Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Listing of the NETS S&P/MIB Index Fund (Italy), 64649-64651 [E8-25924]
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Federal Register / Vol. 73, No. 211 / Thursday, October 30, 2008 / Notices
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(ii) as to which the Exchange 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.
The Exchange has requested
accelerated approval of this proposed
2. Statutory Basis
rule change prior to the 30th day after
the date of publication of the notice of
The Exchange believes that the
proposed rule change is consistent with the filing thereof. The Commission has
Section 6(b) 14 of the Act, in general, and determined that a 15-day comment
period is appropriate in this case.
furthers the objectives of Section
6(b)(5) 15 in particular in that it is
IV. Solicitation of Comments
designed to prevent fraudulent and
Interested persons are invited to
manipulative acts and practices, to
promote just and equitable principles of submit written data, views, and
arguments concerning the foregoing,
trade, to foster cooperation and
including whether the proposed rule
coordination with persons engaged in
change is consistent with the Act.
facilitating transactions in securities,
Comments may be submitted by any of
and to remove impediments to and
the following methods:
perfect the mechanisms of a free and
open market and a national market
Electronic Comments
system, and, in general, to protect
• Use the Commission’s Internet
investors and the public interest. The
comment form (https://www.sec.gov/
Exchange believes that the proposed
rules/sro.shtml); or
rule change will facilitate the listing and
• Send an e-mail to ruletrading of additional Futures-Linked
comments@sec.gov. Please include File
Security that will enhance competition
Number SR–NYSEArca–2008–111 on
among market participants, to the
the subject line.
benefit of investors and the marketplace.
Paper Comments
B. Self-Regulatory Organization’s
• Send paper comments in triplicate
Statement on Burden on Competition
to Secretary, Securities and Exchange
The Exchange does not believe that
Commission, 100 F Street, NE.,
the proposed rule change will impose
Washington, DC 20549–1090.
any burden on competition that is not
All submissions should refer to File
necessary or appropriate in furtherance
Number SR–NYSEArca–2008–111. This
of the purposes of the Act.
file number should be included on the
C. Self-Regulatory Organization’s
subject line if e-mail is used. To help the
Statement on Comments on the
Commission process and review your
Proposed Rule Change Received From
comments more efficiently, please use
Members, Participants or Others
only one method. The Commission will
post all comments on the Commission’s
No written comments were solicited
or received with respect to the proposed Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
rule change.
submission, all subsequent
III. Date of Effectiveness of the
amendments, all written statements
Proposed Rule Change and Timing for
with respect to the proposed rule
Commission Action
change that are filed with the
Commission, and all written
Within 35 days of the date of
publication of this notice in the Federal communications relating to the
Register or within such longer period (i) proposed rule change between the
Commission and any person, other than
as the Commission may designate up to
those that may be withheld from the
90 days of such date if it finds such
public in accordance with the
longer period to be appropriate and
provisions of 5 U.S.C. 552, will be
publishes its reasons for so finding or
available for inspection and copying in
14 15 U.S.C. 78f(b).
the Commission’s Public Reference
15 15 U.S.C. 78f(b)(5).
Room, 100 F Street, NE., Washington,
sroberts on PROD1PC70 with NOTICES
The Exchange believes that the
proposed criteria to add VIX Futures as
an underlying Futures Reference asset
will facilitate the listing and trading of
additional Futures-Linked Security that
will enhance competition among market
participants, to the benefit of investors
and the marketplace.
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210,130,373
216,902,870
254,239,715
Open interest
2,506,392,108
2,476,056,292
2,113,750,676
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–2008–111 and
should be submitted on or before
November 14, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–25923 Filed 10–29–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58856; File No. SR–
NYSEArca–2008–112]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the Listing of
the NETS S&P/MIB Index Fund (Italy)
October 24, 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 October
21, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade shares (‘‘Shares’’) of the following
fund of the NETS Trust (‘‘Trust’’): NETS
S&P/MIB Index Fund (Italy). The text of
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 C.F.R. 240.19b–4.
