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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-186
September 24, 2008

COMMISSION ANNOUNCEMENTS

SEC Announces Fair Fund Distribution to Investors Harmed by Market Timing in Franklin-Templeton Funds

The Securities and Exchange Commission today announced a Fair Fund distribution of approximately $49 million to investors who were affected by improper market timing in mutual funds managed by Franklin Advisers, Inc. (Franklin) of the Franklin-Templeton Investments complex.

The remainder of the Fair Fund, approximately $5.7 million including earned interest, is scheduled to be distributed next month.

"This distribution to more than one million recipients reflects the SEC's commitment to compensating investors harmed by misconduct," said Marc J. Fagel, Director of the SEC's San Francisco Regional Office.

The Sarbanes-Oxley Act of 2002 gave the SEC authority to increase the amount of money returned to injured investors by allowing civil penalties to be included in Fair Fund distributions. Prior to Sarbanes-Oxley, only disgorgement could be returned to investors. Since 2002, SEC enforcement actions have resulted in more than $4 billion in distributions to investors.

"As the investors' advocate, the SEC continues to make increasing use of the new authority provided by Congress so that we can return as much money as possible from wrongdoers to harmed investors," said Dick D'Anna, Director of the SEC's Office of Collections and Distributions.

In 2004, the SEC brought settled administrative and cease-and-desist proceedings charging Franklin with improperly allowing market timing in mutual funds it managed from 1996 to 2001. The SEC's order in the proceedings found that Franklin violated certain provisions of the federal securities laws and ordered Franklin to cease and desist from such violations. The order further required Franklin to pay a total of $50 million in disgorgement and penalties and undertake certain compliance reforms. Franklin consented to the order without admitting or denying the findings.

The Fair Fund Administrator responsible for distribution is Boston Financial Data Services, Inc. (BFDS). Investor questions regarding the distribution may be directed to BFDS at (866) 700-0131. Information regarding the distribution can also be obtained at the Franklin-Templeton Web site:

http://www.franklintempleton.com/retail/jsp_cm/home/MF_trading_practices.jsp.

Additional materials:

Plan of Distribution:
http://www.sec.gov/litigation/admin/2008/34-57808-mdp.pdf

Order Approving Plan of Distribution Plan and Appointing a Fund Administrator:
http://www.sec.gov/litigation/admin/2008/34-57808.pdf

Order Instituting Administrative and Cease-and-Desist Proceedings (Aug. 2, 2004):
http://www.sec.gov/litigation/admin/ia-2271.htm

For more information contact: Marc J. Fagel, Regional Director, SEC's San Francisco Regional Office, at (415) 705-2449.

Press Rel. 2008-223)


Commission Meetings

Following is a schedule of Commission meetings, which will be conducted under provisions of the Government in the Sunshine Act. Meetings will be scheduled according to the requirements of agenda items under consideration.

Open meetings will be held in the Auditorium, Room L-002 at the Commission's headquarters building, 100 F Street, N.E., Washington, D.C. Visitors are welcome at all open meetings, insofar as space is available. Persons wishing to photograph or videotape Commission meetings must obtain permission in advance from the Secretary of the Commission. Persons wishing to tape record a Commission meeting should notify the Secretary's office 48 hours in advance of the meeting.

Any member of the public who requires auxiliary aids such as a sign language interpreter or material on tape to attend a public meeting should contact SECInterpreter@SEC.gov at least three business days in advance. For any other reasonable accommodation related disability contact DisabilityProgramOfficer or call 202-551-4158.

Open Meeting - Wednesday, October 1, 2008 - 10:00 a.m.

The subject matter of the open meeting will be:

  1. The Commission will hear oral argument on an appeal by Gary M. Kornman from an initial decision of an administrative law judge barring him from associating with any broker, dealer, or investment adviser. The law judge based her decision to impose associational bars on Kornman's having been criminally convicted of making a false statement to the Commission in violation of 18 U.S.C. 1001. Issues likely to be considered include whether it is in the public interest to bar Kornman from association with any broker, dealer, or investment adviser.
     
  2. The Commission will hear oral argument on an appeal by Nature's Sunshine Products, Inc. (Nature's Sunshine) from an initial decision of an administrative law judge. The law judge found that Nature's Sunshine had violated Section 13(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 13a-1 and 13a-13 by failing to file any annual report on Form 10-K since filing its Form 10-K for the year ended Dec. 31, 2004, and by failing to file any quarterly report on Form 10-Q with financial statements that had been reviewed by a registered independent public accounting firm since filing its Form 10-Q for the quarter ended June 30, 2005. Issues likely to be considered include whether it is necessary or appropriate for the protection of investors to revoke the registration of Nature's Sunshine's common stock.

