Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To List and Trade Shares of the iShares MSCI Emerging Markets Eastern Europe Index Fund, 27603-27605 [E8-10572]
Download as PDF
<![CDATA[
Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices
All submissions should refer to File
Number SR–NYSE–2008–36. 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, 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 NYSE. 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–2008–36 and should
be submitted on or before June 3, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Nancy M. Morris,
Secretary.
[FR Doc. E8–10538 Filed 5–12–08; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–57778; File No. SR–
NYSEArca–2008–45]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To List and Trade Shares
of the iShares MSCI Emerging Markets
Eastern Europe Index Fund
rwilkins on PROD1PC63 with NOTICES
May 5, 2008.
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 25,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Aug<31>2005
16:14 May 12, 2008
Jkt 214001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca proposes to list and trade
shares (‘‘Shares’’) of the iShares MSCI
Emerging Markets Eastern Europe Index
Fund (‘‘Fund’’). The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
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
SECURITIES AND EXCHANGE
COMMISSION
19 17
‘‘Exchange’’), through its wholly owned
subsidiary, NYSE Arca Equities, Inc.
(‘‘NYSE Arca Equities’’), filed with the
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.
NYSE Arca filed the proposal pursuant
to Section 19(b)(3)(A) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
1. Purpose
The Exchange proposes to list and
trade the Shares under NYSE Arca
Equities Rule 5.2(j)(3), the Exchange’s
listing standards for Investment
Company Units (‘‘ICUs’’).5 The
investment objective of the Fund is to
provide investment results that
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
5 An ICU is a security that represents an interest
in a registered investment company that holds
securities comprising, or otherwise based on or
representing an interest in, an index or portfolio of
securities (or holds securities in another registered
investment company that holds securities
comprising, or otherwise based on or representing
an interest in, an index or portfolio of securities).
See NYSE Arca Equities Rule 5.2(j)(3)(A).
4 17
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
27603
correspond generally to the price and
yield performance, before fees and
expenses, of the MSCI Emerging
Markets Eastern Europe Index (‘‘Index’’
or ‘‘Underlying Index’’). The Index is a
free float adjusted market capitalization
index designed to measure the equity
performance of companies domiciled in
four Eastern European emerging market
nations: The Czech Republic, Hungary,
Poland and Russia.
The Exchange is submitting this
proposed rule change because the
Underlying Index does not meet all of
the ‘‘generic’’ listing requirements of
Commentary .01(a)(B) to NYSE Arca
Equities Rule 5.2(j)(3) applicable to
listing of ICUs based on international or
global indexes. The Underlying Index
meets all such requirements except for
those set forth in Commentary
.01(a)(B)(3).6 Specifically, the
Underlying Index fails to meet the
requirement that the most heavily
weighted component stock shall not
exceed 25% of the weight of the index
or portfolio. As of April 2, 2008,
Gazprom (Russia) represented 27.28%
of the weight of the Underlying Index.
The Exchange represents that: (1)
Except for the requirement under
Commentary .01(a)(B)(3) to NYSE Arca
Equities Rule 5.2(j)(3) relating to the
most heavily weighted component
stock, the Shares of the Fund currently
satisfy all of the generic listing
standards under NYSE Arca Equities
Rule 5.2(j)(3); 7 (2) the continued listing
standards under NYSE Arca Equities
Rules 5.2(j)(3) and 5.5(g)(2) applicable to
ICUs shall apply to the Shares; and (3)
the Trust is required to comply with
Rule 10A–3 under the Act 8 for the
initial and continued listing of the
Shares. In addition, the Exchange
represents that the Shares will comply
with all other requirements applicable
to ICUs including, but not limited to,
requirements relating to the
dissemination of key information such
as the Index value and Intraday
Indicative Value, rules governing the
trading of equity securities, trading
hours, trading halts, surveillance, and
Information Bulletin to ETP Holders, as
set forth in prior Commission orders
approving the generic listing rules
6 Commentary .01(a)(B)(3) to NYSE Arca Equities
Rule 5.2(j)(3) provides that the most heavily
weighted component stock shall not exceed 25% of
the weight of the index or portfolio, and the five
most heavily weighted component stocks shall not
exceed 60% of the weight of the index or portfolio.
