In the Matter of Biomaxx Systems, Inc.; Order of Suspension of Trading, 54697-54698 [07-4759]

Download as PDF Federal Register / Vol. 72, No. 186 / Wednesday, September 26, 2007 / Notices mstockstill on PROD1PC66 with NOTICES only if the Commission finds that ‘‘by reason of special circumstances or arrangements, it is both legally and practically feasible effectively to enforce the provisions of the (Act).’’ The information collection requirements are necessary to assure that the substantive provisions of the Act may be enforced as a matter of contract right in the United States or Canada by the fund’s shareholders or by the Commission. Certain information collection requirements in rule 7d–1 are associated with complying with the Act’s provisions. These requirements are reflected in the information collection requirements applicable to those provisions for all registered funds. The Commission believes that one fund is registered under rule 7d–1 and currently active. Apart from requirements under the Act applicable to all registered funds, rule 7d–1 imposes ongoing burdens to maintain records in the United States, and to update, as necessary, the foreign fund’s list of affiliated persons. The Commission staff estimates that the active registrant makes one response each year under the rule update its list of affiliated persons.1 Commission staff estimates that the response to update the list of affiliated persons requires 2 hours of compliance clerk time at a cost of $56 per hour, for a total annual burden of 2 hours at a cost of $112.2 The estimated number of 2 burden hours is a reduction of 23.25 hours from the current allocation. The reduction is a result of the registrant’s elimination of duplicative records in the United States. All of the registrant’s records are only maintained in the United States. If a fund were to file an application under the rule, the Commission estimates that the rule would impose initial information collection burdens (for filing an application, preparing the specified charter, bylaw, and contract provisions, designations of agents for service of process, and an initial list of 1 The rule requires an applicant to maintain records in the United States (which, without the requirement, could be available only in Canada or another foreign jurisdiction), which facilitates routine inspections and any special investigations of the fund by Commission staff. The registrant, however, only maintains its records in the United States and in no other jurisdiction. Therefore, the registrant’s maintenance of records in the United States does not impose an additional burden beyond the fund’s compliance with the Act’s requirements. This recordkeeping requirement is reflected in the information collection burdens applicable to those requirements for all registered funds. 2 The $56/hour figure for a Compliance Clerk is from the SIA Report on Office Salaries in the Securities Industry 2006, modified to account for an 1800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. VerDate Aug<31>2005 17:57 Sep 25, 2007 Jkt 211001 affiliated persons, and establishing a means of keeping records in the United States) of approximately 90 hours for the fund and its associated persons. The Commission is not including these hours in its calculation of the annual burden because no foreign fund has applied under rule 7d–1 to register under the Act in the last three years. After registration, a foreign fund may file a supplemental application seeking special relief designed for the fund’s particular circumstances. Because rule 7d–1 does not mandate these applications and the fund determines whether to submit an application, the Commission has not allocated any burden hours for the applications. The estimates of burden hours are made solely for the purposes of the Paperwork Reduction Act. The estimates are not derived from a comprehensive or even a representative survey or study of Commission rules and forms. If a Canadian or other foreign fund in the future applied to register under the Act under rule 7d–1, the fund initially might have capital and start-up costs (not including hourly burdens) of an estimated $17,280 to comply with the rule’s initial information collection requirements. These costs include legal and processing-related fees for preparing the required documentation (such as the application, charter, bylaw, and contract provisions), designations for service of process, and the list of affiliated persons. Other related costs would include fees for establishing arrangements with a custodian or other agent for maintaining records in the United States, copying and transportation costs for records, and the costs of purchasing or leasing computer equipment, software, or other record storage equipment for records maintained in electronic or photographic form. The Commission expects that a fund and its sponsors would incur these costs immediately, and that the annualized cost of the expenditures would be $17,280 in the first year. Some expenditures might involve capital improvements, such as computer equipment, having expected useful lives for which annualized figures beyond the first year would be meaningful. These annualized figures are not provided, however, because, in most cases, the expenses would be incurred immediately rather than on an annual basis. The Commission is not including these costs in its calculation of the annualized capital/start-up costs because no foreign fund has applied under rule 7d–1 to register under the PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 54697 Act pursuant to rule 7d–1 in the last three years. We request written comment on: (a) Whether the collections of information are necessary for the proper performance of the functions of the Commission, including whether the information has practical utility; (b) the accuracy of the Commission’s estimate of the burdens of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA, 22312; or send an email to: PRA_Mailbox@sec.gov. Dated: September 18, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–18920 Filed 9–25–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] In the Matter of Biomaxx Systems, Inc.; Order of Suspension of Trading September 24, 2007. It appears to the Securities and Exchange Commission that the market for securities of Biomaxx Systems, Inc. (‘‘Biomaxx,’’ trading symbol BMXSF), may be reacting to manipulative forces or deceptive practices and that there is insufficient current public information about the issuer upon which an informed investment decision may be made, particularly concerning (1) the identity of and prior securities fraud judgments against persons who appear to be involved in the offer and sale, or in connection with the purchase or sale, of Biomaxx shares; (2) the financial performance and business prospects of Biomaxx; and (3) offerings to foreign investors and any restrictions on the resale of shares. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. E:\FR\FM\26SEN1.SGM 26SEN1 54698 Federal Register / Vol. 72, No. 186 / Wednesday, September 26, 2007 / Notices Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the abovelisted company is suspended for the period of 9:30 a.m. EDT, September 24, 2007 through 11:59 p.m. EDT, on October 5, 2007. By the Commission. Nancy M. Morris, Secretary. [FR Doc. 07–4759 Filed 9–24–07; 1:11 pm] BILLING CODE 8010–01–M [File No. 500–1] In the Matter of Evolution Global Capital Partners, Inc.; Order of Suspension of Trading September 24, 2007. mstockstill on PROD1PC66 with NOTICES It appears to the Securities and Exchange Commission that the market for the securities of Evolution Global Capital Partners, Inc. (‘‘Evolution,’’ trading symbol EGCA), may be reacting to manipulative forces or deceptive practices and that there is insufficient current public information about the issuer upon which an informed investment decision may be made, particularly concerning (1) The identity of and prior securities fraud judgments against persons who appear to be involved in the offer and sale, or in connection with the purchase or sale, of Evolution shares; (2) the financial performance and business prospects of Evolution; and (3) offerings to foreign investors and any restrictions on the resale of shares. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the abovelisted company is suspended for the period of 9:30 a.m. EDT, September 24, 2007 through 11:59 p.m. EDT, on October 5, 2007. BILLING CODE 8010–01–P [Release No. 34–56480; File No. SR–FINRA– 2007–011] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Proposed Rule Change To Amend NASD Rule 2711 and NYSE Rule 472 Regarding a Member’s Disclosure and Supervisory Review Obligations When Distributing Third-Party Research September 20, 2007. SECURITIES AND EXCHANGE COMMISSION By the Commission. Nancy M. Morris, Secretary. [FR Doc. 07–4760 Filed 9–24–07; 1:11 pm] SECURITIES AND EXCHANGE COMMISSION 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 September 12, 2007, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) (f/k/a National Association of Securities Dealers, Inc. (‘‘NASD’’)) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by FINRA. 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 FINRA is proposing to amend NASD Rule 2711 and NYSE Rule 472 with respect to a member’s disclosure and supervisory review obligations when it distributes or makes available thirdparty research reports. The text of the proposed rule change is available at FINRA, on FINRA’s Web site at http://www.finra.org, and in 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, FINRA 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. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.3 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 The Commission has modified parts of these statements. 2 17 VerDate Aug<31>2005 17:57 Sep 25, 2007 Jkt 211001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose NASD Rule 2711(h)(13) and NYSE Rule 472(k)(4) set forth a member’s disclosure and supervisory review obligations when the member distributes—i.e., ‘‘pushes out’’—or makes available a research report produced by a third party. A member that distributes a third-party research report must accompany the report with certain current applicable disclosures (‘‘third-party disclosures’’), as they pertain to the member: (1) If the member owns 1% or more of any class of equity securities of the subject company; (2) if the member or any affiliate has managed or co-managed a public offering of securities of the subject company or received compensation for investment banking services from the subject company in the past 12 months, or expects to receive or intends to seek compensation for such services in the next three months; (3) if the member makes a market in the subject company’s securities; and (4) any other actual, material conflict of interest of the research analyst or member of which the research analyst knows or has reason to know at the time the research report is distributed or made available. The thirdparty disclosure requirements do not apply if a member makes available to its customers non-affiliate research either upon request or through a membermaintained Web site. NASD Rule 2711(h)(13) further requires that a registered principal (or supervisory analyst approved pursuant to Rule 344 of the New York Stock Exchange) must review and approve by signature or initial any third-party research distributed by a member. Consistent with NASD Rule 2210(d)(1)(B), the member must review such research to ensure that the applicable disclosures discussed above are complete and accurate (‘‘disclosure review’’) and the content of the research reports contains no untrue statement of material fact or is otherwise not false or misleading (‘‘content review’’). Similarly, NYSE Rule 472(k)(4) requires a supervisory analyst approved pursuant to New York Stock Exchange Rule 344 to approve by signature or initial any third-party research distributed by a member organization. Additionally, NYSE Rule 472(k)(4) requires a supervisory analyst or qualified person, designated pursuant to NYSE Rule 342(b)(1), to conduct the same disclosure and content review as NASD Rule 2711(h)(13). E:\FR\FM\26SEN1.SGM 26SEN1

