Federal Register / Vol. 72, No. 95 / Thursday, May 17, 2007 / Notices 27867 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3On July 28, 2000, the Commission approved a 

national market system plan for the purpose of 

creating and operating an intermarket options 

market linkage (‘‘Linkage’’) proposed by Amex, 

CBOE, and ISE. See Securities Exchange Act 

Release No. 43086 (July 28, 2000), 65 FR 48023 

(August 4, 2000). Subsequently, Phlx, Pacific 

Exchange, Inc. (n/k/a NYSE Arca), and BSE joined 

the Linkage Plan. See Securities Exchange Act 

Release Nos. 43573 (November 16, 2000), 65 FR 

70851 (November 28, 2000); 43574 (November 16, 

2000), 65 FR 70850 (November 28, 2000); and 49198 

(February 5, 2004), 69 FR 7029 (February 12, 2004). 

4See Section 2(16) of the Linkage Plan. For the 

purposes of this Joint Amendment No. 22 only, 

references to ‘‘Linkage Orders’’ herein pertain to P/ 

A Orders and Principal Orders. For definitions of 

‘‘P/A Order’’ and ‘‘Principal Order,’’ see Section 

2(16)(a) and (b) of the Linkage Plan, respectively. 

5The term ‘‘member,’’ as used herein, includes 

NYSE Arca OTP Holders and OTP Firms and 

Boston Options Exchange (‘‘BOX’’) Options 

Participants. See NYSE Arca Rules 1.1(q) and 1.1(r) 

and Chapter I, Sec. 1(a)(40) of BOX Rules, 

respectively. 

6See Securities Exchange Act Release No. 55436, 

72 FR 12639 (March 16, 2007). 

some time be in conflict; and (iii) the 

Board will monitor events in order to 

identify the existence of any material 

irreconcilable conflicts and to determine 

what action, if any, should be taken in 

response to any such conflict. 

10. All reports received by the Board 

of potential or existing conflicts, and all 

Board action with regard to determining 

the existence of a conflict, notifying 

Participants of a conflict, and 

determining whether any proposed 

action adequately remedies a conflict, 

will be properly recorded in the minutes 

of the Board or other appropriate 

records, and such minutes or other 

records shall be made available to the 

Commission upon request. 

11. If and to the extent Rule 6e–2 and 

Rule 6e–3(T) under the 1940 Act are 

amended, or Rule 6e–3 is adopted, to 

provide exemptive relief from any 

provision of the 1940 Act or the rules 

thereunder with respect to mixed or 

shared funding on terms and conditions 

materially different from any 

exemptions granted in the order 

requested in the application, then each 

Insurance Investment Company and/or 

the Participating Insurance Companies, 

as appropriate, shall take such steps as 

may be necessary to comply with Rule 

6e–2 and Rule 6e–3(T), as amended, and 

Rule 6e–3, as adopted, to the extent 

such rules are applicable. 

12. Each Insurance Investment 

Company will comply with all 

provisions of the 1940 Act requiring 

voting by shareholders (which, for these 

purposes, shall be the persons having a 

voting interest in the shares of that 

Insurance Investment Company or 

Insurance Fund, as the case may be), 

and in particular each Insurance 

Investment Company will either provide 

for annual meetings (except insofar as 

the Commission may interpret Section 

16 of the 1940 Act not to require such 

meetings) or comply with Section 16(c) 

of the 1940 Act (although each 

Insurance Investment Company is not, 

or will not be, one of the trusts 

described in Section 16(c) of the 1940 

Act) as well as with Section 16(a) of the 

1940 Act and, if and when applicable, 

Section 16(b) of the 1940 Act. Further, 

each Insurance Investment Company 

will act in accordance with the 

Commission’s interpretation of the 

requirements of Section 16(a) of the 

1940 Act with respect to periodic 

elections of directors (or trustees) and 

with whatever rules the Commission 

may promulgate with respect thereto. 

13. Each Participant shall at least 

annually submit to the Board of an 

Insurance Investment Company such 

reports, materials or data as the Board 

may reasonably request so that it may 

fully carry out the obligations imposed 

upon it by the conditions contained in 

the application. Such reports, materials 

and data shall be submitted more 

frequently, if deemed appropriate, by 

the Board. The obligations of the 

Participants to provide these reports, 

materials and data to the Board of the 

Insurance Investment Company when it 

so reasonably requests, shall be a 

contractual obligation of the 

Participants under their agreements 

governing participation in each 

Insurance Investment Company. 

