Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Calculation of Net Asset Value for the iShares® Gold Trust, 76056-76058 [2010-30574]
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Federal Register / Vol. 75, No. 234 / Tuesday, December 7, 2010 / Notices
notice. To verify the status of meetings,
call (recording)—(301) 415–1292.
Contact person for more information:
Rochelle Bavol, (301) 415–1651.
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SECURITIES AND EXCHANGE
COMMISSION
Dated: December 2, 2010.
Rochelle C. Bavol,
Policy Coordinator, Office of the Secretary.
[Release No. 34–63398; File No. SR–
NYSEArca–2010–105]
BILLING CODE 7590–01–P
OVERSEAS PRIVATE INVESTMENT
CORPORATION
Cancellation of December 9, 2010 Board
Meeting
OPIC’s Sunshine Act notice of its
Board meeting was published in the
Federal Register (Volume 75, Number
210, Page 67145) on November 1, 2010.
There being no business to bring before
the Board, the meeting has been
cancelled.
CONTACT PERSON FOR INFORMATION:
Information on the hearing cancellation
may be obtained from Connie M. Downs
at (202) 336–8438, via facsimile at (202)
218–0136, or via e-mail at
Connie.Downs@opic.gov.
PLACE:
DC.
DATE AND TIME OF PREVIOUSLY ANNOUNCED
MEETING: Thursday, December 9, 2010 at
2 p.m.
Time change.
The closed meeting scheduled for
Thursday, December 9, 2010 at 2 p.m.
has been changed to Thursday,
December 9, 2010 at 1 p.m.
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.
CHANGE IN THE MEETING:
Dated: December 2, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–30731 Filed 12–3–10; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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 November
23, 2010, 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 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 represent
that the iShares® Gold Trust (‘‘Trust’’),
[FR Doc. 2010–30915 Filed 12–3–10; 4:15 pm]
1 15
BILLING CODE 3210–01–P
2 17
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Closed meeting.
100 F Street, NE., Washington,
STATUS:
November 30, 2010.
Sunshine Act Notice
emcdonald on DSK2BSOYB1PROD with NOTICES
FEDERAL REGISTER CITATION OF
PREVIOUS ANNOUNCEMENT:
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to the
Calculation of Net Asset Value for the
iShares® Gold Trust
[FR Doc. 2010–30846 Filed 12–3–10; 4:15 pm]
Dated: December 3, 2010.
Connie M. Downs,
OPIC Corporate Secretary.
Sunshine Act Meeting
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00105
Fmt 4703
Sfmt 4703
which is currently listed on the
Exchange, will value the gold owned by
the iShares Gold Trust on the basis of
the London PM Fix instead of the
COMEX settlement price for the spot
month gold futures contract for
purposes of calculating the net asset
value of shares (‘‘Shares’’) of the Trust.
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
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 iShares® Gold Trust (‘‘Trust’’)
(formerly known as the iShares®
COMEX Gold Trust) is currently listed
on the Exchange 3 under NYSE Arca
Equities Rule 8.201 (Commodity-Based
Trust Shares).4 The Trust was initially
listed on the American Stock Exchange
LLC (now known as NYSE Amex LLC
(‘‘NYSE Amex’’)).5 According to the
Trust’s registration statement on Form
S–3, filed with the Commission under
the Securities Act of 1933,6 the objective
of the Trust is for the value of the Shares
to reflect, at any given time, the price of
3 See Securities Exchange Act Release No. 56041
(July 11, 2007), 72 FR 39114 (July 17, 2007) (SR–
NYSEArca–2007–43) (order approving listing on the
Exchange of iShares COMEX Gold Trust) (‘‘NYSE
Arca Order’’).
4 Commodity-Based Trust Shares are securities
issued by a trust that represent investors’ discrete
identifiable and undivided beneficial ownership
interest in the commodities deposited into the
Trust.
5 Securities Exchange Act Release No. 51058
(January 19, 2005), 70 FR 3749 (January 26, 2005)
(SR–Amex–2004–38) (order approving listing of
iShares COMEX Gold Trust on the American Stock
Exchange LLC) (‘‘Amex Order’’). Notice for SR–
Amex–2004–38 was published in Securities
Exchange Act Release No. 50792 (December 3,
2004) (‘‘Amex Notice’’).
6 15 U.S.C. 77a.
