20902 Federal Register / Vol. 72, No. 80 / Thursday, April 26, 2007 / Notices 

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

2 17 CFR 240.19b–4. 

3Commentary .06 to Amex Rule 915 sets forth the 

initial listing and maintenance standards for shares 

or other securities (‘‘Exchange-Traded Fund 

Shares’’) that are principally traded on a national 

securities exchange or through the facilities of a 

national securities exchange and reported as a 

national market security, and that represent an 

interest in a registered investment company 

organized as an open-end management investment 

company, a unit investment trust or other similar 

entity. 

4The Emerging Markets Index includes 

approximately 848 equity components of 

companies located in emerging markets around the 

world. As of February 28, 2007, the largest markets 

covered in the Index were South Korea, Taiwan, 

Brazil, China and Russia (which made up 15.7%, 

12.4%, 10.5%, 10.5% and 10.0%, respectively, of 

the Index’s market capitalization). MSCI 

(www.msci.com) calculates and maintains the 

Emerging Markets Index. The Index is a 

capitalization-weighted index whose component 

securities are adjusted for available float and must 

meet objective criteria for inclusion in the Index. 

The Index aims to capture 85% of the publicly 

available total market capitalization in each 

emerging market included in the Index. The Index 

is rebalanced quarterly, calculated in U.S. Dollars 

on a real time basis, and disseminated every 60 

seconds during market trading hours. 

5As of February 28, 2007, the Fund was 

comprised of 863 securities and had total net assets 

of $13.5 billion. OAO Gazprom ADR had the 

greatest individual weight at 4.16%. The aggregate 

percentage weighting of the top 10 securities in the 

Fund was 18.1%. 

Cyberlinks Corp. because it has not filed 

any periodic reports since it filed a 

Form 10–KSB for the period ended July 

31, 2002. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

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

period from 9:30 a.m. EDT on April 24, 

2007, through 11:59 p.m. EDT on May 

7, 2007. 

By the Commission. 

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 07–2074 Filed 4–24–07; 11:54 am] 

BILLING CODE 8010–01–M 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55648; File No. SR–Amex–

2007–09] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Notice 

of Filing and Order Granting 

Accelerated Approval of Proposed 

Rule Change as Modified by 

Amendment No. 1 Thereto Relating to 

the Listing and Trading of Options on 

Vanguard Emerging Markets ETF 

April 19, 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 

19, 2007, the American Stock Exchange 

LLC (‘‘Amex’’ 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 Exchange submitted 

Amendment No. 1 to the proposed rule 

change on March 23, 2007. The 

Commission is publishing this notice 

and order to solicit comments on the 

proposal, as amended, from interested 

persons and to approve the proposed 

rule change, as modified by Amendment 

No. 1, on an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade options (‘‘Fund Options’’) on the 

Vanguard Emerging Markets ETF. The 

text of the proposed rule change is 

available on the Amex’s Web site at 

http://www.amex.com, the Office of the 

Secretary, the Amex 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. 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 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 rule change is to 

obtain approval to list for trading on the 

Exchange options on the Vanguard 

Emerging Markets ETF (the ‘‘Fund’’) 

(symbol: VWO) on a pilot basis for six 

(6) months to commence on the date of 

approval. Commentary .06 to Amex 

Rule 915 and Commentary .07 to Amex 

Rule 916, respectively (the ‘‘Listing 

Standards’’) establish the Exchange’s 

initial listing and maintenance 

standards. The Listing Standards permit 

the Exchange to list funds structured as 

open-end investment companies (such 

as the Fund), unit investment trust 

(‘‘UITs’’) or other similar entities, 

without having to file for approval with 

the Commission to list for trading 

options on such funds.3 The Exchange 

submits that the Fund meets 

substantially all of the Listing Standard 

requirements, and for the requirements 

that are not met, sufficient mechanisms 

exist that would provide the Exchange 

with adequate surveillance and 

regulatory information with respect to 

the Fund. 

