58994 Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 

4 In approving this proposed Joint-SRO Plan 

amendment, the Commission has considered the 

proposal’s impact on efficiency, competition, and 

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

5See Securities Exchange Act Release No. 58375 

(August 18, 2008), 73 FR 49498 (August 21, 2008). 

6 Id. at 49507. 

7 15 U.S.C. 78k–1. 

8 15 U.S.C. 78k–1. 

9 17 CFR 242.608. 

10 17 CFR 200.30–3(a)(29). 

1 15 U.S.C. 78l(k)(2). 

2See Securities Exchange Act Release No. 58592 

(Sept. 18, 2008); see also Securities Exchange Act 

Release No. 58611 (Sept. 21, 2008). 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number 4–518. 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 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 4–518 and should be submitted 

on or before November 7, 2008. 

III. Commission’s Findings and Order 

Granting Accelerated Approval of 

Proposed Plan Amendment 

The Commission finds that the 

proposed Joint-SRO Plan amendment is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder.4 Specifically, the 

Commission believes that the proposed 

amendment, which permits BATS to 

become a participant to the Joint-SRO 

Plan, is consistent with the 

requirements of Section 11A of the Act, 

and Rule 608 of Regulation NMS. The 

Plan establishes appropriate procedures 

for market centers to follow in making 

their monthly reports required pursuant 

to Rule 605 of Regulation NMS, 

available to the public in a uniform, 

readily accessible, and usable electronic 

format. The proposed amendment to 

include BATS as a participant in the 

Joint-SRO Plan will contribute to the 

maintenance of fair and orderly markets 

and remove impediments to and perfect 

the mechanisms of a national market 

system by facilitating the uniform 

public disclosure of order execution 

information by all market centers. 

The Commission finds good cause to 

grant temporary effectiveness to the 

proposed Joint-SRO Plan amendment, 

for 120 days, until February 5, 2009. 

The Commission believes that it is 

necessary and appropriate in the public 

interest, for the maintenance of fair and 

orderly markets, to remove impediments 

to, and perfect mechanisms of, a 

national market system to allow BATS 

to become a participant in the Joint-SRO 

Plan. On August 18, 2008, the 

Commission granted the application of 

BATS for registration as a national 

securities exchange.5 One of the 

conditions to operation of the BATS 

Exchange is participation in national 

market system plans, including the 

Joint-SRO Plan.6 As a Plan participant, 

BATS would have timely information 

on the Plan procedures as they are 

formulated and modified by the 

participants. The Commission finds, 

therefore, that granting temporary 

effectiveness of the proposed Joint-SRO 

Plan amendment is appropriate and 

consistent with Section 11A of the Act.7

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act 8 and Rule 608 

of Regulation NMS,9 that the proposed 

Joint-SRO Plan amendment is approved 

for 120 days, through February 5, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23762 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 58723] 

Order Extending Emergency Order 

Pursuant to Section 12(K)(2) of the 

Securities Exchange Act of 1934 

Taking Temporary Action To Respond 

to Market Developments 

October 2, 2008. 

Pursuant to Section 12(k)(2) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’),1 on September 18, 

2008, the Securities and Exchange 

Commission (‘‘Commission’’) issued an 

Emergency Order (the ‘‘Order’’) that 

prohibited persons from selling short 

the securities of financial institutions. 

The Order became effective at 12:01 

a.m. E.D.T. on September 19, 2008 and 

is currently set to terminate at 11:59 

p.m. E.D.T. on October 2, 2008.2

Pursuant to our authority under 

Section 12(k)(2)(C) of the Exchange Act, 

we are extending the Order. Section 

12(k)(2)(C) authorizes the Commission 

to extend an emergency order issued 

pursuant to Section 12(k)(2)(A) of the 

Exchange Act for a total effective period 

of up to 30 calendar days, if the 

Commission finds that the emergency 

still exists and determines that an 

extension is necessary in the public 

interest and for the protection of 

investors to maintain fair and orderly 

securities markets. 

We have carefully reevaluated the 

current state of the markets and we 

remain concerned about the potential 

for sudden and excessive fluctuations of 

securities prices generally and 

disruption in the functioning of the 

securities markets that could threaten 

fair and orderly markets. We intend the 

prohibition to restore investor and 

market confidence by preventing short 

selling from being used to drive down 

the prices of securities in financial 

institutions even where there is no 

fundamental basis for a price decline 

other than general market conditions. 

Thus, we have determined in this 

environment that the standards under 

Section 12(k)(2) for extending the Order 

have been met. Accordingly, we have 

determined that extending the Order is 

in the public interest and necessary to 

maintain fair and orderly securities 

markets and for the protection of 

investors. 

It is therefore ordered that, pursuant 

to Section 12(k)(2)(C) of the Exchange 

Act, the Order is extended such that it 

will terminate at the earlier of (i) three 

business days from the President’s 

signing of the Emergency Economic 

Stabilization Act of 2008 (H.R. 1424), or 

(ii) 11:59 p.m. E.D.T. on Friday, October 

17, 2008. 

By the Commission. 

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23862 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 


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