Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by New York Stock Exchange LLC Amending 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 NYSE Requirements Relating to the Closing of Securities at the Exchange, 15792-15794 [E9-7711]
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15792
Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices
$150,000 minimum Clearing Fund
contribution. OCC would expand this
exemption to also apply to commodity
options.
The proposed rule change is
consistent with the purposes and
requirements of Section 17A of the Act
because it provides for the clearance of
various commodity futures and options
products without adversely affecting the
prompt and accurate clearance and
settlement of transactions in securities
options, the prompt and accurate
clearance and settlement of securities
transactions, or the protection of
securities investors and the public
interest. The proposed rule change
accomplishes this purpose by applying
substantially the same rules and
procedures to transactions in futures
products that OCC applies to
transactions in securities options. The
proposed rule change is not inconsistent
with any rules of OCC, including any
rules proposed to be amended.
(B) Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were not and are
not intended to be solicited with respect
to the proposed rule change, and none
have been received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 5 and Rule
19b–4(f)(4) 6 promulgated thereunder
because the proposal changes effects a
change in an existing service of a
registered clearing agency that (i) does
not adversely affect the safeguarding of
securities or funds in the custody or
control of the clearing agency or for
which it is responsible and (ii) does not
significantly affect the respective rights
or obligations of the clearing agency or
persons using the service. At any time
within sixty 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
5 15
6 17
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
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17:13 Apr 06, 2009
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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:
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–7710 Filed 4–6–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59666; File No. SR–NYSE–
2009–35]
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–OCC–2009–04 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.
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC Amending 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 NYSE
Requirements Relating to the Closing
of Securities at the Exchange
March 31, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
All submissions should refer to File
notice is hereby given that, on March
Number SR–OCC–2009–04. This file
23, 2009, New York Stock Exchange
number should be included on the
subject line if e-mail is used. To help the LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission process and review your
Commission (‘‘SEC’’ or the
comments more efficiently, please use
only one method. The Commission will ‘‘Commission’’) the proposed rule
post all comments on the Commission’s change as described in Items I and II
below, which Items have been prepared
Internet Web site (https://www.sec.gov/
by the self-regulatory organization. The
rules/sro.shtml). Copies of the
Exchange filed the proposed rule change
submission, all subsequent
pursuant to Section 19(b)(3)(A) of the
amendments, all written statements
Act 4 and Rule 19b–4(f)(6) thereunder,5
with respect to the proposed rule
which renders it effective upon filing
change that are filed with the
with the Commission. The Commission
Commission, and all written
is publishing this notice to solicit
communications relating to the
comments on the proposed rule change
proposed rule change between the
Commission and any person, other than from interested persons.
those that may be withheld from the
I. Self-Regulatory Organization’s
public in accordance with the
Statement of the Terms of Substance of
provisions of 5 U.S.C. 552, will be
the Proposed Rule Change
available for inspection and copying in
The Exchange proposes to amend
the Commission’s Public Reference
Rule 48.10 to extend the temporary
Room, 100 F Street, NE., Washington,
provisions of the rule relating to the
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. ability of the Exchange to declare an
extreme market volatility condition and
Copies of such filing also will be
suspend certain NYSE requirements
available for inspection and copying at
relating to the closing of securities at the
the principal office of OCC. All
Exchange. The text of the proposed rule
comments received will be posted
change is available at the Exchange, the
without change; the Commission does
Commission’s Public Reference Room,
not edit personal identifying
and https://www.nyse.com.
information from submissions. You
should submit only information that
7 17 CFR 200.30–3(a)(12).
you wish to make available publicly. All
1 15 U.S.C.78s(b)(1).
submissions should refer to File
2 15 U.S.C. 78a.
Number SR–OCC–2009–04 and should
3 17 CFR 240.19b–4.
be submitted on or before April 28,
4 15 U.S.C. 78s(b)(3)(A).
2009.
5 17 CFR 240.19b–4(f)(6).
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Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices
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
Rule 48.10 to temporarily extend the
provisions of the rule relating to
declaring an extreme market volatility
condition at the close.6
On October 2, 2008, the Exchange
filed for immediate effectiveness to
amend NYSE Rule 48 to provide the
Exchange 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.7 The Exchange
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 Exchange
would like to adopt the closing
provisions on a permanent basis, such
proposal must be filed for notice and
comment.
The Exchange has filed a rule
proposal to amend 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’’).8 That rule
proposal has been filed under Section
19(b)(2) of the Securities Exchange Act
of 1934 (the ‘‘Act’’) 9 and has been
noticed for public comment. The
6 NYSE
Amex LLC has filed a companion rule
filing to conform its Equities Rules to the changes
proposed in this filing. See SR–NYSEAmex–2009–
05, formally submitted March 23, 2009).
7 See SEC Release No. 58743 (Oct. 7, 2008), 73 FR
60742 (Oct. 14, 2008) (SR–NYSE–2008–102).
