[Federal Register Volume 64, Number 177 (Tuesday, September 14, 1999)]
[Notices]
[Pages 49826-49827]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23826]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41838; File No. ATS-EXEMPT-99-01]
Notice of Order Granting BondNet an Exemption From Compliance
With Regulation ATS Until October 21, 1999
September 7, 1999.
On May 7, 1999 the Commission issued an Order granting BondNet, an
alternative trading system operated as a division of the Bank of New
York, an exemption from Regulation ATS until October 21, 1999 pursuant
to Rule 301(a)(5) of the Securities Exchange Act
[[Page 49827]]
of 1934. The Order is attached as Exhibit A.
Margaret H. McFarland,
Deputy Secretary.
Exhibit A
SECURITIES AND EXCHANGE COMMISSION
[File No. ATS-EXEMPT-99-01]
May 7, 1999.
Order Granting BondNet an Exemption From Compliance With Regulation ATS
Until October 21, 1999
BondNet, an alternative trading system operated as a division of
the Bank of New York, filed an application for a temporary exemption
from Regulations ATS pursuant to Rule 301(a)(5) of the Securities
Exchange Act of 1934 (``Exchange Act'').
Under the new regulatory framework applicable to exchanges and
alternative trading systems, BondNet is required to register as an
exchange, or register as a broker-dealer and comply with Regulation
ATS. The Commission notes that the Bank of New York is currently
operating subject solely to regulation by banking authorities, and
consequently, BondNet must undertake the registration process with
the Commission and the National Association of Securities Dealers,
Inc. to comply with Regulation ATS. Under Rule 301(a)(5) of the
Exchange Act, the Commission may, by order, grant an exemption from
the requirements of Regulation ATS after determining that such an
order is consistent with the public interest, the protection of
investors, and the removal impediments to, and perfection of the
mechanisms of, a national market system.
The Commission has reviewed BondNet's application for a
temporary exemption from Regulation ATS to allow it time to fully
comply with that rule's requirements. The Commission finds that such
an exemption is consistent with the public interest, the protection
of investors, and the removal of impediments to, and perfection of
the mechanisms of, a national market system and has determined to
grant BondNet an exemption from Regulation ATS until October 21,
1999.
The Commission finds good cause to grant BondNet's request for
confidential treatment for 120 days from the date of issuance of
this Order.
It is therefore ordered, pursuant to Rule 301(a)(5) of the
Exchange Act, that BondNet's exemption from Regulation ATS until
October 21, 1999, be granted.
By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. 99-23826 Filed 9-13-99; 8:45 am]
BILLING CODE 8010-01-M
