Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 / Notices 5007 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

statements contained therein) complied 

as to form in all material respects with 

the requirements of the 1933 Act (and 

with the Trust Indenture Act of 1939, as 

amended, if applicable) and nothing has 

come to counsel’s attention that would 

lead counsel to believe that the 

registration statement at the time it 

became effective contained an untrue 

statement of a material fact or omitted 

to state a material fact required to be 

stated therein or necessary to make the 

statements therein not misleading or 

that the prospectus at the time the 

registration statement became effective 

or at the time of sale of the security 

contained an untrue statement of a 

material fact or omitted to state a 

material fact necessary in order to make 

the statements therein, in the light of the 

circumstances under which they were 

made, not misleading.] 

[Prior to the consummation of the sale 

of the security, counsel shall furnish a 

statement to the Exchange as to the 

action taken in order to comply with the 

state ‘‘blue sky’’ law of any state in 

which the security is offered or sold.] 

[Without limiting the generality of the 

foregoing, counsel, among other things, 

is expected to give appropriate 

consideration to (a) any other 

transactions pursuant to which the 

member organization has raised capital 

in the past, or expects to do so in the 

future, (b) the disclosure of material 

information regarding the member 

organization to offerees of the security, 

and (c) the need for representation by 

the purchaser of the securities as to his 

intention to hold the securities for 

investment.] 

(e) through (f) No Change. 

• • • Supplementary Material: —— 

Information Regarding Partnership 

Articles 

.10 through .12 No Change. 

[.14 A–B–C agreements.—[Rescinded 

by NYSE–2005–77].] 

[.18 Sole board member provision.— 

[Removed by NYSE–2005–77].] 

Information Regarding Member 

Corporations 

.20 through. 23 No Change. 

* * * * * 

Rule 416. Questionnaires and Reports 

(a) No Change. 

(b) No Change. 

(c) No Change. 

• • • Supplementary Material: —— 

.10 No Change. 

.20 Reserved. [Each member and 

member organization shall, on an 

ongoing basis and in such format as the 

Exchange may require, submit to the 

Exchange, or its designated agent, 

prescribed data of the member or 

member organization, and of any brokerdealer that is a party to a carrying 

agreement with a member or member 

organization pursuant to NYSE Rule 

382.] 

* * * * * 

Text of NASD Rules to be Deleted in 

Their Entirety from the Transitional 

Rulebook 

* * * * * 

3100. BOOKS AND RECORDS, AND 

FINANCIAL CONDITION 

* * * * * 

[3130. Regulation of Activities of 

Members Experiencing Financial and/or 

Operational Difficulties] 

Entire text deleted. 

[IM–3130. Restrictions on a Member’s 

Activity] 

Entire text deleted. 

[3131. Regulation of Activities of 

Section 15C Members Experiencing 

Financial and/or Operational 

Difficulties] 

Entire text deleted. 

* * * * * 

Text of Incorporated NYSE Rules and 

NYSE Rule Interpretations to be 

Deleted in Their Entirety from the 

Transitional Rulebook 

Incorporated NYSE Rules 

* * * * * 

[Rule 325. Capital Requirements 

Member Organizations] 

Entire text deleted. 

[Rule 326(a). Growth Capital 

Requirement] 

Entire text deleted. 

[Rule 326(b). Business Reduction 

Capital Requirement] 

Entire text deleted. 

[Rule 326(c). Unsecured Loans and 

Advances] 

Entire text deleted. 

[Rule 326(d). Reduction of 

Elimination of Loans and Advances] 

Entire text deleted. 

* * * * * 

[Rule 328. Sale-And-Leasebacks, 

Factoring, Financing and Similar 

Arrangements] 

Entire text deleted. 

* * * * * 

[Rule 418. Audit] 

Entire text deleted. 

* * * * * 

[Rule 420. Reports of Borrowings and 

Subordinate Loans For Capital 

Purposes] 

Entire text deleted. 

[Rule 421. Periodic Reports] 

Entire text deleted. 

* * * * * 

NYSE RULE INTERPRETATION 

[NYSE Rule 313 SUBMISSION OF 

PARTNERSHIP ARTICLES] 

[SUBMISSION OF CORPORATE 

DOCUMENTS] 

[(d) OPINION OF COUNSEL] 

[/01 Loans, Demand Notes and 

Partners’ Contributions] 

Entire text deleted. 

[/02 Independent Counsel] 

Entire text deleted. 

