Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the ProShares Trust II, 57399-57401 [E8-23192]
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Federal Register / Vol. 73, No. 192 / Thursday, October 2, 2008 / 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–NYSE–2008–82 on the
subject line.
Paper Comments
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58647; File No. SR–
NYSEArca–2008–99]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the ProShares
Trust II
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
September 25, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23193 Filed 10–1–08; 8:45 am]
Change
In its filing with the Commission, the
self-regulatory organization 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
mstockstill on PROD1PC66 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on September 18, 2008, NYSE Arca, Inc.
All submissions should refer to File
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
Number SR-NYSE–2008–82. This file
with the Securities and Exchange
number should be included on the
Commission (‘‘Commission’’) the
subject line if e-mail is used. To help the
proposed rule change described in Items
Commission process and review your
I and II below, which Items have been
comments more efficiently, please use
prepared by the Exchange. The
only one method. The Commission will Commission is publishing this notice to
post all comments on the Commission’s solicit comments on the proposed rule
Internet Web site (https://www.sec.gov/
change from interested persons.
rules/sro.shtml ). Copies of the
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements
the Proposed Rule Change
with respect to the proposed rule
Pursuant to the provisions of Section
change that are filed with the
19(b)(1) of the Exchange Act,3 NYSE
Commission, and all written
Arca, through its wholly-owned
communications relating to the
subsidiary NYSE Arca Equities, Inc.
proposed rule change between the
Commission and any person, other than (‘‘NYSE Arca Equities’’), is submitting
this proposed rule change in connection
those that may be withheld from the
with the listing and trading on the
public in accordance with the
Exchange of shares (‘‘Shares’’) of
provisions of 5 U.S.C. 552, will be
fourteen (14) funds (‘‘Funds’’) of
available for inspection and copying in
ProShares Trust II (formerly known as
the Commission’s Public Reference
Commodities & Currency Trust)
Room, 100 F Street, NE., Washington,
(‘‘Trust’’) based on several currencies,
DC 20549, on official business days
commodities and commodities indexes,
between the hours of 10 a.m. and 3 p.m.
relating to the names of the Trust and
Copies of the filing also will be available the Funds, the Funds’ Web site
for inspection and copying at the
disclosure relating to the availability of
principal office of the self-regulatory
information regarding the Shares, and
organization. All comments received
the expected price of the Shares at
will be posted without change; the
commencement of trading. The text of
Commission does not edit personal
the proposed rule change is available on
identifying information from
the Exchange’s Web site at
submissions. You should submit only
www.nyse.com, at the Exchange’s
information that you wish to make
principal office and at the Commission’s
available publicly. All submissions
Public Reference Room.
should refer to File Number SR–NYSE–
II. Self-Regulatory Organization’s
2008–82 and should be submitted on or
Statement of the Purpose of, and
before October 23, 2008.
Statutory Basis for, the Proposed Rule
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(1).
2 17
12 17
CFR 200.30–3(a)(12).
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57399
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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Commission has approved the
listing of the Shares on the Exchange
pursuant to Section 19(b)(2) 4 of the
Exchange Act. The Exchange intends to
list and trade the Shares pursuant to
NYSE Arca Equities Rule 8.200,
Commentary .02, which permits the
trading of Trust Issued Receipts
(‘‘TIRs’’) either by listing or pursuant to
unlisted trading privileges (‘‘UTP’’).5
The Commission previously approved
the Shares for listing on the American
Stock Exchange LLC (‘‘Amex’’) 6 and for
trading on the Exchange pursuant to
UTP.7 The Exchange is filing this
proposal to reflect changes to the names
of the Trust and the Funds, to clarify the
Funds’ Web site disclosure relating to
the availability of information regarding
the Shares, and to correct a
representation in the NYSE Arca Order
regarding the expected price of the
Shares at commencement of trading.
Additional information regarding the
Funds and the Trust is included in the
NYSE Arca Order and the Amex Order.
