Division of Trading and Markets
Exemptive Orders and
Exemptive, Interpretive, and No-Action Letters

Important Note:  This page contains Division of Trading and Markets no-action letters dated on or after January 1, 2002. Division of Trading and Markets no-action letters issued before that date may be obtained by submitting a request for a paper copy . Selected letters issued before January 1, 2002 may appear in other places on this website.

Procedures applicable to requests for no-action and interpretive letters are available in Securities Act Release No. 6269. You may call 202-551-5777 or send an email to tradingandmarkets@sec.gov with any questions about these procedures.

 Subject Categories for No-Action Letters
 Subject Category List of No-Action Letters
 Selected Class Letters
 Alphabetical List of No-Action Letters
 Chronological List of No-Action Letters
 Chronological List of Interpretive Letters
 Chronological List of Exemptive Orders

• Associated Persons of Broker-Dealers (including Registration, Bars, Statutory Disqualification, and Rule 19h-1)
• "Bank" – Definition
• Broker-Dealer Books and Records and Reporting Requirements
• Broker-Dealer Net Capital Requirements - Rule 15c3-1
• Broker-Dealer Registration (including Form BD Interpretations, Withdrawal from Broker-Dealer Registration and Successors)
• Broker-Dealer Registration – Clerical and Ministerial Activities
• Broker-Dealer Registration – Exemptions from Registration
• Broker-Dealer Registration – Finders
• Broker-Dealer Registration – Foreign Broker-Dealers (including International Activities of U.S. Broker-Dealers and Rule 15a-6)
• Broker-Dealer Registration – Limited Broker-Dealer Functions
• Broker-Dealer Registration – Networking (Depository Institutions and Insurance Companies)
• Broker-Dealer Registration – Other
• Confirmations – Rule 10b-10
• Disclosure of Order Execution Information – Rule 605 (formerly Rule 11Ac1-5)
• Disclosure of Order Routing Information – Rule 606 (formerly Rule 11Ac1-6)
• Dissemination of Quotations – Rule 602 (formerly Rule 11Ac1-1)
• ECNs ("Electronic Communications Networks")
• Exchange Member Trading – Section 11(a)
• Extension of Credit on New Issues – Section 11(d)
• Foreign Market Communications with QIBs
• Keep and Preserve Paper Copies – Rule 17a-1
• Multiple Section Relief (e.g. exchange traded funds and other basket products)
• Municipal Auction Rate Securities
• Municipal Securities Brokers and Dealers
• Municipal Securities Disclosure – Rule 15c2-12
• National Market System Rules, Miscellaneous – Section 11A
• Penny Stock Rules
• Regulation SHO
• Risk Assessment Rules – Rules 17h-1T and 17h-2T
• Rule 10a-1, Short Sales
• Rule 12d2-2, Removal from Listing and Registration
• Rule 14e-5, Purchases Outside a Tender Offer
• Rule 15a-6, Foreign Broker-Dealers
• Rule 15c2-11, Initiation of Quotations
• Rule 101 of Regulation M, Activities By Distribution Participants
• Rule 102 of Regulation M, Activities By Issuers and Selling Security Holders During a Distribution
• Section 31 Fees
• Security Futures Products Brokers and Dealers
• Shad-Johnson Letters
• Transfer Agents
• Vendor Display Rule Interpretive Guidance

Associated Persons of Broker-Dealers (including Registration, Bars, Statutory Disqualification, and Rule 19h-1)

• NASD, July 27, 2007
   
• NYSE Regulation, Inc., August 1, 2006
   
• New York Stock Exchange, Inc., February 11, 2005
   

"Bank" – Definition

• Maine Securities Regulator, April 9, 2002
   

Broker-Dealer Books and Records and Reporting Requirements

• Securities Industry and Financial Markets Association, January 10, 2008
   
• Securities Industry and Financial Markets Association, December 29, 2006
   
• Securities Industry Association, July 31, 2006
   
• Securities Industry Association, July 11, 2006
   
• New York Stock Exchange, Inc. and NASD Regulation, Inc., December 16, 2005
   
• Securities Industry Association, February 10, 2005
   
• Securities Industry Association, February 12, 2004
   

Broker-Dealer Net Capital Requirements – Rule 15c3-1

• Japan Credit Rating Agency, Ltd., May 23, 2007
   
• NASD Regulation, Inc., re: Net Capital Relief Related to Certain Transactions in the Securities of Gluv Corp., June 16, 2005
   
• A.M. Best Company, Inc., March 3, 2005
   
• Recording Certain Broker-Dealer Expenses and Liabilities, July 11, 2003
   
• Dominion Bond Rating Service Limited, February 24, 2003
   

Broker-Dealer Registration (including Form BD Interpretations, Withdrawal from Broker-Dealer Registration and Successors)

• JPMorgan Chase & Co., March 19, 2008
   
• Woodstock Financial Group, Inc., January 14, 2008
   
• Woodstock Financial Group, Inc., November 7, 2007
   
• NASD, Inc., September 30, 2005
   

Broker-Dealer Registration –
Clerical and Ministerial Activities

• ADP TotalSource, Inc., December 4, 2007
   
• eEmployers Solutions, Inc., December 3, 2007
   
• TriNet Group, Inc., February 17, 2006
   
• Headway Corporate Staff Administration, August 14, 2002
   

Broker-Dealer Registration – Exemptions from Registration

• San Diego Chapter of the National Association of Investors Corporation, May 14, 2004
   

Broker-Dealer Registration – Finders

• Hallmark Capital Corporation, June 11, 2007
   
• John W. Loofbourrow Associates, Inc., June 29, 2006
   

Broker-Dealer Registration – Foreign Broker-Dealers (including International Activities of U.S. Broker-Dealers and Rule 15a-6)

• LiquidityHub Limited, November 28, 2007
   
• Dinosaur Securities, LLC, June 23, 2006
   

Broker-Dealer Registration –
Limited Broker-Dealer Functions

• Country Business, Inc., November 8, 2006
   
• EIG Mutual Holding Company, October 25, 2006
   
• Professional Project Services, Inc., June 22, 2006
   
• CommandTRADE, LP, December 28, 2005
   
• TEOCO Corporation, October 20, 2005
   
• R & H Management, L.L.C., April 25, 2005
   
• Texas Treasury Safekeeping Trust Company, June 16, 2004
   
• Investacorp Group, Inc., September 26, 2003
   
• Loffa Interactive Corp., Inc., September 12, 2003
   
• Scripophily.com, August 14, 2002
   
• Century Business Services, Inc. and CBIZ Financial Solutions, Inc., March 1, 2002
   
• OneShare.com, January 16, 2002
   

Broker-Dealer Registration – Networking
(Depository Institutions and Insurance Companies)

• M Financial Holdings, Inc., May 8, 2006
   
• Maine Securities Regulator, April 9, 2002
   

Broker-Dealer Registration – Other

• Capital Institutional Services, Inc., April 13, 2007
   
• Goldman, Sachs & Co., January 17, 2007
   
• Welton Street Investments, LLC, June 27, 2006
   
• Wolff Juall Investments, LLC, May 17, 2005
   
• Dilworth Capital Management, LLC, December 9, 2004
   
• Edward Mahaffy, March 6, 2003
   
• National Association of Securities Dealers Order Audit Trail Rules 6950 through 6957, July 25, 2002
   