1 15
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Federal Register / Vol. 73, No. 211 / Thursday, October 30, 2008 / Notices
the proposed rule change is available on
the Exchange’s Web site at https://
www.nyse.com, at the Exchange’s
principal office and at the Public
Reference Room of the Commission.
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
sroberts on PROD1PC70 with NOTICES
The Exchange proposes to list and
trade the Shares of the following fund
under NYSE Arca Equities Rule 5.2(j)(3),
the Exchange’s listing standards for
Investment Company Units (‘‘ICUs’’): 3
NETS S&P/MIB Index Fund (Italy) (the
‘‘Fund’’).
The Fund is currently listed on NYSE
Alternext US LLC (‘‘NYSE Alternext
US’’) (formerly, American Stock
Exchange LLC) and is traded on the
Exchange pursuant to unlisted trading
privileges (‘‘UTP’’). Prior to listing on
the Exchange, the Fund would be
required to satisfy the applicable
delisting procedures of NYSE Alternext
US and applicable statutory and
regulatory requirements, including,
without limitation, Section 12 of the
Act,4 relating to listing the Fund on the
Exchange.5
The Fund is an ‘‘index fund’’ that
seeks to provide investment results that
correspond generally to the price and
yield performance, before fees and
3 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).
4 15 U.S.C. 78(l).
5 The Exchange will seek the voluntary consent
of the issuer of the Fund to be delisted from NYSE
Alternext US and listed on the Exchange. The
Exchange notes that its approval of the Fund’s
listing application would be required prior to
listing.
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16:45 Oct 29, 2008
Jkt 211001
expenses, of publicly-traded securities
in the aggregate in the Italian equity
markets, as represented by the S&P/MIB
Index (‘‘Index’’). The primary market for
securities in the Index is principally the
Borsa Italiana.
The Exchange is submitting this
proposed rule change because the Index
for the Fund does not meet all of the
‘‘generic’’ listing requirements of
Commentary .01(a)(B) to NYSE Arca
Equities Rule 5.2(j)(3) applicable to
listing of ICUs based on international or
global indexes. The Index meets all such
requirements except for those set forth
in Commentary .01(a)(B)(3).6 The
Exchange represents that: (1) Except for
the requirement under Commentary
.01(a)(B)(3) to NYSE Arca Equities Rule
5.2(j)(3) that the five most heavily
weighted component stocks shall not
exceed 60% of the weight of the Index,
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 Rule 10A–3 7
under the Act for the initial and
continued listing of the Shares. In
addition, the Exchange represents that
the Shares will comply with all other
requirements applicable to ICUs
including, but not limited to,
requirements relating to the
dissemination of key information such
as the Index value and Intraday
Indicative Value, rules governing the
trading of equity securities, trading
hours, trading halts, surveillance,8 and
Information Bulletin to ETP Holders, as
set forth in Exchange rules applicable to
ICUs and in prior Commission orders
approving the generic listing rules
applicable to the listing and trading of
ICUs.9
6 The Exchange states that the Index satisfies the
first requirement under Commentary .01(a)(B)(3) to
NYSE Arca Equities Rule 5.2(j)(3) that the most
heavily weighted component stock shall not exceed
25% of the weight of the index or portfolio.
However, the Index fails to meet the second
requirement of Commentary .01(a)(B)(3) to NYSE
Arca Equities Rule 5.2(j)(3) that the five most
heavily weighted component stocks shall not
exceed 60% of the weight of the Index. The
Exchange states that, as of September 22, 2008, the
five most heavily weighted component stocks
represented 60.616% of the Index weight.
7 17 CFR 240.10A–3.
8 The Exchange may obtain information for
surveillance purposes via the Intermarket
Surveillance Group (‘‘ISG’’) from other exchanges
who are members of ISG. For a list of the current
members of ISG, see https://www.isgportal.org. The
Exchange does not have in place a comprehensive
surveillance sharing agreement with the Borsa
Italiana and such exchange is not an ISG member.
