The Federal Register

Exemptions for Banks Under Section 3(a)(5) of the Securities Exchange Act of 1934 and Related Rules

Tue, Dec 26 2006 11:00:00 GMT

The Securities and Exchange Commission is publishing for comment proposed rules and rule amendments regarding exemptions from the definitions of ``broker'' and ``dealer'' under the Securities Exchange Act of 1934 (``Exchange Act'') for banks'' securities activities. In particular, the Commission is reproposing a conditional exemption originally proposed in 2004 that would allow banks to effect riskless principal transactions with nonU.S. persons pursuant to Regulation S under the Securities Act of 1933 (``Securities Act''). The Commission also is proposing to amend and redesignate an existing exemption from the definition of ``dealer'' for banks' securities lending activities as a conduit lender. In addition, the Commission is proposing to amend a rule that grants a limited exemption from U.S. brokerdealer registration for foreign brokerdealers, conforming the rule to amended definitions of ``broker'' and ``dealer'' under the Exchange Act. Finally, the Commission is requesting comment on its i

Jackson National Life Insurance Company, et al.

Tue, Dec 26 2006 11:00:00 GMT

December 19, 2006.

Order Extending Temporary Exemption of Banks From the Definition of ``Broker'' Under Section 3(a)(4) of the Securities

Tue, Dec 26 2006 11:00:00 GMT

December 18, 2006.

I. Background

The GrammLeachBliley Act (``GLBA'') repealed the blanket exception of banks from the definitions of ``broker'' and ``dealer'' under the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and replaced it with functional exceptions incorporated in amended definitions of ``broker'' and ``dealer.'' Under the GLBA, banks that engage in securities activities either must conduct those activities through a registered brokerdealer or ensure that their securities activities fit within the terms of a functional exception to the amended definition of ``broker.''
\1\ As defined in Exchange Act Sections 3(a)(4) and 3(a)(5) [15 U.S.C. 78c(a)(4) and 78c(a)(5)].

The GLBA provided that the amended definitions of ``broker'' and ``dealer'' were to become effective May 12, 2001. Starting on May 11, 2001, in connection with various rulemaking proposals,\2\ the Securities and Exchange Commission (``Commission'') extended, most recently until January 15, 2007, a temporar

Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change as Revised by

Tue, Dec 26 2006 11:00:00 GMT

December 15, 2006.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that on September 22, 2006, the American Stock Exchange LLC (``Amex'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II below, which Items have been substantially prepared by Amex. On November 15, 2006, Amex submitted Amendment No. 1 to the proposed rule change.\3\ On December 12, 2006, Amex submitted Amendment No. 2 to the proposed rule change.\4\ The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons.
\1\ 15 U.S.C. 78s(b)(l).
\2\ 17 CFR 240. 19b4.
\3\ Amendment No. 1 supersedes and replaces the original rule filing in its entirety.
\4\ Amendment No. 2 supersedes and replaces the original rule filing and Amendment No. 1 in their entirety.
I. Sel

Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed

Tue, Dec 26 2006 11:00:00 GMT

December 18, 2006.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that on November 30, 2006, the Boston Stock Exchange, Inc. (``Exchange'' or ``BSE'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been substantially prepared by the Exchange. On December 14, 2006, the BSE submitted Amendment No. 1 to the proposed rule change. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b4(f)(6) thereunder,\4\ which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b4(f)(6).
I. SelfRegulatory Organization's Statement of t

Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Immediate

Tue, Dec 26 2006 11:00:00 GMT

December 18, 2006.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that on December 7, 2006, the National Association of Securities Dealers, Inc. (``NASD'') 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 NASD. NASD has designated the proposal as constituting a ``noncontroversial'' proposed rule change under Section 19(b)(3)(A) of the Act \3\ and Rule 19b4(f)(6) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. \1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b4(f)(6).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

NASD is proposing to

Self-Regulatory Organization; National Futures Association; Notice of Filing and Immediate Effectiveness of a Proposed

Tue, Dec 26 2006 11:00:00 GMT

December 18, 2006.

Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b7 under the Act,\2\ notice is hereby given that on November 27, 2006, National Futures Association (``NFA'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change described in Items I, II, and III below, which Items have been prepared by NFA. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. In addition, on November 6, 2006, NFA filed the proposed rule change with the Commodity Futures Trading Commission (``CFTC''). The CFTC approved the proposed rule change on November 16, 2006.\3\ \1\ 15 U.S.C. 78s(b)(7).
\2\ 17 CFR 240.19b7.
\3\ See Letter from Eileen Donovan, Acting Secretary, CFTC, to Thomas W. Sexton, III, Esq., General Counsel, NFA (Nov. 16, 2006) (``Letter'').
I. SelfRegulatory Organization's Description of the Proposed Rule Change

Section 15A(k)

Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Accelerated Approval to Proposed Rule

Tue, Dec 26 2006 11:00:00 GMT

December 15, 2006.

I. Introduction

On August 24, 2006, 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 19b4 thereunder,\2\ a proposed rule change to list and trade exchangetraded notes (``Notes'') of Barclays Bank PLC (``Barclays'') linked to the performance of the MSCI India Total Return Index^SM (``Index''). On November 8, 2006, the Exchange submitted Amendment No. 1.\3\ The proposed rule change, as amended, was published for comment in the Federal Register on November 28, 2006 for a 15day comment period.\4\ The Commission received one comment regarding the proposal.\5\ This order approves the proposed rule change, as amended, on an accelerated basis.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ Amendment No. 1 replaced and superseded the Exchange's original submission in its entirety.
\4\ Se