Federal Register / Vol. 73, No. 199 / Tuesday, October 14, 2008 / Notices 60745 

10See Securities Exchange Act Release No. 58592 

(September 18, 2008), 73 FR 55169 (September 24, 

2008). 

11For purposes only of waiving the 30-day 

operative delay of this proposal, the Commission 

has considered the proposed rule’s impact on 

efficiency, competition, and capital formation. 15 

U.S.C. 78c(f). 12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 80a–1. 

4See Securities Exchange Act Release No. 58518 

(September 11, 2008), 73 FR 54446. 

immediately implement the proposed 

rule change. 

The Exchange believes that given the 

current market climate, immediate 

implementation of the foregoing 

proposed rule change is necessary in 

order to avoid significant disruption to 

the market and to ensure investor 

protection in light of the potential for 

additional volatility in the market as the 

credit crisis continues. In particular, 

recent and near-term events, including 

the Emergency Economic Stabilization 

Act of 2008 and the pending expiration 

of the Commission’s Emergency Order 

that prohibits persons from selling short 

the securities of financial institutions,10

could cause additional volatility in the 

market in the coming days. Moreover, 

the Exchange proposes suspending only 

those rules that could impact 

specialists’ ability to arrange a fair and 

orderly close during an extreme market 

volatility condition. Finally, the 

proposed changes to NYSE Rule 48 are 

temporary and will end on December 

31, 2008. The Exchange believes that its 

need to immediately implement the 

proposed rule change satisfies the 

standards set out in the Exchange Act 

and related rules. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. The 

Commission therefore grants the 

Exchange’s request and designates the 

proposal to be operative upon filing.11

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

the 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–2008–102 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–2008–102. 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 NYSE. 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–2008–102 and 

should be submitted on or before 

November 4, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–24236 Filed 10–10–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58745; File No. SR– 

NYSEArca–2008–94] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting Accelerated 

Approval of a Proposed Rule Change 

Amending NYSE Arca Equities Rules 

5.1(b)(14) and 5.2(j)(2) To Permit the 

Listing of Equity Linked Notes That 

Are Linked to Securities Issued by 

Companies Registered Under the 

Investment Company Act of 1940 

October 7, 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 

(‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

amend NYSE Arca Equities Rules 

5.1(b)(14) and 5.2(j)(2) to permit the 

listing of Equity Linked Notes (‘‘ELNs’’) 

that are linked to securities issued by 

companies registered under the 

Investment Company Act of 1940 

(‘‘1940 Act’’) 3 and are listed on a 

national securities exchange. The 

proposed rule change was published in 

the Federal Register on September 19, 

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 amend 

NYSE Arca Equities Rules 5.1(b)(14), the 

Exchange’s definition of ELNs, and 

NYSE Arca Equities Rule 5.2(j)(2), the 

Exchange’s listing standards for ELNs, 

to permit the listing of ELNs that are 

linked to securities issued by companies 

registered under the 1940 Act and are 

listed on a national securities exchange. 

A. Definition of ELN 

NYSE Arca Equities Rule 5.1(b)(14) 

currently defines ELNs as notes that are 

linked, in whole or in part, to the 

market performance of up to thirty 

common stocks or non-convertible 

preferred stocks. The Exchange 

proposes to amend NYSE Arca Equities 

Rule 5.1(b)(14) and define ELNs as notes 

that are linked, in whole or in part, to 


jlentini on PROD1PC65 with NOTICES
60746 Federal Register / Vol. 73, No. 199 / Tuesday, October 14, 2008 / Notices 

5 15 U.S.C. 78f. 

6 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). 

7 15 U.S.C. 78f(b)(5). 

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

the market performance of up to thirty 

underlying equity securities that meet 

the criteria in NYSE Arca Equities Rule 

5.2(j)(2). 

B. Securities Underlying ELNs 

NYSE Arca Equities Rule 5.2(j)(2) 

currently provides minimum standards 

applicable to the securities underlying 

ELNs and the issuers of such securities. 