• Swiss American Securities Inc. and Streetline, Inc., May 28, 2002
   
• Attkisson, Carter, & Akers, June 23, 1998
   

Confirmations – Rule 10b-10

• Omgeo LLC, March 12, 2008
   
• Bloomberg Tradebook LLC and Calyon Inc., December 31, 2007
   
• Chicago Stock Exchange, Inc., November 15, 2007
   
• SunGard Institutional Brokerage, Inc., July 3, 2007
   
• UBS Financial Services Inc., May 24, 2007
   
• Fixed Income Clearing Corporation, May 23, 2007
   
• Wachovia Securities, April 30, 2007
   
• FSC Securities Corporation, January 30, 2007
   
• Omgeo, LLC, December 14, 2006
   
• International Securities Exchange, LLC, December 7, 2006
   
• TD Ameritrade, Inc., November 30, 2006
   
• Philadelphia Stock Exchange, Inc., November 9, 2006
   
• Boston Stock Exchange, November 8, 2006
   
• National Stock Exchange, October 13, 2006
   
• International Securities Exchange, Inc. , August 18, 2006
   
• Wachovia Securities, August 15, 2006
   
• J.P. Morgan Securities Inc., August 4, 2005
   
• D.A. Davidson & Co., June 10, 2005
   
• William Blair & Company L.L.C., June 10, 2005
   
• Morgan Keegan & Co., Inc., April 20, 2005
   
• Sanford C. Bernstein & Co., LLC, April 18, 2005
   
• Average Price, Multiple Capacity Confirmations, March 3, 2005
   
• Nasdaq Stock Market, Inc., January 26, 2005
   
• The Equitable Life Assurance Society of the United States, October 20, 2004
   
• The Pacific Exchange, Inc., April 30, 2004
   
• Nasdaq Stock Market, Inc., September 15, 2003
   
• Goldman, Sachs & Co., August 14, 2003
   
• Edward D. Jones & Co., LP, August 1, 2003
   
• Trade Web, Jul 22, 2003
   

Disclosure of Order Execution Information – Rule 605 (formerly Rule 11Ac1-5)

• SelectNet and SuperMontage, June 4, 2002
   
• Nasdaq Stock Market, Inc., September 21, 2001
   
• NASD Small Firms Advisory Board, June 22, 2001
   
• New York Stock Exchange, Inc., June 22, 2001
   
• Nasdaq Stock Market, Inc., June 22, 2001
   
• Market Systems, Inc., June 22, 2001
   
• Securities Industry Association, April 12, 2001
   
• Securities Industry Association, March 12, 2001
   
• Nasdaq Stock Market, Inc., March 12, 2001
   

Disclosure of Order Routing Information – Rule 606 (formerly Rule 11Ac1-6)

• Securities Industry Association, September 21, 2001
   
• NASD Small Firm Advisory Board, September 21, 2001
   
• First Union Securities, Inc., June 22, 2001
   

Dissemination of Quotations – Rule 602 (formerly Rule 11Ac1-1)

• National Association of Securities Dealers, Inc., July 28, 2006
   
• Chicago Board Options Exchange, Inc., July 12, 2004
   
• International Securities Exchange, Inc., June 24, 2004
   

ECNs ("Electronic Communications Networks")

• Bloomberg Tradebook LLC, June 28, 2006
   
• BATS Trading, Inc., June 28, 2006
   
• OnTrade, Inc., June 28, 2006
   
• Direct Edge ECN, June 28, 2006
   
• Track ECN, June 28, 2006
   
• BATS Trading, Inc., May 8, 2006
   
• Direct Edge ECN LLC, March 3, 2006
   
• BATS Trading, Inc., February 17, 2006
   
• OnTrade, Inc./NexTrade ECN: Withdrawal of No-Action Position, January 11, 2006
   
• OnTrade, Inc., January 11, 2006
   
• Track ECN, October 21, 2005
   
• Bloomberg Tradebook LLC, November 17, 2005
   
• Inet ATS, Inc., October 21, 2005
   
• Direct Edge ECN LLC Purchase of ATTAIN ECN, October 21, 2005
   
• Domestic Securities, Inc./ATTAIN ECN, October 21, 2005
   
• Attain System, October 7, 2005
   
• OnTrade, Inc., October 7, 2005
   
• BRUT System, January 6, 2005
   
• Trading System Operated by OnTrade, Inc., January 6, 2005
   
• Inet ECN, January 6, 2005
   
• Tradebook System, January 6, 2005
   
• Attain System, January 6, 2005
   
• Track System, January 6, 2005
   
• OnTrade, Inc., April 2, 2004
   
• Inet ECN, April 2, 2004
   
• Track ECN, April 1, 2004
   
• NexTrade, Inc., April 1, 2004
   
• BRUT System, April 1, 2004
   
• Attain Systems, April 1, 2004
   
• Bloomberg Tradebook, April 1, 2004
   
• The Island ECN, November 7, 2002
   
• Instinet Corporation, November 1, 2002
   
• GlobeNet Trading System, March 29, 2002
   
• Instinet Real-Time Trading Services, March 29, 2002
   
• Island System ECN, March 29, 2002
   
• MarketXT, March 29, 2002
   
• REDI System, March 29, 2002
   
• Track ECN, March 29, 2002
   
• BRUT ECN, LLC, February 1, 2002
   

Exchange Member Trading – Section 11(a)

• The Operating Committee of the Options Linkage Authority, May 30, 2003
   
• Chicago Board Options Exchange, March 31, 2003
   
• Large Order Utility System, March 12, 2003
   
• American Stock Exchange, July 9, 2002
   
• RAES System, May 16, 2002
   
• AUTOM System, April 15, 2002
   

Extension of Credit on New Issues – Section 11(d)

• Telstra Corporation Limited, October 5, 2006
   
• Doughty Hanson & Co Investments L.P. Incorporated, September 12, 2006
   
• Securities Industry Association, June 8, 2006
   
• streetTRACKS Gold Trust®, December 12, 2005
   
• iShares COMEX Gold Trust, December 12, 2005
   
• WEBS Index Series, November 22, 2005
   
• streetTRACKS Series Trust, November 22, 2005
   
• Select Sector SPDRs, November 22, 2005
   
• iShares, Inc. MSCI Index Funds, November 22, 2005
   
• Fresco Index Shares Funds, November 22, 2005
   
• Foreign Fund, Inc., November 22, 2005
   
• Securities Industry Association, November 21, 2005
   
• Spark Infrastructure Group, November 8, 2005
   
• Macquarie Media Holdings Limited and Macquarie Media Trust, September 27, 2005
   
• Popular High Grade Fixed-Income Fund, Inc., March 31, 2004
   
• Popular Total Return Fund, Inc., July 1, 2003
   

Foreign Market Communications with QIBs

• ASX Limted, August 13, 2007
   
• Tokyo Stock Exchange, Inc., November 20, 2006
   
• Eurex, May 3, 2006
   
• Eurex, July 27, 2005
   
• Borsa Italiana S.p.A., September 24, 2004
   
• EDX London Limited and OM London Exchange Limited, October 29, 2003
   
• Tokyo Stock Exchange, Inc., November 15, 2002
   
• ParisBourse SA, December 6, 1999
   
• Tokyo Stock Exchange, July 27, 1999
   
• Osaka Securities Exchange, July 23, 1999
   
• MONEP SA, October 26, 1998
   
• Mercato Italiano dei Derivati - IDEM Equity and Index Options, September 1, 1998
   