7 See e-mail dated May 5, 2008 from Michael
Cavalier, Associate General Counsel, NYSE
Euronext, to Christopher W. Chow, Special
Counsel, Commission.
8 17 CFR 240.10A–3.
E:\FR\FM\13MYN1.SGM
13MYN1
27604
Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices
applicable to the listing and trading of
ICUs.9
Detailed descriptions of the Fund, the
Underlying Index, procedures for
creating and redeeming Shares,
transaction fees and expenses,
dividends, distributions, taxes, risks,
and reports to be distributed to
beneficial owners of the Shares can be
found in the Registration Statement 10 or
on the Web site for the Fund (https://
www.ishares.com), as applicable.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,11 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,12 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. The Exchange believes that the
proposed rule change will facilitate the
listing and trading of an additional type
of exchange-traded product that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
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
rwilkins on PROD1PC63 with NOTICES
The Exchange states that written
comments on the proposed rule change
were neither solicited nor received.
9 See, e.g., Securities Exchange Act Release Nos.
55621 (April 12, 2007), 72 FR 19571 (April 18,
2007) (SR–NYSEArca–2006–86) (order approving
generic listing standards for ICUs based on
international or global indexes); 44551 (July 12,
2001), 66 FR 37716 (July 19, 2001) (SR–PCX–2001–
14) (order approving generic listing standards for
ICUs and Portfolio Depositary Receipts); and 41983
(October 6, 1999), 64 FR 56008 (October 15, 1999)
(SR–PCX–98–29) (order approving rules for listing
and trading of ICUs).
10 See the iShares, Inc. Registration Statement on
Form N–1A, dated April 2, 2008 (File Nos. 333–
97598 and 811–09102) (‘‘Registration Statement’’).
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
16:14 May 12, 2008
Jkt 214001
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 13 and
Rule 19b–4(f)(6) thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay so that
the Exchange can list and trade the
Shares immediately. The Exchange
states that the proposed rule change
does not significantly affect the
protection of investors or the public
interest and does not impose any
significant burden on competition. The
Exchange also believes that the proposal
is non-controversial because, although
the Underlying Index fails to meet the
requirements set forth in Commentary
.01(a)(B)(3) to NYSE Arca Equities Rule
5.2(j)(3) by a small amount (2.28%), the
Shares currently satisfy all of the other
applicable generic listing standards
under NYSE Arca Equities Rule 5.2(j)(3),
and will be subject to all of the
continued listing standards under NYSE
Arca Equities Rules 5.2(j)(3) and
5.5(g)(2) applicable to ICUs.
Additionally, the Exchange represents
that the Shares will comply with all
other requirements applicable to ICUs.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.15
Given that the Shares comply with all
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with 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
Exchange has fulfilled this requirement.
15 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
14 17
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
of the NYSE Arca Equities generic
listing standards for ICUs (except for
narrowly missing the requirement that
the most heavily weighted component
not exceed 25% of the weight of the
Underlying Index), the listing and
trading of the Shares by NYSE Arca
does not appear to present any novel or
significant regulatory issues or impose
any significant burden on competition.
For these reasons, the Commission
designates the proposed rule change as
operative upon filing.
At any 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.
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 rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2008–45 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–NYSEArca–2008–45. 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
E:\FR\FM\13MYN1.SGM
13MYN1
Federal Register / Vol. 73, No. 93 / Tuesday, May 13, 2008 / Notices
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 the 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–NYSEArca–2008–45 and
should be submitted on or before June
3, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10572 Filed 5–12–08; 8:45 am]
FOR FURTHER INFORMATION CONTACT:
Jacqueline White, Agency Clearance
Officer, (202) 205–7044.
