17698 Federal Register / Vol. 74, No. 72 / Thursday, April 16, 2009 / Notices 

Dated: April 9, 2009. 

Karen G. Mills, 

Administrator. 

[FR Doc. E9–8791 Filed 4–15–09; 8:45 am] 

BILLING CODE 8025–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

Poseidis, Inc.; Order of Suspension of 

Trading 

April 14, 2009. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Poseidis, 

Inc. (‘‘Poseidis’’) because it has not filed 

a periodic report since its 10–QSB/A for 

the quarterly period ended May 31, 

2006, filed on November 21, 2007. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of Poseidis. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in Poseidis 

securities is suspended for the period 

from 9:30 a.m. EDT on April 14, 2009, 

through 11:59 p.m. EDT on April 27, 

2009. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–8829 Filed 4–14–09; 4:15 pm] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59753; File Nos. 4–579 and 

S7–04–09] 

Roundtable on Oversight of Credit 

Rating Agencies 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of roundtable discussion; 

request for comment. 

SUMMARY: The Credit Rating Agency 

Reform Act of 2006 provided the 

Securities and Exchange Commission 

for the first time with authority over 

credit rating agencies that register with 

the Commission as Nationally 

Recognized Statistical Rating 

Organizations (‘‘NRSROs’’). Most of the 

Act’s provisions became effective in 

June 2007. Pursuant to the Act, the 

Commission has adopted two sets of 

rules, and Commission staff has 

conducted an extensive 10-month 

examination of the three largest credit 

rating agencies. In February 2009, the 

Commission issued a proposing release 

that included several proposals to 

further the Act’s purpose of promoting 

accountability, transparency, and 

competition in the credit rating 

industry. The proposing release is 

available on the Commission’s Web site 

at http://www.sec.gov/rules/proposed/ 

2009/34–59343.pdf. 

The Commission will host a 

roundtable discussion regarding the 

oversight of credit rating agencies, as it 

relates to both the Commission’s 

pending proposals and more broadly. 

The roundtable will consist of four 

panels. Roundtable participants will 

include leaders from investor 

organizations, financial services 

associations, credit rating agencies, and 

academia. 

The roundtable discussion will be 

held in the auditorium at the 

Commission’s headquarters at 100 F 

Street, NE., in Washington, DC on April 

15, 2009, from 10 a.m. to 4:30 p.m. The 

roundtable will be open to the public 

with seating on a first-come, first-served 

basis. The roundtable discussion also 

will be available via webcast on the 

Commission’s Web site at http:// 

www.sec.gov. The roundtable agenda 

and other materials related to the 

roundtable, including a list of 

participants and moderators, will be 

accessible at http://www.sec.gov/ 

spotlight/cra-oversight-roundtable.htm. 

The Commission welcomes feedback 

regarding any of the topics to be 

addressed at the roundtable. 

DATES: Comments should be received on 

or before May 15, 2009. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

spotlight/cra-oversight-roundtable.htm); 

or 

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

Number 4–579 and/or File Number S7– 

04–09 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number 4–579. For comments 

specifically related to the proposed 

amendments, such submissions also 

should refer to File Number S7–04–09. 

This file number(s) should be included 

on the subject line if e-mail is used. To 

help us 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/ 

spotlight/cra-oversight-roundtable.htm). 

Comments are also available for public 

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. 

All comments received will be posted 

without change; we do not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Marlon Quintanilla Paz, Division of 

Trading and Markets, at (202) 551–5756, 

U.S. Securities and Exchange 

Commission, 100 F Street, NE., 

Washington DC 20549. 

SUPPLEMENTARY INFORMATION: The 

roundtable discussion will concern the 

Commission’s oversight of credit rating 

agencies. The panel discussions will 

focus on: 

• The perspective of current NRSROs: 

What went wrong and what corrective 

steps is the industry taking? 

• Competition Issues: What are 

current barriers to entering the credit 

rating agency industry? 

• The perspective of users of credit 

ratings. 

• Approaches to improve credit rating 

agency oversight. 

The Credit Rating Agency Reform Act 

of 2006 was designed to improve ratings 

quality for the protection of investors, 

serving the public interest by fostering 

accountability, transparency, and 

competition in the credit rating 

industry. The Act grants the 

Commission broad authority to examine 

all books and records of an NRSRO with 

regard to compliance with substantive 

Commission rules applicable to 

NRSROs, including rules addressing 

conflicts of interest and rules 

prohibiting certain unfair, coercive, or 

abusive practices. The Commission 

issued final rules establishing a 

regulatory program for NRSROs in June 

2007. 

Since the passage of the Act and the 

implementation of the June 2007 final 

rules, the Commission has used its 

authority to examine the adequacy of 

the NRSROs’ public disclosures, their 

recordkeeping, their procedures to 

prevent the misuse of material 

nonpublic information, their 

management of conflicts of interest, and 

their approaches to preventing unfair, 

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Federal Register / Vol. 74, No. 72 / Thursday, April 16, 2009 / Notices 17699 

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). 

