Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change To Allow Issuers Voluntarily Delisting Index-Linked Securities To Submit to the Exchange a Letter From an Authorized Officer of the Issuer Rather Than a Board Resolution, 66012-66013 [E7-22944]
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Federal Register / Vol. 72, No. 226 / Monday, November 26, 2007 / Notices
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–DTC–2007–11 on the
subject line.
[Release No. 34–56812; File No. SR–NYSE–
2007–99]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Allow Issuers Voluntarily Delisting
Index-Linked Securities To Submit to
the Exchange a Letter From an
Authorized Officer of the Issuer Rather
Than a Board Resolution
on the proposed rule change. The text
of these statements may be examined at
the places specified in Item IV below.
The NYSE 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
mstockstill on PROD1PC66 with NOTICES
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–DTC–2007–11. 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
Section, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filings also will be
available for inspection and copying at
the principal office of DTC and on
DTC’s Web site at https://www.dtcc.com/
downloads/legal/rule_filings/2007/dtc/
2007–11.pdf. 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–DTC–
2007–11 and should be submitted on or
before December 11, 2007.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22890 Filed 11–23–07; 8:45 am]
BILLING CODE 8011–01–P
1. Purpose
The Exchange proposes to amend
November 19, 2007.
section 806.02 of the Manual to provide
Pursuant to section 19(b)(1) of the
that index-linked notes currently listed
Securities Exchange Act of 1934
on the Exchange and voluntarily
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
withdrawing from listing to transfer to
notice is hereby given that on October
31, 2007, the New York Stock Exchange another national securities exchange,
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with need not provide the Exchange with a
board resolution authorizing such action
the Securities and Exchange
but, in lieu thereof, must provide a letter
Commission (‘‘Commission’’) the
signed by an authorized executive
proposed rule changes as described in
officer of the issuer setting forth the
Items I, II, and III below, which items
have been substantially prepared by the reasons for the proposed withdrawal.
There are currently nine series of
Exchange. The Commission is
index-linked notes listed on the
publishing this notice to solicit
Exchange. Four of these securities were
comments on the proposed rule changes
listed under section 703.19 of the
from interested persons.
Manual pursuant to individual rule
I. Self-Regulatory Organization’s
filings under section 19(b)(2) of the
Statement of the Terms of Substance of
Act.3 The other five securities were
the Proposed Rule Change
listed under section 703.22 of the
Manual, the Exchange’s recently
The Exchange proposes to amend
adopted generic listing standard for
section 806.02 of the Exchange’s Listed
index-linked notes.
Company Manual (‘‘Manual’’) to
As part of its strategic business
provide that index-linked notes
planning, NYSE Euronext, the parent
currently listed on the Exchange and
company of the Exchange, is seeking to
voluntarily withdrawing from listing to
move the listing and trading of indextransfer to another national securities
linked notes from the Exchange to NYSE
exchange, need not provide the
Arca, Inc. (‘‘NYSE Arca’’), a separate
Exchange with a board resolution
self-regulatory organization owned by
authorizing such action but, in lieu
NYSE Euronext. As such, the Exchange
thereof, must provide a letter signed by
does not currently plan to list any
an authorized executive officer of the
further index-linked notes on NYSE in
issuer setting forth the reasons for the
the future. In addition, the Exchange has
proposed withdrawal. The Exchange is
asked the issuers of index-linked notes
also deleting the rule text that applied
prior to April 24, 2006. On that date, the currently listed on NYSE to voluntarily
transfer the listing of those securities to
revised text of section 806.02 became
NYSE Arca and such issuers have
effective. The text of the proposed rule
agreed to do so. As this transfer will
change is available at the Exchange, on
require the delisting of the securities
the Exchange’s Web site at https://
www.nyse.com, and at the Commission’s from the Exchange and there is no basis
under Exchange rules for a delisting
Public Reference Room.
initiated by the Exchange itself, the
II. Self-Regulatory Organization’s
issuers are required to voluntarily
Statement of the Purpose of, and
withdraw their securities from listing
Statutory Basis for, the Proposed Rule
pursuant to section 806.02 of the
Change
Manual. Section 806.02 requires
companies voluntarily withdrawing
In its filing with the Commission, the
securities from listing to provide a
self-regulatory organization included
resolution of the board of directors of
statements concerning the purpose of
the issuer authorizing such action. Each
and basis for the proposed rule change
and discussed any comments it received of the issuers involved has informed the
Exchange that no such board
1 15
6 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
22:03 Nov 23, 2007
2 17
Jkt 214001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00076
Fmt 4703
3 15
Sfmt 4703
U.S.C. 78s(b)(2).