9 See, e.g., Securities Exchange Act Release No.
55621 (April 12, 2007), 72 FR 19571 (April 18,
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Detailed descriptions of the Fund, the
Index, procedures for creating and
redeeming Shares, transaction fees and
expenses, dividends, distributions,
taxes, and reports to be distributed to
beneficial owners of the Shares can be
found in the Trust’s Registration
Statement 10 or on the Web site for the
Fund (https://www.netsetfs.com), as
applicable.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with and
furthers the objectives of Section 6(b)(5)
of the Act,11 in that it is designed to
prevent fraudulent and manipulative
practices, to promote just and equitable
principles of trade, to remove
impediments to, and perfect the
mechanisms of, a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The proposed rule
change will allow the listing and trading
of the Fund on the Exchange, which the
Exchange believes will be 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 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
2007) (SR–NYSEArca–2006–86) (order approving
generic listing standards for ICUs based on
international or global indexes); Securities
Exchange Act Release No. 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); Securities Exchange
Act Release No. 41983 (October 6, 1999), 64 FR
56008 (October 15, 1999) (SR–PCX–98–29) (order
approving rules for listing and trading of ICUs).
10 See the Trust’s Registration Statement on Form
N–1A, dated March 17, 2008, and supplement
thereto dated September 3, 2008 (File Nos. 333–
147077 and 811–22140).
11 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 73, No. 211 / Thursday, October 30, 2008 / Notices
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 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 until 30 days after the
date of filing.14 However, Rule 19b–
4(f)(6)(iii) 15 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 so that it 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
requirement set forth in Commentary
.01(a)(B)(3) to NYSE Arca Equities Rule
5.2(j)(3) that the five most heavily
weighted component stocks not exceed
60% of the weight of the Index by a
small amount (0.616%), the Shares
currently satisfy all of the other
applicable generic listing standards
under NYSE Arca Equities Rule 5.2(j)(3)
and all other requirements applicable to
ICUs as set forth in Exchange Rules and
prior Commission orders approving the
generic listing rules applicable to the
listing and trading of ICUs.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest.16
Given that the Shares comply with all
of the NYSE Arca Equities generic
listing standards for ICUs (except for
narrowly missing the requirement that
the five most heavily weighted
component stocks not exceed 60% of
the weight 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
12 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
14 Id. In addition, Rule 19b–4(f)(6)(iii) requires a
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.
15 15 17 CFR 240.19b–4(f)(6).
16 16 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).
sroberts on PROD1PC70 with NOTICES
13 17
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16:45 Oct 29, 2008
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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
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 rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2008–112 on
the subject line.
64651
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–2008–112 and should be
submitted on or before November 20,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–25924 Filed 10–29–08; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
Office of the Commissioner
[Docket No. SSA–2008–0049]
Cost-of-Living Increase and Other
Determinations for 2009
Social Security Administration.
Notice.
AGENCY:
ACTION:
We have determined—
(1) A 5.8 percent cost-of-living
increase in Social Security benefits
Paper Comments
under title II of the Social Security Act
• Send paper comments in triplicate
(the Act), effective for December 2008;
to Secretary, Securities and Exchange
(2) An increase in the Federal
Commission, 100 F Street, NE.,
Supplemental Security Income (SSI)
Washington, DC 20549–1090.
