Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 1047 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 43658 

(December 1, 2000), 65 FR 77408 (December 11, 

2000) (SR–NYSE–2000–53). 4 15 U.S.C. 80a–24(d). 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.18

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. E7–63 Filed 1–8–07; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55019; File No. SR–

NYSEArca–2006–35] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and Order 

Granting Accelerated Approval of 

Proposed Rule Change To Trade the 

iShares S&P Global 100 Index Fund 

Pursuant to Unlisted Trading 

Privileges 

December 28, 2006. 

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 October 

18, 2006, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘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 

substantially prepared by the Exchange. 

The Commission is publishing this 

notice and order to solicit comments on 

the proposal from interested persons 

and to approve the proposed rule 

change on an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange, through its wholly 

owned subsidiary NYSE Arca Equities, 

Inc. (‘‘NYSE Arca Equities’’) proposes to 

trade shares (‘‘Shares’’) of the iShares

S&P Global 100 Index Fund (‘‘Fund’’) 

(Symbol: IOO) pursuant to unlisted 

trading privileges (‘‘UTP’’) based on 

NYSE Arca Equities Rule 5.2(j)(3). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

(http://www.nysearca.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 III below. The 

Exchange 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 

The Exchange is proposing to trade 

the Shares pursuant to UTP. The Fund 

measures the performance of 100 

multinational companies that comprise 

the S&P Global 100 Index (‘‘Index’’) that 

are also part of the S&P Global 1200. 

Their businesses are global in nature 

and they derive a substantial portion of 

their operating income from multiple 

countries. The Fund represents an effort 

to meet the needs of investors wishing 

to track the performance of global 

companies. With 100 highly liquid 

components, the Index is designed to 

support low-cost, index-investment 

products, including exchange-traded 

funds. The Fund will use an ‘‘indexing’’

investment approach that attempts to 

replicate, before expenses, the 

performance of the Index. 

The Commission previously approved 

the original listing and trading of the 

Fund on the New York Stock Exchange 

(‘‘NYSE’’).3 The Exchange 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 trading hours for the 

Shares on the Exchange would be the 

same as those set forth in NYSE Arca 

Equities Rule 7.34, except that the 

Shares will not trade during the 

Opening Session (4 a.m. to 9:30 a.m. 

Eastern Time) unless the Indicative 

Optimized Portfolio Value (‘‘IOPV’’) is 

calculated and disseminated during that 

time. 

Quotations for and last sale 

information regarding the Shares are 

disseminated through the Consolidated 

Quotation System. The value of the 

underlying Index is updated intra-day 

on a real-time basis as individual 

component securities of the underlying 

Index change in price. These intra-day 

values of the underlying Index are 

disseminated every 15 seconds 

throughout the trading day. In addition, 

a value for the underlying Index is 

disseminated once each trading day, 

based on closing prices of the Index 

components in the relevant foreign 

markets. The net asset value (‘‘NAV’’) of 

the Fund is calculated and disseminated 

each business day, normally at the close 

of regular trading of NYSE. 

To provide updated information 

relating to the Shares for use by 

investors, professionals, and persons 

wishing to create or redeem them, NYSE 

disseminates the IOPV for the Fund as 

calculated by a securities information 

provider. The IOPV is disseminated on 

a per-share basis every 15 seconds 

during regular NYSE trading hours of 

9:30 a.m. to 4:15 p.m. Eastern Time. 

The IOPV will be calculated utilizing 

closing prices in the principal foreign 

markets for securities in the Fund 

portfolio, converted to U.S. dollars. The 

IOPV is updated during NYSE’s trading 

hours to reflect changes in currency 

exchange rates between the U.S. dollar 

and the applicable foreign currency and 

includes the applicable cash component 

for the Fund. The Index includes 

companies trading in markets with 

trading hours overlapping NYSE’s. 