14. Each Insurance Investment 

Company will not accept a purchase 

order from a Qualified Plan if such 

purchase would make the Qualified 

Plan an owner of 10% or more of the 

assets of the Insurance Investment 

Company unless the trustee for such 

Plan executes a participation agreement 

with such Insurance Investment 

Company which includes the conditions 

set forth herein to the extent applicable. 

A trustee for a Qualified Plan will 

execute an application containing an 

acknowledgment of this condition at the 

time of such Plan’s initial purchase of 

the shares of any Insurance Investment 

Company or Insurance Fund. 

Conclusion 

Applicants submit, for the reasons 

stated above, that the requested 

exemptions are appropriate in the 

public interest and consistent with the 

protection of investors and the purposes 

fairly intended by the policy and 

provisions of the 1940 Act. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Nancy M. Morris, 

Secretary. 

[FR Doc. E7–9478 Filed 5–16–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55744; File No. 4–429] 

Joint Industry Plan; Order Approving 

Joint Amendment No. 22 to the Plan 

for the Purpose of Creating and 

Operating an Intermarket Option 

Linkage Relating to Response Time for 

Certain Orders Sent Through the 

Linkage 

May 11, 2007. 

I. Introduction 

On February 2, 2007, February 15, 

2007, February 5, 2007, February 7, 

2007, January 30, 2007, and February 

13, 2007, the American Stock Exchange 

LLC (‘‘Amex’’), the Boston Stock 

Exchange, Inc. (‘‘BSE’’), the Chicago 

Board Options Exchange, Incorporated 

(‘‘CBOE’’), the International Securities 

Exchange, LLC (‘‘ISE’’), the NYSE Arca, 

Inc. (‘‘NYSE Arca’’), and the 

Philadelphia Stock Exchange, Inc. 

(‘‘Phlx’’) (collectively, ‘‘Participants’’), 

respectively, filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) pursuant to Section 

11A of the Securities Exchange Act of 

1934 (‘‘Act’’) 1 and Rule 608 

thereunder 2 an amendment (‘‘Joint 

Amendment No. 22’’) to the Plan for the 

Purpose of Creating and Operating an 

Intermarket Option Linkage (‘‘Linkage 

Plan’’).3 In Joint Amendment No. 22, the 

Participants propose to reduce (i) the 

amount of time a member must wait 

after sending a Linkage Order 4 to a 

market before the member 5 can trade 

through that market and (ii) the 

timeframe within which a Participant 

must respond to a Linkage Order after 

receipt of that Order. On March 8, 2007, 

the Commission summarily put into 

effect Joint Amendment No. 22 on a 

temporary basis not to exceed 120 days 

and solicited comment on Joint 

Amendment No. 22 from interested 

persons.6 The Commission received no 

comments on Joint Amendment No. 22. 

This order approves Joint Amendment 

No. 22. 

II. Description of the Proposed 

Amendment 

In Joint Amendment No. 22, the 

Participants proposed to reduce the 

amount of time a member must wait 

after sending a Linkage Order to a 

market before the member can trade 

through that market. The Participants 

proposed to decrease this time period 


pwalker on PROD1PC71 with NOTICES
27868 Federal Register / Vol. 72, No. 95 / Thursday, May 17, 2007 / Notices 

7 17 CFR 242.608. 

8See supra note 6. 

9 15 U.S.C. 78k–1. 

10 17 CFR 242.608. 

11 15 U.S.C. 78k–1. 

12 17 CFR 242.608. 

13 17 CFR 200.30–3(a)(29). 

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

2 17 CFR 240.19b–4. 

3Additional information regarding the 

streetTRACKS Gold Shares is at http:// 

www.streettracksgoldshares.com. 

4See Securities Exchange Act Release No. 50603 

(October 28, 2004), 69 FR 64614 (November 5, 2004) 

(SR–NYSE–2004–22). 

