4788 Federal Register / Vol. 74, No. 16 / Tuesday, January 27, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6). 

Information Collection Request (ICR) 

Title: Supplemental Information on 

Accident and Insurance. 

Form(s) submitted: SI–1c, SI–5, ID– 

3s–1, ID–3U, ID–30k, ID–30k–1, ID–3s. 

OMB Control Number: 3220–0036. 

Expiration date of current OMB 

clearance: 1/31/2009. 

Type of request: Revision of a 

currently approved collection. 

Affected Public: Individuals or 

Households, Business or other for-profit. 

Estimated annual number of 

respondents: 10,000. 

Total annual responses: 28,500. 

Total annual reporting hours: 1,693. 

Abstract: The Railroad 

Unemployment Insurance Act provides 

for the recovery of sickness benefits 

paid if an employee receives a 

settlement for the same injury for which 

benefits were paid. The collection 

obtains information abut the person or 

company responsible for such payments 

that is needed to determine the amount 

of the RRB’s entitlement. 

Changes Proposed: The RRB proposes 

minor non-burden impacting changes to 

Forms SI–1c, ID–3s, ID–3s–1 and ID–3U. 

No other changes are proposed. 

Additional Information or Comments: 

Copies of the form and supporting 

documents can be obtained from 

Charles Mierzwa, the agency clearance 

officer at (312–751–3363) or 

Charles.Mierzwa@rrb.gov. 

Comments regarding the information 

collection should be addressed to 

Ronald J. Hodapp, Railroad Retirement 

Board, 844 North Rush Street, Chicago, 

Illinois 60611–2092 or 

Ronald.Hodapp@rrb.gov and to the 

OMB Desk Officer for the RRB, at the 

Office of Management and Budget, 

Room 10230, New Executive Office 

Building, Washington, DC 20503. 

Charles Mierzwa, 

Clearance Officer. 

[FR Doc. E9–1649 Filed 1–26–09; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon written request, copies available 

from: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: Form SE, OMB Control No. 3235– 

0327, SEC File No. 270–289. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Form SE (17 CFR 239.64) is used by 

registrants to file paper copies of 

exhibits that would be difficult or 

impossible to submit electronically. The 

information contained in Form SE is 

used by the Commission to identify 

paper copies of exhibits. Form SE is 

filed by individuals, companies or other 

for-profit organizations that are required 

to file electronically. Approximately 782 

registrants file Form SE and it takes an 

estimated .10 hours per response for a 

total annual burden of 78 hours. 

Written comments are invited on: (a) 

Whether these proposed collections of 

information are necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication. 

Please direct your written comments 

to Charles Boucher, Director/CIO, C/O 

Shirley Martinson, 6432 General Green 

Way, Alexandria, Virginia 22312; or 

send an e-mail to: 

PRA_Mailbox@sec.gov. 

Dated: January 14, 2009. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–1676 Filed 1–26–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59258; File No. SR–BATS– 

2009–001] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BATS Rule 

11.9, entitled ‘‘Orders and Modifiers’’ 

January 15, 2009. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on January 

12, 2009, BATS Exchange, Inc. (‘‘BATS’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. 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 is proposing to amend 

BATS Rule 11.9, entitled ‘‘Orders and 

Modifiers,’’ to provide Exchange system 

functionality that will cancel any 

portion of a market order submitted to 

the Exchange (a ‘‘BATS market order’’) 

that would execute at a price that is 

more than 50 cents or 5 percent worse 

than the NBBO at the time the order 

initially reaches the Exchange (the 

‘‘Initial NBBO’’), whichever is greater. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.batstrading.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

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 

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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to protect market participants 

mstockstill on PROD1PC66 with NOTICES6

Federal Register / Vol. 74, No. 16 / Tuesday, January 27, 2009 / Notices 4789 

5As defined in Exchange Rule 1.5(bb). 

6 If the order is not routable then it would be 

executed on the Exchange only if such executions 

would not trade through the protected quotations of 

other market centers. If the order is a routable order, 

then such order will be executed in accordance 

with BATS Rule 11.13(a), however, orders will not 

be routed away for execution at prices outside of 

the market order thresholds proposed in this rule 

filing, which applies both to market orders executed 

on the Exchange and to market orders that are to 

be routed away. 

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

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

9See, e.g., NASDAQ Rule 11890. 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). 

12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule 

19b–4(f)(6)(iii) requires that a self-regulatory 

organization submit to the Commission written 

notice of its intent to file the proposed rule change, 

along with a brief description and text of the 

proposed rule change, at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this notice 

requirement. 