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gold owned by the Trust at that time
less the Trust’s expenses and liabilities.7
The sponsor of the Trust is BlackRock
Asset Management International Inc., a
Delaware corporation and an indirect
subsidiary of BlackRock, Inc. The
trustee is The Bank of New York Mellon
(‘‘Trustee’’) and JPMorgan Chase Bank,
N.A., London branch, is the custodian
for the Trust.
The Trust has determined to change
the price benchmark which the Trust
uses to value the gold that it owns from
that described in the Amex Notice and
referenced in the NYSE Arca Order.
According to the Registration Statement,
the net asset value (‘‘NAV’’) of the Trust
is obtained by subtracting the Trust’s
expenses and liabilities on any day from
the value of the gold owned by the Trust
on that day; the net asset value per
Share, or NAV, is obtained by dividing
the NAV of the Trust on a given day by
the number of Shares outstanding on
that date. On each day on which NYSE
Arca is open for regular trading, the
Trustee determines the NAV as
promptly as practicable after 4 p.m.
(Eastern time).
The Trustee currently values the
Trust’s gold on the basis of that day’s
COMEX settlement price for the spot
month gold futures contract (the futures
contract closest to maturity on that day).
Going forward, the Trustee will value
the Trust’s gold on the basis of the
London PM Fix.8 The Commission
previously has approved listing of
Commodity-Based Trust Shares based
on gold for which a trust’s gold holdings
are valued based on the London PM
Fix.9
7 See the registration statement for the iShares®
Gold Trust on Form S–3, filed with the Commission
on June 28, 2010 (No. 333–167807) (‘‘Registration
Statement’’).
8 On November 23, 2010, the Trust filed a Form
8–K with the Commission relating to the
prospective change of the benchmark used to value
the gold held by the Trust (File No. 001–32418),
which is available on the Commission’s Web site at
https://www.sec.gov and on the Trust’s Web site at
https://www.iShares.com. Following the
effectiveness of the proposed rule change, the Trust
(1) will issue a press release informing the public
of the date the Trust will first use the London PM
Fix to value the gold held by the Trust; (2) will file
the press release with the Commission by means of
Form 8–K, which will be available on the Trust’s
Web site; and (3) will file an amendment to the
Registration Statement on Form S–3 relating to the
proposed change. See e-mail from Michael Cavalier,
Chief Counsel, NYSE Euronext, to Christopher W.
Chow, Special Counsel, Commission, dated
November 29, 2010.
9 See Securities Exchange Act Release Nos. 56224
(August 8, 2007), 72 FR 45850 (August 15, 2007)
(SR–NYSEArca–2007–76) (approving listing on the
Exchange of the streetTRACKS Gold Trust); 50603
(October 28, 2004), 69 FR 64614 (November 5, 2004)
(SR–NYSE–2004–22) (order approving listing of
streetTRACKS Gold Trust on NYSE); 59895 (May 8,
2009) (order approving listing on the Exchange of
ETFS Gold Trust). These proposed rule changes
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Apart from the price benchmark used
for valuing the Trust’s gold holdings,
the representations made in the Amex
Notice and Amex Order, and referenced
in the NYSE Arca Order, continue to
apply, except for the following: (1) The
name of the Trust is changed; (2) the
Trust’s sponsor and custodian are
changed; and (3) the Trust represents
that it is exempt from the requirements
of Rule 10A–3 under the Act pursuant
to paragraph (c)(7) of that rule.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 10 of the
Act, in general, and furthers the
objectives of Section 6(b)(5),11 in
particular, in that 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
mechanisms of a free and open market
and a national market system. The
Exchange believes that the proposed
rule change will facilitate the listing and
trading of an additional type of
exchange-traded product that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
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 12 and Rule
19b–4(f)(6) thereunder.13 Because the
proposed rule change does not: (i)
include descriptions of the London bullion market
and the London AM and PM Fixes. In addition,
these proposed rule changes, as well as the Amex
Notice and Amex Order include descriptions of the
OTC gold market generally and regulation of the
gold market.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
12 15 U.S.C. 78s(b)(3)(A)(iii).
13 17 CFR 240.19b–4(f)(6).
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76057
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 14 and Rule 19b–4(f)(6)(iii)
thereunder.15
A proposed rule change filed under
19b–4(f)(6) 16 normally may not become
operative prior to 30 days after the date
of filing.17 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. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest. As
noted above,18 the Commission has
approved the listing and trading of other
issues of Commodity-Based Trust
Shares that are valued using the same
methodology proposed for the Trust,
and therefore believes that no
significant purpose would be served by
a 30-day operative delay. For these
reasons, the Commission designates the
proposed rule change to be operative
upon filing with the Commission.19
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend 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
14 15
15 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
16 Id.
17 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization 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.