In the NYSE Arca Order, the
Commission approved listing on the
Exchange of the following Funds of the
Trust (formerly known as Commodities
& Currency Trust): (1) Ultra DJ–AIG
Commodity ProShares, (2) UltraShort
DJ–AIG Commodity ProShares, (3) Ultra
DJ–AIG Agriculture ProShares, (4)
UltraShort DJ–AIG Agriculture
ProShares, (5) Ultra DJ–AIG Crude Oil
ProShares, (6) UltraShort DJAIG Crude
Oil ProShares, (7) Ultra Gold ProShares,
(8) UltraShort Gold ProShares, (9) Ultra
Silver ProShares, (10) UltraShort Silver
ProShares, (11) Ultra Euro ProShares,
(12) UltraShort Euro ProShares, (13)
Ultra Yen ProShares and (14) UltraShort
Yen ProShares. The Trust has advised
4 15
U.S.C. 78(s)(b)(2).
Securities Exchange Act Release No. 58457
(September 3, 2008), 73 FR 52711 (September 10,
2008) (SR–NYSEArca–2008–91) (‘‘NYSE Arca
Order’’).
6 See Securities Exchange Act Release No. 58161
(July 15, 2008), 73 42380 (July 21, 2008) (SR–
Amex–2008–39). Notice of the Amex proposed rule
change was published in Securities Exchange Act
Release No. 57932 (June 5, 2008), 73 FR 33467 (June
12, 2008) (‘‘Amex Order’’)
7 See Securities Exchange Act Release No. 58162
(July 15, 2008), 73 FR 42391 (July 21, 2008) (SR–
NYSEArca–2008–73).
5 See
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Federal Register / Vol. 73, No. 192 / Thursday, October 2, 2008 / Notices
the Exchange that the Trust intends to
rebrand the Funds as follows: (1)
ProShares Ultra DJ–AIG Commodity, (2)
ProShares UltraShort DJ–AIG
Commodity, (3) ProShares Ultra DJ–AIG
Agriculture, (4) ProShares UltraShort
DJ–AIG Agriculture, (5) ProShares Ultra
DJ–AIG Crude Oil, (6) ProShares
UltraShort DJAIG Crude Oil, (7)
ProShares Ultra Gold, (8) ProShares
UltraShort Gold, (9) ProShares Ultra
Silver, (10) ProShares UltraShort Silver,
(11) ProShares Ultra Euro, (12)
ProShares UltraShort Euro, (13)
ProShares Ultra Yen and (14) ProShares
UltraShort Yen.
Availability of Information Regarding
the Shares
To clarify the representations made in
the NYSE Arca Order regarding
availability of information, the Web
sites for the Funds and/or the Exchange,
which are publicly accessible at no
charge, will contain the following
information: (a) The most current NAV
per Share; (b) the reported closing price;
(c) calculation of the premium or
discount of such price against the NAV
per Share; (d) data in chart form
displaying the frequency distribution of
discounts and premiums of the reported
closing price against the NAV per Share,
within appropriate ranges for each of
the four (4) previous calendar quarters;
(e) the prospectus; and (f) other
applicable quantitative information.
All other information relating to
availability of information regarding the
Shares remains as stated in the NYSE
Arca Order.
mstockstill on PROD1PC66 with NOTICES
Criteria for Initial and Continued
Listing.
To correct a representation made in
the NYSE Arca Order regarding the
criteria for initial and continued listing,
the price of the Shares is expected to be
in a range from $20 to $70 per Share at
the commencement of trading on the
Exchange. The Shares will not be
subject to an initial offering period as
described in the Amex Order and the
NYSE Arca Order and the expected
price range does not relate to any such
offering period.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 8 of the
Exchange Act in general and furthers
the objectives of Section 6(b)(5) 9 in
particular in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
8 15
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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17:52 Oct 01, 2008
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cooperation and coordination with
persons engaged in regulating, clearing,
settling, processing information with
respect to, and facilitating transaction in
securities, and, in general to protect
investors and the public interest. The
proposal provides clarifying information
regarding the operation of the Funds.