13 Id. 

from executions at prices that are 

significantly worse than the NBBO at 

the time of order entry by providing 

Exchange system functionality that will 

cancel any portion of a BATS market 

order that would execute at a price that 

is 50 cents or 5 percentage points worse 

than the Initial NBBO, whichever is 

greater. Any portion of a BATS market 

order that would otherwise execute 

outside of these thresholds will be 

immediately cancelled back to the 

User.5 The Exchange believes that Users 

who submit market orders to the 

Exchange generally intend to receive 

executions for the full size of their 

orders at or near the Initial NBBO and 

are not always aware that there may not 

be enough liquidity at that price to fill 

the entire size of their orders. The 

Exchange believes that the market order 

thresholds proposed in this rule filing 

will help avoid executions of BATS 

market orders at prices that are 

significantly worse than the Initial 

NBBO, particularly in thinly-traded 

securities. The following example 

demonstrates how the BATS market 

order thresholds would operate: 

• A User submits a routable BATS 

market order 6 (i.e., not designated as a 

‘‘BATS Only’’ order) to buy 1,000 shares 

of ABC; 

• The Initial NBBO in security ABC is 

$8.00 (bid) by $8.05 (offer), 100 shares 

each, both published by ‘‘Market Center 

A’’; 

• The Exchange has 100 shares of 

liquidity at the $8.05 offer price and 

also has resting orders on its book to sell 

100 shares at $8.15, 100 shares at $8.20 

and 1,000 shares at $8.60; and 

• Other than the $8.05 offer 

published by Market Center A there are 

no offers to sell the security at or 

between $8.05 and $8.60 at other market 

centers. 

Under the circumstances described 

above, with the Initial NBBO of $8.00 

(bid) by $8.05 (offer), the BATS market 

order would be executed as follows: 

• 100 shares executed at the $8.05 

price on the Exchange; 

• 900 shares routed to Market Center 

A as an immediate or cancel order with 

a price of $8.05; 

• 100 shares executed at Market 

Center A (presuming this offer was still 

available and there was no additional 

non-displayed liquidity at that price); 

• 800 shares returned to the 

Exchange; 

• 100 shares executed at the 

Exchange at the $8.15 price level; 

• 100 shares executed at the 

Exchange at the $8.20 price level. 

Under this example, 400 shares of the 

BATS market order would be executed. 

The remaining 600 shares of the BATS 

market order would be cancelled back to 

the User because the liquidity on the 

Exchange at the $8.60 price level 

exceeds the BATS market order 

thresholds set forth in proposed Rule 

11.9(a)(2), and such order is not eligible 

for routing outside of such thresholds. 

Such BATS market order could only be 

executed or routed by the Exchange up 

to and including a price of $8.55 ($0.50 

worse than the Initial NBBO). 

For those Users who intend to trade 

against liquidity at multiple price points 

from the Initial NBBO beyond the BATS 

market order thresholds proposed in 

this rule filing, those Users can clearly 

and unambiguously specify that intent 

by submitting a marketable limit order 

to the Exchange. For example, using the 

scenario described above, if the User 

submitted a limit order to buy 1,000 

shares of security ABC with a limit price 

of $9.00, such order would be executed 

up to its full size, either on the 

Exchange (provided that the Exchange 

would not trade through protected 

quotations) or at away market centers if 

the order was routable. 

2. Statutory Basis 

The Exchange believes the proposal is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder that are applicable to a 

national securities exchange, and, in 

particular, with the requirements of 

Section 6(b).7 In particular, for the 

reasons described above, the proposed 

change is consistent with Section 6(b)(5) 

of the Act,8 because it would promote 

just and equitable principles of trade, 

remove impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system, and, in 

general, protect investors and the public 

interest, by helping to avoid executions 

of market orders on the Exchange at 

prices that are significantly worse than 

the NBBO at the time an order is 

initially received by the Exchange. The 

Exchange believes that the Initial NBBO 

is a fair representation of then-available 

prices and accordingly provides for an 

appropriate pricing mechanism such 

that BATS market orders should not be 

executed at a significantly worse price. 

Also, the Exchange believes that this 

proposal is consistent with existing 

exchange rules that allow for the 

breaking of trades deemed clearly 

erroneous by reference to objective 

thresholds away from the NBBO.9

Accordingly, the modifications to BATS 

Rule 11.9 promote just and equitable 

principles of trade, remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system. 

A. Self-Regulatory Organization’s 

Statement of Burden on Competition 

The Exchange does not believe that 

the proposed rule change imposes any 

burden on competition. 