• Société de Compensation des Marchés Conditionnels, June 17, 1996
   
• London International Financial Futures and Options Exchange ("LIFFE"), March 6, 1996
   
• Hang Seng Index Options, September 26, 1995
   
• London International Financial Futures Exchange and London Traded Options Market, May 1, 1992
   
• London Traded Options Market, September 4, 1990
   

Keep and Preserve Paper Copies – Rule 17a-1

• NASDAQ Stock Market LLC, August 1, 2006
   

Multiple Section Relief
(e.g. exchange traded funds and other basket products)

• Rydex ETF Trust, April 24, 2008
   
• PowerShares Actively Managed ETF Trust, April 4, 2008
   
• Bear Stearns Active ETF Trust, March 24, 2008
   
• Rydex ETF Trust, October 31, 2007
   
• Ameristock ETF Trust, June 29, 2007
   
• Combination Exchange-traded Funds, June 27, 2007
   
• Class Relief for Fixed Income Exchange-Traded Funds, April 9, 2007
   
• HealthShares Composite Exchange-Traded Fund, March 8, 2007
   
• Chicago Board Options Exchange, Inc., February 23, 2007
   
• ProShares Trust, January 24, 2007
   
• iShares Lehman Short Treasury Bond Fund, iShares Lehman 3-7 Year Treasury Bond Fund, iShares Lehman 10-20 Year Treasury Bond Fund, iShares Lehman 1-3 Year Credit Bond Fund, iShares Lehman Intermediate Credit Bond Fund, iShares Lehman Credit Bond Fund, iShares Lehman Intermediate Government/Credit Bond Fund, iShares Lehman Government/Credit Bond Fund and iShares Lehman MBS Fixed-Rate Bond Fund, December 22, 2006
   
• MACRO Securities Depositor, LLC, December 22, 2006
   
• National Stock Exchange, November 28, 2006
   
• Class Relief for Exchange Traded Index Funds, October 24, 2006
   
• American Stock Exchange LLC, October 12, 2006
   
• iPath Securities — Exchange-Traded Notes, July 27, 2006
   
• ProShares Trust, June 20, 2006
   
• WisdomTree Trust, June 15, 2006
   
• iPath Securities — Index-Linked Securities, May 30, 2006
   
• DB Commodity Index Tracking Fund and DB Commodity Services LLC, January 19, 2006
   
• Euro Currency Trust, December 5, 2005
   
• PowerShares Lux Nanotech Portfolio, October 25, 2005
   
• iShares, August 4, 2005
   
• Vanguard Emerging Markets Stock Index Fund, Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund, March 9, 2005
   
• PowerShares WilderHill Clean Energy Portfolio, March 2, 2005
   
• iShares FTSE/Xinhua China 25 Index Fund, October 8, 2004
   
• Nasdaq Stock Market, Inc., November 13, 2002
   
• Treasury FITR Exchange Traded Funds, November 1, 2002
   
• Fresco Index Shares Funds, October 21, 2002
   
• iShares Trust ("Trust"), iShares 1-3 Year Treasury Index Fund, iShares 7-10 Year Treasury Index Fund, iShares 20+ Year Treasury Index Fund, iShares Treasury Index Fund, iShares Government/Credit Index Fund, iShares Lehman Corporate Bond Fund, and iShares Goldman Sachs InvesTop Corporate Bond Fund, July 15, 2002
   
• Biotech Boxes, March 19, 2002
   
• Exemptive Relief for Exchange Traded Index Funds, August 17, 2001
   

Municipal Auction Rate Securities

• Municipal Auction Rate Securities, March 14, 2008
   

Municipal Securities Brokers and Dealers

• The State of Oregon, October 4, 2005
   
• Kentucky Public Emloyees' Deferred Compensation Authority, July 8, 2002
   

Municipal Securities Disclosure – Rule 15c2-12

• Digital Assurance Certification L.L.C., September 21, 2001
   

Penny Stock Rules

• Clark Street Capital, Inc., August 20, 2003
   
• Bion Environmental Technologies, Inc., March 18, 2003
   

National Market System Rules, Miscellaneous – Section 11A

• Philadelphia Stock Exchange, Inc., January 23, 2007
   
• Chicago Stock Exchange, Inc., March 16, 2006
   
• Philadelphia Stock Exchange, Inc., March 8, 2006
   
• Chicago Stock Exchange, Inc., August 23, 2005
   
• National Stock Exchange, August 23, 2005
   
• Chicago Stock Exchange, Inc., July 1, 2005
   
• Pacific Exchange, Inc., June 29, 2005
   
• National Stock Exchange, June 28, 2005
   
• Boston Stock Exchange, Inc., April 1, 2005
   
• Pacific Exchange, Inc., February 10, 2005
   
• Boston Stock Exchange, Inc., October 1, 2004
   
• Boston Stock Exchange, Inc., February 4, 2004
   

Regulation SHO

• American Stock Exchange LLC, July 2, 2007
   
• Securities Industry and Financial Markets Association, July 2, 2007
   
• Pacific Exchange, Inc., October 13, 2005
   
• Securities Industry Association, April 15, 2005
   
• Schiff Hardin LLP, January 3, 2005
   
• Securities Industry Association, January 3, 2005
   

Risk Assessment Rules – Rules 17h-1T and 17h-2T

• Securities Industry Association, September 20, 1993; incoming letter
   

Rule 10a-1, Short Sales

• Chicago Stock Exchange, Inc., July 20, 2006
   
• NASD, Inc., June 26, 2006
   
• CurrencyShares British Pound Sterling Trust, CurrencyShares Australian Dollar Trust, CurrencyShares Canadian Dollar Trust, CurrencyShares Mexican Peso Trust, CurrencyShares Swedish Krona Trust, and CurrencyShares Swiss Franc Trust, June 21, 2006
   
• Instinet Group, LLC, June 15, 2006
   
• Pacific Exchange, Inc., October 13, 2005
   
• Securities Industry Association, July 18, 2005
   
• Instinet Group, LLC, June 8, 2005
   
• ITG, Inc., April 22, 2005
   
• Instinet Group, LLC, June 8, 2004
   
• Harborside Securities, L.L.C., March 16, 2004
   
• Portfolio System for Institutional Trading, April 23, 2003
   
• Vie Institutional Services, February 12, 2003
   

Rule 12d2-2, Removal from Listing and Registration

• NYSE Arca, Inc., January 31, 2007
   
• NYSE Arca, Inc., December 8, 2006
   

Rule 14e-5, Purchases Outside a Tender Offer

• Loews Corporation, March 27, 2008
   
• Reuters Group PLC and Thomson Reuters PLC, February 29, 2008
   
• PT Media Nusantara Tbk, December 18, 2007
   
• SAP AG, December 5, 2007
   
• Royal Bank of Scotland Group plc, July 20, 2007
   
• Grupo Aeropotuario del Sureste, May 9, 2007
   
• Barclays/ABN AMRO, April 24, 2007
   
• CANTV, April 6, 2007
   
• Cleary Gottlieb Steen & Hamilton LLP, April 4, 2007
   
• Allianz SE, March 27, 2007
   
• STATS ChipPAC Ltd., March 15, 2007
   
• Sulzer AG, March 2, 2007
   
• Asia Satellite Communications Holdings Limited, March 1, 2007
   
• Exemptive Relief for Purchases Pursuant to Statutory Puts in Japanese Tender Offers, February 20, 2007
   
