Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Section 802.01C of the Listed Company Manual, Clarifying That the Exchange Uses the Closing Price Reported on the Consolidated Tape To Determine Compliance With Its Price Test, 17972-17973 [E7-6673]

Download as PDF 17972 Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Notices 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: SECURITIES AND EXCHANGE COMMISSION Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2007–35 on the subject line. Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Section 802.01C of the Listed Company Manual, Clarifying That the Exchange Uses the Closing Price Reported on the Consolidated Tape To Determine Compliance With Its Price Test Paper Comments April 3, 2007. [Release No. 34–55574; File No. SR–NYSE– 2007–36] 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 March 29, 2007, the New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed All submissions should refer to File with the Securities and Exchange Number SR–NYSE–2007–35. This file Commission (‘‘Commission’’) the number should be included on the proposed rule change is described in subject line if e-mail is used. To help the Items I, II, and III below, which Items Commission process and review your have been substantially prepared by the comments more efficiently, please use Exchange. The NYSE filed this proposal only one method. The Commission will pursuant to Section 19(b)(3)(A) of the post all comments on the Commission’s Act 3 and Rule 19b–4(f)(1) thereunder,4 Internet Web site (https://www.sec.gov/ which renders it effective upon filing rules/sro.shtml). Copies of the with the Commission. The Commission is publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule change that are filed with the I. Self-Regulatory Organization’s Commission, and all written Statement of the Terms of Substance of communications relating to the the Proposed Rule Change proposed rule change between the The NYSE proposes to amend Section Commission and any person, other than 802.01C of its Listed Company Manual those that may be withheld from the (the ‘‘Manual’’) to clarify that, for public in accordance with the purposes of determining whether a provisions of 5 U.S.C. 552, will be company is below the $1.00 share price available for inspection and copying in compliance standard, the Exchange uses the Commission’s Public Reference Room. Copies of such filing also will be the closing price reported on the consolidated tape. The text of the available for inspection and copying at the principal office of the Exchange. All proposed rule change is available at the Exchange, on the Exchange’s Web site at comments received will be posted https://www.nyse.com, and at the without change; the Commission does Commission’s Public Reference Room. not edit personal identifying information from submissions. You II. Self-Regulatory Organization’s should submit only information that Statement of the Purpose of, and you wish to make available publicly. All Statutory Basis for, the Proposed Rule submissions should refer to File Change Number SR–NYSE–2007–35 and should In its filing with the Commission, the be submitted on or before May 1, 2007. Exchange included statements For the Commission, by the Division of concerning the purpose of, and basis for, Market Regulation, pursuant to delegated the proposed rule change and discussed authority.14 any comments it received on the proposed rule change. The text of these Florence E. Harmon, statements may be examined at the Deputy Secretary. cprice-sewell on PROD1PC66 with NOTICES • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. [FR Doc. E7–6669 Filed 4–9–07; 8:45 am] BILLING CODE 8010–01–P 14 17 15:22 Apr 09, 2007 Jkt 211001 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Section 802.01C of the Manual provides that a company will be considered to be below compliance standards if the average closing price of a security is less than $1.00 over a consecutive 30 trading-day period. The Exchange proposes to amend Section 802.01C to clarify that the pricing information that it uses for this purpose is the closing price reported on the consolidated tape. The Exchange states that this is consistent with its longstanding practice in applying this rule. 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) of the Act 5 that an exchange have rules that are 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, 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 Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective upon filing pursuant to Section 19(b)(3)(A)(i) of the Act 6 and Rule 19b–4(f)(1) thereunder 7 because it constitutes a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule. At any 1 15 2 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 5 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(1). 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. PO 00000 Frm 00157 Fmt 4703 5 15 U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A)(i). 7 17 CFR 19b–4(f)(1). 6 15 Sfmt 4703 E:\FR\FM\10APN1.SGM 10APN1 Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Notices 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. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–6673 Filed 4–9–07; 8:45 am] 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: SECURITIES AND EXCHANGE COMMISSION cprice-sewell on PROD1PC66 with NOTICES Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSE–2007–36 on the subject line. BILLING CODE 8010–01–P [Release No. 34–55577; File No. SR– NYSEArca–2007–32] 15:22 Apr 09, 2007 Jkt 211001 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 IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to NYSE Arca Marketplace Trading Sessions A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change April 3, 2007. NYSE Arca Equities Rule 7.34 currently provides, in part, that NYSE Arca Marketplace shall have three trading sessions each day: an Opening Session (1 a.m. Pacific Time (‘‘PT’’) to 6:30 a.m. PT), a Core Trading Session (6:30 a.m. PT to 1 p.m. PT) and a Late Trading Session (1 p.m. PT to 5 p.m. PT), and that the Core Trading Session for securities described in NYSE Arca Equities Rules 5.1(b)(13), 5.1(b)(18), 5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 (each, a ‘‘Derivative Securities Product’’) shall conclude at 1:15 p.m. PT.5 NYSE Arca Equities Rule 7.34 includes a list of those securities which are eligible to trade in one or more, but not all three, of the Exchange’s trading sessions. The Exchange maintains on its Internet Web site (https:// www.nysearca.com) a list that identifies all securities traded on the NYSE Arca Marketplace that do not trade for the duration of each of the three sessions specified in NYSE Arca Equities Rule 7.34. The Exchange proposes to add the following securities to these list: (1) PowerShares DB Agriculture Fund; (2) PowerShares DB Base Metals Fund; (3) PowerShares DB Energy Fund; (4) PowerShares DB Gold Fund; (5) PowerShares DB Oil Fund; (6) PowerShares DB Precious Metals Fund; (7) PowerShares DB Silver Fund; (8) PowerShares DB U.S. Dollar Index Bearish Fund; and (9) PowerShares DB 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 March 23, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’), through its wholly owned Paper Comments subsidiary NYSE Arca Equities, Inc. • Send paper comments in triplicate (‘‘NYSE Arca Equities’’), filed with the to Nancy M. Morris, Secretary, Securities and Exchange Commission Securities and Exchange Commission, (‘‘Commission’’) the proposed rule Station Place, 100 F Street, NE., change as described in Items I and II Washington, DC 20549–1090. below, which Items have been All submissions should refer to File substantially prepared by the Exchange. Number SR–NYSE–2007–36. This file The Exchange filed the proposal number should be included on the pursuant to Section 19(b)(3)(A) of the subject line if e-mail is used. To help the Act 3 and Rule 19b–4(f)(6) thereunder,4 Commission process and review your which renders the proposed rule change comments more efficiently, please use effective upon filing with the only one method. The Commission will Commission. post all comments on the Commission’s I. Self-Regulatory Organization’s Internet Web site (https://www.sec.gov/ Statement of the Terms of Substance of rules/sro.shtml). Copies of the the Proposed Rule Change submission, all subsequent amendments, all written statements The Exchange proposes, through with respect to the proposed rule NYSE Arca Equities, to update the list change that are filed with the in NYSE Arca Equities Rule 7.34 of Commission, and all written securities eligible to trade in one or communications relating to the more, but not all three, of the proposed rule change between the Exchange’s trading sessions. The Commission and any person, other than Exchange proposes to add to the list those that may be withheld from the shares of certain Funds (‘‘Shares’’) that public in accordance with the are traded on NYSE Arca, L.L.C. (‘‘NYSE provisions of 5 U.S.C. 552, will be Arca Marketplace’’), the equities trading available for inspection and copying in facility of NYSE Arca Equities, pursuant the Commission’s Public Reference to unlisted trading privileges (‘‘UTP’’). Room. Copies of such filing also will be The text of the proposed rule change is available for inspection and copying at available on the Exchange’s Web site the principal offices of the Exchange. (https://www.nysearca.com), at the All comments received will be posted principal office of the Exchange, and at without change; the Commission does the Commission’s Public Reference not edit personal identifying Room. information from submissions. You should submit only information that 8 17 CFR 200.30–3(a)(12). you wish to make available publicly. All 1 15 U.S.C.78s(b)(1). submissions should refer to File 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). Number SR–NYSE–2007–36 and should 4 17 CFR 240.19b–4(f)(6). be submitted on or before May 1, 2007. VerDate Aug<31>2005 17973 PO 00000 Frm 00158 Fmt 4703 Sfmt 4703 1. Purpose 5 NYSE Arca Equities Rules 5.1(b)(13), 5.2(j)(3), 8.100, 8.200, 8.201, 8.202, 8.203, 8.300, and 8.400 relate to Unit Investment Trusts, Investment Company Units, Portfolio Depositary Receipts, Trust Issued Receipts, Commodity-Based Trust Shares, Currency Trust Shares, Commodity Index Trust Shares, Partnership Units, and Paired Trust Shares, respectively. See Securities Exchange Act Release No. 54997 (December 21, 2006), 71 FR 78501 (December 29, 2006) (SR–NYSEArca–2006– 77) (amending NYSE Arca Equities Rule 7.34). E:\FR\FM\10APN1.SGM 10APN1

