Self-Regulatory Organizations; Notice of Filing of and Immediate Effectiveness of Proposed Rule Change by NYSE Arca, Inc. To Amend or Eliminate Unnecessary Rule Text, 4800-4802 [E9-1672]
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Federal Register / Vol. 74, No. 16 / Tuesday, January 27, 2009 / Notices
algorithms and strategies in such a
way as to render them useless.
—The Service is a sentiment indicator
that would provide users with an
indication of how a specific type of
market participant feels about certain
securities, making available to the
public information that is sometimes
referred to as ‘‘the word on the street’’
as compiled from order flow on the
trading desks of large broker-dealers.
—Nasdaq believes that it has provided
adequate justification for the fees.
Commission does not believe that the
Pathfinder Service will allow reverse
engineering of the algorithms and
strategies created by Nasdaq members;
Nasdaq has explained the various ways
the information is filtered, and has
stated that such filtering will prevent
this from occurring.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 10, that the
proposed rule change (SR–NASDAQ–
2008–016) be, and it hereby is,
approved.
IV. Discussion and Commission
Findings
The Commission has reviewed
carefully the proposed rule change, the
comment letter, and Nasdaq’s response
to the comment letter, and finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange 7 and, in particular, Section
6(b)(4) of the Act,8 which requires,
among other things, that Nasdaq’s rules
provide for the equitable allocation of
reasonable dues, fees and other charges
among members and issuers and other
persons using any facility or system
which Nasdaq operates or controls, and
that it not unfairly discriminate between
customers, issuers, brokers or dealers.
The Commission believes that the
proposed rule change is consistent with
these statutory standards.
Nasdaq has represented that the
Service is a voluntary one, and that the
information provided to subscribers is
not comprised of data that brokerdealers are obligated to provide to
Nasdaq for regulatory purposes because
of Nasdaq’s status as a self-regulatory
organization. Additionally, brokerdealers do not need the Service to
perform their duties, so the decision to
purchase the Service is truly voluntary
and dependent upon each brokerdealer’s business model. Finally,
because the Service is voluntary,
Nasdaq has met the statutory standard
by pricing the Service according to free
market principles; indeed, if Nasdaq
priced the Service too high, brokerdealers could simply opt not to
purchase the Service. The Commission
believes that Nasdaq’s fees for the
Service are both reasonable and
equitably allocated.9 Additionally, the
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–1674 Filed 1–26–09; 8:45 am]
mstockstill on PROD1PC66 with NOTICES6
7 In
approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b)(4).
9 The proposal meets the criteria, formulated by
the Commission in connection with the petition
filed by NetCoalition, for approval of proposed rule
changes concerning the distribution of non-core
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59264; File No. SR–
NYSEArca–2009–02]
Self-Regulatory Organizations; Notice
of Filing of and Immediate
Effectiveness of Proposed Rule
Change by NYSE Arca, Inc. To Amend
or Eliminate Unnecessary Rule Text
January 16, 2009.
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 January
8, 2009, NYSE Arca, Inc. (‘‘NYSE Arca’’
or the ‘‘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
market data. See Securities Exchange Act Release
Nos. 59039 (December 2, 2008), 73 FR 74770
(December 9, 2008) (SR–NYSEArca–2006–21) and
55011 (December 27, 2006) (order granting petition
for review of SR–NYSEArca–2006–21). In its order
issued in connection with the NetCoalition petition,
the Commission stated that ‘‘reliance on
competitive forces is the most appropriate and
effective means to assess whether the terms for the
distribution of non-core data are equitable, fair and
reasonable, and not unreasonably discriminatory.’’
73 FR at 74781–82. As such, the ‘‘existence of
significant competition provides a substantial basis
for finding that the terms of an exchange’s fee
proposal are equitable, fair, reasonable, and not
unreasonably or unfairly discriminatory.’’ Id. at
74782. If an exchange ‘‘was subject to significant
competitive forces in setting the terms of a
proposal,’’ a proposal will be approved unless the
Commission determines that ‘‘there is a substantial
countervailing basis to find that the terms
nevertheless fail to meet an applicable requirement
of the Exchange Act or the rules thereunder.’’ Id.
at 74781.
10 15 U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(12).
1 15 U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
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by the self-regulatory organization. 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 or
eliminate several of its rules in order to
remove unnecessary rule text related to
terms or systems that are now obsolete.
