SEC News Digest

COMMISSION ANNOUNCEMENTS

Michael Dicke Named Associate Regional Director for Enforcement in SEC's San Francisco Regional Office

Today, the Commission announced the promotion of Michael Dicke to Associate Regional Director for Enforcement in the agency's San Francisco Regional Office. Mr. Dicke will lead a large staff of attorneys, accountants and other professionals who investigate and litigate federal securities law violations in Northern California, Oregon, Washington, Montana, Idaho, and Alaska.

Mr. Dicke, 44, joined the SEC in 1996 as a staff attorney after five years in private practice. Since then, he has served in several supervisory capacities. Most recently, Mr. Dicke served as an Assistant Regional Director for Enforcement since 2005. He replaces Marc Fagel, who was recently promoted to Regional Director of the San Francisco office.

"For more than a decade, Mike has been investigating and bringing important cases for the benefit of investors," said Linda Chatman Thomsen, Director of the SEC's Division of Enforcement. "Mike is an outstanding lawyer who has been instrumental in the success of the San Francisco office. It has been a great privilege to work with him."

Mr. Fagel said, "Mike enjoys tackling cutting-edge legal issues, and is tenacious but even-handed in pursuing wrongdoers. Investors are fortunate to have him as their advocate."

Mr. Dicke added, "It is a great honor to work closely with so many exceptionally talented and dedicated colleagues in the San Francisco office. I am proud to be part of a group that demonstrates on a daily basis its commitment to vigorous securities law enforcement that furthers the Commission's mission of protecting the investing public."

During his tenure at the SEC, Mr. Dicke has investigated, litigated, and supervised numerous high profile and significant enforcement actions brought by the San Francisco office. Among other things, Mr. Dicke has played a significant role in overseeing many recent stock option backdating cases, as well as multiple cases involving financial fraud by public companies, investment adviser and mutual fund misconduct, and penny stock fraud.

Mr. Dicke received his J.D. degree magna cum laude from the University of Minnesota Law School in 1990, and his B.A. from Gustavus Adolphus College in 1986. (Press Rel. 2008-192)

ENFORCEMENT PROCEEDINGS

Commission Revokes Registration of Securities of Open EC Technologies, Inc. for Failure to Make Required Periodic Filings

On September 10, the Commission revoked the registration of each class of registered securities of Open EC Technologies, Inc. (Open EC) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Open EC consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Open EC Technologies, Inc. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of Open EC's securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against Open EC in In the Matter of Ocean Resources, Inc., et al., Administrative Proceeding File No. 3-13139.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

"No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . ."

For further information, see Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Open EC Technologies, Inc., In the Matter of Ocean Resources, Inc., et al., Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Ocean Resources, Inc., et al., Administrative Proceeding File No. 3-13139, Exchange Act Release No. 58384 (August 19, 2008). (Rel. 34-58501; File No. 3-13139)

SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by NYSE Arca (SR-NYSEArca-2008-97) amending its schedule of fees and charges for exchange services in order to establish a new fee for electronically executed Complex Orders has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58473)

A proposed rule change filed by the International Securities Exchange relating to non-displayed penny quotes and orders (SR-ISE-2008-36) has become immediately effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58486)

A proposed rule change filed by the New York Stock Exchange (SR-NYSE-2008-81) to suspend the operation of NYSE Rule 123D with respect to trading in the securities of Fannie Mae and Freddie Mac has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58488)

Proposed Rule Changes

The Commission issued notice of a proposed rule change submitted by NYSE Arca (SR-NYSEArca-2008-92) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to listing of MacroShares Major Metro Housing Trusts. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58469)

A proposed rule change (SR-NASDAQ-2008-073) filed by The NASDAQ Stock Market to trade shares of 12 funds of the WisdomTree Trust pursuant to unlisted trading privileges has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58489)

Approval of Proposed Rule Changes

The Commission approved a proposed rule change (SR-NYSEArca-2008-79) submitted by NYSE Arca to list and trade ELEMENTSSM linked to the CS/RT Emerging Infrastructure Total Return Index Powered by HOLT™ due 2023. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58474)

The Commission approved a proposed rule change (SR-NYSE-2008-59) submitted by the New York Stock Exchange to reduce the period within which companies must issue a press release after the Exchange notifies them that they are noncompliant with Exchange listing requirements. Publication is expected in the Federal Register during the week of September 8. (Rel. 34-58487)

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http://www.sec.gov/news/digest/2008/dig091008.htm