

[Federal Register: January 11, 2008 (Volume 73, Number 8)]
[Notices]               
[Page 2072]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11ja08-81]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57100; File No. SR-NYSE-2007-87]

 
Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, 
To Incorporate Certain Definitions of Exchange Act Rules 13d-1 and 13d-
3 Into NYSE Rule 460

January 4, 2008.
    On September 28, 2007, the New York Stock Exchange LLC (``NYSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``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 amend NYSE Rule 460 to incorporate definitions 
from Rules 13d-1(i) and (j) and 13d-3 under the Act \3\ for the purpose 
of determining whether a specialist is a beneficial owner of an equity 
security in which the specialist is registered and to make non-
substantive, clarifying amendments to the rule. On October 29, 2007, 
the Exchange filed Amendment No. 1 to the proposed rule change. The 
proposed rule change, as amended, was published for comment in the 
Federal Register on November 19, 2007.\4\ The Commission received no 
comments on the proposal. This order approves the proposed rule change, 
as amended.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.13d-1(i); 17 CFR 240.13d-1(j); and 17 CFR 
240.13d-3.
    \4\ See Securities Exchange Act Release No. 56777 (November 9, 
2007), 72 FR 65117.
---------------------------------------------------------------------------

    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,\5\ and, in 
particular, the requirement of Section 6(b)(5) of the Act,\6\ that the 
rules of an exchange are designed to, among other things, prevent 
fraudulent and manipulative acts and practices, 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. The Commission 
notes that NYSE Rule 460 does not currently provide definitions for the 
terms ``equity security,'' ``outstanding shares,'' and ``beneficial 
owner.'' As amended, NYSE Rule 460 would apply to these terms the 
meanings set forth, respectively, in Rules 13d-1(i), 13d-1(j), and 13d-
3, under the Act,\7\ thereby conforming the usage of these terms in 
NYSE Rule 460 to their usage in specified Commission rules. The 
proposed rule change also makes clarifying, non-substantive changes. 
The Commission finds that the proposed rule change is consistent with 
the Act.
---------------------------------------------------------------------------

    \5\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(5).
    \7\ 17 CFR 240.13d-1(i); 17 CFR 240.13d-1(j); and 17 CFR 
240.13d-3.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (File No. SR-NYSE-2007-87), as 
modified by Amendment No. 1 thereto, be, and hereby is, approved.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).
    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-304 Filed 1-10-08; 8:45 am]

BILLING CODE 8011-01-P
