Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Listing and Trading of Shares of the First Trust ISE Global Wind Energy Index Fund, 35185-35187 [E8-13996]
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Federal Register / Vol. 73, No. 120 / Friday, June 20, 2008 / Notices
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
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 self-regulatory
organization 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.
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:
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the 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–2008–56 and
should be submitted on or before July
11, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–13944 Filed 6–19–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57975; File No. SR–
NYSEArca–2008–62]
jlentini on PROD1PC65 with NOTICES
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–2008–56 on the
subject line.
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to the Listing
and Trading of Shares of the First
Trust ISE Global Wind Energy Index
Fund
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–2008–56. 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
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 June 9,
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’), through its wholly owned
subsidiary, NYSE Arca Equities, Inc.
(‘‘NYSE Arca Equities’’), filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been
substantially prepared by the Exchange.
NYSE Arca filed the proposed rule
change as a ‘‘non-controversial’’
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
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16:53 Jun 19, 2008
Jkt 214001
June 17, 2008.
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
1 15
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35185
thereunder,4 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Arca proposes to list and trade
shares (‘‘Shares’’) of the First Trust ISE
Global Wind Energy Index Fund
(‘‘Fund’’). The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to list and
trade the Shares of the Fund under
NYSE Arca Equities Rule 5.2(j)(3), the
Exchange’s listing standards for
Investment Company Units (‘‘ICUs’’).5
The Fund seeks investment results that
correspond generally to the price and
yield (before the Fund’s fees and
expenses) of the ISE Global Wind
Energy Index (‘‘Index’’ or ‘‘Underlying
Index’’). The Index is developed and
owned by the International Securities
Exchange, LLC (‘‘ISE’’), in consultation
with Standard & Poor’s, a division of
The McGraw-Hill Companies, Inc.,
which calculates and maintains the
Index. The Index provides a benchmark
for investors interested in tracking
4 17
CFR 240.19b–4(f)(6).
Investment Company Unit is a security that
represents an interest in a registered investment
company that holds securities comprising, or
otherwise based on or representing an interest in,
an index or portfolio of securities (or holds
securities in another registered investment
company that holds securities comprising, or
otherwise based on or representing an interest in,
an index or portfolio of securities). See NYSE Arca
Equities Rule 5.2(j)(3)(A).
5 An
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35186
Federal Register / Vol. 73, No. 120 / Friday, June 20, 2008 / Notices
jlentini on PROD1PC65 with NOTICES
public companies throughout the world
that are active in the wind energy
industry based on analysis of the
products and services offered by those
companies.
The Exchange is submitting this
proposed rule change because the
Underlying 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 listing of ICUs based on
international or global indexes. The
Underlying Index meets all such
requirements except for those set forth
in Commentary .01(a)(B)(2).6
Specifically, for the period December
2007 through May 2008, stocks
comprising 86.15% of the Index weight
each had a minimum worldwide
monthly trading volume during each of
the last six months of at least 250,000
shares.
The Exchange represents that: (1)
Except for Commentary .01(a)(B)(2) to
NYSE Arca Equities Rule 5.2(j)(3), 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 shall apply
to the Shares; and (3) the Trust is
required to comply with Commission
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, the rules governing the
trading of equity securities, trading
hours, trading halts, surveillance, and
the 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
Detailed descriptions of the Fund, the
Underlying Index, procedures for
6 Commentary .01(a)(B)(2) to Rule 5.2(j)(3)
provides that the component stocks that in the
aggregate account for at least 90% of the weight of
the index or portfolio each shall have a minimum
worldwide monthly trading volume during each of
the last six months of at least 250,000 shares.
7 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) (order approving
generic listing standards for ICUs based on
international or global indexes); 44551 (July 12,
2001), 66 FR 37716 (July 19, 2001) (SR–PCX–2001–
14) (order approving generic listing standards for
ICUs and Portfolio Depositary Receipts); and 41983
(October 6, 1999), 64 FR 56008 (October 15, 1999)
(SR–PCX–98–29) (order approving rules for listing
and trading of ICUs).
