no significant impacts on the quality of the human environment. Accordingly, the staff has determined that preparation of an Environmental Impact Statement is not warranted, and a Finding of No Significant Impact is appropriate. IV. Further Information For further details with respect to the proposed action, see the licensee's letter dated February 15, 2006, (ADAMS Accession No. ML060550077) as supplemented on March 23, 2006. (ADAMS Accession No. ML060960065) The NRC Public Documents Room is located at NRC Headquarters in Rockville, MD, and can be contacted at

(800)397-4209. Documents may be examined, and/or copied for a fee, at the NRC's Public Document Room (PDR), located at One White Flint North, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records will be accessible electronically from the Agencywide Documents Access and Management System's (ADAMS) Public Library component on the NRC Web site, *http://www.nrc.gov* (the Public Electronic Reading Room). Persons who do not have access to ADAMS or who encounter problems in accessing the documents located in ADAMS should contact the NRC PDR Reference staff by telephone at 1-800-397-4209, or 301-415-4737, or by e-mail at *pdr@nrc.gov.* Dated at Rockville, Maryland, this 22nd day of June, 2006. For the Nuclear Regulatory Commission. Keith McConnell, Deputy Director, Decommissioning Directorate, Division of Waste Management and Environmental Protection, Office of Nuclear Material Safety and Safeguards. [FR Doc. E6-10355 Filed 6-30-06; 8:45 am] BILLING CODE 7590-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54046; File No. SR-NYSEArca-2006-42] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Extending the Time Period by Which the Exchange Will Amend the NASD-PCX Agreement Pursuant to Rule 17d-2 June 26, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on June 23, 2006, NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a “non-controversial” rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposal effective upon filing with the Commission. 5 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b-4(f)(6). 5 The Exchange has asked the Commission to waive the 5-day pre-filing notice requirement and the 30-day operative delay. *See* 15 U.S.C. 78s(b)(3)(A), 17 CFR 240.19b-4(f)(6)(iii). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to amend its undertaking 6 to extend for 90 days from the date of this filing the time period by which the Exchange will amend and restate the agreement between the National Association of Securities Dealers, Inc. (“NASD”) and the Exchange currently in place pursuant to Rule 17d-2 under the Act 7 (the “NASD-PCX Agreement” or the “Agreement”). As described in more detail below, the revisions to the NASD-PCX Agreement will expand the scope of the NASD's regulatory responsibility. 6 *See* Securities Exchange Act Release No. 52497 (September 22, 2005), 70 FR 56949 (September 29, 2005) (approving SR-PCX-2005-90, as amended). 7 17 CFR 240.17d-2. *See* Securities Exchange Act Release No. 16858 (May 30, 1980), 45 FR 37927 (June 5, 1980) (File No. 4-267). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On September 22, 2005, the Commission approved a proposed rule change submitted by the Exchange relating to the acquisition of PCX Holdings, Inc. (now known as NYSE Arca Holdings, Inc.) 8 by Archipelago Holdings, Inc. 9 In that filing, the Exchange (formerly known as the Pacific Exchange, Inc.) committed to amend the NASD-PCX Agreement within 90 days of the Commission's approval of SR-PCX-2005-90 to expand the scope of the NASD's regulatory functions under the NASD-PCX Agreement so as to encompass all of the regulatory oversight and enforcement responsibilities with respect to the broker-dealer affiliate of Archipelago Holdings, Inc., Archipelago Securities, L.L.C. (“Archipelago Securities”). 10 The Exchange submitted subsequent filings on December 21, 2005 11 and March 21, 2006 12 to extend for 90 days the time period within which to amend the NASD-PCX Agreement. The Exchange and the NASD (collectively, the “Parties”) have executed an amended and restated agreement and, on January 20, 2006, the Parties filed the amended and restated agreement with the Commission but have not yet received Commission approval of the amended and restated agreement. 13 8 *See* Securities Exchange Act Release No. 53615 (April 7, 2006), 71 FR 19226 (April 13, 2006) (notice of filing and immediate effectiveness of SR-PCX-2006-24, regarding the name change from PCX Holdings, Inc. to NYSE Arca Holdings, Inc.) 9 *See* Securities Exchange Act Release No. 52497, *supra* note 6. 10 Archipelago Securities acts as the outbound order router for the NYSE Arca Marketplace and, as such, is regulated as an exchange “facility” of the Exchange and NYSE Arca Equities, Inc. 11 *See* Securities Exchange Act Release No. 52995 (December 21, 2005), 70 FR 77232 (December 29, 2005) (notice of filing and immediate effectiveness of SR-PCX-2005-140, as amended). 12 *See* Securities Exchange Act Release No. 53545 (March 23, 2006), 71 FR 16183 (March 30, 2006) (notice of filing and immediate effectiveness of SR-NYSEArca-2006-06, as amended). 13 The Commission notes that the staff of the Division of Market Regulation (“Commission staff”) has been engaged in discussions with the Parties regarding the amended and restated agreement filed by the Parties. NYSE Arca continues to work with the staff, and, together with the NASD, intends to submit in the near future a revised amended and restated agreement reflecting changes made in response to Commission staff comments. Telephone conversation between Janet Angstadt, Acting General Counsel, NYSE Arca, Richard Holley III, Special Counsel, and Sara Gillis, Attorney, Division of Market Regulation, Commission, on June 26, 2006. The Exchange believes that an extension of time for an additional 90 days from the date of this filing to amend the NASD-PCX Agreement will give the Commission staff sufficient time to publish and take action on the proposal. There is currently a plan in place ( *i.e.* , the NASD-PCX Agreement) allocating to the NASD the responsibility to receive regulatory reports from Archipelago Securities, to examine Archipelago Securities for compliance and to enforce compliance by Archipelago Securities with the Act, the rules and regulations thereunder and the rules of the NASD, and to carry out other specified regulatory functions with respect to Archipelago Securities. The Exchange notes that the current NASD-PCX Agreement will remain in full force and effect during the interim period, and the Exchange will continue to abide by the terms of the agreement. The Exchange believes, therefore, that the requested extension of time is consistent with the Act and the rules and regulations thereunder, will not significantly affect the protection of investors or the public interest, and does not impose any significant burden on competition. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act, 14 in general, and furthers the objectives of Section 6(b)(5) of the Act, 15 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. 14 15 U.S.C. 78f(b). 15 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments on the proposed rule change were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule:

(i)Does not significantly affect the protection of investors or the public interest;