SUPPLEMENTARY INFORMATION:
Title: Gulf Coast Relief Financing
Pilot Information Collection.
Form No’s: 2276 A/B/C, 2281, 2282.
Frequency: On occasion.
Description of Respondents:
Applicants for an SBA Loan.
Responses: 500.
Annual Burden: 375.
Title: Applications for Business
Loans.
Form No’s: 4, 4Sch, 4–Short, 4I.
Frequency: On Occasion.
Description of Respondents: SBA
Participating Lenders.
Responses: 21,000.
Annual Burden: 292,000.
Jacqueline White,
Chief, Administrative Information Branch.
[FR Doc. E8–10646 Filed 5–12–08; 8:45 am]
BILLING CODE 8010–01–P
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
SOCIAL SECURITY ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
[Docket No. SSA–2008–0002]
Retirement Estimator
Small Business Administration.
ACTION: Notice of Reporting
Requirements Submitted for OMB
Review.
AGENCY:
Under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35), agencies are required to
submit proposed reporting and
recordkeeping requirements to OMB for
review and approval, and to publish a
notice in the Federal Register notifying
the public that the agency has made
such a submission.
DATES: Submit comments on or before
June 12, 2008. If you intend to comment
but cannot prepare comments promptly,
please advise the OMB Reviewer and
the Agency Clearance Officer before the
deadline.
Copies: Request for clearance (OMB
83–1), supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
ADDRESSES: Address all comments
concerning this notice to: Agency
Clearance Officer, Jacqueline White,
Small Business Administration, 409 3rd
Street, SW., 5th Floor, Washington, DC
20416; and OMB Reviewer, Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503.
rwilkins on PROD1PC63 with NOTICES
SUMMARY:
16 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
16:14 May 12, 2008
Jkt 214001
AGENCY:
Social Security Administration
(SSA).
ACTION:
Notice.
SUMMARY: The Commissioner of Social
Security gives notice that SSA intends
to add a new calculator to its online
Benefit Calculators suite. The
Retirement Estimator will allow
authenticated individuals to calculate
estimates of potential retirement
benefits in real-time, based in part on
their SSA-maintained records and in
part on user-entered information, such
as the last year of Social Security
earnings. In addition to quick estimates
of retirement benefits at specific points
such as full retirement age, users may
also submit a number of ‘‘what if’’
scenarios based on information they
provide regarding future earnings and
retirement dates. The estimates can be
printed and saved. The initial release of
the Retirement Estimator will not reflect
offset due to the Windfall Elimination
Provision (WEP), or Government
Pension Offset (GPO).
SSA currently has four benefit
calculators on its Web site–the Quick,
Online, WEP and Detailed calculators
(https://www.ssa.gov/planners/
calculators.htm). The Quick Calculator
provides a simple, rough estimate based
on user-entered date of birth and current
year earnings. For more precise
estimates, the Online, WEP and Detailed
calculators require that the user have
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
27605
access to his or her Social Security
Statement in order to manually key each
year of their lifetime earnings for use in
the benefit computation. American
Customer Satisfaction Index Surveys
consistently indicate that less than 25%
of users have their Statement available
when using the calculators; therefore,
75% of users cannot immediately use
the Online, WEP and Detailed
calculators. The Detailed Calculator also
requires downloading and installing
software.
In accordance with OMB Circular A–
130 and OMB Memo M–04–04, EAuthentication Guidelines for Federal
Agencies, SSA conducted an
authentication risk assessment. Based
on the analysis of the Impact Categories
and corresponding Assurance Level
Impact Profiles, the Retirement
Estimator was assessed at a medium
level of risk (Level 2). There will be no
disclosure of Personal Identifying
Information that could lead to identity
theft, no disclosure of address
information that could facilitate
physical harm, and no disclosure of
earnings information from SSA records.
Further, the source data cannot be
reverse-engineered from the estimate.