B. Self-Regulatory Organization’s 

Statement on Comments Regarding the 

Proposed Rule Changes Received From 

Members, Participants or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

i. Date of Effectiveness of the Proposed 

Rule Changes and Timing for 

Commission Action 

Because the foregoing rule change 

does not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days after the date of 

this filing, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 10 and Rule 19b– 

4(f)(6) thereunder.11

A proposed rule change filed under 

19b–4(f)(6) normally may not become 

operative prior to 30 days after the date 

of filing.12 However, Rule 19b– 

4(f)(6)(iii) 13 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay so that the proposal may become 

operative upon filing. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

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4790 Federal Register / Vol. 74, No. 16 / Tuesday, January 27, 2009 / Notices 

14For the purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

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

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 58990 

(November 20, 2008), 73 FR 72534 (‘‘Notice’’). In 

order for a company to voluntarily delist from the 

Exchange, it would have to follow the procedures 

set forth in Rule 12d2–2 under the Act, which 

includes the filing of a Form 25 with the 

Commission. See Rule 12d2–2 under the Act, 17 

CFR 240.12d2–2. 

4As of the date of the Notice, twenty-nine issuers 

currently have listings with the Exchange. 

5See infra note 6. 

protection of investors and the public 

interest because such waiver will allow 

BATS Users to immediately benefit from 

the protections provided by BATS 

market orders. The Commission hereby 

grants the Exchange’s request and 

designates the proposal operative upon 

filing.14

At any time within 60 days of the 

filing of such proposed rule change the 

Commission may summarily abrogate 

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. 

ii. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposal 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 

No. SR–BATS–2009–001 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 No. 

SR–BATS–2009–001. 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 changes 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 BATS. 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 No. 

SR–BATS–2009–001 and should be 

submitted on or before February 17, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–1670 Filed 1–26–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59265; File No. SR–BSE– 

2008–36] 

Self-Regulatory Organizations; Boston 

Stock Exchange, Inc.; Order Approving 

Proposed Rule Change Relating to 

Delisting Standards 

January 16, 2009. 

I. Introduction 

On November 3, 2008, the Boston 

Stock Exchange, Inc. (‘‘BSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’),1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

adopt new criteria permitting the 

delisting of a security when the 

Exchange has terminated its program for 

listing and trading cash equities 

(‘‘Listing Program’’) in connection with 

the discontinuation of trading in all 

securities listed on its market. The 

proposed rule change was published for 

comment in the Federal Register on 

November 28, 2008.3 The Commission 

received no comments on the proposal. 

This order approves the proposed rule 

change. 

II. Description of the Proposed Rule 

Change 

On September 5, 2007, the Exchange 

announced the discontinuation of the 

operations of the Boston Equities 

Exchange. In addition to that 

announcement, in October 2007, all 

issuers were given additional notice that 

the BSE had terminated its Listing 

Program. While trading in all securities 

on the BSE ceased on September 5, 

2007, not all companies have delisted 

their securities from the Exchange by 

filing a Form 25 with the Commission.4

As a result, the Exchange proposes to 

adopt new rules that would give it the 

authority to delist, under certain 

conditions, the remaining BSE-listed 

companies, because there is no basis to 

involuntarily delist these companies 

under BSE’s existing rules. 

Under the proposal, the Exchange 

may determine to delist a security when 

the Exchange has terminated its Listing 

Program in connection with the 

discontinuation of trading in all 

securities listed on its market. The 

proposed new rule will provide that at 

least 15 days before issuing such 

delisting determination, the Board of 

Directors or its designee must give 

notice of the delisting to the company. 

As soon as practicable after the issuance 

of the delisting determination, notice 

will be provided to the company and 

the Commission of such delisting 

determination. Notice to the company of 

the delisting determination shall inform 

the company of the opportunity to 

appeal, applying the same appeal rights 

that exist under BSE rules for any 

company involuntarily delisted by the 

Exchange when the BSE was 

operational.5

The Exchange represents that it would 

use this authority to delist on the 

grounds that BSE is not currently 

operating a listing program and, 

therefore, it is in the public interest that 

the Exchange not maintain any 

appearance of having any listings on the 

Exchange as long as programs for listing 

and trading cash equities and related 

activity have ceased. In addition, prior 

to implementing any involuntary 

delistings, the Exchange represented 

that it will contact each company and 

suggest that it file a Form 25 to effect a 

voluntary delisting before the Exchange 

issues any delisting determination. 

Thereafter, the Exchange will move to 

delist those companies that do not act 

mstockstill on PROD1PC66 with NOTICES6