SEC News Digest

COMMISSION ANNOUNCEMENTS

Peter Kiernan, Deputy Director of Legislative and Intergovernmental Affairs, Retires From SEC After 40 Years of Service

The Securities and Exchange Commission announced today that Peter S. Kiernan, Deputy Director of the Office of Legislative and Intergovernmental Affairs, is retiring from public service after more than 40 years working at the agency where he was a key liaison between the Commission and the Congress.

"Peter's career at the SEC has spanned more than half of the agency's lifetime, and he will be sorely missed," said William Schulz, Director of the Office of Legislative and Intergovernmental Affairs. "He has been the backbone of our office for decades, and the Commission and the Congress have benefited enormously from his extensive knowledge of the securities laws and the legislative process, his deep understanding of all facets of the Commission's activities, and his sound judgment and good humor."

Mr. Kiernan said, "I will miss the Commission and the many friends both here and on the Congressional staffs who have been so helpful to me. I will be following the Commission's work from a bit more of a distance now, but I know that the SEC and my colleagues here, past and present, will never be totally out of my thoughts after all of my time here."

The SEC's Office of Legislative and Intergovernmental Affairs carefully monitors ongoing legislative activities and initiatives on Capitol Hill that affect the Commission and its mission, and works with Members of Congress and their staffs to achieve legislative policy goals. Mr. Kiernan served under 14 SEC chairmen and 17 directors of legislative affairs during his tenure at the agency. Today is his final day of work at the SEC.

Mr. Kiernan has worked his entire professional career at the SEC, joining the agency as a staff attorney in the now-Division of Investment Management directly upon graduation from the University of Virginia Law School in 1968. He later became the Legal Assistant to then-Commissioner Hugh F. Owens, and then an Assistant Director in the Division of Investment Management before becoming a Legislative Counsel to the Commission in 1976. He has worked in the legislative affairs area ever since, most recently as Deputy Director.

Mr. Kiernan graduated from Yale College in 1963 and Harvard Business School in 1965. (Press Rel. 2008-308)

INVESTMENT COMPANY ACT RELEASES

Banc of America Funds Trust, et al.

An order has been issued on an application filed by Banc of America Funds Trust, et al. under Sections 6(c) and 17(b) of the Investment Company Act for an exemption from Section 17(a) of the Act. The order permits certain registered investment companies (Funds) to engage in principal transactions involving taxable money market instruments and repurchase agreements with a broker-dealer that is an affiliated person of an affiliated person of the Funds. (Rel. IC-28573 - December 29)

Franklin Templeton Fund Allocator Series, et al.

A notice has been issued giving interested persons until Jan. 23, 2009, to request a hearing on an application filed by Franklin Templeton Fund Allocator Series, et al. for an order under Section 17(d) of the Investment Company Act and Rule 17d-1 under the Act to permit certain joint transactions. The order would permit certain registered open-end investment companies in the same group of investment companies to enter into a special servicing agreement. (Rel. IC-28574 - December 29)

RiverSource Life Insurance Company, et al.

An order has been issued pursuant to Section 26(c) and 17(b) of the Investment Company Act on an application filed by RiverSource Life Insurance Company, et al. (Applicants). The order permits the Applicants to substitute shares of certain registered management investment companies for shares of other registered management investment companies. The order also exempts them from Section 17(a) of the Act to the extent necessary to permit certain in-kind transactions in connection with the substitutions. (Rel. IC-28575 - December 30)

SELF-REGULATORY ORGANIZATIONS

Approval of Proposed Rule Change

The Commission approved a proposed rule change (SR-NYSEArca-2008-118) submitted under Rule 19b-4 of the Securities Exchange Act of 1934 by the NYSE Arca amending its Schedule of Fees and Charges for Exchange Services. Publication is expected in the Federal Register during the week of December 28. (Rel. 34-59161)

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by NYSE Arca implementing fee change (SR-NYSEArca-2008-141) 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 28. (Rel. 34-59167)

A proposed rule change filed by the New York Stock Exchange to amend Rule 48.10 to extend the temporary provisions of the rule relating to the ability of the Exchange to declare an extreme market volatility condition and suspend certain Exchange requirements relating to the closing of securities at the Exchange (SR-NYSE-2008-139) 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 28. (Rel. 34-59168)

A proposed rule change filed by NYSE Alternext US to amend Rule 48.10 to extend the temporary provisions of the rule relating to the ability of the Exchange to declare an extreme market volatility condition and suspend certain Exchange requirements relating to the closing of securities at the Exchange (SR-NYSEALTR-2008-18) 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 December 28. (Rel. 34-59169)

A proposed rule change (SR-NYSEALTR-2008-19) filed by NYSE Alternext US to amend certain regulatory fees applicable to its member organizations 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 28. (Rel. 34-59170)

A proposed rule change filed by the International Securities Exchange (SR-ISE-2008-98) relating to fee changes 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 December 28. (Rel. 34-59171)

A proposed rule change filed by the Chicago Board Options Exchange (SR CBOE-2008 133) to temporarily permit option contract trades for less than $1 per contract has become immediately effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(6) thereunder. Publication is expected in the Federal Register during the week of December 28. (Rel. 34-59188)

Accelerated Approval of Proposed Rule Change

The Commission issued notice of filing of Amendment No. 1 to a proposed rule change (SR-NYSEArca-2008-125) and granted accelerated approval of such proposed rule change, as modified by Amendment No. 1 thereto, submitted by NYSE Arca, through its wholly owned subsidiary, NYSE Arca Equities, Inc., pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to the listing of units of the United States Short Oil Fund. Publication is expected in the Federal Register during the week of December 28. (Rel. 34-59173)

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http://www.sec.gov/news/digest/2008/dig123108.htm