Agencies

[Federal Register Volume 72, Number 68 (Tuesday, April 10, 2007)]
[Notices]
[Pages 17972-17973]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6673]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55574; File No. SR-NYSE-2007-36]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Section 802.01C of the Listed Company Manual, Clarifying 
That the Exchange Uses the Closing Price Reported on the Consolidated 
Tape To Determine Compliance With Its Price Test

April 3, 2007.
    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 March 29, 2007, the New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change is described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. The NYSE filed this proposal pursuant to Section 19(b)(3)(A) 
of the Act \3\ and Rule 19b-4(f)(1) thereunder,\4\ which renders it 
effective upon filing with the Commission. 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\ 5 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The NYSE proposes to amend Section 802.01C of its Listed Company 
Manual (the ``Manual'') to clarify that, for purposes of determining 
whether a company is below the $1.00 share price compliance standard, 
the Exchange uses the closing price reported on the consolidated tape. 
The text of the proposed rule change is available at the Exchange, on 
the Exchange's Web site at https://www.nyse.com, and at the Commission's 
Public Reference Room.

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
    Section 802.01C of the Manual provides that a company will be 
considered to be below compliance standards if the average closing 
price of a security is less than $1.00 over a consecutive 30 trading-
day period. The Exchange proposes to amend Section 802.01C to clarify 
that the pricing information that it uses for this purpose is the 
closing price reported on the consolidated tape. The Exchange states 
that this is consistent with its longstanding practice in applying this 
rule.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) of the Act \5\ that an exchange have 
rules that are 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, 
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \5\ 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 were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become effective upon filing 
pursuant to Section 19(b)(3)(A)(i) of the Act \6\ and Rule 19b-4(f)(1) 
thereunder \7\ because it constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule. At any

[[Page 17973]]

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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A)(i).
    \7\ 17 CFR 19b-4(f)(1).
---------------------------------------------------------------------------

 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 (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSE-2007-36 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-NYSE-2007-36. 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 (https://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 offices 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-2007-36 and should be submitted on or before May 1, 
2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-6673 Filed 4-9-07; 8:45 am]
BILLING CODE 8010-01-P
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