18 See supra note 9 and accompanying text.
19 For the 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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Federal Register / Vol. 75, No. 234 / Tuesday, December 7, 2010 / Notices
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–2010–105 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.
SECURITIES AND EXCHANGE
COMMISSION
interested persons on the proposed
OPRA Plan amendment.
[Release No. 34–63400; File No. SR–OPRA–
2010–04)
I. Description and Purpose of the Plan
Amendment
The purpose of this filing is to revise
Sections 4.04 and 4.15 of the OPRA
Spec, which set forth message type
codes indicating the characteristics of
particular disseminated options
quotations, in order to add codes
specifying that either the bid side or the
offer side, but not both sides, of a
quotation is not firm. Under Sections
4.04 and 4.15 as currently in effect, code
‘‘F’’ is appended to a quotation where
both the bid side and the offer side are
not firm. This code may be used, for
example, where systems or
communications problems at an
exchange prevent that exchange from
sending firm quotes to OPRA for
dissemination, but where the exchange
is capable of providing non-firm quotes
to indicate some sense of its market
notwithstanding its systems problems.
Even if an exchange is not having
systems problems, it might use code ‘‘F’’
to indicate that its quotes are not
available for automatic execution
because, for example, the quotes are
disseminated outside of the hours when
automatic execution facilities are in use.
However, there are no codes in Sections
4.04 and 4.15 to indicate that one side
of a quote is not firm while the other
side is firm. This situation could arise,
for example, when an exchange is in the
process of collecting liquidity, either
during an auction or when there is a
price-driven integrity pause. In this
situation, OPRA believes it would be
more useful to OPRA subscribers if the
affected exchange and OPRA could
indicate that one side of a quote is firm
and the other side is not firm rather than
not displaying the quote at all or
displaying it under the ‘‘F’’ code, which
would incorrectly indicate that neither
side of the quote is firm.
In the absence of a one-side only nonfirm code, in accordance with the
current OPRA Spec, exchanges have
displayed a zero value for the price and
size of that side of a quote that is not
firm while showing the actual price and
size of the firm side of the quote. This
has proved to be a less than optimal
solution because it does not provide a
way to indicate that there is bid or offer
interest even if it is not available for
automatic execution at that time.
Bidding or offering at zero price and
zero size means that no offer side or no
bid side interests exists, which may not
correctly reflect the actual state of the
market. For this reason, OPRA is now
proposing to add to Sections 4.04 and
4.15 of the OPRA Spec two new codes:
Options Price Reporting Authority;
Notice of Filing and Immediate
Effectiveness of Proposed Amendment
To Revise Section 4.04 of the Data
Recipient Interface Specification and
Section 4.15 of the Participant
Interface Specification and Make
Conforming Changes to Appendix D
November 30, 2010.
emcdonald on DSK2BSOYB1PROD with NOTICES
Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 608 thereunder,2
notice is hereby given that on November
9, 2010, the Options Price Reporting
Authority (‘‘OPRA’’) submitted to the
All submissions should refer to File
Securities and Exchange Commission
Number SR–NYSEArca–2010–105. This
(‘‘Commission’’) an amendment to the
file number should be included on the
Plan for Reporting of Consolidated
subject line if e-mail is used. To help the
Options Last Sale Reports and
Commission process and review your
Quotation Information (‘‘OPRA Plan’’).3
comments more efficiently, please use
The proposed amendment would make
only one method. The Commission will
identical changes to Section 4.04 of
post all comments on the Commission’s
OPRA’s Data Recipient Interface
Internet Web site (https://www.sec.gov/
Specification and Section 4.15 of its
rules/sro.shtml). Copies of the
Participant Interface Specification (both
submission, all subsequent
Specifications are collectively referred
amendments, all written statements
to herein as the ‘‘OPRA Spec’’), which
with respect to the proposed rule
govern the format in which options
change that are filed with the
market information is input to and
Commission, and all written
disseminated from the OPRA Processor,
communications relating to the
in order to add message type codes
proposed rule change between the
specifying that either the bid side or the
Commission and any person, other than
offer side, but not both sides, of a
those that may be withheld from the
quotation is not firm. OPRA also
public in accordance with the
proposes to make a conforming change
provisions of 5 U.S.C. 552, will be
to Appendix D of the OPRA Spec
available for Web site viewing and
describing Best Bid and Offer (BBO)
printing in the Commission’s Public
calculations. Sections 4.04 and 4.15 and
Reference Room, on official business
Appendix D of the OPRA Spec, marked
days between the hours of 10 a.m. and
to show the changes proposed to be
3 p.m. Copies of the filing also will be
made, are attached as Exhibits 1.1, 1.2
available for inspection and copying at
and 1.3, respectively, to the OPRA Plan
the principal office of the Exchange. All
amendment.
comments received will be posted
The Commission is publishing this
without change; the Commission does
notice to solicit comments from
not edit personal identifying
information from submissions. You
1 15 U.S.C. 78k–1.
should submit only information that
2 17 CFR 242.608.