The Exchange believes that the proposal
will facilitate the listing and trading of
additional types of commodity and
currency-based investments 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 purpose of the Exchange Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the
proposed rule change as one that: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not 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.
Therefore, the foregoing proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Exchange
Act 10 and Rule 19b–4(f)(6)
thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative until 30 days after the
date of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 Id. In addition, Rule 19b–4(f)(6)(iii) requires a
s self-regulatory organization to give the
Commission written notice of its intent to file 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 satisfied this
requirement.
13 17 CFR 240.19b–4(f)(6).
11 17
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investors and the public interest. In
view of the immediate nature of the
relief requested, the Exchange seeks to
have the proposed amendments become
operative immediately. The Exchange
requests that the Commission waive the
30-day delayed operative date, so that
the proposed rule change may become
immediately operative pursuant to
Section 19(b)(3)(A) and Rule 19b–4(f)(6)
thereunder. The Exchange believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the proposed rule change
should benefit investors by clarifying
information regarding the names and
operation of the Funds. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. The Commission
therefore grants the Exchange’s request
and designates the proposal to be
operative upon filing.14
At any time within 60 days of the
filing of the proposed rule change, the
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 Exchange 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 Exchange
Act. Comments may be submitted by
any of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2008–99 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–2008–99. 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
14 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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Federal Register / Vol. 73, No. 192 / Thursday, October 2, 2008 / Notices
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 self-regulatory
organization. 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–2008–99 and should be
submitted on or before October 23,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–23192 Filed 10–1–08; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Type of
respondent
Information
collection
requirement
Title II Payment
Recipients.
Direct Deposit
Enrollment
Form.
Data screening/
matching activities; SSA’s
data management requirements.
mstockstill on PROD1PC66 with NOTICES
Financial Institutions (banks).
15 17
Budget (OMB) in compliance with
Public Law (Pub. L.) 104–13, the
Paperwork Reduction Act of 1995,
effective October 1, 1995. This notice
includes extensions (no change) of
existing OMB-approved information
collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
minimize the burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, email, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and the SSA Reports Clearance Officer
to the addresses or fax numbers listed
below.
(OMB), Office of Management and
Budget, Attn: Desk Officer for SSA, Fax:
202–395–6974, E-mail address:
OIRA_Submission@omb.eop.gov.
(SSA), Social Security
Administration, DCBFM, Attn: Reports
Clearance Officer, 1333 Annex Building,
6401 Security Blvd., Baltimore, MD
21235, Fax: 410–965–6400, E-mail
address: OPLM.RCO@ssa.gov.
SSA has submitted the information
collections listed below. Your
comments on the information
collections will be most useful if OMB
and SSA receive them within 30 days
from the date of this publication. You
can request a copy of the information
collections by e-mail,
OPLM.RCO@ssa.gov, fax 410–965–6400,
or by calling the SSA Reports Clearance
Officer at 410–965–0454.
1. Help America Vote Act—0960–
0706. H.R. 3295, the Help America Vote
Act of 2002, mandates that States verify
the identities of newly registered voters.
When newly registered voters do not
have drivers’ licenses or State-issued ID
cards, they must supply the last four
digits of their Social Security Numbers
to their local State election agencies for
Average
burden
response
(minutes)
Estimated
annual
burden
(hours)
Number of
respondents
Frequency
of response
100,000
1
2
3,333
10
1
240
40
verification. The election agencies
forward this information to their State
Motor Vehicle Administration (MVA)
that inputs the data into the American
Association of MVAs, a central
consolidation system that routes the
voter data to SSA’s Help America Vote
Verification (HAVV) system. Once
SSA’s HAVV system has confirmed the
identity of the voter, the information
will be returned along the same route
(in reverse) until it reaches the State
election agency. The official
respondents for this collection are the
State MVAs.
Type of Request: Extension of an
OMB-approved information collection.
Number of Respondents: 2,352,204.
Frequency of Response: 1.
Average Burden per Response: 2
minutes.
Estimated Annual Burden: 78,407
hours.
