Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Accelerated Approval of Proposed Rule Change Relating to the Listing and Trading of Shares of the NETS ISEQ 20 Index Fund (Ireland), 33136-33137 [E8-13040]
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33136
Federal Register / Vol. 73, No. 113 / Wednesday, June 11, 2008 / Notices
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, 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 Nasdaq. 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–
NASDAQ–2008–017 and should be
submitted on or before July 2, 2008.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,15 that the
proposed rule change (SR–NASDAQ–
2008–017), as modified by Amendment
No. 1, be, and hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–13067 Filed 6–10–08; 8:45 am]
BILLING CODE 8010–01–P
[Release No. 34–57921; File No. SR–
NYSEArca-2008–46]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting Accelerated
Approval of Proposed Rule Change
Relating to the Listing and Trading of
Shares of the NETS ISEQ 20 Index
Fund (Ireland)
June 4, 2008.
sroberts on PROD1PC70 with NOTICES
I. Introduction
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’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
16 17
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
16:13 Jun 10, 2008
II. Description of the Proposal
The Exchange proposes to list and
trade the Shares pursuant to NYSE Arca
Equities Rule 5.2(j)(3), the Exchange’s
listing standards for Investment
Company Units (‘‘ICUs’’).4 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 represents that 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.5 Specifically, the Index
meets all such requirements except for
those set forth in Commentary
.01(a)(B)(3).6 The Exchange represents
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 57805
(May 8, 2008), 73 FR 28178.
4 ICUs are securities that represent interests 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).
5 NYSE Arca Equities may approve a series of
ICUs based on equity security components for
listing and/or trading (including pursuant to
unlisted trading privileges) pursuant to Rule 19b–
4(e) under the Act, if such series of ICUs satisfies
the ‘‘generic’’ listing requirements that are set forth
under Commentary .01 to NYSE Arca Equities Rule
5.2(j)(3) and have been approved by the
Commission. See Commentary .01 to NYSE Arca
Equities Rule 5.2(j)(3); 17 CFR 240.19b–4(e).
6 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.
2 17
SECURITIES AND EXCHANGE
COMMISSION
15 15
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to list and trade
the shares (‘‘Shares’’) of the NETS ISEQ
20 Index Fund (Ireland) (‘‘Fund’’) issued
by the NETS Trust (‘‘Trust’’). The
proposed rule change was published for
comment in the Federal Register on
May 15, 2008 for a 15-day comment
period.3 The Commission received no
comments on the proposal. This order
approves the proposed rule change on
an accelerated basis.
Jkt 214001
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
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 7 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.8
III. Discussion and Commission’s
Findings
The Commission has carefully
reviewed the proposed rule change and
finds that it is consistent with the
requirements of Section 6 of the Act 9
and the rules and regulations
thereunder applicable to a national
securities exchange.10 In particular, the
Commission finds that the proposal is
consistent with Section 6(b)(5) of the
Act,11 which requires, among other
things, that the Exchange’s rules be
designed 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 believes that the
proposed rule change should not
significantly affect the protection of
investors or the public interest or
7 See
17 CFR 240.10A–3.
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).
9 15 U.S.C. 78f.
10 In approving this proposed rule change the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
11 15 U.S.C. 78f(b)(5).
8 See,
E:\FR\FM\11JNN1.SGM
11JNN1
Federal Register / Vol. 73, No. 113 / Wednesday, June 11, 2008 / Notices
impose any significant burden on
competition. The Commission notes the
Exchange’s representations that,
although the Index fails to meet the
requirement relating to the five most
heavily weighted component stocks set
forth in Commentary .01(a)(B)(3) to
NYSE Arca Equities Rule 5.2(j)(3) by
8.7%,12 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 13
and that the Trust is required to comply
with Rule 10A–3 under the Act.14
The Commission finds good cause for
approving the proposed rule change
before the 30th day after the date of
publication of notice of filing thereof in
the Federal Register. The Commission
notes that, because the Shares comply
with all of the NYSE Arca Equities
generic listing standards for ICUs
(except for missing the requirement
relating to the five highest weighted
components of the 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
believes that accelerated approval of the
proposed rule change should provide
additional choices for investors in, and
promote additional competition in the
market for, ICUs. Therefore, the
Commission finds good cause,
consistent with Section 19(b)(2) of the
Act, to approve the proposed rule
change on an accelerated basis.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,15 that the
proposed rule change (SR–NYSEArca–
2008–46) be, and it hereby is, approved
on an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–13040 Filed 6–10–08; 8:45 am]
sroberts on PROD1PC70 with NOTICES
BILLING CODE 8010–01–P
supra note 6.
supra note 8 and accompanying text.
14 See 17 CFR 240.10A–3.
15 15 U.S.C. 78s(b)(2).
16 17 CFR 200.30–3(a)(12).
[Release No. 34–57922; File No. SR–
NYSEArca-2008–55]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Extension
of the Pilot Program for Initial and
Continued Financial Listing Standards
for Common Stock of Operating
Companies Until November 30, 2008
The text of these statements may be
examined at the places specified in Item
IV below. The self-regulatory
organization 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
June 4, 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 28,
2008, 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
substantially prepared by the selfregulatory organization. The Exchange
filed the proposed rule change pursuant
to Section 19(b)(3)(A) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
effective upon filing with the
Commission. 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, through its whollyowned subsidiary NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), has
amended the rules governing NYSE
Arca, LLC (also referred to as the ‘‘NYSE
Arca Marketplace’’), which is the
equities trading facility of NYSE Arca
Equities, on a pilot program basis (the
‘‘Pilot Program’’) to amend the initial
and continued financial listing
standards for common stock of
operating companies. The Pilot Program
expires on May 31, 2008. The Exchange
proposes to extend the Pilot Program
until November 30, 2008.
