7774 Federal Register / Vol. 73, No. 28 / Monday, February 11, 2008 / Notices 

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

2 17 CFR 240.19b–4. 

3Equity Index-Linked Securities are securities 

that provide for the payment at maturity of a cash 

amount based on the performance of an underlying 

index or indexes of equity securities. See NYSE 

Arca Equities Rule 5.2(j)(6). 

five and ten year periods (or life of the 

New Fund), (i) the cumulative total 

return and the average annual total 

return based on NAV and Bid/Ask Price, 

and (ii) the cumulative total return of 

the relevant local currency against the 

U.S. dollar. 

6. On each Business Day, before the 

commencement of trading in Shares on 

a New Fund’s Listing Market, the New 

Fund will disclose on its website the 

identities and quantities of the money 

market securities and other assets held 

by the New Fund that will form the 

basis for the New Fund’s calculation of 

NAV at the end of the Business Day. 

7. The Adviser and any subadviser, 

directly or indirectly, will not cause any 

Authorized Participant (or any investor 

on whose behalf an Authorized 

Participant may transact with the New 

Fund) to acquire any Deposit Security 

for a New Fund through a transaction in 

which the New Fund could not engage 

directly. 

8. The requested order will expire on 

the effective date of any Commission 

rule under the Act that provides relief 

permitting the operation of activelymanaged exchange-traded funds. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–2451 Filed 2–8–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold the following 

meetings during the week of February 

11, 2008: An Open Meeting will be held 

on Wednesday, February 13, 2008 at 10 

a.m., in the Auditorium, Room L–002, 

and a Closed Meeting will be held on 

Friday, February 15, 2008 at 10 a.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters may also be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (4), (5), (7), (9)(B), and 

(10) and 17 CFR 200.402(a)(3), (4), (5), 

(7), 9(ii) and (10), permit consideration 

of the scheduled matters at the Closed 

Meeting. 

Commissioner Atkins, as duty officer, 

voted to consider the items listed for the 

closed meeting in closed session. 

The subject matters of the Open 

Meeting scheduled for Wednesday, 

February 13, 2008 will be: 

1. The Commission will consider whether 

to propose amendments to its rules regarding 

the circumstances under which a foreign 

private issuer is required to register a class 

of equity securities under section 12(g) of the 

Exchange Act. 

2. The Commission will consider whether 

to propose a package of amendments to 

various Commission rules and forms to 

improve reporting by foreign private issuers. 

The amendments, if adopted, would allow 

foreign private issuer status to be tested once 

a year; change the deadline for annual reports 

filed by foreign private issuers; revise the 

annual report and registration statement 

forms used by foreign private issuers to 

improve disclosure; and amend the rule 

regarding going private transactions to reflect 

recent regulatory changes. 

3. The Commission will consider whether 

to propose amendments to Part 2 of Form 

ADV under the Investment Advisers Act of 

1940 and related rules. The proposed 

amendments, if adopted, would require 

investment advisers to provide clients with 

narrative brochures containing plain English 

descriptions of the advisers’ businesses, 

services, and conflicts of interest. The 

proposal also would require advisers to 

electronically file their brochures with the 

Commission, and the brochures would be 

available to the public through the 

Commission’s Web site. 

4. The Commission will, as required by 

section 109 of the Sarbanes-Oxley Act of 

2002, review the annual accounting support 

fee of the Financial Accounting Standards 

Board. 

The subject matter of the Closed 

Meeting scheduled for Friday, February 

15, 2008 will be: 

Formal orders of investigation; 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings of an 

enforcement nature; 

Resolution of litigation claims; and 

A regulatory matter regarding a 

financial institution. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: 

The Office of the Secretary at (202) 

551–5400. 

Dated: February 6, 2008. 

Nancy M. Morris, 

Secretary. 

[FR Doc. E8–2522 Filed 2–8–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57273; File No. SR–

NYSEArca–2008–06] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to the 

Dissemination of the Index Value for 

Equity Index-Linked Securities 

February 5, 2008. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on January 

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’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been substantially prepared by the 

Exchange. The 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 Exchange proposes to amend 

NYSE Arca Equities Rule 

5.2(j)(6)(B)(I)(2)(c)(ii) to provide that the 

Exchange will commence delisting or 

removal proceedings if the value of an 

index or composite value of the indexes 

underlying an issuance of Equity IndexLinked Securities3 is no longer 

calculated or widely disseminated on at 

least a 15-second basis with respect to 

an index or indexes containing only 

securities listed on a national securities 

exchange, or on at least a 60-second 

basis with respect to an index or 

indexes containing foreign country 

securities. The text of the proposed rule 

change is available at the Exchange, the 

Commission’s Public Reference Room, 

and http://www.nyse.com. 

