49728 Federal Register / Vol. 73, No. 164 / Friday, August 22, 2008 / Notices 

7 15 U.S.C. 78s(b)(2). 

8 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. 58109 

(July 7, 2008), 73 FR 40415. 

4See Securities Exchange Act Release No. 54007 

(June 16, 2006), 71 FR 36155 (June 23, 2006) (SR–

PCX–2006–16). 

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

6 15 U.S.C. 78f(b)(5). 

7 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rules’ impact on efficiency, competition, 

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

8See Nasdaq Rule IM–4500–4 and NYSE Listed 

Company Manual Section 902.02. 

9See supra note 3. 

10 15 U.S.C. 78f(b)(4). 

11 15 U.S.C. 78f(b)(5). 

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. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,7 that the 

proposed rule change (SR–NYSEArca–

2008–70) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19474 Filed 8–21–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58379; File No. SR–

NYSEArca–2008–47] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Approving Proposed 

Rule Change To Waive Retroactively 

as of June 24, 2008, Initial Listing Fees 

for Companies Who Apply To List 

Securities Currently Listed on Another 

National Securities Exchange 

August 18, 2008. 

I. Introduction 

On June 24, 2008, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or ‘‘Exchange’’) 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 to waive retroactively as of June 

24, 2008, initial listing fees for 

companies who apply to list securities 

currently listed on another national 

securities exchange. The proposed rule 

change was published in the Federal 

Register on July 14, 2008.3 The 

Commission received no comments on 

the proposal. This order approves the 

proposed rule change. 

II. Description of the Proposal 

The Exchange proposes to waive 

initial listing fees for companies who 

apply to list securities currently listed 

on another national securities exchange. 

The waiver would apply to all classes of 

securities. The proposed fee waiver 

would be applied retroactively to any 

companies that apply to list after June 

24, 2008. The Exchange had previously 

waived initial listing fees for all 

companies that transferred from the 

New York Stock Exchange (‘‘NYSE’’) at 

any time or from Nasdaq Stock Market 

(‘‘Nasdaq’’) or the American Stock 

Exchange prior to December 31, 2007, or 

had applied to list prior to that date.4

III. Discussion 

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 and, in particular, the 

requirements of Section 6(b) of the Act 

and the rules and regulations 

thereunder. Specifically, the 

Commission finds that the proposal is 

consistent with Sections 6(b)(4) 5 and 

6(b)(5) of the Act,6 which require that an 

exchange have rules that provide for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members and other persons using its 

facilities, and are 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, to protect 

investors and the public interest, and to 

not permit unfair discrimination 

between customers, issuers, brokers, or 

dealers.7

The Commission notes that an issuer 

seeking to transfer to the Exchange has 

already paid initial listing fees to 

another national securities exchange 

when it became a publicly traded 

company. In addition, the Commission 

notes that the Exchange does not expect 

the loss of initial listing fees to be 

material and has stated that the fee 

waiver will not affect the Exchange’s 

commitment of resources to its 

regulatory oversight of the listing 

process or its regulatory program. The 

Exchange would continue to assess 

annual fees and listing of additional 

shares fees from these issuers. Further, 

the Exchange believes that there will be 

lower burdens associated with its 

eligibility review of issuers transferring 

from another national securities 

exchange. However, the Commission 

expects, and the Exchange has 

represented, that a full and independent 

review of compliance with the listing 

standards will be conducted for any 

company seeking to take advantage of 

the fee waiver, just as for any company 

that applies for listing on the Exchange. 

Finally, the Commission also notes that 

The Nasdaq Stock Market and the New 

York Stock Exchange have similar 

provisions.8 The Commission believes 

that the proposed waiver could enhance 

competition among the markets, as the 

Exchange seeks to become a more 

attractive listing venue and a viable 

alternative to listing on other national 

securities exchanges. 

Based on the above, the Commission 

believes the proposed fee waiver, which 

is retroactively effective to June 24, 

2008, the date of the filing of the 

proposed rule change,9 does not 

constitute an inequitable allocation of 

reasonable dues, fees, and other charges 

under Section 6(b)(4) of the Act,10 does 

not permit unfair discrimination 

between issuers under Section 6(b)(5) of 

the Act,11 and is otherwise consistent 

with the requirements of the Act. 

IV. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSEArca–

2008–47) is hereby approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19513 Filed 8–21–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58380; File No. SR–Phlx–

2008–61] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by the 

Philadelphia Stock Exchange, Inc. 

Relating to Changing Its Name 

August 18, 2008. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 2 thereunder, 

notice is hereby given that on August 

15, 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 the Phlx. The 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 164 / Friday, August 22, 2008 / Notices 49729 

3See Securities Exchange Act Release Nos. 58179 

(July 17, 2008), 73 FR 42874 (July 23, 2008) (SR–

Phlx–2008–31); and 58183 (July 17, 2008), 73 FR 

42850 (July 23, 2008) (SR–NASDAQ–2008–035). 

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

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

6 15 U.S.C. 78s(b)(3)(A)(iii). 

7 17 CFR 240.19b–4(f)(3). 8 17 CFR 200.30–3(a)(12). 

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 Phlx proposes to amend its 

Certificate of Incorporation, By-Laws 

and Rules to rename itself NASDAQ 

OMX PHLX, Inc. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.phlx.com/regulatory/ 

reg_rulefilings.aspx. 

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 

Phlx 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 Phlx 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 purpose of the proposed rule 

change is to rename the Exchange to 

reflect its new placement within The 

NASDAQ OMX Group, Inc. corporate 

structure, following its acquisition by 

The NASDAQ OMX Group, Inc. on July 

24, 2008.3

Specifically, all references to the 

Exchange shall be amended to state 

‘‘NASDAQ OMX PHLX, Inc.’’ or 

‘‘Exchange,’’ as appropriate. The 

Certificate of Incorporation shall be 

amended to remove all reference to 

‘‘Philadelphia Stock Exchange, Inc.’’

and replace with ‘‘NASDAQ OMX 

PHLX, Inc.’’ By-Law Article I, Section 

1–1(h) shall specifically define the 

‘‘Exchange’’ as NASDAQ OMX PHLX, 

Inc. Similarly, a new Rule 1(rr) to be 

added to the Rules of the Board of 

Governors shall define the term 

‘‘Exchange’’ as NASDAQ OMX PHLX, 

Inc. Further, a new Rule 1(ss) to be 

added to the Rules of the Board of 

Governors shall define the terms 

‘‘Philadelphia Stock Exchange, Inc.’’

and ‘‘Phlx’’ as NASDAQ OMX PHLX, 

Inc. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 4 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 5

in particular, in that it is 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, by 

renaming the Exchange to reflect its 

current ownership. 

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 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 either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change is 

concerned solely with the 

administration of the Exchange 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 6 and Rule 19b–4(f)(3) 7

thereunder. Accordingly, the proposal 

will take effect upon filing with the 

Commission. At any time within 60 

days of the filing of the proposed rule 

change, the Commission may summarily 

abrogate such rule change if it appears 

to the Commission that such action is 

necessary or appropriate in the public 

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–Phlx–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–Phlx–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, 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 Phlx. 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–Phlx–

2008–61 and should be submitted on or 

before September 12, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19512 Filed 8–21–08; 8:45 am] 

BILLING CODE 8010–01–P 


jlentini on PROD1PC65 with NOTICES