Federal Register / Vol. 73, No. 181 / Wednesday, September 17, 2008 / Notices 53915 

8See Securities Exchange Act Release No. 58092 

(July 3, 2008), 73 FR 40144 (July 11, 2008) at 40148. 

9The Commission notes that, through a separate 

proposed rule change, the Exchange has proposed 

to eliminate all of the provisions relating to the 

specialists’ price improvement mechanism under 

NYSE Rule 104(e) by October 15, 2008. See 

Securities Exchange Act Release No. 58184 (July 17, 

2008), 73 FR 42853 (July 23, 2008) (SR–NYSE– 

2008–46). 

10 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. 58395 

(August 20, 2008), 73 FR 50382. 

4A Managed Fund Share is a security that 

represents an interest in an investment company 

registered under the Investment Company Act of 

1940 (15 U.S.C. 80a) (‘‘1940 Act’’) organized as an 

open-end management investment company or 

similar entity that invests in a portfolio of securities 

selected by its investment adviser consistent with 

its investment objectives and policies. In contrast, 

an open-end investment company that issues 

Investment Company Units, listed and traded on 

the Exchange under NYSE Arca Equities Rule 

5.2(j)(3), seeks to provide investment results that 

correspond generally to the price and yield 

performance of a specific foreign or domestic stock 

index, fixed income securities index, or a 

combination thereof. 

5The Trust is registered under the 1940 Act. On 

June 26, 2008, the Trust filed with the Commission 

a Registration Statement for the Fund on Form N– 

1A under the Securities Act of 1933 (15 U.S.C. 77a) 

and under the 1940 Act relating to the Fund (File 

Nos. 333–147622 and 811–22148) (‘‘Registration 

Statement’’). The Exchange states that the 

description of the operation of the Trust herein is 

based on the Registration Statement. 

6 17 CFR 240.10A–3. 

7 15 U.S.C. 80b–1. The Exchange represents that 

the Adviser and its related personnel are subject to 

Rule 204A–1 under the Advisers Act (17 CFR 

275.204A–1). This rule specifically requires the 

adoption of a code of ethics by an investment 

adviser to include, at a minimum: (1) A standard 

or standards of business conduct that reflect the 

fiduciary obligations of such investment adviser 

and its supervised persons; (2) provisions requiring 

its supervised persons to comply with applicable 

federal securities laws; (3) provisions that require 

all access persons to report, and such investment 

adviser to review, their personal securities 

transactions and holdings periodically as 

specifically set forth in Rule 204A–1; (4) provisions 

requiring supervised persons to report any 

violations of the code of ethics promptly to the 

chief compliance officer (‘‘CCO’’) or, provided the 

CCO also receives reports of all violations, to other 

persons designated in the code of ethics; and (5) 

provisions requiring the investment adviser to 

provide each of its supervised persons with a copy 

of the code of ethics and any amendments, and 

requiring its supervised persons to provide to such 

investment adviser written acknowledgement of 

their receipt of the code and any amendments. In 

addition, Rule 206(4)–7 under the Advisers Act 

makes it unlawful for an investment adviser to 

provide investment advice to clients unless such 

investment adviser has (i) adopted and 

implemented written policies and procedures 

reasonably designed to prevent violation, by the 

investment adviser and its supervised persons, of 

the Advisers Act and the rules adopted thereunder, 

(ii) reviewed no less frequently than annually the 

adequacy of the policies and procedures established 

pursuant to (i) above and the effectiveness of their 

implementation, and (iii) designated an individual 

(who is a supervised person) responsible for 

administering the policies and procedures adopted 

under (i) above. See 17 CFR 275.206(4)–7. 

8The Exchange states that the Adviser is affiliated 

with the Distributor, a broker-dealer. As required by 

Commentary .07 to NYSE Arca Equities Rule 8.600, 

the Exchange represents that the Adviser has 

implemented a ‘‘fire wall’’ with respect to such 

broker-dealer regarding access to information 

concerning the composition and/or changes to the 

Fund’s portfolio. Commentary .07 to NYSE Arca 

Equities Rule 8.600 also requires personnel, who 

make decisions on the portfolio composition of the 

Fund, must be subject to procedures designed to 

prevent the use and dissemination of material 

nonpublic information regarding the applicable 

Fund’s portfolio. 

