5690 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6)(iii) 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Form SH (17 CFR 249.326T) is 

required to be submitted to the 

Commission by institutional investment 

managers subject to the existing Form 

13F (17 CFR 249.325) filing 

requirements on the first business day of 

each week in which the institutional 

investment manager has entered into 

any new short positions or closed part 

or all of any short positions with respect 

to any Section 13(f) (15 U.S.C. 78m(f)) 

securities except for options. We 

estimate that 1,000 institutional 

investment managers subject to the 

Form 13F filing requirements will file 

Form SH to report the entry into short 

positions with respect to Section 13(f) 

securities. We estimate that each will 

file 36 Form SH reports during the ninemonth period that Rule 10a–3T will be 

in effect. We further estimate that each 

of the 1,000 institutional investment 

managers will spend an average of 20 

hours preparing each Form SH. 

Therefore the estimated total reporting 

burden associated with Form SH is 

720,000 hours (1,000 respondents × 20 

hours per form × 36 forms). 

Written comments are invited on: (a) 

Whether this collection of information 

is necessary for the proper performance 

of the functions of the agency, including 

whether the information will have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden imposed 

by the collection of information; (c) 

ways to enhance the quality, utility, and 

clarity of the information collected; and 

(d) ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to Charles Boucher, Director/CIO, 

Securities and Exchange Commission, 

c/o Shirley Martinson, 6432 General 

Green Way, Alexandria, Virginia 22312; 

or send an e-mail to: 

PRA_Mailbox@sec.gov. 

January 26, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2019 Filed 1–29–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Future Canada China 

Environment Inc.; Order of Suspension 

of Trading 

January 28, 2009. 

It appears to the Securities and 

Exchange Commission that the public 

interest and the protection of investors 

require a suspension of trading in the 

securities of Future Canada China 

Environment Inc. Questions have arisen 

concerning recent trading activity in the 

company’s stock during which its share 

price increased from $0.92 to $28.50. 

Questions have also arisen concerning 

the accuracy and adequacy of publicly 

available information regarding its 

potential acquisition of another 

company. Future Canada China 

Environment Inc., a company that has 

made public filings with the 

Commission, is quoted on the OTC 

Bulletin Board and Pink Sheets operated 

by Pink OTC Markets Inc. under the 

ticker symbol ‘‘FCCE.’’ 

The Commission is of the opinion that 

the public interest and the protection of 

the investors require a suspension of 

trading in securities of the above-listed 

company. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the abovelisted company is suspended for the 

period from 9:30 a.m. EST, January 28, 

2009, through 11:59 p.m. EST, on 

February 10, 2009. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–2159 Filed 1–28–09; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59292; File No. SR–BATS– 

2009–003] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BATS Rule 2.5, 

Entitled ‘‘Restrictions,’’ and BATS Rule 

11.4, Entitled ‘‘Authorized Traders.’’ 

January 23, 2009. 

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 January 

16, 2009, BATS Exchange, Inc. (‘‘BATS’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it 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 Exchange is proposing to amend 

BATS Rule 2.5, entitled ‘‘Restrictions,’’ 

and BATS Rule 11.4, entitled 

‘‘Authorized Traders,’’ to permit 

qualification and registration of 

Authorized Traders of Members 

pursuant to certain foreign examination 

modules equivalent to the Series 7 

examination. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.batstrading.com, at the 

principal office of the Exchange, 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 

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 

the most significant parts of such 

statements. 

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Exchange Rules 2.5 and 11.4 both 

state that the Series 7 is required for 

registration with the Exchange as an 

Authorized Trader. The purpose of the 

proposed rule change is to expand the 

types of exams that may satisfy the 

Exchange’s Series 7 requirement by 

recognizing foreign examination 

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Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 5691 

5See, e.g., Securities Exchange Act Release No. 

27967 (May 1, 1990), 55 FR 19124 (May 8, 1990) 

(approving File No. SR–NYSE–89–22, Series 17); 

Securities Exchange Act Release No. 36629, 

International Series Release No. 909 (Dec. 21, 1995), 

60 FR 67385, corrected, Securities Exchange Act 

Release No. 36629A, International Series Release 

No. 909A (Jan. 4, 1996), 61 FR 744 (Jan. 10, 1996) 

(approving File No. SR–NYSE–95–29, Series 37 and 

Series 38); Securities Exchange Act Release No. 