(ii)does not impose any significant burden on competition; and

(iii)by its terms, does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, 16 the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 17 and Rule 19b-4(f)(6) thereunder. 18 16 Pursuant to Rule 19b-4(f)(6)(iii) under the Act, the Exchange is required to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has requested that the Commission waive the 5-day pre-filing notice requirement. The Commission has determined to waive this requirement for this filing. 17 15 U.S.C. 78s(b)(3)(A). 18 17 CFR 240.19b-4(f)(6). The Exchange has requested that the Commission waive the 30-day operative delay, which would make the rule change effective and operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Such waiver will allow the Exchange to comply with its undertaking made in connection with the Commission's approval of SR-PCX-2005-90 to amend the NASD-PCX Agreement. The Commission notes that the Exchange has filed with the Commission, on January 20, 2006, an executed amended and restated agreement, and that the Commission staff has been engaged in continuous discussions with the Parties regarding the amended and restated agreement. The Commission further notes that the Exchange has represented that it continues to work with the Commission staff, and that it intends to submit in the near future a revised amended and restated agreement reflecting changes made in response to Commission staff comments. 19 Extending the compliance date for the Exchange's undertaking by an additional 90 days will provide time for the Exchange to finalize and file the amended and restated agreement, as well as provide time for publication of, and action on, the amended and restated agreement. The Commission further notes that the current Commission-approved NASD-PCX Agreement will remain in full force and effect during the interim period, and the Exchange will continue to abide by the terms of that Agreement. For these reasons, the Commission designates the proposal to be effective and operative upon filing with the Commission. 20 19 *See supra* note 13. 20 For the purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number NYSEArca-2006-42 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number NYSEArca-2006-42. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written 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 inspection and copying in the Commission's Public Reference Room. Copies of the 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 NYSEArca-2006-42 and should be submitted on or before July 24, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 21 21 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-10334 Filed 6-30-06; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54043; File No. SR-NYSEArca-2006-26] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Trading of Shares of Six Currency Trusts Pursuant to Unlisted Trading Privileges June 26, 2006. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act”), 1 and Rule 19b-4 thereunder, 2 notice is hereby given that, on June 6, 2006, the NYSE Arca, Inc. (“Exchange”) filed with the Securities and Exchange Commission (“Commission”), through its wholly owned subsidiary NYSE Arca Equities, Inc. (“NYSE Arca Equities” or “Corporation”), the proposed rule change as described in Items I and II below, which items have been substantially prepared by the Exchange. On June 23, 2006, the Exchange filed Amendment No. 1 to the proposed rule change. 3 The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons, and is granting accelerated approval to the proposed rule change, as amended. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Partial Amendment No. 1. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Pursuant to NYSE Arca Equities Rule 8.202, which governs the trading of Currency Trust Shares, 4 the Exchange proposes to trade pursuant to unlisted trading privileges (“UTP”) shares (“Shares”) of the following six trusts: CurrencyShares TM Australian Dollar Trust, which issues Australian Dollar Shares; CurrencyShares TM ) British Pound Sterling Trust, which issues British Pound Sterling Shares; CurrencyShares TM Canadian Dollar Trust, which issues Canadian Dollar Shares; CurrencyShares TM Mexican Peso Trust, which issues Mexican Peso Shares; CurrencyShares TM Swedish Krona Trust, which issues Swedish Krona Shares; and CurrencyShares TM Swiss Franc Trust, which issues Swiss Franc Shares (collectively, the “Trusts”). 4 Currency Trust Shares are securities issued by a trust that represent investors' discrete identifiable and undivided beneficial ownership interest in the non-U.S. currency deposited into the trust. *See* NYSE Arca Equities Rule 8.202 and Securities Exchange Act Release No. 53253 (February 8, 2006), 71 FR 8029 (February 15, 2006) (SR-PCX-2005-123) (order granting accelerated approval for the Exchange to adopt generic listing and trading standards for Currency Trust Shares and approving the UTP trading of shares of the Euro Currency Trust). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change, and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. The Exchange has prepared summaries, substantially set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose As mentioned above, the Exchange proposes to trade, pursuant to UTP and NYSE Arca Equities Rule 8.202, the Shares. Each Share represents a proportional interest, based on the total number of Shares outstanding, in the applicable foreign currency owned by the specific Trust, less the estimated accrued but unpaid expenses (both asset-based and non-asset based) of such Trust. On June 20, 2006, the Commission approved a rule proposal by the New York Stock Exchange LLC (“NYSE”) to permit the original listing and trading of the Shares by and on the NYSE. 5 5 *See* File No. SR-NYSE-2006-35, as amended (“NYSE Proposal”), and Securities Exchange Act Release No. 54020 (“NYSE Order”). Rydex Specialized Products LLC is the sponsor of the Trusts (“Sponsor”), 6 the Bank of New York is the trustee of the Trusts (“Trustee”), JPMorgan Chase Bank, N.A., London Branch, is the depository for the Trusts (“Depository”), and Rydex Distributors, Inc. is the distributor for the Trusts (“Distributor”). The Sponsor, Trustee, Depository, and Distributor are not affiliated with the Exchange or one another, with the exception that the Sponsor and Distributor are affiliated. The Exchange currently trades pursuant to UTP the shares of the Euro Currency Trust, which has the same Sponsor, Trustee, Depository and Distributor as the Trusts. 7 6 The Sponsor, on behalf of the Trusts, filed a Form S-1 for each Trust on March 10, 2006 (collectively, “Registration Statements”). *See* Registration No. 333-132362 for the CurrencyShares Australian Dollar Trust, Registration No. 333-132361 for the CurrencyShares British Pound Sterling Trust, Registration No. 333-132363 for the CurrencyShares Canadian Dollar Trust, Registration No. 333-132367 for the CurrencyShares Mexican Peso Trust, Registration No. 333-132366 for the CurrencyShares Swedish Krona Trust, and Registration No. 333-132364 for the Swiss Franc Trust. 7 * See* Securities Exchange Act Release No. 53253, *supra* note 4. According to the Exchange, the investment objective of each Trust is for the Shares issued by the Trust to reflect the price of its particular currency, 8 less the expenses of the Trust. Each Trust's assets will consist only of foreign currency on demand deposit in a foreign currency-denominated, interest-bearing account at the Depository. The Sponsor expects that the price of a Share will fluctuate in response to fluctuations in the price of the applicable foreign currency and that the price of a Share will reflect accumulated interest as well as the estimated accrued but unpaid expenses of the specific Trust. 8 The CurrencyShares TM Australian Dollar Trust holds the Australian Dollar; the CurrencyShares TM British Pound Sterling Trust holds the British Pound Sterling; the CurrencyShares TM Canadian Dollar Trust holds the Canadian Dollar; the CurrencyShares TM Mexican Peso Trust holds the Mexican Peso; the CurrencyShares TM Swedish Krona Trust holds the Swedish Krona; and the CurrencyShares TM Swiss Franc Trust holds the Swiss Franc. a. The Shares A description of the currencies underlying each of the Trusts, the foreign exchange industry, foreign currency regulation, operation of the Trusts, and the Shares is set forth in the NYSE Proposal and the NYSE Order. To summarize, issuances of Shares will be made only in baskets of 50,000 Shares or multiples thereof (“Baskets”). The Trusts will issue and redeem the Shares on a continuous basis, by or through participants that have entered into participant agreements (“Authorized Participants”) 9 with the Trustee. The creation and redemption of Baskets requires the delivery to the Trusts or the distribution by the Trusts of the amount of foreign currency represented by the Baskets being created or redeemed. This amount is based on the combined net asset value (“NAV”) per Share of the number of Shares included in the Baskets being created or redeemed, determined on the day the order to create or redeem Baskets is properly received. 9 An “Authorized Participant” is a person, who at the time of submitting to the Trustee an order to create or redeem one or more Baskets, is a Depository Trust Company Participant that is a registered broker-dealer or other securities market participant such as a bank or other financial institution that is not required to register as a broker-dealer to engage in securities transactions and has entered into a Participant Agreement with the Sponsor and the Trustee. The Trustee will calculate, and the Sponsor will publish, each Trust's NAV each business day. 10 To calculate the NAV for a Trust, the Trustee will subtract the Sponsor's accrued fee for the current day from the foreign currency held by the Trust (including all unpaid interest accrued through the immediately preceding day) and calculate the value the foreign currency held by a Trust in dollars on the basis of the day's announced Noon Buying Rate as determined by the Federal Reserve Bank of New York. 11 If the Noon Buying Rate is not announced by 2 p.m. Eastern time (“ET”), the Trustee will use the most recently announced Noon Buying Rate, unless the Trustee, in consultation with the Sponsor, determines to apply an alternative basis for evaluation as a result of extraordinary circumstances. The Trustee also determines the NAV per Share, which equals the NAV of the Trusts divided by the number of outstanding Shares. The calculation methodology for the NAV is described in more detail in the NYSE Proposal and the NYSE Order. 10 For purposes of processing purchase and redemption orders, a “business day” means any day other than a day when the NYSE is closed for regular trading. 11 According to the NYSE Proposal, the NAV will be posted on the Trusts' Web site as soon as the valuation of the foreign currency held by a Trust is complete (ordinarily by 2 p.m. ET). Ordinarily, the NAV will be posted no more than 30 minutes after the Noon Buying Rate is published by the Federal Reserve Bank of New York. The NYSE represented in the NYSE Proposal that all market participants will have access to this data at the same time and, therefore, no market participant will have a time advantage in using such data. The total deposit required to create each Basket, called the “Basket Amount,” is an amount of foreign currency bearing the same proportion to the number of Baskets to be created as the total assets of a Trust (net of estimated accrued but unpaid expenses) bears to the total number of Baskets outstanding on the date that the order to purchase is properly received. The amount of the required deposit is determined by dividing the number of units of foreign currency ( *e.g.* Australian Dollars) held by a Trust (net of estimated accrued but unpaid expenses) by the number of Baskets outstanding. The Basket Amount and NAV will be determined by the Trustee “as promptly as practicable” after the Federal Reserve announces the Noon Buying Rate and will be published on the Trusts' Web site on each business day. 12 Authorized Participants that wish to purchase a Basket must transfer the Basket Amount to a Trust in exchange for a Basket. 13 Baskets are then separable upon issuance into the Shares that will be traded on the NYSE Arca Marketplace on a UTP basis. 14 12 Ordinarily no later than 2 p.m. (ET). According to the NYSE Proposal, the Basket Amount will be published simultaneously with the NAV. *See* NYSE Proposal and NYSE Order, *supra* note 5. 13 Before the delivery of Baskets for a purchase order or the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee a non-refundable transaction fee due for the order. 14 Shares are separate and distinct from the underlying foreign currency comprising the portfolio of a Trust. The Exchange expects that the number of outstanding Shares will increase and decrease as a result of in-kind deposits and withdrawals of the underlying foreign currency. The Shares will not be individually redeemable but will only be redeemable in Baskets. To redeem, an Authorized Participant will be required to accumulate enough Shares to constitute a Basket ( *i.e.,* 50,000 Shares). Authorized Participants that wish to redeem a Basket will receive the Basket Amount in exchange for each Basket surrendered. The operation of the Trusts and the creation and redemption process is described in more detail in the NYSE Proposal and the NYSE Order. b. Dissemination of Information About the Shares and the Underlying Foreign Currencies Currently, the Consolidated Tape Plan does not provide for dissemination of the spot price of a foreign currency over the Consolidated Tape. However, there will be disseminated over the Consolidated Tape the last sale price for the Shares, as is the case for all equity securities traded on the Exchange (including exchange-traded funds). In addition, there is a considerable amount of foreign currency price and market information available on public Web sites and through professional and subscription services. As is the case with equity securities generally and exchange-traded funds specifically, in most instances, real-time information is only available for a fee, and information available free of charge is subject to delay (typically, 20 minutes). Investors may obtain on a 24-hour basis foreign currency pricing information based on the foreign currency spot price of each applicable foreign currency from various financial information service providers. Complete real-time data for foreign currency futures 15 and options prices traded on the Chicago Mercantile Exchange (“CME”) and the Philadelphia Stock Exchange (“Phlx”) are also available by subscription from information service providers. 16 The CME and Phlx also provide delayed futures and options information on current and past trading sessions and market news free of charge on their respective Web sites. 15 *See* telephone conversation between Kimberly Loies, attorney, Lord, Bissell & Brook LLP, counsel for the Exchange, Geoffrey Pemble, Special Counsel, Commission, and Christopher Chow, Special Counsel, Commission, on June 26, 2006 (“June 26 Telephone Conversation”). 16 *See infra* note 29. There are a variety of other public Web sites available at no charge that provide information on the currencies underlying the Shares that are the subject of this filing, which service providers include Bloomberg, ( *http://www.bloomberg.com/markets/currencies/fxc.html* ), CBS Market Watch ( *http://www.marketwatch.com/tools/stockresearch/globalmarkets* ), Yahoo! Finance ( *http://www.finance.yahoo.com/currency* ), moneycentral.com, cnnfn.com and reuters.com, which provide spot price or currency conversion information about each of the currencies that underlie the Shares that are the subject of this filing. Many of these sites offer price quotations drawn from other published sources, and as the information is supplied free of charge, it generally is subject to time delays. 17 In addition, major market data vendors regularly report current currency exchange pricing for a fee for the currencies underlying the Shares that are the subject of this proposal. 17 There may be incremental differences in the foreign currency spot price among the various information service sources. While the Exchange believes the differences in the foreign currency spot price may be relevant to those entities engaging in arbitrage or in the active daily trading of the applicable foreign currency or foreign currency derivatives, the Exchange believes such differences are likely of less concern to individual investors intending to hold the Shares as part of a long-term investment strategy. In addition, the Trusts' Web site ( *http://www.currencyshares.com* ), which is publicly accessible at no charge, will provide the following information:

(1)The spot price for each applicable foreign currency, 18 including the bid and offer and the midpoint between the bid and offer for the foreign currency spot price, updated at least every 15 seconds; 19

(2)an IIV per Share calculated by multiplying the indicative spot price of the applicable foreign currency by the quantity of foreign currency backing each Share, updated at least every 15 seconds;

(3)an indicative value (subject to a 20-minute delay), which is used for calculating premium/discount information;

(4)premium/discount information, calculated on a 20-minute delayed basis;

(5)the NAV of each Trust as calculated each business day by the Trustee;

(6)accrued interest per Share;

(7)the daily Federal Reserve Bank of New York Noon Buying Rate;

(8)the Basket Amount for each applicable foreign currency; and

(9)the last sale price of the Shares as traded in the U.S. market, subject to a 20-minute delay, as it is provided free of charge. 20 On the Trusts' Web site, the foreign currency spot prices will be available and disseminated at least every 15 seconds and the IIV per Share will be calculated and disseminated at least every 15 seconds during NYSE Arca Marketplace's opening and late trading sessions, as well as during its core trading session. 21 The Exchange will provide on its own public Web site ( *http://www.nysearca.com* ) a link to the Trusts' Web site. 18 The Trusts' Web site's foreign currency spot price will be provided by FactSet Research Systems ( *http://www.factset.com* ). FactSet Research Systems is not affiliated with the Trusts, Trustee, Sponsor, Depository, Distributor, or the Exchange. In the event that the Trusts' Web site should cease to provide this foreign currency spot price information from an unaffiliated source and the intraday indicative value (“IIV”) of the Shares, the NYSE will commence delisting proceedings for the Shares. The NYSE also will halt trading in an issue of Shares for which the IIV is no longer calculated or disseminated. *See* NYSE Proposal and NYSE Order. 19 The midpoint will be calculated by the Sponsor. The midpoint is used for purposes of calculating the premium or discount of the Shares. For example, assuming a British Pound spot bid of $1.7473 and an offer of $1.7474, the mid point would be calculated as follows: (British Pound spot bid plus ((spot offer minus spot bid) divided by 2)) or ($1.7473 + ($1.7474−$1.7473)/2)) + $1.74735. The Sponsor has represented to the Exchange that the IIV will be available during the Exchange's early, core and late trading sessions (4 a.m. ET to 8 p.m. ET). 20 The last sale price of the Shares in the secondary market is available on a real-time basis for a fee from regular data vendors. 21 Pursuant to NYSE Arca Equities Rule 7.34(a), the NYSE Arca Marketplace trading hours for exchange-traded funds are as follows:

(1)Opening trading session—4 a.m. to 9:30 a.m. ET;

(2)core trading session—9:30 a.m. to 4:15 p.m. c. UTP Trading Criteria The Exchange will cease trading in the Shares during the listing market's trading hours if:

(a)The listing market stops trading the Shares because of a regulatory halt similar to a halt based on NYSE Arca Equities Rule 7.12 and/or a halt because the IIV and/or the underlying value (spot price) 22 of the applicable foreign currency is no longer calculated or disseminated; 23 or

(b)the listing market delists the Shares. Additionally, the Exchange may cease trading the Shares if such other event shall occur or condition exists which in the opinion of the Exchange makes further dealings on the Exchange inadvisable. 22 For purposes of trading the Shares pursuant to UTP, the applicable value would be the applicable foreign currency spot price on the Trusts' Web site (to which the Exchange will hyperlink), which is currently provided by FactSet Research Systems ( *http://www.factset.com* ). 23 June 26 Telephone Conversation, *supra* note 15. Because NYSE Arca Marketplace will be trading the Shares during its opening and late trading sessions, when the listing market is closed, the Exchange will take reasonable steps designed to ensure that the applicable foreign currency spot price and IIV are disseminated during these trading sessions. In addition, the Exchange will cease trading the Shares if:

(1)The value of the foreign currency is not calculated and available on at least a 15-second delayed basis from a source unaffiliated with the Sponsor, the Trust, the Trustee, or the Exchange and the Exchange is not providing a hyperlink on the Exchange's Web site to any such unaffiliated foreign currency value; or 24

(2)the IIV is not made available on at least a 15-second delayed basis. 25 24 *Id* . 25 In such case, the Exchange would immediately contact the Commission's staff. *See* Amendment No. 1. d. Trading Rules The Exchange deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. 26 Trading in the Shares on the Exchange will occur in accordance with NYSE Arca Equities Rule 7.34(a). 27 The Exchange represents that it has appropriate rules to facilitate transactions in the Shares during all trading sessions. The minimum trading increment for Shares on the Exchange will be $0.01. 26 *See* NYSE Arca Equities Rule 8.202(b). 27 *See supra* note 21. NYSE Arca Equities Rules 8.202(g)-(i) set forth certain restrictions on ETP Holders acting as registered Market Makers in the Shares to facilitate surveillance. NYSE Arca Equities Rule 8.202(h) requires that the ETP Holder acting as a registered Market Maker in the Shares provide the Exchange with information relating to its trading in the applicable foreign currency, options, futures or options on futures on such currency, or any other derivatives based on such currency. NYSE Arca Equities Rule 8.202(i) prohibits the ETP Holder acting as a registered Market Maker in the Shares from using any material nonpublic information received from any person associated with an ETP Holder or employee of such person regarding trading by such person or employee in the applicable foreign currency, options, futures or options on futures on such currency, or any other derivatives based on such currency (including the Shares). In addition, NYSE Arca Equities Rule 8.202(g) prohibits the ETP Holder acting as a registered Market Maker in the Shares from being affiliated with a market maker in the applicable foreign currency, options, futures or options on futures on such currency, or any other derivatives based on such currency, unless adequate information barriers are in place, as provided in NYSE Arca Equities Rule 7.26. With respect to trading halts, the Exchange may consider all relevant factors in exercising its discretion to halt or suspend trading in the Shares. Trading on the Exchange in the Shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. These may include:

(1)The extent to which trading is not occurring in the applicable foreign currency, or

(2)whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. In addition, trading in the Shares will be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's “circuit breaker” rule. 28 *See* “UTP Trading Criteria” section above for specific instances when the Exchange will cease trading in the Shares. 28 *See* NYSE Arca Equities Rule 7.12. The Shares will be deemed “Eligible Listed Securities,” as defined in NYSE Arca Equities Rule 7.55, for purposes of the Intermarket Trading System (“ITS”) Plan and therefore will be subject to the trade through provisions of NYSE Arca Equities Rule 7.56, which require that ETP Holders avoid initiating trade-throughs for ITS securities. e. Surveillance The Exchange intends to utilize its existing surveillance procedures applicable to derivative products, shares of the streetTRACKS Gold Trust, and shares of the Euro Currency Trust to monitor trading in the Shares. The Exchange represents that these procedures are adequate to properly monitor Exchange trading of the Shares in all trading sessions. The Exchange's current trading surveillance focuses on detecting securities trading outside their normal patterns. When such situations are detected, surveillance analysis follows and investigations are opened, where appropriate, to review the behavior of all relevant parties for all relevant trading violations. The Exchange is able to obtain information regarding trading in the Shares, foreign currency options, and foreign currency futures through ETP Holders, in connection with such ETP Holders' proprietary or customer trades which they effect on any relevant market. In addition, the Exchange may obtain trading information via the Intermarket Surveillance Group (“ISG”) from other exchanges who are members or affiliates of the ISG. 29 Specifically, the Exchange can obtain information:

(1)From the CME, an affiliate member of ISG, about the trading of the relevant foreign currency futures, and options on those futures, that trade on the CME; and

(2)from the Phlx, a member of the ISG, about the trading of options on the relevant foreign currencies that trade on the Phlx. 30 29 As noted in the NYSE Proposal, futures on the Australian Dollar, British Pound, Canadian Dollar, Mexican Peso, Swedish Krona and Swiss Franc, as well as options on such futures (except for the Swedish Krona) are traded on the CME (both exchange pit trading and GLOBEX trading, except for Swedish Krona futures, which trade on GLOBEX only). Standardized options on the Australian Dollar, British Pound, Canadian Dollar and Swiss Franc trade on the Phlx. These U.S. markets are the primary trading markets in the world for exchange-traded futures, options, and options or futures on these currencies. As noted in the NYSE Proposal, based on the NYSE's review of information supplied by major market data vendors, exchange-traded options are not traded on the Mexican Peso or the Swedish Krona. 30 *See supra* note 29. f. Information Bulletin Prior to the commencement of trading, the Exchange will inform its ETP Holders in an Information Bulletin of the special characteristics and risks associated with trading the Shares. Specifically, the Information Bulletin will discuss the following:

(1)The procedures for purchases and redemptions of Shares in Baskets (and that Shares are not individually redeemable but are redeemable only in aggregations of at least 50,000 Shares);

(2)NYSE Arca Equities Rule 9.2(a), 31 which imposes a duty of due diligence on its ETP Holders to learn the essential facts relating to every customer prior to trading the Shares;

(3)how information regarding the IIV is disseminated;

(4)the requirement that ETP Holders deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; and