9A company is considered to be principally 

engaged in the U.S. real estate industry if: (i) It 

derives 50% of its revenues or profits from the 

ownership, leasing, construction, financing, or sale 

of U.S. real estate; or (ii) it has at least 50% of the 

value of its assets invested in U.S. real estate. 

trading rule proposals that seek to offer 

special advantages to market 

participants. Although an exchange may 

reward its participants for the benefits 

they provide to the exchange’s market, 

such rewards must not be 

disproportionate to the services 

provided.8 In considering the totality of 

the benefits accorded to and obligations 

imposed upon specialists on the 

Exchange, the Commission believes that 

it is reasonable for NYSE to delete the 

‘‘meaningful amount’’ requirement of 

Rule 104(e).9

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSE–2008– 

61) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–21707 Filed 9–16–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58512; File No. SR– 

NYSEArca–2008–85] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of a Proposed Rule Change 

Relating to the Listing and Trading of 

Shares of the PowerShares Active U.S. 

Real Estate Fund 

September 11, 2008. 

On August 11, 2008, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or ‘‘Exchange’’), through 

its wholly owned subsidiary, NYSE 

Arca Equities, Inc. (‘‘NYSE Arca 

Equities’’), 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 list and trade 

shares (‘‘Shares’’) of the PowerShares 

Active U.S. Real Estate Fund (‘‘Fund’’) 

under NYSE Arca Equities Rule 8.600. 

The proposed rule change was 

published in the Federal Register on 

August 26, 2008 for a 15-day comment 

period.3 The Commission received no 

comments on the proposal. This order 

grants approval to the proposed rule 

change on an accelerated basis. 

I. Description of the Proposal 

The Exchange proposes to list and 

trade the Shares pursuant to NYSE Arca 

Equities Rule 8.600, which governs the 

listing of Managed Fund Shares.4 The 

Exchange states that the Shares will 

conform to the initial and continued 

listing criteria under that rule. 

The Shares will be offered by 

PowerShares Actively Managed 

Exchange-Traded Fund Trust (‘‘Trust’’),5

a business trust organized under the 

laws of the State of Delaware and 

registered with the Commission as an 

open-end management investment 

company. The Exchange states that the 

Fund will not purchase or sell securities 

in markets outside the United States. 

The Exchange represents that, for initial 

and/or continued listing, the Fund will 

be in compliance with Rule 10A–3 

under the Act,6 as provided by NYSE 

Arca Equities Rule 5.3. 

A. Description of the Fund 

Invesco PowerShares Capital 

Management LLC (‘‘Adviser’’) is the 

investment adviser for the Fund and is 

registered as an ‘‘investment adviser’’ 

under the Investment Advisers Act of 

1940 (‘‘Advisers Act’’).7 Invesco 

Institutional (N.A.), Inc. is the Fund’s 

primary investment sub-adviser and is 

also registered as an ‘‘investment 

adviser’’ under the Advisers Act. 

Invesco Aim Distributors, Inc. (the 

‘‘Distributor’’) serves as the principal 

underwriter and distributor for the 

Fund.8

The Exchange states that, according to 

the Registration Statement, the Fund has 

an investment objective of high total 

return through growth of capital and 

current income. It seeks to achieve its 

investment objective by investing, under 

normal market conditions, at least 80% 

of its assets in securities of companies 

that are principally engaged in the U.S. 

real estate industry.9 Specifically, the 

Fund plans to invest principally in 

equity real estate investment trusts 

(‘‘REITs’’). Equity REITs pool investors’’ 

funds for investments primarily in real 

estate properties or real estate-related 

loans (e.g., mortgages). The Fund may 

also invest in real estate operating 

companies (‘‘REOCs’’), as well as 

securities of other companies 


pwalker on PROD1PC71 with NOTICES
53916 Federal Register / Vol. 73, No. 181 / Wednesday, September 17, 2008 / Notices 

10The Bid/Ask Price of the Fund is determined 

using the highest bid and the lowest offer on the 

Exchange as of the time of calculation of the Fund’s 

NAV. The records relating to Bid/Ask Prices will be 

retained by the Fund and its service providers. 

