1796 Federal Register / Vol. 72, No. 9 / Tuesday, January 16, 2007 / Notices 

10 In approving this rule change, the Commission 

notes that it has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 11 15 U.S.C. 78f(b)(5). 

12 15 U.S.C. 78l(f). 

13Section 12(a) of the Act, 15 U.S.C. 78l(a), 

generally prohibits a broker-dealer from trading a 

security on a national securities exchange unless 

the security is registered on that exchange pursuant 

to Section 12 of the Act. Section 12(f) of the Act 

excludes from this restriction trading in any 

security to which an exchange ‘‘extends UTP.’’

When an exchange extends UTP to a security, it 

allows its members to trade the security as if it were 

listed and registered on the exchange even though 

it is not so listed and registered. 

14See supra note 3. 

15 17 CFR 240.12f–5. 

16 15 U.S.C. 78k–1(a)(1)(C)(iii). 

17 15 U.S.C. 78s(b)(2). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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. 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–2006–38 and 

should be submitted on or before 

February 6, 2007. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.10 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act,11 which requires that 

an exchange have rules designed, among 

other things, to promote just and 

equitable principles of trade, 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 Commission 

believes that this proposal should 

benefit investors by increasing 

competition among markets that trade 

the Shares. 

In addition, the Commission finds 

that the proposal is consistent with 

Section 12(f) of the Act,12 which permits 

an exchange to trade, pursuant to UTP, 

a security that is listed and registered on 

another exchange.13 The Commission 

notes that it previously approved the 

listing and trading of the Shares on 

Amex.14 The Commission also finds that 

the proposal is consistent with Rule 

12f–5 under the Act,15 which provides 

that an exchange shall not extend UTP 

to a security unless the exchange has in 

effect a rule or rules providing for 

transactions in the class or type of 

security to which the exchange extends 

UTP. The Exchange has represented that 

it meets this requirement because it 

deems the Shares to be equity securities, 

thus rendering trading in the Shares 

subject to the Exchange’s existing rules 

governing the trading of equity 

securities. 

The Commission further believes that 

the proposal is consistent with Section 

11A(a)(1)(C)(iii) of the Act,16 which sets 

forth Congress’ finding that it is in the 

public interest and appropriate for the 

protection of investors and the 

maintenance of fair and orderly markets 

to assure the availability to brokers, 

dealers, and investors of information 

with respect to quotations for and 

transactions in securities. Quotations for 

and last sale information regarding the 

Shares are disseminated through the 

Consolidated Quotation System. 

Furthermore, an IOPV calculator 

updates the applicable IOPV every 15 

seconds to reflect price changes in the 

principal foreign markets and converts 

such prices into U.S. dollars based on 

the current currency exchange rate. 

When the foreign market or markets are 

closed but Amex is open for trading, the 

IOPV is updated every 15 seconds to 

reflect changes in currency exchange 

rates. NYSE Arca Equities Rule 7.34 

describes the situations when the 

Exchange would halt trading when the 

IOPV or the value of the Index 

underlying one of the Funds is not 

calculated or widely available. 

The Commission notes that, if the 

Shares should be delisted by Amex, the 

original listing exchange, the Exchange 

would no longer have authority to trade 

the Shares pursuant to this order. 

In support of this proposal, the 

Exchange has made the following 

representations: 

1. The Exchange’s surveillance 

procedures are adequate to monitor the 

trading of the Shares. 

2. In connection with the trading of 

the Shares, the Exchange would inform 

ETP Holders in an Information Circular 

of the special characteristics and risks 

associated with trading the Shares. 

3. The Information Circular would 

inform participants of the prospectus or 

product delivery requirements 

applicable to the Shares. 

This approval order is conditioned on 

the Exchange’s adherence to these 

representations. 

The Commission finds good cause for 

approving this proposal before the 

thirtieth day after the publication of 

notice thereof in the Federal Register. 

As noted previously, the Commission 

previously found that the listing and 

trading of the Shares on Amex is 

consistent with the Act. The 

Commission presently is not aware of 

any regulatory issue that should cause it 

to revisit that earlier finding or preclude 

the trading of the Shares on the 

Exchange pursuant to UTP. Therefore, 

accelerating approval of this proposal 

should benefit investors by creating, 

without undue delay, additional 

competition in the market for the 

Shares. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,17 that the 

proposed rule change (SR–NYSEArca–

2006–38) is approved on an accelerated 

basis. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.18

Nancy M. Morris, 

Secretary. 