2. National Direct Deposit Initiative—
31 CFR 210—0960–0711. Many SSA
benefits recipients choose to receive
their payments via the Direct Deposit
Program, in which SSA transfers funds
directly to recipients’ accounts at a
financial institution (FI). However,
many Title II payment recipients still
receive their payments through
traditional paper checks. In an effort to
encourage these beneficiaries to change
from paper checks to the Direct Deposit
Program, SSA is collaborating with the
Department of the Treasury and several
FIs on a National Direct Deposit
Initiative. In this program, SSA will
work with FIs to determine which of the
target Title II beneficiaries have
accounts at the participating banks. The
banks will then send forms to these
beneficiaries encouraging them to enroll
in the Direct Deposit Program. The
respondents are the participating FIs
and Title II beneficiaries currently
receiving their payments via check.
Type of Request: Extension of an
OMB-approved information collection.
Estimated
cost burden
per
respondent
Total annual
cost burden
N/A ....................
N/A
N/A
Printing/mailing
of 100,000 enrollment forms.
$1,039
$10,390
Cost
requirement
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 73, Number 192 (Thursday, October 2, 2008)]
[Notices]
[Pages 57399-57401]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23192]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58647; File No. SR-NYSEArca-2008-99]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to the
ProShares Trust II
September 25, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that on September 18, 2008, NYSE Arca, Inc. (``NYSE Arca'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change described in Items I and II
below, which Items have been prepared by the Exchange. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) of the Exchange
Act,\3\ NYSE Arca, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities''), is submitting this proposed
rule change in connection with the listing and trading on the Exchange
of shares (``Shares'') of fourteen (14) funds (``Funds'') of ProShares
Trust II (formerly known as Commodities & Currency Trust) (``Trust'')
based on several currencies, commodities and commodities indexes,
relating to the names of the Trust and the Funds, the Funds' Web site
disclosure relating to the availability of information regarding the
Shares, and the expected price of the Shares at commencement of
trading. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the Exchange's principal office
and at the Commission's Public Reference Room.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
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 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission has approved the listing of the Shares on the
Exchange pursuant to Section 19(b)(2) \4\ of the Exchange Act. The
Exchange intends to list and trade the Shares pursuant to NYSE Arca
Equities Rule 8.200, Commentary .02, which permits the trading of Trust
Issued Receipts (``TIRs'') either by listing or pursuant to unlisted
trading privileges (``UTP'').\5\ The Commission previously approved the
Shares for listing on the American Stock Exchange LLC (``Amex'') \6\
and for trading on the Exchange pursuant to UTP.\7\ The Exchange is
filing this proposal to reflect changes to the names of the Trust and
the Funds, to clarify the Funds' Web site disclosure relating to the
availability of information regarding the Shares, and to correct a
representation in the NYSE Arca Order regarding the expected price of
the Shares at commencement of trading. Additional information regarding
the Funds and the Trust is included in the NYSE Arca Order and the Amex
Order.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78(s)(b)(2).
\5\ See Securities Exchange Act Release No. 58457 (September 3,
2008), 73 FR 52711 (September 10, 2008) (SR-NYSEArca-2008-91)
(``NYSE Arca Order'').
\6\ See Securities Exchange Act Release No. 58161 (July 15,
2008), 73 42380 (July 21, 2008) (SR-Amex-2008-39). Notice of the
Amex proposed rule change was published in Securities Exchange Act
Release No. 57932 (June 5, 2008), 73 FR 33467 (June 12, 2008)
(``Amex Order'')
\7\ See Securities Exchange Act Release No. 58162 (July 15,
2008), 73 FR 42391 (July 21, 2008) (SR-NYSEArca-2008-73).
