Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Approving a Proposed Rule Change Relating to Structured Equity Products, 65800-65801 [E7-22776]

Download as PDF 65800 Federal Register / Vol. 72, No. 225 / Friday, November 23, 2007 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Number SR–NYSEArca–2007–106 and should be submitted on or before December 14, 2007. IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful consideration, the Commission finds that the proposed III. Solicitation of Comments rule change is consistent with the Interested persons are invited to requirements of the Act and the submit written data, views, and regulations thereunder applicable to a arguments concerning the foregoing, national securities exchange.9 In including whether the proposed rule particular, the Commission finds that change is consistent with the Act. the proposed rule change is consistent Comments may be submitted by any of with section 6(b)(5) of the Act,10 which the following methods: requires that the rules of an exchange be designed to prevent fraudulent and Electronic Comments manipulative acts and practices, to • Use the Commission’s Internet promote just and equitable principles of comment form (http://www.sec.gov/ trade, to remove impediments to and rules/sro.shtml); or perfect the mechanism of a free and • Send an e-mail to ruleopen market and a national market comments@sec.gov. Please include File system, and, in general, to protect Number SR–NYSEArca–2007–106 on investors and the public interest. The the subject line. proposal is narrowly tailored to address Paper Comments the circumstances where an equity option class is currently ineligible for • Send paper comments in triplicate initial listing on the Exchange even to Nancy M. Morris, Secretary, though it meets the Exchange’s Securities and Exchange Commission, continued listing standards and is 100 F Street, NE., Washington, DC trading on another options exchange. 20549–1090. Allowing NYSE Arca to list and trade All submissions should refer to File options on such underlying securities Number SR–NYSEArca–2007–106. This should help promote competition file number should be included on the among the exchanges that list and trade subject line if e-mail is used. To help the options. The Commission notes, and the Commission process and review your Exchange represents, that the comments more efficiently, please use procedures that the Exchange currently only one method. The Commission will employs to determine whether a post all comments on the Commission’s particular underlying security meets the Internet Web site (http://www.sec.gov/ initial equity option listing criteria for rules/sro.shtml). Copies of the the Exchange will similarly be applied submission, all subsequent when determining whether an amendments, all written statements underlying security meets the with respect to the proposed rule Exchange’s continued listing criteria. change that are filed with the The Commission finds good cause, Commission, and all written pursuant to section 19(b)(2)(B) of the communications relating to the Act,11 for approving the proposed rule proposed rule change between the change prior to the 30th day after the Commission and any person, other than publication of the notice of the filing those that may be withheld from the thereof in the Federal Register. The public in accordance with the Commission notes that the proposed provisions of 5 U.S.C. 552, will be rule change is substantially identical to available for inspection and copying in the proposed rule change submitted by the Commission’s Public Reference American Stock Exchange LLC,12 which Room, 100 F Street, NE., Washington, DC 20549, on official business days 9 In approving this rule change, the Commission between the hours of 10 a.m. and 3 p.m. notes that it has considered the proposed rule’s impact on efficiency, competition, and capital Copies of such filing also will be formation. See 15 U.S.C. 78c(f). available for inspection and copying at 10 15 U.S.C. 78f(b)(5). the principal office of the Exchange. All 11 15 U.S.C. 78s(b)(2)(B). comments received will be posted 12 See Securities Exchange Act Release No. 56598 without change; the Commission does (October 2, 2007), 72 FR 57615 (October 10, 2007) (SR–Amex–2007–48). See also Securities Exchange not edit personal identifying Act Release Nos. 56647 (October 11, 2007), 72 FR information from submissions. You 58702 (October 16, 2007) (SR–ISE–2007–80) should submit only information that (substantially identical proposed rule change you wish to make available publicly. All approved on an accelerated basis); 56717 (October 29, 2007), 72 FR 62508 (November 5, 2007) (SR– submissions should refer to File mstockstill on PROD1PC66 with NOTICES The Exchange has neither solicited nor received written comments on the proposed rule change. VerDate Aug<31>2005 16:16 Nov 21, 2007 Jkt 214001 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 was previously approved by the Commission after an opportunity for notice and comment, and therefore does not raise any new regulatory issues. V. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,13 that the proposed rule change (SR–NYSEArca– 2007–106), as amended, be, and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–22781 Filed 11–21–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56799; File No. SR–Phlx– 2007–60] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Order Approving a Proposed Rule Change Relating to Structured Equity Products November 15, 2007. On August 14, 2007, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ 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 update its rules and its fee schedule regarding the listing of equity securities. The proposed rule change was published for comment in the Federal Register on October 16, 2007.3 The Commission received no comments on the proposal. According to the Exchange, currently, the vast majority of equity securities that trade on Phlx are listed on other exchanges and traded on the Phlx pursuant to unlisted trading privileges. Phlx has a series of rules (the ‘‘800 Series’’) that create standards governing both the issuer of the security and the security to be listed and traded on Phlx. To attract the listing of structured equity Phlx–2007–73) (substantially identical proposed rule change approved on an accelerated basis); and 56774 (November 8, 2007) (SR–CBOE–2007–114) (substantially identical proposed rule change approved on an accelerated basis). 