11The Disclosed Portfolio means the identities 

and quantities of the securities and other assets 

held by the Fund that will form the basis for the 

calculation of NAV at the end of the business day. 

See NYSE Arca Equities Rule 8.600(c)(2). 

12Under accounting procedures followed by the 

Fund, trades made on the prior business day (‘‘T’’) 

will be booked and reflected in NAV on the current 

business day (‘‘T+1’’). Accordingly, the Fund will 

be able to disclose at the beginning of the business 

day the portfolio that will form the basis for the 

NAV calculation at the end of the business day. 

13The Portfolio Indicative Value is the estimated 

indicative value of a Managed Fund Share based on 

current information regarding the value of the 

securities and other assets in the Disclosed 

Portfolio. See NYSE Arca Equities Rule 8.600(c)(3). 

14See supra note 5. All terms relating to the Fund 

that are referred to, but not defined in, the proposed 

rule change are defined in the Registration 

Statement. 

15See Commentary .04 to NYSE Arca Equities 

Rule 7.12. 

principally engaged in the U.S. real 

estate industry. REOCs are similar to 

REITs, except that REOCs reinvest their 

earnings into the business, rather than 

distributing them to unit-holders like 

REITs. The 80% investment policy is 

non-fundamental and requires 60 days’ 

prior written notice to shareholders 

before it can be changed. In constructing 

the portfolio, the sub-advisers (as 

described in the Registration Statement) 

analyze quantitative and statistical 

metrics to identify attractively priced 

securities. The security and portfolio 

evaluation process is generally 

conducted monthly. The sub-advisers 

will consider selling or reducing a 

security position if (1) the relative 

attractiveness of a security falls below 

desired levels, (2) a particular security’s 

risk/return profile changes significantly, 

or (3) a more attractive investment 

opportunity is identified. 

In addition, creations and 

redemptions of Shares will occur in 

large specified blocks referred to as 

‘‘Creation Units.’’ The Creation Unit size 

for the Fund is 50,000 Shares. The net 

asset value (‘‘NAV’’) of the Fund will 

normally be determined as of the close 

of the regular trading session on the 

New York Stock Exchange LLC 

(ordinarily 4 p.m. Eastern time or ‘‘ET’’) 

on each business day. 

B. Availability of Information 

The Fund’s Web site 

(www.powershares.com), which will be 

publicly available at no charge prior to 

the public offering of Shares, will 

include a form of the prospectus for the 

Fund that may be downloaded. The 

Web site will include additional 

quantitative information updated on a 

daily basis, including: (1) Daily trading 

volume, the prior business day’s 

reported closing price, NAV and the 

mid-point of the bid/ask spread at the 

time of calculation of such NAV (‘‘Bid/ 

Ask Price’’),10 and a calculation of the 

premium and discount of the Bid/Ask 

Price against the NAV; and (2) data in 

chart format displaying the frequency 

distribution of discounts and premiums 

of the daily Bid/Ask Price against the 

NAV, within appropriate ranges, for 

each of the four previous calendar 

quarters. On each business day, before 

commencement of trading in Shares in 

the Core Trading Session on the 

Exchange, the Fund will disclose on its 

Web site the Disclosed Portfolio, as 

defined in NYSE Arca Equities Rule 

8.600(c)(2),11 that will form the basis for 

the Fund’s calculation of NAV at the 

end of the business day.12

Investors can also obtain the Trust’s 

Statement of Additional Information 

(‘‘SAI’’), the Fund’s Shareholder 

Reports, and its Form N–CSR and Form 

N–SAR, filed twice a year. The Trust’s 

SAI and Shareholder Reports are 

available free upon request from the 

Trust, and those documents and the 

Form N–CSR and Form N–SAR may be 

viewed on-screen or downloaded from 

the Commission’s Web site. 

