Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Equity Linked Notes, 30183-30184 [E8-11531]

Download as PDF Federal Register / Vol. 73, No. 101 / Friday, May 23, 2008 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57834; File No. SR–Phlx– 2008–33] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Equity Linked Notes May 19, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 2, 2008, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ 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 prepared substantially by the Exchange. On May 16, 2008, the Exchange submitted Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons and is granting accelerated approval to the proposed rule change. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 803(h) to clarify that the listing and trading of Equity Linked Notes (‘‘ELNs’’) on the Exchange is subject to Rule 19b– 4(e) under the Act.3 The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http:// www.phlx.com. dwashington3 on PRODPC61 with NOTICES II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Phlx included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item III below. Phlx has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) 5 of the Act, in general, and furthers the objectives of Section 6(b)(5),6 in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanisms of a free and open market and a national market system, and, in general, to protect investors and the public interest, by clarifying that the listing and trading of ELNs on the Exchange is subject to Rule 19b–4(e) under the Act. 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 No written comments were either solicited or received. III. Solicitation of Comments Interested persons are invited to submit written data, views, and 17 CFR 240.19b–4(e)(1). Phlx Rule 803(h) contains the listing standards for ELNs. 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(5). U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(e). 2 17 15:34 May 22, 2008 1. Purpose The Exchange states that the purpose of the proposed rule change is to clarify that the listing and trading of ELNs on the Exchange is subject to Rule 19b–4(e) under the Act. Rule 19b–4(e) under the Act permits an exchange to list and trade a new derivative securities product, such as an ELN, without filing a proposed rule change on Form 19b–4, if the exchange has, among other things, listing standards for the product class.4 Rule 19b–4(e) further provides that an exchange shall file Form 19b–4(e) within five business days after commencement of trading a new derivative securities product. Therefore, upon the acceptance of an ELN for listing and trading on the Exchange pursuant to the listing standards in Rule 803(h), Phlx will file a Form 19b–4(e) with the Commission within five business days after the commencement of trading. 4 See 1 15 VerDate Aug<31>2005 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change Jkt 214001 PO 00000 Frm 00144 Fmt 4703 Sfmt 4703 30183 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2008–33 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–Phlx–2008–33. 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 (http://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 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–Phlx–2008–33 and should be submitted on or before June 13, 2008. IV. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to E:\FR\FM\23MYN1.SGM 23MYN1 30184 Federal Register / Vol. 73, No. 101 / Friday, May 23, 2008 / Notices a national securities exchange.7 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,8 which requires that the rules of an exchange be designed, among other things, to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Commission finds good cause for approving this proposal before the 30th day after the publication of notice thereof in the Federal Register. The proposal seeks to clarify that the Exchange’s listing and trading of ELNs under Rule 803(h) is subject to Rule 19b–4(e) under the Act. The Commission does not believe that this clarification raises any novel regulatory issues. Therefore, the Commission believes that accelerating approval of this proposal is appropriate and would ensure that the Exchange’s rules clearly reflect the standards for listing and trading of ELNs and conform the Phlx’s rules to those of other exchanges without delay.9 V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,10 that the proposed rule change, as amended (SR– Phlx–2008–33), be, and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–11531 Filed 5–22–08; 8:45 am] BILLING CODE 8010–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11247 and #11248]; Alabama Disaster #AL–00014 U.S. Small Business Administration. ACTION: Notice. AGENCY: dwashington3 on PRODPC61 with NOTICES SUMMARY: This is a notice of an Administrative declaration of a disaster 7 In approving this rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(5). 9 See e.g., Chicago Board Options Exchange Rule 31.5(I) and NYSE Arca Rule 5.2(j)(2). 10 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 15:34 May 22, 2008 Jkt 214001 for the State of ALABAMA dated 05/15/ 2008. Incident: Severe Storms and Tornadoes. Incident Period: 05/11/2008. DATES: Effective Date: 05/15/2008. Physical Loan Application Deadline Date: 07/14/2008. Economic Injury (EIDL) Loan Application Deadline Date: 02/16/2009. 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: Cleburne Contiguous Counties: Alabama: Calhoun, Cherokee, Clay, Randolph, Talladega Georgia: Carroll, Haralson, Polk The Interest Rates are: Homeowners With Credit Available Elsewhere ......................... Homeowners Without Credit Available Elsewhere .................. Businesses With Credit Available Elsewhere ................................. Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere .................. Other (Including Non-Profit Organizations) With Credit Available Elsewhere ................................. Businesses and Non-Profit Organizations Without Credit Available Elsewhere ......................... Fmt 4703 Sfmt 4703 U.S. Small Business Administration. ACTION: Notice. AGENCY: SUMMARY: This is a notice of an Economic Injury Disaster Loan (EIDL) declaration for the State of ALASKA, dated 05/16/2008. Incident: Increased Power Costs Due to Avalanche. Incident Period: 04/16/2008 and continuing. DATES: 5.250 4.000 (Catalog of Federal Domestic Assistance Number 59002) Dated: May 15, 2008. Steven C. Preston, Administrator. [FR Doc. E8–11547 Filed 5–22–08; 8:45 am] Frm 00145 Alaska Disaster # AK–00013 Declaration of Economic Injury The Interest Rate is: 4.000. The number assigned to this disaster for economic injury is 112510. The State which received an EIDL Declaration # is Alaska. 4.000 (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) PO 00000 [Disaster Declaration # 11251] Effective Date: 05/16/2008. EIDL Loan Application Deadline Date: 02/16/2009. 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 EIDL declaration, applications for economic injury disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been Percent determined to be adversely affected by the disaster: 5.375 Primary Counties: City and Borough of Juneau. 2.687 Contiguous Counties: Alaska: Chatham Reaa, Haines 8.000 Borough. The number assigned to this disaster for physical damage is 11247 C and for economic injury is 11248 0. The States which received an EIDL Declaration # are Alabama, Georgia. BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION Dated: May 16, 2008. Steven C. Preston, Administrator. [FR Doc. E8–11557 Filed 5–22–08; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #11245 and #11246] New Mexico Disaster #NM–00006 U.S. Small Business Administration. AGENCY: E:\FR\FM\23MYN1.SGM 23MYN1