• Suzlon Energy Limited, February 9, 2007
   
• ProSiebenSat.1 Media AG, January 30, 2007
   
• Nippon Katan, January 26, 2007
   
• Areva S.A., January 22, 2007
   
• Hurriyet Invest, January 22, 2007
   
• Pfleiderer AG, January 12, 2007
   
• Offer by Crucell N.V. for Shares of Berna Biotech A.G., January 5, 2006
   
• CenterPoint Energy, December 21, 2006
   
• Heat Beteiligungs III GmbH, December 20, 2006
   
• Gallaher Group plc, December 15, 2006
   
• Companhia Sidenúrgica Nacional, December 1, 2006
   
• UCB SA, November 29, 2006
   
• Nasdaq Stock Market, Inc., November 20, 2006
   
• MEIF II, November 3, 2006
   
• Barrick Gold Corporation, October 10, 2006
   
• Gondola Holdings plc, October 2, 2006
   
• TPO Investments AS, September 18, 2006
   
• UBS AG, July 13, 2006
   
• PMI Group, Inc., July 6, 2006
   
• Associated British Ports Holdings plc, June 22, 2006
   
• Mittal Steel Company N.V, June 22, 2006
   
• Associated British Ports Holdings plc, June 8, 2006
   
• AstraZeneca PLC, May 23, 2006
   
• Investor AB, April 6, 2006
   
• Scottish Power plc, April 3, 2006
   
• Grupo Ferrovial, SA, March 23, 2006
   
• Gas Natural SDG, S.A., March 2, 2006
   
• Fresenius Medical Care AG, January 13, 2006
   
• Gas Natural SDG,, November 18, 2005
   
• Old Mutual PLC for Försäkringsaktiebolaget Skandia, October 26, 2005
   
• Macquarie Airports Copenhagen ApS for Kobenhavns Lufthavne A/S, October 24, 2005
   
• Profit Eagle Limited, October 11, 2005
   
• Axel Springer AG, September 12, 2005
   
• Skadden, Arps, Slate, Meagher & Flom (UK) LLP, August 5, 2005
   
• Compagnie de Saint-Gobain, July 29, 2005
   
• Barclays Bank PLC for Absa Group Limited, April 4, 2005
   
• Freshfields Bruckhaus Deringer, March 17, 2005
   
• Sullivan & Cromwell LLP, December 15, 2005
   
• United Technologies Corporation for Kidde plc, December 15, 2004
   
• GmbH for P & I Personal & Informatik Aktiengesellscaft, June 24, 2004
   
• UCB S.A., May 19, 2004
   
• SABMiller PLC, May 10, 2004
   
• Anheuser-Busch Companies, Inc., May 7, 2004
   
• Songbird Acquisition Limited, April 22, 2004
   
• BLB Investors, L.L.C., March 31, 2004
   
• Canary Wharf Group plc, February 9, 2004
   
• Banco Bilbao Vizcaya Argentaria, S.A. for Series B Shares and American Depository Shares of Grupo Financiero BBVA Bancomer, S.A. de C.V., February 2, 2004
   
• Matsushita Electric Works, Ltd., December 19, 2003
   
• Banyu Pharmaceutical Co. Ltd., September 11, 2003
   
• Rizzoli Corriere della Sera Medical Group S.p.A. for Fila Holding S.p.A.., July 28, 2003
   
• Twins Acquisition, Inc. Offer for IDS Group plc, June 25, 2003
   
• Serono France Holding S.A., May 14, 2003
   
• Vodafone Group Plc, March 3, 2003
   
• UBS AG, London Branch and J.P. Morgan Securities Limited, February 21, 2003
   
• Banyu Pharmaceutical Co. Ltd., January 9, 2003
   
• Offer by CIBER (UK) for ECsoft Group plc, January 8, 2003
   
• Bank of Ireland Abby National, October 16, 2002
   
• Pepsi Bottling Group, Inc., Bottling Group LLC and PBG Grupo Embotellador Hispano-Mexicano S.L., October 14, 2002
• Bank of Ireland Abby National, October 8, 2002
   
• Serono S.A. Offer for All Outstanding Ordinary Shares, ADSs, OCEANEs and Warrants of Genset, September 12, 2002
   
• Koninklijke Ahold N.V.'s Tender Offer for Shares and ADSs of Santa Isabel S.A., September 10, 2002
   
• DB Sechste Vermögensverwaltungsgesellschaft mbH for Stinnes AG, August 29, 2002
   
• Saipem SpA, July 29, 2002
   
• Kingfisher Plc Offer for Castorama Dubois Investissements SCA, June 4, 2002
   
• RWE Aktiengesellschaft, March 22, 2002
   
• Telex-Chile, S.A., March 5, 2002
   

Rule 15a-6, Foreign Broker-Dealers

• Cleary, Gottlieb, Steen and Hamilton, March 24, 1997
   

Rule 15c2-11, Initiation of Quotations

• Nasdaq Stock Market LLC/The Portal® Market, July 31, 2007
   
• NASD Regulation, Inc., September 10, 2004
   
• NASD Regulation, Inc., December 1, 1998
   

Rule 101 of Regulation M,
Activities By Distribution Participants

• Key Hospitality Acquisition Corporation, October 12, 2005
   
• Banco Santander Central Hispano, S.A., September 10, 2004
   
• Republic of Panama, January 16, 2004
   
• Federative Republic of Brazil, January 12, 2004
   
• Allianz AG, April 10, 2003
   
• Republic of Colombia, December 2, 2002
   
• Votorantim Celulose e Papel S.A., June 18, 2002
   

Rule 102 of Regulation M,
Activities By Issuers and Selling Security Holders During a Distribution

• UBS AG, April 22, 2008
   
• Royal Bank of Scotland Group plc and ABN AMRO Holding N.V, April 21, 2008
   
• Toronto-Dominion Bank, December 21, 2007
   
• Class Relief for Real Estate Investment Trust Share Redemption Programs, October 22, 2007
   