During the overlap period, the IOPV 

calculator updates the IOPV every 15 

seconds to reflect price changes of the 

Index components in the principal 

foreign markets, and converts such 

prices into U.S. dollars based on the 

currency exchange rate. When the 

foreign market or markets are closed but 

NYSE is open for trading, the IOPV is 

updated every 15 seconds to reflect 

changes in currency exchange rates. 

The IOPV may not reflect the value of 

all securities included in the applicable 

underlying Index. In addition, the IOPV 

does not necessarily reflect the precise 

composition of the current portfolio of 

securities held by the Fund at a 

particular point in time. Therefore, the 

IOPV on a per-share basis disseminated 

during NYSE’s regular trading hours 

should not be viewed as a real-time 

update of the NAV of the Fund, which 

is calculated only once a day. The IOPV 

is intended to closely approximate the 

value per-share of the portfolio of 

securities for the Fund and provide for 

a close proxy of the NAV at a greater 

frequency for investors. 

The Commission has granted the 

Fund an exemption from certain 

prospectus delivery requirements under 

Section 24(d) of the Investment 

Company Act of 1940 (‘‘1940 Act’’).4

Any product description used in 

reliance on the Section 24(d) exemptive 

order will comply with all 

representations made and all conditions 


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1048 Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 

5See In the Matter of iShares, Inc., et al., 

Investment Company Act Release No. 25623 (June 

25, 2002). 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 17 CFR 240.12f–5. 

9 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). 10 15 U.S.C. 78f(b)(5). 11 15 U.S.C. 78l(f). 

12Section 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. 

13See supra note 3. 

14 17 CFR 240.12f–5. 

15 15 U.S.C. 78k–1(a)(1)(C)(iii). 

contained in the Fund’s application for 

orders under the 1940 Act.5

In connection with the trading of the 

Fund, the Exchange would inform ETP 

Holders in an Information Circular of 

the special characteristics and risks 

associated with trading the Shares, 

including how they are created and 

redeemed, the prospectus or product 

description delivery requirements 

applicable to the Shares, applicable 

Exchange rules, how information about 

the value of the underlying Index is 

disseminated, and trading information. 

In addition, before an ETP Holder 

recommends a transaction in the Shares, 

the ETP Holder must determine the 

Fund is suitable for the customer, as set 

forth in NYSE Arca Equities Rule 9.2(a)–

(b). 

The Exchange intends to utilize its 

existing surveillance procedures 

applicable to derivative products to 

monitor trading in the Shares. The 

Exchange represents that these 

procedures are adequate to monitor 

Exchange trading of the Shares. 

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 is designed 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 and perfect the 

mechanisms of a free and open market 

and to protect investors and the public 

interest. In addition, the Exchange 

believes that the proposal is consistent 

withRule 12f–5 under the Act 8 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. 

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 

Written comments on the proposed 

rule change were neither solicited nor 

received. 

III. 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 Exchange 

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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–NYSEArca–2006–35 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–2006–35. 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. 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–2006–35 and 

should be submitted on or before 

January 30, 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.9 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act 10 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,11 which permits 

an exchange to trade, pursuant to UTP, 

a security that is listed and registered on 

another exchange.12 The Commission 

notes that it previously approved the 

listing and trading of the Shares on 

NYSE.13 The Commission also finds that 

the proposal is consistent with Rule 

12f–5 under the Act,14 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,15 which sets 

forth Congress’ finding that it is in the 


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Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 1049 

16 15 U.S.C. 78s(b)(2). 

17 17 CFR 200.30–3(a)(12). 

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 an IOPV for the Fund every 15 

seconds to reflect price changes of the 

Index components 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 NYSE is open for trading, the IOPV 

is updated every 15 seconds to reflect 

changes in currency exchange rates. 

Furthermore, NYSE Arca Equities Rule 

7.34 describes the circumstances where 

the Exchange would halt trading when 

the IOPV or the value of the underlying 

Index is not calculated or widely 

available. 