The text of the proposed rule change is
attached to the proposed rule change as
Exhibit 5. A copy of this filing is
available on the Exchange’s Web site at
https://www.nyse.com, at the Exchange’s
principal office 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
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing by NYSE
Arca is to correct certain NYSE Arca
cross-references and remove obsolete
and unnecessary rule text. By abolishing
these out-dated references and
correcting cross-references, the
Exchange is not changing or altering any
obligation, rights, policies or practices
enumerated within its rules.
The specific proposed changes are
discussed in further detail below.
• Rule 5.3(g). Criteria for Underlying
Securities: The Exchange is changing the
numbering within the rule because two
separate rule filings were approved at
different times which affected the numbering
within the rule.4
4 See SR–NYSEArca–2008–108, Securities
Exchange Act Release No. 34–59004 [sic]
(November 24, 2008) 73 FR 207 [sic] (October 24,
2008) [sic] (filing seeking approval for listing and
trading of options on Managed Fund Shares) and
SR–NYSEArca–2008–66, Securities [sic] Act
Release No. 34–59055 [sic] (December 4, 2008) 73
FR 238 [sic] (December 10, 2008) (filing seeking
approval for Listing and Trading Options on Shares
of the iShares COMEX Gold Trust and the iShares
Silver Trust).
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Federal Register / Vol. 74, No. 16 / Tuesday, January 27, 2009 / Notices
• Rule 6.20(a). Time Synchronization: The
Exchange is changing the rule reference from
Rule 4.25 to Rule 11.18.
• Rule 6.34. Trading by OTP Holders and
OTP Firms on the Floor: The Exchange is
eliminating the references to Rule 6.38 and
Rule 6.52(a) in Commentary .01 as those
rules are obsolete and no longer exist.
• Rule 6.48(c). Discretionary Transaction:
The Exchange is changing the rule reference
from Rule 6.39 to Rule 6.84.
• Rule 6.75(f)(1). Priority and Order
Allocation Procedures—Open Outcry: The
Exchange is eliminating the phrase related to
‘‘Exchange officer’’ as this now obsolete.
• Rule 6.78(e)(1)(E). Transactions Off the
Exchange: The Exchange is changing the rule
reference from Rule 8.103 to Rule 5.33.
• Rule 6.78. Transaction Off the Exchange.
Commentary: The Exchange is removing the
Rule 7.9 Meaning of Premium Bids and
Offers, Index Options reference as this rule
is now obsolete and no longer exists.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Securities Exchange
Act of 1934 (the ‘‘Act’’),5 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,6 in particular, because it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and 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 proposed
rule change will clarify the rule crossreferences and eliminate unnecessary
confusion in its rule structure.
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
mstockstill on PROD1PC66 with NOTICES6
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 filed the proposed
rule change pursuant to Section
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(6) thereunder.8 Because the
proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6)(iii)
thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),12 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange believes the waiver
of this period will allow it to
immediately remove outdated and
obsolete references and terms contained
in Exchange rules without delay. The
Commission has determined that
waiving the 30-day operative delay of
the Exchange’s proposal is consistent
with the protection of investors and the
public interest because such waiver will
allow the Exchange to promptly remove
obsolete references and terms contained
in its rules, thereby avoiding further
potential confusion and ensuring that
the rule text of the Exchange is
accurate.13 Therefore, the Commission
designates the proposal 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,
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
11 17 CFR 240.19b–4(f)(6).
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).
8 17
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4801
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–2009–02 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2009–02. 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 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–
NYSEArca–2009–02 and should be
submitted on or before February 17,
2009.
E:\FR\FM\27JAN1.SGM
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4802
Federal Register / Vol. 74, No. 16 / Tuesday, January 27, 2009 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–1672 Filed 1–26–09; 8:45 am]
BILLING CODE 8011–01–P
UNITED STATES SENTENCING
COMMISSION
Sentencing Guidelines for United
States Courts
mstockstill on PROD1PC66 with NOTICES6
AGENCY: United States Sentencing
Commission.
ACTION: Notice of period during which
individuals may apply to be appointed
to the voting membership of the
Practitioners Advisory Group; request
for applications.
SUMMARY: The Practitioners Advisory
Group of the United States Sentencing
Commission is a standing advisory
group of the United States Sentencing
Commission pursuant to 28 U.S.C. 995
and Rule 5.4 of the Commission’s Rules
of Practice and Procedure. Having
decided to adopt a formal charter for the
Practitioners Advisory Group, the
United States Sentencing Commission is
reconstituting the voting membership of
the advisory group under that charter.
