[Federal Register: November 4, 2008 (Volume 73, Number 214)]
[Notices]
[Page 65601-65602]
[DOCID:fr04no08-55]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER08-637-000; ER08-637-001; ER08-637-004; ER08-637-005]

 Midwest Independent Transmission System Operator, Inc.; Notice
of Technical Conference

October 29, 2008.
    As announced in the Notice of Technical Conference issued on
September 9, 2008, and discussed further in the Commission's October 10
Order in the above-captioned proceedings,\1\ the Commission will hold a
technical conference on November 12, 2008 in the Commission Meeting
Room of the Federal Energy Regulatory Commission, 888 First Street,
NE., Washington, DC, regarding the proposed Market Coordination Service
(Market Service) provisions set forth in Midwest Independent
Transmission System Operator Inc.'s (Midwest ISO) Western Markets
Proposal. The technical conference will be held from 9 a.m. to 4 p.m.
(ET).
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    \1\ Midwest Indep. Transmission Sys. Operator, Inc., 125 FERC ]
61,029 (2008).
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    This supplemental notice provides additional information including
an agenda for the conference and the speakers at the conference.\2\ The
conference is open to the public to attend, and registration is not
required.
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    \2\ See Attachment to this Notice.
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    Transcripts of the conference will be immediately available from
Ace Reporting Company<PHONE_NUMBER> or<PHONE_NUMBER>) for a fee. The
transcripts will also be available for the public on the Commission's
eLibrary system ten calendar days after the Commission receives the
transcript.
    A free webcast of the Policy Session during the morning of the
technical conference will be available through http://www.ferc.gov.
Anyone with Internet access who desires to view this event can do so by
navigating to http://www.ferc.gov's Calendar of Events and locating
this event in the Calendar. The event will contain a link to its

webcast. The Capitol Connection provides technical support for the free
webcasts. The Capitol Connection also offers access to this event via
television in the DC area and via phone bridge for a fee. If you have
any questions, visit http://www.CapitolConnection.org or call 703-993-
3100.
    Commission conferences are accessible under section 508 of the
Rehabilitation Act of 1973. For accessibility accommodations please
send an e-mail to<EMAIL_ADDRESS>or call toll free<PHONE_NUMBER>
(voice) or<PHONE_NUMBER> (TTY), or send a FAX to<PHONE_NUMBER> with the
required accommodations.

For more information about this conference, please contact: Fernando
Rodriguez at<PHONE_NUMBER> or at<EMAIL_ADDRESS>
Kimberly D. Bose,
Secretary.