(5)trading information. For example, the Information Bulletin will advise ETP Holders, prior to the commencement of trading, of the prospectus delivery requirements applicable to the Shares. The Exchange notes that investors purchasing Shares directly from the Trusts (by delivery of the Basket Amount) will receive a prospectus. ETP Holders purchasing Shares from the Trusts for resale to investors will deliver a prospectus to such investors. 31 The Exchange has proposed to amend NYSE Arca Equities Rule 9.2(a) (“Diligence as to Accounts”) to provide that ETP Holders, before recommending a transaction, must have reasonable grounds to believe that the recommendation is suitable for the customer based on any facts disclosed by the customer as to his other security holdings and as to his financial situation and needs. Further, the proposed rule amendment provides that prior to the execution of a transaction recommended to a non-institutional customer, the ETP Holders should make reasonable efforts to obtain information concerning the customer's financial status, tax status, investment objectives, and any other information that they believe would be useful to make a recommendation. *See* Amendment No. 2 to SR-PCX-2005-115 (May 5, 2006). In addition, the Information Bulletin will reference that each Trust is subject to various fees and expenses described in the applicable Registration Statement, and that the number of units of foreign currency required to create a Basket or to be delivered upon a redemption of a Basket may gradually decrease over time in the event that a Trust is required to sell units of foreign currency to pay the Trust's expenses, and that if done at a time when the price of the applicable foreign currency is relatively low, it could adversely affect the value of the Shares. Finally, the Information Bulletin also will reference the fact that there is no regulated source of last sale information regarding foreign currency, and that the Commission has no jurisdiction over the trading of foreign currency. The Information Bulletin will also discuss any relief, if granted, by the Commission from any rules under the Exchange Act. 32 32 The applicable rules are: Rule 10a-1; Rule 200(g) of Regulation SHO; Section 11(d)(1) and Rule 11d1-2; and Rules 101 and 102 of Regulation M under the Exchange Act. 2. Statutory Basis The Exchange states that the proposed rule change, as amended, is consistent with section 6(b) of the Exchange Act 33 in general and furthers the objectives of section 6(b)(5) of the Exchange Act 34 in particular in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transaction in securities, to remove impediments and perfect the mechanisms of a free and open market, and, in general, to protect investors and the public interest. 33 15 U.S.C. 78s(b). 34 15 U.S.C. 78s(b)(5). In addition, the Exchange believes that the proposal is consistent with Rule 12f-5 under the Exchange Act 35 because it deems the Shares to be equity securities, thus rendering the Shares subject to the Exchange's existing rules governing the trading of equity securities. 35 17 CFR 240.12f-5. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change, as amended, will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange states that written comments were neither solicited nor received. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov* . Please include File No. SR-NYSEArca-2006-26 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2006-26. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( * http://www.sec.gov/ rules/sro.shtml * ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written 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 inspection and copying in the Commission's Public Reference Room. 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-NYSEArca-2006-26 and should be submitted by July 24, 2006. IV. Commission Findings and Order Granting Accelerated Approval of a Proposed Rule Change After careful consideration, the Commission finds that the proposed rule change, as amended, is consistent with the requirements of the Exchange Act 36 and the rules and regulations thereunder applicable to a national securities exchange. 37 In particular, the Commission finds that the proposed rule change, as amended, is consistent with the requirements of section 6(b)(5) of the Exchange Act, 38 which requires that the an exchange have rules designed, among other things, to promote just and equitable principles of trade, to remove impediments and to perfect the mechanism of a free and open market and a national market system, and in general, to protect investors and the public interest. 36 15 U.S.C. 78f. 37 In approving this proposed rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* U.S.C. 78c(f). 38 15 U.S.C. 78f(b)(5). In addition, the Commission finds that the proposal is consistent with section 12(f) of the Exchange Act, 39 which permits an exchange to trade, pursuant to UTP, a security that is listed and registered on another exchange. 40 The Commission notes that it previously approved the listing and trading of the Shares on the NYSE. 41 39 15 U.S.C. 78l(f). 40 Section 12(a) of the Act, 15 U.S.C. 78l(a), generally prohibits a broker-dealer from trading a security on a national securities exchange unless the security is registered on that exchange pursuant to section 12 of the Act. Section 12(f) of the Act excludes from this restriction trading in any security to which an exchange “extends UTP.” When an exchange extends UTP to a security, it allows its members to trade the security as if it were listed and registered on the exchange even though it is not so listed and registered. 41 *See* NYSE Order, *supra* note 5. The Commission also finds that the proposal is consistent with Rule 12f-5 under the Exchange Act, 42 which provides that an exchange shall not extend UTP to a security unless it has in effect a rule or rules providing for transactions in a class or type of security to which the exchange extends UTP. NYSE Arca rules deem the Shares to be equity securities, thus trading in the Shares will be subject to the Exchange's existing rules governing the trading of equity securities. 43 42 17 CFR 240.12f-5. 43 The Commission notes that any new listing or trading of an issue of Currency Trust Shares will be subject to approval of a proposed rule change by the Commission pursuant to section 19(b)(2) of the Exchange Act, 15 U.S.C. 78s(b)(1), and Rule 19b-4 thereunder, 17 CFR 240.19b-4. The Commission further believes that the proposal is consistent with section 11A(a)(1)(C)(iii) of the Exchange Act, 44 which sets forth Congress' finding that it is in the public interest, and is appropriate for the protection of investors and the maintenance of fair and orderly markets, to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. 44 15 U.S.C. 78k-1(a)(1)(C)(iii). In support of the proposal, the Exchange has made the following representations:

(1)The Exchange has appropriate rules to facilitate transactions in this type of security in all trading sessions;

(2)the Exchange's surveillance procedures are adequate to properly monitor the trading of the Shares on the Exchange;

(3)the Exchange will distribute an Information Bulletin to its members prior to the commencement of trading of the Shares on the Exchange that explains the special characteristics and risks of trading the Shares;

(4)the Exchange will require a member with a customer who purchases newly issued Shares on the Exchange to provide that customer with a product prospectus and will note this prospectus delivery requirement in the Information Bulletin;

(5)the Exchange will cease trading in the Shares if:

(a)The listing market stops trading the Shares because of a regulatory halt similar to a halt based on NYSE Arca Equities Rule 7.12 and/or a halt because the IIV and/or the underlying value (spot price) of the applicable foreign currency is no longer calculated or disseminated;

(b)the listing market delists the Shares; or

(c)such other event occurs or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. 45 This approval order is conditioned on the Exchange's adherence to these representations. 45 In addition, the Exchange will cease trading the Shares if:

(2)the IIV is not made available on at least a 15-second delayed basis. The Commission finds good cause for approving the proposed rule change, as amended, prior to the thirtieth day after publication of the notice of filing thereof in the **Federal Register** . The Commission recently granted approval to the NYSE to list and trade the Shares. 46 Accelerating approval of this proposed rule change should benefit investors by creating, without undue delay, additional competition in the market for the Shares. 46 *See* NYSE Order, *supra* note 5. V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act 47 that the proposed rule change (SR-NYSEArca-2006-26), as amended, is approved on an accelerated basis. 47 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 48 48 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-10338 Filed 6-30-06; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-54045; File No. SR-PCX-2005-115] Self-Regulatory Organizations; Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.); Notice of Filing of a Proposed Rule Change and Amendment Nos. 1 and 2 Thereto and Order Granting Partial Accelerated Approval Relating to Trading Shares of the Funds of the ProShares Trust Pursuant to Unlisted Trading Privileges June 26, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on October 11, 2005, the Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.) (the “Exchange”), through its wholly owned subsidiary PCX Equities, Inc. (n/k/a/ NYSE Arca Equities, Inc.) (“NYSE Arca Equities” or the “Corporation”), filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 3 The Exchange filed Amendment No. 1 to the proposed rule change on November 21, 2005. 4 The Exchange filed Amendment No. 2 to the proposed rule change on May 5, 2006. 5 On June 21, 2006, the Commission published the proposed rule change for notice from interested persons and partially approved on an accelerated basis, as amended, that portion of the proposal pertaining to the trading, pursuant to unlisted trading privileges (“UTP”), of the Shares of the Ultra 500 Fund, Ultra 100 Fund, Ultra 30 Fund, Ultra Mid-Cap 400 Fund, Short 500 Fund, Short 100 Fund, Short 30 Fund, Short Mid-Cap 400 Fund and the portion of the proposal pertaining to NYSE Arca Equities Rule 9.2(a). 6 The Commission is now approving on an accelerated basis the remainder of the proposed rule change, as amended, pertaining to the trading, pursuant to UTP, of the Shares of the Ultra Short 500 Fund, Ultra Short 100 Fund, Ultra Short 30 Fund, and Ultra Short Mid-Cap 400 Fund. 1 15 U.S.C 78s(b)(1). 2 17 CFR 240.19b-4. 3 On March 6, 2006, the Pacific Exchange, Inc. (“PCX”), filed with the Commission a proposed rule change, which was effective upon filing, to change the name of the Exchange, as well as several other related entities, to reflect Archipelago's recent acquisition of PCX and the merger of the NYSE with Archipelago. *See* Securities Exchange Act Release No. 56315 (April 7, 2006), 71 FR 19226 (April 13, 2006) (File No. SR-PCX-2006-24). All references herein have been changed to reflect these transactions. Telephone Conference between Lisa Dallmer, Director, NYSE Arca Equities, Inc., and Florence E. Harmon, Senior Special Counsel, Division of Market Regulation (“Division”), Commission, on June 21, 2006. 4 Amendment No. 1 replaced and superseded the original filing in its entirety. 5 Amendment No. 2 replaced and superseded Amendment No. 1 in its entirety. 6 Securities Exchange Act Release No. 54026 (June 21, 2006) (“NYSE Arca Order”). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange, through its wholly owned subsidiary NYSE Arca Equities, proposes to trade shares (“Shares”), pursuant to UTP, the following four funds of the ProShares Trust (f/k/a xtraShares Trust) (the “Trust”): Ultra Short 500 Fund, Ultra Short 100 Fund, Ultra Short 30 Fund and Ultra Short Mid-Cap 400 Fund (the “Funds”). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item III below, and is set forth in Sections A, B, and C below. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose Under NYSE Arca Equities Rule 5.2(j)(3), the Exchange may propose to list and/or trade pursuant to UTP “Investment Company Shares.” With this filing, the Exchange proposes to trade pursuant to UTP the Shares of the Funds under NYSE Arca Equities Rule 5.2(j)(3). The Exchange represents that the Shares, which seek to provide investment results that correspond to the inverse or opposite of twice the inverse or opposite (−200%) of the index's daily performance, qualify as Investment Company Shares as defined in NYSE Arca Equities Rule 5.2(j)(3). To accommodate the trading of the Shares, the Exchange has amended NYSE Arca Equities Rule 9.2(a) (“Diligence as to Accounts”), as more fully described in the NYSE Arca Order. The Commission also previously approved the trading, pursuant to UTP, of the Shares of eight of the Funds on the Exchange in the NYSE Arca Order. The four Funds—the Ultra Short 500, Ultra Short 100, Ultra Short 30, and Ultra Short Mid-Cap400 Funds (the “Additional Bearish Funds”)—seek daily investment results, before fees and expenses, that correspond to twice (or two times) the inverse or opposite (−200%) of the daily performance of the S&P 500, Nasdaq 100, DJIA and S&P MidCap, respectively. If each of these Funds is successful in meeting its objective, the net asset value (the “NAV”) of the Shares of each Fund should increase approximately twice as much, on a percentage basis, as the respective Underlying Index loses when the prices of the securities in the Index decline on a given day, or should decrease approximately twice as much as the respective Underlying Index gains when the prices of the securities in the Index rise on a given day. A description of the Shares, dissemination of information about the Shares and the Funds' underlying indexes, surveillance procedures applicable to trading of the Shares on the Exchange, and the Exchange's information bulletin pertaining to the Shares is set forth in the NYSE Arca Order. 7 7 *See also* Securities Exchange Act Release No. 54040 (June 23, 2006) (SR-AMEX-2006-41 (the “Amex Order”) (approval to list and trade on Amex the Ultra Short 500 Fund, Ultra Short 100 Fund, Ultra Short 30 Fund and Ultra Short Mid-Cap 400 Fund).

(a)UTP Trading Criteria The Exchange represents that it will cease trading the Shares of a Fund during the listing market's trading hours if:

(a)The listing market stops trading the Shares because of a regulatory halt similar to a halt based on NYSE Arca Equities Rule 7.12 or a halt because the IIV or the value of the applicable Underlying Index is no longer available at least every 15 seconds or the NAV is not disseminated to all market participants at the same time 8 or

(b)the listing market delists the Shares. Additionally, the Exchange may cease trading the Shares of a Fund if such other event shall occur or condition exists which in the opinion of the Exchange makes further dealings on the Exchange inadvisable. 8 Telephone Conference between Lisa Dallmer, Director, NYSE Arca Equities, Inc., and Florence E. Harmon, Senior Special Counsel, Division, Commission, on June 26, 2006 (as to simultaneous NAV dissemination).

(b)Trading Rules The Exchange deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. Shares will trade on the NYSE Arca Marketplace from 9:30 a.m. ET until 8 p.m. ET, even if the IIV is not disseminated from 4:15 p.m. ET to 8 p.m. ET. 9 The Exchange states that it has appropriate rules to facilitate transactions in the Shares during all trading sessions. The minimum trading increment for Shares on the Exchange will be $0.01. 9 Because National Securities Clearing Corporation (“NSCC”) does not disseminate the new basket amount to market participants until approximately 6 p.m. to 7 p.m. ET, an updated IIV is not possible to calculate during the Exchange's late trading session. The Exchange also states that currently the official index sponsors for the Funds' indexes do not calculate updated index values during the Exchange's late trading session; however, if the index sponsors did so in the future, the Exchange will not trade this product unless such official index value is widely disseminated. Telephone Conference between Lisa Dallmer, Director, NYSE Arca Equities, Inc., and Florence E. Harmon, Senior Special Counsel, Division, Commission, on June 21, 2006. With respect to trading halts, the Exchange may consider all relevant factors in exercising its discretion to halt or suspend trading in the Shares of a Fund. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. These may include:

(1)The extent to which trading is not occurring in the securities comprising an Underlying Index and/or the Financial Instruments of a Fund, or