3 The OPRA Plan is a national market system plan
you wish to make available publicly. All
approved by the Commission pursuant to Section
submissions should refer to File
11A of the Act and Rule 608 thereunder (formerly
Number SR–NYSEArca–2010–105 and
Rule 11Aa3–2). See Securities Exchange Act
should be submitted on or before
Release No. 17638 (March 18, 1981), 22 S.E.C.
December 28, 2010.
Docket 484 (March 31, 1981). The full text of the
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–30574 Filed 12–6–10; 8:45 am]
BILLING CODE 8011–01–P
20 17
CFR 200.30–3(a)(12).
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18:39 Dec 06, 2010
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OPRA Plan is available at https://
www.opradata.com.
The OPRA Plan provides for the collection and
dissemination of last sale and quotation information
on options that are traded on the participant
exchanges. The nine participants to the OPRA Plan
are BATS Exchange, Inc., Chicago Board Options
Exchange, Incorporated, C2 Options Exchange,
Incorporated, International Securities Exchange,
LLC, NASDAQ OMX BX, Inc., NASDAQ OMX
PHLX, Inc., NASDAQ Stock Market LLC, NYSE
Amex, Inc., and NYSE Arca, Inc.
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]]>Agencies
[Federal Register Volume 75, Number 234 (Tuesday, December 7, 2010)]
[Notices]
[Pages 76056-76058]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30574]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63398; File No. SR-NYSEArca-2010-105]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to the
Calculation of Net Asset Value for the iShares[supreg] Gold Trust
November 30, 2010.
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 November 23, 2010, 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 Exchange. 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\ 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 represent that the iShares[supreg] Gold
Trust (``Trust''), which is currently listed on the Exchange, will
value the gold owned by the iShares Gold Trust on the basis of the
London PM Fix instead of the COMEX settlement price for the spot month
gold futures contract for purposes of calculating the net asset value
of shares (``Shares'') of the Trust. 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 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 iShares[supreg] Gold Trust (``Trust'') (formerly known as the
iShares[supreg] COMEX Gold Trust) is currently listed on the Exchange
\3\ under NYSE Arca Equities Rule 8.201 (Commodity-Based Trust
Shares).\4\ The Trust was initially listed on the American Stock
Exchange LLC (now known as NYSE Amex LLC (``NYSE Amex'')).\5\ According
to the Trust's registration statement on Form S-3, filed with the
Commission under the Securities Act of 1933,\6\ the objective of the
Trust is for the value of the Shares to reflect, at any given time, the
price of
[[Page 76057]]
gold owned by the Trust at that time less the Trust's expenses and
liabilities.\7\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 56041 (July 11,
2007), 72 FR 39114 (July 17, 2007) (SR-NYSEArca-2007-43) (order
approving listing on the Exchange of iShares COMEX Gold Trust)
(``NYSE Arca Order'').
\4\ Commodity-Based Trust Shares are securities issued by a
trust that represent investors' discrete identifiable and undivided
beneficial ownership interest in the commodities deposited into the
Trust.
\5\ Securities Exchange Act Release No. 51058 (January 19,
2005), 70 FR 3749 (January 26, 2005) (SR-Amex-2004-38) (order
approving listing of iShares COMEX Gold Trust on the American Stock
Exchange LLC) (``Amex Order''). Notice for SR-Amex-2004-38 was
published in Securities Exchange Act Release No. 50792 (December 3,
2004) (``Amex Notice'').
\6\ 15 U.S.C. 77a.
\7\ See the registration statement for the iShares[supreg] Gold
Trust on Form S-3, filed with the Commission on June 28, 2010 (No.
333-167807) (``Registration Statement'').
---------------------------------------------------------------------------
The sponsor of the Trust is BlackRock Asset Management
International Inc., a Delaware corporation and an indirect subsidiary
of BlackRock, Inc. The trustee is The Bank of New York Mellon
(``Trustee'') and JPMorgan Chase Bank, N.A., London branch, is the
custodian for the Trust.