Technical Conference Agenda \3\

November 12, 2008
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    \3\ This agenda may change. The Commission will issue a further
notice of such changes if time permits.
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    I. Welcome and Opening Remarks--9 a.m.-9:30 a.m.
    II. Policy Session--9:30 a.m.-11:30 a.m.
    During this session, panelists will be asked to address broad
policy issues associated with Market Service, such as Midwest ISO's
reasons for making the proposal, the associated benefits, the concerns
such as whether the proposal would destabilize Midwest ISO and the
extent to which the proposal is consistent with Order No. 2000.
Panelists--9:30 a.m.-10:10 a.m.\4\
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    \4\ Time assumes approximately 5 minutes per panelist.
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     Graham Edwards, CEO, and Clair Moeller, Vice President of
Transmission Asset Management, appearing on behalf of Midwest ISO.
     Paul Jett, Director of RTO Activities, Duke Energy
Corporation, Chair of Midwest ISO Transmission Owners Committee, on
behalf of Midwest ISO Transmission Owners.
     William Fehrman, President & CEO, MidAmerican Energy
Company.
     Lloyd Linke, Manager of Power System Operations, Western
Area Power Administration and Mike Risan, Senior Vice President of
Transmission, Basin Electric Power Cooperative.
     Honorable John Norris, Chairman Iowa Utilities Board and
President of Organization of Midwest ISO States (OMS) and Bill Smith,
Director, OMS.
     Ray Wahle, Director of Power Supply and Operations,
Missouri River Energy Services on behalf of Midwest TDUs.
     Steven Naumann, Vice President of Wholesale Market
Development, Exelon Corporation.
     Doug Collins, Executive Director, ITC Midwest.
     Donald Furman, Senior Vice President for Development,
Transmission and Policy, Iberdrola Renewables, Incoming President
American Wind Energy Association.
    Discussion and Questions--10:10 a.m.-10:30 a.m.
    Break--10:30 a.m.-10:40 a.m.
    Further Discussion and Questions--10:40 a.m.-11:30 a.m.
Lunch--11:30 p.m.-1 p.m.
    III. Technical Session--1 p.m.-4 p.m.
    Staff Introduction--1 p.m.-1:05 p.m.
    Presentations on MITS and MITS-Comparable Service--1:05 p.m.-1:25
p.m.
     Clair Moeller, Vice President of Transmission Asset
Management, Midwest ISO.
     Dennis Kramer, Regulatory Specialist, Ameren Services
Company, on behalf of Midwest ISO Transmission Owners.
     Darrel R. Gunst, Manager Transmission Services,
MidAmerican Energy Company.
     OMS Representative.
    Staff-led Discussion and Questions--1:25 p.m.-2 p.m.
    Questions from Other Parties--2 p.m.-2:30 p.m.
    Break--2:30 p.m.-2:45 p.m.
    Transmission Planning and Other Issues--2:45 p.m.-3:45 p.m.
    Staff-led Discussion and Questions--2:45 p.m.-3:15 p.m.
    Questions from Other Parties--3:15 p.m.-3:45 p.m.
    Next Steps--3:45 p.m.-4 p.m.

[FR Doc. E8-26254 Filed 11-3-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 194 (Thursday, October 6, 2011)]
[Proposed Rules]
[Page 61999]
[FR Doc No: 2011-25883]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 21

[PS-AIR-21.50-01]

Policy Statement: Inappropriate Design Approval Holder (DAH)
Restrictions on the Use and Availability of Instructions for Continued
Airworthiness (ICA)

AGENCY: Federal Aviation Administration, DOT.

ACTION: Proposed policy statement; notice of availability and request
for public comments.

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SUMMARY: This document announces the availability of and request for
public comments on the proposed policy statement addressing the action
taken by some Design Approval Holders (DAH) restricting the
availability, distribution, and use of Instructions (ICA) through
contractual agreements or restrictive language in the actual ICA.

DATES: Comments must be received on or before December 5, 2011.

ADDRESSES: Send all comments on the proposed Policy Statement: PS-AIR-
21.50-01, Inappropriate DAH Restrictions on the Use and Availability of
ICA to: Federal Aviation Administration, Mike Monroney Aeronautical
Center, 6500 S. MacArthur Blvd., ARB--Room 308, Oklahoma City, OK
73169. ATTN: John Cerra, AIR-110. You may electronically submit
comments to the following Internet address<EMAIL_ADDRESS>Include
in the subject line of your message the following: PS-AIR-21.50-01,
Inappropriate DAH Restrictions on the Use and Availability of ICA.

FOR FURTHER INFORMATION CONTACT: John Cerra, Aerospace Engineer,
Federal Aviation Administration, Aircraft Certification Service,
Aircraft Engineering Division, Airworthiness Procedures Branch, AIR-
113, 6500 S. MacArthur Blvd., ARB--Room 308, Oklahoma City, OK 73169.
Telephone<PHONE_NUMBER>, FAX<PHONE_NUMBER>, or e-Mail at:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    You are invited to comment on the proposed policy addressing the
actions of DAHs restricting the availability, distribution, and use of
ICAs, by submitting such written data, views, or arguments to the
address or FAX number listed above. Your comments should specify
``Policy Statement: PS-AIR-21.50-01, Inappropriate DAH Restrictions on
the Use and Availability of ICA,'' in the subject line. The Director of
the Aircraft Certification Service will consider all communications
received on or before the closing date before issuing the final
document.

