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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-248
December 24, 2008

INVESTMENT COMPANY ACT RELEASES

AdvisorShares Investments, LLC and AdvisorShares Trust

A notice has been issued giving interested persons until Jan. 15, 2009, to request a hearing on an application filed by AdvisorShares Investments, LLC and AdvisorShares Trust for an order to permit (a) an open-end management investment company to issue shares (Shares) redeemable in large aggregations only (Creation Units); (b) secondary market transactions in Shares to occur at negotiated market prices; and (c) certain affiliated persons of the investment company to deposit securities into, and receive securities from, the investment company in connection with the purchase and redemption of Creation Units. (Rel. IC-28568 - December 23)


UBS Securities LLC, et al.

The Commission has issued a temporary order to UBS Securities LLC, et al. (UBS Securities) under Section 9(c) of the Investment Company Act with respect to an injunction issued by the U.S. District Court for the Southern District of New York on Dec 23, 2008 (Injunction). The temporary order exempts applicants and companies of which either UBS Securities or UBS Financial Services Inc. is or becomes an affiliated person from the provisions of Section 9(a) until the Commission takes final action on an application for a permanent order. The Commission also has issued a notice giving interested persons until Jan. 15, 2009, to request a hearing on the application filed by applicants for a permanent order under Section 9(c) of the Act. (Rel. IC-28569 - December 23)


Sun Life Assurance Company of Canada, et al.

A notice has been issued giving interested persons until Jan. 21, 2009, to request a hearing on an application filed by Sun Life Assurance Company of Canada (U.S.), Sun Life Insurance and Annuity Company of New York, Sun Life of Canada (U.S.) Variable Account F, Sun Life of Canada (U.S.) Variable Account G, Sun Life of Canada (U.S.) Variable Account I, Sun Life (N.Y.) Variable Account C, Sun Life (N.Y.) Variable Account D, and Sun Life (N.Y.) Variable Account J (collectively, the Applicants) and Sun Capital Advisers Trust (together with Applicants, the Section 17(b) Applicants). The Applicants seek an order pursuant to Section 26(c) of the Investment Company Act to permit the substitution of Class VC shares of the Lord Abbett Growth and Income Portfolio and the Lord Abbett Mid-Cap Value Portfolio of Lord Abbett Series Fund, Inc., and Administrative Class shares of the PIMCO High Yield Portfolio and the PIMCO Low Duration Portfolio of the PIMCO Variable Insurance Trust with Initial Class shares of the following portfolios of Sun Capital Trust, respectively: the SC Lord Abbett Growth & Income Fund, the SC Goldman Sachs Mid Cap Value Fund, the SC PIMCO High Yield Fund, and the SC Goldman Sachs Short Duration Fund of Sun Capital Trust under certain variable life insurance policies and variable annuity contracts. In addition, the Section 17 Applicants request an order pursuant to Section 17(b) of the Act to permit certain in-kind transactions in connection with the substitutions. (Rel. IC-28570 - December 23)


Citigroup Global Markets Inc., et al.

The Commission has issued a temporary order to Citigroup Global Markets Inc., et al. (CGMI) under Section 9(c) of the Investment Company Act with respect to an injunction issued by the U.S. District Court for the Southern District of New York on Dec. 23, 2008 (Injunction). The temporary order exempts applicants and companies of which CGMI is or becomes an affiliated person from the provisions of Section 9(a) until the Commission takes final action on an application for a permanent order. The Commission also has issued a notice giving interested persons until Jan. 15, 2009, to request a hearing on the application filed by applicants for a permanent order under Section 9(c) of the Act. (Rel. IC-28572 - December 23)


SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change (SR-ISE-2008-95) filed by the International Securities Exchange to extend its hours of trading for equity securities 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 December 29. (Rel. 34-59136)

A proposed rule change filed by the New York Stock Exchange to establish a trading license fee for 2009 and amend certain other floor fees (SR-NYSE-2008-130) 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 December 29. (Rel. 34-59140)

A proposed rule change filed by the New York Stock Exchange to extend the operative date of the NYSE Rule 2 requirement that NYSE-only member organizations apply for and be approved as members of the Financial Industry Regulatory Authority, Inc. (SR-NYSE-2008-135) 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 December 29. (Rel. 34-59143)


Proposed Rule Changes

The Commission issued notice of a proposed rule change submitted by the Financial Industry Regulatory Authority (SR-FINRA-2008-064) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to amend NASD Interpretive Material (IM) 2110-2 (Trading Ahead of Customer Limit Order). Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59138)

NYSE Alternext US filed a proposed rule change (SR-NYSE Alternext-2008-14) under Section 19(b)(1) of the Securities Exchange Act of 1934 amending rules governing the trading of listed options on NYSE Amex. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59142)

The NYSE Alternext US filed a proposed rule change under Rule 19b-4 (SR-NYSEALTR-2008-12) to establish its new Risk Management Gateway Service. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59144)

The New York Stock Exchange filed a proposed rule change under Rule 19b-4 (SR-NYSE-2008-101) to establish its new Risk Management Gateway Service. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59145)

NYSE Arca, through its wholly owned subsidiary, NYSE Arca Equities, Inc., has filed a proposed rule change (SR-NYSEArca-2008-136) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder amending NYSE Arca Equities Rule 5.2(j)(6), the Exchange's initial listing standards for Equity Index-Linked Securities, Commodity-Linked Securities, Currency-Linked Securities, Fixed Income Index-Linked Securities, Futures-Linked Securities and Multifactor Index-Linked Securities. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59146)


Approval of Proposed Rule Changes

The Commission approved a proposed rule change filed by the New York Stock Exchange (SR-NYSE-2008-109) under Section 19(b)(2) of the Securities Exchange Act of 1934, to clarify amendments to "Other Securities" initial listing standard. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59139)

The Commission approved a proposed rule change (SR-DTC-2008-12) filed by The Depository Trust Company under Section 19(b)(1) of the Exchange Act that allows DTC to increase its liquidity resources to ensure that it has sufficient liquidity to cover the failure of a financial family of affiliated DTC participants. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59148)

The Commission approved a proposed rule change, as modified by Amendment Nos.1 and 2, filed by the Boston Stock Exchange (SR-BSE-2008-48) to Establish New Rules for Membership, Member Conduct, and the Listing and Trading of Cash Equity Securities. The Commission also has issued an order granting an exemption for the Boston Stock Exchange from Section 11A(b) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of December 29. (Rel. 34-59154)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2008/dig122408.htm


Modified: 12/24/2008