Information regarding market price 

and trading volume of the Shares is and 

will be continually available on a realtime basis throughout the day on 

brokers’ computer screens and other 

electronic services. Information 

regarding the previous day’s closing 

price and trading volume information 

will be published daily in the financial 

section of newspapers. Quotation and 

last-sale information for the Shares will 

be available via the Consolidated Tape 

Association (‘‘CTA’’) high-speed line. In 

addition, the Portfolio Indicative Value 

(‘‘PIV’’), as defined in NYSE Arca 

Equities Rule 8.600(c)(3),13 will be 

disseminated by the Exchange at least 

every 15 seconds during the Core 

Trading Session through the facilities of 

CTA. The dissemination of the PIV, 

together with the Disclosed Portfolio, 

will allow investors to determine the 

value of the underlying portfolio of a 

Fund on a daily basis and to provide a 

close estimate of that value throughout 

the trading day. 

The Exchange states that more 

information regarding the Shares and 

the Fund, including investment 

strategies, risks, creation and 

redemption procedures, fees, portfolio 

holdings disclosure policies, 

distributions, and taxes can be found in 

the Registration Statement.14

C. Initial and Continued Listing Criteria 

The Fund will be subject to the initial 

and continued listing criteria of NYSE 

Arca Equities Rule 8.600(d). The 

Exchange established that a minimum of 

100,000 Shares will be required to be 

outstanding at the time of 

commencement of trading on the 

Exchange. In addition, the Exchange has 

represented that it will obtain a 

representation from the Fund that the 

NAV per Share will be calculated daily 

and that the NAV and the Disclosed 

Portfolio will be made available to all 

market participants at the same time. 

D. Trading Halts 

With respect to trading halts, the 

Exchange may consider all relevant 

factors in exercising its discretion to 

halt or suspend trading in the Shares of 

the Fund.15 Trading in the Shares will 

be halted if the circuit breaker 

parameters in NYSE Arca Equities Rule 

7.12 have been reached. Trading also 

may be halted because of market 

conditions or for reasons that, in the 

view of the Exchange, make trading in 

the Shares inadvisable. These may 

include: (1) The extent to which trading 

is not occurring in the securities 

comprising the Disclosed Portfolio and/ 

or the financial instruments of the Fund; 

or (2) whether other unusual conditions 

or circumstances detrimental to the 

maintenance of a fair and orderly 

market are present. Trading in the 

Shares will be subject to NYSE Arca 

Equities Rule 8.600(d)(2)(D), which sets 

forth circumstances under which Shares 

of the Fund may be halted. 

E. Trading Rules 

The Exchange deems the Shares to be 

equity securities, thus rendering trading 

in the Shares subject to the Exchange’s 

existing rules governing the trading of 

equity securities. The Shares will trade 

on the NYSE Arca Marketplace from 4 

a.m. to 8 p.m. ET, in accordance with 

NYSE Arca Equities Rule 7.34 (Trading 

Sessions). The Exchange states that it 

has appropriate rules to facilitate 

transactions in the Shares during all 

trading sessions (Opening, Core 

Trading, and Late Trading Sessions). 

The minimum trading increment for the 

Shares on the Exchange will be $0.01. 

F. Surveillance 

The Exchange intends to utilize its 

existing surveillance procedures 

applicable to derivative products (which 

include Managed Fund Shares) to 

monitor trading in the Shares. The 

Exchange represents that these 


pwalker on PROD1PC71 with NOTICES
Federal Register / Vol. 73, No. 181 / Wednesday, September 17, 2008 / Notices 53917 

16 15 U.S.C. 78f. 

17 In approving this proposed rule change the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

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

18 15 U.S.C. 78f(b)(5). 

19 15 U.S.C. 78k–1(a)(1)(C)(iii). 

20See NYSE Arca Equities Rule 8.600(d)(2)(D). 

21See id. 

