Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 62615 

13 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Each unit represents an equal, fractional, 

undivided ownership interest in the net assets of 

the Trust attributable to the particular class of units. 

5Commodity-Based Trust Shares are securities 

issued by a trust that represent investors’ discrete 

identifiable and undivided beneficial ownership 

interest in the commodities deposited into the 

Trust. 

6See Securities Exchange Act Release No. 58956 

(November 14, 2008), 73 FR 71074 (November 24, 

2008) (SR–NYSEArca–2008–124) (approving listing 

on the Exchange of the iShares Silver Trust). 

7See Securities Exchange Act Release No. 53521 

(March 20, 2006), 71 FR 14967 (March 24, 2006) 

(SR–Amex–2005–72) (approving listing on the 

American Stock Exchange LLC of the iShares Silver 

Trust). 

8See Securities Exchange Act Release No. 59781 

(April 17, 2009), 74 FR 18771 (April 24, 2009) (SR– 

NYSEArca–2009–28) (approving listing on the 

Exchange of the ETFS Silver Trust). 

9See Securities Exchange Act Release No. 59895 

(May 8, 2009), 74 FR 22993 (May 15, 2009) (SR– 

NYSEArca–2009–40) (approving listing on the 

Exchange of the ETFS Gold Trust). 

10See Securities Exchange Act Release No. 61496 

(February 4, 2010) 75 FR 6758 (February 10, 2010) 

(NYSEArca–2009–113) (approving listing on the 

Exchange of Sprott Physical Gold Trust); Securities 

Exchange Act Release No. 56224 (August 8, 2007), 

72 FR 45850 (August 15, 2007) (SR–NYSEArca– 

2007–76) (approving listing on the Exchange of the 

streetTRACKS Gold Trust); Securities Exchange Act 

Release No. 56041 (July 11, 2007), 72 FR 39114 

(July 17, 2007) (SR–NYSEArca–2007–43) 

(approving listing on the Exchange of iShares 

COMEX Gold Trust). 

Commission summarily may 

temporarily suspend such 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–CBOE–2010–090 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2010–090. 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 website viewing and 

printing 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 

CBOE. 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–CBOE–2010–090 and 

should be submitted on or before 

November 2, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–25453 Filed 10–8–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63043; File No. SR– 

NYSEArca–2010–84] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and Order 

Granting Accelerated Approval of a 

Proposed Rule Change To List and 

Trade Shares of the Sprott Physical 

Silver Trust 

October 5, 2010. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 22, 2010, NYSE Arca, Inc. 

(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons and is 

approving the proposed rule change on 

an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade units 4 of the Sprott Physical 

Silver Trust (the ‘‘Trust’’) under NYSE 

Arca Equities Rule 8.201. 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 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to list and 

trade units (‘‘Units’’) of the Trust under 

NYSE Arca Equities Rule 8.201. Under 

NYSE Arca Equities Rule 8.201, the 

Exchange may propose to list and/or 

trade pursuant to unlisted trading 

privileges (‘‘UTP’’) ‘‘Commodity-Based 

Trust Shares.’’ 5 The Commission has 

approved listing of the iShares Silver 

Trust on the Exchange 6 and, previously, 

listing of the iShares Silver Trust on the 

American Stock Exchange LLC (now 

known as ‘‘NYSE Amex LLC’’).7 Further, 

the Commission has also approved 

listing on the Exchange under NYSE 

Arca Equities Rule 8.201 shares of ETFS 

Silver Trust 8 and ETFS Gold Trust.9

The Commission also has previously 

approved listing on the Exchange of 

shares of the Sprott Physical Gold Trust, 

streetTRACKS Gold Trust, and iShares 

COMEX Gold Trust.10 Prior to their 

listing on the Exchange, the 

Commission approved listing of the 


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62616 Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 

11See Securities Exchange Act Release No. 50603 

(October 28, 2004), 69 FR 64614 (November 5, 2004) 

(SR–NYSE–2004–22) (approving listing of 

streetTRACKS Gold Trust on NYSE); Securities 

Exchange Act Release No. 51058 (January 19, 2005), 

70 FR 3749 (January 26, 2005) (SR–Amex-2004–38) 

(approving listing of iShares COMEX Gold Trust on 

the American Stock Exchange LLC). 

12See Securities Exchange Act Release No. 53520 

(March 20, 2006), 71 FR 14977 (March 24, 2006) 

(SR–PCX–2005–117) (approving trading on the 

Exchange pursuant to UTP of the iShares Silver 

Trust); Securities Exchange Act Release No. 51245 

(February 23, 2005), 70 FR 10731 (March 4, 2005) 

(SR–PCX–2004–117) (approving trading on the 

Exchange of the streetTRACKS Gold Trust pursuant 

to UTP). 

13The Manager is a limited partnership existing 

under the laws of Ontario, Canada, and acts as 

manager of the Trust pursuant to the Trust’s trust 

agreement and the management agreement. The 

Manager provides management and advisory 

services to the Trust. Additional details regarding 

the Manager are set forth in the Registration 

Statement on Form F–1 for the Sprott Physical 

Silver Trust, filed with the Commission on July 9, 

2010 (No. 333–168051) (the ‘‘Registration 

Statement’’). 