Agencies

[Federal Register Volume 72, Number 186 (Wednesday, September 26, 2007)]
[Notices]
[Pages 54697-54698]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-4759]


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

SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]


In the Matter of Biomaxx Systems, Inc.; Order of Suspension of 
Trading

September 24, 2007.
    It appears to the Securities and Exchange Commission that the 
market for securities of Biomaxx Systems, Inc. (``Biomaxx,'' trading 
symbol BMXSF), may be reacting to manipulative forces or deceptive 
practices and that there is insufficient current public information 
about the issuer upon which an informed investment decision may be 
made, particularly concerning (1) the identity of and prior securities 
fraud judgments against persons who appear to be involved in the offer 
and sale, or in connection with the purchase or sale, of Biomaxx 
shares; (2) the financial performance and business prospects of 
Biomaxx; and (3) offerings to foreign investors and any restrictions on 
the resale of shares.
    The Commission is of the opinion that the public interest and the 
protection of investors require a suspension of trading in the 
securities of the above-listed company.

[[Page 54698]]

    Therefore, it is ordered, pursuant to Section 12(k) of the 
Securities Exchange Act of 1934, that trading in the above-listed 
company is suspended for the period of 9:30 a.m. EDT, September 24, 
2007 through 11:59 p.m. EDT, on October 5, 2007.

    By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. 07-4759 Filed 9-24-07; 1:11 pm]
BILLING CODE 8010-01-M