13 Id. 14 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 56626 (October 5, 2007), 72 FR 58711 (‘‘Notice’’). E:\FR\FM\23NON1.SGM 23NON1 Federal Register / Vol. 72, No. 225 / Friday, November 23, 2007 / Notices mstockstill on PROD1PC66 with NOTICES securities on the Exchange (‘‘Structured Equity Products’’),4 Phlx proposes modifications to the 800 Series that would accommodate the specific attributes of many of those types of securities.5 The Commission finds that the proposed rule change is consistent with Section 6(b) of the Act,6 in general, and with Section 6(b)(5) of the Act,7 which requires that the rules of a national securities exchange be designed to, among other things, 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.8 The Commission believes that the proposed rule change should promote competition among national securities exchanges and should benefit investors by removing impediments to the listing and trading of Structured Equity Products. The Commission also notes that the proposed amendments to Phlx Rules 807 and 837 would conform those rules with similar provisions of another national securities exchange.9 In addition, the Commission finds that the proposed rule change furthers the objectives of Section 6(b)(4) of the Act,10 which requires that the Exchange’s rules provide for an equitable allocation of reasonable dues, fees, and other charges among Exchange members and issuers and other persons using its facilities. The Exchange also proposes that, for the two Structured Equity Products that it currently lists (Pharmaceutical Basket Opportunity Exchangeable Securities and Biotechnology Basket Opportunity Exchangeable Securities), the $500 per month continuing listing fee begin in January 2008 because the issuer of those securities was invoiced the current annual continuing listing fee ($1,250 for the first product and $250 for the second product) in January 2007. The 4 For purposes of this proposed rule change, Structured Equity Products are securities listed pursuant to the categories in Phlx Rule 803 entitled Other Securities, Equity Linked Notes, Basket Linked Notes, Index Linked Exchangeable Notes and Index Linked Securities. See Phlx Rule 803(f), (h), (k), (m) and (n). 5 The Exchange proposes to modify Phlx Rules 802, 806 (Initial Public Offerings), 807 (Registration Under the Exchange Act), 837 (Annual Reports) and the Phlx Fee Schedule as described in the Notice. 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(5). 8 In approving this rule change, the Commission notes that it has considered the proposal’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 9 See Sections 210 and 1101 of the American Stock Exchange Company Guide. 10 15 U.S.C. 78f(b)(4). VerDate Aug<31>2005 16:16 Nov 21, 2007 Jkt 214001 Commission believes that, with respect to the two Structured Equity Products currently listed on Phlx, it is appropriate for the Exchange to delay application of the proposed continuing listing fee until January 2008 11 because the issuer of those products may have reasonably expected that the current fee would cover its obligation for these two products through the end of 2007. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,12 that the proposed rule change (SR–Phlx–2007– 60) be, and hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–22776 Filed 11–21–07; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [License No. 09/79–0454] Emergence Capital Partners SBIC, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Emergence Capital Partners SBIC, L.P., 160 Bovet Road, Suite 300, San Mateo, CA 94402, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under section 312 of the Act and section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730). Emergence Capital Partners SBIC, L.P. proposes to provide equity/debt security financing to Goodmail Systems, Inc., 2465 Latham Street, Mountain View, CA 94040. The financing is contemplated for working capital and general corporate purposes. The financing is brought within the purview of § 107.730(a)(1) of the Regulations because Emergence Capital Partners, L.P. and Emergence Capital Associates, L.P., all Associates of Emergence Capital Partners SBIC, L.P., own more than ten percent of Goodmail Systems, Inc., and therefore Goodmail Systems, Inc. is considered an Associate of Emergence Capital Partners SBIC, L.P. as detailed in § 107.50 of the Regulations. 11 By contrast, new Structured Equity Products will begin to pay the proposed fee in the month subsequent to initial listing on Phlx. 12 15 U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(12). PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 65801 Notice is hereby given that any interested person may submit written comments on the transaction to the Associate Administrator for Investment, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416. Dated: October 22, 2007. A. Joseph Shepard, Associate Administrator for Investment. [FR Doc. E7–22870 Filed 11–21–07; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [License No. 09/79–0456] HorizonVentures Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that Horizon Ventures Fund II, L.P., 4 Main Street, Suite 50, Los Altos, CA 94022, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730). Horizon Ventures Fund II, L.P. proposes to provide equity/debt security financing to Venturi Wireless, Inc., 1320 Chesapeake Terrace, Sunnyvale, CA 94089. The financing is contemplated for working capital, research and development, and expansion of domestic workforce. The financing is brought within the purview of § 107.730(a)(1) of the Regulations because Horizon Ventures Fund I, L.P. and Horizon Ventures Advisors Fund I, L.P., both Associates of Horizon Ventures Fund II, L.P., own more than ten percent of Venturi Wireless, Inc. Therefore, Venturi Wireless, Inc. is considered an Associate of Horizon Ventures Fund II, L.P., as defined at 13 CFR 107.50 of the SBIC Regulations. Notice is hereby given that any interested person may submit written comments on the transaction to the Associate Administrator for Investment, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416. Dated: October 24, 2007. A. Joseph Shepard, Associate Administrator for Investment. [FR Doc. E7–22875 Filed 11–21–07; 8:45 am] BILLING CODE 8025–01–P E:\FR\FM\23NON1.SGM 23NON1