14The Trustee holds title to the Trust’s assets on 

behalf of the Unitholders and has, together with the 

Manager, exclusive authority over the assets and 

affairs of the Trust. The Trustee has a fiduciary 

responsibility to act in the best interest of the 

Unitholders. Additional details regarding the 

Trustee are set forth in the Registration Statement. 

15The Silver Custodian will be responsible for 

and will bear all risk of loss of, and damage to, the 

Trust’s physical silver bullion that is in its custody, 

subject to certain limitations based on events 

beyond the Silver Custodian’s control. The 

Manager, with the consent of the Trustee, may 

determine to change the custodial arrangements of 

the Trust. Additional details regarding the Silver 

Custodian are set forth in the Registration 

Statement. 

16The Non-Silver Custodian will be responsible 

for and will bear all risk of the loss of, and damage 

to, the Trust’s assets (other than physical silver 

bullion) that are in its custody, subject to certain 

limitations based on events beyond the Non-Silver 

Custodian’s control. The Manager, with the consent 

of the Trustee, may determine to change the 

custodial arrangements of the Trust. Additional 

details regarding the Non-Silver Custodian are set 

forth in the Registration Statement. 

17The descriptions of the Trust, the Units and the 

silver market contained herein are based on the 

Registration Statement. 

18The Trust does not trade in silver futures 

contracts. The Trust takes delivery of physical 

silver that complies with certain silver delivery 

rules. Because the Trust does not trade in silver 

futures contracts on any futures exchange, the Trust 

is not regulated as a commodity pool, and is not 

operated by a commodity pool operator. 

19With respect to application of Rule 10A–3 (17 

CFR 240.10A–3) under the Act (15 U.S.C. 78a), the 

Trust relies on the exemption contained in Rule 

10A–3(c)(7). 

streetTRACKS Gold Trust on the New 

York Stock Exchange (‘‘NYSE’’) and 

listing of iShares COMEX Gold Trust on 

the American Stock Exchange LLC.11 In 

addition, the Commission has approved 

trading of the streetTRACKS Gold Trust 

and iShares Silver Trust on the 

Exchange pursuant to UTP.12 Sprott 

Asset Management LP is the sponsor or 

manager of the Trust (the ‘‘Sponsor’’ or 

the ‘‘Manager,’’ 13 as the case may be), 

RBC Dexia Investor Services Trust is the 

trustee of the Trust (the ‘‘Trustee’’),14 the 

Royal Canadian Mint is the custodian 

for the physical silver bullion owned by 

the Trust (the ‘‘Silver Custodian’’),15 and 

RBC Dexia serves as the custodian of the 

Trust’s assets other than physical silver 

bullion (the ‘‘Non-Silver Custodian’’).16

Listing Rules 

Definition. Rule 8.201(c)(1) defines 

Commodity-Based Trust Shares as a 

security (a) that is issued by a trust that 

holds a specified commodity deposited 

with the trust; (b) that is issued by such 

trust in a specified aggregate minimum 

number in return for a deposit of a 

quantity of the underlying commodity; 

and (c) that, when aggregated in the 

same specified minimum number, may 

be redeemed at a holder’s request by 

such trust which will deliver to the 

redeeming holder the quantity of the 

underlying commodity. 

The Trust will issue Units, each of 

which represents an equal, fractional 

undivided ownership interest in the net 

assets of the Trust attributable to the 

particular class of Units. Except with 

respect to cash held by the Trust to pay 

expenses and anticipated redemptions, 

the Trust expects to own only London 

Good Delivery physical silver bullion. 

The investment objective of the Trust is 

for the Units to reflect the performance 

of the price of silver bullion, less the 

expenses of the Trust’s operations.17

The Trust is not actively managed and 

does not engage in any activities 

designed to obtain a profit from, or to 

ameliorate losses caused by, changes in 

the price of silver bullion. The Trust is 

neither an investment company 

registered under the Investment 

Company Act of 1940 nor a commodity 

pool for purposes of the Commodity 

Exchange Act.18 The Units will be 

issued in an initial public offering. The 

Trust may not issue additional Units of 

the class offered in this offering 

following its completion except (i) if the 

net proceeds per Unit to be received by 

the Trust are not less than 100% of the 

most recently calculated net asset value 

(‘‘NAV’’) immediately prior to, or upon, 

the determination of the pricing of such 

issuance or (ii) by way of Unit 

distribution in connection with an 

income distribution. The Trust will not 

issue Units on an on-going or daily 

basis. At the start of trading the Trust 

will issue a minimum of 1,000,000 

Units to at least 400 holders 

(‘‘Unitholders’’), as further described 

below. 

The Units will be redeemable 

monthly at the option of the holder. The 

redemption process is further described 

below. 

The Exchange represents that the 

Units satisfy the requirements of NYSE 

Arca Equities Rule 8.201 and thereby 

qualify for listing on the Exchange.19

Operation of the Silver Market 

A detailed description of the silver 

market is set forth in the Registration 

Statement. 