36825 (Feb. 9, 1996), 61 FR 6052 (approving File 

No. SR–NASD–96–04, Series 37 and 38); Securities 

Exchange Act Release No. 38274 (February 12, 

1997), 62 FR 7485 (approving File No. SR–CBOE– 

97–04, Series 17, 37 and 38); Securities Exchange 

Act Release No. 38921 (August 11, 1997), 62 FR 

44023 (approving File No. SR–AMEX–97–26, Series 

17, 37 and 38); see also NASD Rule 1032(a)(2)(B) 

and (C); NASDAQ Rule 1032(a)(2)(B) and (C). 

6The Exchange notes that the U.K. (Series 17) and 

Canada (Series 37/38) represent foreign 

examination modules that allow persons in good 

standing with the securities regulators of their 

respective countries to qualify as general securities 

registered representatives (equivalent to Series 7 

registrants) by successfully completing certain 

modified general securities representative 

examinations which were developed, along with 

others for other foreign jurisdictions, by the New 

York Stock Exchange (‘‘NYSE’’) more than 10 years 

ago. 

7 15 U.S.C. 78f(c)(3)(B). 

8 15 U.S.C. 78(f)(b). 

9 15 U.S.C. 78f(b)(5). 

10U.S.C. 78s(b)(3)(A)(iii). 

11CFR 240.19b–4(f)(6). 

12U.S.C. 78s(b)(3)(A). 

13CFR 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. 

14CFR 240.19b–4(f)(6). 

15CFR 240.19b–4(f)(6)(iii). 

modules equivalent to the Series 7 

examination. 

The proposal would reduce 

duplicative qualification standards that 

foreign registered representatives 

encounter to qualify as a U.S. general 

securities registered representative. For 

example, the examination modules for 

the U.K. (Series 17) and Canada (Series 

37⁄38) currently are accepted as 

equivalent to the U.S. Series 7 by the 

NYSE, the Financial Industry 

Regulatory Authority (‘‘FINRA’’), the 

NASDAQ Stock Market, NYSE 

AlterNext US, NYSE Arca, and the 

Chicago Board Options Exchange 

(‘‘CBOE’’).5

The Series 17 version, the United 

Kingdom—Limited General Securities 

Registered Representative Examination, 

is for U.K. registrants who have 

successfully completed the basic exam 

of the U.K. and who are in good 

standing with the Financial Services 

Authority (‘‘FSA’’). Essentially, this 

modified Series 7 examination deletes 

those substantive sections of the 

standard Series 7 that overlap with the 

FSA examination. The Series 17 is a 100 

question examination, is 120 minutes in 

duration, and deals with U.S. securities 

laws, regulations, sales practices and 

special products drawn from the 

standard Series 7 examination. 

The Series 37 version is for Canadian 

registrants who have successfully 

completed the basic core module of the 

CSI Global Education (‘‘CSI’’, formerly 

the Canadian Securities Institute) 

program. The Series 38 version is for 

Canadian registrants who, in addition to 

having successfully completed the basic 

core module of the CSI program, have 

also successfully completed the 

Canadian option and futures program. 

Both the Series 37 and 38 share topics 

and test questions with the parent Series 

7 program but cover only subject matter 

that is not covered, or not covered in 

sufficient detail, on the Canadian 

qualification examination. The Series 37 

has 90 questions and is 150 minutes in 

duration, while the Series 38, an 

abbreviated version of the series 37, has 

only 45 questions and is 75 minutes in 

duration. Forty-five questions pertaining 

to options from the series 37 were 

omitted from the Series 38. 

The Exchange wishes to give U.K. and 

Canadian registered representatives the 

same advantage they have at other 

exchanges by eliminating duplicative 

examinations. The Exchange believes 

that acceptance of these examinations 

will benefit both the Exchange and the 

foreign representatives affected by the 

proposal. Accordingly, pursuant to the 

amended rules, as proposed, the 

Exchange would approve the 

examination modules for the U.K. 

(Series 17) and Canada (Series 37⁄38) as 

equivalent foreign examination 

modules.6 In addition, the rule changes 

as proposed will permit the Exchange to 

accept other foreign examination 

modules if, in the future, such modules 

are developed and approved by the 

Exchange as an equivalent foreign 

examination module. 