• Deutsche Bank AG (Exchange-traded Notes), October 12, 2007
   
• REITPlus, Inc., October 9, 2007
   
• ABN AMRO Holding N.V., , August 7, 2007
   
• Barclays PLC, August 7, 2007
   
• Barclays PLC, August 2, 2007
   
• Banco Santander Central Hispano, S.A., July 23, 2007
   
• Fortis SA/NV and Fortis NV, July 23, 2007
   
• Royal Bank of Scotland Group plc, July 23, 2007
   
• Banco Bilbao Vizcaya Argentaria, S.A, June 25, 2007
   
• Cole Credit Property Trust II, April 11, 2007
   
• Allianz SE, March 23, 2007
   
• UnumProvident Corporation, Inc., February 8, 2007
   
• Hines Real Estate Investment Trust, Inc., September 7, 2006
   
• NNN Healthcare/Office REIT, Inc., August 24, 2006
   
• Dividend Capital Total Realty Trust Inc., January 31, 2006
   
• United Development Funding III, LP, January 11, 2006
   
• Key Hospitality Acquisition Corporation, October 12, 2005
   
• Lend Lease Corporation Limited, October 15, 2004
   
• Paladin Realty Income Properties, Inc., October 14, 2004
   
• TECO Energy, Inc., October 8, 2004
   
• Hughes Supply, Inc., October 4, 2004
   
• Banco Santander Central Hispano, S.A., September 10, 2004
   
• Orange Hospitality, Inc., September 9, 2004
   
• CNL Retirement Properties, Inc., May 19, 2004
   
• Associated Grocers of Maine, Inc., May 6, 2004
   
• CNL Income Properties, Inc., March 11, 2004
   
• Wells Real Estate Investment Trust II, Inc., December 9, 2003
   
• ING Senior Income Fund, October 9, 2003
   
• Inland Western Retail Real Estate Trust, Inc., August 25, 2003
   
• Allianz AG, April 10, 2003
   
• ING Senior Income Fund, October 17, 2002
   
• Popular High Grade Fixed-Income Fund, September 10, 2002
   

Section 31 Fees

• Chicago Stock Exchange, Inc., October 6, 2004
   

"Securities" – Other

• iShares COMEX Gold Trust®, January 27, 2005
   
• streetTRACKS Gold Trust®, November 17, 2004
   
• Market XT, August 8, 2002
   
• Herbruck, Alder & Co., May 3, 2002
   

Security Futures Products Brokers and Dealers

• National Futures Association, April 11, 2005
   
• National Futures Association, March 22, 2004
   
• Silver Young Trading LLC, June 25, 2003
   
• Notice Registration Requirements, March 5, 2002
   
• Securities Industry Association and Futures Industry Association, August 20, 2002
   

Shad-Johnson Letters

• London International Financial Futures and Options Exchange ("LIFFE"), March 3, 2000
   

Transfer Agents

• Wells Fargo Bank, N.A., July 29, 2004
   
• Lincoln National Life Insurance Company, August 22, 2003
   

Vendor Display Rule Interpretive Guidance

• Nasdaq Stock Market, Inc., July 23, 2002
   

• Class Relief for Real Estate Investment Trust Share Redemption Programs, October 22, 2007
   
• Combination Exchange-traded Funds, June 27, 2007
   
• Class Relief for Fixed Income Exchange-Traded Funds, April 9, 2007
   
• Cleary Gottlieb Steen & Hamilton LLP, April 4, 2007 (Financial Advisors)
   
• Sulzer AG, March 2, 2007 (Offerors)
   
• Class Relief for Exchange Traded Index Funds, October 24, 2006 (Update of August 17, 2001, letter)
   
• Mittal Steel Company N.V, June 22, 2006 (Dual Offers)
   
• CurrencyShares British Pound Sterling Trust, CurrencyShares Australian Dollar Trust, CurrencyShares Canadian Dollar Trust, CurrencyShares Mexican Peso Trust, CurrencyShares Swedish Krona Trust, and CurrencyShares Swiss Franc Trust, June 21, 2006
   
• Exemptive Relief for Exchange Traded Index Funds, August 17, 2001
   

Alphabetical List of No-Action Letters

• ABN AMRO Holding N.V., , August 7, 2007
   
• ADP TotalSource, Inc., December 4, 2007
   
• Allianz SE, March 27, 2007
   
• Allianz SE, March 23, 2007
   
• Allianz AG, April 10, 2003
   
• A.M. Best Company, Inc., March 3, 2005
   
• American Stock Exchange, July 9, 2002
   
• American Stock Exchange LLC, July 2, 2007
   
• American Stock Exchange LLC, October 12, 2006
   
• Ameristock ETF Trust, June 29, 2007
   
• Anheuser-Busch Companies, Inc., May 7, 2004
   
• Areva S.A., January 22, 2007
   
• Asia Satellite Communications Holdings Limited, March 1, 2007
   
• Associated British Ports Holdings plc, June 22, 2006
   
• Associated British Ports Holdings plc, June 8, 2006
   
• Associated Grocers of Maine, Inc., May 6, 2004
   
• AstraZeneca PLC, May 23, 2006
   
• ASX Limted, August 13, 2007
   
• Attain System, October 7, 2005
   
• Attain System, January 6, 2005
   
• Attain Systems, April 1, 2004
   
• Attkisson, Carter, & Akers, June 23, 1998
   
• AUTOM System, April 15, 2002
   
• Average Price, Multiple Capacity Confirmations, March 3, 2005
   
• Axel Springer AG, September 12, 2005
   
• Banco Bilbao Vizcaya Argentaria, S.A, June 25, 2007
   
• Banco Bilbao Vizcaya Argentaria, S.A. for Series B Shares and American Depository Shares of Grupo Financiero BBVA Bancomer, S.A. de C.V., February 2, 2004
   
• Banco Santander Central Hispano, S.A., July 23, 2007
   
• Banco Santander Central Hispano, S.A., September 10, 2004
   
• Bank of Ireland Abby National, October 16, 2002
   
• Bank of Ireland Abby National, October 8, 2002
   
• Banyu Pharmaceutical Co. Ltd., January 9, 2003
   
• Banyu Pharmaceutical Co. Ltd., September 11, 2003
   
• Barclays/ABN AMRO, April 24, 2007
   
• Barclays PLC, August 7, 2007
   
• Barclays PLC, August 2, 2007
   
• Barclays Bank PLC for Absa Group Limited, April 4, 2005
   
• Barrick Gold Corporation, October 10, 2006
   
• BATS Trading, Inc., June 28, 2006
   
• BATS Trading, Inc., February 17, 2006
   
• BATS Trading, Inc., May 8, 2006
   
• Bear Stearns Active ETF Trust, March 24, 2008
   
• Bion Environmental Technologies, Inc., March 18, 2003
   
• Biotech Boxes, March 19, 2002
   
• BLB Investors, L.L.C., March 31, 2004
   
• Bloomberg Tradebook LLC, June 28, 2006
   
• Bloomberg Tradebook LLC, November 17, 2005
   
• Bloomberg Tradebook, April 1, 2004
   
• Borsa Italiana S.p.A., September 24, 2004
   
• Boston Stock Exchange, November 8, 2006
   
• Boston Stock Exchange, Inc., April 1, 2005
   
• Boston Stock Exchange, Inc., October 1, 2004
   
• Boston Stock Exchange, Inc., February 4, 2004
   
• BRUT System, January 6, 2005
   
• BRUT System, April 1, 2004
   
• BRUT ECN, LLC, February 1, 2002
   
• Canary Wharf Group plc, February 9, 2004
   
• CANTV, April 6, 2007
   
• Capital Institutional Services, Inc., April 13, 2007
   
• CenterPoint Energy, December 21, 2006
   
• Century Business Services, Inc. and CBIZ Financial Solutions, Inc., March 1, 2002
   
• Chicago Board Options Exchange, Inc., February 23, 2007
   
• Chicago Board Options Exchange, Inc., July 12, 2004
   
• Chicago Board Options Exchange, March 31, 2003
   
• Chicago Stock Exchange, Inc., November 15, 2007
   
• Chicago Stock Exchange, Inc., July 20, 2006
   
• Chicago Stock Exchange, Inc., March 16, 2006
   
• Chicago Stock Exchange, Inc., August 23, 2005
   
• Chicago Stock Exchange, Inc., July 1, 2005
   
• Chicago Stock Exchange, Inc., October 6, 2004
   
• Clark Street Capital, Inc., August 20, 2003
   
• Class Relief for Exchange Traded Index Funds, October 24, 2006
   
• Class Relief for Fixed Income Exchange-Traded Funds, April 9, 2007
   
• Class Relief for Real Estate Investment Trust Share Redemption Programs, October 22, 2007
   