5The gold spot price at the Trust’s Web site will 

be provided by The Bullion Desk (http:// 

www.thebulliondesk.com). The Trust’s Web site 

will indicate that there are other sources for 

obtaining the gold spot price. If the Trust’s Web site 

should cease to provide this indicative spot price 

from an unaffiliated source (and the intraday 

indicative value) of the Shares, CBOE would cease 

to trade the Shares. 

from 20 seconds to 5 seconds. The 

Participants also proposed to reduce the 

time frame in which a Participant must 

respond to a Linkage Order from 15 to 

5 seconds after receipt of that Order. 

III. Discussion and Commission 

Findings 

The Commission previously 

determined, pursuant to Rule 608 under 

the Act,7 to put into effect summarily on 

a temporary basis not to exceed 120 

days, the changes to the Linkage Plan 

detailed above in Joint Amendment No. 

22.8 After careful consideration of Joint 

Amendment No. 22, the Commission 

finds that approving Joint Amendment 

No. 22 is consistent with the 

requirements of the Act and the rules 

and regulations thereunder. 

Specifically, the Commission finds that 

Joint Amendment No. 22 is consistent 

with Section 11A of the Act 9 and Rule 

608 thereunder 10 in that it is 

appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets. 

The Commission believes that reducing 

the time required by a Participant to 

respond to a Linkage Order and the 

amount of time a member sending a 

Linkage Order must wait before trading 

through a nonresponsive Participant 

should facilitate the more timely 

execution of orders across the options 

exchanges. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act 11 and Rule 608 

thereunder,12 that Joint Amendment No. 

22 is approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.13

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. E7–9437 Filed 5–16–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55752; File No. SR–CBOE–

2007–44] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Order Granting Accelerated Approval 

of Proposed Rule Change to Trade the 

streetTRACKS Gold Shares Fund 

Pursuant to Unlisted Trading 

Privileges 

May 11, 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 May 8, 

2007, the Chicago Board Options 

Exchange, Incorporated (the ‘‘Exchange’’

or ‘‘CBOE’’), 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. 

This notice and order provides notice of 

the proposed rule change and approves 

the proposal on an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Chicago Board Options Exchange, 

Incorporated proposes to: (1) trade on its 

stock trading facility, CBOE Stock 

Exchange (‘‘CBSX’’), the streetTRACKS 

Gold Shares (‘‘GLD’’ or ‘‘Shares’’) 

pursuant to unlisted trading privileges 

(‘‘UTP’’), and (2) adopt Exchange Rule 

54.8, which governs the trading of 

commodity-based trust shares. The text 

of the proposed rule change is available 

on the Exchange’s Web site (http:// 

www.cboe.org/Legal), at the Exchange’s 

principal office, 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 on CBSX pursuant to UTP. 

The Shares represent fractional, 

undivided beneficial ownership 

interests in the streetTRACKS Gold 

Trust (‘‘Trust’’). The Trust is an 

investment trust, the sole assets of 

which are gold bullion, and from time 

to time, cash.3 The Commission 

previously approved the original listing 

and trading of the Shares on the New 

York Stock Exchange (‘‘NYSE’’).4 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 

from 8:15 a.m. until 3:15 p.m. (Central 

Time). 

The last-sale price for the Shares is 

disseminated over the Consolidated 

Tape. Gold pricing information based on 

the spot price for a troy ounce of gold 

from various financial information 

service providers, such as Reuters and 

Bloomberg, is available on a 24-hour 

basis. Complete real-time data for gold 

futures and options prices traded on the 

COMEX (a division of the NYMEX) is 

available by subscription from Reuters 

and Bloomberg. The NYMEX also 

provides delayed futures and options 

information on current and past trading 

sessions and market news free of charge 

on its Web site. CBOE, via a link from 

its own public Web site (http:// 

www.cboe.com) to the Trust Web site 

(http:// 

www.streettracksgoldshares.com), will 

provide at no charge continuously 

updated bids and offers indicative of the 

spot price of gold.5

The Trust Web site also will provide 

a calculation of the estimated NAV (also 

known as the Intraday Indicative Value 

or IIV) of a Share as calculated by 

multiplying the indicative spot price of 

gold by the quantity of gold backing 


pwalker on PROD1PC71 with NOTICES