Background

    Title 14 of the Code of Federal Regulations (14 CFR) 21.50(b)
requires the holder of a design approval to furnish at least one set of
complete Instructions for Continued Airworthiness (ICA) to the owner of
each type aircraft, aircraft engine, or propeller upon its delivery, or
upon issuance of the first standard airworthiness certificate. Recent
questions have emerged regarding requirements for a design approval
holder (DAH) to make ICA available to a maintenance provider/repair
station. It is not acceptable for a DAH to limit the distribution of
ICA by imposing contractual requirements or adding restrictive language
that would control the use of ICA by an owner/operator with respect to
the maintenance of its product.

How To Obtain Copies

    You may get an electronic copy of the policy statement PS-AIR-
21.50-01, Inappropriate DAH Restrictions on the Use and Availability of
ICA, via the Internet at: http://www.faa.gov/aircraft/draft_docs, and
then select Policy, or by contacting the person named in FOR FURTHER
INFORMATION CONTACT.

Susan J.M. Cabler,
Assistant Manager, Aircraft Engineering Division, Aircraft
Certification Service.
[FR Doc. 2011-25883 Filed 10-5-11; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: December 6, 2007 (Volume 72, Number 234)]
[Notices]
[Page 68926-68930]
[DOCID:fr06de07-102]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56866; File No. SR-ISE-2007-102]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Order Granting Accelerated Approval of
Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Permit
Trading of Shares of 93 Funds of the ProShares Trust Pursuant to
Unlisted Trading Privileges

November 29, 2007.
    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 October 25, 2007, the International Securities Exchange, LLC
(``Exchange'' or ``ISE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been substantially prepared by
the Exchange. On November 29, 2007, ISE filed Amendment No. 1 to the
proposed rule change.\3\ This order provides notice of the proposed
rule change and approves the proposal, as modified by Amendment No. 1,
on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 supersedes and replaces the original filing
in its entirety.