Under NYSE Arca Equities Rule 

5.2(j)(2)(C)(ii), each issuer of an 

underlying security to which an ELN is 

to be linked must be a reporting 

company under the Exchange Act that is 

listed on a national securities exchange. 

The Exchange proposes to expand this 

provision to provide that an issuer of an 

underlying security to which an ELN is 

to be linked may also be a 1940 Act 

registered investment company. In 

addition, the Exchange proposes to 

further clarify the rule to state that, in 

either case, any underlying security to 

which the ELN is linked must be listed 

on a national securities exchange. 

The Exchange further proposes to 

replace the term ‘‘common stock’’ with 

the term ‘‘shares’’ in NYSE Arca 

Equities Rule 5.2(j)(2)(C)(ii)(2) to take 

into account that certain underlying 

securities, particularly those that are 

securities issued by 1940 Act registered 

investment companies, are not labeled 

‘‘common stock.’’ Similarly, in NYSE 

Arca Equities Rule 5.2(j)(2)(D)(i), the 

Exchange proposes to delete the term 

‘‘common’’ when it qualifies ‘‘shares’’ to 

take into account that certain 

underlying securities, particularly those 

that are securities issued by 1940 Act 

registered investment companies, are 

not labeled ‘‘common shares.’’ For 

purposes of NYSE Arca Equities Rule 

5.2(j)(2), as amended, the term ‘‘shares’’ 

shall encompass common stock, nonconvertible preferred stock, and 

securities issued by 1940 Act registered 

investment companies as eligible 

underlying securities. As a result, with 

respect to NYSE Arca Equities Rule 

5.2(j)(2)(C)(ii)(2), the combined trading 

volume of each non-U.S. security (a 

security issued by a non-U.S. company) 

and other related non-U.S. securities 

occurring in the U.S. market or in 

markets with which the Exchange has in 

place a comprehensive surveillance 

sharing agreement must represent (on a 

share equivalent basis for any American 

Depositary Shares (‘‘ADSs’’)) at least 

50% of the combined worldwide trading 

volume in each such non-U.S. security, 

other related non-U.S. securities, and 

other classes of common stock, nonconvertible preferred stock, or securities 

of 1940 Act registered investment 

companies related to each such nonU.S. security, as the case may be, over 

the six month period preceding the date 

of listing. In addition, with respect to 

NYSE Arca Equities Rule 5.2(j)(2)(D)(i): 

(1) An issuance of ELNs relating to any 

underlying U.S. security may not exceed 

five percent of the total outstanding 

common stock, non-convertible 

preferred stock, or securities of 1940 Act 

registered investment companies for 

each such underlying security, as the 

case may be; and (2) the issuance of 

ELNs relating to any underlying nonU.S. security represented by ADSs, 

common stock, non-convertible 

preferred stock, or securities of 1940 Act 

registered investment companies, or 

otherwise, may not exceed: (a) Two 

percent of the total shares outstanding 

of the relevant underlying security 

worldwide if at least 20 percent of the 

worldwide trading volume in each nonU.S. security and related non-U.S. 

security occurs in the U.S. market 

during the six-month period preceding 

the date of listing; or (b) three percent 

of the total shares outstanding of the 

relevant underlying security worldwide 

if at least 50 percent of the worldwide 

trading volume in each non-U.S. 

security and related non-U.S. security 

occurs in the U.S. market during the sixmonth period preceding the date of 

listing; and (c) five percent of the total 

shares outstanding of the relevant 

underlying security worldwide if at 

least 70 percent of the worldwide 

trading volume in each non-U.S. 

security and related non-U.S. security 

occurs in the U.S. market during the sixmonth period preceding the date of 

listing. 