• Cleary Gottlieb Steen & Hamilton LLP, April 4, 2007
   
• Cleary, Gottlieb, Steen and Hamilton, March 24, 1997
   
• CNL Retirement Properties, Inc., May 19, 2004
   
• CNL Income Properties, Inc., March 11, 2004
   
• Cole Credit Property Trust II, April 11, 2007
   
• Combination Exchange-traded Funds, June 27, 2007
   
• CommandTRADE, LP, December 28, 2005
   
• Compagnie de Saint-Gobain, July 29, 2005
   
• Companhia Sidenúrgica Nacional, December 1, 2006
   
• Country Business, Inc., November 8, 2006
   
• CurrencyShares British Pound Sterling Trust, CurrencyShares Australian Dollar Trust, CurrencyShares Canadian Dollar Trust, CurrencyShares Mexican Peso Trust, CurrencyShares Swedish Krona Trust, and CurrencyShares Swiss Franc Trust, June 21, 2006
   
• D.A. Davidson & Co., June 10, 2005
   
• DB Commodity Index Tracking Fund and DB Commodity Services LLC, January 19, 2006
   
• DB Sechste Vermögensverwaltungsgesellschaft mbH for Stinnes AG, August 29, 2002
   
• Deutsche Bank AG (Exchange-traded Notes), October 12, 2007
   
• Digital Assurance Certification L.L.C., September 21, 2001
   
• Dilworth Capital Management, LLC, December 9, 2004
   
• Dinosaur Securities, LLC, June 23, 2006
   
• Direct Edge ECN, June 28, 2006
   
• Direct Edge ECN LLC, March 3, 2006
   
• Direct Edge ECN LLC Purchase of ATTAIN ECN, October 21, 2005
   
• Dividend Capital Total Realty Trust Inc., January 31, 2006
   
• Domestic Securities, Inc./ATTAIN ECN, October 21, 2005
   
• Dominion Bond Rating Service Limited, February 24, 2003
   
• Doughty Hanson & Co Investments L.P. Incorporated, September 12, 2006
   
• Edward D. Jones & Co., LP, August 1, 2003
   
• EDX London Limited and OM London Exchange Limited, October 29, 2003
   
• eEmployers Solutions, Inc., December 3, 2007
   
• EIG Mutual Holding Company, October 25, 2006
   
• The Equitable Life Assurance Society of the United States, October 20, 2004
   
• Eurex, May 3, 2006
   
• Eurex, July 27, 2005
   
• Euro Currency Trust, December 5, 2005
   
• Exemptive Relief for Exchange Traded Index Funds, August 17, 2001
   
• Exemptive Relief for Purchases Pursuant to Statutory Puts in Japanese Tender Offers, February 20, 2007
   
• Federative Republic of Brazil, January 12, 2004
   
• First Union Securities, Inc., June 22, 2001
   
• Fixed Income Clearing Corporation, May 23, 2007
   
• Foreign Fund, Inc., November 22, 2005
   
• Fortis SA/NV and Fortis NV, July 23, 2007
   
• Fresco Index Shares Funds, November 22, 2005
   
• Fresco Index Shares Funds, October 21, 2002
   
• Freshfields Bruckhaus Deringer, March 17, 2005
   
• Fresenius Medical Care AG, January 13, 2006
   
• FSC Securities Corporation, January 30, 2007
   
• Gallaher Group plc, December 15, 2006
   
• Gas Natural SDG,, November 18, 2005
   
• Gas Natural SDG, S.A., March 2, 2006
   
• GlobeNet Trading System, March 29, 2002
   
• Goldman, Sachs & Co., August 14, 2003
   
• Goldman, Sachs & Co., January 17, 2007
   
• Gondola Holdings plc, October 2, 2006
   
• GmbH for P & I Personal & Informatik Aktiengesellscaft, June 24, 2004
   
• Grupo Aeropotuario del Sureste, May 9, 2007
   
• Grupo Ferrovial, SA, March 23, 2006
   
• Hallmark Capital Corporation, June 11, 2007
   
• Hang Seng Index Options, September 26, 1995
   
• Harborside Securities, L.L.C., March 16, 2004
   
• Headway Corporate Staff Administration, August 14, 2002
   
• HealthShares Composite Exchange-Traded Fund, March 8, 2007
   
• Heat Beteiligungs III GmbH, December 20, 2006
   
• Herbruck, Alder & Co., May 3, 2002
   
• Hines Real Estate Investment Trust, Inc., September 7, 2006
   
• Hughes Supply, Inc., October 4, 2004
   
• Hurriyet Invest, January 22, 2007
   
• ING Senior Income Fund, October 9, 2003
   
• ING Senior Income Fund, October 17, 2002
   
• Inet ATS, Inc., October 21, 2005
   
• Inet ECN, January 6, 2005
   
• Inet ECN, April 2, 2004
   
• Inland Western Retail Real Estate Trust, Inc., August 25, 2003
   
• Instinet Group, LLC, June 8, 2005
   
• International Securities Exchange, LLC, December 7, 2006
   
• International Securities Exchange, Inc. , August 18, 2006
   
• International Securities Exchange, Inc., June 24, 2004
   
• Instinet Group, LLC, June 15, 2006
   
• Instinet Group, LLC, June 8, 2005
   
• Instinet Group, LLC, June 8, 2004
   
• Instinet Corporation, November 1, 2002
   
• Instinet Real-Time Trading Services, March 29, 2002
   
• Investacorp Group, Inc., September 26, 2003
   
• Investor AB, April 6, 2006
   
• iPath Securities — Exchange-Traded Notes, July 27, 2006
   
• iPath Securities — Index-Linked Securities, May 30, 2006
   
• iShares, August 4, 2005
   
• iShares COMEX Gold Trust, December 12, 2005
   
• iShares COMEX Gold Trust®, January 27, 2005
   
• iShares FTSE/Xinhua China 25 Index Fund, October 8, 2004
   
• iShares, Inc. MSCI Index Funds, November 22, 2005
   
• iShares Lehman Short Treasury Bond Fund, iShares Lehman 3-7 Year Treasury Bond Fund, iShares Lehman 10-20 Year Treasury Bond Fund, iShares Lehman 1-3 Year Credit Bond Fund, iShares Lehman Intermediate Credit Bond Fund, iShares Lehman Credit Bond Fund, iShares Lehman Intermediate Government/Credit Bond Fund, iShares Lehman Government/Credit Bond Fund and iShares Lehman MBS Fixed-Rate Bond Fund, December 22, 2006
   
• iShares Trust ("Trust"), iShares 1-3 Year Treasury Index Fund, iShares 7-10 Year Treasury Index Fund, iShares 20+ Year Treasury Index Fund, iShares Treasury Index Fund, iShares Government/Credit Index Fund, iShares Lehman Corporate Bond Fund, and iShares Goldman Sachs InvesTop Corporate Bond Fund, July 15, 2002
   
• The Island ECN, November 7, 2002
   
• Island System ECN, March 29, 2002
   
• ITG, Inc., April 22, 2005
   
• Japan Credit Rating Agency, Ltd., May 23, 2007
   
• JPMorgan Chase & Co., March 19, 2008
   
• J.P. Morgan Securities Inc., August 4, 2005
   
• Kentucky Public Emloyees' Deferred Compensation Authority, July 8, 2002
   
• Key Hospitality Acquisition Corporation, October 12, 2005
   
• Kingfisher Plc Offer for Castorama Dubois Investissements SCA, June 4, 2002
   
• Koninklijke Ahold N.V.'s Tender Offer for Shares and ADSs of Santa Isabel S.A., September 10, 2002
   
