Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating to the Listing and Trading of Shares of the NETS ISEQ 20 Index Fund (Ireland), 28178-28180 [E8-10803]
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mstockstill on PROD1PC66 with NOTICES
28178
Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Notices
or MSMF, of the right to nominate a
director for election to a portfolio
company’s board of directors, the right
to have an observer on the board of
directors or similar rights to participate
in the governance or management of the
portfolio company will not be
interpreted so as to violate this
condition 5, if conditions 2(c)(iii)(A)
and (B) are met.
6. Any sale, exchange, or other
disposition by the Company, MSMF, or
MSC of an interest in a security that was
acquired in a Co-Investment Transaction
or that is an Existing Co-Investment will
be accomplished pro rata based on the
original investment of each participant
unless the Investment Adviser and/or
the Investment Committee formulate a
recommendation for participation in a
disposition on a non-pro rata basis and
such recommendation is approved by
the Required Majority on the basis that
such non-pro rata disposition is in the
best interest of the Company and
MSMF. The Company, MSMF, and MSC
will each bear its own expenses in
connection with any disposition, and
the terms and conditions of any
disposition will apply equally to all
participants.
7. Any ‘‘follow-on investment’’ (i.e.,
an additional investment in the same
entity) by the Company, MSMF, or
MSC, or any exercising of warrants or
other rights to purchase securities of the
issuer in a portfolio company whose
securities were acquired as an Existing
Co-Investment or in a Co-Investment
Transaction will be accomplished pro
rata based on the original investment of
each participant unless the Investment
Adviser and/or the Investment
Committee formulate a recommendation
for participation in the proposed
transaction on a non-pro rata basis and
such recommendation is approved by
the Required Majority on the basis that
such non-pro rata participation is in the
best interest of the Company and
MSMF. The acquisition of follow-on
investments as permitted by this
condition will be subject to the other
conditions set forth in the application.
8. The Independent Directors will be
provided quarterly for review all
information concerning (1) all
investments made by MSC during the
preceding quarter and (2) Co-Investment
Transactions during the preceding
quarter, including investments made by
MSC which the Company and/or MSMF
considered but declined to participate
in, so that the Independent Directors
may determine whether the conditions
of the order have been met. In addition,
the Independent Directors will consider
at least annually the continued
appropriateness of the standards
VerDate Aug<31>2005
16:18 May 14, 2008
Jkt 214001
established for co-investments by the
Company and MSMF, including
whether the use of the standards
continues to be in the best interests of
the Company and its shareholders and
does not involve overreaching on the
part of any person concerned.
9. The Company and MSMF will
maintain the records required by section
57(f)(3) of the Act as if each of the
investments permitted under these
conditions were approved by the
Independent Directors under section
57(f).
10. No Independent Directors will
also be a director, general partner or
principal, or otherwise an ‘‘affiliated
person’’ (as defined in the Act) of, MSC.
11. The expenses, if any, associated
with acquiring, holding or disposing of
any securities acquired in a CoInvestment Transaction (including,
without limitation, the expenses of the
distribution of any such securities
registered for sale under the Securities
Act) shall, to the extent not payable by
the Investment Adviser under its
investment advisory agreements with
MSMF and MSC, be shared by the
Company, MSMF, and MSC in
proportion to the relative amounts of
their securities to be acquired or
disposed of, as the case may be.
12. Any transaction fee (including
break-up or commitment fees but
excluding broker’s fees contemplated by
section 17(e)(2) of the Act) received in
connection with a Co-Investment
Transaction will be distributed to the
Company, MSMF, and MSC on a pro
rata basis based on the amount they
invested or committed, as the case may
be, in such Co-Investment Transaction.
MSC or any affiliated person of the
Company will not receive additional
compensation or remuneration of any
kind (other than (i) the pro rata
transaction fees described above and (ii)
investment advisory fees paid in
accordance with investment advisory
agreements with MSMF and MSC) as a
result of or in connection with a CoInvestment Transaction.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10802 Filed 5–14–08; 8:45 am]
BILLING CODE 8010–01–P
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57805; File No. SR–
NYSEArca–2008–46]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Relating to the Listing
and Trading of Shares of the NETS
ISEQ 20 Index Fund (Ireland)
May 8, 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 May 8,
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, 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 change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade the shares (‘‘Shares’’) of the NETS
ISEQ 20 Index Fund (Ireland) (‘‘Fund’’)
issued by the NETS Trust (‘‘Trust’’). 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 pursuant to NYSE Arca
1 15
2 17
Frm 00081
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\15MYN1.SGM
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Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Notices
mstockstill on PROD1PC66 with NOTICES
Equities Rule 5.2(j)(3), the Exchange’s
listing standards for Investment
Company Units (‘‘ICUs’’).3 The Fund is
an ‘‘index fund’’ that seeks to provide
investment results that correspond
generally to the price and yield
performance, before fees and expenses,
of publicly-traded securities in the
aggregate in the Irish market, as
represented by the ISEQ 20 (‘‘Index’’).
