Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Alternext US LLC Amending NYSE Alternext US, LLC Equities Rule 48.10 To Extend the Temporary Provisions of the Rule Relating to the Ability of the Exchange To Declare an Extreme Market Volatility Condition and Suspend Certain Exchange Requirements Relating to the Closing of Securities at the Exchange, 485-486 [E8-31349]
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<![CDATA[
Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / Notices
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–2008–139 and
should be submitted on or before
January 27, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–31348 Filed 1–5–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59169; File No. SR–
NYSEALTR–2008–18]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Alternext US LLC Amending NYSE
Alternext US, LLC Equities Rule 48.10
To Extend the Temporary Provisions of
the Rule Relating to the Ability of the
Exchange To Declare an Extreme
Market Volatility Condition and
Suspend Certain Exchange
Requirements Relating to the Closing
of Securities at the Exchange
mstockstill on PROD1PC66 with NOTICES
December 29, 2008.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on December
24, 2008, NYSE Alternext US LLC (the
‘‘Exchange’’ or ‘‘NYSE Alternext’’) 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 Commission is
publishing this notice to solicit
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
16:52 Jan 05, 2009
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Alternext US, LLC (‘‘NYSE
Alternext’’ or the ‘‘Exchange’’) Equities
Rule 48.10 to extend the temporary
provisions of the rule relating to the
ability of the Exchange to declare an
extreme market volatility condition and
suspend certain Exchange requirements
relating to the closing of securities at the
Exchange.
The text of the proposed rule change
is available at https://www.nyse.com,
NYSE Alternext, and 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
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 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 amend
NYSE Alternext Equities Rule 48.10 to
temporarily extend the provisions of the
rule relating to declaring an extreme
market volatility condition at the close.
On November 26, 2008, NYSE
Alternext filed a rule proposal to
conform its rules to those of the New
York Stock Exchange LLC (‘‘NYSE’’).4
Among the rules amended in that filing
was Rule 48, which was previously
amended by the NYSE. On October 2,
2008, the NYSE filed for immediate
effectiveness to amend NYSE Rule 48 to
provide the NYSE with the ability to
suspend certain rules at the close when
extremely high market volatility could
negatively affect the ability to ensure a
fair and orderly close.5 The NYSE
amended Rule 48 on an immediate
4 See Securities Exchange Act Release No. 34–
59022 (Nov. 26, 2008), 73 FR 73683 (Dec. 3, 2008)
(SR–NYSEALTR–2008–10).
5 See SEC Release No. 34–58743 (Oct. 7, 2008), 73
FR 60742 (Oct. 14, 2008) (SR–NYSE–2008–102).
14 17
VerDate Nov<24>2008
comments on the proposed rule change
from interested persons.
Jkt 217001
PO 00000
Frm 00058
Fmt 4703
Sfmt 4703
485
effectiveness basis in order to respond
swiftly to market conditions at that
time. Those amendments were adopted
on a temporary basis with the
understanding that if the NYSE would
like to adopt the closing provisions on
a permanent basis, such proposal must
be filed under Section 19(b)(2) of the
Act.6
The Exchange intends soon to file a
rule proposal to amend NYSE Alternext
Equities Rules 48 and 123C to delete
from Rule 48 the provisions relating to
declaring an extreme market volatility
condition at the close and add them in
modified form to Rule 123C (the ‘‘Rule
48/123C filing’’). That rule proposal
would be filed under Section 19(b)(2) of
the Securities Exchange Act of 1934 (the
‘‘Act’’).7 The Exchange now proposes to
temporarily extend the NYSE Alternext
Equities Rule 48 at-the-close provisions
pending the outcome of the Rule 48/
123C filing. Accordingly, the Exchange
proposes to amend Rule 48.10 to
provide that the provisions of that rule
relating to declaring an extreme market
volatility condition at the close will end
on March 27, 2009.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 8 that an Exchange
have rules that are designed 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
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
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
6 15
U.S.C. 78s(b)(2).