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16:53 Jun 19, 2008
Jkt 214001
creating and redeeming Shares,
transaction fees and expenses,
dividends, distributions, taxes, risks,
and reports to be distributed to
beneficial owners of the Shares can be
found in the Registration Statement 9 or
on the Web site for the Fund (https://
www.ftportfolios.com), as applicable.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,11 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system. The Exchange believes that the
proposed rule change will facilitate the
listing and trading of an additional type
of exchange-traded product that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange states that written
comments on the proposed rule change
were neither solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
9 See the First Trust Registration Statement on
Form N–1A, dated May 23, 2008 (File Nos. 333–
143964; 811–21944) (‘‘Registration Statement’’).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
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Frm 00071
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Sfmt 4703
Section 19(b)(3)(A) of the Act 12 and
Rule 19b–4(f)(6) thereunder.13
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay so that
the Exchange can list and trade the
Shares immediately. The Exchange
states that the proposed rule change
does not significantly affect the
protection of investors or the public
interest and does not impose any
significant burden on competition. The
Exchange also believes that the proposal
is non-controversial because, although
the Underlying Index fails to meet the
requirements set forth in Commentary
.01(a)(B)(2) to NYSE Arca Equities Rule
5.2(j)(3) by a small amount (3.85%), 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.14
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.15
Given that the Shares comply with all
of the NYSE Arca Equities generic
listing standards for ICUs (except for
narrowly missing the requirement
relating to minimum worldwide
monthly trading volume of the stocks
composing 90% 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
designates the proposed rule change as
operative upon filing.
At any time within 60 days of the
filing of the proposed rule change, the
12 15
U.S.C. 78(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with written notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has fulfilled this requirement.
14 See supra note 8 and accompanying text.
15 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
13 17
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Federal Register / Vol. 73, No. 120 / Friday, June 20, 2008 / Notices
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
jlentini on PROD1PC65 with NOTICES
• 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–2008–62 on the
subject line.
should be submitted on or before July
11, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–13996 Filed 6–19–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of Certain Companies
Quoted on the Pink Sheets:
Greenstone Holdings, Inc.; Order of
Suspension of Trading
June 18, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Greenstone
Holdings, Inc. (‘‘Greenstone’’).
Paper Comments
Greenstone is incorporated under the
• Send paper comments in triplicate
laws of Florida and has its primary
to Secretary, Securities and Exchange
headquarters in New York, New York.
Commission, 100 F Street, NE.,
Questions have arisen regarding the
Washington, DC 20549–1090.
adequacy and accuracy of press releases,
All submissions should refer to File
financial statements, and statements on
Number SR–NYSEArca–2008–62. This
the company’s Web site concerning the
file number should be included on the
company’s current financial condition,
subject line if e-mail is used. To help the business and operations, and stock
Commission process and review your
promoting activity.
comments more efficiently, please use
The Commission is of the opinion that
only one method. The Commission will the public interest and the protection of
post all comments on the Commission’s investors require a suspension of trading
Internet Web site (https://www.sec.gov/
in Greenstone’s securities.
rules/sro.shtml). Copies of the
Therefore, it is ordered, pursuant to
submission, all subsequent
Section 12(k) of the Securities Exchange
amendments, all written statements
Act of 1934, that trading in the above
with respect to the proposed rule
listed company is suspended for the
change that are filed with the
period from 9:30 a.m. EDT on June 18,
Commission, and all written
2008, through 11:59 p.m. EDT, on July
communications relating to the
1, 2008.
proposed rule change between the
By the Commission.
