[Federal Register: January 27, 2009 (Volume 74, Number 16)]
[Notices]
[Page 4800-4802]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27ja09-75]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59264; File No. SR-NYSEArca-2009-02]
Self-Regulatory Organizations; Notice of Filing of and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. To Amend or
Eliminate Unnecessary Rule Text
January 16, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on January 8, 2009, 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 self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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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 or eliminate several of its rules in
order to remove unnecessary rule text related to terms or systems that
are now obsolete. The text of the proposed rule change is attached to
the proposed rule change as Exhibit 5. A copy of this filing is
available on the Exchange's Web site at http://www.nyse.com, at the
Exchange's principal office and at the Commission's Public Reference
Room.
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 purpose of this filing by NYSE Arca is to correct certain NYSE
Arca cross-references and remove obsolete and unnecessary rule text. By
abolishing these out-dated references and correcting cross-references,
the Exchange is not changing or altering any obligation, rights,
policies or practices enumerated within its rules.
The specific proposed changes are discussed in further detail
below.
Rule 5.3(g). Criteria for Underlying Securities: The
Exchange is changing the numbering within the rule because two
separate rule filings were approved at different times which
affected the numbering within the rule.\4\
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\4\ See SR-NYSEArca-2008-108, Securities Exchange Act Release
No. 34-59004 [sic] (November 24, 2008) 73 FR 207 [sic] (October 24,
2008) [sic] (filing seeking approval for listing and trading of
options on Managed Fund Shares) and SR-NYSEArca-2008-66, Securities
[sic] Act Release No. 34-59055 [sic] (December 4, 2008) 73 FR 238
[sic] (December 10, 2008) (filing seeking approval for Listing and
Trading Options on Shares of the iShares COMEX Gold Trust and the
iShares Silver Trust).
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[[Page 4801]]
Rule 6.20(a). Time Synchronization: The Exchange is
changing the rule reference from Rule 4.25 to Rule 11.18.
Rule 6.34. Trading by OTP Holders and OTP Firms on the
Floor: The Exchange is eliminating the references to Rule 6.38 and
Rule 6.52(a) in Commentary .01 as those rules are obsolete and no
longer exist.
Rule 6.48(c). Discretionary Transaction: The Exchange
is changing the rule reference from Rule 6.39 to Rule 6.84.
Rule 6.75(f)(1). Priority and Order Allocation
Procedures--Open Outcry: The Exchange is eliminating the phrase
related to ``Exchange officer'' as this now obsolete.
Rule 6.78(e)(1)(E). Transactions Off the Exchange: The
Exchange is changing the rule reference from Rule 8.103 to Rule
5.33.
Rule 6.78. Transaction Off the Exchange. Commentary:
The Exchange is removing the Rule 7.9 Meaning of Premium Bids and
Offers, Index Options reference as this rule is now obsolete and no
longer exists.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\5\ in general, and furthers the objectives of Section 6(b)(5)
of the Act,\6\ in particular, because 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 mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Exchange believes that the
proposed rule change will clarify the rule cross-references and
eliminate unnecessary confusion in its rule structure.
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\5\ 15 U.S.C. 78f(b).
\6\ 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 \7\ and Rule 19b-4(f)(6) thereunder.\8\
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 \9\ and Rule 19b-
4(f)(6)(iii) thereunder.\10\
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission
may 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 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange believes the
waiver of this period will allow it to immediately remove outdated and
obsolete references and terms contained in Exchange rules without
delay. The Commission has determined that waiving the 30-day operative
delay of the Exchange's proposal is consistent with the protection of
investors and the public interest because such waiver will allow the
Exchange to promptly remove obsolete references and terms contained in
its rules, thereby avoiding further potential confusion and ensuring
that the rule text of the Exchange is accurate.\13\ Therefore, the
Commission designates the proposal as operative upon filing. At any
time within 60 days of the filing of the proposed rule change, the
Commission may summarily abrogate 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.
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ 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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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 Number SR-NYSEArca-2009-02 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-2009-02. 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 (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 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-2009-02 and should be submitted on or before
February 17, 2009.
[[Page 4802]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-1672 Filed 1-26-09; 8:45 am]
BILLING CODE 8011-01-P