22The term ‘‘Reporting Authority’’ with respect to 

a particular series of Managed Fund Shares means 

NYSE Arca Equities, an institution, or a reporting 

service designed by NYSE Arca Equities or by the 

exchange that lists a particular series of Managed 

Fund Shares (if NYSE Arca Equities is trading such 

series pursuant to unlisted trading privileges) as the 

official source for calculating and reporting 

information relating to such series including, but 

not limited to, the PIV, Disclosed Portfolio, amount 

of any cash distribution to holders of Managed 

Fund Shares, NAV, or other information relating to 

the issuance, redemption, or trading of Managed 

Fund Shares. See NYSE Arca Equities Rule 

8.600(c)(4). 

procedures are adequate to properly 

monitor Exchange trading of the Shares 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws. The 

Exchange states that its current trading 

surveillance focuses on detecting 

securities trading outside their normal 

patterns. When such situations are 

detected, surveillance analysis follows 

and investigations are opened, where 

appropriate, to review the behavior of 

all relevant parties for all relevant 

trading violations. 

The Exchange further states that it 

may obtain information via the 

Intermarket Surveillance Group (‘‘ISG’’) 

from other exchanges who are members 

of ISG. In addition, the Exchange states 

that it has a general policy prohibiting 

the distribution of material, non-public 

information by its employees. 

G. Information Bulletin 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

(‘‘Bulletin’’) of the special 

characteristics and risks associated with 

trading the Shares. Specifically, the 

Bulletin will discuss the following: (1) 

The procedures for purchases and 

redemptions of Shares in Creation Unit 

aggregations (and that Shares are not 

individually redeemable); (2) NYSE 

Arca Equities Rule 9.2(a), which 

imposes a duty of due diligence on its 

ETP Holders to learn the essential facts 

relating to every customer prior to 

trading the Shares; (3) the risks involved 

in trading the Shares during the 

Opening and Late Trading Sessions 

when an updated PIV will not be 

calculated or publicly disseminated; (4) 

how information regarding the PIV is 

disseminated; (5) the requirement that 

ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; and (6) 

trading information. 

In addition, the Bulletin will 

reference that the Fund is subject to 

various fees and expenses described in 

the Registration Statement. The Bulletin 

will discuss any exemptive, no-action, 

and interpretive relief granted by the 

Commission from any rules under the 

Act. The Bulletin will also disclose that 

the NAV for the Shares will be 

calculated after 4 p.m. ET each trading 

day. 

II. Discussion and Commission’s 

Findings 

The Commission has carefully 

reviewed the proposed rule change and 

finds that it is consistent with the 

requirements of Section 6 of the Act 16

and the rules and regulations 

thereunder applicable to a national 

securities exchange.17 In particular, the 

Commission finds that the proposal is 

consistent with Section 6(b)(5) of the 

Act,18 which requires, among other 

things, that the Exchange’s rules be 

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. 

The Commission finds that the 

proposal to list and trade the Shares on 

the Exchange is consistent with Section 

11A(a)(1)(C)(iii) of the Act,19 which sets 

forth Congress’ finding that it is in the 

public interest and appropriate for the 

protection of investors and the 

maintenance of fair and orderly markets 

to assure the availability to brokers, 

dealers, and investors of information 

with respect to quotations for and 

transactions in securities. Quotation and 

last-sale information for the Shares will 

be available via the CTA high-speed 

line, and the Exchange will disseminate 

the PIV at least every 15 seconds during 

the Core Trading Session. In addition, 

the Fund will make available on its Web 

site the Disclosed Portfolio that will 

form the basis for its calculation of the 

NAV, which will be determined as of 

the close of the regular trading session 

on the New York Stock Exchange LLC. 

The Exchange further states that 

information regarding the market price 

and volume of the Shares will be 

continually available on a real-time 

basis throughout the day via electronic 

services, and that the previous day’s 

closing price and trading volume 

information for the Shares will be 

published daily in the financial sections 

of newspapers. The Fund’s Web site, 

which will be publicly accessible at no 

charge, will include additional 

quantitative information updated on a 

daily basis, including: (1) Daily trading 

volume, the prior business day’s 

reported closing price, NAV, the Bid/ 

Ask Price, and a calculation of the 

premium and discount of the Bid/Ask 

Price against the NAV; and (2) data in 

chart format displaying the frequency 

distribution of discounts and premiums 

of the daily Bid/Ask Price against the 

NAV, within appropriate ranges, for 

each of the four previous calendar 

quarters. 