Secondary Market Trading and 

Liquidity 

While the Trust’s investment 

objective is for the Units to reflect the 

performance of physical silver bullion, 

less the expenses of the Trust, the Units 

may trade in the secondary market on 

the NYSE Arca at prices that are lower 

or higher relative to their per Unit NAV. 

The NAV is expected to fluctuate with 

changes in the market value of the 

Trust’s assets. The trading price of the 

Units will fluctuate in accordance with 

changes in the NAV as well as market 

supply and demand. The amount of the 

discount or premium in the trading 

price relative to the NAV may be 

influenced by non-concurrent trading 

hours between the NYSE Arca and the 

COMEX and other major world silver 

markets. While the Units will trade on 

the NYSE Arca until 8 p.m. New York 

time, liquidity in the global silver 

market will be reduced after the close of 

the major world silver markets, 

including London and of the COMEX 

division of the New York Mercantile 

Exchange at 1:25 p.m. New York time. 

As a result, during this time, trading 

spreads, and the resulting premium or 

discount to the NAV may widen. 

Trust Expenses 

The fees and expenses of the Trust are 

set forth in detail in the Registration 

Statement. 

Initial Public Offering and Redemption 

of Units 

The Trust will offer at a minimum, 

1,000,000 Units in its initial public 

offering to a minimum of 400 

Unitholders. Each Unit will represent an 

equal, fractional, undivided ownership 

interest in the net assets of the Trust 

attributable to the particular class of 

Units. It is not currently intended that 

the Trust will create additional Units, 

except as provided above. 

Unitholders may redeem their Units 

on a monthly basis. 

Redemption for Physical Silver 

Subject to the terms of the trust 

agreement and the Manager’s right to 

suspend redemptions under certain 

circumstances described in the 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 62617 

20See e-mail, dated October 5, 2010, from Tim 

Malinowski, Senior Director, NYSE Euronext, to 

Christopher Chow, Special Counsel, and Steve 

Varholik, Special Counsel, Commission. 

registration statement, Units may be 

redeemed at the option of a Unitholder 

for physical silver bullion in any 

calendar month. Units redeemed for 

physical silver will be entitled to a 

redemption price equal to 100% of the 

NAV of the redeemed Units on the last 

Business Day, as defined herein, of the 

calendar month in which the 

redemption request is processed, less 

redemption and delivery expenses. 

Redemption requests must be for 

amounts that are at least equivalent to 

the value of ten London Good Delivery 

bars or an integral multiple of one bar 

in excess thereof, plus applicable 

expenses. A ‘‘London Good Delivery 

bar’’ contains between 750 and 1100 troy 

ounces of silver. Any fractional amount 

of redemption proceeds in excess of ten 

London Good Delivery bars or an 

integral multiple of one bar in excess 

thereof will be paid in cash at a rate 

equal to 100% of the NAV of such 

excess amount. The ability of a 

Unitholder to redeem Units for physical 

silver bullion may be limited by the 

sizes of London Good Delivery bars held 

by the Trust at the time of the 

redemption. A Unitholder redeeming 

Units for silver will be responsible for 

expenses incurred by the Trust in 

connection with such redemption and 

applicable delivery expenses, including 

the handling of the notice of 

redemption, the delivery of the physical 

bullion for units that are being 

redeemed and the applicable silver 

storage in-and-out fees. 

A redemption notice to redeem Units 

for physical silver bullion must be 

received by the Trust’s transfer agent no 

later than 4 pm, Eastern Standard Time, 

on the 15th day of the calendar month 

in which the redemption notice will be 

processed or, if such day is not a day on 

which banks located in New York, New 

York, are open for the transaction of 

banking business (a ‘‘Business Day’’), 

then on the immediately following day 

that is a Business Day. Any redemption 

notice received after such time will be 

processed in the next month. 

Physical silver bullion received by a 

Unitholder as a result of a redemption 

of Units will be delivered by armored 

transportation service carrier pursuant 

to delivery instructions provided by the 

Unitholder. The armored transportation 

service carrier will be engaged by or on 

behalf of the redeeming Unitholder. 

Such physical silver bullion can be 

delivered (i) to an account established 

by the Unitholder at an institution 

located in North America authorized to 

accept and hold London Good Delivery 

bars; (ii) in the United States, to any 

physical address (subject to approval by 

the armored transportation service 

carrier); (iii) in Canada, to any business 

address (subject to approval by the 

armored transportation service carrier); 

and (iv) outside of the United States and 

Canada, to any address approved by the 

armored transportation service carrier. 

Physical silver bullion delivered to an 

institution located in North America 

authorized to accept and hold London 

Good Delivery bars will likely retain its 

London Good Delivery status while in 

the custody of such institution; physical 

silver bullion delivered pursuant to a 

Unitholder’s delivery instruction to a 

destination other than an institution 

located in North America authorized to 

accept and hold London Good Delivery 

bars will no longer be deemed London 

Good Delivery once received by the 

Unitholder. The armored transportation 

service carrier will receive silver bullion 

in connection with a redemption of 

Units approximately 10 Business Days 

after the end of the month in which the 

redemption notice is processed. Any 

cash to be received by a redeeming 

Unitholder in connection with a 

redemption of Units for physical silver 

bullion will be delivered to the 

Unitholder’s brokerage account within 

10 Business Days after the calendar 

month in which the redemption is 

processed. 

