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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2011-5
January 7, 2011

COMMISSION ANNOUNCEMENTS

SEC Appoints James R. Doty as Chairman, Jay D. Hanson and Lewis H. Ferguson as Members of PCAOB

Securities and Exchange Commission Chairman Mary L. Schapiro today announced that the Commission has appointed James R. Doty as Chairman and Jay D. Hanson and Lewis H. Ferguson as members of the Public Company Accounting Oversight Board (PCAOB).

The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and broker-dealers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB accomplishes these goals through registering public accounting firms, setting auditing standards, conducting inspections, and establishing disciplinary programs. The PCAOB is subject to oversight by the SEC.

"Jim, Jay, and Lew bring a deep and diverse perspective to the Board through their substantial experience and commitment to the interests of investors and the public," said SEC Chairman Mary L. Schapiro. "These prominent individuals have in-depth knowledge of the financial reporting system and auditing framework, which will serve the PCAOB well as it executes its rigorous agenda."

Mr. Doty is currently a Partner at Baker Botts LLP in Washington, D.C. He has represented clients on a wide range of securities law matters. He also counsels boards of directors and audit committees on problems arising under the Sarbanes-Oxley Act and related issues. Mr. Doty served as the SEC's General Counsel from 1990 to 1992. He received an LL.B. from Yale Law School, an M.A. from Harvard University, an A.B. from Oxford University, and a B.A. from Rice University.

"I appreciate the confidence that Chairman Schapiro and the Commission have shown in me. I look forward to working with my colleagues on the Board and the staff of the PCAOB," said Mr. Doty. "This is an important time for our capital markets and the Board. There is much work to be done for America's investing public, and I'm eager to get started."

Mr. Hanson is currently a Partner and the National Director of Accounting at McGladrey & Pullen LLP in Bloomington, Minn., with overall responsibility for leading the firm's accounting standards group. He has been with the firm for more than 30 years. Mr. Hanson is a member of the Emerging Issues Task Force of the Financial Accounting Standards Board and Chair of the Financial Reporting Executive Committee of the American Institute of Certified Public Accountants. He received a B.A. from Concordia College.

"The PCAOB fulfills a crucial role to ensure financial information provided to investors is fairly presented," said Mr. Hanson. "The PCAOB's oversight has helped to improve audit quality and strengthen the auditing profession. I'm honored to be appointed to this important role."

Mr. Ferguson is currently a Partner at Gibson, Dunn & Crutcher LLP in Washington, D.C., specializing in securities transactions and disclosure, representation of audit committees and auditors, and corporate governance matters. Prior to joining the firm, Mr. Ferguson served for more than three years as the first General Counsel of the PCAOB. He received a J.D. from Harvard Law School, a B.A. and M.A. from Cambridge University, and a B.A. from Yale College.

"I am honored to have been chosen by the SEC to be a member of the PCAOB," said Mr. Ferguson. "The PCAOB plays an important role in protecting investors in U.S. public companies, and I look forward to returning there as a Board member to continue and to build on the work we did when I was the Board's first general counsel."

Chairman Schapiro added, "I would like to thank Dan Goelzer for his leadership in serving as Acting Chairman of the Board while the search for a new Chairman was underway. I look forward to working with him and the new Board as the PCAOB continues its important mission of protecting investors. I also would like to thank Bill Gradison and Charles Niemeier for their service as two of the founding members of the Board."

SEC Chief Accountant James Kroeker said, "We look forward to working with the new Board in connection with the PCAOB's mission to oversee auditors in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The new Board is very well-qualified to lead the PCAOB as it carries out its critical role in promoting investor protection and strengthening audit quality." (Press Rel. 2011-4)


SEC Issues Notice of Proposed Distribution Plan and Opportunity for Comment in the Matter of Ark Asset Management Co., Inc.

The Securities and Exchange Commission announced today that it has given notice, pursuant to Rule 1103 of the Securities and Exchange Commission's Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. 201.1103, that the Division of Enforcement has filed a proposed plan (Distribution Plan) for the distribution of monies in the matter of Ark Asset Management Co., Inc.

The Distribution Plan provides for distribution of the $750,000 in disgorgement paid by Ark Asset Management Co., Inc. less any fees and costs of administration. The proposed plan provides for distribution of the monies to certain former advisory clients of Ark Asset Management Co., Inc. identified by the Commission staff.