C. Additional Technical Changes 

Lastly, the Exchange proposes to 

correct the numbering of NYSE Arca 

Equities Rule 5.2(j)(2)(C)(iv) to NYSE 

Arca Equities Rule 5.2(j)(2)(C)(iii). The 

Exchange also proposes to change the 

reference to the Division of Market 

Regulation to the Division of Trading 

and Markets in NYSE Arca Equities 

Rule 5.2(j)(2)(D)(i). 

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 

Exchange Act 5 and the rules and 

regulations thereunder applicable to a 

national securities exchange.6 In 

particular, the Commission finds that 

the proposal is consistent with Section 

6(b)(5) of the Exchange Act,7 which 

requires, among other things, that the 

Exchange’s rules be 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, 

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. 

With respect to the proposal to 

expand the listing criteria for ELNs to 

encompass notes that are linked to the 

securities of 1940 Act registered 

investment companies, the Commission 

notes that the proposed rule requires 

such securities to be listed and trading 

on a national securities exchange. The 

Commission also notes that the issuers 

of such underlying securities must be 

registered under the 1940 Act and, 

pursuant to the disclosure requirements 

thereunder, financial and other types of 

information relating to the registered 

investment companies would be readily 

available for investors and other market 

participants. Finally, the Commission 

notes that the securities issued by 1940 

Act registered investment companies 

would trade on the same platforms as 

equity securities under the Exchange 

Act and would be subject to the same 

Exchange trading rules as equity 

securities. As such, the Commission 

believes that this proposal will benefit 

investors by providing investors and 

other market participants with 

enhanced investment options and 

flexibility, while maintaining sufficient 

transparency and minimum standards 

with respect to the securities underlying 

ELNs. 

The Commission also believes that the 

proposed amendments in NYSE Arca 

Equities Rules 5.2(j)(2)(C)(ii)(2) and 

5.2(j)(2)(D)(i) to characterize the word 

‘‘shares’’ conform with the overall 

purpose of the proposed rule change 

and clarify the application of the 

proposed amendments as they relate to 

the eligibility of securities underlying 

ELNs. In addition, the Commission 

believes that the additional technical 

corrections made to NYSE Arca Equities 

Rule 5.2(j)(2) further clarify the 

application of the rule. For the foregoing 

reasons, the Commission finds that the 

proposed rule change is consistent with 

Section 6(b)(5) of the Exchange Act 8

and the rules and regulations 

thereunder applicable to a national 

securities exchange. 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 199 / Tuesday, October 14, 2008 / Notices 60747 

9 15 U.S.C. 78s(b)(2). 

10See Securities Exchange Act Release No. 56879 

(December 3, 2007), 72 FR 69271 (December 7, 

2007) (SR–NYSEArca–2007–110). 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(12). 

III. Accelerated Approval 

The Commission finds good cause, 

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

Exchange Act,9 for approving the 

proposed rule change prior to the 

thirtieth day after the date of 

publication of the Notice in the Federal 

Register. The Commission notes that the 

proposal is similar to NYSE Arca 

Equities Rule 5.2(j)(6)(B)(I), the 

Exchange’s Equity Index-Linked 

Securities listing rules, which allow 

underlying indexes to include, in whole 

or in part, on securities issued by 

certain companies registered under the 

1940 Act and are listed on a national 

securities exchange.10 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 

marketplace for ELNs. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,11

that the proposed rule change (SR– 

NYSEArca–2008–94) be, and it hereby 

is, approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–24238 Filed 10–10–08; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 6392] 

Culturally Significant Objects Imported 

for Exhibition Determinations: ‘‘Art and 

Love in Renaissance Italy’’ 

ACTION: Notice, correction. 

