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, 33137-33138 [E8-13041]
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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
33138
Federal Register / Vol. 73, No. 113 / Wednesday, June 11, 2008 / Notices
open market and a national market
system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
sroberts on PROD1PC70 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6) 10
thereunder because the proposal does
not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) by its
terms, become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest, provided that the Exchange has
given the Commission 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.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 11 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay period.
The Commission believes that waiver
of the 30-day operative delay period is
consistent with the protection of
investors and the public interest.
Specifically, the Commission believes
that the proposal would allow the Pilot
Program to continue without any
interruption, until November 30, 2008.
The Commission further notes that no
comments were received on the Pilot
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
10 17
VerDate Aug<31>2005
16:13 Jun 10, 2008
Program. The Commission designates
the proposal to become operative upon
filing.12
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such proposed 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.13
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–2008–55 and
should be submitted on or before July 2,
2008.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–13041 Filed 6–10–08; 8:45 am]
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–2008–55 on the
subject line.
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Paper Comments
Budget (OMB) in compliance with
• Send paper comments in triplicate
Public Law (Pub. L.) 104–13, the
to Secretary, Securities and Exchange
Paperwork Reduction Act of 1995,
Commission, 100 F Street, NE.,
effective October 1, 1995. This notice
Washington, DC 20549–1090.
includes new information collections,
All submissions should refer to File
revisions to OMB-approved information
Number SR–NYSEArca–2008–55. This
collections and extensions (no change)
file number should be included on the
of OMB-approved information
subject line if e-mail is used. To help the collections.
Commission process and review your
SSA is soliciting comments on the
comments more efficiently, please use
accuracy of the Agency’s burden
only one method. The Commission will estimate; the need for the information;
post all comments on the Commission’s its practical utility; ways to enhance its
Internet Web site (https://www.sec.gov/
quality, utility, and clarity; and ways to
rules/sro.shtml). Copies of the
minimize the burden on respondents,
submission, all subsequent
including the use of automated
amendments, all written statements
collection techniques or other forms of
with respect to the proposed rule
information technology. Mail, e-mail, or
change that are filed with the
fax your comments and
Commission, and all written
recommendations on the information
communications relating to the
collection(s) to the OMB Desk Officer
proposed rule change between the
and the SSA Reports Clearance Officer
Commission and any person, other than to the addresses or fax numbers listed
those that may be withheld from the
below.
public in accordance with the
(OMB) Office of Management and
provisions of 5 U.S.C. 552, will be
Budget, Attn: Desk Officer for SSA,
available for inspection and copying in
Fax: 202–395–6974, E-mail address:
the Commission’s Public Reference
OIRA_Submission@omb.eop.gov;
Room, 100 F Street, NE., Washington,
(SSA) Social Security Administration,
DC 20549, on official business days
DCBFM, Attn: Reports Clearance
between the hours of 10:00 a.m. and
Officer, 1333 Annex Building, 6401
3:00 p.m. Copies of such filing also will
Security Blvd., Baltimore, MD 21235,
Fax: 410–965–6400, E-mail address:
12 For purposes only of waiving the operative
OPLM.RCO@ssa.gov.
delay for this proposal, the Commission has
I. The information collections listed
considered the proposed rule’s impact on
below are pending at SSA. SSA will
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 15 U.S.C. 78s(b)(3)(C).
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14 17
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E:\FR\FM\11JNN1.SGM
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]]>Agencies
[Federal Register Volume 73, Number 113 (Wednesday, June 11, 2008)]
[Notices]
[Pages 33137-33138]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13041]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[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
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 self-regulatory 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.
---------------------------------------------------------------------------
\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
The Exchange, through its wholly-owned 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. 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
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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
[[Page 33138]]
open market and a national market system.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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 has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder because
the proposal does not: (i) Significantly affect the protection of
investors or the public interest; (ii) impose any significant burden on
competition; and (iii) by its terms, become operative for 30 days from
the date on which it was filed, or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest, provided that the Exchange has given the Commission
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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.
However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay period.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiver of the 30-day operative delay
period is consistent with the protection of investors and the public
interest. Specifically, the Commission believes that the proposal would
allow the Pilot Program to continue without any interruption, until
November 30, 2008. The Commission further notes that no comments were
received on the Pilot Program. The Commission designates the proposal
to become operative upon filing.\12\
---------------------------------------------------------------------------
\12\ For purposes only of waiving the operative delay for this
proposal, the Commission has 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 proposed 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.\13\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-2008-55 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2008-55.
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 10:00 a.m. and 3:00 p.m. Copies of such filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSEArca-2008-55 and should be submitted on or before July 2, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-13041 Filed 6-10-08; 8:45 am]
BILLING CODE 8010-01-P
