Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Fees of Other Market Centers Related to Clearly Erroneous Rulings, 72533-72534 [E8-28222]
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Federal Register / Vol. 73, No. 230 / Friday, November 28, 2008 / Notices
Turnaround Investment Trust [File No.
811–21275]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On February 15,
2008, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $38,895
incurred in connection with the
liquidation were paid by applicant.
Filing Date: The application was filed
on October 14, 2008.
Applicant’s Address: 975
Willagillespie, Suite 200, Eugene, OR
97401.
Citigroup Alternative Investments Trust
[File No. 811–21854]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On June 6, 2008
and June 24, 2008, applicant made
liquidating distributions to its
shareholders, based on net asset value.
Expenses of approximately $342,703
incurred in connection with the
liquidation were paid by applicant and
Citigroup Alternative Investments LLC,
applicant’s investment adviser.
Applicant has set aside funds in a
liquidating trust account to pay
approximately $20,000 in outstanding
debts and liabilities.
Filing Dates: The application was
filed on August 14, 2008, and amended
on October 24, 2008.
Applicant’s Address: 731 Lexington
Ave., 28th Floor, New York, NY 10022.
mstockstill on PROD1PC66 with NOTICES
Phoenix Multi-Portfolio Fund [File No.
811–5436]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On October 20,
2006, applicant’s Phoenix Tax-Exempt
Bond Fund series transferred its assets
to a corresponding series of Phoenix
Insight Funds Trust, based on net asset
value. On June 27, 2007, applicant’s
Phoenix Emerging Markets Bond Fund
and Phoenix Real Estate Securities Fund
series transferred their assets to
corresponding series of Phoenix
Opportunities Trust, based on net asset
value. On September 24, 2007,
applicant’s Phoenix International
Strategies Fund transferred its assets to
a corresponding series of Phoenix
Opportunities Trust, based on net asset
value. Expenses of $27,152 incurred in
connection with the reorganization of
applicant’s Phoenix Tax-Exempt Bond
Fund series were paid by Phoenix
Investment Counsel Inc., applicant’s
investment adviser. Total expenses of
$160,962 incurred in connection with
the reorganization of applicant’s
VerDate Aug<31>2005
17:16 Nov 26, 2008
Jkt 217001
remaining three series were paid by the
acquiring series of Phoenix
Opportunities Trust.
Filing Date: The application was filed
on September 26, 2008.
Applicant’s Address: 56 Prospect St.,
PO Box 150480, Hartford, CT 06115–
0480.
StateShares, Inc. [File No. 811–22000]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Date: The application was filed
on October 14, 2008.
Applicant’s Address: 420 Lexington
Ave., Suite 2550, New York, NY 10170.
Western Asset Funds II, Inc. [File No.
811–6088]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On April 16,
2007, applicant transferred its assets to
corresponding series of Legg Mason
Partners Income Trust, based on net
asset value. Expenses of $32,580
incurred in connection with the
reorganization were paid by applicant
and Legg Mason, Inc., the parent
company of applicant’s investment
adviser.
Filing Date: The application was filed
on October 30, 2008.
Applicant’s Address: 55 Water St.,
New York, NY 10041.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–28274 Filed 11–26–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58989; File No. SR–BATS–
2008–010]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Fees of Other
Market Centers Related to Clearly
Erroneous Rulings
November 20, 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 November
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00092
Fmt 4703
19, 2008, BATS Exchange, Inc. (‘‘BATS’’
or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. BATS has
designated the proposed rule change as
one establishing or changing a member
due, fee, or other charge imposed by the
Exchange under section 19(b)(3)(A)(ii)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is proposing to
implement the proposed rule change
immediately. The text of the proposed
rule change is available at the
Exchange’s Web site at https://
www.batstrading.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BATS Rule 11.17, which covers the
breaking of trades determined to be
clearly erroneous, includes a provision,
paragraph (c)(2)(E), that assesses a fee of
$500.00 for unsuccessful appeals of
clearly erroneous adjudications by the
Exchange. The Exchange is now adding
a sentence to the rule to provide that in
instances where the Exchange, on behalf
of a Member, requests a determination
by another market center that a
transaction is clearly erroneous, the
Exchange will pass any resulting
3 15
4 17
Sfmt 4703
72533
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
E:\FR\FM\28NON1.SGM
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72534
Federal Register / Vol. 73, No. 230 / Friday, November 28, 2008 / Notices
charges through to the relevant Member.
The proposed change reflects the fact
that other market centers impose a
similar $500 appellate fee to that
charged by the Exchange.
If a Member enters an order into the
Exchange that is routed to another
market center and executed there, the
Member may not have standing to file
under that market center’s rules to seek
a determination that the execution was
clearly erroneous if it is not a member
of that market center. Accordingly,
BATS Trading, Inc., the Exchange’s
routing broker-dealer, which is a
member of various market centers,
including the NASDAQ Stock Market
LLC (‘‘NASDAQ’’) and NYSE Arca, Inc.
(‘‘NYSE Arca’’), may file a petition
under that market center’s rules upon
request of a Member. If an appeal is
unsuccessful, the Exchange or its
affiliated routing broker-dealer may be
charged under the applicable market
center’s rules.5 Accordingly, the
Exchange proposes to pass the charge
through, on a dollar-for-dollar basis, to
the Member that requested the appeal.
2. Statutory Basis
The Exchange believes that the rule
change proposed in this submission is
consistent with the requirements of the
Act and the rules and regulations
thereunder that are applicable to a
national securities exchange, and, in
particular, with the requirements of
section 6 of the Act.6 Specifically, the
proposed rule change is consistent with
section 6(b)(4) of the Act,7 in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among members and other persons
using any facility or system which the
Exchange operates or controls. The
Exchange believes that the change will
appropriately allocate charges for
adjudications under the clearly
erroneous rules of other market centers
to the Members that initiate such
adjudications.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
mstockstill on PROD1PC66 with NOTICES
The Exchange does not believe that
the proposed rule change imposes any
burden on competition.