Based on the risk assessment, a
knowledge-based authentication
protocol will be used to match userentered information with SSA records
in order to control access to the
application. SSA consulted with privacy
experts and added additional data
matches in the authentication protocol
and a ‘‘block access’’ feature that allows
clients to prevent online access to their
account.
The Retirement Estimator calculator
will provide a safe, user-friendly and
convenient tool that will: (1) Contribute
to financial literacy by helping members
of the public plan for retirement; (2)
help to promote SSA’s online benefit
application; and, (3) save Agency
resources.
The Retirement Estimator will be
released to the public on July 19, 2008.
DATES:
FOR FURTHER INFORMATION CONTACT:
Gerard R. Hart, Operations, Office of
Electronic Services, Social Security
Administration, 6401 Security
Boulevard, Baltimore, MD 21235–6401,
Phone 410–965–8707, e-mail
Gerard.R.Hart@ssa.gov. For information
on eligibility or applying for benefits,
call 1–800–772–1213, or visit our
Internet site, Social Security Online at
https://www.socialsecurity.gov.
E:\FR\FM\13MYN1.SGM
13MYN1
]]>Agencies
[Federal Register Volume 73, Number 93 (Tuesday, May 13, 2008)]
[Notices]
[Pages 27603-27605]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10572]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57778; File No. SR-NYSEArca-2008-45]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To List and Trade
Shares of the iShares MSCI Emerging Markets Eastern Europe Index Fund
May 5, 2008.
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 25, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE
Arca Equities''), filed with the 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.
NYSE Arca filed the proposal pursuant to Section 19(b)(3)(A) of the Act
\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
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\ 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
NYSE Arca proposes to list and trade shares (``Shares'') of the
iShares MSCI Emerging Markets Eastern Europe Index Fund (``Fund''). The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://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 Exchange proposes to list and trade the Shares under NYSE Arca
Equities Rule 5.2(j)(3), the Exchange's listing standards for
Investment Company Units (``ICUs'').\5\ The investment objective of the
Fund is to provide investment results that correspond generally to the
price and yield performance, before fees and expenses, of the MSCI
Emerging Markets Eastern Europe Index (``Index'' or ``Underlying
Index''). The Index is a free float adjusted market capitalization
index designed to measure the equity performance of companies domiciled
in four Eastern European emerging market nations: The Czech Republic,
Hungary, Poland and Russia.
---------------------------------------------------------------------------
\5\ An ICU is a security that represents an interest in a
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities (or holds securities in another registered
investment company that holds securities comprising, or otherwise
based on or representing an interest in, an index or portfolio of
securities). See NYSE Arca Equities Rule 5.2(j)(3)(A).
---------------------------------------------------------------------------
The Exchange is submitting this proposed rule change because the
Underlying Index does not meet all of the ``generic'' listing
requirements of Commentary .01(a)(B) to NYSE Arca Equities Rule
5.2(j)(3) applicable to listing of ICUs based on international or
global indexes. The Underlying Index meets all such requirements except
for those set forth in Commentary .01(a)(B)(3).\6\ Specifically, the
Underlying Index fails to meet the requirement that the most heavily
weighted component stock shall not exceed 25% of the weight of the
index or portfolio. As of April 2, 2008, Gazprom (Russia) represented
27.28% of the weight of the Underlying Index.
---------------------------------------------------------------------------
\6\ Commentary .01(a)(B)(3) to NYSE Arca Equities Rule 5.2(j)(3)
provides that the most heavily weighted component stock shall not
exceed 25% of the weight of the index or portfolio, and the five
most heavily weighted component stocks shall not exceed 60% of the
weight of the index or portfolio.