8 See SEC Release No. 59489 (Mar. 3, 2009), 74
FR 10330 (Mar. 10, 2009 (SR–NYSE–2009–18).
NYSE Amex US LLC [sic] (‘‘NYSE Amex’’) has filed
a companion rule filings. See SEC Release No.
59488 (Mar. 3, 2009), 74 FR 10334 (Mar. 10, 2009)
(SR–NYSEALTR–2009–15).
9 15 U.S.C. 78s(b)(2).
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17:13 Apr 06, 2009
Jkt 217001
comment period for that filing ends on
March 31, 2009. In anticipation of the
Rule 48/123C filing, the Exchange
previously amended Rule 48.10 to
extend from December 31, 2009 to
March 27, 2009 the temporary time
period that the Rule 48 at-the-close
provisions would be in effect.10 The
Exchange now proposes to temporarily
extend the 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 April 30, 2009.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 11 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. In
particular, this rule proposal will permit
the temporary provisions of Rule 48 to
continue without interruption pending
the outcome of the Rule 48/123C filing.
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:
(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
10 See SEC Release No. 59168 (Dec. 29, 2008), 74
FR 483 (Jan. 6, 2009) (SR–NYSE–2008–139). NYSE
Amex also filed a companion rule filing. See SEC
Release No. 59169 (Dec. 29, 2008), 74 FR 485 (Jan.
6, 2009) (SR–NYSEALTR–2008–18).
11 15 U.S.C. 78f(b)(5).
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15793
as the Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13
The Exchange has requested that the
Commission waive the 30-day operative
delay in order to permit the temporary
provisions of Rule 48 to continue
without interruption pending the
outcome of the Rule 48/123C filing. The
Commission believes such waiver is
consistent with the protection of
investors and the public interest.14
Accordingly, the Commission
designates the proposed rule change
operative 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–NYSE–2009–35 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–NYSE–2009–35. This file
12 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit to the Commission written 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.
14 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 17
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15794
Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Notices
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–NYSE–
2009–35 and should be submitted on or
before April 28, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–7711 Filed 4–6–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59675; File No. SR–OCC–
2009–05]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
Flexibly Structured Options
April 1, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934,1 notice
is hereby given that on March 19, 2009,
The Options Clearing Corporation
(‘‘OCC’’) filed with the Securities and
Exchange Commission the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared primarily by OCC. OCC filed
the proposed rule change pursuant to
15 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
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17:13 Apr 06, 2009
Jkt 217001
Section 19(b)(3)(A)(iii) of the Act 2 and
Rule 19b–4(f)(4) thereunder 3 so that the
proposal was 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 the Substance
of the Proposed Rule Change
The proposed rule change will amend
OCC’s By-Laws in order to clear and
settle flexibly structured options traded
on the Chicago Board Options Exchange
(‘‘CBOE’’).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC 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. OCC 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
Flexibly structured options are
options that give investors the ability to
customize basic option features
including size, expiration date, exercise
style, and certain exercise prices.
Currently, options exchanges generally
do not permit flexibly structured
options to be customized to expire on
the same expiration date as any series of
non-flexibly structured options that are
listed for trading.4 However, pursuant to
a recent CBOE rule change, CBOE
eliminated this restriction so that the
parties to a flexibly structured option
transaction can choose an expiration
date that coincides with that of a series
of non-flexibly structured options.5 As a
result of eliminating the expiration date
restriction, it is now possible for new
2 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(4).
4 There are exceptions to this general prohibition.
Subject to certain aggregation requirements for
cash-settled options, CBOE permits flexibly
structured options to expire on the same day as
non-flexibly structured quarterly options and nonflexibly structured weekly options. Non-flexibly
structured weekly options are called ‘‘short term
options’’ in OCC’s By-Laws and Rules. CBOE Rules
24A.7(d) and 24B.7(d).
5 Securities Exchange Act Release No. 59417 (Feb.
18, 2009), 74 FR 8591 (Feb. 25, 2009) [SR–CBOE–
2008–115].
3 17
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flexibly structured options to become
fungible with a series of non-flexibly
structured options that are subsequently
listed for trading. Thus, CBOE now
permits flexibly structured options to be
traded before identical non-flexibly
structured options are listed for trading.
Once an option series is listed on CBOE
for trading as a non-flexibly structured
option series, (i) all existing flexibly
structured options having identical
terms as the non-flexibly structured
option series will be fully fungible with
options in such series and (ii) any
further trading in such series would be
as non-flexibly structured options. As
an exception to the foregoing, flexibly
structured options will not become
fungible with subsequently-introduced
non-flexibly structured quarterly
options or short term options.
In order to clear and settle flexibly
structured options traded on CBOE in a
manner that is consistent with CBOE’s
rules, OCC will change the definition of
‘‘flexibly structured option’’ in Article I
of its By-Laws to clarify that an option
will be classified as a flexibly structured
option only if its variable terms do not
correspond to the variable terms of any
series of non-flexibly structured options
listed for trading other than a series of
quarterly options or short term options.
