Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 14.3-References to Wave Securities, L.L.C., 33263-33264 [E7-11541]

Download as PDF Federal Register / Vol. 72, No. 115 / Friday, June 15, 2007 / Notices Act of 1934, that trading in securities of the above-listed companies is suspended for the period from 9:30 a.m. EDT on June 13, 2007, through 11:59 p.m. EDT on June 26, 2007. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 07–2988 Filed 6–13–07; 11:55 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55866; File No. SR– NYSEArca–2007–44] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 14.3— References to Wave Securities, L.L.C. June 6, 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 May 15, 2007, NYSE Arca, Inc. (the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II and III below, which Items have been substantially prepared by the Exchange. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder, which renders it effective upon filing with the Commission.4 The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change jlentini on PROD1PC65 with NOTICES The Exchange, through its wholly owned subsidiary, NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’ or ‘‘Corporation’’), proposes to amend NYSE Arca Equities Rule 14.3 to remove obsolete references to Wave Securities, L.L.C. (‘‘Wave Securities’’). The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http:// www.nyse.com. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others 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. The Exchange has neither solicited nor received written comments on the proposed rule change. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Corporation proposes to amend NYSE Arca Equities Rule 14.3 to remove references to Wave Securities. In the first quarter of 2006, the Corporation sold Wave Securities, a wholly owned introducing broker subsidiary, to Merrill Lynch & Co., Inc. This sale terminated any affiliation between the Corporation and Wave Securities. Previously, in the second quarter of 2003, Archipelago Securities succeeded Wave Securities and assumed Wave Securities’ outbound router function. As a result, the Corporation is removing from its rules the obsolete references to Wave Securities and replacing them, where applicable, with Archipelago Securities. 2. Statutory Basis The proposed rule change is consistent with the provisions of Section 6 of the Act,5 in general and with Section 6(b)(5) of the Act,6 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. 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. 2 17 VerDate Aug<31>2005 19:26 Jun 14, 2007 5 15 6 15 Jkt 211001 33263 PO 00000 U.S.C. 78f. U.S.C. 78f(b)(5). Frm 00073 Fmt 4703 Sfmt 4703 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 7 and subparagraph (f)(6) of Rule 19b–4 8 thereunder because it does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest.9 At any time within 60 days of the filing of such 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. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEArca–2007–44 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. 7 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 9 Rule 19b–4(f)(6)(iii) requires that a selfregulatory organization submit to the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Commission has decided to waive the five-day pre-filing notice requirement. 8 17 E:\FR\FM\15JNN1.SGM 15JNN1 33264 Federal Register / Vol. 72, No. 115 / Friday, June 15, 2007 / Notices All submissions should refer to File Number SR–NYSEArca–2007–44. 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 will also 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–NYSEArca–2007–44 and should be submitted on or before July 6, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Nancy M. Morris, Secretary. [FR Doc. E7–11541 Filed 6–14–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55890; File No. SR– NYSEArca–2007–37] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to List and Trade Shares of the Four Funds of StateShares, Inc. Each Fund is registered with the Commission under the 1940 Act as an open-end, non-diversified management investment company. Each Fund’s investment objective is to seek to track the performance, before fees and expenses, of a particular Underlying Index, as described more fully below. Each Fund focuses on a different geographic index. Under NYSE Arca Equities Rule 5.2(j)(3), the Exchange may list and/or I. Self-Regulatory Organization’s trade pursuant to unlisted trading Statement of the Terms of Substance of privileges (‘‘UTP’’) ‘‘Investment the Proposed Rule Change Company Units’’ (‘‘ICUs’’).4 The Funds do not meet the ‘‘generic’’ listing The Exchange proposes to list and requirements of NYSE Arca Equities trade shares (‘‘Shares’’) of the following Rule 5.2(j)(3) applicable to the listing of four funds (‘‘Funds’’) of StateSharesTM, ICUs pursuant to Rule 19b–4(e) under Inc. (‘‘Company’’) based on certain the Act,5 and thus cannot be listed underlying securities indexes without a filing made pursuant to Rule (‘‘Indexes’’ or the ‘‘Underlying 19b–4 under the Act.6 Specifically, the Indexes’’) pursuant to NYSE Arca Indexes underlying these four Shares do Equities Rule 5.2(j)(3): • StateSharesTM Georgia 50 Exchange- not meet the requirement of Commentary .01(a)(2) to NYSE Arca Traded Fund Equities Rule 5.2(j)(3) that, for • StateSharesTM North Carolina 50 component stocks representing at least Exchange-Traded Fund • StateSharesTM Virginia 50 90% of the weight of the Underlying Exchange-Traded Fund Index, each of such stocks has a • StateSharesTM Washington 50 minimum monthly trading volume Exchange-Traded Fund during each of the last six months of at The text of the proposed rule change least 250,000 shares.7 is available on the Exchange’s Web site Operation of the Funds. XShares at http://www.nyse.com, at the Advisors LLC, a subsidiary of XShares Exchange’s principal office, and at the Group LLC (‘‘XG’’) would be the investment adviser (‘‘Advisor’’) to the Commission’s Public Reference Room. Funds. The Advisor is registered as an II. Self-Regulatory Organization’s investment adviser under Section 203 of Statement of the Purpose of, and the Investment Advisers Act of 1940 Statutory Basis for, the Proposed Rule (‘‘Advisers Act’’).8 The Advisor would Change have overall responsibility for the In its filing with the Commission, the general management and administration Exchange included statements of each Fund, subject to the supervision concerning the purpose of, and basis for, of the Funds’ Board of Directors. Under the proposed rule change and discussed the Investment Advisory Agreement, the any comments it received on the Advisor would be responsible for proposed rule change. The text of these arranging sub-advisory, transfer agency, statements may be examined at the custody, fund administration, and all places specified in Item III below. The and accompanying Statement of Additional Exchange has prepared summaries, set Information (‘‘SAI’’) (File No. 333–139823) forth in Sections A, B, and C below, of (‘‘Registration Statement’’). The Company was the most significant aspects of such organized as a Maryland corporation on December statements. 26, 2006. Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange. The Commission is publishing this notice and order to solicit comments on the proposed rule change from interested persons and to approve the proposed rule change on an accelerated basis. jlentini on PROD1PC65 with NOTICES June 8, 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 April 10, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’), through its wholly owned subsidiary NYSE Arca Equities, Inc. (‘‘NYSE Arca Equities’’), filed with the A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to list the Shares of the Funds. The Company is an investment company with 22 series of underlying fund portfolios and is registered under the Investment Company Act of 1940 (‘‘1940 Act’’).3 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Post-Effective Amendment No. 1 to the Company’s Registration Statement on Form N–1A, as filed with the Commission on February 28, 2007 1 15 VerDate Aug<31>2005 19:26 Jun 14, 2007 Jkt 211001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 4 See Securities Exchange Act Release No. 41983 (October 6, 1999), 64 FR 56008 (October 15, 1999) (SR–PCX–1998–29) (approving NYSE Arca Equities Rule 5.2(j)(3)); Securities Exchange Act Release No. 44551 (July 12, 2001), 66 FR 37716 (July 19, 2001) (SR–PCX–2001–14) (approving generic listing standards for ICUs). 5 17 CFR 240.19b–4(e). 6 17 CFR 240.19b–4. 7 As of April 4, 2007, stocks with a monthly trading volume during each of the last six months of at least 250,000 shares represented 88.26%, 87.63%, 84.28%, and 89.34% of the weight of the S&P Custom/StateSharesTM Georgia 50 Index, S&P Custom/StateSharesTM North Carolina 50 Index, S&P Custom/StateSharesTM Virginia 50 Index, and S&P Custom/StateSharesTM Washington 50 Index, respectively. Source: Bloomberg. 8 15 U.S.C. 80b. E:\FR\FM\15JNN1.SGM 15JNN1