7 Id.
8 15
E:\FR\FM\06JAN1.SGM
U.S.C. 78f(b)(5).
06JAN1
486
Federal Register / Vol. 74, No. 3 / Tuesday, January 6, 2009 / Notices
significant burden on competition; and
(3) by its terms, does not become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 9 and Rule
19b–4(f)(6) thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing.11 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. NYSE
Alternext requested that the
Commission waive the 30-day operative
delay, as specified in Rule 19b–
4(f)(6)(iii),12 which would make the rule
change effective and operative upon
filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
extend without interruption the
provisions of Rule 48 regarding the
Exchange’s ability to declare an extreme
market volatility condition at the close
and suspend certain rules relating to
closing of securities on the Exchange.
These provisions are currently
scheduled to expire on December 31,
2008. The Commission notes the
Exchange’s representation that it soon
intends to file a proposal to establish
permanent rules regarding closing of
securities subject to an extreme order
imbalance at the close. In light of the
foregoing, the Commission designates
the proposal operative upon filing.13
At any time within 60 days of the
filing of such 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.14
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the self-regulatory
organization to give the Commission notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6)(iii).
13 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).
14 15 U.S.C. 78s(b)(3)(C).
mstockstill on PROD1PC66 with NOTICES
10 17
VerDate Nov<24>2008
16:52 Jan 05, 2009
Jkt 217001
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–31349 Filed 1–5–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–NYSEALTR–2008–18 on
the subject line.
Paper Comments
[Release No. 34–59170; File No. SR–
NYSEALTR–2008–19]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Alternext US LLC To Amend Certain
Regulatory Fees Applicable to Its
Member Organizations
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
December 29, 2008.
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–NYSEALTR–2008–18 and
should be submitted on or before
January 27, 2009.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
NYSE Alternext proposes to (i)
continue to waive registered
representative fees for New York Stock
Exchange (‘‘NYSE’’) member
organizations that automatically became
NYSE Alternext member organizations
by operation of NYSE Alternext Equities
Rule 2, and (ii) revise the examination
fees payable by member organizations
for which the Exchange is the
Designated Examining Authority
(‘‘DEA’’). The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.nyse.com), at the
Exchange’s Office of the Secretary, and
at the Commission’s Public Reference
Room.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that, on December
24, 2008, NYSE Alternext US LLC (the
All submissions should refer to File
Number SR–NYSEALTR–2008–18. This ‘‘Exchange’’ or ‘‘NYSE Alternext’’) filed
with the Securities and Exchange
file number should be included on the
subject line if e-mail is used. To help the Commission (the ‘‘Commission’’) the
proposed rule change as described in
Commission process and review your
Items I, II, and III below, which Items
comments more efficiently, please use
only one method. The Commission will have been prepared by the Exchange.
post all comments on the Commission’s The Commission is publishing this
notice to solicit comments on the
Internet Web site (https://www.sec.gov/
proposed rule change from interested
rules/sro.shtml). Copies of the
persons.
submission, all subsequent
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
1 15
15 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00059
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\06JAN1.SGM
U.S.C.78s(b)(1).
CFR 240.19b–4.
06JAN1
]]>Agencies
[Federal Register Volume 74, Number 3 (Tuesday, January 6, 2009)]
[Notices]
[Pages 485-486]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-31349]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59169; File No. SR-NYSEALTR-2008-18]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Alternext US LLC Amending
NYSE Alternext US, LLC Equities Rule 48.10 To Extend the Temporary
Provisions of the Rule Relating to the Ability of the Exchange To
Declare an Extreme Market Volatility Condition and Suspend Certain
Exchange Requirements Relating to the Closing of Securities at the
Exchange
December 29, 2008.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on December 24, 2008, NYSE Alternext US LLC (the
``Exchange'' or ``NYSE Alternext'') 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 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE Alternext US, LLC (``NYSE
Alternext'' or the ``Exchange'') Equities Rule 48.10 to extend the
temporary provisions of the rule relating to the ability of the
Exchange to declare an extreme market volatility condition and suspend
certain Exchange requirements relating to the closing of securities at
the Exchange.
