Sunshine Act Meeting, 20764 [E9-10400]

Download as PDF 20764 Federal Register / Vol. 74, No. 85 / Tuesday, May 5, 2009 / Notices because debt holders may have different and conflicting rights. 7. Applicant submits that the concerns underlying the Independent Trustee Requirement are not implicated if the trustee for an Issuer is independent of the sponsor, servicer, and credit enhancer for the Issuer, but is affiliated with an underwriter for the Issuer, because, in that situation no single entity would act in all capacities in the issuance of the ABS and the operation of an Issuer. Applicant states that applicant would continue to act as an independent party safeguarding the assets of any Issuer regardless of an affiliation with an underwriter of the ABS. Applicant submits that the concern that affiliation could lead to a trustee monitoring the activities of an affiliate also is not implicated by a trustee’s affiliation with an underwriter, because, in practice, a trustee for an Issuer does not monitor the distribution of securities or any other activity performed by underwriters. Applicant further states that the requested relief would be consistent with the broader purpose of rule 3a–7 of not hampering the growth and development of the structured finance market, to the extent consistent with investor protection. Applicant’s Conditions The applicant agrees that any order granting the requested relief will be subject to the following conditions: 1. The applicant will not be affiliated with any person involved in the organization or operation of the Issuer in an ABS Transaction other than the underwriter. 2. The applicant’s relationship to an affiliated underwriter will be disclosed in writing to all parties involved in an ABS Transaction, including the rating agencies and the ABS holders. 3. An underwriter affiliated with the applicant will not be involved in the operation of an Issuer, and its involvement in the organization of an Issuer will extend only to determining the assets to be pooled, assisting in establishing the terms of the ABS to be underwritten, and providing the sponsor with a warehouse line of credit with which to purchase the pool assets. 4. An affiliated person of the applicant, including an affiliated underwriter, will not provide credit or credit enhancement to an Issuer if the applicant serves as trustee to the Issuer. 5. An underwriter affiliated with the applicant will not engage in any remarketing agent activities, including involvement in any auction process in which ABS interest rates, yields, or dividends are reset at designated intervals in any ABS Transaction VerDate Nov<24>2008 23:12 May 04, 2009 Jkt 217001 6. All of an affiliated underwriter’s contractual obligations pursuant to the underwriting agreement will be enforceable by the sponsor. 7. Consistent with the requirements of rule 3a–7(a)(4)(i), the applicant will resign as trustee for the Issuer if applicant becomes obligated to enforce any of an affiliated underwriter’s obligations to the Issuer. 8. The applicant will not price its services as trustee in a manner designed to facilitate its affiliate being named underwriter. For the Commission, by the Division of Investment Management, under delegated authority. Elizabeth M. Murphy, Secretary. [FR Doc. E9–10254 Filed 5–4–09; 8:45 am] BILLING CODE 8010–01–P Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Monday, May 4, 2009 at 9 a.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(5), (7), and (10) and 17 CFR 200.402(a)(5), (7), and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Paredes, as duty officer, voted to consider the item listed for the Closed Meeting in closed session, and determined that no earlier notice thereof was possible. The subject matter of the Closed Meeting scheduled for Monday, May 4, 2009 will be: Institution of an injunctive action; and institution of an administrative proceeding of an enforcement nature. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Frm 00094 Fmt 4703 BILLING CODE P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59834; File No. SR– NYSEAmex–2009–14] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Amex Equities Rules 1000, 60 and 123C To Be More Consistent With the Trading Characteristics of Securities Traded on NYSE Amex April 28, 2009. SECURITIES AND EXCHANGE COMMISSION PO 00000 Dated: April 30, 2009. Elizabeth M. Murphy, Secretary. [FR Doc. E9–10400 Filed 5–1–09; 11:15 am] Sfmt 4703 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 April 20, 2009, NYSE Amex LLC (‘‘NYSE Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend NYSE Amex Equities Rule 1000 (‘‘Automatic Execution of Limit Orders Against Orders Reflected in Exchange Published Quotation’’), NYSE Amex Equities Rule 60 (‘‘Dissemination of Quotations’’) and NYSE Amex Equities Rule 123C (‘‘Market on the Close Policy and Expiration Procedures’’) to be more consistent with the trading characteristics of securities traded on NYSE Amex. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and https://www.nyse.com. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. E:\FR\FM\05MYN1.SGM 05MYN1

Agencies

[Federal Register Volume 74, Number 85 (Tuesday, May 5, 2009)]
[Notices]
[Page 20764]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-10400]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Monday, May 4, 
2009 at 9 a.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(5), (7), and (10) and 17 CFR 200.402(a)(5), (7), 
and (10), permit consideration of the scheduled matters at the Closed 
Meeting.
    Commissioner Paredes, as duty officer, voted to consider the item 
listed for the Closed Meeting in closed session, and determined that no 
earlier notice thereof was possible.
    The subject matter of the Closed Meeting scheduled for Monday, May 
4, 2009 will be:
    Institution of an injunctive action; and
    institution of an administrative proceeding of an enforcement 
nature.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact:
    The Office of the Secretary at (202) 551-5400.

    Dated: April 30, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-10400 Filed 5-1-09; 11:15 am]
BILLING CODE P
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