Redemption for Cash 

Subject to the terms of the trust 

agreement and the Manager’s right to 

suspend redemptions under certain 

circumstances described in the 

registration statement, Units may be 

redeemed at the option of a Unitholder 

for cash on a monthly basis. Units 

redeemed for cash will be entitled to a 

redemption price equal to 95% of the 

lesser of (i) the volume-weighted 

average trading price of the Units traded 

on the NYSE Arca or, if trading has been 

suspended on NYSE Arca, the trading 

price of the units traded on the Toronto 

Stock Exchange, for the last five 

Business Days of the month in which 

the redemption request is processed and 

(ii) the NAV of the redeemed Units as 

of 4:00 p.m., Eastern Standard Time, on 

the last Business Day of such month. 

Cash redemption proceeds will be 

transferred to a redeeming Unitholder 

approximately three Business Days after 

the end of the month in which the 

redemption notice is processed. See 

‘‘Redemption of Units’’ for detailed 

terms and conditions relating to the 

redemption of Units for cash. 

A redemption notice to redeem Units 

for cash must be received by the Trust’s 

transfer agent no later than 4 p.m. 

Eastern Standard Time, on the 15th day 

of the calendar month in which the 

redemption notice will be processed or, 

if such day is not a Business Day, then 

on the immediately following day that 

is a Business Day. Any redemption 

notice to redeem Units for cash received 

after such time will be processed in the 

next month. 

Termination Events 

The Trust will be terminated in the 

event there are no Units outstanding, 

the Trustee resigns or is removed and no 

successor trustee is appointed by the 

Manager by the time the resignation or 

removal becomes effective, the Manager 

resigns and no successor manager is 

appointed by the Manager and approved 

by Unitholders by the time the 

resignation becomes effective, the 

Manager is, in the opinion of the 

Trustee, in material default of its 

obligations under the trust agreement 

and does not cure such default within 

a certain time period, the Manager 

experiences certain insolvency events or 

the assets of the Manager have become 

subject to seizure or confiscation by any 

public or governmental authority. In 

addition, the Manager may, in its 

discretion, terminate the Trust, without 

Unitholder approval, if, in the opinion 

of the Manager, after consulting with the 

independent review committee, the 

value of net assets of the Trust has been 

reduced such that it is no longer 

economically feasible to continue the 

Trust and it would be in the best 

interests of the Unitholders to terminate 

the Trust, by giving the Trustee and 

each holder of Units at the time not less 

than 60 days and not more than 90 days’ 

written notice prior to the effective date 

of the termination of the Trust.20 To the 

extent such termination in the 

discretion of the Manager may involve 

a matter that would be a ‘‘conflict of 

interest matter’’ as set forth in applicable 

Canadian regulations, the matter will be 

referred by the Manager to the 

independent review committee 

established by the Manager for its 

recommendation. In connection with 

the termination of the Trust, the Trust 

shall, to the extent possible, convert its 

assets to cash and, after paying or 

making adequate provision for all of the 

Trust’s liabilities, distribute the net 

assets of the Trust to Unitholders, on a 

pro rata basis, as soon as practicable 

after the termination date. Additional 

information regarding the Units and the 

operation of the Trust, including 

termination events, risks, and 

redemption procedures, are described in 

the Registration Statement. 


srobinson on DSKHWCL6B1PROD with NOTICES
62618 Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 

21The IIV on a per Unit basis disseminated 

during the Core Trading Session should not be 

viewed as a real-time update of the NAV, which is 

calculated once a day. 

22The bid-ask price of the Trust is determined 

using the highest bid and lowest offer on the 

Consolidated Tape as of the time of calculation of 

the closing day NAV. 

23The minimum number of Units issued is 

comparable to the minimum threshold established 

for the issuance of equity linked notes under NYSE 

Arca Rule 5.2(j)(2). 

24The minimum number of holders is comparable 

to the minimum threshold established for the 

issuance of equity linked notes under NYSE Arca 

Rule 5.2(j)(2). 

Valuation of Silver and Definition of Net 

Asset Value 

The value of the net assets of the 

Trust and the NAV will be determined 

daily at 4 p.m. (Eastern Standard Time) 

on each day that is a Business Day, by 

the Trust’s valuator, which is RBC Dexia 

Investor Services Trust. The value of the 

net assets of the Trust as of the 

valuation time on any such day shall be 

equal to the aggregate fair market value 

of the assets of the Trust as of such date, 

less an amount equal to the total 

liabilities of the Trust (excluding all 

liabilities represented by outstanding 

Units) as of such date. The valuator 

shall calculate the NAV by dividing the 

value of the net assets of the Trust on 

that day by the total number of Units 

then outstanding on such day. 