A copy of the Distribution Plan may be obtained by submitting a written request to Neal Jacobson, Sr. Trial Counsel, United States Securities and Exchange Commission, 3 World Financial Center, New York, NY 10281. Interested parties may also print a copy of the proposed Distribution Plan from the Commission's public website, http://www.sec.gov. Any person or entity wishing to comment on the Distribution Plan must do so in writing by submitting their comments within 30 days of the date of the Notice (i) to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street, N.E., Washington, DC 20549-1090; or (ii) via the Commission's Internet comment form (www.sec.gov/litigation/admin.shtml); or (iii) by sending an e-mail to rule-comments@sec.gov. Comments submitted by e-mail or via the Commission's website should include the Administrative Proceeding File Number (Admin. Proc. File No. 3-13714) in the subject line. Comments received will be publicly available. Persons should submit only information that they wish to make publicly available. (Rel. 34-63666; File No. 3-13714)


ENFORCEMENT PROCEEDINGS

Delinquent Filers' Stock Registrations Revoked

The registrations of the registered securities of EC Power, Inc., Electro Energy, Inc., EMB Corporation (n/k/a AMT Group, Inc.), Encore Computer Corp., Enhance Lifesciences, Inc., e.NVIZION COMMUNICATIONS GROUP LTD., and Exchange Applications, Inc., 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. 34-63670; File No. 3-14168)


Commission Revokes Registration of Securities of Modern Times Group MTG Corp. for Failure to Make Required Periodic Filings

On January 7, the Commission revoked the registration of each class of registered securities of Modern Times Group MTG Corp. (Modern Times Group) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, Modern Times Group consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to Modern Times Group MTG Corp. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-16 thereunder and revoking the registration of each class of Modern Times Group's securities pursuant to Section 12(j) of the Exchange Act. This order settled the proceedings brought against Modern Times Group in In the Matter of Ministor Peripherals International Ltd., et al., Administrative Proceeding File No. 3-14156.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:


 No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .

For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of Ministor Peripherals International Ltd., et al., Administrative Proceeding File No. 3-14156, Exchange Act Release No. 63474, Dec. 8, 2010. (Rel. 34-63671; File No. 3-14156)


In the Matter of Fontana Capital, LLC and Forrest Fontana

On January 7, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, and Sections 203(e) and 203(f) of the Investment Advisers Act of 1940 (Order) against Fontana Capital, LLC and Forrest Fontana. The Division of Enforcement alleges in the Order that during the period from July 2008 to November 2008, Fontana Capital and Fontana willfully committed violations of Rule 105 of Regulation M of the Exchange Act. The Order states that, "Rule 105 of Regulation M is designed to protect the independent pricing mechanism of the securities market shortly before follow-on or secondary offerings." The Order alleges that Fontana Capital and Fontana violated Rule 105 in three transactions resulting in unlawful profits of approximately $1,101,000.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Fontana Capital and Fontana an opportunity to respond to those allegations, and to determine what sanctions, if any, are appropriate and in the public interest. The Order directs the administrative law judge to issue and initial decision within 300 days from the date of service of the Order Instituting Proceedings. (Rels. 34-63672; IA-3132; File No. 3-14176)


In the Matter of Carl W. Jasper, CPA

On January 7, the Commission issued an Order Instituting Public Administrative Proceedings and Imposing Temporary Suspension Pursuant to Rule 102(e)(3) of the Commission's Rules of Practice against Carl W. Jasper, the former CFO of Maxim Integrated Products, Inc.

The Order finds that on Nov. 5, 2010, the U.S. District Court for the Northern District of California entered an amended final judgment against Jasper. The Amended Final Judgment followed a jury trial in which the jury found that Jasper had violated 17(a)(1) of the Securities Act of 1933 (Securities Act) and Section 10(b) of the Securities and Exchange Act of 1934 (Exchange Act), and Rules 10b-5, 13a-14, 13b2-1, and 13b2-2 thereunder, and aided and abetted Maxim's violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules12b-20, 13a-1, 13a-11, and 13a-13 thereunder.

