45262 Federal Register / Vol. 73, No. 150 / Monday, August 4, 2008 / Notices 

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 Item 3.01 of Form 8–K requires a registrant to 

file a Form 8–K within four business days of receipt 

of notice from the national securities exchange that 

maintains the principal listing for any class of the 

registrant’s common equity that the registrant or 

such class of the registrant’s securities does not 

satisfy a rule or standard for continued listing on 

the exchange. 

interest, for the protection of investors 

or otherwise in furtherance of the 

purposes of the Act. 

IV. 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–ISE–2008–61 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2008–61. 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 ISE. 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–ISE–

2008–61 and should be submitted on or 

before August 25, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–17762 Filed 8–1–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58235; File No. SR–NYSE–

2008–59] 

Self-Regulatory Organizations; New 

York Stock Exchange, LLC; Notice of 

Filing of Proposed Rule Change To 

Reduce the Period Within Which 

Companies Must Issue a Press 

Release After the Exchange Notifies 

Them That They Are Noncompliant 

With Exchange Listing Requirements 

July 28, 2008. 

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

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’),1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on July 22, 2008, New York Stock 

Exchange, LLC (the ‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’ or ‘‘SEC’’) the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by the Exchange. 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 amend 

Sections 802.02 and 802.03 of the 

Exchange’s Listed Company Manual 

(the ‘‘Manual’’) to provide that the 

Exchange will require a U.S. company, 

upon receiving written notification that 

it has fallen below the Exchange’s 

listing standards, to issue a press release 

within the same amount of time as 

allotted by the SEC for the company to 

disclose such an occurrence, but in no 

event later than four business days after 

receipt of such notification, and will 

require a non-U.S. company to issue a 

press release within 30 days of receiving 

written notification from the Exchange 

that it has fallen below the Exchange’s 

listing standards. The text of the 

proposed rule change is available at 

http://www.nyse.com, the NYSE, and 

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 IV below. The 

NYSE 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 proposes to amend 

Sections 802.02 and 802.03 of the 

Manual to provide that the Exchange 

will require a U.S. company, upon 

receipt of written notification that it has 

fallen below the Exchange’s listing 

standards, issue a press release within 

the amount of time allotted by the SEC 

for companies to disclose such an 

occurrence. The Exchange will also 

require a non-U.S. company to issue a 

press release within 30 days of receiving 

written notification that it has fallen 

below the Exchange’s listing standard. 

Currently, Section 802.02 of the 

Manual requires a U.S. company to 

issue a press release within 45 days of 

receiving written notification from the 

Exchange that it has fallen below the 

Exchange’s listing standards. However, 

SEC rules require the company to file a 

Form 8–K giving notice of that event 

within four business days of being 

notified by the Exchange.3 The 

Exchange believes that its own 

requirement is too long in light of the 

much earlier public notice required by 

the Form 8–K rule and that it is 

appropriate for the Exchange to issue a 

press release on the subject itself if the 

company has not acted within the 

period provided by Form 8–K and in 

any event no later than four business 

days after receipt of notification from 

the Exchange. The Exchange notes that 

companies that are incorporated in 

jurisdictions outside the United States 

but that do not qualify as foreign private 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 73, No. 150 / Monday, August 4, 2008 / Notices 45263 

4 15 U.S.C. 78f(b)(5). 

5 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

issuers are treated as domestic 

companies for purposes of Section 

802.02. 

Currently, Section 802.03 of the 

Manual requires a non-U.S. company to 

issue a press release within 90 days of 

receiving written notification from the 

Exchange that it has fallen below the 

Exchange’s listing standards. While 

foreign private issuers are not subject to 

the Form 8–K requirement imposed on 

domestic issuers, the Exchange believes 

that 90 days is an excessive period to 

give companies to make such a material 

disclosure. Based on our experience 

with these companies, 30 days would be 

more than sufficient. As such, the 

Exchange proposes to shorten from 90 to 

30 days the period within which foreign 

private issuers must issue a press 

release with regard to a notification by 

the Exchange of noncompliance. If the 

issuer does not issue a press release 

within that 30-day period, the Exchange 

will do so. 

While Sections 802.02 and 802.03 

establish maximum time periods for the 

issuance of press releases, the Exchange 

believes that companies should issue 

their press releases concerning any 

notice of noncompliance they receive 

from the Exchange as soon as possible 

after receipt of such notification and 

should not wait until close to the end 

of the permitted period before doing so. 

2. Statutory Basis 

The basis under the Exchange Act for 

this proposed rule change is the 

requirement under Section 6(b)(5) 4 that 

an Exchange have rules that are 

designed 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. In particular, the 

Exchange believes that the proposed 

amendment protects investors and the 

public interest by ensuring the prompt 

disclosure of material information with 

respect to listed companies. 

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 purpose of the Exchange Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission will: 

(A) By order approve such proposed 

rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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

Number SR–NYSE–2008–59 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2008–59. 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–NYSE–2008–59 and should 

be submitted on or before August 25, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.5

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–17761 Filed 8–1–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58234; File No. SR–Phlx–

2008–55] 

Self-Regulatory Organizations; 

Philadelphia Stock Exchange, Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to an Extension of 

Pilot Programs in Connection With 

Linkage P/A Orders 

July 25, 2008. 

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

Securities Exchange Act of 1934,1 and 

Rule 19b–4 thereunder,2 notice is 

hereby given that on July 18, 2008, the 

Philadelphia Stock Exchange, Inc. 

(‘‘Phlx’’ or ‘‘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 prepared 

by Phlx. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change from interested 

persons. 


pwalker on PROD1PC71 with NOTICES