[Federal Register: March 27, 2009 (Volume 74, Number 58)]
[Notices]
[Page 13503-13505]
[DOCID:fr27mr09-102]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59609; File No. SR-NYSEArca-2009-23]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Arca, Inc. Amending Rule
6.47 To Remove Obsolete Text Related to the SizeQuote Pilot Program

March 20, 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 March 16, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and
II, which Items have been prepared by the self-regulatory organization.
The Exchange filed the proposal as a ``non-controversial'' proposed
rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and
Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its rules in order to remove
obsolete rule text related to the SizeQuote Pilot Program. The text of
the proposed rule change is attached as Exhibit 5 to the Form 19b-4. A
copy of this filing is available on the Exchange's Web site at http://
www.nyse.com, at the Exchange's principal office 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 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to remove obsolete text from Rule
6.47 pertaining to the Exchange's SizeQuote Pilot Program (``Pilot
Program''). The Pilot Program, which was initially established in 2005
\5\ and had been extended in three subsequent filings,\6\ expired on
February 15, 2009.
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    \5\ See Securities Exchange Act Release No. 51576 (April 19,
2005), 70 FR 21488 (April 26, 2005).
    \6\ See Securities Exchange Act Release No. 53315 (Feb. 15,
2006) 71 FR 9406 (Feb. 23, 2006), Securities Exchange Act Release
No. 55312 (Feb. 16, 2007) 72 FR 8827 (Feb. 27, 2007), Securities
Exchange Act Release No. 57412 (March 3, 2008) 73 FR 12492 (March 7,
2008).
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    After analyzing the effectiveness of the Pilot Program, the
Exchange determined that it did not meet its stated objectives and
therefore the Exchange did not extend the program past its expiration
on February 15, 2009. This filing simply serves to remove the obsolete
rules related to the Pilot Program.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) \7\ of the Act, in general, and furthers the
objectives of Section 6(b)(5),\8\ in particular, in that it is designed
to facilitate transactions in securities, to promote just and equitable
principles of trade and to protect investors and the public interest.
This filing is intended to remove outdated and obsolete rule text that
may be confusing to market participants that are subject to the
Exchange rules.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6)(iii) thereunder.\12\
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    \9\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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 the pre-filing requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waiver of the operative delay is consistent with the protection of
investors and the public interest because such waiver will enable the
Exchange to delete obsolete rule text without delay. The Commission
notes that the text relates to a pilot program that has already expired
and therefore deletion of the related text does not raise any novel or
significant regulatory issues. Therefore, the Commission designates the
proposed rule change as operative upon filing.\15\
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    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ For purposes only of waiving the operative date of this
proposal, the Commission has considered the rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the 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.

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<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2009-23 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-2009-23. 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 Section, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at NYSE

Arca's principal office. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-NYSEArca-2009-23 and should be submitted on or before April 17,
2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-6825 Filed 3-26-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: April 20, 2009 (Volume 74, Number 74)]
[Notices]
[Page 18004-18005]
[DOCID:fr20ap09-118]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and
Exchange Commission, Office of Investor Education and Advocacy,
Washington, DC 20549-0213.

Extension:
    Rule 15c2-8, OMB Control No. 3235-0481, SEC File No. 270-421.

    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'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
existing collection of information provided for in the following rule:
Rule 15c2-8 (17 CFR 240.15c2-8).
    Rule 15c2-8 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires broker-dealers to deliver preliminary and/or final
prospectuses to certain people under certain circumstances. In
connection with securities offerings generally, including initial
public offerings (IPOs), the rule requires broker-dealers to take
reasonable steps to distribute copies of the preliminary or final
prospectus to anyone who makes a written request, as well as any
broker-dealer who is expected to solicit purchases of the security and
who makes a request. In connection with IPOs, the rule requires a
broker-dealer to send a copy of the preliminary prospectus to any
person who is expected to receive a confirmation of sale (generally,
this means any person who is expected actually to purchase the security
in the offering) at least 48 hours prior to the sending of such
confirmation. This requirement is sometimes referred to as the ``48
hour rule.''
    Additionally, managing underwriters are required to take reasonable
steps to ensure that all broker-dealers participating in the
distribution of or trading in the security have sufficient copies of
the preliminary or final prospectus, as requested by them, to enable
such broker-dealer to satisfy their respective prospectus delivery
obligations pursuant to Rule 15c2-8, as well as Section 5 of the
Securities Act of 1933.
    Rule 15c2-8 implicitly requires that broker-dealers collect
information, as such collection facilitates compliance with the rule.
There is no requirement to submit information collected to the
Commission. In order to comply with

the rule, broker-dealers participating in a securities offering must
keep accurate records of persons who have indicated interest in an IPO
or requested a prospectus, so that they know to whom they must send a
prospectus.
    The Commission estimates that broker-dealers will spend a total of
78,800 hours complying with the collection of information required by
the rule. The Commission estimates that the total number of responses
required by the rule is 7764. The Commission estimates that the total
annualized cost burden (copying and postage costs) is $157,600,000.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
    Comments should be directed to (i) Desk Officer for the Securities
and Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503 or by sending an e-mail to: Shagufta_
<EMAIL_ADDRESS>and (ii) Charles Boucher, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Shirley Martinson,
6432 General Green Way, Alexandria, VA 22312 or send an e-mail to:
<EMAIL_ADDRESS>Comments must be submitted within 30 days of this
notice.

    Dated: April 10, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-8876 Filed 4-17-09; 8:45 am]

BILLING CODE 8010-01-P