The purpose of the advisory group is (1)
To assist the Commission in carrying
out its statutory responsibilities under
28 U.S.C. 994(o); (2) to provide to the
Commission its views on the
Commission’s activities and work,
including proposed priorities and
amendments; (3) to disseminate to
defense attorneys, and to other
professionals in the defense community,
information regarding federal
sentencing issues; and (4) to perform
other related functions as the
Commission requests. Under the
charter, the advisory group will consist
of not more than 17 voting members,
each of whom may serve not more than
two consecutive three-year terms. Of
those 17 voting members, one shall be
Chair, one shall be Vice Chair, 12 shall
be circuit members (one for each federal
judicial circuit other than the Federal
Circuit), and three shall be at-large
members. To be eligible to serve as a
voting member, an individual must be
an attorney who (1) Devotes a
substantial portion of his or her
professional work to advocating the
interests of privately represented
individuals, or of individuals
represented by private practitioners
through appointment under the
14 17
Criminal Justice Act of 1964, within the
federal criminal justice system; (2) has
significant experience with federal
sentencing or post-conviction issues
related to criminal sentences; and (3) is
in good standing of the highest court of
the jurisdiction or jurisdictions in
which he or she is admitted to practice.
Additionally, to be eligible to serve as
a circuit member, the individual’s
primary place of business or a
substantial portion of his or her practice
must be in the circuit concerned. Each
voting member is appointed by the
Commission. The Commission hereby
invites any individual who is eligible to
be appointed to the initial voting
membership of the Practitioners
Advisory Group to apply. Applications
should be received by the Commission
not later than March 30, 2009.
Applications may be sent to Michael
Courlander at the address listed below.
DATES: Applications for the initial
voting membership of the Practitioners
Advisory Group should be received not
later than March 30, 2009.
Send applications to:
United States Sentencing Commission,
One Columbus Circle, NE., Suite 2–500,
South Lobby, Washington, DC 20002–
8002, Attention: Public Affairs.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Michael Courlander, Public Affairs
Officer, Telephone: (202) 502–4597.
Section
995(a)(1) of title 28, United States Code,
authorizes the Commission to establish
general policies and promulgate rules
and regulations as necessary for the
Commission to carry out the purposes of
the Sentencing Reform Act of 1984.
Having adopted a formal charter for the
Practitioners Advisory Group, the
United States Sentencing Commission is
reconstituting the voting membership of
the Practitioners Advisory Group under
that charter. The Commission invites
any individual who is eligible to be
appointed to the initial voting
membership of the Practitioners
Advisory Group to apply.
SUPPLEMENTARY INFORMATION:
Authority: 28 U.S.C. 994(a), (o), (p), 995;
USSC Rules of Practice and Procedure 5.2,
5.4.
Ricardo H. Hinojosa,
Acting Chair.
[FR Doc. E9–1636 Filed 1–26–09; 8:45 am]
BILLING CODE 2210–40–P
CFR 200.30–3(a)(12).
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UNITED STATES SENTENCING
COMMISSION
Sentencing Guidelines for United
States Courts
AGENCY: United States Sentencing
Commission.
ACTION: Notice of proposed amendments
to sentencing guidelines, policy
statements, and commentary. Request
for public comment, including public
comment regarding retroactive
application of any of the proposed
amendments. Notice of public hearing.
SUMMARY: Pursuant to section 994(a),
(o), and (p) of title 28, United States
Code, the United States Sentencing
Commission is considering
promulgating certain amendments to the
sentencing guidelines, policy
statements, and commentary. This
notice sets forth the proposed
amendments and, for each proposed
amendment, a synopsis of the issues
addressed by that amendment. This
notice also sets forth a number of issues
for comment, some of which are set
forth together with the proposed
amendments; some of which are set
forth independent of any proposed
amendment; and one of which
(regarding retroactive application of
proposed amendments) is set forth in
the SUPPLEMENTARY INFORMATION portion
of this notice.