* * * * * 

[Rule 325 CAPITAL 

REQUIREMENTS] 

[(c)(1) Long Put or Call Options] 

Entire text deleted. 

[/01 SEC no-action letter to NYSE 

dated January 31, 1990 provides interim 

conditions for recognition of long 

unlisted options, for U.S. Government 

debt securities endorsed or guaranteed 

by a limited group of narrowly defined 

issuers.] 

Entire text deleted. 

* * * * * 

[Rule 416 QUESTIONNAIRES AND 

REPORTS] 

[/01 Gold and Silver Offerings] 

Entire text deleted. 

* * * * * 

[FR Doc. E9–1807 Filed 1–27–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59276; File No. SR–ISE– 

2009–02] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to the Extension of a 

Pilot Program for Directed Orders 

January 22, 2009. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’ or ‘‘Act’’),1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on January 12, 2009, the 

International Securities Exchange, LLC 

(‘‘ISE’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the ISE. The proposed rule 

change has been filed by the ISE as 

effecting a change in an existing orderentry or trading system pursuant to 

Section 19(b)(3)(A) of the Act,3 and Rule 


sroberts on PROD1PC70 with NOTICES
5008 Federal Register / Vol. 74, No. 17 / Wednesday, January 28, 2009 / Notices 

4 17 CFR 240.19b–4(f)(5). 

5Exchange Act Release No. 53104 (January 11, 

2006), 71 FR 3142 (January 19, 2006) (Notice of 

Filing and Immediate Effectiveness of SR–ISE– 

2006–02). 

6Exchange Act Release No. 53103 (January 11, 

2006), 71 FR 3144 (January 19, 2006) (Notice of 

Filing of SR–ISE–2006–01). 

7Exchange Act Release No. 57196 (January 24, 

2008), 73 FR 5615 (January 30, 2008) (Notice of 

Filing and Immediate Effectiveness of SR–ISE– 

2008–08). 

8The ISE anticipated that extension of the pilot 

might be necessary and included this in the filing 

for the initial pilot. See supra note 5, at footnote 

5. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(5). 11 17 CFR 200.30–3(a)(12). 

19b–4(f)(5) thereunder,4 which renders 

the proposal effective upon filing with 

the Commission. 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 ISE is proposing to extend the 

pilot period for the system change that 

identifies to a Directed Market Maker 

(‘‘DMM’’) the identity of the firm 

entering a Directed Order until May 29, 

2009. 

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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization has 

prepared summaries, set forth in 

Sections A, B and C below, of 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 

On January 5, 2006, the ISE initiated 

a system change to identify to a DMM 

the identity of the firm entering a 

Directed Order. The ISE filed this 

system change on a pilot basis under 

Section 19(b)(3)(A) of the Exchange Act 

of 1934 (the ‘‘Exchange Act’’) and Rule 

19b–4(f)(5) thereunder5 so that it would 

be effective while the Commission 

considered a separate proposed rule 

change filed under Section 19(b)(2) of 

the Exchange Act to amend the ISE’s 

rules to reflect the system change on a 

permanent basis (the ‘‘Permanent Rule 

Change’’).6 The current pilot expires on 

January 31, 2009,7 but the Commission 

has not yet taken action with respect to 

the Permanent Rule Change. 

Accordingly, the Exchange proposes to 

extend the pilot for an additional four 

months, until May 29, 2009, so that the 

system change will remain in effect 

while the Commission continues to 

evaluate the Permanent Rule Change.8

2. Statutory Basis 

The basis under the Exchange Act is 

found in Section 6(b)(5), in that the 

propose rule change is designed to 

promote just and equitable principles of 

trade, remove impediments to and 

perfect the mechanisms of a free and 

open market and a national market 

system and, in general, to protect 

investors and the public interest. 

Extension of the pilot program will 

allow the Exchange to continue 

operating under the pilot while the 

Commission considers the Permanent 

Rule Change. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the 

Exchange Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any written 

comments from members or other 

interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Exchange Act9 and Rule 19b– 

4(f)(5)10 thereunder. At any time within 

60 days of the filing of such 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. 

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 rulecomments@sec.gov. Please include File 

Number SR–ISE–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–ISE–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, 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 ISE. 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–ISE–2009–02 and should be 

submitted on or before February 18, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–1808 Filed 1–27–09; 8:45 am] 

BILLING CODE 8011–01–P 


sroberts on PROD1PC70 with NOTICES