The Commission also believes that the 

proposal to list and trade the Shares is 

reasonably designed to promote fair 

disclosure of information that may be 

necessary to price the Shares 

appropriately and to prevent trading 

when a reasonable degree of 

transparency cannot be assured. The 

Commission notes that the Exchange 

will obtain a representation from the 

Fund that the NAV per Share will be 

calculated daily and that the NAV and 

the Disclosed Portfolio will be made 

available to all market participants at 

the same time. Additionally, if it 

becomes aware that the NAV per Share 

or the Disclosed Portfolio is not 

disseminated daily to all market 

participants at the same time, the 

Exchange will halt trading in the Shares 

until that information is available to all 

market participants.20 Further, if the PIV 

is not being disseminated as required, 

the Exchange may halt trading during 

the day in which the disruption occurs 

and, if the interruption persists past the 

day in which it occurred, the Exchange 

will halt trading no later than the 

beginning of the trading day following 

the interruption.21 The Commission 

notes that the Exchange represents that 

the Adviser has implemented a ‘‘fire 

wall’’ between it and the Distributor, an 

affiliated broker-dealer, regarding access 

to information concerning the 

composition and/or changes to the 

Fund’s portfolio, as required by 

Commentary .07 to NYSE Arca Equities 

Rule 8.600. Finally, the Commission 

notes that the Reporting Authority, as 

defined in NYSE Arca Equities Rule 

8.600(d)(2)(B)(ii),22 that provides the 

Disclosed Portfolio must implement and 

maintain, or be subject to, procedures 

designed to prevent the use and 

dissemination of material non-public 

information regarding the actual 

components of the portfolio. 

The Exchange has represented that 

the Shares are equity securities subject 

to the Exchange’s rules governing the 

trading of equity securities. In support 


pwalker on PROD1PC71 with NOTICES
53918 Federal Register / Vol. 73, No. 181 / Wednesday, September 17, 2008 / Notices 

23See supra note 6. 

24 15 U.S.C. 78f(b)(5). 

25 15 U.S.C. 78s(b)(2). 

26See, e.g., Securities Exchange Act Release No. 

57619 (April 4, 2008), 73 FR 19544 (April 10, 2008) 

(SR–NYSEArca–2008–25) (approving the listing and 

trading of shares of the PowerShares Active AlphaQ 

Fund, the PowerShares Active Alpha Multi-Cap 

Fund, the PowerShares Active Mega-Cap Portfolio, 

and the PowerShares Active Low Duration 

Portfolio). 

27 15 U.S.C. 78s(b)(2). 

28 17 CFR 200.30–3(a)(12). 

of this proposal, the Exchange has made 

the following representations: 

(1) The Shares will conform to the 

initial and continued listing criteria 

under NYSE Arca Equities Rule 8.600. 

(2) The Exchange’s surveillance 

procedures are adequate to properly 

monitor Exchange trading of the Shares 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws. 

(3) Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in a Bulletin of the special 

characteristics and risks associated with 

trading the Shares. Specifically, the 

Information Circular will discuss the 

following: (a) The procedures for 

purchases and redemptions of Shares in 

Creation Unit aggregations (and that 

Shares are not individually redeemable); 

(b) NYSE Arca Equities Rule 9.2(a), 

which imposes a duty of due diligence 

on its ETP Holders to learn the essential 

facts relating to every customer prior to 

trading the Shares; (c) the risks involved 

in trading the Shares during the 

Opening and Late Trading Sessions 

when an updated PIV will not be 

calculated or publicly disseminated; (d) 

how information regarding the PIV is 

disseminated; (e) the requirement that 

ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; and (f) 

trading information. 

(4) The Fund will be in compliance 

with Rule 10A–3 under the Act,23 as 

provided by NYSE Arca Equities Rule 

5.3. 

(5) The Fund will not purchase or sell 

securities in markets outside the United 

States. This approval order is based on 

the Exchange’s representations. 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act 24 and the rules and 

regulations thereunder applicable to a 

national securities exchange. 