The Units will be book-entry only and 

individual certificates will not be issued 

for the Units (except in connection with 

a redemption of Units, during the 

process of which redeeming Units will 

be certificated and presented for 

cancellation as part of the redemption 

process). 

Availability of Information Regarding 

Silver Prices 

Currently, the Consolidated Tape Plan 

does not provide for dissemination of 

the spot price of a commodity, such as 

silver, over the Consolidated Tape. 

However, there will be disseminated 

over the Consolidated Tape the last sale 

price for the Units, as is the case for all 

equity securities traded on the Exchange 

(including exchange-traded funds). In 

addition, there is a considerable amount 

of silver price and silver market 

information available on public Web 

sites and through professional and 

subscription services. 

Investors may obtain on a 24-hour 

basis silver pricing information based 

on the spot price for an ounce of silver 

from various financial information 

service providers, such as Reuters and 

Bloomberg. Reuters and Bloomberg 

provide at no charge on their Web sites 

delayed information regarding the spot 

price of silver and last sale prices of 

silver futures, as well as information 

about news and developments in the 

silver market. Reuters and Bloomberg 

also offer a professional service to 

subscribers for a fee that provides 

information on silver prices directly 

from market participants. An 

organization named EBS provides an 

electronic trading platform to 

institutions such as bullion banks and 

dealers for the trading of spot silver, as 

well as a feed of live streaming prices 

to Reuters and Moneyline Telerate 

subscribers. Complete real-time data for 

silver futures and options prices traded 

on the COMEX are available by 

subscription from Reuters and 

Bloomberg. The NYMEX also provides 

delayed futures and options information 

on current and past trading sessions and 

market news free of charge on its Web 

site. There are a variety of other public 

Web sites providing information on 

silver, ranging from those specializing 

in precious metals to sites maintained 

by major newspapers, such as The Wall 

Street Journal. In addition, the daily 

London noon Fix is publicly available at 

no charge at or http:// 

www.thebulliondesk.com. 

The Trust Web site will provide an 

intraday indicative value (‘‘IIV’’) per 

share for the Units, as calculated by a 

third party financial data provider 

during the Exchange’s Core Trading 

Session (9:30 a.m. to 4 p.m., New York 

time). The IIV will be calculated based 

on a price of silver derived from 

updated bids and offers indicative of the 

spot price of silver.21 In addition, the 

Web site for the Trust will contain the 

following information, on a per Unit 

basis, for the Trust: (a) The mid-point of 

the bid-ask price 22 at the close of 

trading in relation to the NAV as of the 

time the NAV is calculated (‘‘Bid/Ask 

Price’’), and a calculation of the 

premium or discount of such price 

against such NAV; and (b) data in chart 

format displaying the frequency 

distribution of discounts and premiums 

of the Bid/Ask Price against the NAV, 

within appropriate ranges, for each of 

the four previous calendar quarters. The 

Web site for the Trust will also provide 

the Trust’s prospectus, as well as the 

two most recent reports to stockholders. 

Finally, the Trust Web site will provide 

the last sale price of the Units as traded 

in the US market. In addition, the 

Exchange will make available over the 

Consolidated Tape quotation 

information, trading volume, closing 

prices and NAV for the Units from the 

previous day. 

Criteria for Initial and Continued Listing 

The Trust will be subject to the 

criteria in NYSE Arca Equities Rule 

8.201(e) for initial and continued listing 

of the Units. 

It is anticipated that a minimum of 

1,000,000 23 Units will be required to be 

outstanding at the start of trading. The 

minimum number of Units required to 

be outstanding exceeds the 

requirements that have been applied to 

previously listed shares of the 

streetTRACKS Gold Trust, the iShares 

COMEX Gold Trust, the iShares Silver 

Trust and exchange-traded funds. There 

will be a minimum of 400 24 Unitholders 

at the start of trading. Additionally, it is 

anticipated that the initial price of a 

Unit will be approximately $10.00. The 

Exchange believes that the anticipated 

minimum number of Units outstanding 

at the start of trading is sufficient to 

provide adequate market liquidity. Prior 

to listing, the Trust will represent to the 

Exchange that the NAV would be 

calculated daily and made available to 

all market participants at the same time. 

Prior to listing, the Trust will also 

represent to the Exchange that the IIV 

will be calculated at least every fifteen 

seconds and made available to all 

market participants at the same time. 

Trading Rules 

The Exchange deems the Units to be 

equity securities and subject to the 

Exchange’s existing rules governing the 

trading of equity securities. Trading in 

the Units on the Exchange will occur in 

accordance with NYSE Arca Equities 

Rule 7.34(a). The Exchange has 

appropriate rules to facilitate 

transactions in the Units during all 

trading sessions. 

Further, NYSE Arca Equities Rule 

8.201 sets forth certain restrictions on 

ETP Holders acting as registered Market 

Makers in the Units to facilitate 

surveillance. Pursuant to NYSE Arca 

Equities Rule 8.201(g), an ETP Holder 

acting as a registered Market Maker in 

the Units is required to provide the 

Exchange with information relating to 

its trading in the underlying silver, 

related futures or options on futures, or 

any other related derivatives. 