E:\FR\FM\26NON1.SGM
26NON1
Federal Register / Vol. 72, No. 226 / Monday, November 26, 2007 / Notices
mstockstill on PROD1PC66 with NOTICES
authorization is required by their
constitutive documents or the laws of
their jurisdictions of incorporation. As
such, they would need to obtain the
resolution solely to comply with section
806.02.
As obtaining these resolutions would
be burdensome for the issuers involved
and the transfers of the securities to
NYSE Arca are being effectuated at the
request of the Exchange, NYSE believes
it is appropriate to waive this
requirement specifically for the nine
affected securities. NYSE proposes a
waiver of this requirement applicable
only to the voluntary withdrawal from
listing of index-linked notes that are
being transferred to another national
securities exchange. In lieu of the board
resolution, the issuer will be required to
provide a letter signed by an authorized
executive officer setting forth the
reasons for the proposed withdrawal.
The Exchange believes that this
narrowly tailored exception to the
requirements of section 806.02 is
justified because of the unique
circumstance that the withdrawal from
listing is occurring at the Exchange’s
request to further an NYSE Euronext
business objective.
The Exchange also proposes to amend
section 806.02 to delete the rule text
that applied prior to April 24, 2006. On
that date, the revised text of section
806.02 became effective to comply with
the requirements of Rule 12d2–2 under
the Act.4 On July 14, 2005, the
Commission adopted amendments to
Rule 12d2–2 under the Act. Rule 12d2–
2 under the Act, as amended, required
all national securities exchanges,
including the Exchange, to amend their
delisting rules to conform with certain
requirements set forth in new Rule
12d2–2. The Exchange amended section
806.02 in light of these requirements
and its new delisting procedures
superseded the old procedures on April
24, 2006. As such, the old procedures
have no further application and, to
avoid confusion, the Exchange proposes
to delete them from section 806.02 in
their entirety.
2. Statutory Basis
The proposed rule change is
consistent with section 6(b) of the Act,5
in general, and furthers the objectives of
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
4 17
CFR 240.12d2–2.
U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
5 15
VerDate Aug<31>2005
22:03 Nov 23, 2007
Jkt 214001
in facilitating transactions in securities,
and to remove impediments to and
perfect the mechanisms 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.
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
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
66013
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will 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–NYSE–2007–99 and should
be submitted on or before December 17,
2007.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–22944 Filed 11–23–07; 8:45 am]
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:
BILLING CODE 8011–01–P
Electronic Comments
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Adding a New Order Type
Known as PNP Blind
• 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–2007–99 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.
All submissions should refer to File
Number SR–NYSE–2007–99. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56810; File No. SR–
NYSEArca–2007–117]
November 19, 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 November
13, 2007, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\26NON1.SGM
26NON1
]]>Agencies
[Federal Register Volume 72, Number 226 (Monday, November 26, 2007)]
[Notices]
[Pages 66012-66013]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22944]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56812; File No. SR-NYSE-2007-99]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change To Allow Issuers Voluntarily
Delisting Index-Linked Securities To Submit to the Exchange a Letter
From an Authorized Officer of the Issuer Rather Than a Board Resolution
November 19, 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 October 31, 2007, the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule changes as described in Items I, II,
and III below, which items have been substantially prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule changes from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend section 806.02 of the Exchange's
Listed Company Manual (``Manual'') to provide that index-linked notes
currently listed on the Exchange and voluntarily withdrawing from
listing to transfer to another national securities exchange, need not
provide the Exchange with a board resolution authorizing such action
but, in lieu thereof, must provide a letter signed by an authorized
executive officer of the issuer setting forth the reasons for the
proposed withdrawal. The Exchange is also deleting the rule text that
applied prior to April 24, 2006. On that date, the revised text of
section 806.02 became effective. 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 self-regulatory organization
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 NYSE 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 Exchange proposes to amend section 806.02 of the Manual to
provide that index-linked notes currently listed on the Exchange and
voluntarily withdrawing from listing to transfer to another national
securities exchange, need not provide the Exchange with a board
resolution authorizing such action but, in lieu thereof, must provide a
letter signed by an authorized executive officer of the issuer setting
forth the reasons for the proposed withdrawal.
