Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices 25815 

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). 

11See e.g., International Securities Exchange Rule 

2130 and NYSE Arca Rule 5.2(j)(2). 

12 15 U.S.C. 78s(b)(2). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 57131 

(January 11, 2008), 73 FR 3295 (January 17, 2008) 

(‘‘Commission’s Notice’’). 

4See letter from Leslie M. Norwood, Managing 

Director and Associate General Counsel, Securities 

Industry and Financial Markets Association 

(‘‘SIFMA’’), dated March 28, 2008, and letter from 

Mary Lee Corrigan, Executive Vice President & 

Chief Financial Officer and Janis C. Brennan, Vice 

President & Operations Manager, Griffin, Kubik, 

Stephens & Thompson, Inc. (‘‘GKST’’), dated April 

3, 2008. 

5See letter from Michael Decker and Michael 

Nicholas, Co-Chief Executive Officers, Regional 

Bond Dealers Association (‘‘RBDA’’), dated April 1, 

2008. 

6 In Amendment No. 1, the MSRB responded to 

the three comment letters and, in response to the 

comment letters, postponed the effective date of the 

proposed rule change from June 30, 2008 to 

September 30, 2008. This is a technical amendment 

and is not subject to notice and comment. 

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–CBOE–2008–44 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–CBOE–2008–44. 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, 100 F Street, NE., Washington, 

DC 20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

Copies of the 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–CBOE–2008–44 and should 

be submitted on or before May 28, 2008. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful consideration, 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 the rules of an exchange be 

designed, among other things, to 

prevent fraudulent and manipulative 

acts and practices, 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 finds good cause for 

approving this proposal before the 30th 

day after the publication of notice 

thereof in the Federal Register. The 

proposal seeks to clarify that the 

Exchange’s listing and trading of ELTNs 

is subject to Rule 19b–4(e) under the 

Act. Therefore, the Commission does 

not believe that the Exchange’s proposal 

raises any novel regulatory issues. The 

Commission believes that accelerating 

approval of this proposal would ensure 

that the Exchange’s rules clearly reflect 

the standards for listing and trading of 

ELTNs and conform the rules to those 

of other Exchanges without undue 

delay.11

V. Conclusion 

It is therefore ordered, pursuant to 

section 19(b)(2) of the Act,12 that the 

proposed rule change, as amended (SR–

CBOE–2008–44), be, and it hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–10071 Filed 5–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57750, File No. SR–MSRB–

2007–08] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Order Granting Approval of 

Proposed Rule Change as Modified by 

Amendment No. 1 Thereto Relating to 

Rule G–8, Books and Records, Rule G–

9, Preservation of Records, and Rule 

G–34, CUSIP Numbers and New Issue 

Requirements, To Improve Transaction 

Reporting of New Issues 

May 1, 2008. 

On November 27, 2007, the Municipal 

Securities Rulemaking Board (‘‘MSRB’’), 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’),1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change consisting of an amendment of 

its Rule G–8, Books and Records, Rule 

G–9, Preservation of Records, and Rule 

G–34, CUSIP Numbers and New Issue 

Requirements. The proposed rule 

change was published for comment in 

the Federal Register on January 17, 

2008.3 The Commission received two 

comment letters about the proposed rule 

change.4 The MSRB also forwarded to 

the Commission a comment letter about 

the proposed rule change received by 

the MSRB.5 On April 22, 2008, the 

MSRB filed Amendment No. 1 to the 

proposed rule change.6 This order 

approves the proposed rule change as 

modified by Amendment No. 1. 

The proposed rule change is designed 

to improve transaction reporting of new 

issues and would accelerate the timing 

for CUSIP number assignment and, with 

the exception of new issues of shortterm instruments with less than nine 

months in effective maturity, require 


sroberts on PROD1PC70 with NOTICES
25816 Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices 

7 In approving this proposed rule change, the 

commission notes that it has considered the 

proposed rule’s impact on efficiency, competition 

and capital formation. 15 U.S.C. 78c(f). 

8 15 U.S.C. 78o–4(b)(2)(C). 

9 Id. 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 200.30–3(a)(12). 

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). 