2. Statutory Basis 

The statutory basis for the Exchange’s 

acceptance of these foreign examination 

modules lies in Section 6(c)(3)(B) of the 

Act.7 Under that section, it is the 

Exchange’s responsibility to prescribe 

standards of training, experience, and 

competence for persons associated with 

Exchange Members. Pursuant to this 

statutory obligation, the Exchange has 

adopted examinations that are 

administered by other self-regulatory 

organizations to establish that 

Authorized Traders of Exchange 

Members have attained specified levels 

of competence and knowledge. 

The Exchange believes the proposal is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder that are applicable to a 

national securities exchange, and, in 

particular, with the requirements of 

Section 6(b).8 In particular, for the 

reasons described above, the proposed 

change is consistent with Section 6(b)(5) 

of the Act,9 because it would promote 

just and equitable principles of trade, 

remove impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest, by helping foreign 

representatives to qualify for registration 

with the Exchange by reducing 

duplicative qualification requirements. 

Accordingly, the modifications to BATS 

Rules 2.5 and 11.4 promote just and 

equitable principles of trade, remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system. 

(B) Self-Regulatory Organization’s 

Statement of Burden on Competition 

The Exchange does not believe that 

the proposed rule change imposes any 

burden on competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments Regarding the 

Proposed Rule Changes Received From 

Members, Participants or Others 

The Exchange has neither solicited 

nor received written comments on 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 10 and Rule 

19b–4(f)(6) thereunder.11 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 12 and Rule 19b–4(f)(6)(iii) 

thereunder.13

A proposed rule change filed under 

Rule 19b–4(f)(6) 14 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),15 the 

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5692 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 

16For 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). 

17 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 

2OCC filed a proposed rule change (File No. SR– 

OCC–2008–20) with the Commission that is being 

approved simultaneously with this proposed rule 

change to describe proposed changes in its rules for 

purposes of establishing the Market Loan Program. 

3The Commission has modified the text of the 

summaries prepared by DTC. 

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 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 

reduce duplicative qualification 

standards that foreign registered 

representatives encounter to qualify as a 

U.S. general securities registered 

representative. Additionally, the 

Commission notes that other selfregulatory organizations currently 

accept certain foreign examination 

modules as equivalent to the Series 7 

examination as satisfactory proficiency 

examinations. Therefore, the 

Commission designates the proposal as 

operative upon filing.16 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. 

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–BATS–2009–003 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–BATS–2009–003. 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 BATS. 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–BATS– 

2009–003 and should be submitted on 

or before February 20, 2009. 

For the Commission, by the Division of 

Trading & Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–2020 Filed 1–29–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59298; File No. SR–DTC– 

2008–15] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Order Granting Accelerated 

Approval of a Proposed Rule Change 

To Provide The Options Clearing 

Corporation With Settlement Services 

for Stock Loan Transactions Entered 

Into Under the Market Loan Program 

January 26, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

December 23, 2008, The Depository 

Trust Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which items have been prepared 

primarily by DTC. The Commission is 

publishing this notice and order to 

solicit comments on the proposed rule 

change and to grant accelerated 

approval of the proposal. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

DTC is seeking to provide settlement 

services for stock loan transactions 

entered into under The Options Clearing 

Corporation’s (‘‘OCC’’) proposed Market 

Loan Program.2

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

DTC 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. DTC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

OCC has approached DTC seeking 

DTC’s settlement services for its 

proposed Market Loan Program in 

which OCC will act as a central 

counterparty for stock loan transactions. 

Under the proposal, OCC will submit 

stock loan deliver orders to DTC on a 

locked-in basis on behalf of the parties 

to the transactions. OCC will open a 

new account at DTC for this service. 

Under OCC’s proposed Market Loan 

Program, a stock loan is initiated when 

a lender is matched with a borrower 

through an electronic platform that 

supports securities lending and 

borrowing transactions by matching 

lenders and borrowers based on loan 

terms that each party is willing to 

accept. Once matched, the electronic 

platform will send details of the 

matched stock loan transaction to OCC. 

If the matched transaction passes OCC’s 

validation process, OCC will create and 

send to DTC a pair of delivery orders, 

one message instructing DTC to transfer 

a specified number of shares of a 

specified eligible stock from the lending 

Participant to OCC’s account and the 

mstockstill on PROD1PC66 with NOTICES