• Large Order Utility System, March 12, 2003
   
• Lend Lease Corporation Limited, October 15, 2004
   
• Lincoln National Life Insurance Company, August 22, 2003
   
• LiquidityHub Limited, November 28, 2007
   
• Loews Corporation, March 27, 2008
   
• Loffa Interactive Corp., Inc., September 12, 2003
   
• London International Financial Futures Exchange and London Traded Options Market, May 1, 1992
   
• London International Financial Futures and Options Exchange ("LIFFE"), March 3, 2000
   
• London International Financial Futures and Options Exchange ("LIFFE"), March 6, 1996
   
• London Traded Options Market, September 4, 1990
   
• John W. Loofbourrow Associates, Inc., June 29, 2006
   
• M Financial Holdings, Inc., May 8, 2006
   
• Macquarie Airports Copenhagen ApS for Kobenhavns Lufthavne A/S, October 24, 2005
   
• Macquarie Media Holdings Limited and Macquarie Media Trust, September 27, 2005
   
• MACRO Securities Depositor, LLC, December 22, 2006
   
• Mahaffy, Edward, March 6, 2003
   
• Maine Credit Unions, April 9, 2002
   
• Market Systems, Inc., June 22, 2001
   
• Market XT, August 8, 2002
   
• Market XT, March 29, 2002
   
• MEIF II, November 3, 2006
   
• Mercato Italiano dei Derivati - IDEM Equity and Index Options, September 1, 1998
   
• Mittal Steel Company N.V, June 22, 2006
   
• MONEP SA, October 26, 1998
   
• Morgan Keegan & Co., Inc., April 20, 2005
   
• Municipal Auction Rate Securities, March 14, 2008
   
• NASD, July 27, 2007
   
• NASD, Inc., June 26, 2006
   
• NASD, Inc., September 30, 2005
   
• NASD Regulation, Inc., September 10, 2004
   
• NASD Regulation, Inc., December 1, 1998
   
• NASD Regulation, Inc., re: Net Capital Relief Related to Certain Transactions in the Securities of Gluv Corp., June 16, 2005
   
• NASD Small Firm Advisory Board, September 21, 2001
   
• NASD Small Firms Advisory Board, June 22, 2001
   
• Nasdaq Stock Market, Inc., November 20, 2006
   
• Nasdaq Stock Market, Inc., January 26, 2005
   
• Nasdaq Stock Market, Inc., September 15, 2003
   
• Nasdaq Stock Market, Inc., November 13, 2002
   
• Nasdaq Stock Market, Inc., July 23, 2002
   
• Nasdaq Stock Market, Inc., September 21, 2001
   
• Nasdaq Stock Market, Inc., June 22, 2001
   
• Nasdaq Stock Market, Inc., March 12, 2001
   
• NASDAQ Stock Market LLC, August 1, 2006
   
• Nasdaq Stock Market LLC/The Portal® Market, July 31, 2007
   
• National Association of Securities Dealers, Inc., July 28, 2006
   
• National Association of Securities Dealers Order Audit Trail Rules 6950 through 6957, July 25, 2002
   
• National Futures Association, April 11, 2005
   
• National Futures Association, March 22, 2004
   
• National Stock Exchange, November 28, 2006
   
• National Stock Exchange, June 28, 2005
   
• National Stock Exchange, August 23, 2005
   
• National Stock Exchange, October 13, 2006
   
• New York Stock Exchange, Inc., February 11, 2005
   
• New York Stock Exchange, Inc., June 22, 2001
   
• New York Stock Exchange, Inc. and NASD Regulation, Inc., December 16, 2005
   
• NYSE Regulation, Inc., August 1, 2006
   
• NexTrade, Inc., April 1, 2004
   
• Nippon Katan, January 26, 2007
   
• NNN Healthcare/Office REIT, Inc., August 24, 2006
   
• Notice Registration Requirements, March 5, 2002
   
• NYSE Arca, Inc., January 31, 2007
   
• NYSE Arca, Inc., December 8, 2006
   
• Offer by CIBER (UK) for ECsoft Group plc, January 8, 2003
   
• Offer by Crucell N.V. for Shares of Berna Biotech A.G., January 5, 2006
   
• Old Mutual PLC for Försäkringsaktiebolaget Skandia, October 26, 2005
   
• Omgeo LLC, March 12, 2008
   
• Omgeo, LLC, December 14, 2006
   
• OneShare.com, January 16, 2002
   
• OnTrade, Inc., June 28, 2006
   
• OnTrade, Inc., January 11, 2006
   
• OnTrade, Inc., October 7, 2005
   
• OnTrade, Inc., April 2, 2004
   
• OnTrade, Inc./NexTrade ECN: Withdrawal of No-Action Position, January 11, 2006
   
• Orange Hospitality, Inc., September 9, 2004
   
• The Operating Committee of the Options Linkage Authority, May 30, 2003
   
• Osaka Securities Exchange, July 23, 1999
   
• Pacific Exchange, Inc., October 13, 2005
   
• Pacific Exchange, Inc., June 29, 2005
   
• Pacific Exchange, Inc., February 10, 2005
   
• Paladin Realty Income Properties, Inc., October 14, 2004
   
• The Pacific Exchange, Inc., April 30, 2004
   
• Pepsi Bottling Group, Inc., Bottling Group LLC and PBG Grupo Embotellador Hispano-Mexicano S.L., October 14, 2002
   
• Pfleiderer AG, January 12, 2007
   
• Philadelphia Stock Exchange, Inc., January 23, 2007
   
• Philadelphia Stock Exchange, Inc., November 9, 2006
   
• Philadelphia Stock Exchange, Inc., March 8, 2006
   
• PMI Group, Inc., July 6, 2006
   
• Popular High Grade Fixed-Income Fund, Inc., March 31, 2004
   
• Popular High Grade Fixed-Income Fund, September 10, 2002
   
• Popular Total Return Fund, Inc., July 1, 2003
   
• Portfolio System for Institutional Trading, April 23, 2003
   
• PowerShares Actively Managed ETF Trust, April 4, 2008
   
• PowerShares WilderHill Clean Energy Portfolio, March 2, 2005
   
• PowerShares Lux Nanotech Portfolio, October 25, 2005
   
• Professional Project Services, Inc., June 22, 2006
   
• Profit Eagle Limited, October 11, 2005
   
• ProShares Trust, January 24, 2007
   
• ProShares Trust, June 20, 2006
   
• ProSiebenSat.1 Media AG, January 30, 2007
   
• PT Media Nusantara Tbk, December 18, 2007
   
• R & H Management, L.L.C., April 25, 2005
   
• RAES System, May 16, 2002
   
• Recording Certain Broker-Dealer Expenses and Liabilities, July 11, 2003
   
• REDI System, March 29, 2002
   
• REITPlus, Inc., October 9, 2007
   
• Republic of Colombia, December 2, 2002
   
• Republic of Panama, January 16, 2004
   
• Reuters Group PLC and Thomson Reuters PLC, February 29, 2008
   
• Rizzoli Corriere della Sera Medical Group S.p.A. for Fila Holding S.p.A.., July 28, 2003
   