Agencies

[Federal Register Volume 72, Number 115 (Friday, June 15, 2007)]
[Notices]
[Pages 33263-33264]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11541]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55866; File No. SR-NYSEArca-2007-44]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to Rule 
14.3--References to Wave Securities, L.L.C.

 June 6, 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 May 15, 2007, NYSE Arca, Inc. (the ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I, II and III below, which Items have been 
substantially prepared by the Exchange. The Exchange filed the proposed 
rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 
19b-4(f)(6) thereunder, which renders it effective upon filing with the 
Commission.\4\ 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\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    The Exchange, through its wholly owned subsidiary, NYSE Arca 
Equities, Inc. (``NYSE Arca Equities'' or ``Corporation''), proposes to 
amend NYSE Arca Equities Rule 14.3 to remove obsolete references to 
Wave Securities, L.L.C. (``Wave Securities''). The text of the proposed 
rule change is available at the Exchange, the Commission's Public 
Reference Room, and http://www.nyse.com.

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
    The Corporation proposes to amend NYSE Arca Equities Rule 14.3 to 
remove references to Wave Securities. In the first quarter of 2006, the 
Corporation sold Wave Securities, a wholly owned introducing broker 
subsidiary, to Merrill Lynch & Co., Inc. This sale terminated any 
affiliation between the Corporation and Wave Securities. Previously, in 
the second quarter of 2003, Archipelago Securities succeeded Wave 
Securities and assumed Wave Securities' outbound router function. As a 
result, the Corporation is removing from its rules the obsolete 
references to Wave Securities and replacing them, where applicable, 
with Archipelago Securities.
2. Statutory Basis
    The proposed rule change is consistent with the provisions of 
Section 6 of the Act,\5\ in general and with Section 6(b)(5) of the 
Act,\6\ in particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f.
    \6\ 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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(iii) of the Act \7\ and subparagraph (f)(6) of Rule 19b-4 
\8\ thereunder because it does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; (iii) become operative for 30 days 
from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest.\9\ At any time within 60 days of the filing of 
such 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ Rule 19b-4(f)(6)(iii) requires that a self-regulatory 
organization submit to the Commission written notice of its intent 
to file the proposed rule change, along with a brief description and 
text of the proposed rule change, at least five business days prior 
to the date of filing of the proposed rule change, or such shorter 
time as designated by the Commission. The Commission has decided to 
waive the five-day pre-filing notice requirement.
---------------------------------------------------------------------------

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send e-mail to rule-comments@sec.gov. Please include File 
Number SR-NYSEArca-2007-44 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.


[[Page 33264]]


All submissions should refer to File Number SR-NYSEArca-2007-44. 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 will also 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-NYSEArca-2007-44 and should be submitted on or before 
July 6, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E7-11541 Filed 6-14-07; 8:45 am]
BILLING CODE 8010-01-P