The Trust has determined to change the price benchmark which the
Trust uses to value the gold that it owns from that described in the
Amex Notice and referenced in the NYSE Arca Order. According to the
Registration Statement, the net asset value (``NAV'') of the Trust is
obtained by subtracting the Trust's expenses and liabilities on any day
from the value of the gold owned by the Trust on that day; the net
asset value per Share, or NAV, is obtained by dividing the NAV of the
Trust on a given day by the number of Shares outstanding on that date.
On each day on which NYSE Arca is open for regular trading, the Trustee
determines the NAV as promptly as practicable after 4 p.m. (Eastern
time).
The Trustee currently values the Trust's gold on the basis of that
day's COMEX settlement price for the spot month gold futures contract
(the futures contract closest to maturity on that day). Going forward,
the Trustee will value the Trust's gold on the basis of the London PM
Fix.\8\ The Commission previously has approved listing of Commodity-
Based Trust Shares based on gold for which a trust's gold holdings are
valued based on the London PM Fix.\9\
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\8\ On November 23, 2010, the Trust filed a Form 8-K with the
Commission relating to the prospective change of the benchmark used
to value the gold held by the Trust (File No. 001-32418), which is
available on the Commission's Web site at https://www.sec.gov and on
the Trust's Web site at https://www.iShares.com. Following the
effectiveness of the proposed rule change, the Trust (1) will issue
a press release informing the public of the date the Trust will
first use the London PM Fix to value the gold held by the Trust; (2)
will file the press release with the Commission by means of Form 8-
K, which will be available on the Trust's Web site; and (3) will
file an amendment to the Registration Statement on Form S-3 relating
to the proposed change. See e-mail from Michael Cavalier, Chief
Counsel, NYSE Euronext, to Christopher W. Chow, Special Counsel,
Commission, dated November 29, 2010.
\9\ See Securities Exchange Act Release Nos. 56224 (August 8,
2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-76)
(approving listing on the Exchange of the streetTRACKS Gold Trust);
50603 (October 28, 2004), 69 FR 64614 (November 5, 2004) (SR-NYSE-
2004-22) (order approving listing of streetTRACKS Gold Trust on
NYSE); 59895 (May 8, 2009) (order approving listing on the Exchange
of ETFS Gold Trust). These proposed rule changes include
descriptions of the London bullion market and the London AM and PM
Fixes. In addition, these proposed rule changes, as well as the Amex
Notice and Amex Order include descriptions of the OTC gold market
generally and regulation of the gold market.
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Apart from the price benchmark used for valuing the Trust's gold
holdings, the representations made in the Amex Notice and Amex Order,
and referenced in the NYSE Arca Order, continue to apply, except for
the following: (1) The name of the Trust is changed; (2) the Trust's
sponsor and custodian are changed; and (3) the Trust represents that it
is exempt from the requirements of Rule 10A-3 under the Act pursuant to
paragraph (c)(7) of that rule.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \10\ of
the Act, in general, and furthers the objectives of Section
6(b)(5),\11\ in particular, in that 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 mechanisms of a free and open
market and a national market system. The Exchange believes that the
proposed rule change will facilitate the listing and trading of an
additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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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 \12\ and Rule 19b-4(f)(6) thereunder.\13\
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 \14\ and Rule 19b-
4(f)(6)(iii) thereunder.\15\
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\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under 19b-4(f)(6) \16\ normally may
not become operative prior to 30 days after the date of filing.\17\
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. The Exchange has requested that the
Commission waive the 30-day operative delay. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. As noted above,\18\
the Commission has approved the listing and trading of other issues of
Commodity-Based Trust Shares that are valued using the same methodology
proposed for the Trust, and therefore believes that no significant
purpose would be served by a 30-day operative delay. For these reasons,
the Commission designates the proposed rule change to be operative upon
filing with the Commission.\19\
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\16\ Id.
\17\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization 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.
\18\ See supra note 9 and accompanying text.
\19\ For the 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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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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
[[Page 76058]]
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-2010-105 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-2010-105. 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 Web site
viewing and printing in the Commission's Public Reference Room, on
official business days between the hours of 10 a.m. and 3 p.m. Copies
of the 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-2010-105 and should be submitted on or before
December 28, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-30574 Filed 12-6-10; 8:45 am]
BILLING CODE 8011-01-P