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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to trade shares (``Shares'') of the 93 funds
identified below (collectively, ``Funds'') of the ProShares Trust
pursuant to unlisted trading privileges (``UTP'').
    The text of the proposed rule change is available on the Exchange's
Web site (http://www.ise.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, ISE 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 III below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    ISE proposes to trade pursuant to UTP the Shares of the 93 Funds,
which are exchange-traded funds (``ETFs''). The Commission has
previously approved the listing and trading of those ETFs on the
American Stock Exchange LLC (``Amex''). The Exchange is submitting this
filing because its current generic listing standards for ETFs do not
extend to ETFs where the investment objective corresponds to a
specified multiple of the performance, or the inverse performance, of
an index that underlies a Fund (each such index is referred to below as
an ``Underlying Index''), rather than merely mirroring the performance
of the index. These Shares are currently trading on Amex, NYSE Arca,
and Nasdaq. The Funds are referred to as Ultra Funds, Short Funds, and
UltraShort Funds, as described more fully below.
Ultra Funds
    Certain Funds seek daily investment results, before fees and
expenses, that correspond to twice (200%) the daily performance of the
Underlying Indexes (``Ultra Funds''). If such a Fund meets its
objective, the net asset value (``NAV'') \4\ of the Shares of the Fund
should increase (on a percentage basis) approximately twice as much as
the Fund's Underlying Index when the prices of the securities in such
Index increase on a given day, and should lose approximately twice as
much when such prices decline on a given day. This filing applies to
the following Ultra Funds:
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    \4\ NAV per Share of each Fund is computed by dividing the value
of the net assets of such Fund (i.e., the value of its total assets
less total liabilities) by its total number of Shares outstanding.
Expenses and fees are accrued daily and taken into account for
purposes of determining NAV.
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     Four Ultra Funds, the listing and trading of which on Amex
were approved by the Commission on May 10, 2006: \5\ (1) Ultra S&P 500,
(2) Ultra Nasdaq-100, (3) Ultra Dow 30, and (4) Ultra S&P Mid-Cap 400;
and
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    \5\ See Securities Exchange Act Release No. 54040 (June 23,
2006), 71 FR 37629 (June 30, 2006) (SR-Amex-2006-41). The Commission
approved the UTP trading of these Funds on NYSE Arca and Nasdaq. See
Securities Exchange Act Release No. 54045 (June 26, 2006), 71 FR
37971 (July 3, 2006) (SR-PCX-2005-115); Securities Exchange Act
Release No. 55353 (February 26, 2007), 72 FR 9802 (March 5, 2007)
(SR-Nasdaq-2007-011).
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     27 Ultra Funds, the listing and trading of which on Amex
were approved by the Commission on January 17, 2007: \6\ (1) Ultra
Russell 2000, (2) Ultra S&P SmallCap 600, (3) Ultra S&P500/Citigroup
Value, (4) Ultra S&P500/Citigroup Growth, (5) Ultra S&P MidCap 400/
Citigroup Value, (6) Ultra S&P MidCap 400/Citigroup Growth, (7) Ultra
S&P SmallCap 600/Citigroup Value, (8) Ultra S&P SmallCap 600/Citigroup
Growth, (9) Ultra Basic Materials, (10) Ultra Consumer Goods, (11)
Ultra Consumer Services, (12) Ultra Financials, (13) Ultra Health Care,
(14) Ultra Industrials, (15) Ultra Oil & Gas, (16) Ultra Real Estate,
(17) Ultra Semiconductors, (18) Ultra Technology, (19) Ultra Utilities,
(20) Ultra Russell Midcap Index, (21) Ultra Russell Midcap Growth
Index, (22) Ultra Russell Midcap Value Index, (23) Ultra Russell 1000
Index, (24) Ultra Russell 1000 Growth Index, (25) Ultra Russell 1000
Value Index, (26) Ultra Russell 2000 Growth Index, and (27) Ultra
Russell 2000 Value Index.
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    \6\ See Securities Exchange Act Release No. 55117 (January 17,
2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101).
Subsequently, the Commission approved the UTP trading of these Funds
on NYSE Arca. See Securities Exchange Act Release No. 55125 (January
18, 2007), 72 FR 3462 (January 25, 2007) (SR-NYSEArca-2007-87) (SR-
NYSEArca-2006-87).
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Short Funds
    ISE also proposes to trade Shares of certain Funds that seek daily
investment results, before fees and expenses, that correspond to the
inverse or opposite of the daily performance (-100%) of the Underlying
Indexes (``Short Funds''). If such a Fund is successful in meeting its
objective, the NAV of the corresponding Shares should increase
approximately as much (on a percentage basis) as the respective
Underlying Index loses when the prices of the securities in the Index
decline on a given day, or should decrease approximately as much as the
respective Index gains when prices in the Index rise on a given day.
This filing applies to the following Short Funds:
     Four Short Funds, the listing and trading of which on Amex
were approved by the Commission on May 10, 2006: \7\ (1) Short S&P 500,
(2) Short Nasdaq-100, (3) Short Dow 30, and (4) Short S&P Mid-Cap 400;
and
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    \7\ See supra note 4.
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     27 Short Funds, the listing and trading of which on Amex
were approved by the Commission on January 17, 2007: \8\ (1) Short
Russell 2000, (2) Short S&P SmallCap 600, (3) Short S&P500/Citigroup
Value, (4) Short S&P500/Citigroup Growth, (5) Short S&P MidCap 400/
Citigroup Value, (6) Short S&P MidCap 400/Citigroup Growth, (7) Short
S&P SmallCap 600/Citigroup Value, (8) Short S&P SmallCap 600/Citigroup
Growth, (9) Short Basic Materials, (10) Short Consumer Goods, (11)
Short Consumer Services, (12) Short Financials, (13) Short Health Care,
(14) Short Industrials, (15) Short Oil & Gas, (16) Short Real Estate,
(17) Short Semiconductors, (18) Short Technology, (19) Short Utilities,
(20) Short Russell Midcap Index, (21) Short Russell Midcap Growth
Index, (22) Short Russell Midcap Value Index, (23) Short Russell 1000
Index, (24) Short Russell 1000 Growth Index, (25) Short Russell 1000
Value Index, (26) Short Russell 2000 Growth Index, and (27) Short
Russell 2000 Value Index.
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    \8\ See supra note 5.
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UltraShort Funds
    ISE also proposes to trade Shares of certain Funds that seek daily
investment results, before fees and expenses, that correspond to twice
the inverse (-200%) of the daily performance of the Underlying Indexes
(``UltraShort Funds''). If such a Fund is successful in meeting its
objective, the NAV of the corresponding Shares should increase
approximately twice as much (on a percentage basis) as the respective
Underlying Index loses when the prices of the securities in the Index
decline on a given day, or should decrease approximately twice as much
as the respective Underlying Index gains when such prices rise on a
given day. This