At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551-5400.


RULES AND RELATED MATTERS

SEC Amends Rules and Forms to Enhance Reporting by Foreign Private Issuers

Today the Commission issued a release adopting amendments to various Commission rules and forms to enhance reporting by foreign private issuers. The amendments would allow foreign private issuer status to be tested once a year; change the deadline for annual reports filed by foreign private issuers; revise the annual report and registration statement forms used by foreign private issuers to improve disclosure; and amend the rule regarding going private transactions to reflect recent regulatory changes. The effective date of the rule amendments will be 60 days after their publication in the Federal Register.

For further information contact: Felicia H. Kung, Senior Special Counsel, Office of International Corporate Finance, Division of Corporation Finance, at (202) 551-3450. (Rels. 33-8959; 34-58620; International Series Rel. 1310)


ENFORCEMENT PROCEEDINGS

Delinquent Filers' Stock Registrations Revoked

The registrations of the securities of Respondents ARM Financial Group, Inc., and Calex Acquisition Corp. have been revoked. Each had repeatedly failed to file required annual and quarterly reports with the Securities and Exchange Commission. Thus, each violated a crucial provision of the federal securities laws that requires public corporations to publicly disclose current, accurate financial information so that investors may make informed decisions. The revocations were ordered in an administrative proceeding before an administrative law judge. (Rel. 34-58628; File No. 3-13170)


In the Matter of MDL Capital Management, Inc.

The Commission today announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against MDL Capital Management, Inc. (MDL Capital), a registered investment adviser located in Pittsburgh, Pennsylvania. The Order finds that MDL was permanently enjoined, by consent, from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The Order is based on the entry of a Final Judgment entered against MDL Capital on Sept. 15, 2008, in the United States District Court for the Western District of Pennsylvania, in a civil action entitled Securities and Exchange Commission v. Mark D. Lay, et al., Civil Action No. 08- CV-1269.

The Order finds that MDL Capital was the investment adviser to the Ohio Bureau of Workers' Compensation (the Bureau) and the MDL Active Duration Fund, Ltd. (the Fund), a Bermuda-based mutual fund company created by MDL Capital and Mark D. Lay. Lay was the Chairman, CEO, Chief Investment Strategist and a shareholder of MDL Capital.

The Order also finds that the Commission's complaint alleged that between approximately February 2004 and November 2004, MDL Capital and Lay defrauded their client, the Bureau, in connection with the Bureau's investment in the Fund. MDL Capital and Lay breached their duty to the Bureau by consistently exceeding a 150 percent leverage guideline for the Fund set forth in the Fund's private placement memorandum. The complaint further alleged that, as a result of the fraud, the Bureau incurred losses of approximately $160 million. As part of the fraud, MDL Capital and Lay misrepresented and failed to disclose to the Bureau the excessive leverage and true reason for the losses.

Based on the above, the Order revokes the registration of MDL Capital. MDL Capital consented to the issuance of the Order without admitting or denying any of the findings of the Order, except it admitted the entry of the injunction. (Rel. IA-2785; File No. 3-13232)


In the Matter of Mark D. Lay

The Commission today announced the issuance of an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings and Imposing Remedial Sanctions (Order) against Mark D. Lay, of Aliquippa, Pennsylvania. The Order finds that Lay was permanently enjoined, by consent, from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The Order is based on the entry of a Final Judgment entered against him on September 15, 2008, in the United States District Court for the Western District of Pennsylvania, in a civil action entitled Securities and Exchange Commission v. Mark D. Lay, et al., Civil Action No. 08-CV-1269.

The Order finds that Lay was the Chairman, CEO, Chief Investment Strategist and a shareholder of MDL Capital Management, Inc. (MDL Capital), an investment adviser registered with the Commission. Lay was also a director of MDL Active Duration Fund, Ltd. (the Fund), a Bermuda-based mutual fund company created by MDL Capital and Lay.

The Order also finds that the Commission's complaint alleged that between approximately February 2004 and November 2004, MDL Capital and Lay defrauded their client, the Ohio Bureau of Workers' Compensation (the Bureau), in connection with the Bureau's investment in the Fund. MDL Capital and Lay breached their duty to the Bureau by consistently exceeding a 150 percent leverage guideline for the Fund set forth in the Fund's private placement memorandum. The complaint further alleged that, as a result of the fraud, the Bureau incurred losses of approximately $160 million. As part of the fraud, MDL Capital and Lay misrepresented and failed to disclose to the Bureau the excessive leverage and true reason for the losses.

