59026 Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Shares of the Up Trust and the Down Trust are 

referred to collectively as ‘‘Shares.’’ 

4See Securities Exchange Act Release No. 58469 

(September 5, 2008), 73 FR 53306 (‘‘Notice’’). 

5The Shares are ‘‘Trading Shares’’ as defined in 

NYSE Arca Equities Rule 8.400(b)(1)(B). 

6See e-mail from Michael Cavalier, Associate 

General Counsel, NYSE Euronext, to Christopher 

Chow, Senior Counsel, Commission, dated 

September 26, 2008. 

7The Shares are being offered by the Trusts under 

the Securities Act of 1933, as amended, 15 U.S.C. 

77a. On August 6, 2008, the depositor filed with the 

Commission Registration Statements on Form S–1 

(Amendment No. 1) for the Up MacroShares (File 

No. 333–151522) (‘‘Up Trust Registration 

Statement’’) and for the Down MacroShares (File 

No. 333–151523) (‘‘Down Trust Registration 

Statement,’’ and, together with the Up Trust 

Registration Statement, ‘‘Registration Statements’’). 

Descriptions herein relating to the operation of the 

Trusts and the S&P/Case-Shiller Home Price Indices 

are based on the Registration Statements. 

Additionally, unless otherwise stated herein, 

defined terms have same meaning set forth in the 

Registration Statements. 

8The S&P/Case-Shiller Composite-10 Home Price 

Index is a weighted average of the following 10 

S&P/Case-Shiller Metro Area Home Price Indices: 

The S&P/Case-Shiller Boston Home Price Index, the 

S&P/Case-Shiller Chicago Home Price Index, the 

S&P/Case-Shiller Denver Home Price Index, the 

S&P/Case-Shiller Las Vegas Home Price Index, the 

S&P/Case-Shiller Los Angeles Home Price Index, 

the S&P/Case-Shiller Miami Home Price Index, the 

S&P/Case-Shiller New York City Area Home Price 

Index, the S&P/Case-Shiller San Diego Home Price 

Index, the S&P/Case-Shiller San Francisco Home 

Price Index, and the S&P/Case-Shiller Washington, 

D.C. Home Price Index. 

9See supra note 4. 

10 15 U.S.C. 78f. 

11 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). 

12 15 U.S.C. 78f(b)(5). 

13 15 U.S.C. 78k–1(a)(1)(C)(iii). 

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– 

2008–96 and should be submitted on or 

before October 29, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23843 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58704; File No. SR– 

NYSEArca–2008–92] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of a Proposed Rule Change 

Relating to the Listing of MacroShares 

Major Metro Housing Trusts 

October 1, 2008. 

On August 25, 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 of the MacroShares Major Metro 

Housing Up Trust (‘‘Up Trust’’) and the 

MacroShares Major Metro Housing 

Down Trust (‘‘Down Trust’’) 

(collectively, the ‘‘Trusts’’).3 The 

proposed rule change was published in 

the Federal Register on September 15, 

2008 for a 15-day comment period.4 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 8.400, which governs the 

listing of Paired Trust Shares.5 The 

Shares will satisfy the initial and 

continued listing criteria applicable to 

Paired Trust Shares, which are set forth 

in NYSE Arca Equities Rule 8.400(d).6

Description of the Trusts and the Shares 

The Up MacroShares and the Down 

MacroShares will be offered by the Up 

Trust and the Down Trust, respectively, 

established by MACRO Inflation 

Depositor, LLC, as depositor, under the 

laws of the State of New York. The 

Trusts are not registered with the 

Commission as investment companies.7

Distributions from the Trusts will be 

based on the value of the S&P/CaseShiller Composite-10 Home Price Index 

(‘‘Index’’), as well as on prevailing 

interest rates on U.S. Treasury 

obligations. The last published value of 

the S&P/Case-Shiller Composite-10 

Home Price Index is referred to as the 

‘‘Reference Value of the Index’’ or 

‘‘Reference Value’’ (as defined in the 

Notice). The S&P/Case-Shiller Home 

Price Indices measure the change in 

home prices in one or several 

geographic regions of the United States. 

They are calculated monthly and are 

publicly available for 20 major 

metropolitan areas.8

Additional information regarding the 

Shares may be found in the Notice,9

including but not limited to discussions 

of the Shares and Trusts, the Reference 

Value of the Index, the S&P/Case-Shiller 

Home Price Indices and the Index, the 

eligibility criteria, the MSA Index 

construction, the weighting of sales 

pairs, the Index governance, the 

Termination Triggers, the calculation of 

the Underlying Value, the availability of 

information, the initial and continued 

listing criteria, trading halts, trading 

rules, surveillance, and the Information 

Bulletin. 

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 10

and the rules and regulations 

thereunder applicable to a national 

securities exchange.11 In particular, the 

Commission finds that the proposal is 

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

Act,12 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 notes 

that, for the Shares to be listed and 

traded on the Exchange, such Shares 

must be in compliance with the initial 

and continued listing requirements 

under NYSE Arca Equities Rule 8.400. 

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,13 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. The Exchange further states that 

information regarding market price and 

volume of the Shares is and will be 

continually available on a real-time 

basis throughout the day via electronic 

services. The previous day’s closing 

price and trading volume information 

for the Shares will be published daily in 

the financial section of major 

newspapers and will be available from 

major market data vendors. 