filing applies to the following UltraShort Funds:
     Four UltraShort Funds, the listing and trading of which on
Amex were approved by the Commission on June 23, 2006: \9\ (1)
UltraShort S&P 500, (2) UltraShort Nasdaq-100, (3) UltraShort Dow 30,
and (4) UltraShort S&P Mid-Cap 400; and
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    \9\ See supra note 5.
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     27 UltraShort Funds, the listing and trading of which on
Amex were approved by the Commission on January 17, 2007: \10\ (1)
UltraShort Russell 2000, (2) UltraShort S&P SmallCap 600, (3)
UltraShort S&P500/Citigroup Value, (4) UltraShort S&P500/Citigroup
Growth, (5) UltraShort S&P MidCap 400/Citigroup Value, (6) UltraShort
S&P MidCap 400/Citigroup Growth, (7) UltraShort S&P SmallCap 600/
Citigroup Value, (8) UltraShort S&P SmallCap 600/Citigroup Growth, (9)
UltraShort Basic Materials, (10) UltraShort Consumer Goods, (11)
UltraShort Consumer Services, (12) UltraShort Financials, (13)
UltraShort Health Care, (14) UltraShort Industrials, (15) UltraShort
Oil & Gas, (16) UltraShort Real Estate, (17) UltraShort Semiconductors,
(18) UltraShort Technology, (19) UltraShort Utilities, (20) UltraShort
Russell Midcap Index, (21) UltraShort Russell Midcap Growth Index, (22)
UltraShort Russell Midcap Value Index, (23) UltraShort Russell 1000
Index, (24) UltraShort Russell 1000 Growth Index, (25) UltraShort
Russell 1000 Value Index, (26) UltraShort Russell 2000 Growth Index,
and (27) UltraShort Russell 2000 Value Index.
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    \10\ See id.
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    Access to the current portfolio composition of each Fund is
currently available through the Trust's Web site (http://www.proshares.com
).\11\ The Underlying Indexes are identified in the

filings in which Amex proposed to list and trade the Funds (the
``Original Filings'').\12\ The Original Filings state that Amex would
disseminate for each Fund on a daily basis by means of Consolidated
Tape Association (``CTA'') and CQ High Speed Lines information with
respect to an Indicative Intra-Day Value (``IIV''), quotations for and
last-sale information concerning the Shares, the recent NAV, the number
of shares outstanding, and the estimated cash amount and total cash
amount per Creation Unit. Amex will make available on its Web site the
daily trading volume, closing price, NAV, and final dividend amounts,
if any, to be paid for each Fund. The NAV of each Fund is calculated
and determined each business day at the close of regular trading,
typically 4 p.m. Eastern Time (``ET''). The NAV would be calculated and
disseminated at the same time to all market participants.\13\
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    \11\ The Trust's Web site is publicly accessible at no charge
and contains the following information for each Fund's Shares: (1)
The prior business day's closing NAV, the reported closing price,
and a calculation of the premium or discount of such price in
relation to the closing NAV; (2) data for a period covering at least
the current and three immediately preceding calendar quarters (or
the life of a Fund, if shorter) indicating how frequently each
Fund's Shares traded at a premium or discount to NAV based on the
daily closing price and the closing NAV, and the magnitude of such
premiums and discounts; (3) its prospectus and product description;
and (4) other quantitative information such as daily trading volume.
The prospectus and/or product description for each Fund would inform
investors that the Trust's Web site has information about the
premiums and discounts at which the Fund's Shares have traded.
    \12\ See supra notes 4 and 5.
    \13\ The Original Filings explain that, if the IIV is not
disseminated as required, Amex would halt trading in the shares of
the Funds. If Amex halts trading for this reason, then ISE would
halt trading in the Shares immediately, as set forth in ISE Rule
2123(e).
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    The Original Filings state that the daily closing index value and
the percentage change in the daily closing index value for each
Underlying Index would be publicly available on various Web sites such
as http://www.bloomberg.com. The Original Filings further state that