Based on the above, the Order bars Lay from association with any investment adviser. Lay consented to the issuance of the Order without admitting or denying any of the findings in the Order, except he admitted the entry of the injunction. (Rel. IA-2786; File No. 3-13233)


Commission Sustains NYSE Disciplinary Action against Michael Sassano

The Commission has sustained NYSE disciplinary action against Michael Sassano, a former registered representative of Oppenheimer & Co., Inc., an NYSE member firm. The NYSE found that Sassano failed to comply with its requests to testify in connection with market timing investigations, and censured and barred Sassano from associating with any NYSE member firm in any capacity. In sustaining the NYSE decision, the Commission rejected Sassano's contention that he had been entitled to invoke the protection against self-incrimination under the Fifth Amendment of the Constitution. Sassano claimed that the NYSE requests were "state action," contending that NYSE's investigation was "inextricably intertwined" with simultaneous market timing investigations by state and federal regulators. The Commission found, however, that Sassano failed to provide sufficient evidence to support his claim that the requests constituted state action triggering Constitutional protections, and that his failure to testify constituted a violation of NYSE rules. The Commission also sustained the sanctions imposed by the NYSE, concluding that "in light of Sassano's complete failure, without mitigation, to respond to the Exchange's repeated requests for testimony," the bar imposed by the NYSE was not excessive. (Rel. 34-58632; File No. 3-12903)


SEC v. Melvyn Nathanson, et al.

On September 24, the Commission filed a civil injunctive action in the United States District Court for the Southern District of New York charging three individuals and a corporate entity involved in the securities lending, or "stock loan," business with securities fraud. The Commission's complaint alleges that from July 2003 through April 2005, the four defendants defrauded two securities brokerage firms out of a total of at least $1.16 million through the payment of sham finder fees and undisclosed kickbacks that ultimately came out of the pockets of the two brokerage firms.

The defendants named in the Commission's complaint are:

Melyvn Nathanson (M. Nathanson), age 70, resides in Lady Lake, Florida. From at least October 1998 to March 2006, M. Nathanson worked as a stock loan finder with SME, which he effectively controlled.

Eric Nathanson (E. Nathanson), age 43, resides in Lady Lake, Florida. From October 1998 to March 2006, he worked as a stock loan finder with SME. E. Nathanson is M. Nathanson's son.

Charles Peterein (Peterein), age 59, resides in Evergreen Park, Illinois. From September 2000 to May 2005, Peterein was a principal associated with PAX Clearing Corp. (PAX), a registered broker-dealer, and ran the firm's stock loan trading desk.

Ganis Company, Inc. (Ganis) is an Illinois corporation with a business address in Evergreen Park, Illinois. Peterein and his wife are both officers of Ganis, but Peterein alone effectively controls Ganis and its bank account.

The Commission's complaint specifically alleges as follows:

During the relevant period, Peterein was the stock loan trader in charge of the securities lending desk at PAX, and M. Nathanson and E. Nathanson operated SME. Through SME, M. Nathanson and E. Nathanson worked as consultants to Kellner, Dileo & Co. (Kellner), a registered broker-dealer based in New York City, and were paid to arrange stock loan transactions for Kellner. Pursuant to the defendants' scheme, Peterein caused PAX to engage in stock loans with Kellner on terms that deliberately favored Kellner at PAX's expense and increased the amount of compensation that Kellner paid to SME. In exchange, M. Nathanson and E. Nathanson directed kickbacks to Peterein by causing Kellner to pay sham finder fees on those stock loan transactions to Ganis, a shell-company controlled by Peterein. The fees paid to Ganis were a sham because, unbeknownst to Kellner, Ganis did not perform any finding or other legitimate services on the transactions. In addition, Peterein never told PAX that Peterein was receiving payments from Kellner, much less that the payments were kickbacks arranged by M. Nathanson and E. Nathanson to compensate Peterein for directing stock loan transactions to Kellner at rates that purposely disadvantaged PAX in order to generate payments to both SME and Ganis. Peterein, M. Nathanson and E. Nathanson caused PAX and Kellner to engage in over 4,000 stock loans pursuant to their scheme, with Kellner paying a total of approximately $651,580 to SME and a total of approximately $513,788 to Ganis in sham finder fees.

All four defendants are charged with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and, in the alternative, with aiding and abetting each other's violations of certain of the above provisions of the federal securities laws. The Commission's complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties. The Commission's investigation is ongoing. [SEC v. Melvyn Nathanson, et al., Civil Action No. 08-8205 (SDNY)] (LR-20735)


SEC v. Kenneth Suarez, et al.