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 

Exchange included statements 

concerning the purpose of, and basis for, 

the proposed rule change and discussed 

any comments it received on the 


rwilkins on PROD1PC63 with NOTICES
Federal Register / Vol. 73, No. 28 / Monday, February 11, 2008 / Notices 7775 

4The Exchange states that American Depositary 

Shares and common shares of foreign issuers listed 

on U.S. national securities exchanges included in 

an index or indexes would be subject to the 15- 

second dissemination requirement. E-mail from 

Timothy J. Malinowski, Director, NYSE Euronext, to 

Edward Cho, Special Counsel, Division of Trading 

and Markets, Commission, dated January 30, 2008. 

5See NYSE Arca Equities Rule 1.1(e) (defining 

NYSE Arca Marketplace). 

6See NYSE Arca Equities Rule 7.34 (describing 

the hours of the three trading sessions on the 

Exchange). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange 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 

NYSE Arca Equities Rule 

5.2(j)(6)(B)(I)(2)(c)(ii) currently provides 

that the Exchange will commence 

delisting or removal proceedings of an 

issue of Equity Index-Linked Securities 

(unless the Commission has approved 

continued trading of such Securities) if, 

among other circumstances, the value of 

the index or composite value of the 

indexes underlying such issue is no 

longer calculated or widely 

disseminated on at least a 15-second 

basis. The Exchange proposes to amend 

NYSE Arca Equities Rule 

5.2(j)(6)(B)(I)(2)(c)(ii) to distinguish 

between indexes consisting solely of 

U.S. equity securities and those 

consisting of foreign securities or a 

combination of U.S. and foreign equity 

securities. The proposed amendment 

provides that the Exchange will 

commence delisting or removal 

proceedings if the underlying index 

value or composite index value is no 

longer calculated or widely 

disseminated: (1) On at least a 15- 

second basis with respect to an index or 

indexes containing only securities listed 

on a national securities exchange;4 or (2) 

on at least a 60-second basis with 

respect to an index or indexes 

containing foreign country securities. If 

the official index value does not change 

during some or all of the period when 

trading is occurring on the NYSE Arca 

Marketplace5 (for example, for indexes 

of foreign country securities, because of 

time zone differences or holidays in the 

countries where such indexes’

component stocks trade), then the last 

calculated official index value must 

remain available throughout NYSE Arca 

Marketplace trading hours. 

The Exchange seeks to conform the 

index dissemination requirements for 

Equity Index-Linked Securities to those 

for Investment Company Units, which 

include exchange-traded funds or 

‘‘ETFs,’’ under NYSE Arca Equities Rule 

5.2(j)(3). Specifically, Commentary 

.01(b)(2) to NYSE Arca Equities Rule 

5.2(j)(3) requires that the value of an 

international or global index underlying 

an ETF must be widely disseminated by 

one or more major market data vendors 

at least every 60 seconds during the 

Core Trading Session (9:30 a.m. to 4 

p.m. Eastern Time).6 This 60-second 

standard reflects limitations, in some 

instances, on the frequency of intra-day 

trading information with respect to 

foreign country securities and that in 

many cases, trading hours for overseas 

markets overlap only in part, or not at 

all, with NYSE Arca Marketplace 

trading hours. In addition, Commentary 

.01(b)(2) to NYSE Arca Equities Rule 

5.2(j)(3) provides that, if the index value 

does not change during some or all of 

the period when trading is occurring on 

the NYSE Arca Marketplace, the last 

official calculated index value must 

remain available throughout NYSE Arca 

Marketplace trading hours. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,7 in general, and 

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

of the Act,8 in particular, in that it is 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe 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 

The Exchange states that written 

comments on the proposed rule change 

were neither solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission will: 

A. By order approve such proposed 

rule change, or 

B. Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

The Exchange has requested 

accelerated approval of this proposed 

rule change prior to the 30th day after 

the date of publication of the notice of 

the filing thereof. The Commission has 

determined that a 15-day comment 

period is appropriate in this case. 

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–NYSEArca–2008–06 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2008–06. 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 


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7776 Federal Register / Vol. 73, No. 28 / Monday, February 11, 2008 / Notices 

9 17 CFR 200.30–3(a)(12). 

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 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–NYSEArca–2008–06 and 

should be submitted on or before 

February 26, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–2442 Filed 2–8–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

28147; 812–13470] 

WisdomTree Trust, et al.; Notice of 

Application 

February 6, 2008. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application for an 

order under section 6(c) of the 

Investment Company Act of 1940 

(‘‘Act’’) for an exemption from sections 

2(a)(32), 5(a)(1) and 22(d) of the Act and 

rule 22c–1 under the Act, and under 

sections 6(c) and 17(b) of the Act for an 

exemption from sections 17(a)(1) and 

(a)(2) of the Act, and under section 

12(d)(1)(J) for an exemption from 

sections 12(d)(1)(A) and (B) of the Act. 