The Commission notes that, if the 

Shares should be delisted by NYSE, 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 NYSE 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 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,16 that the 

proposed rule change (SR–NYSEArca–

2006–35) is approved on an accelerated 

basis. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.17

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. E7–64 Filed 1–8–07; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

[Docket No. FHWA 2006–26654] 

Agency Information Collection 

Activities: Request for Comments for 

New Information Collection 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice and request for 

comments. 

SUMMARY: The FHWA invites public 

comment regarding our intention to 

request the Office of Management and 

Budget (OMB) to approve a new 

information collection, which is 

summarized below under 

SUPPLEMENTARY INFORMATION. We are 

required to publish this notice in the 

Federal Register by the Paperwork 

Reduction Act of 1995. 

DATES: Please submit comments by 

March 12, 2007. 

ADDRESSES: You may submit comments 

identified by DOT DMS Docket Number 

FHWA–2006–26654 to the Docket Clerk, 

by any of the following methods: 

• Web Site: http://dms.dot.gov. 

Follow the instructions for submitting 

comments on the DOT electronic docket 

site. 

• Fax: 1–202–493–2251. 

• Mail: Docket Management Facility; 

U.S. Department of Transportation, 400 

Seventh Street, SW., Nassif Building, 

Room PL–401, Washington, DC 20590–

0001. 

• Hand Delivery: Room PL–401 on 

the plaza level of the Nassif Building, 

400 Seventh Street, SW., Washington, 

DC, between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

Docket: For access to the docket to 

read background documents or 

comments received go to http:// 

dms.dot.gov at any time or to Room 401 

on the plaza level of the Nassif Building, 

400 Seventh Street, SW., Washington, 

DC, between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: 

Marshall Wainright, 202–366–4842, 

Office of Real Estate Services, Federal 

Highway Administration, Department of 

Transportation, 400 Seventh Street, 

SW., Washington, DC 20590. Office 

hours are from 7:30 a.m. to 4 p.m., 

Monday through Friday, except Federal 

holidays. 

SUPPLEMENTARY INFORMATION: Title: 

Fixed Residential Moving Cost 

Schedule. 

Background: Relocation assistance 

payments to owners and tenants who 

move personal property for a Federal or 

federally-assisted program or project is 

governed by the Uniform Relocation 

Assistance and Real Property 

Acquisition Policies Act of 1970, as 

amended (Uniform Act). 49 Code of 

Federal Regulations (CFR), Part 24, is 

the implementing regulation for the 

Uniform Act. 49 CFR 24.301 addresses 

payments for actual and reasonable 

moving and related expenses. The fixed 

residential moving cost schedule is an 

administrative alternative to 

reimbursement of actual moving costs. 

This option provides flexibility for the 

agency and affected property owners 

and tenants. The FHWA requests the 

State Departments of Transportation 

(State DOTs) to analyze moving cost 

data periodically to assure that the fixed 

residential moving cost schedules 

accurately reflect reasonable moving 

and related expenses. The regulation 

allows State DOTs flexibility in 

determining how to collect the cost data 

in order to reduce the burden of 

government regulation. Updated State 

fixed residential moving costs are 

submitted to the FHWA electronically. 

Respondents: State Departments of 

Transportation (52, including the 

District of Columbia and Puerto Rico). 

Frequency: Once every 3 years. 

Estimated Average Burden per 

Response: 24 hours per respondent. 

Estimated Total Annual Burden 

Hours: 24 hours for each of the 52 State 

Departments of Transportation. The 

total is 1,248 burden hours, once every 

3 years, or 416 hours annually. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including: (1) 

Whether the proposed collection is 

necessary; (2) the accuracy of the 

estimated burden; (3) ways for the 

FHWA to enhance the quality, 

usefulness, and clarity of the collected 

information; and (4) ways that the 

burden could be minimized without 

reducing the quality of the collected 


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