data regarding each Underlying Index is also available from the
respective index provider to subscribers. According to the Original
Filings, several independent data vendors package and disseminate index
data in various value-added formats (including vendors displaying both
securities and index levels and vendors displaying index levels only).
    The Original Filings state that the value of each Underlying Index
is updated intra-day on a real-time basis as its individual component
securities change in price, and the intra-day values of each Underlying
Index are disseminated at least every 15 seconds throughout Amex's
trading day by Amex or another organization authorized by the relevant
Underlying Index provider.
    To provide updated information relating to each Fund for use by
investors, professionals, and persons wishing to create or redeem
Shares, Amex disseminates through the facilities of the CTA: (1)
Continuously throughout Amex's trading day, the market value of a
Share; and (2) at least every 15 seconds throughout Amex's trading day,
the IIV as calculated by Amex.
    Shares would trade on ISE from 9:30 a.m. ET until 4:15 p.m. ET. ISE
would halt trading in the Shares of a Fund under the conditions
specified in ISE Rules 702, 703, and 2123. The conditions for a halt
include a regulatory halt by the listing market. UTP trading in the
Shares will also be governed by provisions of ISE Rule 2123 relating to
temporary interruptions in the calculation or wide dissemination of the
IIV or the value of the Underlying Index. Additionally, ISE may cease
trading the Shares if other unusual conditions or circumstances exist
which, in the opinion of ISE, makes further dealings on ISE detrimental
to the maintenance of a fair and orderly market. ISE will also follow
any procedures with respect to trading halts as set forth in ISE rules.
    The Exchange proposes to amend ISE Rule 2123 to add a subparagraph
addressing the suitability responsibilities of Equity Electronic Access
Members (``EAMs'') in recommending these Funds to customers.
Specifically, proposed Rule 2123(l) would require an Equity EAM to have
reasonable grounds for believing that the recommendation of any
transaction for the purchase, sale, or exchange of any of these Funds
is suitable for its customer. An Equity EAM shall base its
determination of suitability upon the basis of the information
furnished by such customer after reasonable inquiry concerning the
customer's investment objectives, tax status, financial situation, and
needs, and any other information known by such Equity EAM.
    Prior to the commencement of trading, the Exchange will inform
Equity EAMs in a Regulatory Information Circular (``RIC'') of the
special characteristics and risks associated with trading the Shares.
Specifically, the RIC will discuss the following: (1) The procedures
for purchases and redemptions of Shares in Creation Unit Aggregations
(and that Shares are not individually redeemable); (2) proposed ISE
Rule 2132(l), which imposes a duty of due diligence on Equity EAMs to
learn the essential facts relating to every customer prior to trading
the Shares; (3) how information regarding the IIV is disseminated; (4)
the requirement that Equity EAMs deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with a
transaction; and (5) trading information.
    In addition, the RIC will reference that the Fund is subject to
various fees and expenses described in the Registration Statement. The
RIC will also discuss any exemptive, no-action, and/or interpretive
relief granted by the Commission from the Act and rules under the Act.