The primary market for securities in the
Index is the Irish Stock Exchange.
The Exchange submits this proposed
rule change because the Index for the
Fund 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 the listing of ICUs
based on international or global indexes.
The Index meets all such requirements
except for those set forth in
Commentary .01(a)(B)(3).4 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 five most heavily
weighted component stocks, the Shares
of the Fund currently satisfy all of the
generic listing standards under NYSE
Arca Equities Rule 5.2(j)(3); (2) the
continued listing standards under NYSE
Arca Equities Rules 5.2(j)(3) and
5.5(g)(2) applicable to ICUs will apply to
the Shares; and (3) the Trust is required
to comply with Rule 10A–3 under the
Act 5 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
3 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).
4 The Exchange states that the Index satisfies the
first requirement under Commentary .01(a)(B)(3) to
NYSE Arca Equities Rule 5.2(j)(3) that the most
heavily weighted component stock shall not exceed
25% of the weight of the index or portfolio.
However, the Index fails to meet the second
requirement of Commentary .01(a)(B)(3) to NYSE
Arca Equities Rule 5.2(j)(3) that the five most
heavily weighted component stocks shall not
exceed 60% of the weight of the Index. The
Exchange states that, as of April 18, 2008, the five
most heavily weighted component stocks
represented 68.7% of the Index weight.
5 See 17 CFR 240.10A–3.
VerDate Aug<31>2005
16:18 May 14, 2008
Jkt 214001
applicable to the listing and trading of
ICUs.6
The Exchange states that detailed
descriptions of the Fund, the Index,
procedures for creating and redeeming
Shares, transaction fees and expenses,
dividends, distributions, taxes, and
reports to be distributed to beneficial
owners of the Shares can be found in
the Trust’s Registration Statement 7 or
on the Web site for the Fund (https://
www.netsetfs.com), as applicable.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,8 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,9 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 additional types of
exchange-traded products 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
The Exchange states that written
comments on the proposed rule change
were neither solicited nor received.
6 See, e.g., Securities Exchange Act Release Nos.
55621 (April 12, 2007), 72 FR 19571 (April 18,
2007) (SR–NYSEArca–2006–86) (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) (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)
(approving rules for the listing and trading of ICUs).
7 See Registration Statement on Form N–1A dated
February 13, 2008 (File Nos. 333–147077 and 811–
22140).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
28179
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 Exchange 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.
The Exchange has requested accelerated
approval of this proposed rule change
prior to the 30th day after the date of
publication of the notice of the filing
thereof. The Commission is considering
granting accelerated approval of the
proposed rule change at the end of a 15day comment period.
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–2008–46 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–2008–46. 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
E:\FR\FM\15MYN1.SGM
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28180
Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Notices
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 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–2008–46 and
should be submitted on or before May
30, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–10803 Filed 5–14–08; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11202]
Arkansas Disaster Number AR–00019
U.S. Small Business
Administration.
ACTION: Amendment 2.
AGENCY:
SUMMARY: This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Arkansas (FEMA–1751–DR),
dated 03/26/2008.
Incident: Severe Storms, Tornadoes,
and Flooding.
Incident Period: 03/18/2008 and
continuing.
Effective Date: 05/08/2008.
Physical Loan Application Deadline
Date: 05/27/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, Suite 6050, Washington,
DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for Private Non-Profit
organizations in the State of Arkansas,
mstockstill on PROD1PC66 with NOTICES
DATES:
10 17
16:18 May 14, 2008
(Catalog of Federal Domestic Assistance
Number 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E8–10866 Filed 5–14–08; 8:45 am]
Jkt 214001
Percent
Homeowners
Without
Credit
Available Elsewhere ..................
Businesses With Credit Available
Elsewhere .................................
Businesses & Small Agricultural
Cooperatives Without Credit
Available Elsewhere ..................
Others (Including Non-Profit Organizations) With Credit Available
Elsewhere .................................
Businesses and Non-Profit Organizations Without Credit Available Elsewhere .........................
2.687
8.000
4.000
5.250
4.000
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11233 and #11234]
Connecticut Disaster #CT–00010
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Connecticut dated 05/05/
2008.
Incident: Apartment Fire.
Incident Period: 04/26/2008.
DATES: Effective Date: 05/05/2008.
Physical Loan Application Deadline
Date: 07/07/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 02/05/2009.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties:
New London.
Contiguous Counties:
Connecticut: Hartford, Middlesex,
Tolland, Windham.
Rhode Island: Kent, Washington.