Commentary .04 of NYSE Arca Equities 

Rule 6.3 requires an ETP Holder acting 

as a registered Market Maker in the 

Units from using any material 

nonpublic information received from 

any person associated with an ETP 

Holder or employee of such person 

regarding trading by such person or 

employee in the underlying silver, 

related futures or options on futures or 

any other related derivative (including 

the Units). 

As a general matter, the Exchange has 

regulatory jurisdiction over its ETP 


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 62619 

25See NYSE Arca Equities Rule 7.12. 

26A list of ISG members is available at http:// 

www.isgportal.org/isgportal/public/members.htm. 

Trading information can be obtained from the 

Investment Industry Regulatory Organization of 

Canada, a member of ISG, who oversees Canadian 

broker dealers and trading activity on the Toronto 

Stock Exchange. The Exchange notes that the New 

York Mercantile Exchange, of which the COMEX is 

a division, is an ISG member, however, the Tokyo 

Commodity Exchange (‘‘TOCOM’’) is not an ISG 

member and the Exchange does not have in place 

a comprehensive surveillance sharing agreement 

with such market. 

27 15 U.S.C. 78f(b). 

28 15 U.S.C. 78f(b)(5). 

Holders and their associated persons, 

which include any person or entity 

controlling an ETP Holder, as well as a 

subsidiary or affiliate of an ETP Holder 

that is in the securities business. A 

subsidiary or affiliate of an ETP Holder 

that does business only in commodities 

or futures contracts would not be 

subject to Exchange jurisdiction, but the 

Exchange could obtain information 

regarding the activities of such 

subsidiary or affiliate through 

surveillance sharing agreements with 

regulatory organizations of which such 

subsidiary or affiliate is a member. 

With respect to trading halts, the 

Exchange may consider all relevant 

factors in exercising its discretion to 

halt or suspend trading in the Units. 

Trading on the Exchange in the Units 

may be halted because of market 

conditions or for reasons that, in the 

view of the Exchange, make trading in 

the Units inadvisable. These may 

include: (1) The extent to which 

conditions in the underlying silver 

market have caused disruptions and/or 

lack of trading, or (2) whether other 

unusual conditions or circumstances 

detrimental to the maintenance of a fair 

and orderly market are present, or (3) if 

the Toronto Stock Exchange halts 

trading in the Units. In addition, trading 

in Units will be subject to trading halts 

caused by extraordinary market 

volatility pursuant to the Exchange’s 

‘‘circuit breaker’’ rule.25

Surveillance 

The Exchange intends to utilize its 

existing surveillance procedures 

applicable to derivative products 

(including Commodity-Based Trust 

Shares) to monitor trading in the Units. 

The Exchange represents that these 

procedures are adequate to properly 

monitor Exchange trading of the Units 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws. 

The Exchange’s 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. Also, pursuant to 

NYSE Arca Equities Rule 8.201(g), the 

Exchange is able to obtain information 

regarding trading in the Units and the 

underlying silver, silver futures 

contracts, options on silver futures, or 

any other silver derivative, through ETP 

Holders acting as registered Market 

Makers, in connection with such ETP 

Holders’ proprietary or customer trades 

through ETP Holders which they effect 

on any relevant market. In addition, the 

Exchange may obtain trading 

information via the Intermarket 

Surveillance Group (‘‘ISG’’) from other 

exchanges who are members of the 

ISG.26

Information Bulletin 

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 Units. 

Specifically, the Information Bulletin 

will discuss the following: (1) The 

procedures for purchases and 

redemptions of Units; (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 

Units; (3) how information regarding the 

IIV is disseminated; (4) the requirement 

that ETP Holders deliver a prospectus to 

investors purchasing newly issued Units 

prior to or concurrently with the 

confirmation of a transaction; (5) the 

possibility that trading spreads and the 

resulting premium or discount on the 

Units may widen as a result of reduced 

liquidity of silver trading during the 

Core and Late Trading Sessions after the 

close of the major world silver markets; 

and (6) trading information. For 

example, the Information Bulletin will 

advise ETP Holders, prior to the 

commencement of trading, of the 

prospectus delivery requirements 

applicable to the Trust. ETP Holders 

purchasing Units from the Trust for 

resale to investors will deliver a 

prospectus to such investors. 

In addition, the Information Bulletin 

will reference that the Trust is subject 

to various fees and expenses described 

in the Registration Statement. The 

Information Bulletin will also reference 

the fact that there is no regulated source 

of last sale information regarding 

physical silver, that the Commission has 

no jurisdiction over the trading of silver 

as a physical commodity, and that the 

CFTC has regulatory jurisdiction over 

the trading of silver futures contracts 

and options on silver futures contracts. 