The text of the proposed rule change is available at https://
www.nyse.com, NYSE Alternext, and 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 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 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 amend NYSE Alternext Equities Rule 48.10
to temporarily extend the provisions of the rule relating to declaring
an extreme market volatility condition at the close.
On November 26, 2008, NYSE Alternext filed a rule proposal to
conform its rules to those of the New York Stock Exchange LLC
(``NYSE'').\4\ Among the rules amended in that filing was Rule 48,
which was previously amended by the NYSE. On October 2, 2008, the NYSE
filed for immediate effectiveness to amend NYSE Rule 48 to provide the
NYSE with the ability to suspend certain rules at the close when
extremely high market volatility could negatively affect the ability to
ensure a fair and orderly close.\5\ The NYSE amended Rule 48 on an
immediate effectiveness basis in order to respond swiftly to market
conditions at that time. Those amendments were adopted on a temporary
basis with the understanding that if the NYSE would like to adopt the
closing provisions on a permanent basis, such proposal must be filed
under Section 19(b)(2) of the Act.\6\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 34-59022 (Nov. 26,
2008), 73 FR 73683 (Dec. 3, 2008) (SR-NYSEALTR-2008-10).
\5\ See SEC Release No. 34-58743 (Oct. 7, 2008), 73 FR 60742
(Oct. 14, 2008) (SR-NYSE-2008-102).
\6\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Exchange intends soon to file a rule proposal to amend NYSE
Alternext Equities Rules 48 and 123C to delete from Rule 48 the
provisions relating to declaring an extreme market volatility condition
at the close and add them in modified form to Rule 123C (the ``Rule 48/
123C filing''). That rule proposal would be filed under Section
19(b)(2) of the Securities Exchange Act of 1934 (the ``Act'').\7\ The
Exchange now proposes to temporarily extend the NYSE Alternext Equities
Rule 48 at-the-close provisions pending the outcome of the Rule 48/123C
filing. Accordingly, the Exchange proposes to amend Rule 48.10 to
provide that the provisions of that rule relating to declaring an
extreme market volatility condition at the close will end on March 27,
2009.
---------------------------------------------------------------------------
\7\ Id.
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \8\ that an Exchange have rules that
are designed 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.
---------------------------------------------------------------------------
\8\ 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 will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
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
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any
[[Page 486]]
significant burden on competition; and (3) by its terms, does not
become operative for 30 days after the date of filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest, the proposed rule change has
become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing.\11\ However,
Rule 19b-4(f)(6)(iii) permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. NYSE Alternext requested that the Commission waive
the 30-day operative delay, as specified in Rule 19b-4(f)(6)(iii),\12\
which would make the rule change effective and operative upon filing.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the self-regulatory organization to give the
Commission notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change,
at least five business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
\12\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to extend without interruption the
provisions of Rule 48 regarding the Exchange's ability to declare an
extreme market volatility condition at the close and suspend certain
rules relating to closing of securities on the Exchange. These
provisions are currently scheduled to expire on December 31, 2008. The
Commission notes the Exchange's representation that it soon intends to
file a proposal to establish permanent rules regarding closing of
securities subject to an extreme order imbalance at the close. In light
of the foregoing, the Commission designates the proposal operative upon
filing.\13\
---------------------------------------------------------------------------
\13\ 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).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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.\14\
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-NYSEALTR-2008-18 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-NYSEALTR-2008-18. 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-NYSEALTR-2008-18 and should
be submitted on or before January 27, 2009.
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-31349 Filed 1-5-09; 8:45 am]
BILLING CODE 8011-01-P