Agencies

[Federal Register Volume 72, Number 225 (Friday, November 23, 2007)]
[Notices]
[Pages 65800-65801]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22776]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56799; File No. SR-Phlx-2007-60]


 Self-Regulatory Organizations; Philadelphia Stock Exchange, 
Inc.; Order Approving a Proposed Rule Change Relating to Structured 
Equity Products

November 15, 2007.
    On August 14, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' 
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 update its rules and its fee schedule regarding 
the listing of equity securities. The proposed rule change was 
published for comment in the Federal Register on October 16, 2007.\3\ 
The Commission received no comments on the proposal.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56626 (October 5, 
2007), 72 FR 58711 (``Notice'').
---------------------------------------------------------------------------

    According to the Exchange, currently, the vast majority of equity 
securities that trade on Phlx are listed on other exchanges and traded 
on the Phlx pursuant to unlisted trading privileges. Phlx has a series 
of rules (the ``800 Series'') that create standards governing both the 
issuer of the security and the security to be listed and traded on 
Phlx. To attract the listing of structured equity

[[Page 65801]]

securities on the Exchange (``Structured Equity Products''),\4\ Phlx 
proposes modifications to the 800 Series that would accommodate the 
specific attributes of many of those types of securities.\5\
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    \4\ For purposes of this proposed rule change, Structured Equity 
Products are securities listed pursuant to the categories in Phlx 
Rule 803 entitled Other Securities, Equity Linked Notes, Basket 
Linked Notes, Index Linked Exchangeable Notes and Index Linked 
Securities. See Phlx Rule 803(f), (h), (k), (m) and (n).
    \5\ The Exchange proposes to modify Phlx Rules 802, 806 (Initial 
Public Offerings), 807 (Registration Under the Exchange Act), 837 
(Annual Reports) and the Phlx Fee Schedule as described in the 
Notice.
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent 
with Section 6(b) of the Act,\6\ in general, and with Section 6(b)(5) 
of the Act,\7\ which requires that the rules of a national securities 
exchange be designed to, among other things, 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.\8\ The 
Commission believes that the proposed rule change should promote 
competition among national securities exchanges and should benefit 
investors by removing impediments to the listing and trading of 
Structured Equity Products. The Commission also notes that the proposed 
amendments to Phlx Rules 807 and 837 would conform those rules with 
similar provisions of another national securities exchange.\9\
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
    \8\ In approving this rule change, the Commission notes that it 
has considered the proposal's impact on efficiency, competition, and 
capital formation. See 15 U.S.C. 78c(f).
    \9\ See Sections 210 and 1101 of the American Stock Exchange 
Company Guide.
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    In addition, the Commission finds that the proposed rule change 
furthers the objectives of Section 6(b)(4) of the Act,\10\ which 
requires that the Exchange's rules provide for an equitable allocation 
of reasonable dues, fees, and other charges among Exchange members and 
issuers and other persons using its facilities. The Exchange also 
proposes that, for the two Structured Equity Products that it currently 
lists (Pharmaceutical Basket Opportunity Exchangeable Securities and 
Biotechnology Basket Opportunity Exchangeable Securities), the $500 per 
month continuing listing fee begin in January 2008 because the issuer 
of those securities was invoiced the current annual continuing listing 
fee ($1,250 for the first product and $250 for the second product) in 
January 2007. The Commission believes that, with respect to the two 
Structured Equity Products currently listed on Phlx, it is appropriate 
for the Exchange to delay application of the proposed continuing 
listing fee until January 2008 \11\ because the issuer of those 
products may have reasonably expected that the current fee would cover 
its obligation for these two products through the end of 2007.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b)(4).
    \11\ By contrast, new Structured Equity Products will begin to 
pay the proposed fee in the month subsequent to initial listing on 
Phlx.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\12\ that the proposed rule change (SR-Phlx-2007-60) be, and hereby 
is, approved.
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    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-22776 Filed 11-21-07; 8:45 am]
BILLING CODE 8011-01-P