[FR Doc. E7–390 Filed 1–12–07; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55051; File No. SR–

NYSEArca–2007–01] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of a 

Proposed Rule Change Relating to the 

Uniform Definition of Complex Trade 

January 5, 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 January 3, 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 72, No. 9 / Tuesday, January 16, 2007 / Notices 1797 

3 15 U.S.C. 78f(b). 

4 15 U.S.C. 78f(b)(5). 

2007, NYSE Arca, Inc. (‘‘NYSE Arca’’ 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 substantially by the Exchange. 

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 

NYSE Arca proposes to modify the 

definition of ‘‘Complex Trade’’ in NYSE 

Arca Rule 6.92(a)(4). The text of the 

proposed rule change appears below, 

with additions italicized and deletions 

in [brackets]: 

Rules of NYSE Arca, Inc. 

Rule 6.92 

Definitions 

(a) The following terms have the 

meaning specified in this Rule solely for 

the purposes of Rules 6.92–6.95. 

(1)–(3) No Change. 

(4) ‘‘Complex Trade’’ means the 

execution of an order in an option series 

in conjunction with the execution of 

one or more related order(s) in different 

options series in the same underlying 

security occurring at or near the same 

time for the purpose of executing a 

particular investment strategy and for 

an equivalent number of contracts, 

provided that the number of contracts of 

the legs of a spread, straddle, or 

combination order may differ by a 

permissible ratio [for the equivalent 

number of contracts and for the purpose 

of executing a particular investment 

strategy]. The permissible ratio for this 

purpose is any ratio that is equal to or 

greater than one-to-three (.333) and less 

than or equal to three-to-one (3.00). 

(5)–(21) No Change. 

* * * * * 

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 substantially 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 

NYSE Arca Rule 6.92(a)(4) defines a 

‘‘Complex Trade’’ as it pertains to the 

Options Intermarket Linkage 

(‘‘Linkage’’). Under the Plan for the 

Purpose of Creating and Operating an 

Intermarket Option Linkage, the term 

‘‘Complex Trade’’ may be defined, and 

periodically redefined, by the Options 

Linkage Authority Operating Committee 

(the ‘‘Committee’’). 

On September 15, 2006, the 

Committee voted to update the 

definition of ‘‘Complex Trade’’ in order 

to include transactions in more than one 

options series in any ratio from one-tothree (.333) to three-to-one (3.00). 

Accordingly, the participant exchanges 

agreed to adopt and file uniform rules 

defining ‘‘Complex Trade’’ in 

furtherance of the Linkage. NYSE Arca 

believes that a uniform definition of 

Complex Trade will facilitate the best 

execution of complex orders and resolve 

potential trade-through liability issues 

by eliminating conflicting definitions 

among the participant exchanges. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,3

in general, and furthers the objectives of 

Section 6(b)(5),4 in particular, in that 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. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NYSE Arca 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 

NYSE Arca neither solicited nor 

received written comments with respect 

to the proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

A. By order approve such proposed 

rule change; or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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 

No. SR–NYSEArca–2007–01 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–2007–01. 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. Copies of such filing also will be 

available for inspection and copying at 


sroberts on PROD1PC70 with NOTICES
1798 Federal Register / Vol. 72, No. 9 / Tuesday, January 16, 2007 / Notices 

5 17 CFR 200.30–3(a)(12). 

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–2007–01 and 

should be submitted on or before 

February 6, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.5

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–405 Filed 1–12–07; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

National Women’s Business Council; 

Public Meeting 

In accordance with the Women’s 

Business Ownership Act, Public Law 

106–554 as amended, the National 

Women’s Business Council (NWBC) will 

hold a public meeting on Wednesday, 

February 7, 2007, starting at 8:30 a.m. to 

12:30 p.m. The meeting will take place 

at the U.S. Small Business 

Administration, Eisenhower Conference 

Rooms A & B, 409 Third Street, SW., 

Second floor, Washington, DC 20024. 

The purpose of the meeting is to 

discuss the NWBC’s fiscal year 2007 

strategy, agenda and action items, 

legislative updates, and status of fiscal 

year 2006 projects, along with an 

exchange of ideas about goals for the 

women’s business community for the 

next three, five and ten years. Anyone 

wishing to attend the Council meeting 

must contact Katherine Stanley no later 

than Friday, February 2, 2007 by e-mail 

at katherine.stanley@sba.gov or fax to 

202–205–6825. Anyone wishing to make 

a presentation to the Council during the 

meeting must contact Margaret M. 

Barton in writing at the National 

Women’s Business Council, 409 Third 

Street, SW., Suite 210, Washington, DC 

20024, by e-mail at 

Margaret.barton@sba.gov or fax to 202–

205–6825 by Friday, January 26, 2007, 

in order to be put on the agenda. 