The Amended Final Judgment against Jasper permanently enjoins him from future violations, direct or indirect, of the securities laws or regulations of the United States. It also bars Jasper, for a period of two years, from acting as an officer or director for any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act, 15 U.S.C. 781, or that is required to file reports pursuant to Section 15(d) of the Exchange Act, 15 U.S.C. 78o(d), and requires Jasper to forfeit $1,869,639 and pay a civil penalty of $360,000. SEC v. Jasper, C-07-6122 JW (N.D. Cal. Dec. 4, 2007).

Based on the above, the Order temporarily suspends Jasper from appearing or practicing before the Commission. If the Commission within thirty days after service of the Order receives no petition from Jasper to lift the suspension, the suspension shall become permanent pursuant to Rule 102(e)(3)(ii). (Rel. 34-63674; AAE Rel. 3224; File No. 3-14177)


In the Matter of Kimball L. Young

In the Matter of Thomas S. Albright

On January 7, the Commission issued Orders Instituting Administrative and Cease-and Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940,, Making Findings, and Imposing Remedial Sanctions and Cease-and-Desist Orders (Orders) as to Kimball L. Young and Thomas S. Albright, former portfolio managers of the Tax Free Fund for Utah (TFFU), a municipal bond fund operated and advised by Aquila Investment Management, LLC (Aquila), a registered investment adviser. The Orders find that Young and Albright defrauded the TFFU by improperly charging municipal bond issuers $520,626 in undisclosed "credit monitoring fees" between 2003 and April 2009 and pocketing the fees for themselves.

Young consented to the issuance of an order, without admitting or denying any of its findings, finding that Young willfully violated Section 17(e)(1) of the Investment Company Act of 1940 and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940; ordering Young to cease and desist from committing or causing any violations and any future violations of these provisions; ordering Young to pay $294,789 in disgorgement and prejudgment interest and a $75,000 civil penalty; barring Young from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and prohibiting Young from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter with the right to reapply for association after five years. (Rels. 34-63675; IA-3133; IC-29549; File No. 3-14178).

Albright consented to the issuance of an order, without admitting or denying any of its findings, finding that Albright willfully violated Section 17(e)(1) of the Company Act and Section 206(2) of the Advisers Act; ordering Albright to cease and desist from committing or causing any violations and any future violations of these provisions; ordering Albright to pay $294,789 in disgorgement and prejudgment interest and a $50,000 civil penalty; barring Albright from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and prohibiting Albright from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter with the right to reapply for association after one year. (Rels. 34-63676; IA-3134; IC-29550; File No. 3-14179)


In the Matter of AbsoluteFuture.Com

Commission Orders Hearing on Registration Suspension or Revocation Against AbsoluteFuture.com for Failure to Make Required Periodic Filings On January 7, the Commission instituted public administrative proceedings to determine whether to revoke or to suspend for a period not exceeding twelve months the registrations of each class of the securities of AbsoluteFuture.com (Respondent) for failure to make required periodic filings with the Commission. The Division of Enforcement has alleged that the Respondent is delinquent in its required periodic filings with the Commission and has not filed any periodic report since Nov. 14, 2000.

In this proceeding, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934, a hearing will be scheduled before an Administrative Law Judge. At the hearing, the Administrative Law Judge will hear evidence from the Division and the Respondent to determine whether the allegations of the Division contained in the order instituting proceedings, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 thereunder, are true. The Administrative Law Judge will then determine whether the registration of each class of the securities of the Respondent registered pursuant to Section 12 of the Exchange Act should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge issue an initial decision not later than 120 days from the date of service of the order instituting proceedings. (Rel. 34-63681; File No. 3-14180)


In the Matter of Eric Sieracki

On January 7, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings and Imposing Remedial Sanctions against Eric Sieracki (Sieracki). The Order finds that Sieracki served as the Chief Financial Officer of Countrywide Financial Corporation from 2005 until July 2008, and that a final judgment was entered by consent against Sieracki in SEC v. Mozilo, et al. (Civil Action No. CV 09-3994 (JFW) (MANx)), permanently enjoining Sieracki from future violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, ordering him to pay a $130,000 civil money penalty, and fully and finally disposing of all claims asserted in the complaint against Sieracki.