Agencies

[Federal Register Volume 73, Number 101 (Friday, May 23, 2008)]
[Notices]
[Pages 30183-30184]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-11531]



[[Page 30183]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57834; File No. SR-Phlx-2008-33]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Equity 
Linked Notes

May 19, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on May 2, 2008, the Philadelphia Stock Exchange, Inc. (``Phlx'' 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 prepared substantially by the Exchange. 
On May 16, 2008, the Exchange submitted Amendment No. 1 to the proposed 
rule change. The Commission is publishing this notice to solicit 
comments on the proposed rule change, as amended, from interested 
persons and is granting accelerated approval to the proposed rule 
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 803(h) to clarify that the 
listing and trading of Equity Linked Notes (``ELNs'') on the Exchange 
is subject to Rule 19b-4(e) under the Act.\3\ The text of the proposed 
rule change is available at the Exchange, the Commission's Public 
Reference Room, and http://www.phlx.com.
---------------------------------------------------------------------------

    \3\ 17 CFR 240.19b-4(e).
---------------------------------------------------------------------------

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Phlx included statements 
concerning the purpose of, and basis for, the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item III below. Phlx 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 states that the purpose of the proposed rule change is 
to clarify that the listing and trading of ELNs on the Exchange is 
subject to Rule 19b-4(e) under the Act. Rule 19b-4(e) under the Act 
permits an exchange to list and trade a new derivative securities 
product, such as an ELN, without filing a proposed rule change on Form 
19b-4, if the exchange has, among other things, listing standards for 
the product class.\4\ Rule 19b-4(e) further provides that an exchange 
shall file Form 19b-4(e) within five business days after commencement 
of trading a new derivative securities product. Therefore, upon the 
acceptance of an ELN for listing and trading on the Exchange pursuant 
to the listing standards in Rule 803(h), Phlx will file a Form 19b-4(e) 
with the Commission within five business days after the commencement of 
trading.
---------------------------------------------------------------------------

    \4\ See 17 CFR 240.19b-4(e)(1). Phlx Rule 803(h) contains the 
listing standards for ELNs.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) \5\ of the Act, in general, and furthers the 
objectives of Section 6(b)(5),\6\ in particular, in that it is designed 
to promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanisms of a free and open market and 
a national market system, and, in general, to protect investors and the 
public interest, by clarifying that the listing and trading of ELNs on 
the Exchange is subject to Rule 19b-4(e) under the Act.
---------------------------------------------------------------------------

    \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

    No written comments were either solicited or received.

III. 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2008-33 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-Phlx-2008-33. 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 (http://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 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-Phlx-2008-33 and should be 
submitted on or before June 13, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of the Act and the 
rules and regulations thereunder applicable to

[[Page 30184]]

a national securities exchange.\7\ In particular, the Commission finds 
that the proposed rule change is consistent with Section 6(b)(5) of the 
Act,\8\ which requires that the rules of an exchange be designed, among 
other things, to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and, in general, to protect investors and the 
public interest.
---------------------------------------------------------------------------

    \7\ In approving this rule change, the Commission notes that it 
has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds good cause for approving this proposal before 
the 30th day after the publication of notice thereof in the Federal 
Register. The proposal seeks to clarify that the Exchange's listing and 
trading of ELNs under Rule 803(h) is subject to Rule 19b-4(e) under the 
Act. The Commission does not believe that this clarification raises any 
novel regulatory issues. Therefore, the Commission believes that 
accelerating approval of this proposal is appropriate and would ensure 
that the Exchange's rules clearly reflect the standards for listing and 
trading of ELNs and conform the Phlx's rules to those of other 
exchanges without delay.\9\
---------------------------------------------------------------------------

    \9\ See e.g., Chicago Board Options Exchange Rule 31.5(I) and 
NYSE Arca Rule 5.2(j)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\10\ that the proposed rule change, as amended (SR-Phlx-2008-33), 
be, and it hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-11531 Filed 5-22-08; 8:45 am]
BILLING CODE 8010-01-P