The Information Bulletin will also 

discuss any relief, if granted, by the 

Commission or the staff from any rules 

under the Act. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Act,27 in general, and furthers the 

objectives of Section 6(b)(5),28 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. The 

Exchange believes that the proposed 

rule change will facilitate the listing and 

trading of an additional type of 

commodity-based product that will 

enhance competition among market 

participants, to the benefit of investors 

and the marketplace. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

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 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 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 self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 


srobinson on DSKHWCL6B1PROD with NOTICES
62620 Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 

29 In approving the proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition, 

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

30 15 U.S.C. 78f(b)(5). 

31 15 U.S.C. 78k–1(a)(1)(C)(iii). 

32The Trust Web site also will provide the lastsale price of the Units as traded in the US market. 

33See e-mail, dated September 29, 2010, from 

Tim Malinowski, Senior Director, NYSE Euronext, 

to Christopher Chow, Special Counsel, 

Commission. 

34See NYSE Arca Equities Rule 7.12. 

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–2010–84 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2010–84. 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 Web site viewing and 

printing 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 NYSE’s principal office 

and on its Internet Web site at http:// 

www.nyse.com. 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 

publicly available. All submissions 

should refer to File Number SR– 

NYSEArca–2010–84 and should be 

submitted on or before November 2, 

2010. 

V. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful consideration, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange.29 In 

particular, the Commission finds that 

the proposed rule change is consistent 

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

of the Act,30 which requires, among 

other things, that the Exchange’s rules 

be designed to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism of a free and 

open market, a national market system, 

and in general, to protect investors and 

the public interest. 

In addition, the Commission finds 

that the proposal to list and trade Units 

on the Exchange is consistent with 

Section 11(a)(1)(C)(iii) of the Act,31

which sets forth Congress’ finding that 

it is in the public interest and 

appropriate for the protection of 

investors 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 Units will be available via the 

Consolidated Tape Association.32 The 

Trust’s Web site will provide an IIV per 

share for the Units, as calculated by a 

third party financial data provider 

during the Exchange’s Core Trading 

Session (9:30 a.m. to 4 p.m., New York 

time). The IIV will be calculated based 

on a price of silver derived from 

updated bids and offers indicative of the 

spot price of silver. In addition, the Web 

site for the Trust will contain the 

following information, on a per Unit 

basis, for the Trust: (a) The mid-point of 

the Bid/Ask Price and a calculation of 

the premium or discount of such price 

against such NAV; and (b) data in chart 

format displaying the frequency 

distribution of discounts and premiums 

of the Bid/Ask Price against the NAV, 

within appropriate ranges, for each of 

the four previous calendar quarters. The 

Web site for the Trust also will provide 

the Trust’s prospectus, as well as the 

two most recent reports to stockholders. 

Further, the Exchange will make 

available over the Consolidated Tape 

quotation information, trading volume, 

closing prices and NAV for the Units 

from the previous day. Finally, 

information on silver prices and markets 

is widely available as discussed above. 

The Commission further believes that 

the proposal to list and trade the Units 

is reasonably designed to promote fair 

disclosure of information that may be 

necessary to price the Units 

appropriately and to prevent trading 

when a reasonable degree of 

transparency cannot be assured. Under 

NYSE Arca Equities Rule 7.34(a)(5), if 

the Exchange becomes aware that the 

NAV is not being disseminated to all 

market participants at the same time, it 

must halt trading on the NYSE 

Marketplace until such time as the NAV 

is available to all market participants. 

The Commission notes that the 

Exchange will receive a representation 

from the Trust that, prior to listing, the 

NAV would be calculated daily and 

made available to all market 

participants at the same time. 

Additionally, if the IIV is not being 

disseminated as required, the Exchange 

may halt trading during the day in 

which the disruption occurs; 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.33 Additionally, under 

NYSE Arca Rules 8.201(e)(2)(iv) and (v), 

the Exchange will consider suspending 

or delisting the Units if, after the initial 

12-month period following 

commencement of trading: (1) The value 

of silver is no longer calculated or 

available on at least a 15-second delayed 

basis from a source unaffiliated with the 

Sponsor, Trust, custodian or the 

Exchange stops providing a hyperlink 

on its Web site to any such unaffiliated 

commodity value; or (2) if the IIV is no 

longer made available on at least a 15- 

second delayed basis. With respect to 

trading halts, the Exchange may 

consider all relevant factors in 

exercising its discretion to halt or 

suspend trading in the Units. These may 

include: (1) The extent to which 

conditions in the underlying silver 

market have caused disruptions and/or 

lack of trading; (2) whether other 

unusual conditions or circumstances 

detrimental to the maintenance of a fair 

and orderly market are present; or (3) if 

the Toronto Stock Exchange halts 

trading in the Units. In addition, trading 

in Units will be subject to trading halts 

caused by extraordinary market 

volatility pursuant to the Exchange’s 

‘‘circuit breaker’’ rule.34


srobinson on DSKHWCL6B1PROD with NOTICES
Federal Register / Vol. 75, No. 196 / Tuesday, October 12, 2010 / Notices 62621 

35See supra note 26 for additional information 

regarding ISG. 

36 15 U.S.C. 78s(b)(2). 

37See Securities Exchange Act Release No. 61496, 

supra note 10. 

