[Federal Register: August 21, 2007 (Volume 72, Number 161)]
[Notices]
[Page 46695-46696]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21au07-119]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56257; File No. SR-NYSEArca-2007-83]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delete Obsolete
Rules Relating to the Trading of Gold and Silver Bullion
August 15, 2007
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 3, 2007, NYSE Arca, Inc. (``Exchange''), through its wholly
owned subsidiary, NYSE Arca Equities, Inc. (``NYSE Arca Equities'' or
``Corporation''), filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
NYSE Arca has designated this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend NYSE Arca Equities Rule 4.1 (Minimum
Net Capital) by deleting Commentary .02 (Trading in Gold and Silver
Bullion) thereto. The text of the proposed rule change is available at
the Exchange, the Commission's Public Reference Room, and http://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 Exchange 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. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of
[[Page 46696]]
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
1. Purpose
The Corporation has determined that Commentary .02 to NYSE Arca
Equities Rule 4.1, which relates to trading in gold and silver bullion,
is obsolete because the Corporation no longer trades gold and silver
bullion. Therefore, the Corporation proposes to delete Commentary .02
from NYSE Arca Rule 4.1. In 2005, the Exchange filed a proposed rule
change that sought to delete a similar rule related to trading options
on gold and silver bullion, but failed to make the same filing for its
equities rules.\5\
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\5\ See Securities Exchange Act Release No. 51281 (March 1,
2005), 70 FR 11296 (March 8, 2005) (SR-PCX-2005-21) (seeking to
delete certain obsolete rules, including Commentary .02 to PCX Rule
4.1, which relates to trading in gold and silver bullion).
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2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\6\ in general, and Section 6(b)(5) of the Act,\7\ in
particular, in that it will promote just and equitable principles of
trade, facilitate transactions in securities, remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and protect investors and the public interest.
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\6\ 15 U.S.C. 78f(b).
\7\ 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) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\9\ Because the foregoing proposed rule change (1) does not
significantly affect the protection of investors or the public
interest, (2) does not impose any significant burden on competition,
and (3) 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,
the proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b-4(f)(6)(iii) thereunder. As
required under Rule 19b-4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file the proposed rule
change at least five business days before doing so.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. 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 asked the Commission to waive the
operative delay in this case. The Commission believes that waiving the
30-day operative delay is consistent with the protection of investors
and the public interest because Commentary .02 to NYSE Arca Equities
Rule 4.1 no longer serves any purpose, and hereby grants the Exchange's
request.\10\
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\10\ For 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 may summarily abrogate the 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 (http://www.sec.gov/rules/sro.shtml.
); or Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-NYSEArca-2007-83 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2007-83.
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 Commissions Internet Web site (http://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, 100 F Street,
NE., Washington, DC 20549, 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-NYSEArca-2007-83 and should
be submitted on or before September 11, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-16395 Filed 8-20-07; 8:45 am]
BILLING CODE 8010-01-P