SUMMARY: On August 26, 2008, notice 

was published on page 50394 of the 

Federal Register (volume 73, number 

166) of determinations made by the 

Department of State pertaining to the 

exhibit, ‘‘Art and Love in Renaissance 

Italy.’’ The referenced notice is 

corrected as to additional objects to be 

included in the exhibition. Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, Delegation of Authority 

No. 236 of October 19, 1999, as 

amended, and Delegation of Authority 

No. 257 of April 15, 2003 [68 FR 19875], 

I hereby determine that the additional 

objects to be included in the exhibition 

‘‘Art and Love in Renaissance Italy’’, 

imported from abroad for temporary 

exhibition within the United States, are 

of cultural significance. The additional 

objects are imported pursuant to loan 

agreements with the foreign owners or 

custodians. I also determine that the 

exhibition or display of the exhibit 

objects at The Metropolitan Museum of 

Art, New York, New York, from on or 

about November 11, 2008, until on or 

about February 16, 2009; and at the 

Kimbell Art Museum, Fort Worth, 

Texas, from on or about March 15, 2009 

until on or about June 14, 2009; and at 

possible additional exhibitions or 

venues yet to be determined, is in the 

national interest. Public Notice of these 

Determinations is ordered to be 

published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the exhibit objects, contact Wolodymyr 

Sulzynsky, Attorney-Adviser, Office of 

the Legal Adviser, U.S. Department of 

State (telephone: (202) 453–8050). The 

address is U.S. Department of State, SA– 

44, 301 4th Street, SW., Room 700, 

Washington, DC 20547–0001. 

Dated: October 5, 2008. 

C. Miller Crouch, 

Principal Deputy Assistant Secretary for 

Educational and Cultural Affairs, Department 

of State. 

[FR Doc. E8–24333 Filed 10–10–08; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice 6389] 

Shipping Coordinating Committee; 

Notice of Subcommittee Meeting 

The Shipping Coordinating 

Committee (SHC), through its 

Subcommittee on IMO Administration 

and Budgeting, will conduct an open 

meeting at 2 p.m. on Friday, October 31, 

2008, in Room 4420 of the United States 

Coast Guard Headquarters Building, 

2100 Second Street, SW., Washington, 

DC 20593. The primary purpose of the 

meeting is to prepare for the one 

hundred and first Session of the 

International Maritime Organization 

(IMO) Council to be held at IMO 

headquarters, in London, United 

Kingdom, from November 10 to 

November 14, 2008. 

The primary matters to be considered 

include: 

—Adoption of the agenda 

—Report of the Secretary-General on 

credentials 

—Strategy and planning 

—Organizational reforms 

—Resource management: 

—Voluntary IMO Member State Audit 

Scheme 

—Consideration of the report of the 

Marine Environment Protection 

Committee, the Legal Committee, and 

Consultative Meeting of Contracting 

Parties to the London Convention 

—Protection of vital shipping lanes 

—External relations (World Maritime 

Day and Relations with specialized 

agencies, intergovernmental 

organizations, and non-governmental 

organizations) 

—Report on the status of the Convention 

and membership of the Organization 

—Report on the status of conventions 

Members of the public may attend 

this meeting up to the seating capacity 

of the room. Persons planning to attend 

this meeting should contact the meeting 

coordinator, LCDR Jason Smith not later 

than 72 hours before the meeting by email at jason.e.smith2@uscg.mil, by 

phone at (202) 372–1372, by fax at (202) 

372–1925, or in writing at Commandant 

(CG–5212), U.S. Coast Guard 

Headquarters, 2100 2nd Street, SW., 

Room 1308, Washington, DC 20593– 

0001. 

The U.S. Coast Guard Headquarters 

building is accessible by taxi and 

privately owned conveyance (public 

transportation is not generally 

available). Please note, however, that 

parking in the vicinity of the building is 

extremely limited. Please also note that 

due to security considerations, two 

valid, government issued photo 

identifications must be presented to 

gain entrance to the Coast Guard 

Headquarters building. If you have any 

questions about this SHC subcommittee 

meeting, please contact LCDR Jason 

Smith at the numbers or addresses listed 

above. 

Dated: October 3, 2008. 

Mark Skolnicki, 

Executive Secretary, Shipping Coordinating 

Committee, Department of State. 

[FR Doc. E8–24331 Filed 10–10–08; 8:45 am] 

BILLING CODE 4710–09–P 


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