The Fund is an open-end investment 

company designed to hold a portfolio of 

securities which tracks the performance 

of the MSCI Emerging Markets Index 

(the ‘‘Index’’ or ‘‘Select Index’’).4 The 

Fund employs a ‘‘representative 

sampling’’ methodology to track the 

Index, which means that the Fund 

invests in a representative sample of 

securities in the Index that have a 

similar investment profile as the Index.5

Securities selected by the Fund have 

aggregate investment characteristics 

(based on market capitalization and 

industry weightings), fundamental 

characteristics (such as return 

variability, earnings valuation and 

yield) and liquidity measures similar to 

those of the Index. 

The Index provides exposure to 25 

emerging market countries in Europe, 

Asia, Africa, and Latin America. As of 

February 28, 2007, the Emerging 

Markets Index consisted of companies 

representing Argentina, Brazil, Chile, 

China, Colombia, the Czech Republic, 

Egypt, Hungary, India, Indonesia, Israel, 

Jordan, Malaysia, Mexico, Morocco, 

Pakistan, Peru, the Philippines, Poland, 

Russia, South Africa, South Korea, 

Taiwan, Thailand, and Turkey. MSCI 

periodically adjusts the list of included 

countries to keep pace with the 

evolution in world markets (such 

adjustments made on a forward-looking 

basis, so past performance of the 

Emerging Markets Index always reflects 

actual country representation during the 

relevant period). 

The Fund generally invests at least 

95% of its assets in the common stocks 

included in the Index. In order to 

improve portfolio liquidity and give the 

Fund additional flexibility to comply 

with the requirements of the U.S. 

Internal Revenue Code and other 

regulatory requirements and to manage 

future corporate actions and index 

changes in smaller markets, the Fund 

also has the authority to invest the 

remainder of its assets in securities that 


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Federal Register / Vol. 72, No. 80 / Thursday, April 26, 2007 / Notices 20903 

6See Securities Exchange Act Release No. 40761 

(December 8, 1998), 63 FR 70952 (December 22, 

1998) (the ‘‘New Product Release’’), at note 101. 7See Securities Exchange Act Release No. 34500 

(August 8, 1994) 50 FR 41534 (August 12, 1994). 8See New Product Release; supra note 6. 

are not included in the Index or in 

ADRs and GDRs representing such 

securities. The Fund may invest up to 

10% of its assets in other exchangetraded funds or registered management 

investment companies that seek to track 

the performance of equity securities of 

constituent countries of the Index. The 

Fund is not permitted to concentrate its 

investments (i.e., hold 25% or more of 

its total assets in the stocks of a 

particular industry or group of 

industries), except that, to the extent 

practicable, the Fund will concentrate to 

approximately the same extent that the 

Index concentrates in the stocks of such 

particular industry or group of 

industries. The Exchange believes that 

these requirements and policies prevent 

the Fund from being excessively 

weighted in any single security or small 

group of securities and significantly 

reduce concerns that trading in the 

Fund could become a surrogate for 

trading in unregistered securities. 

Shares of the Fund (the ‘‘Fund 

Shares’’) are issued in exchange for an 

‘‘in kind’’ deposit of a specified 

portfolio of securities, together with a 

cash payment, in minimum size 

aggregation size of 150,000 shares (each, 

a ‘‘Creation Unit’’), as set forth in the 

Fund’s prospectus. The Fund issues and 

sells Fund Shares in Creation Unit sizes 

through a principal underwriter on a 

continuous basis at the net asset value 

per share next determined after an order 

to purchase Fund Shares and the 

appropriate securities are received. 

Following issuance, Fund Shares are 

traded on an exchange like other equity 

securities, and equity trading rules 

apply. Likewise, redemption of Fund 

Shares is made in Creation Unit size and 

‘‘in kind,’’ with a portfolio of securities 

and cash exchanged for Fund Shares 

that have been tendered for redemption. 

The Exchange notes that the 

maintenance listing standards set forth 

in Commentary .07 to Amex Rule 916 

for open-end investment companies do 

not include criteria based on either the 

number of shares or other units 

outstanding or on their trading volume. 

The absence of such criteria is justified 

on the ground that since it should 

always be possible to create additional 

shares or other interests in open-end 

investment companies at their net asset 

value by making an in-kind deposit of 

the securities that comprise the 

underlying index or portfolio, there is 

no limit on the available supply of such 

shares or interests. This, in turn, should 

make it highly unlikely that the market 

for listed, open-end investment 

company shares could be capable of 

manipulation, since whenever the 

market price for such shares departs 

from net asset value, arbitrage will 

occur. Similarly, since the Fund meets 

all of the requirements of the listing 

standards except as described below, 

the Exchange believes that the same 

analysis applies to the Fund. 