5 For instance, both NASDAQ and NYSE Arca
currently charge $500.00 for unsuccessful appeals
of clearly erroneous determinations. See NASDAQ
Rule 11890(e)(3) and NYSE Arca Rule 7.10(c)(5).
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(4).
VerDate Aug<31>2005
17:16 Nov 26, 2008
Jkt 217001
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has been designated as a fee change
pursuant to section 19(b)(3)(A)(ii) of the
Act 8 and Rule 19b–4(f)(2) thereunder,9
because it establishes or changes a due,
fee or other charge imposed on members
by the Exchange. Accordingly, the
proposal is effective upon filing with
the Commission.
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–BATS–2008–010 on the
subject line.
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, 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–BATS–
2008–010 and should be submitted on
or before December 19, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–28222 Filed 11–26–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58990; File No. SR–BSE–
2008–36]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
of Proposed Rule Change Relating to
Delisting Standards
November 20, 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 November
Paper Comments
3, 2008, the Boston Stock Exchange, Inc.
• Send paper comments in triplicate
(the ‘‘Exchange’’) filed with the
to Secretary, Securities and Exchange
Securities and Exchange Commission
Commission, 100 F Street, NE.,
(the ‘‘Commission’’) the proposed rule
Washington, DC 20549–1090.
as described in Items I, II, and III below,
All submissions should refer to File
which Items have been prepared by the
Number SR–BATS–2008–010. This file
self-regulatory organization. The
number should be included on the
Commission is publishing this notice to
subject line if e-mail is used. To help the solicit comments on the proposed rule
Commission process and review your
from interested persons.
comments more efficiently, please use
only one method. The Commission will I. Self-Regulatory Organization’s
post all comments on the Commission’s Statement of the Terms of Substance of
the Proposed Rule Change
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
The Exchange proposes to adopt a
submission, all subsequent
Rule whereby the Exchange may
amendments, all written statements
determine to delist a security due to
with respect to the proposed rule
extraordinary circumstances under
change that are filed with the
10 17
8 15
U.S.C. 78s(b)(3)(A)(ii).
9 17 CFR 240.19b–4(f)(6).
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\28NON1.SGM
28NON1
]]>Agencies
[Federal Register Volume 73, Number 230 (Friday, November 28, 2008)]
[Notices]
[Pages 72533-72534]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-28222]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58989; File No. SR-BATS-2008-010]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Fees of Other Market Centers Related to Clearly Erroneous Rulings
November 20, 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 November 19, 2008, BATS Exchange, Inc. (``BATS'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. BATS has
designated the proposed rule change as one establishing or changing a
member due, fee, or other charge imposed by the Exchange under section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposed rule change effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to implement the proposed rule change
immediately. The text of the proposed rule change is available at the
Exchange's Web site at https://www.batstrading.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
BATS Rule 11.17, which covers the breaking of trades determined to
be clearly erroneous, includes a provision, paragraph (c)(2)(E), that
assesses a fee of $500.00 for unsuccessful appeals of clearly erroneous
adjudications by the Exchange. The Exchange is now adding a sentence to
the rule to provide that in instances where the Exchange, on behalf of
a Member, requests a determination by another market center that a
transaction is clearly erroneous, the Exchange will pass any resulting
[[Page 72534]]
charges through to the relevant Member. The proposed change reflects
the fact that other market centers impose a similar $500 appellate fee
to that charged by the Exchange.
If a Member enters an order into the Exchange that is routed to
another market center and executed there, the Member may not have
standing to file under that market center's rules to seek a
determination that the execution was clearly erroneous if it is not a
member of that market center. Accordingly, BATS Trading, Inc., the
Exchange's routing broker-dealer, which is a member of various market
centers, including the NASDAQ Stock Market LLC (``NASDAQ'') and NYSE
Arca, Inc. (``NYSE Arca''), may file a petition under that market
center's rules upon request of a Member. If an appeal is unsuccessful,
the Exchange or its affiliated routing broker-dealer may be charged
under the applicable market center's rules.\5\ Accordingly, the
Exchange proposes to pass the charge through, on a dollar-for-dollar
basis, to the Member that requested the appeal.
---------------------------------------------------------------------------
\5\ For instance, both NASDAQ and NYSE Arca currently charge
$500.00 for unsuccessful appeals of clearly erroneous
determinations. See NASDAQ Rule 11890(e)(3) and NYSE Arca Rule
7.10(c)(5).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the rule change proposed in this
submission is consistent with the requirements of the Act and the rules
and regulations thereunder that are applicable to a national securities
exchange, and, in particular, with the requirements of section 6 of the
Act.\6\ Specifically, the proposed rule change is consistent with
section 6(b)(4) of the Act,\7\ in that it provides for the equitable
allocation of reasonable dues, fees and other charges among members and
other persons using any facility or system which the Exchange operates
or controls. The Exchange believes that the change will appropriately
allocate charges for adjudications under the clearly erroneous rules of
other market centers to the Members that initiate such adjudications.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change imposes
any burden on competition.
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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as a fee
change pursuant to section 19(b)(3)(A)(ii) of the Act \8\ and Rule 19b-
4(f)(2) thereunder,\9\ because it establishes or changes a due, fee or
other charge imposed on members by the Exchange. Accordingly, the
proposal is effective upon filing with the Commission.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(ii).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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-BATS-2008-010 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-BATS-2008-010. 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, 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-
BATS-2008-010 and should be submitted on or before December 19, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-28222 Filed 11-26-08; 8:45 am]
BILLING CODE 8011-01-P