Commission and any person, other than
Jill M. Peterson,
those that may be withheld from the
Assistant Secretary.
public in accordance with the
[FR Doc. 08–1373 Filed 6–18–08; 10:51 am]
provisions of 5 U.S.C. 552, will be
BILLING CODE 8010–01–P
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
SMALL BUSINESS ADMINISTRATION
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available [Disaster Declaration #11286 and #11287]
for inspection and copying at the
Indiana Disaster Number IN–00019
principal office of the Exchange. All
comments received will be posted
AGENCY: U.S. Small Business
without change; the Commission does
Administration.
not edit personal identifying
ACTION: Amendment 1.
information from submissions. You
should submit only information that
SUMMARY: This is an amendment of the
you wish to make available publicly. All Presidential declaration of a major
submissions should refer to File
16 17 CFR 200.30–3(a)(12).
Number SR–NYSEArca–2008–62 and
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35187
disaster for the State of Indiana (FEMA–
1766–DR), dated 06/11/2008.
Incident: Severe Storms, Flooding,
and Tornadoes.
Incident Period: 05/30/2008 and
continuing.
06/14/2008.
Physical Loan Application Deadline
Date: 08/11/2008.
EIDL Loan Application Deadline Date:
03/11/2009.
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: The notice
of the Presidential disaster declaration
for the State of Indiana, dated 06/11/
2008 is hereby amended to include the
following areas as adversely affected by
the disaster:
Primary Counties: (Physical Damage and
Economic Injury Loans):
Adams, Brown, Clay, Daviess,
Dearborn, Greene, Hamilton, Henry,
Jackson, Jennings, Knox, Owen,
Parke, Putnam, Randolph, Rush,
Shelby, Sullivan.
Contiguous Counties: (Economic Injury
Loans Only):
Indiana: Allen, Clinton, Delaware,
Dubois, Fayette, Franklin, Gibson,
Jay, Jefferson, Martin, Montgomery,
Ohio, Pike, Ripley, Scott, Tipton,
Washington, Wayne, Wells.
Illinois: Crawford, Lawrence, Wabash.
Kentucky: Boone.
Ohio: Butler, Darke, Hamilton,
Mercer, Van Wert.
All other information in the original
declaration remains unchanged.
EFFECTIVE DATE:
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Herbert L. Mitchell,
Associate Administrator for Disaster
Assistance.
[FR Doc. E8–13969 Filed 6–19–08; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 11264 and # 11265]
Iowa Disaster Number IA–00015.
U.S. Small Business
Administration.
ACTION: Amendment 2.
AGENCY:
SUMMARY: This is an amendment of the
Presidential declaration of a major
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]]>Agencies
[Federal Register Volume 73, Number 120 (Friday, June 20, 2008)]
[Notices]
[Pages 35185-35187]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13996]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57975; File No. SR-NYSEArca-2008-62]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change Relating to the
Listing and Trading of Shares of the First Trust ISE Global Wind Energy
Index Fund
June 17, 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 June 9, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE
Arca Equities''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
NYSE Arca filed the proposed rule change as a ``non-controversial''
proposal pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders the proposal effective upon filing
with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
NYSE Arca proposes to list and trade shares (``Shares'') of the
First Trust ISE Global Wind Energy Index Fund (``Fund''). The text of
the proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and https://www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to list and trade the Shares of the Fund
under NYSE Arca Equities Rule 5.2(j)(3), the Exchange's listing
standards for Investment Company Units (``ICUs'').\5\ The Fund seeks
investment results that correspond generally to the price and yield
(before the Fund's fees and expenses) of the ISE Global Wind Energy
Index (``Index'' or ``Underlying Index''). The Index is developed and
owned by the International Securities Exchange, LLC (``ISE''), in
consultation with Standard & Poor's, a division of The McGraw-Hill
Companies, Inc., which calculates and maintains the Index. The Index
provides a benchmark for investors interested in tracking
[[Page 35186]]
public companies throughout the world that are active in the wind
energy industry based on analysis of the products and services offered
by those companies.