38See supra notes 6, 7, and 8. See also supra 

notes 9–12. 

39 15 U.S.C. 78s(b)(2). 

40 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

In addition, NYSE Arca Equities Rule 

8.201 sets forth certain requirements for 

ETP Holders acting as Market Makers in 

the Units. Pursuant to NYSE Arca 

Equities Rule 8.201(g), the Exchange is 

able to obtain information regarding 

trading in the Units and the underlying 

silver, silver futures contracts, options 

on silver futures, or any other silver 

derivative, through ETP Holders acting 

as registered Market Makers, in 

connection with such ETP Holders’ 

proprietary or customer trades through 

ETP Holders which they effect on any 

relevant market. In addition, the 

Exchange may obtain trading 

information via the Intermarket 

Surveillance Group (‘‘ISG’’) from other 

exchanges who are members of the 

ISG.35

Finally, the Commission notes that 

Commentary .04 to NYSE Arca Equities 

Rule 6.3 requires among other things 

that ETP Holders acting as a registered 

Market Maker in products listed under 

NYSE Arca Equities Rule 8.201 (and 

their affiliates) must establish, maintain 

and enforce written policies and 

procedures reasonably designed to 

prevent the misuse of any material 

nonpublic information with respect to 

such products, any physical asset or 

commodity underlying the product, 

related futures or options on futures, 

and any related derivative instruments. 

In support of this proposal, the 

Exchange has made representations 

including: 

(1) The Units will be subject to the 

initial and continued listing criteria 

under NYSE Arca Equities Rule 8.201. 

(2) The Exchange’s surveillance 

procedures are adequate to properly 

monitor Exchange trading of the Units 

in all trading sessions and to deter and 

detect violations of Exchange rules and 

applicable federal securities laws. 

Pursuant to NYSE Arca Equities Rule 

8.201(g), the Exchange is able to obtain 

information regarding trading in the 

Units and the underlying silver, silver 

futures contracts, options on silver 

futures, or any other silver derivative 

through ETP Holders acting as 

registered Market Makers, in connection 

with such ETP Holders’ proprietary or 

customer trades which they effect on 

any relevant market. In addition, the 

Exchange may obtain trading 

information via ISG from other 

exchanges who are members of the ISG 

and from the Investment Industry 

Regulatory Organization of Canada. 

(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 Units. 

Specifically, the Information Bulletin 

will discuss the following: (1) The 

procedures for purchases and 

redemptions of Units; (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 

Units; (3) how information regarding the 

IIV is disseminated; (4) the requirement 

that ETP Holders deliver a prospectus to 

investors purchasing newly issued Units 

prior to or concurrently with the 

confirmation of a transaction; (5) the 

possibility that trading spreads and the 

resulting premium or discount on the 

Units may widen as a result of reduced 

liquidity of silver trading during the 

Core and Late Trading Sessions after the 

close of the major world silver markets; 

and (6) trading information. 

This approval order is based on the 

Exchange’s representations. 

The Commission finds good cause, 

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

Act,36 for approving the proposed rule 

change prior to the 30th day after 

publication of notice in the Federal 

Register. The Exchange’s proposal to list 

and trade the Units does not present any 

novel or significant regulatory issues. 

Previously, the Commission approved a 

proposal by the Exchange to list and 

trade shares of a substantially similar 

trust that holds gold bullion pursuant to 

NYSE Arca Equities Rule 8.201.37

Additionally, the Commission has 

previously approved proposals to list 

and trade shares of trusts that hold 

silver bullion pursuant to NYSE Arca 

Equities Rule 8.201.38

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,39 that the 

proposed rule change (SR–NYSEArca– 

2010–84) be, and it hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to 

delegated authority.40

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–25496 Filed 10–8–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63036; File No. SR–Phlx– 

2010–131] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX, Inc.; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Update Rule 

1014 

October 4, 2010. 

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 

September 27, 2010, NASDAQ OMX 

PHLX, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been 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 revise Rule 

1014, Obligations and Restrictions 

Applicable to Specialists and Registered 

Options Traders, to delete provisions 

related to: (i) The obsolete terms 

AUTOM, Streaming Quote Option, 

electronic interface, AUTO–X, Book 

Sweep and Book Match; (ii) ‘‘trading on 

Phlx XL’’; (iii) the use of trading floor 

tickets; and (iii) [sic] subparagraphs 

(g)(iii) and (iv), the New Unit/New 

Option Enhanced Specialist 

Participation and New Product 

Enhanced Specialist Participation, 

respectively. The Exchange also 

proposes to make corollary changes to 

Floor Procedure Advice B–6, Priority of 

Options Orders for Equity Options, 

Index Options and U.S. Dollar-Settled 

Foreign Currency Options by Account 

Type, as explained further below. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.nasdaqtrader.com/ 

micro.aspx?id=PHLXfilings, at the 

principal office of the Exchange, at the 

Commission’s Public Reference Room, 

and on the Commission’s Web site at 

http://www.sec.gov. 


srobinson on DSKHWCL6B1PROD with NOTICES