Sunshine Act Meeting, 20764 [E9-10400]
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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
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23:12 May 04, 2009
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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