On September 24, the Commission filed a civil injunctive action in the United States District Court for the Eastern District of New York charging four individuals and two corporate entities involved in the securities lending, or "stock loan," business with securities fraud. The Commission's complaint alleges that over a period of nearly four years from 2000 through 2004, the six defendants defrauded Schonfeld Securities, LLC (Schonfeld), a Long Island, New York, brokerage firm, out of a total of at least $1.66 million through the payment of sham finder fees and undisclosed kickbacks that ultimately came out of Schonfeld's pocket.

The defendants named in the Commission's complaint are:

Kenneth Suarez (Suarez), age 57, resides in Staten Island, New York. From September 2003 through May 2007, Suarez was employed as a securities lending representative with Schonfeld, where he was head of the stock loan trading desk from January 2004 to May 2007.

Kevin King (King), age 54, resides in Freehold, New Jersey. From May 1997 through January 2005, King was employed as a securities lending representative at Van der Moolen Specialists USA, LLC (VDM).

Ronald Garcia (Garcia), age 61, resides in Hudson, New York. From January 2000 through May 2005, Garcia operated defendant Independent Investor Services, Inc. (Independent Investor), a purported stock loan finder firm.

Gilbert Beital (Beital), age 68, resides in Tampa, Florida. From January 2000 through May 2005, Beital operated defendant Gilcar Securities of Florida, Inc. (Gilcar), a purported stock loan finder firm.

Independent Investor is a New York corporation with a business address in Iselin, New Jersey. Independent Investor is controlled by Garcia, who is its only officer.

Gilcar is a Florida corporation with a business address in Tampa, Florida. Gilcar is controlled by Beital, whose wife is its only officer.

The Commission's complaint specifically alleges as follows:

Pursuant to the defendants' fraudulent stock loan scheme, Suarez, while the head of Schonfeld's stock loan trading desk, caused Schonfeld to enter into stock loan transactions on terms that were deliberately unfavorable to Schonfeld in order to enable the counterparty to pay sham finder fees to either Garcia or Beital. A portion of those fees were then kicked back to Suarez: Garcia paid kickbacks to King -- who arranged the loans with Suarez and caused his firm, VDM, to pay the sham finder fee to Garcia -- and King then paid kickbacks to Suarez, while Beital paid kickbacks directly to Suarez. The defendants sometimes took steps to conceal the kickback payments by, among other things, exchanging cash-filled envelopes at public restaurants, having the finder pay the trader's credit card and mortgage bills, and making payments to a shell company.

From January 2004 to December 2004, King caused VDM to pay Garcia's firm, Independent Investor, a total of approximately $200,000 in sham finder fees on over 2,000 stock loan transactions involving Schonfeld. Neither Garcia nor anyone else associated with Independent Investor performed any services in connection with those transactions. The sham finder fees were paid at Schonfeld's expense because Suarez caused Schonfeld to enter into the stock loans on terms that were less favorable than Schonfeld would have otherwise obtained, thus enabling VDM to pay the fees to Independent Investor. Garcia then paid a portion of the sham finder fees to King, who, in turn, paid a portion of the fees to Suarez.

From March 2000 to December 2004, Beital engaged in similar fraudulent conduct with Suarez and Suarez's predecessor as head of Schonfeld's stock loan trading desk (Second Schonfeld Trader). Pursuant to this kickback arrangement, Beital's firm, Gilcar, received approximately $1.46 million in stock loan finder fees at Schonfeld's expense. Suarez caused Schonfeld to enter into stock loans on terms that were less favorable than Schonfeld would have otherwise obtained, thus enabling the counterparties to pay finder fees to Gilcar, in exchange for which Beital paid kickbacks to Suarez and the Second Schonfeld Trader. Suarez received approximately $90,000 in kickbacks from Beital.

All six defendants are charged with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and, in the alternative, with aiding and abetting each other's violations of certain of the above provisions of the federal securities laws. The Commission's complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties.

In parallel criminal proceedings, the United States Attorney's Office for the Eastern District of New York filed criminal charges in May 2008 against Suarez and Beital for some of the same conduct alleged in the Commission's complaint.

The Commission acknowledges the assistance and cooperation of the United States Attorney's Office for the Eastern District of New York and the Federal Bureau of Investigation in this matter. The Commission's investigation is ongoing. [SEC v. Kenneth Suarez, et al., Civil Action No. 08-3900 (EDNY)] (LR-20736)


SEC Charges California Investment Adviser with Committing Fraud While Recommending Hedge Fund to Clients

The Commission today charged a San Luis Obispo, Calif.-based investment adviser and its owner with fraud for failing to disclose a material conflict of interest when recommending that their clients invest in a hedge fund that made undisclosed subprime and other high-risk investments.