---------------------------------------------------------------------------
The Exchange represents that: (1) Except for the requirement under
Commentary .01(a)(B)(3) to NYSE Arca Equities Rule 5.2(j)(3) relating
to the most heavily weighted component stock, the Shares of the Fund
currently satisfy all of the generic listing standards under NYSE Arca
Equities Rule 5.2(j)(3); \7\ (2) the continued listing standards under
NYSE Arca Equities Rules 5.2(j)(3) and 5.5(g)(2) applicable to ICUs
shall apply to the Shares; and (3) the Trust is required to comply with
Rule 10A-3 under the Act \8\ for the initial and continued listing of
the Shares. In addition, the Exchange represents that the Shares will
comply with all other requirements applicable to ICUs including, but
not limited to, requirements relating to the dissemination of key
information such as the Index value and Intraday Indicative Value,
rules governing the trading of equity securities, trading hours,
trading halts, surveillance, and Information Bulletin to ETP Holders,
as set forth in prior Commission orders approving the generic listing
rules
[[Page 27604]]
applicable to the listing and trading of ICUs.\9\
---------------------------------------------------------------------------
\7\ See e-mail dated May 5, 2008 from Michael Cavalier,
Associate General Counsel, NYSE Euronext, to Christopher W. Chow,
Special Counsel, Commission.
\8\ 17 CFR 240.10A-3.
\9\ See, e.g., Securities Exchange Act Release Nos. 55621 (April
12, 2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86) (order
approving generic listing standards for ICUs based on international
or global indexes); 44551 (July 12, 2001), 66 FR 37716 (July 19,
2001) (SR-PCX-2001-14) (order approving generic listing standards
for ICUs and Portfolio Depositary Receipts); and 41983 (October 6,
1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29) (order
approving rules for listing and trading of ICUs).
---------------------------------------------------------------------------
Detailed descriptions of the Fund, the Underlying Index, procedures
for creating and redeeming Shares, transaction fees and expenses,
dividends, distributions, taxes, risks, and reports to be distributed
to beneficial owners of the Shares can be found in the Registration
Statement \10\ or on the Web site for the Fund (https://
www.ishares.com), as applicable.
---------------------------------------------------------------------------
\10\ See the iShares, Inc. Registration Statement on Form N-1A,
dated April 2, 2008 (File Nos. 333-97598 and 811-09102)
(``Registration Statement'').
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\11\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\12\ 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.
The Exchange believes that the proposed rule change will facilitate the
listing and trading of an additional type of exchange-traded product
that will enhance competition among market participants, to the benefit
of investors and the marketplace.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 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 states that written comments on the proposed rule
change were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6)
thereunder.\14\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with 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 Exchange has fulfilled this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange requests that the Commission waive
the 30-day operative delay so that the Exchange can list and trade the
Shares immediately. The Exchange states that the proposed rule change
does not significantly affect the protection of investors or the public
interest and does not impose any significant burden on competition. The
Exchange also believes that the proposal is non-controversial because,
although the Underlying Index fails to meet the requirements set forth
in Commentary .01(a)(B)(3) to NYSE Arca Equities Rule 5.2(j)(3) by a
small amount (2.28%), the Shares currently satisfy all of the other
applicable generic listing standards under NYSE Arca Equities Rule
5.2(j)(3), and will be subject to all of the continued listing
standards under NYSE Arca Equities Rules 5.2(j)(3) and 5.5(g)(2)
applicable to ICUs. Additionally, the Exchange represents that the
Shares will comply with all other requirements applicable to ICUs.
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public
interest.\15\ Given that the Shares comply with all of the NYSE Arca
Equities generic listing standards for ICUs (except for narrowly
missing the requirement that the most heavily weighted component not
exceed 25% of the weight of the Underlying Index), the listing and
trading of the Shares by NYSE Arca does not appear to present any novel
or significant regulatory issues or impose any significant burden on
competition. For these reasons, the Commission designates the proposed
rule change as operative upon filing.
---------------------------------------------------------------------------
\15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any 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.
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-NYSEArca-2008-45 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-NYSEArca-2008-45. 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
[[Page 27605]]
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 the 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-NYSEArca-2008-45 and should be submitted
on or before June 3, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-10572 Filed 5-12-08; 8:45 am]
BILLING CODE 8010-01-P
