SEC News Digest

ENFORCEMENT PROCEEDINGS

In the Matter of E-Sync Networks, Inc.

On Aug. 23, 2010, an Administrative Law Judge issued an Order Making Findings and Revoking Registrations by Default as to Nine Public Companies (Default Order) in E-Sync Networks, Inc., Administrative Proceeding No. 3-13966, as to E-Sync Networks, Inc. (n/k/a ESNI, Inc.), EchoCath, Inc., Edison Brothers Stores, Inc., Electronic Technology Group, Inc., SolutionNet International, Inc., ERD Waste Corp., Eurasia Gold Fields, Inc., European Micro Holdings, Inc., and Exotech, Inc. The Default Order finds that these Respondents failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 13a-1 and 13a-13 because each Respondent failed to make periodic filings with the Commission for a number of years. Based on these findings, the Default Order, pursuant to Section 12(j) of the Exchange Act, revoked the registration of each class of registered securities of each of these companies. (Rel. 34-62756; File No. 3-13966)

Commission Revokes Registration of Securities of Fineline Holdings, Inc. for Failure to Make Required Periodic Filings

On Aug. 23, 2010, the Commission revoked the registration of each class of registered securities of Fineline Holdings, Inc. (FNLH) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, FNLH consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934, finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of FNLH's securities pursuant to Section 12(j) of the Exchange Act. This Order settled the charges brought against FNLH in In the Matter of Fineline Holdings, Inc., Administrative Proceeding File No. 3-13963.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .

For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Fineline Holdings, Inc., Administrative Proceeding File No. 3-13963, Exchange Act Release No. 62484 (July 13, 2010). (Rel. 34-62757; File No. 3-13963)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by the NASDAQ OMX PHLX relating to the cancellation fee (SR-Phlx-2010-105) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of August 23. (Rel. 34-62744)

A proposed rule change filed by the NASDAQ OMX PHLX relating to the cancellation fee (SR-Phlx-2010-113) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of August 23. (Rel. 34-62745)

Accelerated Approval of Proposed Rule Change

The Commission granted accelerated approval on a temporary basis to a proposed rule change filed under Section 19(b)(1) of the Exchange Act by the Fixed Income Clearing Corporation (SR-FICC-2010-05) to modify the rules of the Government Securities Division regarding the calculation of clearing fund deposits relating to inter-dealer broker positions. Publication is expected in the Federal Register during the week of August 23. (Rel. 34-62743)

Proposed Rule Change

Financial Industry Regulatory Authority filed a proposed rule change under Rule 19b-4 (SR-FINRA-2010-043) to amend FINRA's trade reporting and Order Audit Trail System rules, including changes relating to recent amendments to SEC Regulation SHO. Publication is expected in the Federal Register during the week of August 23. (Rel. 34-62748)

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http://www.sec.gov/news/digest/2010/dig082310.htm