51546 Federal Register / Vol. 73, No. 171 / Wednesday, September 3, 2008 / Notices 

8 17 CFR 200.30–3(a)(29). 

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

2Changes to the rule text can be found at 

http://www.nyse.com. 

3The Commission has modified the text of the 

summaries prepared by NYSE. 4 15 U.S.C. 78f(b)(5). 

No. SR–OPRA–2008–03 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–OPRA–2008–03. 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 plan 

amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed plan amendment 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 such filing also will be 

available for inspection and copying at 

the principal office of OPRA. 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–OPRA–2008–03 and should 

be submitted on or before September 24, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–20316 Filed 9–2–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58398; File No. SR–NYSE– 

2008–069] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Waiving Compliance With DRS 

Participation Rules for Foreign Private 

Issuers 

August 20, 2008. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

July 30, 2008, the New York Stock 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change described in Items I, II, and III 

below, which items have been prepared 

primarily by NYSE. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

NYSE proposes to amend Section 

501.00 of its Listed Company Manual to 

waive application of this section to any 

listed company that is a foreign private 

issuer and that submits a letter from an 

independent home country counsel 

certifying that a home country law or 

regulation prohibits compliance.2

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 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 has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Currently, Section 501.00 of NYSE’s 

Listed Company Manual (‘‘Manual’’) 

requires that all listed equity securities 

must be eligible for participation in a 

direct registration system operated by a 

securities depository. As the laws of 

certain countries may prohibit 

compliance with this rule, NYSE 

believes it is appropriate to waive its 

application to foreign private issuers 

upon provision of a letter from 

independent counsel confirming that 

such a prohibition exists. 

Accordingly, NYSE proposes to 

amend Section 501.00(A) of its Manual 

to waive application of that section to 

any listed company that is a foreign 

private issuer and that submits to NYSE 

a letter from an independent home 

country counsel certifying that a home 

country law or regulation prohibits such 

compliance. All other foreign private 

issuers will be required to comply with 

Section 501.00. 

NYSE also proposes to further modify 

Section 501.00(A) and to eliminate 

Section 501.00(B) to remove text 

relating to transition periods that have 

since expired. 

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 prevent fraudulent and 

manipulative 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. NYSE believes that the 

proposed rule change is consistent with 

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

because it requires foreign private 

issuers to comply with the same 

requirement as U.S. companies that 

listed equity securities must be eligible 

for participation in a direct registration 

system unless the foreign private issuer 

is prohibited from doing so under its 

home country laws. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

NYSE 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 relating to the 

proposed rule change have been 

solicited or received. NYSE will notify 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 73, No. 171 / Wednesday, September 3, 2008 / Notices 51547 

5 15 U.S.C. 78s(b)(3)(A)(iii). 

6 17 CFR 240.19b–4(f)(6). 

7See 17 CFR 240.19b–4(f)(6)(iii). 

8 In addition, Rule 19b–4(f)(6)(iii) requires the 

self-regulatory organization to give the Commission 

written notice of its intent to file the proposed rule 

change, along with a brief description and text of 

the proposed rule change, at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The NYSE has satisfied this 

requirement. 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6). 

12For the purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12). 

the Commission of any written 

comments received by NYSE. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A)(iii) of the Act 5 and Rule 

19b–4(f)(6) 6 thereunder because it does 

not (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days after the date of filing, or 

such shorter time as the Commission 

may designate if consistent with the 

protection of investors and the public 

interest. A proposed rule change filed 

under Rule 19b–4(f)(6) normally does 

not become operative prior to the 30th 

day after the date of filing.7 However, 

Rule 19b–4(f)(6)(iii) permits the 

Commission to designate a shorter time 

if such action is consistent with the 

protection of investors and the public 

interest.8

The NYSE has requested that the 

Commission waive the 30-day operative 

delay so that the proposed rule change 

may take effect and become operative 

upon filing with the Commission 

pursuant to Section 19(b)(3)(A) 9 and 

Rule 19b–4(f)(6) 10 thereunder. Waiver 

of the 30-day operative delay will 

enable NYSE to list foreign private 

issuers whose home country laws 

prohibit them from complying with 

Section 501.00 of the Manual. NYSE 

notes that Nasdaq already has a 

comparable exception to its direct 

registration system eligibility 

requirement. As such, waiving the 

operative delay eliminates a potential 

competitive disadvantage that the NYSE 

currently faces in competing for listings. 

For the foregoing reasons, the 

Commission believes that this rule filing 

qualifies for immediate effectiveness 

under paragraph (f)(6) of Rule 19b–4 11

and that waiving the 30-day operative 

delay is consistent with the protection 

of investors and the public interest. 

Accordingly, the Commission hereby 

designates the proposal as operative 

upon filing.12

At any time within sixty days of the 

filing of such 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–NYSE–2008–069 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–2008–069. 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 such filings also will be 

available for inspection and copying at 

the principal office of NYSE and on 

NYSE’s Web site, http://www.nyse.com. 

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–2008–069 and 

should be submitted on or before 

September 24, 2008. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–20382 Filed 9–2–08; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

Office of the Secretary 

[Docket Number: OST–95–177] 

Notice of Request for Extension of a 

Previously Approved Collection 

AGENCY: Office of the Secretary. 

ACTION: Notice and request for 

comments. 

SUMMARY: In compliance with the 

Paperwork Reduction Act of 1995, 

Public Law 104–13, this notice 

announces the Department of 

Transportation’s (DOT) intention to 

request extension of a previously 

approved information collection. 

DATES: Comments on this notice must be 

received on or before November 3, 2008. 

ADDRESSES: You may submit a comment 

(identified by DOT Docket Number 

OST–95–177) by any of the following 

methods: 

• Web site: http://regulations.gov. 

Follow the instructions for submitting 

comments on the DOT electronic docket 

site. 

• Fax: 1–202–493–2251. 

• Mail: Docket Management Facility; 

U.S. Department of Transportation, 1200 

New Jersey Avenue, SE., West Building, 

Room W12–140, Washington, DC 

20590–001. 

• Hand Delivery: Room W12–140 on 

the ground level of the West Building, 

1200 New Jersey Avenue, SE., 

Washington, DC, between 9 a.m. and 5 

p.m., Monday through Friday, except 

Wednesday and Federal Holidays. 

Instructions: All comments must 

include the agency name and Docket 

Number OST–95–177. Note that all 

comments received will be posted 

without change to http:// 


sroberts on PROD1PC70 with NOTICES