http://www.platts.com/Metals/Resources/
London (Platts)--25Jan2006
The Barclays Global Investors silver trust fund has entered the final
furlong of its approval process but has not yet been fully approved, a source
close to the company told Platts Wednesday.
"The [US] Securities and Exchange Commission has approved it for
filing--this means that there is roughly a three-week period where they'll
look at it further and then either approve it or not, as the case may be," the
source said.
On the SEC website the Jan 17 filing reads: "Pursuant to Section 19(b)(1)
of the Securities Exchange Act of 1934 ('Act')1 and Rule 19b-4 thereunder,2
notice is hereby given that on June 30, 2005, the American Stock Exchange LLC
('Amex' or 'Exchange') 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 prepared by the Amex. On September 15, 2005, the
Exchange submitted Amendment No. 1 to the proposed rule change.3 The
Commission is publishing this notice to solicit comments on the proposed rule
change, as amended, from interested persons."
The filing continues: "The Exchange proposes to list and trade the
iShares Silver Trust (the 'Silver Trust' or 'Trust') shares that represent
beneficial ownership interests in the net assets of the Trust consisting
primarily of silver bullion ('silver'). The Exchange states that the Trust
will not be actively managed, and therefore, a holder of Silver Shares will
not be hedged to protect against the price volatility of the underlying
silver."
The SEC also noted that the timeline for the final decision was as
follows: "Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to be
appropriate and publishes its reasons for so finding, or (ii) as to which the
Amex consents, the Commission will: A. by order approve such proposed rule
change, as amended; or B. institute proceedings to determine whether the
proposed rule change, as amended, should be disapproved."
Silver shot higher in whippy London trade Tuesday, several traders told
Platts, on the back of rumors that the iShares silver trust had been given
final approval by the SEC. Silver was bid at 937cts/oz at 1008 GMT, up on its
daily fix Tuesday at 900cts/oz.