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.
12 See
13 See
VerDate Aug<31>2005
16:13 Jun 10, 2008
Jkt 214001
33137
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
1. Purpose
NYSE Arca has amended on a pilot
program basis the rules governing the
NYSE Arca Marketplace to amend the
financial listing standards for common
stock of operating companies.5 On
October 3, 2007, the Commission
approved the Exchange’s request to
amend the Pilot Program to, among
other things, make the initial listing
standards more restrictive and exclude
from qualification some companies that
currently qualify to list but whose size
or financial performance is not
consistent with that kind of issuer NYSE
Arca intends to list on the NYSE Arca
Marketplace.6 The Pilot Program expires
on May 31, 2008. The Exchange
proposes to extend the Pilot Program
until November 30, 2008.
Based on the results of the Pilot
Program, the Exchange has determined
that the Pilot Program has met its
expectations. As a result, the Exchange
intends to file a proposal to
permanently adopt the Pilot Program.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,7
in general, and furthers the objectives of
Section 6(b)(5) of the Act,8 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
5 The Commission initially approved the Pilot
Program for six months, until May 29, 2007. See
Securities Exchange Act Release No. 54796
(November 20, 2006), 71 FR 69166 (November 29,
2006) (SR–NYSEArca–2006–85). The Pilot Program
was subsequently extended for an additional six
months, until November 30, 2007. See Securities
Exchange Act Release No. 55838 (May 31, 2007), 72
FR 31642 (June 7, 2007) (SR–NYSEArca–2007–51).
The Pilot Program was extended for an additional
six months, until May 31, 2008. See Securities
Exchange Act Release No. 56885 (December 3,
2007), 72 FR 69272 (December 7, 2007) (SR–
NYSEArca–2007–123).
6 See Securities Exchange Act Release No. 56606
(October 3, 2007), 72 FR 57982 (October 11, 2007)
(SR–NYSEArca–2007–69).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\11JNN1.SGM
11JNN1
]]>Agencies
[Federal Register Volume 73, Number 113 (Wednesday, June 11, 2008)]
[Notices]
[Pages 33136-33137]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13040]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57921; File No. SR-NYSEArca-2008-46]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Accelerated Approval of Proposed Rule Change Relating to the Listing
and Trading of Shares of the NETS ISEQ 20 Index Fund (Ireland)
June 4, 2008.
I. Introduction
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''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade the shares (``Shares'') of the
NETS ISEQ 20 Index Fund (Ireland) (``Fund'') issued by the NETS Trust
(``Trust''). The proposed rule change was published for comment in the
Federal Register on May 15, 2008 for a 15-day comment period.\3\ The
Commission received no comments on the proposal. This order approves
the proposed rule change on an accelerated basis.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 57805 (May 8, 2008),
73 FR 28178.
---------------------------------------------------------------------------
II. Description of the Proposal
The Exchange proposes to list and trade the Shares pursuant to NYSE
Arca Equities Rule 5.2(j)(3), the Exchange's listing standards for
Investment Company Units (``ICUs'').\4\ 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.
---------------------------------------------------------------------------
\4\ ICUs are securities that represent interests 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 represents that 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.\5\ Specifically, the Index
meets all such requirements except for those set forth in Commentary
.01(a)(B)(3).\6\ 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 \7\ 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.\8\
---------------------------------------------------------------------------
\5\ NYSE Arca Equities may approve a series of ICUs based on
equity security components for listing and/or trading (including
pursuant to unlisted trading privileges) pursuant to Rule 19b-4(e)
under the Act, if such series of ICUs satisfies the ``generic''
listing requirements that are set forth under Commentary .01 to NYSE
Arca Equities Rule 5.2(j)(3) and have been approved by the
Commission. See Commentary .01 to NYSE Arca Equities Rule 5.2(j)(3);
17 CFR 240.19b-4(e).
\6\ 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.
\7\ See 17 CFR 240.10A-3.
\8\ 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).
---------------------------------------------------------------------------
III. Discussion and Commission's Findings
The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of Section 6 of the
Act \9\ and the rules and regulations thereunder applicable to a
national securities exchange.\10\ In particular, the Commission finds
that the proposal is consistent with Section 6(b)(5) of the Act,\11\
which requires, among other things, that the Exchange's rules be
designed 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f.
\10\ In approving this proposed rule change the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission believes that the proposed rule change should not
significantly affect the protection of investors or the public interest
or
[[Page 33137]]
impose any significant burden on competition. The Commission notes the
Exchange's representations that, although the Index fails to meet the
requirement relating to the five most heavily weighted component stocks
set forth in Commentary .01(a)(B)(3) to NYSE Arca Equities Rule
5.2(j)(3) by 8.7%,\12\ 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 \13\
and that the Trust is required to comply with Rule 10A-3 under the
Act.\14\
---------------------------------------------------------------------------
\12\ See supra note 6.
\13\ See supra note 8 and accompanying text.
\14\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------
The Commission finds good cause for approving the proposed rule
change before the 30th day after the date of publication of notice of
filing thereof in the Federal Register. The Commission notes that,
because the Shares comply with all of the NYSE Arca Equities generic
listing standards for ICUs (except for missing the requirement relating
to the five highest weighted components of the 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 believes that
accelerated approval of the proposed rule change should provide
additional choices for investors in, and promote additional competition
in the market for, ICUs. Therefore, the Commission finds good cause,
consistent with Section 19(b)(2) of the Act, to approve the proposed
rule change on an accelerated basis.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\15\ that the proposed rule change (SR-NYSEArca-2008-46) be, and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78s(b)(2).
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,
Acting Secretary.
[FR Doc. E8-13040 Filed 6-10-08; 8:45 am]
BILLING CODE 8010-01-P