monthly benefit amounts under title
All submissions should refer to File
XVI of the Act for 2009 to $674 for an
Number SR–NYSEArca–2008–112. This eligible individual, $1,011 for an
file number should be included on the
eligible individual with an eligible
subject line if e-mail is used. To help the spouse, and $338 for an essential
Commission process and review your
person;
comments more efficiently, please use
(3) The student earned income
only one method. The Commission will exclusion to be $1,640 per month in
post all comments on the Commission’s 2009 but not more than $6,600 in all of
Internet Web site (https://www.sec.gov/
2009;
rules/sro.shtml). Copies of the
(4) The dollar fee limit for services
submission, all subsequent
performed as a representative payee to
amendments, all written statements
be $37 per month ($72 per month in the
with respect to the proposed rule
case of a beneficiary who is disabled
change that are filed with the
and has an alcoholism or drug addiction
Commission, and all written
condition that leaves him or her
communications relating to the
incapable of managing benefits) in 2009;
proposed rule change between the
(5) The dollar limit on the
Commission and any person, other than administrative-cost assessment charged
those that may be withheld from the
to attorneys representing claimants to be
public in accordance with the
$83 in 2009;
provisions of 5 U.S.C. 552, will be
(6) The national average wage index
available for inspection and copying in
for 2007 to be $40,405.48;
the Commission’s Public Reference
(7) The Old-Age, Survivors, and
Room, 100 F Street, NE., Washington,
Disability Insurance (OASDI)
DC 20549, on official business days
contribution and benefit base to be
between the hours of 10 a.m. and 3 p.m. $106,800 for remuneration paid in 2009
Copies of the filing also will be available and self-employment income earned in
for inspection and copying at the
taxable years beginning in 2009;
principal office of the self-regulatory
(8) The monthly exempt amounts
organization. All comments received
under the Social Security retirement
will be posted without change; the
17 17 CFR 200.30–3(a)(12).
Commission does not edit personal
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SUMMARY:
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]]>Agencies
[Federal Register Volume 73, Number 211 (Thursday, October 30, 2008)]
[Notices]
[Pages 64649-64651]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-25924]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58856; File No. SR-NYSEArca-2008-112]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to the
Listing of the NETS S&P/MIB Index Fund (Italy)
October 24, 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 October 21, 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 C.F.R. 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to list and trade shares (``Shares'') of the
following fund of the NETS Trust (``Trust''): NETS S&P/MIB Index Fund
(Italy). The text of
[[Page 64650]]
the proposed rule change is available on the Exchange's Web site at
https://www.nyse.com, at the Exchange's principal office and at the
Public Reference Room of the Commission.
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 Exchange proposes to list and trade the Shares of the following
fund under NYSE Arca Equities Rule 5.2(j)(3), the Exchange's listing
standards for Investment Company Units (``ICUs''): \3\ NETS S&P/MIB
Index Fund (Italy) (the ``Fund'').
---------------------------------------------------------------------------
\3\ 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 Fund is currently listed on NYSE Alternext US LLC (``NYSE
Alternext US'') (formerly, American Stock Exchange LLC) and is traded
on the Exchange pursuant to unlisted trading privileges (``UTP'').
Prior to listing on the Exchange, the Fund would be required to satisfy
the applicable delisting procedures of NYSE Alternext US and applicable
statutory and regulatory requirements, including, without limitation,
Section 12 of the Act,\4\ relating to listing the Fund on the
Exchange.\5\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78(l).
\5\ The Exchange will seek the voluntary consent of the issuer
of the Fund to be delisted from NYSE Alternext US and listed on the
Exchange. The Exchange notes that its approval of the Fund's listing
application would be required prior to listing.
---------------------------------------------------------------------------
The Fund is an ``index fund'' that seeks to provide investment
results that correspond generally to the price and yield performance,
before fees and expenses, of publicly-traded securities in the
aggregate in the Italian equity markets, as represented by the S&P/MIB
Index (``Index''). The primary market for securities in the Index is
principally the Borsa Italiana.