---------------------------------------------------------------------------
In the NYSE Arca Order, the Commission approved listing on the
Exchange of the following Funds of the Trust (formerly known as
Commodities & Currency Trust): (1) Ultra DJ-AIG Commodity ProShares,
(2) UltraShort DJ-AIG Commodity ProShares, (3) Ultra DJ-AIG Agriculture
ProShares, (4) UltraShort DJ-AIG Agriculture ProShares, (5) Ultra DJ-
AIG Crude Oil ProShares, (6) UltraShort DJAIG Crude Oil ProShares, (7)
Ultra Gold ProShares, (8) UltraShort Gold ProShares, (9) Ultra Silver
ProShares, (10) UltraShort Silver ProShares, (11) Ultra Euro ProShares,
(12) UltraShort Euro ProShares, (13) Ultra Yen ProShares and (14)
UltraShort Yen ProShares. The Trust has advised
[[Page 57400]]
the Exchange that the Trust intends to rebrand the Funds as follows:
(1) ProShares Ultra DJ-AIG Commodity, (2) ProShares UltraShort DJ-AIG
Commodity, (3) ProShares Ultra DJ-AIG Agriculture, (4) ProShares
UltraShort DJ-AIG Agriculture, (5) ProShares Ultra DJ-AIG Crude Oil,
(6) ProShares UltraShort DJAIG Crude Oil, (7) ProShares Ultra Gold, (8)
ProShares UltraShort Gold, (9) ProShares Ultra Silver, (10) ProShares
UltraShort Silver, (11) ProShares Ultra Euro, (12) ProShares UltraShort
Euro, (13) ProShares Ultra Yen and (14) ProShares UltraShort Yen.
Availability of Information Regarding the Shares
To clarify the representations made in the NYSE Arca Order
regarding availability of information, the Web sites for the Funds and/
or the Exchange, which are publicly accessible at no charge, will
contain the following information: (a) The most current NAV per Share;
(b) the reported closing price; (c) calculation of the premium or
discount of such price against the NAV per Share; (d) data in chart
form displaying the frequency distribution of discounts and premiums of
the reported closing price against the NAV per Share, within
appropriate ranges for each of the four (4) previous calendar quarters;
(e) the prospectus; and (f) other applicable quantitative information.
All other information relating to availability of information
regarding the Shares remains as stated in the NYSE Arca Order.
Criteria for Initial and Continued Listing.
To correct a representation made in the NYSE Arca Order regarding
the criteria for initial and continued listing, the price of the Shares
is expected to be in a range from $20 to $70 per Share at the
commencement of trading on the Exchange. The Shares will not be subject
to an initial offering period as described in the Amex Order and the
NYSE Arca Order and the expected price range does not relate to any
such offering period.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \8\ of the
Exchange Act in general and furthers the objectives of Section 6(b)(5)
\9\ in particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transaction in
securities, and, in general to protect investors and the public
interest. The proposal provides clarifying information regarding the
operation of the Funds. The Exchange believes that the proposal will
facilitate the listing and trading of additional types of commodity and
currency-based investments that will enhance competition among market
participants, to the benefit of investors and the marketplace.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Exchange Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the proposed rule change as one that:
(i) Does not significantly affect the protection of investors or the
public interest; (ii) does not impose any significant burden on
competition; and (iii) by its terms, does not 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. Therefore, the foregoing proposed rule change
has become effective pursuant to Section 19(b)(3)(A) of the Exchange
Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative until 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. In view of the immediate nature of
the relief requested, the Exchange seeks to have the proposed
amendments become operative immediately. The Exchange requests that the
Commission waive the 30-day delayed operative date, so that the
proposed rule change may become immediately operative pursuant to
Section 19(b)(3)(A) and Rule 19b-4(f)(6) thereunder. The Exchange
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest because the
proposed rule change should benefit investors by clarifying information
regarding the names and operation of the Funds. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. The Commission
therefore grants the Exchange's request and designates the proposal to
be operative upon filing.\14\
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\12\ Id. In addition, Rule 19b-4(f)(6)(iii) requires a s self-
regulatory organization to give the Commission written notice of its
intent to file 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
satisfied this requirement.
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 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 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 Exchange 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 Exchange 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-2008-99 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-2008-99. 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
[[Page 57401]]
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 self-regulatory organization.
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-
99 and should be submitted on or before October 23, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23192 Filed 10-1-08; 8:45 am]
BILLING CODE 8011-01-P
