Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change and Amendment No. 1 Thereto Relating to Its Regulatory Oversight Committee, 78250 [E6-22261]

Download as PDF 78250 Federal Register / Vol. 71, No. 249 / Thursday, December 28, 2006 / Notices 6(b)(5) 4 of the Act, in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. 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 The Exchange did not solicit or receive any written comments with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: A. By order approve the proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments For the Commission, by the Division of Market Regulation, pursuant to delegated authority.5 Florence E. Harmon, Deputy Secretary. [FR Doc. E6–22201 Filed 12–27–06; 8:45 am] BILLING CODE 8011–01–P 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 rulecomments@sec.gov. Please include File Number SR–NYSE–2006–116 on the subject line. sroberts on PROD1PC70 with NOTICES Station Place, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2006–116. 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-NYSE–2006–116 and should be submitted on or before January 18, 2007. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54986; File No. SR– NYSEArca-2006–58] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change and Amendment No. 1 Thereto Relating to Its Regulatory Oversight Committee December 21, 2006. On September 21, 2006, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 17 17 4 15 U.S.C. 78f(b)(5). VerDate Aug<31>2005 20:03 Dec 27, 2006 1 15 Jkt 211001 PO 00000 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). Frm 00123 Fmt 4703 Sfmt 4703 19b–4 thereunder,2 a proposed rule change to amend NYSE Arca Rule 3.3 to provide that the Exchange’s Regulatory Oversight Committee (the ‘‘ROC’’) shall be comprised of at least three Public Directors, rather than all the Public Directors. On October 20, 2006, the Exchange filed Amendment No. 1 to the proposed rule change. The proposed rule change, as amended, was published for comment in the Federal Register on October 27, 2006.3 The Commission received no comments regarding the proposal. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange 4 and, in particular, the requirements of Section 6(b)(5) of the Act.5 Section 6(b)(5) requires, among other things, that the rules of an exchange be designed to prevent fraudulent and manipulative acts, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. The Commission notes that the proposed rule change, by establishing a minimum committee size for the ROC, would allow the Exchange to reduce the ROC to three members. The Commission notes that the proposed rule change would retain the requirement that all members of the ROC be Public Directors.6 Accordingly, the Commission finds that the proposed rule change, as amended, is consistent with the Act. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7 that the proposed rule change (SR–NYSEArca2006–58), as amended, is approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E6–22261 Filed 12–27–06; 8:45 am] BILLING CODE 8011–01–P 2 17 CFR 240.19b-4. Securities Exchange Act Release No. 54638 (October 23, 2006), 71 FR 63059. 4 In approving this proposed rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). 6 NYSE Arca’s By-Laws define a ‘‘Public Director’’ as a person from the public who will not be, or be affiliated with, a broker-dealer in securities or employed by, or involved in any material business relationship with, the Exchange or its affiliates. See Section 3.02 of the NYSE Arca By-Laws. 7 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(12); 17 CFR 200.30–3(a)(44) 3 See E:\FR\FM\28DEN1.SGM 28DEN1

Agencies

[Federal Register Volume 71, Number 249 (Thursday, December 28, 2006)]
[Notices]
[Page 78250]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-22261]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54986; File No. SR-NYSEArca-2006-58]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving 
Proposed Rule Change and Amendment No. 1 Thereto Relating to Its 
Regulatory Oversight Committee

December 21, 2006.

    On September 21, 2006, NYSE Arca, Inc. (``NYSE Arca'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend NYSE Arca Rule 3.3 to provide that the 
Exchange's Regulatory Oversight Committee (the ``ROC'') shall be 
comprised of at least three Public Directors, rather than all the 
Public Directors. On October 20, 2006, the Exchange filed Amendment No. 
1 to the proposed rule change. The proposed rule change, as amended, 
was published for comment in the Federal Register on October 27, 
2006.\3\ The Commission received no comments regarding the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 54638 (October 23, 
2006), 71 FR 63059.
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange \4\ and, in 
particular, the requirements of Section 6(b)(5) of the Act.\5\ Section 
6(b)(5) requires, among other things, that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts, to promote just 
and equitable principles of trade, and, in general, to protect 
investors and the public interest. The Commission notes that the 
proposed rule change, by establishing a minimum committee size for the 
ROC, would allow the Exchange to reduce the ROC to three members. The 
Commission notes that the proposed rule change would retain the 
requirement that all members of the ROC be Public Directors.\6\ 
Accordingly, the Commission finds that the proposed rule change, as 
amended, is consistent with the Act.
---------------------------------------------------------------------------

    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(5).
    \6\ NYSE Arca's By-Laws define a ``Public Director'' as a person 
from the public who will not be, or be affiliated with, a broker-
dealer in securities or employed by, or involved in any material 
business relationship with, the Exchange or its affiliates. See 
Section 3.02 of the NYSE Arca By-Laws.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-NYSEArca-2006-58), as 
amended, is approved.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12); 17 CFR 200.30-3(a)(44)
---------------------------------------------------------------------------

 [FR Doc. E6-22261 Filed 12-27-06; 8:45 am]
BILLING CODE 8011-01-P