Based on the above, the Order suspends Sieracki from appearing or practicing before the Commission as an accountant with a right to apply for reinstatement after one year. Sieracki 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. 34-63682; AAE Rel. 3225; File No. 3-14181)


SEC Charges Stanley J. Kowalewski and SJK Investment Management, LLC with Securities Fraud and Court Orders Entry of Temporary Restraining Order

On Jan. 6, 2011, the Securities and Exchange Commission filed a civil injunctive action in U.S. District Court for the Northern District of Georgia, charging Stanley J. Kowalewski (Kowalewski) and SJK Investment Management, LLC (SJK), a registered investment adviser, with violations of the federal securities laws for defrauding investors in two hedge funds managed by SJK.

The Commission's Complaint alleges that, beginning in the summer of 2009, SJK and Kowalewski, the firm's CEO, raised a total of $65 million for two hedge funds (the Absolute Return Funds) and represented to investors that: (1) "substantially all" of the monies invested in the Absolute Return Funds would be invested in "unaffiliated" underlying hedge funds pursuing complex investment strategies, (2) no single underlying fund would be allocated more than 15% of the Absolute Return Funds' monies, and (3) as compensation for its services, SJK would receive no more than a 1% annual asset management fee and a 10% profits incentive fee. Contrary to these representations, Kowalewski and SJK formed a new, undisclosed fund (the Special Opportunities Fund), which they used to divert to themselves millions of dollars through various self-dealing transactions, including having the Special Opportunities Fund: (1) buy Kowalewski's personal home for $2.8 million, almost $1 million more than its 2006 purchase price, (2) purchase a vacation home for Kowalewski for $3.9 million, (3) pay approximately $1 million of Kowalewski and SJK's personal and business expenses, and (4) pay SJK an unfounded $4 million "administration" fee, which Kowalewski then paid himself as a "salary draw."

In its Complaint, the Commission alleges that Kowalewski and SJK violated Section 17(a) of the Securities Act of 1933 (Securities Act), Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act (Advisers Act) and Rule 206(4)-8 thereunder.

On Jan. 6, 2011, the Honorable Timothy C. Batten, Sr., United States District Judge for the Northern District of Georgia, entered an order temporarily restraining the defendants from violations of the federal securities laws identified above, instituting an asset freeze, and ordering other relief. [SEC v. Stanley J. Kowalewski and SJK Investment Management, LLC, Civil Action No. 1:11-cv-0056-TCB, USDC, ND Ga.] (LR-21800)


SEC Files Injunctive Action Against Raymond P. Morris, James L. Haley, Jay J. Linford, Luc D. Nguyen and Related Companies

The Securities and Exchange Commission announced the filing of a complaint in federal district court against Raymond P. Morris (Morris), James L. Haley (Haley), Jay J. Lindford (Lindford), attorney Luc D. Nguyen (Nguyen), E&R Holdings, LLC (E&R Holdings), Wise Financial Holdings, LLC (Wise Financial), Momentum Leasing, LLC (Momentum), Cornerstone Capital Fund, LLC (Cornerstone), Vantage Point Capital, LLC (Vantage Point) and Freedom Group, LLC (Freedom Group), alleging unregistered fraudulent offers, sales and purchases of securities that bilked at least 90 investors out of no less than $60 million.

The complaint alleges that from at least March 2007 through January 2009, Morris, through his entities E&R Holdings, Wise Financial and Momentum, offered and sold unregistered promissory notes to investors and in doing so made misrepresentations and omissions designed to convince investors that they were purchasing high yield notes that were risk free. Morris told investors that their funds would be deposited into a secure account and would be used only to verify deposits. Instead of using the funds as represented Morris used investor funds to support his extravagant lifestyle and to make Ponzi payments to certain investors.

The complaint further alleges that Haley, Linford and Nguyen assisted Morris in the fraud, soliciting funds from investors through misrepresentations, recklessly repeating Morris' misrepresentations.

The Commission's complaint charges Morris, Haley, Lindford, Nguyen, E&R Holdings, Wise Financial, Momentum, Cornerstone, Vantage Point and Freedom Group with violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. The complaint also charges Morris, Haley and Nguyen with violates of Section 15(a) of the Exchange Act. The complaint seeks an injunction, disgorgement and civil penalties.