The Interest Rates are:
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
The number assigned to this disaster
for physical damage is 11233 5 and for
economic injury is 11234 0.
The States which received an EIDL
Declaration # are Connecticut, Rhode
Island.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
Homeowners With Credit Available Elsewhere .........................
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
date 03/26/2008, is hereby amended to
include the following areas as adversely
affected by the disaster.
Primary Counties:
Desha.
All other information in the original
declaration remains unchanged.
Dated: May 5, 2008.
Steven C. Preston,
Administrator.
[FR Doc. E8–10864 Filed 5–14–08; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11235 and #11236]
Indiana Disaster #IN–00018
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Indiana dated
05/05/2008.
Incident: Severe Storms and Flooding.
Incident Period: 03/18/2008 through
03/20/2008.
DATES: Effective Date: 05/05/2008
Physical Loan Application Deadline
Date: 07/07/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 02/05/2009.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
Percent
applications for disaster loans may be
filed at the address listed above or other
5.375 locally announced locations.
E:\FR\FM\15MYN1.SGM
15MYN1
]]>Agencies
[Federal Register Volume 73, Number 95 (Thursday, May 15, 2008)]
[Notices]
[Pages 28178-28180]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10803]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57805; File No. SR-NYSEArca-2008-46]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to the Listing and Trading of Shares
of the NETS ISEQ 20 Index Fund (Ireland)
May 8, 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 May 8, 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, 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 change 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 list and trade the shares (``Shares'') of
the NETS ISEQ 20[supreg] Index Fund (Ireland) (``Fund'') issued by the
NETS Trust (``Trust''). 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 pursuant to NYSE
Arca
[[Page 28179]]
Equities Rule 5.2(j)(3), the Exchange's listing standards for
Investment Company Units (``ICUs'').\3\ The Fund is an ``index fund''
that seeks to provide investment results that correspond generally to
the price and yield performance, before fees and expenses, of publicly-
traded securities in the aggregate in the Irish market, as represented
by the ISEQ 20[supreg] (``Index''). The primary market for securities
in the Index is the Irish Stock Exchange.
---------------------------------------------------------------------------
\3\ 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).
---------------------------------------------------------------------------
The Exchange submits this proposed rule change because the Index
for the Fund 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 the listing of ICUs based on international or global indexes. The
Index meets all such requirements except for those set forth in
Commentary .01(a)(B)(3).\4\ 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 five most heavily weighted component
stocks, the Shares of the Fund currently satisfy all of the generic
listing standards under NYSE Arca Equities Rule 5.2(j)(3); (2) the
continued listing standards under NYSE Arca Equities Rules 5.2(j)(3)
and 5.5(g)(2) applicable to ICUs will apply to the Shares; and (3) the
Trust is required to comply with Rule 10A-3 under the Act \5\ 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 applicable to the listing and
trading of ICUs.\6\
---------------------------------------------------------------------------
\4\ The Exchange states that the Index satisfies the first
requirement under Commentary .01(a)(B)(3) to NYSE Arca Equities Rule
5.2(j)(3) that the most heavily weighted component stock shall not
exceed 25% of the weight of the index or portfolio. However, the
Index fails to meet the second requirement of Commentary
.01(a)(B)(3) to NYSE Arca Equities Rule 5.2(j)(3) that the five most
heavily weighted component stocks shall not exceed 60% of the weight
of the Index. The Exchange states that, as of April 18, 2008, the
five most heavily weighted component stocks represented 68.7% of the
Index weight.
\5\ See 17 CFR 240.10A-3.
\6\ See, e.g., Securities Exchange Act Release Nos. 55621 (April
12, 2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86)
(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) (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) (approving rules for the
listing and trading of ICUs).
---------------------------------------------------------------------------
The Exchange states that detailed descriptions of the Fund, the
Index, procedures for creating and redeeming Shares, transaction fees
and expenses, dividends, distributions, taxes, and reports to be
distributed to beneficial owners of the Shares can be found in the
Trust's Registration Statement \7\ or on the Web site for the Fund
(https://www.netsetfs.com), as applicable.
---------------------------------------------------------------------------
\7\ See Registration Statement on Form N-1A dated February 13,
2008 (File Nos. 333-147077 and 811-22140).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\9\ 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 additional types of exchange-traded products
that will enhance competition among market participants, to the benefit
of investors and the marketplace.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
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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
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 Exchange 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.
The Exchange has requested accelerated approval of this proposed rule
change prior to the 30th day after the date of publication of the
notice of the filing thereof. The Commission is considering granting
accelerated approval of the proposed rule change at the end of a 15-day
comment period.
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-2008-46 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-2008-46. 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
[[Page 28180]]
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 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-2008-46 and should
be submitted on or before May 30, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-10803 Filed 5-14-08; 8:45 am]
BILLING CODE 8010-01-P