The Exchange is submitting this proposed rule change because the
Index for the Fund does not meet all of the ``generic'' listing
requirements of Commentary .01(a)(B) to NYSE Arca Equities Rule
5.2(j)(3) applicable to listing of ICUs based on international or
global indexes. The Index meets all such requirements except for those
set forth in Commentary .01(a)(B)(3).\6\ The Exchange represents that:
(1) Except for the requirement under Commentary .01(a)(B)(3) to NYSE
Arca Equities Rule 5.2(j)(3) that the five most heavily weighted
component stocks shall not exceed 60% of the weight of the Index, 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 Rule 10A-3 \7\ under the Act for the
initial and continued listing of the Shares. In addition, the Exchange
represents that the Shares will comply with all other requirements
applicable to ICUs including, but not limited to, requirements relating
to the dissemination of key information such as the Index value and
Intraday Indicative Value, rules governing the trading of equity
securities, trading hours, trading halts, surveillance,\8\ and
Information Bulletin to ETP Holders, as set forth in Exchange rules
applicable to ICUs and in prior Commission orders approving the generic
listing rules applicable to the listing and trading of ICUs.\9\
---------------------------------------------------------------------------
\6\ The Exchange states that the Index satisfies the first
requirement under Commentary .01(a)(B)(3) to NYSE Arca Equities Rule
5.2(j)(3) that the most heavily weighted component stock shall not
exceed 25% of the weight of the index or portfolio. However, the
Index fails to meet the second requirement of Commentary
.01(a)(B)(3) to NYSE Arca Equities Rule 5.2(j)(3) that the five most
heavily weighted component stocks shall not exceed 60% of the weight
of the Index. The Exchange states that, as of September 22, 2008,
the five most heavily weighted component stocks represented 60.616%
of the Index weight.
\7\ 17 CFR 240.10A-3.
\8\ The Exchange may obtain information for surveillance
purposes via the Intermarket Surveillance Group (``ISG'') from other
exchanges who are members of ISG. For a list of the current members
of ISG, see https://www.isgportal.org. The Exchange does not have in
place a comprehensive surveillance sharing agreement with the Borsa
Italiana and such exchange is not an ISG member.
\9\ See, e.g., Securities Exchange Act Release No. 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); Securities Exchange Act Release No. 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); Securities Exchange Act Release No. 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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Detailed descriptions of the Fund, the Index, procedures for
creating and redeeming Shares, transaction fees and expenses,
dividends, distributions, taxes, and reports to be distributed to
beneficial owners of the Shares can be found in the Trust's
Registration Statement \10\ or on the Web site for the Fund (https://
www.netsetfs.com), as applicable.
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\10\ See the Trust's Registration Statement on Form N-1A, dated
March 17, 2008, and supplement thereto dated September 3, 2008 (File
Nos. 333-147077 and 811-22140).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
and furthers the objectives of Section 6(b)(5) of the Act,\11\ in that
it is designed to prevent fraudulent and manipulative practices, to
promote just and equitable principles of trade, to remove impediments
to, and perfect the mechanisms of, a free and open market and a
national market system, and, in general, to protect investors and the
public interest. The proposed rule change will allow the listing and
trading of the Fund on the Exchange, which the Exchange believes will
be to the benefit of investors and the marketplace.
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\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 purpose of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were 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
[[Page 64651]]
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 Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 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.\14\
However, Rule 19b-4(f)(6)(iii) \15\ 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 so that it 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
requirement set forth in Commentary .01(a)(B)(3) to NYSE Arca Equities
Rule 5.2(j)(3) that the five most heavily weighted component stocks not
exceed 60% of the weight of the Index by a small amount (0.616%), the
Shares currently satisfy all of the other applicable generic listing
standards under NYSE Arca Equities Rule 5.2(j)(3) and all other
requirements applicable to ICUs as set forth in Exchange Rules and
prior Commission orders approving the generic listing rules applicable
to the listing and trading of ICUs.
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\14\ Id. In addition, Rule 19b-4(f)(6)(iii) requires a 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.
\15\ 15 17 CFR 240.19b-4(f)(6).
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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.\16\ Given that the Shares comply with all of the NYSE Arca
Equities generic listing standards for ICUs (except for narrowly
missing the requirement that the five most heavily weighted component
stocks not exceed 60% of the weight 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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\16\ 16 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 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-2008-112 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-2008-112. 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 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-2008-112 and should be submitted on or before November 20,
2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-25924 Filed 10-29-08; 8:45 am]
BILLING CODE 8011-01-P