There are currently nine series of index-linked notes listed on the
Exchange. Four of these securities were listed under section 703.19 of
the Manual pursuant to individual rule filings under section 19(b)(2)
of the Act.\3\ The other five securities were listed under section
703.22 of the Manual, the Exchange's recently adopted generic listing
standard for index-linked notes.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
As part of its strategic business planning, NYSE Euronext, the
parent company of the Exchange, is seeking to move the listing and
trading of index-linked notes from the Exchange to NYSE Arca, Inc.
(``NYSE Arca''), a separate self-regulatory organization owned by NYSE
Euronext. As such, the Exchange does not currently plan to list any
further index-linked notes on NYSE in the future. In addition, the
Exchange has asked the issuers of index-linked notes currently listed
on NYSE to voluntarily transfer the listing of those securities to NYSE
Arca and such issuers have agreed to do so. As this transfer will
require the delisting of the securities from the Exchange and there is
no basis under Exchange rules for a delisting initiated by the Exchange
itself, the issuers are required to voluntarily withdraw their
securities from listing pursuant to section 806.02 of the Manual.
Section 806.02 requires companies voluntarily withdrawing securities
from listing to provide a resolution of the board of directors of the
issuer authorizing such action. Each of the issuers involved has
informed the Exchange that no such board
[[Page 66013]]
authorization is required by their constitutive documents or the laws
of their jurisdictions of incorporation. As such, they would need to
obtain the resolution solely to comply with section 806.02.
As obtaining these resolutions would be burdensome for the issuers
involved and the transfers of the securities to NYSE Arca are being
effectuated at the request of the Exchange, NYSE believes it is
appropriate to waive this requirement specifically for the nine
affected securities. NYSE proposes a waiver of this requirement
applicable only to the voluntary withdrawal from listing of index-
linked notes that are being transferred to another national securities
exchange. In lieu of the board resolution, the issuer will be required
to provide a letter signed by an authorized executive officer setting
forth the reasons for the proposed withdrawal. The Exchange believes
that this narrowly tailored exception to the requirements of section
806.02 is justified because of the unique circumstance that the
withdrawal from listing is occurring at the Exchange's request to
further an NYSE Euronext business objective.
The Exchange also proposes to amend section 806.02 to delete the
rule text that applied prior to April 24, 2006. On that date, the
revised text of section 806.02 became effective to comply with the
requirements of Rule 12d2-2 under the Act.\4\ On July 14, 2005, the
Commission adopted amendments to Rule 12d2-2 under the Act. Rule 12d2-2
under the Act, as amended, required all national securities exchanges,
including the Exchange, to amend their delisting rules to conform with
certain requirements set forth in new Rule 12d2-2. The Exchange amended
section 806.02 in light of these requirements and its new delisting
procedures superseded the old procedures on April 24, 2006. As such,
the old procedures have no further application and, to avoid confusion,
the Exchange proposes to delete them from section 806.02 in their
entirety.
---------------------------------------------------------------------------
\4\ 17 CFR 240.12d2-2.
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with section 6(b) of the
Act,\5\ in general, and furthers the objectives of 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 mechanisms of a free and open
market and a national market system.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\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
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve such proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-2007-99 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.
All submissions should refer to File Number SR-NYSE-2007-99. 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will 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-NYSE-2007-99 and should be
submitted on or before December 17, 2007.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-22944 Filed 11-23-07; 8:45 am]
BILLING CODE 8011-01-P
