Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending NYSE Rule 17 To Rescind the Provisions of Paragraph (b) Governing Vendor Liability, 64998-65000 [E8-25861]
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64998
Federal Register / Vol. 73, No. 212 / Friday, October 31, 2008 / Notices
Number SR–FINRA–2008–051 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–58850; File No. SR–NYSE–
2008–107]
• Send paper comments in triplicate
to Florence Harmon, Acting Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–FINRA–2008–051. 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 such filing also will be
available for inspection and copying at
the principal office of FINRA.
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–FINRA–2008–051 and
should be submitted on or before
November 21, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–25976 Filed 10–30–08; 8:45 am]
ebenthall on PROD1PC60 with NOTICES
BILLING CODE 8011–01–P
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Amending
NYSE Rule 17 To Rescind the
Provisions of Paragraph (b) Governing
Vendor Liability
October 24, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on October
20, 2008, New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A) 4 of the Act and Rule
19b–4(f)(6) thereunder,5 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
The Exchange proposes to amend
NYSE 17 to rescind the provisions of
paragraph (b) governing vendor liability.
The text of the proposed rule change is
available at the principal office of 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
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 those 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.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
2 15
13 17
CFR 200.30–3(a)(12).
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
NYSE Rule 17 to rescind the provisions
of paragraph (b) governing vendor
liability.
Current Vendor Liability Provisions
On July 10, 2008, the Exchange
amended NYSE Rule 17 to provide,
among other things, that its vendors
and/or its subcontractors of electronic
systems, services or facilities not be
liable for any loss sustained by a
member or member organization arising
from use of the vendor and/or
subcontractor systems, services or
facilities.6 The Rule further required
members and member organizations to
indemnify the Exchange and its vendors
and/or subcontractors. It further set
forth certain provisions that the
Exchange may include in contracts
connected to a member or member
organization’s use of any electronic
systems, services or facilities provided
by the Exchange.
Rescission of Vendor Liability
Provisions
The Exchange adopted the vendor
liability provisions of NYSE Rule 17 to
address concerns about vendors being
exposed to great risk of liability from
exchange members when such vendors
provide facilities and services directly
to an exchange and not directly to actual
users, i.e., exchange members. The
possibility of liability to end-users with
whom vendors have no contractual
relationship could result in vendors
being unwilling to enter into agreement
to provide their services to exchanges.
In order for the Exchange to maintain its
ability to deliver faster and more
efficient trading tools to market
participants, the Exchange adopted the
vendor liability provisions of NYSE
Rule 17 to address the risk of liability
concerns.
In reviewing the current rule with
NYSE constituency, it is clear that the
NYSE must also consider the possible
risk presented to members and member
organizations with regard to requiring
6 See Securities Exchange Release No. 58137 (July
10, 2008), 73 FR 41145 (July 17, 2008) (SR–NYSE–
2008–55). The amendments to NYSE Rule 17 were
based on American Stock Exchange (‘‘Amex’’) Rule
60 and were part of the process to reconcile the
differences in NYSE and Amex rules. NYSE
completed its acquisition of the Amex on October
1, 2008. See Securities Exchange Release No. 58673
(September 29, 2008), 73 FR 57707 (October 3,
2008) (SR–AMEX–2008–62 and SR–NYSE–2008–
60).
E:\FR\FM\31OCN1.SGM
31OCN1
Federal Register / Vol. 73, No. 212 / Friday, October 31, 2008 / Notices
members and member organizations to
indemnify the Exchange vendors and its
subcontractors. The Exchange therefore
seeks to rescind the vendor liability
provisions of NYSE 17, i.e., paragraph
(b) of the current rule, thereby reverting
the rule to its original content prior to
the effectiveness of SR–NYSE–55 [sic].7
The Exchange will work with its
constituency and vendors to create a
proposed rule that addresses all of the
aforementioned concerns at which time
the Exchange will formally submit its
proposal to the Commission pursuant to
Section 19b of the Securities Exchange
Act of 1934 (the ‘‘Act’’).
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,8 in general, and furthers the
objectives of Section 6(b)(5) of the Act,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 remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. The Exchange believes
that the rescission of the liability
provisions promotes just and equitable
principles of trade and protects
investors and the public interest
because it removes potential risks to its
members and member organizations
until the Exchange can create a
mechanism that adequately addresses
issues of liability for all parties
concerned.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change would impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
ebenthall on PROD1PC60 with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange received feedback from
its constituents raising concerns about
the possible risk presented to members
and member organizations with regard
to the provisions of NYSE Rule 17 that
require members and member
organizations to indemnify Exchange
vendors and the subcontractors of
vendors.
7 The Exchange notes that a minor stylistic
change that was part of this amendment is not being
rescinded.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
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15:31 Oct 30, 2008
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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 investors and the public
interest. 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 good
cause exists to justify waiver of the
operative delay in order to immediately
remove potential risks to its members
and member organizations. 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.