Furthermore, existing flexibly
structured options will be fungible with
options in a subsequently listed nonflexibly structured option series other
than quarterly options or short term
options that have identical variable
terms and will not be classified as
flexibly structured options. The
definition of ‘‘flexibly structured
option’’ in Article XVII, Section 1 of
OCC’s By-Laws will be deleted because
such definition is redundant. OCC will
also amend the definition of ‘‘variable
terms’’ in Article I of the By-Laws to
clarify that the expiration date is a
variable term for all types of options.
Finally, other parts of the definition will
also be revised to group together
variable terms of option contracts and
variable terms of futures contracts.
Prior to this rule change, OCC’s rules
provided that an expiring flexibly
structured index option with an exercise
settlement amount of $1.00 or more was
automatically exercised on its
expiration date. In comparison, an
expiring non-flexibly structured index
option with an exercise settlement
amount of $1.00 or more except
quarterly options or short term options
was subject to the ‘‘exercise by
exception’’ procedures under which the
option will be exercised on its
expiration date if the option holder does
not give contrary exercise instructions.
However, as described above, flexibly
E:\FR\FM\07APN1.SGM
07APN1
]]>Agencies
[Federal Register Volume 74, Number 65 (Tuesday, April 7, 2009)]
[Notices]
[Pages 15792-15794]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-7711]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59666; File No. SR-NYSE-2009-35]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by New York Stock Exchange LLC
Amending 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 NYSE Requirements Relating to
the Closing of Securities at the Exchange
March 31, 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 March 23, 2009, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or 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) of the Act \4\ and Rule 19b-4(f)(6)
thereunder,\5\ which renders it 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 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 NYSE
requirements relating to the closing of securities at the Exchange. The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://www.nyse.com.
[[Page 15793]]
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 Rule 48.10 to temporarily extend the
provisions of the rule relating to declaring an extreme market
volatility condition at the close.\6\
---------------------------------------------------------------------------
\6\ NYSE Amex LLC has filed a companion rule filing to conform
its Equities Rules to the changes proposed in this filing. See SR-
NYSEAmex-2009-05, formally submitted March 23, 2009).
---------------------------------------------------------------------------
On October 2, 2008, the Exchange filed for immediate effectiveness
to amend NYSE Rule 48 to provide the Exchange 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.\7\ The Exchange 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 Exchange would like to adopt the closing
provisions on a permanent basis, such proposal must be filed for notice
and comment.
---------------------------------------------------------------------------
\7\ See SEC Release No. 58743 (Oct. 7, 2008), 73 FR 60742 (Oct.
14, 2008) (SR-NYSE-2008-102).
---------------------------------------------------------------------------
The Exchange has filed a rule proposal to amend 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'').\8\ That rule proposal has
been filed under Section 19(b)(2) of the Securities Exchange Act of
1934 (the ``Act'') \9\ and has been noticed for public comment. The
comment period for that filing ends on March 31, 2009. In anticipation
of the Rule 48/123C filing, the Exchange previously amended Rule 48.10
to extend from December 31, 2009 to March 27, 2009 the temporary time
period that the Rule 48 at-the-close provisions would be in effect.\10\
The Exchange now proposes to temporarily extend the 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 April 30, 2009.
---------------------------------------------------------------------------
\8\ See SEC Release No. 59489 (Mar. 3, 2009), 74 FR 10330 (Mar.
10, 2009 (SR-NYSE-2009-18). NYSE Amex US LLC [sic] (``NYSE Amex'')
has filed a companion rule filings. See SEC Release No. 59488 (Mar.
3, 2009), 74 FR 10334 (Mar. 10, 2009) (SR-NYSEALTR-2009-15).
\9\ 15 U.S.C. 78s(b)(2).
\10\ See SEC Release No. 59168 (Dec. 29, 2008), 74 FR 483 (Jan.
6, 2009) (SR-NYSE-2008-139). NYSE Amex also filed a companion rule
filing. See SEC Release No. 59169 (Dec. 29, 2008), 74 FR 485 (Jan.
6, 2009) (SR-NYSEALTR-2008-18).
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \11\ 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. In particular, this rule proposal
will permit the temporary provisions of Rule 48 to continue without
interruption pending the outcome of the Rule 48/123C filing.
---------------------------------------------------------------------------
\11\ 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:
(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, it has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to the
Commission written 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.
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The Exchange has requested that the Commission waive the 30-day
operative delay in order to permit the temporary provisions of Rule 48
to continue without interruption pending the outcome of the Rule 48/
123C filing. The Commission believes such waiver is consistent with the
protection of investors and the public interest.\14\ Accordingly, the
Commission designates the proposed rule change operative upon filing
with the Commission.
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\14\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2009-35 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-NYSE-2009-35. This
file
[[Page 15794]]
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-
NYSE-2009-35 and should be submitted on or before April 28, 2009.
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,
Deputy Secretary.
[FR Doc. E9-7711 Filed 4-6-09; 8:45 am]
BILLING CODE 8010-01-P