The Exchange has reviewed the Fund 

and determined that it satisfies the 

listing standards except for the 

requirement set forth in Commentary 

.06(b)(i) to Amex Rule 915, which 

requires the Fund to meet the following 

condition: ‘‘any non-U.S. component 

stocks in the index or portfolio on 

which the Fund Shares are based that 

are not subject to comprehensive 

surveillance agreements do not in the 

aggregate represent more than 50% of 

the weight of the index or portfolio.’’

Currently, the Exchange has in place 

comprehensive surveillance agreements 

covering 48.89% of the stocks 

comprising the Index. One of the foreign 

exchanges on which component 

securities of the Fund are traded and 

with which the Exchange does not have 

a surveillance agreement is the Bolsa 

Mexicana de Valores (‘‘Bolsa’’). The 

percentage of the weight of the Fund 

represented by these securities is 6.3%. 

The Exchange notes that the 

Commission recently approved the 

listing and trading of options on the 

iShares MSCI Emerging Markets Index 

Fund on a pilot basis and permitted the 

Exchange to rely on the memorandum of 

understanding executed by the 

Commission and the NVBV, dated as of 

October 18, 1990 (the ‘‘MOU’’) for 

purposes of satisfying its surveillance 

and regulatory responsibilities for the 

component securities in the Fund that 

trade on the Bolsa until the Exchange is 

able to secure a surveillance agreement 

with the Bolsa. 

In connection with the listing and 

trading of options on the iShares MSCI 

Emerging Markets Index Fund, the 

Exchange contacted the Bolsa with a 

request to enter into a comprehensive 

surveillance sharing agreement. 

Although the officials at the Bolsa 

expressed an interest to enter into such 

comprehensive surveillance sharing 

agreement (a ‘‘CSSA’’), to date, the 

Exchange has been unable to do so. As 

a result of being unable to secure a 

CSSA with the Bolsa, the Exchange 

requested permission to rely for a pilot 

period on the MOU and the Exchange 

agreed to use its best efforts during this 

period to secure a CSSA with the Bolsa, 

which would reflect the following: (i) 

Express language addressing market 

trading activity, clearing activity, and 

customer identity; (ii) Bolsa’s reasonable 

ability to obtain access to and produce 

requested information; and (iii) based 

on the comprehensive surveillance 

agreement and other information 

provided by Bolsa, the absence of 

existing rules, laws, or practices that 

would impede the Exchange from 

foreign information relating to market 

activity, clearing activity, or customer 

identity, or, in the event such rules, 

laws, or practices exist, they would not 

materially impede the production of 

customer or other information. We note 

that in the past the Commission has 

relied on a memorandum of 

understanding between the relevant 

regulators where it would be impossible 

to secure an effective CSSA.6

The Exchange notes that the 

Commission has been willing to allow 

an exchange to rely on a memorandum 

of understanding entered into between 

regulators in the event that the 

exchanges themselves cannot enter into 

a CSSA. For example, the Exchange 

previously attempted to enter into a 

surveillance agreement with Bolsa as 

part of seeking approval to list and trade 

options on the Mexico Index.7

Additionally, the Chicago Board 

Options Exchange, Incorporated (the 

‘‘CBOE’’) also previously attempted to 

enter into a surveillance agreement with 

Bolsa at or about the time when the 

CBOE sought approval to list for trading 

options on the CBOE Mexico 30 Index 

in 1995, which was comprised of stocks 

trading on Bolsa.8 Since, in both 

instances, Bolsa was unable to provide 

a surveillance agreement, the 

Commission previously allowed the 

Exchange and the CBOE to rely on the 

MOU. The Commission noted in the 

respective approval orders that in cases 

where it would be impossible to secure 

an agreement, the Commission relied in 

the past on surveillance sharing 

agreements between the relevant 

regulators. The Commission further 

noted in the respective approval orders 

that pursuant to the terms of the MOU, 

it was the Commission’s understanding 

that both the Commission and the CNBV 

could acquire information from and 

provide information to the other similar 

to that which would be required in a 

surveillance sharing agreement between 

exchanges, and therefore, should the 

Exchange or the CBOE need information 

on Mexican trading in the component 

securities of the Mexico Index or the 

CBOE Mexico 30 Index, the Commission 

could request such information from the 

CNBV under the MOU. 