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
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).
11 17
PO 00000
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64999
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–NYSE–2008–107 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–NYSE–2008–107. 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 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–NYSE–2008–107 and
should be submitted on or before
November 21, 2008.
E:\FR\FM\31OCN1.SGM
31OCN1
65000
Federal Register / Vol. 73, No. 212 / Friday, October 31, 2008 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–25861 Filed 10–30–08; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Senior Executive Service: Performance
Review Board Members
U.S. Small Business
Administration.
ACTION: Notice of Members for the FY 08
Performance Review Board.
AGENCY:
SUMMARY: Section 43 14(c)(4) of Title 5,
U.S.C., requires each agency to publish
notification of the appointment of
individuals who may serve as members
of that Agency’s Performance Review
Board (PRB). The following individuals
have been designated to serve on the FY
08 Performance Review Board for the
U.S. Small Business Administration:
1. Robert F. Danbeck, Chair, Associate
Administrator for Management and
Administration;
2. Bridget E. Bean, Deputy Associate
Administrator for Field Operations;
3. Delorice Price Ford, Assistant
Administrator for Hearings and
Appeals;
4. Grady B. Hedgespeth, Director of
Financial Assistance;
5. Judith A. Roussel, District Director,
Illinois District Office;
6. C. Edward Rowe, III, Assistant
Administrator for Congressional
and Legislative Affairs; and
7. Sean G. Rushton, Assistant
Administrator for Communication
and Public Liaison.
Sandy K. Baruah,
Acting Administrator.
[FR Doc. E8–25814 Filed 10–30–08; 8:45 am]
BILLING CODE 8025–01–M
DEPARTMENT OF STATE
[Public Notice 6420]
number 176) of determinations made by
the Department of State pertaining to
the exhibit, ‘‘Beyond Babylon: Art,
Trade, and Diplomacy in the Second
Millennium B.C.’’ The referenced notice
is corrected as to additional objects to be
included in the exhibition. Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
I hereby determine that the additional
objects to be included in the exhibition
‘‘Beyond Babylon: Art, Trade, and
Diplomacy in the Second Millennium
B.C.’’, imported from abroad for
temporary exhibition within the United
States, are of cultural significance. The
additional objects are imported
pursuant to loan agreements with the
foreign owners or custodians. I also
determine that the exhibition or display
of the exhibit objects at The
Metropolitan Museum of Art, New York,
New York, from on or about November
18, 2008, until on or about March 15,
2009; and at possible additional
exhibitions or venues yet to be
determined, is in the national interest.
Public Notice of these Determinations is
ordered to be published in the Federal
Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Wolodymyr
Sulzynsky, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: (202) 453–8050). The
address is U.S. Department of State,
SA–44, 301 4th Street, SW., Room 700,
Washington, DC 20547–0001.
Dated: October 23, 2008.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. E8–26071 Filed 10–30–08; 8:45 am]
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
I hereby determine that the objects to be
included in the exhibition ‘‘Looking In:
Robert Frank’s ‘The Americans’,’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at the
National Gallery of Art, Washington,
DC, from on or about January 18, 2009,
until on or about April 26, 2009; at the
San Francisco Museum of Modern Art,
San Francisco, CA, from on or about
May 17, 2009, to on or about August 23,
2009; at the Metropolitan Museum of
Art, New York, NY, from on or about
September 22, 2009, to on or about
December 27, 2009, and at possible
additional exhibitions or venues yet to
be determined, is in the national
interest. Public Notice of these
Determinations is ordered to be
published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Carol B.
Epstein, Attorney-Adviser, Office of the
Legal Adviser, U.S. Department of State
(telephone: 202–453–8048). The address
is U.S. Department of State, SA–44, 301
4th Street, SW., Room 700, Washington,
DC 20547–0001.
Dated: October 23, 2008.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. E8–26072 Filed 10–30–08; 8:45 am]
BILLING CODE 4710–05–P
DEPARTMENT OF STATE
BILLING CODE 4710–05–P
ebenthall on PROD1PC60 with NOTICES
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Beyond Babylon: Art, Trade, and
Diplomacy in the Second Millennium
B.C.’’
ACTION:
Notice, Correction.
SUMMARY: On September 10, 2008,
notice was published on page 52720 of
the Federal Register (volume 73,
15 17
CFR 200.30–3(a)(12).
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[Public Notice 6375]
DEPARTMENT OF STATE
Overseas Security Advisory Council
(OSAC) Meeting Notice; Closed
Meeting
[Public Notice 6419]
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Looking In: Robert Frank’s ‘The
Americans’ ’’
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
PO 00000
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Fmt 4703
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The Department of State announces a
meeting of the U.S. State Department—
Overseas Security Advisory Council on
November 19, 2008, at the U.S.