The current Index level is available 

through major market data vendors (e.g., 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 59027 

14 15 U.S.C. 78s(b)(1). 

15 17 CFR 240.19b–4. 

16See supra note 6. 

17See supra note 4. 

18 15 U.S.C. 78s(b)(2). 

19 15 U.S.C. 78s(b)(2). 

20 17 CFR 200.30–3(a)(12). 

Bloomberg, and Reuters), and historical 

data regarding the Index and the Indices 

are published at http:// 

www.indices.standardandpoors.com. 

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 on behalf of 

the Trusts that the per share values of 

the Up MacroShares and 

DownMacroShares will be calculated 

daily and made available to all market 

participants at the same time. 

Additionally, if it becomes aware that 

the per share value of either the Up 

MacroShares or DownMacroShares 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. 

Though the Exchange has stated that 

the Index Committee has ‘‘complete 

discretion’’ to determine how the Index 

and its related indices are calculated, an 

Exchange’s obligations under Section 

19(b) of the Act and Rule 19b-4 

thereunder are independent of any 

discretion the Index Committee may 

have. Thus, the Exchange must monitor 

changes to the Shares, including any 

change to the calculation of the Index. 

The Exchange must assess whether any 

changes to the Shares would require it 

to submit a proposed rule change in 

accordance with Section 19(b)(1) of the 

Act 14 and Rule 19b–4 thereunder,15 or 

take any other action as appropriate, 

including halting trading of the Shares. 

The Exchange has represented that 

the Shares are equity securities subject 

to the Exchange’s rules governing the 

trading of equity securities. In support 

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 8.400.16

(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 an Information Bulletin 

of the special characteristics and risks 

associated with trading the Shares, 

prospectus delivery requirements, and 

other information, as described in more 

detail in the Notice.17

This approval order is based on the 

Exchange’s representations. 

III. Accelerated Approval 

The Commission finds good cause, 

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

Act,18 for approving the proposal prior 

to the thirteenth day after the date of 

publication of the Notice in the Federal 

Register. The Commission has received 

no comments regarding the proposed 

rule change, and the Commission finds 

that the proposed rule change does not 

raise any novel regulatory issues. 

Additionally, the Commission believes 

that accelerating approval of this 

proposal should benefit the market by 

making available to investors, without 

undue delay, additional products in the 

market for Paired Trust Shares. 

IV. Conclusion 

It is therefore ordered, pursuant to 

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

proposed rule change (SR–NYSEArca– 

2008–92) be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23838 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments and Recommendations 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, this 

notice announces the Small Business 

Administration’s intentions to request 

approval on a new and/or currently 

approved information collection. 

DATES: Submit comments on or before 

December 8, 2008. 

ADDRESSES: Send all comments 

regarding whether this information 

collection is necessary for the proper 

performance of the function of the 

agency, whether the burden estimates 

are accurate, and if there are ways to 

minimize the estimated burden and 

enhance the quality of the collection, to 

Carol Fendler, Systems Accountant, 

Office of Investment, Small Business 

Administration, 409 3rd Street, SW., 8th 

floor, Wash., DC 20416. 

FOR FURTHER INFORMATION CONTACT: 

Carol Fendler, Systems Accountant, 

Office of Investment, 202–205–7559 

carol.fendle@sba.gov Curtis B. Rich, 

Management Analyst, 202–205–7030 

curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: These 

forms are used by SBA examiners as 

part of their examination of licensed 

email business investment companies 

(SBIC’s). This information collection 

obtains representations from an SBIC’s 

management regarding certain 

obligations, transactions and 

relationships of the SBIC and helps SBA 

to evaluate the SBIC’s financial 

condition and compliance with 

applicable laws and regulations. 

Title: ‘‘Disclosure StatementLeveraged; Disclosure Statement-Nonleveraged Licensees’’. 

Description of Respondents: Small 

Businesses Investment Companies. 

Form Numbers: 856, 856A. 

Annual Responses: 350. 

Annual Burden: 162. 

ADDRESSES: Send all comments 

regarding whether this information 

collection is necessary for the proper 

performance of the function of the 

agency, whether the burden estimates 

are accurate, and if there are ways to 

minimize the estimated burden and 

enhance the quality of the collection, to 

George Solomon, Supervisor Business 

Development Officer, Office of Business 

Initiatives, Small Business 

Administration, 409 3rd Street, SW., 6th 

floor, Wash., DC 20416 

FOR FURTHER INFORMATION CONTACT: 

George Solomon, Supervisor Business 

Development Officer, Office of Business 

Initiatives, 202–205–7436 

george.solomon@sba.gov Curtis B. Rich, 

Management Analyst, 202–205–7030 

curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: SBA’s 

strategic plan is to examine the impact 

of counseling and information services 

on nascent, start-up and in-business 

clients. This survey measure effects on 

counseling and information transfer on 

the respondent’s evaluation of the 

effectiveness, usefulness, and relevancy 

of the services provided and whether 

these services/actions led to the creation 

of jobs and an increase in business startups and gross revenue. 

Title: ‘‘Entrepreneurial Development 

Impact Study’’. 

Description of Respondents: SBA 

Clients. 

Form Number: 2214. 

Annual Responses: 7,378. 


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