The SEC alleges that WealthWise LLC and its principal Jeffrey A. Forrest recommended that more than 60 of their clients invest approximately $40 million in Apex Equity Options Fund, a hedge fund managed by Salt Lake City-based Thompson Consulting, Inc. (TCI). According to the SEC's complaint, WealthWise and Forrest failed to disclose a side agreement in which WealthWise received a portion of the performance fee that Apex paid TCI for all WealthWise assets invested in the hedge fund. From April 2005 to September 2007, WealthWise received more than $350,000 in performance fees from TCI. Apex collapsed in August 2007, and WealthWise clients lost nearly all of the money they invested.

The SEC's complaint, filed in federal district court in Los Angeles, charges WealthWise and Forrest with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The SEC seeks an injunction, an accounting of the total amount of performance fees WealthWise received from TCI, disgorgement of those fees, and financial penalties.

On March 4, 2008, the SEC filed a civil action in federal district court in Salt Lake City against TCI and three of its principals in connection with the collapse of Apex and another hedge fund. [SEC v. WealthWise, LLC and Jeffrey A. Forrest, Civil Action No. CV 08-06278 GAF (SSx) (C.D. Cal.)] (LR-20737)


INVESTMENT COMPANY ACT RELEASES

Morgan Stanley Series Funds, et al.

A notice has been issued giving interested persons until Oct. 20, 2008, to request a hearing on an application filed by Morgan Stanley Series Funds, et al., for an order under Section 6(c) of the Investment Company Act of 1940 (Act) for an exemption from Rule 12d1-2(a) under the Act. The order would permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. Rel. IC-28388 - September 23)


SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by the NASDAQ OMX PHLX, Inc. (SR-Phlx-2008-66) relating to quotation size decrementation has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58582)

A proposed rule change filed by NYSE Arca amending NYSE Arca Equities Rule 7.35 governing auctions (SR-NYSEArca-2008-98) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58596)

A proposed rule change filed by Chicago Board Options Exchange to establish a CBSX-only order type (SR-CBOE-2008-97) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58603)

A proposed rule change filed by the American Stock Exchange temporarily suspending the requirements of its rules concerning the approval of new member organizations in order to approve Barclays Capital Inc. immediately and provisionally as a new member organization (SR-Amex-2008-72) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58606)

A proposed rule change filed by the New York Stock Exchange to temporarily suspend the requirements of NYSE Rule 311 and related NYSE Rules concerning the approval of new member organizations in order to approve Barclays Capital Inc. as an NYSE member organization (SR-NYSE-2008-86) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58607)

A proposed rule change filed by NYSE Arca to temporarily suspend the requirements of NYSE Arca Rule 2.4 and related NYSE Arca Rules concerning Options Trading Permit (OTP) Holder applications and approvals in order to immediately approve Barclays Capital Inc. as an NYSE Arca OTP Holder (SR-NYSEArca-2008-101) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58608)

A proposed rule change (SR-CBOE-2008-95) filed by the Chicago Board Options Exchange to amend CBOE rules relating to appointment costs has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58615)

A proposed rule change (SR-CBOE-2008-99) filed by the Chicago Board Options Exchange to amend CBOE rules relating to transfer of Interim Trading Permits has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58616).


Approval of Proposed Rule Changes

The Commission granted approval to a proposed rule change filed by NYSE Arca (SR-NYSEArca-2008-78) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to waive annual fees for securities transferring to NYSE Arca from NYSE Alternext US. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58598)

The Commission granted approval to a proposed rule change filed by the New York Stock Exchange (SR-NYSE-2008-56) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to establish fees for securities listed under Sections 703.21 and 703.22 of the Listed Company Manual and traded on NYSE Bonds and to waive fees for structured products transferred from the Amex to the NYSE. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58599)

The Commission granted approval to a proposed rule change filed by the New York Stock Exchange (SR-NYSE-2008-74) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to enable the Exchange to waive annual listing fees for securities transferring from the Amex or NYSE Arca, Inc. Publication is expected in the Federal Register during the week of September 29. (Rel. 34-58601)


Order Granting Approval of Accelerated Delivery of Supplement to the Options Disclosure Document

The Commission granted approval to the accelerated delivery of a supplement to the options disclosure document submitted by the Options Clearing Corporation (SR-ODD-2008-04) pursuant to Rule 9b-1 under the Securities Exchange Act of 1934 regarding certain variability index options, strategy-based index options, and adjustments of stock option contracts. Publication is expected in the Federal Register during the week of September 29 (Rel. 34-58604)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2008/dig092408.htm


Modified: 09/24/2008