The proposed amendments and issues
for comment in this notice are as
follows: (1) A proposed amendment in
response to the Identity Theft
Restitution and Enforcement Act of
2008, title II of Public Law 110–326,
including proposed changes to § 2B1.1
(Larceny, Embezzlement, and Other
Forms of Theft; Offenses Involving
Stolen Property; Property Damage or
Destruction; Fraud and Deceit; Forgery;
Offenses Involving Altered or
Counterfeit Instruments Other than
Counterfeit Bearer Obligations of the
United States), § 2H3.1 (Interception of
Communications; Eavesdropping;
Disclosure of Certain Private or
Protected Information), and § 3B1.3
(Abuse of Position of Trust or Use of
Special Skill), and issues for comment
regarding the guidelines’ treatment of
offenses involving fraud, identity theft,
computers, and communications; (2) a
proposed amendment in response to the
Ryan Haight Online Pharmacy
Consumer Protection Act of 2008,
Public Law 110–465, including
proposed changes to § 2D1.1 (Unlawful
Manufacturing, Importing, Exporting, or
Trafficking (Including Possession with
Intent to Commit These Offenses);
Attempt or Conspiracy) and § 2D3.1
E:\FR\FM\27JAN1.SGM
27JAN1
]]>Agencies
[Federal Register Volume 74, Number 16 (Tuesday, January 27, 2009)]
[Notices]
[Pages 4800-4802]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1672]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59264; File No. SR-NYSEArca-2009-02]
Self-Regulatory Organizations; Notice of Filing of and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. To Amend or
Eliminate Unnecessary Rule Text
January 16, 2009.
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 January 8, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``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 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 or eliminate several of its rules in
order to remove unnecessary rule text related to terms or systems that
are now obsolete. The text of the proposed rule change is attached to
the proposed rule change as Exhibit 5. A copy of this filing is
available on the Exchange's Web site at https://www.nyse.com, at the
Exchange's principal office 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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing by NYSE Arca is to correct certain NYSE
Arca cross-references and remove obsolete and unnecessary rule text. By
abolishing these out-dated references and correcting cross-references,
the Exchange is not changing or altering any obligation, rights,
policies or practices enumerated within its rules.
The specific proposed changes are discussed in further detail
below.
Rule 5.3(g). Criteria for Underlying Securities: The
Exchange is changing the numbering within the rule because two
separate rule filings were approved at different times which
affected the numbering within the rule.\4\
---------------------------------------------------------------------------
\4\ See SR-NYSEArca-2008-108, Securities Exchange Act Release
No. 34-59004 [sic] (November 24, 2008) 73 FR 207 [sic] (October 24,
2008) [sic] (filing seeking approval for listing and trading of
options on Managed Fund Shares) and SR-NYSEArca-2008-66, Securities
[sic] Act Release No. 34-59055 [sic] (December 4, 2008) 73 FR 238
[sic] (December 10, 2008) (filing seeking approval for Listing and
Trading Options on Shares of the iShares COMEX Gold Trust and the
iShares Silver Trust).
---------------------------------------------------------------------------
[[Page 4801]]
Rule 6.20(a). Time Synchronization: The Exchange is
changing the rule reference from Rule 4.25 to Rule 11.18.
Rule 6.34. Trading by OTP Holders and OTP Firms on the
Floor: The Exchange is eliminating the references to Rule 6.38 and
Rule 6.52(a) in Commentary .01 as those rules are obsolete and no
longer exist.
Rule 6.48(c). Discretionary Transaction: The Exchange
is changing the rule reference from Rule 6.39 to Rule 6.84.
Rule 6.75(f)(1). Priority and Order Allocation
Procedures--Open Outcry: The Exchange is eliminating the phrase
related to ``Exchange officer'' as this now obsolete.
Rule 6.78(e)(1)(E). Transactions Off the Exchange: The
Exchange is changing the rule reference from Rule 8.103 to Rule
5.33.
Rule 6.78. Transaction Off the Exchange. Commentary:
The Exchange is removing the Rule 7.9 Meaning of Premium Bids and
Offers, Index Options reference as this rule is now obsolete and no
longer exists.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\5\ in general, and furthers the objectives of Section 6(b)(5)
of the Act,\6\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and 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
proposed rule change will clarify the rule cross-references and
eliminate unnecessary confusion in its rule structure.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
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, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6)(iii) thereunder.\10\
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange believes the
waiver of this period will allow it to immediately remove outdated and
obsolete references and terms contained in Exchange rules without
delay. The Commission has determined that waiving the 30-day operative
delay of the Exchange's proposal is consistent with the protection of
investors and the public interest because such waiver will allow the
Exchange to promptly remove obsolete references and terms contained in
its rules, thereby avoiding further potential confusion and ensuring
that the rule text of the Exchange is accurate.\13\ Therefore, the
Commission designates the proposal 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.
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\11\ 17 CFR 240.19b-4(f)(6).
\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).
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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-2009-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2009-02. 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 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-NYSEArca-2009-02 and should be submitted on or before
February 17, 2009.
[[Page 4802]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-1672 Filed 1-26-09; 8:45 am]
BILLING CODE 8011-01-P