5See Securities Exchange Act Release No. 57611 

(April 3, 2008), 73 FR 19274 (April 9, 2008). The 

comment period expires on April 30, 2008. 

underwriters to: (i) Submit certain 

information about a new issue of 

municipal securities to Depository Trust 

and Clearing Corporation’s New Issue 

Information Dissemination System 

(‘‘NIIDS’’) within set timeframes; and 

(ii) set and disseminate a ‘‘Time of First 

Execution’’ that allows time for market 

participants to access necessary 

information in preparation for trade 

reporting prior to beginning trade 

executions in the issue. A full 

description of the proposal is contained 

in the Commission’s Notice. 

SIFMA stated in its comment letter 

that it fully supports increased price 

transparency in the municipal 

marketplace and strongly supports the 

development of the Depository Trust 

and Clearing Corporation’s New Issue 

Information Dissemination System. 

However, SIFMA recommended that the 

proposal not be effective on June 30, 

2008 because firms have not had 

sufficient time to review and test the 

system and because current unexpected 

market issues and issuance volume 

related to auction-rate securities have 

significantly increased the time 

demands on the operations staff at the 

various firms. GKST also supported 

increased price transparency and the 

proposal but believed that if the 

Depository Trust and Clearing 

Corporation cannot fix the problems 

that have already been identified, the 

cost of complying with the proposed 

directive will be a severe burden to all 

firms but relatively more so to smaller 

firms. The RBDA also supported the 

development and implementation of the 

New Issue Information Dissemination 

System as a way to enhance the overall 

level of transparency in the municipal 

market, but did not believe the June 30 

deadline offered the market enough time 

to fully test and implement the system. 

All three commentators suggested 

postponing the originally-proposed June 

30, 2008 implementation date. 

In Amendment No. 1, the MSRB 

postponed the effective date of the 

proposed rule change from June 30, 

2008 to September 30, 2008. The MSRB 

believes that the new effective date will 

address commentators concerns and 

will allow for the additional time 

necessary for implementation of NIIDS. 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to the MSRB7 and, in 

particular, the requirements of Section 

15B(b)(2)(C) of the Act 8 and the rules 

and regulations thereunder. Section 

15B(b)(2)(C) of the Act requires, among 

other things, that the MSRB’s rules be 

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 municipal 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market in municipal securities, 

and, in general, to protect investors and 

the public interest.9 In particular, the 

Commission finds that the proposed 

rule change is consistent with the Act 

because it will allow the municipal 

securities industry to produce more 

accurate trade reporting and 

transparency. The proposal will be 

effective on September 30, 2008, as 

requested by the MSRB. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,10 that the 

proposed rule change (SR–MSRB–2007–

08), as modified by Amendment No. 1, 

be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–10024 Filed 5–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57746; File No. SR–NYSE–

2008–34] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Exchange Rule 36 (Communication 

Between Exchange and Exchange 

Members’ Offices) 

April 30, 2008. 

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 April 29, 

2008, the New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been substantially prepared by the 

Exchange. The Exchange filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A) of the Act 3 and Rule 

19b–4(f)(6) thereunder,4 which renders 

the proposal 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 seeks to extend its 

current portable phone pilot (the 

‘‘Pilot’’) operating pursuant to Exchange 

Rule 36 from its scheduled April 30, 

2008 expiration date to no later than the 

approval of SR–NYSE–2008–20 5 or June 

30, 2008, the earlier thereof. 

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 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 seeks to extend the 

Pilot operating pursuant to Exchange 

Rule 36 from the Pilot’s scheduled April 

30, 2008 expiration date to no later than 

the approval of SR–NYSE–2008–20 or 

June 30, 2008, the earlier thereof. 

Pursuant to the Pilot, Floor brokers 

and Registered Competitive Market 

Makers (‘‘RCMMs’’) are permitted to use 

an Exchange authorized and provided 

portable telephone on the Exchange 

Floor provided certain conditions are 

met. Such usage has been permitted on 

a pilot basis. The current Pilot expires 

on April 30, 2008. Through the rule 

filing SR–NYSE–2008–20, the Exchange 

seeks to have the amendment to 

Exchange Rule 36 made permanent. 


sroberts on PROD1PC70 with NOTICES