The Exchange is also aware that the 

Commission recently permitted the 


rwilkins on PROD1PC63 with NOTICES
20904 Federal Register / Vol. 72, No. 80 / Thursday, April 26, 2007 / Notices 

9See Securities Exchange Act Release No. 54944 

(December 15, 2006), 71 FR 77432 (December 26, 

2006). 

10The Exchange notes that the component 

securities of the Fund change periodically. 

Therefore, the Exchange may in fact have in place 

surveillance agreements that would otherwise cover 

the percent weighting requirements set forth in the 

Listing Standards for securities not trading on 

Bolsa. In this event, the Fund would satisfy all of 

the Listing Standards and reliance on an approval 

order for the Fund would be unnecessary. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

listing and trading of iPath Notes linked 

to the MSCI India Equities Index 

without a CSSA between the NYSE and 

the appropriate Indian marketplaces.9

The practice of relying on 

surveillance agreements between 

regulators when a foreign exchange was 

unable or unwilling to provide an 

information sharing agreement was 

affirmed by the Commission in the 

Commission’s New Product Release. 

The Commission noted in the New 

Product Release that if securing an 

information sharing agreement is not 

possible, an exchange should contact 

the Commission prior to listing a new 

derivative securities product. The 

Commission also noted that the 

Commission may determine instead that 

it is appropriate to rely on a 

memorandum of understanding between 

the Commission and the foreign 

regulator. 

Currently, the Exchange has in place 

comprehensive surveillance agreements 

covering 48.89% of the stocks 

comprising the Index. In addition, the 

Index also complies with Commentary 

.06(b)(ii) and (iii) to Rule 915 which 

provides that component stocks of a 

single country that is not subject to 

comprehensive surveillance sharing be 

limited to less than 20% of the weight 

of the Index and component stocks in 

any two (2) countries may not represent 

33% or more of the weight of the Index 

if such countries are not subject to 

comprehensive surveillance agreements. 

Because the Index otherwise complies 

with the requirements of Commentary 

.06(b) (except for the 50% test), the 

Exchange submits that the proposal is 

consistent with the protection of 

investors and the promotion of 

competition in the marketplace. A 

similar product, options on the iShares 

Emerging Markets Index Fund (Symbol: 

EEM) are currently listed and traded on 

both the Amex and CBOE. The 

underlying index for VWO and EEM are 

exactly the same, i.e. the MSCI 

Emerging Market Index. 

Given the Exchange’s inability to 

enter into a CSSA with the Bolsa, the 

Exchange requests permission to rely on 

a pilot basis on the MOU entered into 

between the Commission and the CNBV 

for purposes of satisfying its 

surveillance and regulatory 

responsibilities for the component 

securities in the Fund that trade on the 

Bolsa until the Exchange is able to 

secure a CSSA with the Bolsa. The 

Exchange believes this request is 

reasonable because the Commission has 

already acknowledged that the MOU 

permits both the Commission and the 

CNBV to acquire information from and 

provide information to the other, which 

is similar to that which would be 

required in a surveillance sharing 

agreement between exchanges. 

Additionally, if the Commission 

approves the listing and trading of the 

Fund on a pilot basis, during this 

period, the Exchange will continue its 

efforts to obtain a CSSA with the Bolsa. 

The Exchange also will update the 

Commission on the status of its 

discussions with the Bolsa. The 

Commission’s approval of this request 

would otherwise render the Fund 

compliant with all of the Listing 

Standards.10 The Exchange believes that 

listing and trading options on VWO will 

benefit investors and the marketplace. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act 11

in general and furthers the objectives of 

Section 6(b)(5) of the Act 12 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 regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, 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; and is 

not designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers, or to 

regulate by virtue of any authority 

conferred by the Act matters not related 

to the purpose of the Act or the 

administration of the Exchange. 