III. Accelerated Approval 

The Commission finds good cause, 

pursuant to Section 19(b)(2) of the 

Act,25 for approving the proposal prior 

to the thirtieth day after the date of 

publication of the Notice in the Federal 

Register. The Commission notes that it 

has approved the listing and trading on 

the Exchange of shares of other actively 

managed exchange-traded funds that are 

similar to the Shares of the Fund 26 and 

that it has received no comments 

regarding the proposed rule change. The 

Commission finds that the proposed 

rule change does not raise any novel 

regulatory issues and believes that 

accelerating approval of this proposal 

should benefit investors by creating, 

without undue delay, additional 

competition in the market for Managed 

Fund Shares. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,27 that the 

proposed rule change (SR–NYSEArca– 

2008–85) be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–21706 Filed 9–16–08; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

Gulf Opportunity Pilot Loan Program 

(GO Loan Pilot) 

AGENCY: U.S. Small Business 

Administration (SBA). 

ACTION: Notice of extension of waiver of 

regulatory provisions. 

SUMMARY: This notice announces the 

extension of the ‘‘Notice of waiver of 

regulatory provisions’’ for SBA’s GO 

Loan Pilot until September 30, 2009. 

Due to the scope and magnitude of the 

devastation to Presidentially-declared 

disaster areas resulting from Hurricanes 

Katrina and Rita, the Agency is 

extending its full guaranty and 

streamlined and centralized loan 

processing available through the GO 

Loan Pilot to the small businesses in the 

eligible parishes/counties through 

September 30, 2009. 

DATES: The waiver of regulatory 

provisions published in the Federal 

Register on November 17, 2005, is 

extended under this notice until 

September 30, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Charles Thomas, Office of 

FinancialAssistance, U.S. Small 

Business Administration, 409 Third 

Street, SW.,Washington, DC 20416; 

Telephone (202) 205–6490; 

charles.thomas@sba.gov. 

SUPPLEMENTARY INFORMATION: On 

November 8, 2005, SBA initiated, on an 

emergency basis, the GO Loan Pilot 

which was designed to provide 

expedited small business financial 

assistance to businesses located in those 

communities severely impacted by 

Hurricanes Katrina and Rita. Under this 

unique initiative, SBA provides its full 

(85%) guaranty and streamlined and 

centralized loan processing to all 

eligible lenders that agree to make 

expedited SBA 7(a) loans available to 

small businesses located in, locating to 

or re-locating in the parishes/counties 

that have been Presidentially-declared 

as disaster areas resulting from 

Hurricanes Katrina and Rita, plus any 

contiguous parishes/counties. 

To maximize the effectiveness of the 

GO Loan Pilot, on November 17, 2005, 

SBA published a notice in the Federal 

Register waiving for the GO Loan Pilot 

certain Agency regulations for the 7(a) 

Business Loan Program. (70 FR 69645). 

Since the pilot was designed as a 

temporary program scheduled to expire 

on September 30, 2006, and was 

extended to September 30, 2008, the 

waiver of certain Agency regulations 

also is due to expire on September 30, 

2008. However, the Agency believes that 

there is a continuing, substantial need 

for the specific SBA assistance provided 

by this pilot in the affected areas. As 

part of a comprehensive federal 

initiative to assist in the continuing 

recovery of these highly devastated 

communities, the Agency believes it is 

essential that SBA extend this unique 

and vital program through September 

30, 2009. Accordingly, the SBA is also 

extending its waiver of the Agency 

regulations identified in the Federal 

Register notice at 70 FR 69645 through 

September 30, 2009. 

SBA’s waiver of these provisions is 

authorized by regulations. These 

waivers apply only to those loans 

approved under the GO Loan Pilot and 

will last only for the duration of the 

Pilot, which expires September 30, 

2009. As part of the GO Loan Pilot, 

these waivers apply only to those small 

businesses located in, locating to or relocating in the parishes/counties that 

have been Presidentially-declared as 

disaster areas resulting from Hurricanes 

Katrina or Rita, plus any contiguous 

parishes/counties. (A list of all eligible 

parishes/counties is located at http:// 

www.sba.gov/idc/groups/public/ 

documents/sba_homepage/ 

serv_goloan_3.pdf.) 


pwalker on PROD1PC71 with NOTICES