---------------------------------------------------------------------------
\5\ An Investment Company Unit is a security that represents an
interest in a registered investment company that holds securities
comprising, or otherwise based on or representing an interest in, an
index or portfolio of securities (or holds securities in another
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities). See NYSE Arca Equities Rule 5.2(j)(3)(A).
---------------------------------------------------------------------------
The Exchange is submitting this proposed rule change because the
Underlying Index 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 listing of ICUs based on international or
global indexes. The Underlying Index meets all such requirements except
for those set forth in Commentary .01(a)(B)(2).\6\ Specifically, for
the period December 2007 through May 2008, stocks comprising 86.15% of
the Index weight each had a minimum worldwide monthly trading volume
during each of the last six months of at least 250,000 shares.
---------------------------------------------------------------------------
\6\ Commentary .01(a)(B)(2) to Rule 5.2(j)(3) provides that the
component stocks that in the aggregate account for at least 90% of
the weight of the index or portfolio each shall have a minimum
worldwide monthly trading volume during each of the last six months
of at least 250,000 shares.
---------------------------------------------------------------------------
The Exchange represents that: (1) Except for Commentary
.01(a)(B)(2) to NYSE Arca Equities Rule 5.2(j)(3), 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
shall apply to the Shares; and (3) the Trust is required to comply with
Commission 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, the rules governing the trading of equity securities,
trading hours, trading halts, surveillance, and the 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\
---------------------------------------------------------------------------
\7\ 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) (order
approving generic listing standards for ICUs based on international
or global indexes); 44551 (July 12, 2001), 66 FR 37716 (July 19,
2001) (SR-PCX-2001-14) (order approving generic listing standards
for ICUs and Portfolio Depositary Receipts); and 41983 (October 6,
1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29) (order
approving rules for listing and trading of ICUs).
---------------------------------------------------------------------------
Detailed descriptions of the Fund, the Underlying Index, procedures
for creating and redeeming Shares, transaction fees and expenses,
dividends, distributions, taxes, risks, and reports to be distributed
to beneficial owners of the Shares can be found in the Registration
Statement \9\ or on the Web site for the Fund (https://
www.ftportfolios.com), as applicable.
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\9\ See the First Trust Registration Statement on Form N-1A,
dated May 23, 2008 (File Nos. 333-143964; 811-21944) (``Registration
Statement'').
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\11\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
The Exchange believes that the proposed rule change will facilitate the
listing and trading of an additional type of exchange-traded product
that will enhance competition among market participants, to the benefit
of investors and the marketplace.
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\10\ 15 U.S.C. 78f(b).
\11\ 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
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6)
thereunder.\13\
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\12\ 15 U.S.C. 78(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with written notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has fulfilled this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange requests that the Commission waive
the 30-day operative delay so that the Exchange can list and trade the
Shares immediately. The Exchange states that the proposed rule change
does not significantly affect the protection of investors or the public
interest and does not impose any significant burden on competition. The
Exchange also believes that the proposal is non-controversial because,
although the Underlying Index fails to meet the requirements set forth
in Commentary .01(a)(B)(2) to NYSE Arca Equities Rule 5.2(j)(3) by a
small amount (3.85%), 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.\14\
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\14\ See supra note 8 and accompanying text.
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The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public
interest.\15\ Given that the Shares comply with all of the NYSE Arca
Equities generic listing standards for ICUs (except for narrowly
missing the requirement relating to minimum worldwide monthly trading
volume of the stocks composing 90% 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 designates the proposed
rule change as operative upon filing.
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\15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the
[[Page 35187]]
Commission may summarily abrogate such rule change if it appears to the
Commission that such action is necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance
of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2008-62 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-2008-62. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of 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-2008-62 and should
be submitted on or before July 11, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Florence E. Harmon,
Acting Secretary.
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\16\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-13996 Filed 6-19-08; 8:45 am]
BILLING CODE 8010-01-P
