Sunshine Act Meeting, 15923 [E7-6124]

Download as PDF Federal Register / Vol. 72, No. 63 / Tuesday, April 3, 2007 / Notices or her federal and state income tax returns and a report of the investment activities of such Fund during such year. 6. Each Fund and the Managers of each Fund will maintain and preserve, for the life of each Series of that Fund and at least six years thereafter, such accounts, books and other documents as constitute the record forming the basis for the audited financial statements and annual reports of such Series to be provided to its Fund Investors, and agree that all such records will be subject to examination by the Commission and its staff. All such records will be maintained in an easily accessible place for at least the first two years. Dated: March 29, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–6124 Filed 4–2–07; 8:45 am] For the Commission, by the Division of Investment Management, pursuant to delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–6081 Filed 4–2–07; 8:45 am] March 27, 2007. SECURITIES AND EXCHANGE COMMISSION ycherry on PROD1PC64 with NOTICES Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold the following meeting during the week of April 2, 2007: An Open Meeting will be held on Wednesday, April 4, 2007 at 10 a.m. in the Auditorium, Room L–002. The subject matter of the Open Meeting scheduled for Wednesday, April 4, 2007 will be: The Commission will consider its staff’s approach to (1) the Public Company Accounting Oversight Board’s (‘‘PCAOB’’) Proposed Auditing Standard—An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements; and (2) the PCAOB’s Proposed Auditing Standard— Considering and Using the Work of Others in an Audit. Commissioner Casey, as duty officer, determined that no earlier notice thereof was possible. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. 18:30 Apr 02, 2007 Jkt 211001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55544; File No. SR–Amex– 2007–07] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change Revising Existing Rules for Portfolio Depositary Receipts and Index Fund Shares I. Introduction BILLING CODE 8010–01–P VerDate Aug<31>2005 BILLING CODE 8010–01–P On January 11, 2007, the American Stock Exchange LLC (‘‘Amex’’ 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 proposal to revise its existing rules for portfolio depositary receipts (Amex Rule 1000–AEMI) and index fund shares (Amex Rule 1000A– AEMI) to eliminate the methodology standards for eligible indexes. On January 25, 2007, the Amex submitted Amendment No. 1 to the proposed rule change. The proposed rule change, as modified by Amendment No. 1, was published for comment in the Federal Register on February 12, 2007 for a 15day comment period.3 The Commission received no comments regarding the proposal. On March 14, 2007, Amex filed Amendment No. 2 to the proposed rule change.4 This order approves the proposed rule change, as amended. II. Description of the Proposal The purpose of this proposed rule change is to amend Amex’s existing generic listing standards pursuant to Rule 19b–4(e) under the Act 5 for portfolio depositary receipts (‘‘PDRs’’) and index fund shares 6 to eliminate the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 55240 (February 5, 2007), 72 FR 6624. 4 Amendment No. 2 is a technical amendment, which revises the proposal to reflect the implementation of Amex’s Auction and Electronic Market Integration (‘‘AEMI’’) platform and corresponding adoption of Rules 1000–AEMI and 1000A–AEMI, which replace former Amex rules 1000 and 1000A. As such, it is not subject to notice and comment. 5 17 CFR 240.19b–4(e). 6 PDRs and index fund shares are registered investment companies under the Investment 2 17 PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 15923 requirement that an eligible index be calculated and weighted following a specified methodology. The Exchange currently has generic listing standards (within the meaning of Rule 19b–4(e) under the Act 7), which permit the listing and trading of various qualifying ETFs subject to the procedures contained in Rule 19b–4(e). The existence of generic listing standards allows qualifying ETFs to list or trade without the need to file a rule change for each security. The generic listing standards for ETFs presently provide that eligible indexes be calculated based on the market capitalization, modified market capitalization, price, equal-dollar, or modified equal-dollar weighting methodology.8 The proposed rule change would eliminate this standard, and, as a result, the Exchange would no longer consider index methodology in its review of an ETF’s eligibility for listing and trading pursuant to Rule 19b–4(e) under the Act.9 III. Discussion After careful consideration, 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 10 and, in particular, the requirements of Section 6 of the Act.11 Specifically, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,12 which requires, among other things, that the rules of a national securities exchange be 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. As the market for ETFs has grown, the variety of weighting and calculation methodologies for underlying indexes has also expanded, limiting the applicability of Amex’s current generic ETF listing standards. The Commission believes that the proposed elimination of index methodology from its generic Company Act of 1940 and are referred to in this filing as exchange traded funds (‘‘ETFs’’). 7 17 CFR 240.19b–4(e). 8 See Commentary .03(b)(i) to Amex Rule 1000– AEMI and Commentary .02(b)(i) to Amex Rule 1000A–AEMI. 9 17 CFR 240.19b–4(e). 10 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 11 15 U.S.C. 78f. 12 15 U.S.C. 78f(b)(5). E:\FR\FM\03APN1.SGM 03APN1

Agencies

[Federal Register Volume 72, Number 63 (Tuesday, April 3, 2007)]
[Notices]
[Page 15923]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6124]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold the following meeting during the week 
of April 2, 2007:
    An Open Meeting will be held on Wednesday, April 4, 2007 at 10 a.m. 
in the Auditorium, Room L-002.
    The subject matter of the Open Meeting scheduled for Wednesday, 
April 4, 2007 will be:
    The Commission will consider its staff's approach to (1) the Public 
Company Accounting Oversight Board's (``PCAOB'') Proposed Auditing 
Standard--An Audit of Internal Control Over Financial Reporting That Is 
Integrated with An Audit of Financial Statements; and (2) the PCAOB's 
Proposed Auditing Standard--Considering and Using the Work of Others in 
an Audit.
    Commissioner Casey, as duty officer, determined that no earlier 
notice thereof was possible.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact:
    The Office of the Secretary at (202) 551-5400.

    Dated: March 29, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-6124 Filed 4-2-07; 8:45 am]
BILLING CODE 8010-01-P
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