APPLICANTS: WisdomTree Trust (the 

‘‘Trust’’) and WisdomTree Asset 

Management, Inc. (the ‘‘Adviser’’). 

SUMMARY OF APPLICATION: Applicants 

request an order that permits: (a) Series 

of certain open-end management 

investment companies to issue shares 

(‘‘Shares’’) redeemable in large 

aggregations only (‘‘Creation Units’’); (b) 

secondary market transactions in Shares 

to occur at negotiated market prices; (c) 

certain affiliated persons of the series to 

deposit foreign currency and money 

market securities into, and receive 

foreign currency and money market 

securities from, the series in connection 

with the purchase and redemption of 

Creation Units; and (d) certain 

registered management investment 

companies and unit investment trusts 

outside of the same group of investment 

companies as the series to acquire 

Shares. 

FILING DATES: The application was filed 

on January 8, 2008, and amended on 

February 1, 2008. Applicants have 

agreed to file an amendment during the 

notice period, the substance of which is 

reflected in this notice. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on February 26, 2008, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Hearing requests should state 

the nature of the writer’s interest, the 

reason for the request, and the issues 

contested. Persons who wish to be 

notified of a hearing may request 

notification by writing to the 

Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F 

Street, NE., Washington, DC 20549–

1090. Applicants: 380 Madison Avenue, 

21st Floor, New York, NY 10017. 

FOR FURTHER INFORMATION CONTACT: 

Bruce R. MacNeil, Senior Counsel, at 

(202) 551–6817, or Michael W. Mundt, 

Assistant Director, at (202) 551–6821 

(Division of Investment Management, 

Office of Investment Company 

Regulation). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained for a fee at the 

Commission’s Public Reference Desk, 

100 F Street, NE., Washington, DC 

20549–0102 (tel. 202–551–5850). 

Applicants’ Representations 

1. The Trust is an open-end 

management investment company 

registered under the Act and organized 

as a Delaware statutory trust. The Trust 

will offer five new series that will invest 

substantially all of their assets in foreign 

money market securities: WisdomTree 

Euro Fund, WisdomTree British Pound 

Sterling Fund, WisdomTree Japanese 

Yen Fund, WisdomTree Australian 

Dollar Fund and WisdomTree 

International Currency Income Fund 

(collectively, the ‘‘Foreign Funds’’) and 

three new series that will invest in U.S. 

dollar money market securities: 

WisdomTree U.S. Cash Fund, 

WisdomTree U.S. Government Cash 

Fund, and WisdomTree Tax Exempt 

Cash Fund (collectively, the ‘‘Domestic 

Funds,’’ together with the Foreign 

Funds, the ‘‘Funds’’). 

2. Each Fund will invest in high 

quality money market securities and 

instruments that provide exposure to 

money market interest rates or such 

securities (‘‘Portfolio Securities’’). The 

Foreign Funds will invest in short-term 

money market securities that are 

denominated in the currency specified 

by the Fund’s name or in multiple 

foreign currencies, and the Domestic 

Funds will invest in money market 

securities denominated in U.S. dollars. 

Each Fund’s investment objective will 

be to earn current income while 

preserving capital and maintaining 

liquidity. In addition, each Foreign 

Fund will also have an investment 

objective to provide investors with 

exposure to high-quality money market 

instruments or rates denominated in a 

particular currency or currencies. Each 

Foreign Fund is designed to decrease in 

value when the value of the U.S. dollar 

increases relative to the applicable 

foreign currency or currencies and 

increase in value when the value of the 

U.S. dollar falls relative to the 

applicable foreign currency or 

currencies. While the value of each 

Foreign Fund’s Portfolio Securities is 

expected to be relatively constant in 

foreign currency terms, a Foreign Fund’s 

net asset value (‘‘NAV’’) will be 

expressed in U.S. dollars. Because of 

this, fluctuations in the per-share NAV 

of each Foreign Fund will be caused by 

fluctuations in the exchange rate 

between U.S. dollars and the applicable 

foreign currency or currencies. 

3. The Trust plans to offer future 

series that will hold money market 

securities denominated in U.S. dollars, 

other currencies or baskets of currencies 

(‘‘Future Funds’’). Applicants request 

that the order apply to any such Future 

Funds. Any Future Fund will (a) be 

advised by the Adviser or an entity 

controlled by or under common control 

with the Adviser, and (b) comply with 

the terms and conditions set forth in the 

application. The Funds and Future 

Funds together are the ‘‘Funds.’’ Each 

Fund will operate as an activelymanaged exchange-traded fund. 

4. The Adviser, a Delaware 

corporation, is registered as an 

investment adviser under the 

Investment Advisers Act of 1940 

(‘‘Advisers Act’’) and serves as 

investment adviser to each Fund. Each 


rwilkins on PROD1PC63 with NOTICES