Department of State, Washington, DC
Pursuant to Section 10(d) of the Federal
Advisory Committee Act and 5 U.S.C.
552b(c)(4) and 5 U.S.C. 552b(c)(7)(E), it
E:\FR\FM\31OCN1.SGM
31OCN1
]]>Agencies
[Federal Register Volume 73, Number 212 (Friday, October 31, 2008)]
[Notices]
[Pages 64998-65000]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-25861]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58850; File No. SR-NYSE-2008-107]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Amending NYSE Rule 17 To Rescind the Provisions of Paragraph (b)
Governing Vendor Liability
October 24, 2008.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on October 20, 2008, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Exchange filed the proposed rule change pursuant to
Section 19(b)(3)(A) \4\ of the Act and Rule 19b-4(f)(6) thereunder,\5\
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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE 17 to rescind the provisions of
paragraph (b) governing vendor liability. The text of the proposed rule
change is available at the principal office of 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 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 those 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 amend NYSE Rule 17 to rescind the
provisions of paragraph (b) governing vendor liability.
Current Vendor Liability Provisions
On July 10, 2008, the Exchange amended NYSE Rule 17 to provide,
among other things, that its vendors and/or its subcontractors of
electronic systems, services or facilities not be liable for any loss
sustained by a member or member organization arising from use of the
vendor and/or subcontractor systems, services or facilities.\6\ The
Rule further required members and member organizations to indemnify the
Exchange and its vendors and/or subcontractors. It further set forth
certain provisions that the Exchange may include in contracts connected
to a member or member organization's use of any electronic systems,
services or facilities provided by the Exchange.
---------------------------------------------------------------------------
\6\ See Securities Exchange Release No. 58137 (July 10, 2008),
73 FR 41145 (July 17, 2008) (SR-NYSE-2008-55). The amendments to
NYSE Rule 17 were based on American Stock Exchange (``Amex'') Rule
60 and were part of the process to reconcile the differences in NYSE
and Amex rules. NYSE completed its acquisition of the Amex on
October 1, 2008. See Securities Exchange Release No. 58673
(September 29, 2008), 73 FR 57707 (October 3, 2008) (SR-AMEX-2008-62
and SR-NYSE-2008-60).
---------------------------------------------------------------------------
Rescission of Vendor Liability Provisions
The Exchange adopted the vendor liability provisions of NYSE Rule
17 to address concerns about vendors being exposed to great risk of
liability from exchange members when such vendors provide facilities
and services directly to an exchange and not directly to actual users,
i.e., exchange members. The possibility of liability to end-users with
whom vendors have no contractual relationship could result in vendors
being unwilling to enter into agreement to provide their services to
exchanges. In order for the Exchange to maintain its ability to deliver
faster and more efficient trading tools to market participants, the
Exchange adopted the vendor liability provisions of NYSE Rule 17 to
address the risk of liability concerns.
In reviewing the current rule with NYSE constituency, it is clear
that the NYSE must also consider the possible risk presented to members
and member organizations with regard to requiring
[[Page 64999]]
members and member organizations to indemnify the Exchange vendors and
its subcontractors. The Exchange therefore seeks to rescind the vendor
liability provisions of NYSE 17, i.e., paragraph (b) of the current
rule, thereby reverting the rule to its original content prior to the
effectiveness of SR-NYSE-55 [sic].\7\ The Exchange will work with its
constituency and vendors to create a proposed rule that addresses all
of the aforementioned concerns at which time the Exchange will formally
submit its proposal to the Commission pursuant to Section 19b of the
Securities Exchange Act of 1934 (the ``Act'').
---------------------------------------------------------------------------
\7\ The Exchange notes that a minor stylistic change that was
part of this amendment is not being rescinded.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\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 remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. The Exchange
believes that the rescission of the liability provisions promotes just
and equitable principles of trade and protects investors and the public
interest because it removes potential risks to its members and member
organizations until the Exchange can create a mechanism that adequately
addresses issues of liability for all parties concerned.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
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 received feedback from its constituents raising
concerns about the possible risk presented to members and member
organizations with regard to the provisions of NYSE Rule 17 that
require members and member organizations to indemnify Exchange vendors
and the subcontractors of vendors.
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 investors and the public interest.
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.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 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.
\13\ 17 CFR 240.19b-4(f)(6).
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The Exchange believes that good cause exists to justify waiver of
the operative delay in order to immediately remove potential risks to
its members and member organizations. 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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\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 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-NYSE-2008-107 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-NYSE-2008-107. 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 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-NYSE-2008-107 and should be
submitted on or before November 21, 2008.
[[Page 65000]]
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. E8-25861 Filed 10-30-08; 8:45 am]
BILLING CODE 8011-01-P