(2)whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. In addition, trading in Shares will be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's “circuit breaker” rule 10 or by the halt or suspension of trading of the underlying securities. 11 10 *See* NYSE Arca Equities Rule 7.12. 11 *See* “UTP Trading Criteria” above for specific instances when the Exchange will cease trading the Shares. Shares will be deemed “Eligible Listed Securities,” as defined in NYSE Arca Equities Rule 7.55, for purposes of the Intermarket Trading System (“ITS”) Plan and therefore will be subject to the trade through provisions of NYSE Arca Equities Rule 7.56, which require that ETP Holders avoid initiating trade-throughs for ITS securities. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act, 12 in general, and furthers the objectives of Section 6(b)(5), 13 in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transaction in securities, to remove impediments and perfect the mechanisms of a free and open market, and, in general, to protect investors and the public interest. 12 15 U.S.C. 78s(b). 13 15 U.S.C. 78s(b)(5). In addition, the Exchange believes that the proposal is consistent with Rule 12f-5 under the Act 14 because it deems the Shares to be equity securities, thus rendering the Shares subject to the Exchange's existing rules governing the trading of equity securities. 14 17 CFR 240.12f-5. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments on the proposed rule change were neither solicited nor received. III. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change, as amended, is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-PCX-2005-115 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-PCX-2005-115. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written 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 inspection and copying in the Commission's Public Reference Room. 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-PCX-2005-115 and should be submitted on or before July 24, 2006. IV. Commission's Findings and Order Granting Accelerated Partial Approval of Proposed Rule Change The Commission previously approved the portion of the proposed rule change, as amended, pertaining to the trading pursuant to UTP of eight Funds: Ultra 500 Fund, Ultra 100 Fund, Ultra 30 Fund, Ultra Mid-Cap 400 Fund, Short 500 Fund, Short 100 Fund, Short 30 Fund, and Short Mid-Cap 400 Fund (“Original Funds”). 15 The Commission also previously approved the Exchange's Rule 9.2(a) with respect to “Diligence to Accounts.” 16 The Commission is now approving the portion of the proposed rule change, as amended, pertaining to the trading pursuant to UTP of the four remaining Funds: Ultra Short 500 Fund, Ultra Short 100 Fund, Ultra Short 30 Fund, Ultra Short Mid-Cap 400 Fund (“Subsequent Funds”). With regard to the trading pursuant to UTP of the Subsequent Funds, 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. 17 In particular, the Commission finds that the portion of the proposed rule change pertaining to the Subsequent Funds is consistent with Section 6(b)(5) of the Act, 18 which requires that an exchange have rules designed, among other things, 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. 15 *See* NYSE Arca Order, *supra* , note 6. 16 * Id.* 17 In approving this rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 18 15 U.S.C. 78f(b)(5). In addition, the Commission finds that the portion of the proposal pertaining to the trading of the Original Funds is consistent with Section 12(f) of the Act, 19 which permits an exchange to trade, pursuant to UTP, a security that is listed and registered on another exchange. 20 The Commission notes that it previously approved the listing and trading of the Shares of all of the Funds on the Amex and the trading, pursuant to UTP, of the Original Funds on the Exchange. 21 The Commission also finds that the proposal is consistent with Rule 12f-5 under the Act, 22 which provides that an exchange shall not extend UTP to a security unless the exchange has in effect a rule or rules providing for transactions in the class or type of security to which the exchange extends UTP. NYSEArca rules deem the Shares to be equity securities, thus trading in the Shares will be subject to the Exchange's existing rules governing the trading of equity securities. 19 15 U.S.C. 78 *l* (f). 20 Section 12(a) of the Act, 15 U.S.C. 78 *l* (a), generally prohibits a broker-dealer from trading a security on a national securities exchange unless the security is registered on that exchange pursuant to Section 12 of the Act. Section 12(f) of the Act excludes from this restriction trading in any security to which an exchange “extends UTP.” When an exchange extends UTP to a security, it allows its members to trade the security as if it were listed and registered on the exchange even though it is not so listed and registered. 21 *See* Amex Order, *supra* note 7. 22 17 CFR 240.12f-5. The Commission further believes that the proposal is consistent with Section 11A(a)(1)(C)(iii) of the Act, 23 which sets forth Congress's finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. 23 15 U.S.C. 78k-(a)(1)(C)(iii). In connection with the Exchange's UTP of the Shares of the Subsequent Funds, the Exchange will cease trading in the Shares if:

(1)The listing market stops trading the Shares because of a regulatory halt similar to NYSE Arca Equities Rule 7.12 or a halt because the Indicative Partnership Value or the value of the applicable Underlying Index is no longer available (at least every 15 seconds during the trading day), or the NAV is not disseminated to all market participants at the same time, or

(b)the listing market delists the Shares. Additionally, the Exchange may cease trading the Shares if such other event shall occur or condition exists which in the opinion of the Exchange makes further dealings on the Exchange inadvisable. In support of the portion of the proposed rule change regarding UTP of the Shares, of the Original Funds, the Exchange has made the following representations: 1. The Exchange has appropriate rules to facilitate transactions in this type of security in all trading sessions. 2. The Exchange's surveillance procedures are adequate to properly monitor the trading of the Shares on the Exchange. 3. The Exchange will distribute an Information Bulletin to its members prior to the commencement of trading of the Shares on the Exchange that explains the special characteristics and risks of trading the Shares. 4. The Exchange will require a member with a customer who purchases newly issued Shares on the Exchange to provide that customer with a product prospectus and will note this prospectus delivery requirement in the Information Bulletin. 5. The Exchange will cease trading in the Shares if

(1)the listing market stops trading the Shares because of a regulatory halt similar to a halt based on NYSE Arca Equities Rule 7.12 and/or a halt because the Indicative Partnership Value or the value of the applicable Underlying Index is no longer available at least every 15 seconds or the NAV is not disseminated to all market participants at the same time, or

(2)the listing market delists the Shares. This approval order is conditioned on the Exchange's adherence to these representations. The Commission finds good cause for partially approving the remaining portion of this proposed rule change with regard to the UTP of the Subsequent Funds before the thirtieth day after the publication of notice thereof in the **Federal Register** . As noted previously, the Commission previously found that the listing and trading of these Shares on the Amex is consistent with the Act. 24 The Commission presently is not aware of any issue that would cause it to revisit that earlier finding or preclude the trading of these funds on the Exchange pursuant to UTP. Therefore, accelerating approval of this proposed rule change should benefit investors by creating, without undue delay, additional competition in the market for these Shares. 24 *See* Amex Order, *supra* note 7. V. Conclusion *It is therefore ordered* , pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR-PCX-2005-115), as amended, is hereby partially approved on an accelerated basis. 25 25 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Market Regulation, pursuant to delegated authority. 26 26 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E6-10335 Filed 6-30-06; 8:45 am] BILLING CODE 8010-01-P DEPARTMENT OF TRANSPORTATION Office of the Secretary [Docket OST-2005-22935] Application of Mokulele Flight Service, Inc. for Certificate Authority AGENCY: Department of Transportation. ACTION: Notice of order to show cause (Order 2006-6-34). SUMMARY: The Department of Transportation is directing all interested persons to show cause why it should not issue an order finding Mokulele Flight Service, Inc., fit, willing, and able, and awarding it a certificate of public convenience and necessity to engage in interstate scheduled air transportation of persons, property and mail. DATES: Persons wishing to file objections should do so no later than July 11, 2006. ADDRESSES: Objections and answers to objections should be filed in Docket OST-2005-22935 and addressed to U.S. Department of Transportation, Docket Operations, (M-30, Room PL-401), 400 Seventh Street, SW., Washington, DC 20590, and should be served upon the parties listed in Attachment A to the order. FOR FURTHER INFORMATION CONTACT: Vanessa R. Balgobin, Air Carrier Fitness Division (X-56, Room 6401), U.S. Department of Transportation, 400 Seventh Street, SW., Washington, DC 20590,