Matthew Teague, 

Committee Management Officer. 

[FR Doc. E7–402 Filed 1–12–07; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Public Federal Regulatory 

Enforcement Fairness Hearing; Region 

II Regulatory Fairness Board 

The U.S. Small Business 

Administration (SBA) Region II 

Regulatory Fairness Board and the SBA 

Office of the National Ombudsman will 

hold a public hearing on Friday, January 

26, 2007, at 10 a.m. The meeting will 

take place at Madison Square Garden—

Theater Entrance, 7th Avenue between 

W 32nd and W 33rd Streets, New York, 

NY 10001. The purpose of the meeting 

is to receive comments and testimony 

from small business owners, small 

government entities, and small nonprofit organizations concerning 

regulatory enforcement and compliance 

actions taken by Federal agencies. 

Anyone wishing to attend or to make 

a presentation must contact Herbert 

Austin, in writing or by fax, in order to 

be placed on the agenda. Herbert 

Austin, Deputy District Director, SBA, 

New York District Office, 26 Federal 

Plaza, Suite 3100, New York, NY 10278, 

phone (212) 264–1482 and fax (202) 

401–2224, e-mail: 

Herbert.austin@sba.gov. 

For more information, see our Web 

site at http://www.sba.gov/ombudsman. 

Matthew Teague, 

Committee Management Officer. 

[FR Doc. E7–400 Filed 1–12–07; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

Public Federal Regulatory 

Enforcement Fairness Hearing; Region 

IV Regulatory Fairness Board 

The U.S. Small Business 

Administration (SBA) Region IV 

Regulatory Fairness Board and the SBA 

Office of the National Ombudsman will 

hold a public hearing on Wednesday, 

January 17, 2007, at 10 a.m. The meeting 

will take place at BellSouth Building, 

Economic Development Theatre, 

(Mezzanine Level), 333 Commerce 

Street, Nashville, TN 37201. The 

purpose of the meeting is to receive 

comments and testimony from small 

business owners, small government 

entities, and small non-profit 

organizations concerning regulatory 

enforcement and compliance actions 

taken by Federal agencies. 

Anyone wishing to attend or to make 

a presentation must contact Jose 

Mendez, in writing or by fax, in order 

to be placed on the agenda. Jose 

Mendez, Agency Event Coordinator, 

SBA, 409 3rd Street, SW., Washington, 

DC 20416, phone (202) 205–6178 and 

fax (202) 401–2707, e-mail: 

Jose.mendez@sba.gov. 

For more information, see our Web 

site at http://www.sba.gov/ombudsman. 

Matthew Teague, 

Committee Management Officer. 

[FR Doc. E7–401 Filed 1–12–07; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF STATE 

[Public Notice 5665] 

Industry Advisory Panel: Notice of 

Open Meeting 

The Industry Advisory Panel of 

Overseas Buildings Operations will 

meet on Tuesday, February 13, 2007 

from 9:30 a.m. until 3:30 p.m. Eastern 

Standard Time. The meeting will be 

held in room 1107 of the U.S. 

Department of State, located at 2201 C 

Street, NW., (entrance on 23rd Street) 

Washington, DC. For logistical and 

security reasons, it is imperative that 

everyone enter and exit using only the 

23rd Street entrance. The majority of the 

meeting is devoted to an exchange of 

ideas between the Department’s Bureau 

of Overseas Building Operations’ senior 

management and the panel members, on 

design, operations and building 

maintenance. Members of the public are 

asked to kindly refrain from joining the 

discussion until Director Williams 

opens the discussion to the public. 

Entry to the building is controlled; to 

obtain pre-clearance for entry, members 

of the public planning to attend should 

provide, by February 2, 2007, their 

name, professional affiliation, date of 

birth, citizenship, and a valid 

government-issued ID number (i.e., U.S. 

government ID, U.S. military ID, 

passport, or drivers license (and state)) 

by e-mailing: 

iapr@state.gov<mailto:iapr@state.gov>. 

Due to limited space, please remember 

that only one person per company may 

register. 

If you have any questions, please 

contact Andrea Specht at 

spechtam@state.gov or on (703) 516–

1544. 

Dated: January 7, 2007. 

Charles E. Williams, 

Director & Chief Operating Officer, Overseas 

Buildings Operations, Department of State. 

[FR Doc. E7–421 Filed 1–12–07; 8:45 am] 

BILLING CODE 4710–24–P 


sroberts on PROD1PC70 with NOTICES