5NYSE Amex currently makes the NYSE Amex 

Order Imbalance Information datafeed available to 

vendors, broker-dealers and any other party that 

wishes to subscribe to this market data feed service. 

There is no fee for the service and the Exchange 

does not propose to establish one at this time. If the 

Exchange determines to establish fees for this 

service, it will be submit a proposed rule change 

to the Commission pursuant to the 19b–4 process. 

6 ‘‘MOC’’ or Market-at-the-Close orders are to be 

executed in their entirety at the closing price. If not 

executed due to a trading halt or by its terms, e.g., 

buy minus or sell plus, the order will be cancelled. 

‘‘LOC’’ or Limit-at the-Close orders are entered for 

execution at the closing price, provided that the 

closing price is at or within the limit specified. LOC 

Continued 

abusive or coercive practices. On July 8, 

2008, the Commission released findings 

from a 10-month staff examination of 

three major credit rating agencies. The 

staff examinations uncovered 

weaknesses in ratings practices and the 

need for remedial action by the firms to 

provide meaningful ratings and the 

necessary levels of disclosure to 

investors. 

In June and July of 2008, the 

Commission proposed a three-fold set of 

reforms that would address further the 

conflicts of interests, disclosures, 

internal policies, and business practices 

of credit rating agencies registered as 

NRSROs. With respect to the first set of 

reforms, in February 2009, the 

Commission issued final rule 

amendments to existing NRSRO rules. 

In conjunction with the adoption of 

these new measures, the Commission 

proposed an additional amendment that 

would require NRSROs to disclose 

ratings history information, in XBRL 

format, for 100% of all issuer-paid 

credit ratings determined after June 26, 

2007 (the effective date of most of the 

provisions of the Credit Rating Agency 

Reform Act of 2006). Finally, in 

February 2009, the Commission issued 

a release proposing an amendment that 

would require NRSROs that are hired by 

arrangers to perform credit ratings for 

structured finance products to disclose 

to other NRSROs (and only other 

NRSROs) that they are hired to 

determine credit ratings for those deals 

and to obtain from such arrangers a 

representation that they will provide 

information given to the hired NRSRO 

to other NRSROs. 

Dated: April 13, 2009. 

By the Commission. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–8704 Filed 4–15–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59743; File No. SR– 

NYSEAmex–2009–11] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Making Available an 

NYSE Amex Order Imbalance 

Information Datafeed as a Separate, 

Stand-Alone Market Data Product 

April 9, 2009. 

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 2, 

2009, NYSE Amex LLC (‘‘NYSE 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 prepared 

by NYSE Amex. NYSE Amex 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 

it 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 proposes to make 

available an NYSE Amex Order 

Imbalance Information datafeed as a 

separate, stand-alone market data 

product. The text of the proposed rule 

change is available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

NYSE Amex 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. NYSE 

Amex 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 

NYSE Amex LLC proposes to make 

available an NYSE Amex Order 

Imbalance Information datafeed as a 

separate, stand-alone market data 

product. 

Currently, NYSE Amex Equities Rules 

15 and 123C allow Exchange systems to 

make available a datafeed of real-time 

order imbalances that accumulate prior 

to the opening of trading on the 

Exchange and prior to the closing of 

trading on the Exchange. Through this 

instant filing, the Exchange proposes to 

establish the NYSE Amex Order 

Imbalance Information services to 

which NYSE Amex Equities Rules 15 

and 123C refer.5

NYSE Amex Order Imbalance 

Information is a datafeed of real-time 

order imbalances that accumulate prior 

to the opening of trading on the 

Exchange and prior to the close of 

trading on the Exchange. The datafeed 

contains aggregate information about 

orders that are subject to execution at 

the market’s opening or closing price, as 

the case may be, and represent issues 

that are likely to be of particular trading 

interest at the opening or closing. 

Order Imbalance Information Prior to 

the Opening Transaction 

The order imbalance information 

disseminated prior to the opening 

transaction, consistent with NYSE 

Amex Equities Rule 15, contains all 

interest eligible for execution in the 

opening transaction of the security in 

Exchange systems. The previous trading 

day’s closing price on NYSE Amex in 

the security will serve as the reference 

price for the order imbalance 

information disseminated prior to the 

opening transaction. The order 

imbalance information disseminated 

prior to the opening transaction 

indicates to market participants the 

number of shares that would be required 

to equalize buy and sell interest (i.e., 

flat) at the reference price. The 

Exchange proposes to distribute order 

imbalance information at specified 

intervals prior to the opening: 

• Every five minutes between 8:30 

a.m. EST and 9 a.m. EST. 

• Every one minute between 9 a.m. 

EST and 9:20 a.m. EST. 

• Every 15 seconds between 9:20 a.m. 

EST and the opening (or 9:35 a.m. EST 

if the opening is delayed). 

Order Imbalance Information Prior to 

the Closing Transaction 

The order imbalance information 

disseminated prior to the closing 

transaction is consistent with the 

provisions of subparagraphs (5) and (6) 

of NYSE Amex Equities Rule 123C.6

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