The Commission acknowledges the assistance of the United States Attorney's Office for the District of Utah, the Federal Bureau of Investigation and the Utah County Attorney's Office in this matter. [SEC v. . Raymond P. Morris, E&R Holdings, LLC, Wise Financial Holdings, LLC, Momentum Leasing, LLC, James L. Haley, Cornerstone Capital Fund, LLC, Vantage Point Capital, LLC, Jay J. Linford, Freedom group, LLC, and Luc D. Nguyen, Civil No. 2:11-cv-00021-BSJ (USDC Utah] (LR-21801)


SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by the EDGA Exchange (SR-EDGA-2010-26) relating to amendments to the EDGA Exchange Fee Schedule 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 January 10. (Rel. 34-63637)

A proposed rule change filed by the EDGX Exchange (SR-EDGX-2010-25) relating to amendments to the EDGX Exchange Fee Schedule 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 January 10. (Rel. 34-63638)

A proposed rule change filed by the NASDAQ Stock Market to extend the fee pilot program for NASDAQ Last Sale (SR-NASDAQ-2010-172) 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 January 10. (Rel. 34-63641)

A proposed rule change filed by NYSE Arca (SR-NYSEArca-2010-123) establishing fees for support and maintenance of the trading floor, and fees to defray the costs of Floor Broker Order Capture Devices 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 January 10. (Rel. 34-63643)

A proposed rule change filed by the Municipal Securities Rulemaking Board relating to revisions to the selection specifications for the Municipal Securities Representative Qualification Examination (Series 52) program (SR-MSRB-2010-18) 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 January 10. (Rel. 34-63645)

A proposed rule change filed by The NASDAQ Stock Market to modify fees for members using the NASDAQ Market Center (SR-NASDAQ-2011-003) 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 January 10. (Rel. 34-63648)

The Commission issued notice of filing and immediate effectiveness of proposed rule change (SR-NYSEArca-2010-122) filed by NYSE Arca under Rule 19b-4 of the Securities Exchange Act of 1934 amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services. Publication is expected in the Federal Register during the week of January 10. (Rel. 34-63649)

A proposed rule change filed by The NASDAQ Stock Market to establish a $5 Strike Price Program (SR-NASDAQ-2011-001) 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 January 10. (Rel. 34-63650)

A proposed rule change filed by the Chicago Board Options Exchange to establish a $5 Strike Price Program (SR-CBOE-2011-002) 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 January 10. (Rel. 34-63651)

A proposed rule change filed by International Securities Exchange to establish a $5 Strike Price Program (SR-ISE-2011-01) 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 January 10. (Rel. 34-63653)

A proposed rule change filed by the International Securities Exchange (SR-ISE-2011-02) relating to the $5 Strike Program has become immediately 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 January 10. (Rel. 34-63655)

A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2011-003) to clarify reciprocal listing respecting a $5 Strike Program for stock options has become immediately 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 January 10. (Rel. 34-63656)

A proposed rule change filed by the NASDAQ Stock Market (SR-NASDAQ-2011-002) relating to the $5 Strike Price Program has become immediately 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 January 10. (Rel. 34-63657)

A proposed rule change filed by NASDAQ OMX PHLX (SR-Phlx-2011-02) relating to the $5 Strike Price Program has become immediately 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 January 10. (Rel. 34-63658)

A proposed rule change (SR-NYSEArca-2010-124) filed by NYSE Arca relating to complex orders 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 January 10. (Rel. 34-63660)

A proposed rule change filed by the International Securities Exchange (SR-ISE-2010-120) relating to fees and rebates for adding and removing liquidity 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 January 10. (Rel. 34-63664)


Approval of Proposed Rule Changes

The Commission granted approval of a proposed rule change submitted by NASDAQ OMX PHLX (SR-Phlx-2010-148) relating to certain membership rules including affiliations and lapse of membership applications. Publication is expected in the Federal Register during the week of January 10. (Rel. 34-63647)

The Commission approved a proposed rule change submitted by NASDAQ OMX PHLX (SR-Phlx-2010-158) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 establishing a $5 Strike Price Program. Publication is expected in the Federal Register during the week of January 10. (Rel. 34-63654)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

 

http://www.sec.gov/news/digest/2011/dig010711.htm


Modified: 01/07/2011