(202)366-9721. Dated: June 27, 2006. Michael W. Reynolds, Acting Assistant Secretary for Aviation and International Affairs. [FR Doc. E6-10390 Filed 6-30-06; 8:45 am] BILLING CODE 4910-9X-P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration [Docket No. FRA-2006-25169, Notice No. 1] Hazardous Materials: Improving the Safety of Railroad Tank Car Transportation of Hazardous Materials AGENCY: Federal Railroad Administration (FRA), Department of Transportation (DOT). ACTION: Notice of establishment of public docket; notice of availability. SUMMARY: FRA and the Pipeline and Hazardous Materials Safety Administration (PHMSA), operating administrations of DOT, have initiated a comprehensive review of design and operational factors that affect the safety of railroad tank car transportation of hazardous materials. In order to facilitate public involvement in this review, FRA and PHMSA held a public meeting on May 31 and June 1, 2006, and FRA has established a public docket to provide all interested parties with a central location to both send and review relevant information concerning improving the safety of railroad tank car transportation of hazardous materials. The docket established for this purpose is designated Docket No. FRA-2006-25169. A copy of the transcript of the May 31 and June 1, 2006 public meeting is available in the docket. ADDRESSES: The public is invited to submit both relevant information and relevant comments to the docket. Written submissions should refer to the docket number of this notice (Docket No. FRA-2006-25169) and may be submitted by any of the following methods: *Web site:* *http://dms.dot.gov.* Follow the instructions for submitting comments on the DOT electronic docket site. *Fax:* 202-493-2251. *Mail:* Docket Management Facility, U.S. Department of Transportation, 400 Seventh Street, SW., Nassif Building, Room PL-401, Washington, DC 20590-001. *Hand Delivery:* Docket Management Facility, Room PL-401 on the Plaza level of the Nassif Building, 400 Seventh Street, SW., Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday, except Federal Holidays. SUPPLEMENTARY INFORMATION: The Secretary of Transportation (Secretary) has authority over all areas of railroad safety (49 U.S.C. 20101 *et seq.* ), and has delegated this authority to FRA. FRA has issued a comprehensive set of Federal regulations governing the safety of all facets of freight and passenger railroad operations (49 CFR parts 200-244). FRA also conducts research and development to enhance railroad safety. The Secretary is also responsible for “prescrib[ing] regulations for the safe transportation, including security, of hazardous material in intrastate, interstate, and foreign commerce.” 49 U.S.C. 5103. The Secretary has delegated this authority to PHMSA. FRA inspects railroads and shippers for compliance with both FRA railroad safety regulations and PHMSA regulations governing the transportation of hazardous materials in commerce. As detailed in PHMSA's “Notice of public meeting” published on May 24, 2006 (71 FR 30019), in the last several years, there have been a number of railroad accidents which resulted in hazardous material releases from tank cars. 71 FR at 30020. As noted in the May 24, 2006 notice, some of these accidents are of particular concern because they involved materials that were poisonous or toxic by inhalation (TIH materials). *Id.* In addition, several other railroad accidents have occurred in recent years that, while not involving TIH materials, also involve the breach of railroad tank cars containing DOT regulated hazardous materials. These accidents include tank car failures at Eunice, LA (May 27, 2000), Council Bluffs, IA (October 8, 2004), Milford, UT (January 12, 2005), Creighton, PA (February 2, 2005) and Cleveland, OH (January 27, 2006). A primary causative factor of each of these accidents (those involving TIH materials and those involving other than TIH materials) was railroad operations, a failed tank structure, or a combination of the two. FRA and PHMSA have initiated a comprehensive review of design and operational factors that affect the safety of railroad tank car transportation of hazardous materials. As noted in the May 24, 2006 notice, this review will not consider security issues. *Id.* PHMSA and FRA have been working closely with the Transportation Security Administration of the Department of Homeland Security, on developing proposed regulations to enhance the security of rail shipments of hazardous materials. These regulatory proposals will be issued in separate proceedings open to public comment as appropriate in the future. In order to facilitate public involvement in DOT's comprehensive review of the safety of railroad tank car transportation of hazardous materials, PHMSA and FRA invited interested persons to participate in a public meeting in Washington, DC on May 31 and June 1, 2006 to share concerns and comments related to the safe transportation of hazardous materials in tank cars. In order to facilitate further public involvement, FRA has established a docket to provide interested parties with a central location to both send and review relevant information concerning the safety of railroad tank car transportation of hazardous materials. The docket established for this purpose is designated Docket No. FRA-2006-25169. The information submitted to the docket will aid FRA and/or PHMSA in determining whether future rulemakings will be necessary to improve the safety of railroad tank car transportation of hazardous materials. A copy of the transcript of the May 31 and June 1, 2006 public meeting is available for review in the docket. Also included in the docket is a copy of the June 13, 2006 written statement of the FRA Administrator before the House Subcommittee on Railroads concerning current issues in rail transportation of hazardous materials. The Administrator's testimony discusses hazardous material releases and steps FRA is taking to improve the safety of the rail movement of hazardous materials. The public is invited to submit both information and comments relevant to DOT's comprehensive review of the safety of railroad tank car transportation of hazardous materials to the docket identified in this notice. Privacy Anyone is able to search all comments received into any of our dockets by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (Volume 665, Number 7, Pages 19477-78). The statement may also be found at *http://dms.dot.gov.* Issued in Washington, DC on June 28, 2006. Jo Strang, Associate Administrator for Safety. [FR Doc. E6-10371 Filed 6-30-06; 8:45 am] BILLING CODE 4910-06-P DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Docket No. AB-995X] New Mexico Gateway Railroad Limited Liability Company—Discontinuance Exemption—in Dona Ana County, NM New Mexico Gateway Railroad Limited Liability Company

(NMGR)has filed a verified notice of exemption under 49 CFR part 1152 subpart F— *Exempt Abandonments and Discontinuances of Service* to discontinue service over approximately 3.5 miles of rail line at Santa Teresa, in Dona Ana County, NM, as follows:

(1)A 4,412-foot spur identified as Track A;

(2)a 3,375-foot spur identified as Track B;

(3)a 3,884-foot spur identified as Track C;

(4)a 4,338-foot spur identified as Track D; and

(5)a 2,728-foot runaround track. 1 The line traverses United States Postal Service Zip Code 88008. 1 NMGR was granted an exemption to operate the rail line in * New Mexico Gateway Railroad Limited Liability Company—Operation Exemption—Santa Teresa Limited Partnership, * STB Finance Docket No. 34103 (STB served Oct. 29, 2001). NMGR has certified that:

(1)No local traffic has moved over the line for at least 2 years;

(2)any overhead traffic can be rerouted over other lines;

(3)no formal complaint filed by a user of rail service on the line (or by a state or local government entity acting on behalf of such user) regarding cessation of service over the line either is pending with the Surface Transportation Board or with any U.S. District Court or has been decided in favor of complainant within the 2-year period; and

(4)the requirements at 49 CFR 1105.12 (newspaper publication) and 49 CFR 1152.50(d)(l) (notice to governmental agencies) have been met. In this proceeding, NMGR is proposing to discontinue service on a line that constitutes its entire rail system. When issuing discontinuance authority for a railroad line that constitutes the carrier's entire system, the Board does not impose labor protection, except in specifically enumerated circumstances. *See Northampton and Bath R. Co.—Abandonment,* 354 I.C.C. 784, 785-86

(1978)( *Northampton* ). Because there is no evidence that one or more of the exceptions articulated in *Northampton* are present, no labor protective conditions will be imposed. Provided no formal expression of intent to file an offer of financial assistance

(OFA)has been received, this exemption will be effective on August 3, 2006, unless stayed pending reconsideration. Petitions to stay that do not involve environmental issues and formal expressions of intent to file an OFA for continued rail service under 49 CFR 1152.27(c)(2), 2 must be filed by July 13, 2006. 3 Petitions to reopen must be filed by July 24, 2006, with the Surface Transportation Board, 1925 K Street, NW., Washington, DC 20423-0001. 2 Each OFA must be accompanied by the filing fee which as of April 19, 2006, is set at $1,300. *See Regulations Governing Fees for Service Performed in Connection With Licensing and Related Services—2006 Update,* STB Ex Parte No. 542 (Sub-No. 13) (STB served Mar. 20, 2006). *See* 49 CFR 1002.2(f)(25). 3 Because this is a discontinuance proceeding and not an abandonment, trail use/rail banking and public use conditions are not appropriate. Likewise, no environmental or historical documentation is required here under 49 CFR 1105.6(c) and 1105.8(b), respectively. A copy of any petition filed with the Board should be sent to NMGR's representative: John D. Heffner, 1920 N St., NW., Suite 800, Washington, DC 20036. If the verified notice contains false or misleading information, the exemption is void *ab initio.* Board decisions and notices are available on our Web site at *http://www.stb.dot.gov.* Decided: June 23, 2006. By the Board, David M. Konschnik, Director, Office of Proceedings. Vernon A. Williams, Secretary. [FR Doc. 06-5820 Filed 6-30-06; 8:45 am]

Connectionstraces to 14

Traces to 14 documents

CFR

U.S. Code