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 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. 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-Amex-2007–09 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–Amex–2007–09. 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 offices 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–Amex–2007–09 and should 

be submitted on or before May 17, 2007. 


rwilkins on PROD1PC63 with NOTICES
Federal Register / Vol. 72, No. 80 / Thursday, April 26, 2007 / Notices 20905 

13 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). 

14 15 U.S.C. 78f(b)(5). 

15Securities Exchange Act Release No. 55491 

(March 19, 2007), 72 FR 14145 (March 26, 2007). 

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

17 Id. 

18 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78(a) et seq. 

3 17 CFR 240.19b–4. 

4Amendment No. 1 replaced the original filing in 

its entirety. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

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. 13 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act, 14 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 listing of the Fund Options does 

not satisfy Commentary .06(b)(i) to 

Amex Rule 915, which requires the 

Fund to meet the following condition: 

‘‘Any non-U.S. component stocks in the 

index or portfolio on which the Fund 

Shares are based that are not subject to 

comprehensive surveillance agreements 

do not in the aggregate represent more 

than 50% of the weight of the index or 

portfolio.’’ Although the Commission 

has been willing to allow an exchange 

to rely on a memorandum of 

understanding entered into between 

regulators where the listing SRO finds it 

impossible to enter into an information 

sharing agreement, it is not clear that 

that Amex has exhausted all avenues of 

discussion with foreign markets, 

including Bolsa, in order to obtain such 

an agreement. 

Consequently, the Commission has 

determined to approve Amex’s listing 

and trading of Fund Options for a sixmonth pilot period during which time 

Amex may rely on the MOU with 

respect to Fund components trading on 

Bolsa. During this period, the Exchange 

has agreed to use its best efforts to 

obtain a comprehensive surveillance 

agreement with Bolsa, which shall 

reflect the following: (1) Express 

language addressing market trading 

activity, clearing activity, and customer 

identity; (2) the Bolsa’s reasonable 

ability to obtain access to and produce 

requested information; and (3) based on 

the CSSA and other information 

provided by the Bolsa, the absence of 

existing rules, law or practices that 

would impede the Exchange from 

obtaining foreign information relating to 

market activity, clearing activity, or 

customer identity, or in the event such 

rules, laws, or practices exist, they 

would not materially impede the 

production of customer or other 

information. 

The Exchange also represents that it 

will regularly update the Commission 

on the status of its negotiations with 

Bolsa. In approving the proposed rule 

change, the Commission notes that 

Amex currently has in place 

surveillance agreements with foreign 

exchanges that cover 48.89% of the 

securities in the Fund and that the 

Index upon which the Fund is based 

appears to be a broad-based index. The 

Commission further notes that it 

recently has approved a proposed rule 

change by another SRO to list and trade 

options on the same product on a sixmonth pilot basis.15

The Exchange has requested 

accelerated approval of the proposed 

rule change. The Commission finds 

good cause, consistent with Section 

19(b)(2) of the Act,16 for approving this 

proposed rule change before the 

thirtieth day after the publication of 

notice thereof in the Federal Register 

because it will enable the Exchange to 

immediately consider listing and 

trading the Fund Options, similar to 

products already traded on another 

SRO, and because it does not raise any 

new regulatory issues. The Exchange 

has agreed to use its best efforts to 

obtain a comprehensive surveillance 

agreement with the Bolsa during a sixmonth pilot period in which the 

Exchange will rely on the MOU. 

V. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–Amex–2007–

09), as modified by Amendment No. 1, 

be, and it hereby is approved on an 

accelerated basis for a six-month pilot 

period ending on October 19, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.18

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–7956 Filed 4–25–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55650; File No. SR–NYSE–

2007–10] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Amendments to 

Interpretation to Rule 311(b)(5) (‘‘CoDesignation of Principal Executive 

Officers’’) as Modified by Amendment 

No. 1 

April 19, 2007. 

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 February 

2, 2007, the New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘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 substantially prepared by the 

Exchange. On April 16, 2007, the 

Exchange submitted Amendment No. 1 

to the proposed rule change.4 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 NYSE is proposing amendments 

to Interpretation .05 to NYSE Rule 

311(b)(5) regarding co-designation of 

principal executive officers. 

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. 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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Rule 311 (‘‘Formation and Approval 

of Member Organizations’’) and 

specifically Section (b)(5) thereof 


rwilkins on PROD1PC63 with NOTICES