    The RIC will also disclose that the NAV for the Shares will be
calculated after 4 p.m. ET each trading day.
    The Exchange intends to utilize its existing surveillance
procedures applicable to equities to monitor trading in the Shares. The
Exchange represents that these procedures are adequate to properly
monitor Exchange trading of the Shares and to deter and detect
violations of Exchange rules. 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. Additionally, the Exchange may obtain information via the
Intermarket Surveillance Group (``ISG'') from other exchanges who are
members or affiliates of the ISG.\14\ The Exchange also has a general
policy prohibiting the distribution of material, non-public information
by employees.
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    \14\ For a list of the current members and affiliate members of
ISG, see http://www.isgportal.com.

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2. Statutory Basis
    The statutory basis under the Act for this proposed rule change is
found in Section 6(b)(5),\15\ in that the proposed rule change is
designed to promote just and equitable principles of trade, remove
impediments to and perfect the mechanisms of a free and open market and
a national market system, and in general to protect investors and the
public interest.
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    \15\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

III. 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-ISE-2007-102 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-ISE-2007-102. 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 ISE. 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-ISE-2007-102 and should be
submitted on or before December 27, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful review, 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.\16\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act, which
requires that an exchange have rules designed, among other things, to
promote just and equitable principles of trade, 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. The Commission believes that this proposal should benefit
investors by increasing competition among markets that trade the
Shares.
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    \16\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
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    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\17\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\18\ The Commission notes that it previously approved the
listing and trading of the Shares on Amex.\19\ The Commission also
finds that the proposal is consistent with Rule 12f-5 under the
Act,\20\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. The Exchange has represented that it meets this
requirement because it deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities.
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    \17\ 15 U.S.C. 78l(f).
    \18\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \19\ See supra notes 5 and 6.
    \20\ 17 CFR 240.12f-5.
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    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\21\ which sets forth
Congress's finding that it is in the public interest and appropriate
for the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations for and last-sale information regarding the
Shares are disseminated through the facilities of the CTA and the
Consolidated Quotation System. Furthermore, the IIV, updated to reflect
changes in currency exchange rates, is

calculated by Amex and published via the facilities of the CTA on a 15-
second delayed basis throughout ISE's trading hours. As mentioned
above, the Trust's Web site provides information relating to the value
of the Shares such as the prior business day's closing NAV, the
reported closing price, and daily trading volume.
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    \21\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    The Commission also believes that the Exchange's trading halt rules
are reasonably designed to prevent trading in the Shares when
transparency is impaired. If the listing market halts trading when the
IIV is not being calculated or disseminated, the Exchange would halt
trading in the Shares pursuant to ISE Rule 2123(e).
    The Commission notes that, if the Shares should be delisted by the
listing exchange, the Exchange would no longer have authority to trade
the Shares pursuant to this order.
    In support of this proposal, the Exchange has made the following
representations:
    1. The Exchange believes that its surveillance procedures are
adequate to properly monitor Exchange trading of the Shares in all
trading sessions and to deter and detect violations of Exchange rules.
    2. Prior to the commencement of trading, the Exchange would inform
EAMs in a Regulatory Information Circular of the special
characteristics and risks associated with trading the Shares.
    3. ISE would require its members to deliver a prospectus or product
description to investors purchasing the Shares prior to or concurrently
with a transaction in the Shares.
    This approval order is based on the Exchange's representations.
    The Commission finds good cause for approving this proposal before
the thirtieth day after the publication of notice thereof in the
Federal Register. As noted previously, the Commission previously found
that the listing and trading of the Shares on Amex is consistent with
the Act and that the trading of the Shares pursuant to UTP by NYSE Arca
and Nasdaq is consistent with the Act.\22\ The Commission presently is
not aware of any regulatory issue that should cause it to revisit these
findings or would preclude the trading of the Shares on the Exchange
pursuant to UTP. Therefore, accelerating approval of this proposal
should benefit investors by creating, without undue delay, additional
competition in the market for the Shares.
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    \22\ See supra at notes 5 and 6.
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V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\23\ that the proposed rule change (SR-ISE-2007-102) as modified by
Amendment No. 1, be, and hereby is, approved on an accelerated basis.
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    \23\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
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    \24\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-23611 Filed 12-5-07; 8:45 am]

BILLING CODE 8011-01-P