• Royal Bank of Scotland Group plc, July 23, 2007
   
• Royal Bank of Scotland Group plc, July 20, 2007
   
• Royal Bank of Scotland Group plc and ABN AMRO Holding N.V, April 21, 2008
   
• RWE Aktiengesellschaft, March 22, 2002
   
• Rydex ETF Trust, April 24, 2008
   
• Rydex ETF Trust, October 31, 2007
   
• SABMiller PLC, May 10, 2004
   
• Saipem SpA, July 29, 2002
   
• San Diego Chapter of the National Association of Investors Corporation, May 14, 2004
   
• Sanford C. Bernstein & Co., LLC, April 18, 2005
   
• SAP AG, December 5, 2007
   
• Schiff Hardin LLP, January 3, 2005
   
• Scottish Power plc, April 3, 2006
   
• Scripophily.com, August 14, 2002
   
• Securities Industry and Financial Markets Association, January 10, 2008
   
• Securities Industry and Financial Markets Association, July 2, 2007
   
• Securities Industry and Financial Markets Association, December 29, 2006
   
• Securities Industry Association, July 31, 2006
   
• Securities Industry Association, July 11, 2006
   
• Securities Industry Association, June 8, 2006
   
• Securities Industry Association, November 21, 2005
   
• Securities Industry Association, July 18, 2005
   
• Securities Industry Association, April 15, 2005
   
• Securities Industry Association, February 10, 2005
   
• Securities Industry Association, January 3, 2005
   
• Securities Industry Association, February 12, 2004
   
• Securities Industry Association, September 21, 2001
   
• Securities Industry Association, April 12, 2001
   
• Securities Industry Association, March 12, 2001
   
• Securities Industry Association, September 20, 1993; incoming letter
   
• Securities Industry Association and Futures Industry Association: No-Action Letter dated August 20, 2002
   
• SelectNet and SuperMontage, June 4, 2002
   
• Select Sector SPDRs, November 22, 2005
   
• Serono France Holding S.A., May 14, 2003
   
• Serono S.A. Offer for All Outstanding Ordinary Shares, ADSs, OCEANEs and Warrants of Genset, September 12, 2002
   
• Skadden, Arps, Slate, Meagher & Flom (UK) LLP, August 5, 2005
   
• Silver Young Trading LLC, June 25, 2003
   
• Société de Compensation des Marchés Conditionnels, June 17, 1996
   
• Songbird Acquisition Limited, April 22, 2004
   
• Spark Infrastructure Group, November 8, 2005
   
• The State of Oregon, October 4, 2005
   
• STATS ChipPAC Ltd., March 15, 2007
   
• streetTRACKS Gold Trust®, December 12, 2005
   
• streetTRACKS Gold Trust®, November 17, 2004
   
• streetTRACKS Series Trust, November 22, 2005
   
• Sullivan & Cromwell LLP, December 15, 2005
   
• Sulzer AG, March 2, 2007
   
• SunGard Institutional Brokerage, Inc., July 3, 2007
   
• Suzlon Energy Limited, February 9, 2007
   
• Swiss American Securities Inc. and Streetline, Inc., May 28, 2002
   
• TD Ameritrade, Inc., November 30, 2006
   
• TECO Energy, Inc., October 8, 2004
   
• TEOCO Corporation, October 20, 2005
   
• Telex-Chile, S.A., March 5, 2002
   
• Telstra Corporation Limited, October 5, 2006
   
• Texas Treasury Safekeeping Trust Company, June 16, 2004
   
• Tokyo Stock Exchange, Inc., November 20, 2006
   
• Tokyo Stock Exchange, Inc., November 15, 2002
   
• Tokyo Stock Exchange, July 27, 1999
   
• Toronto-Dominion Bank, December 21, 2007
   
• TPO Investments AS, September 18, 2006
   
• Trade Web, July 22, 2003
   
• Tradebook System, January 6, 2005
   
• Treasury FITR Exchange Traded Funds, November 1, 2002
   
• TriNet Group, Inc., February 17, 2006
   
• Track ECN, June 28, 2006
   
• Track ECN, October 21, 2005
   
• Track ECN, March 29, 2002
   
• Track ECN, April 1, 2004
   
• Track System, January 6, 2005
   
• Trading System Operated by OnTrade, Inc., January 6, 2005
   
• Twins Acquisition, Inc. Offer for IDS Group plc, June 25, 2003
   
• UBS AG, April 22, 2008
   
• UBS AG, July 13, 2006
   
• UBS AG, London Branch and J.P. Morgan Securities Limited, February 21, 2003
   
• UBS Financial Services Inc., May 24, 2007
   
• UCB SA, November 29, 2006
   
• UCB S.A., May 19, 2004
   
• United Development Funding III, LP, January 11, 2006
   
• United Technologies Corporation for Kidde plc, December 15, 2004
   
• UnumProvident Corporation, Inc., February 8, 2007
   
• Vanguard Emerging Markets Stock Index Fund, Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund, March 9, 2005
   
• Vie Institutional Services, February 12, 2003
   
• Vodafone Group Plc, March 3, 2003
   
• Votorantim Celulose e Papel S.A., June 18, 2002
   
• Wachovia Securities, April 30, 2007
   
• Wachovia Securities, August 15, 2006
   
• WEBS Index Series, November 22, 2005
   
• Wells Fargo Bank, N.A., July 29, 2004
   
• Wells Real Estate Investment Trust II, Inc., December 9, 2003
   
• Welton Street Investments, LLC, June 27, 2006
   
• William Blair & Company L.L.C., June 10, 2005
   
• WisdomTree Trust, June 15, 2006
   
• Wolff Juall Investments, LLC, May 17, 2005
   
• Woodstock Financial Group, Inc., January 14, 2008
   
• Woodstock Financial Group, Inc., November 7, 2007
   

• Rydex ETF Trust, April 24, 2008
   
• UBS AG, April 22, 2008
   
• Royal Bank of Scotland Group plc and ABN AMRO Holding N.V, April 21, 2008
   
• PowerShares Actively Managed ETF Trust, April 4, 2008
   
• Loews Corporation, March 27, 2008
   
• Bear Stearns Active ETF Trust, March 24, 2008
   
• JPMorgan Chase & Co., March 19, 2008
   
• Municipal Auction Rate Securities, March 14, 2008
   
• Omgeo LLC, March 12, 2008
   
• Reuters Group PLC and Thomson Reuters PLC, February 29, 2008
   
• Woodstock Financial Group, Inc., January 14, 2008
   
• Securities Industry and Financial Markets Association, January 10, 2008
   
• Bloomberg Tradebook LLC and Calyon Inc., December 31, 2007
   
• Toronto-Dominion Bank, December 21, 2007
   
• PT Media Nusantara Tbk, December 18, 2007
   
• SAP AG, December 5, 2007
   
• ADP TotalSource, Inc., December 4, 2007
   
• eEmployers Solutions, Inc., December 3, 2007
   
• LiquidityHub Limited, November 28, 2007
   
• Chicago Stock Exchange, Inc., November 15, 2007
   
• Woodstock Financial Group, Inc., November 7, 2007
   
• Rydex ETF Trust, October 31, 2007
   
• Class Relief for Real Estate Investment Trust Share Redemption Programs, October 22, 2007