Justia Agencies And Commissions Securities And Exchange Commission Options Price Reporting Authority; Notice of Filing of Proposed Amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information To Provide That Classes of Foreign Currency Options Newly Introduced for Trading by Any of the Parties to the Plan Be Treated Under the Provision “Special Temporary Provision for Newly Traded FCO Securities” During a Temporary Period Ending on December 31, 2007, 71597-71598 [E6-20964]

Options Price Reporting Authority; Notice of Filing of Proposed Amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information To Provide That Classes of Foreign Currency Options Newly Introduced for Trading by Any of the Parties to the Plan Be Treated Under the Provision “Special Temporary Provision for Newly Traded FCO Securities” During a Temporary Period Ending on December 31, 2007, 71597-71598 [E6-20964]

Download as PDF Federal Register / Vol. 71, No. 237 / Monday, December 11, 2006 / Notices SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice mstockstill on PROD1PC61 with NOTICES Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Pub. L. 94–409, that the Securities and Exchange Commission will hold the following meeting during the week of December 11, 2006: An Open Meeting will be held on Wednesday, December 13, 2006 at 10 a.m. in Room L–002, the Auditorium. The subject matters of the Open Meeting scheduled for Wednesday, December 13, 2006, will be: 1. The Commission will consider whether to propose, jointly with the Board of Governors of the Federal Reserve System, new rules under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) to implement the Gramm-Leach-Bliley Act bank exceptions to the definition of ‘‘broker.’’ The Commission will also consider extending the temporary exemption of banks from the definition of ‘‘broker.’’ In addition, the Commission will consider whether to propose additional related rules, including rules exempting banks from the definition of ‘‘dealer’’ under the Exchange Act. 2. The Commission will consider whether to repropose a new rule that would enable a foreign private issuer meeting specified conditions to terminate permanently its Exchange Act registration and reporting obligations under Section 12(g) regarding a class of equity securities and its Section 15(d) reporting obligations regarding a class of equity or debt securities. The Commission will also consider whether to repropose a rule amendment that would apply the exemption from Exchange Act registration under Rule 12g3–2(b) to a class of equity securities immediately upon the effective date of the issuer’s termination of registration and reporting obligations under the reproposed new exit rule. 3. The Commission will consider whether to propose interpretive guidance to assist the management of an Exchange Act reporting company, other than an investment company registered under Section 8 of the Investment Company Act of 1940, in planning and performing its annual evaluation of internal control over financial reporting. The Commission will also consider whether to propose amendments to Rules 13a–15 and 15d–15 under the Exchange Act that would make it clear that a company choosing to perform an evaluation of internal control in accordance with the interpretive guidance would satisfy the annual evaluation required by those rules. 4. The Commission will consider whether to adopt amendments to the proxy rules under Section 14 of the Exchange Act. The amendments would provide an alternative for Internet-based disclosure. Companies conducting proxy solicitations could satisfy the Rule 14a–3 requirement to furnish proxy materials by posting those proxy materials on an Internet Web site and providing shareholders with notice of the Internet VerDate Aug<31>2005 15:15 Dec 08, 2006 Jkt 211001 availability of the materials. Other soliciting persons also would be permitted to follow the Internet alternative. The Commission also will consider whether to propose mandating Internet disclosure of proxy materials. 5. The Commission will consider whether to propose a new antifraud rule under Section 206 of the Investment Advisers Act of 1940. The Commission will also consider whether to propose a new rule under the Securities Act of 1933 to revise the criteria for natural persons to be considered ‘‘accredited investors’’ for purposes of investing in certain privately offered investment vehicles. 6. The Commission will consider whether to re-open the comment period on proposed Rule 0–1(a)(7) under the Investment Company Act of 1940 to enhance the independence and effectiveness of investment company directors, and in connection therewith, to publish economic analyses of mutual fund governance and independence issues by the Office of Economic Analysis. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: December 6, 2006. Nancy M. Morris, Secretary. [FR Doc. 06–9638 Filed 12–7–06; 10:48 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54870; File No. SR–OPRA– 2006–02] Options Price Reporting Authority; Notice of Filing of Proposed Amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information To Provide That Classes of Foreign Currency Options Newly Introduced for Trading by Any of the Parties to the Plan Be Treated Under the Provision ‘‘Special Temporary Provision for Newly Traded FCO Securities’’ During a Temporary Period Ending on December 31, 2007 December 5, 2006. Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 thereunder,2 notice is hereby given that on November 17, 2006, the Options Price Reporting Authority (‘‘OPRA’’) submitted to the Securities and Exchange Commission 1 15 2 17 PO 00000 U.S.C. 78k–1. CFR 242.608. Frm 00095 Fmt 4703 Sfmt 4703 71597 (‘‘Commission’’) an amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information (‘‘OPRA Plan’’).3 The proposed OPRA Plan amendment would provide that classes of Foreign Currency Options (‘‘FCO Securities’’ or ‘‘FCOs’’), newly introduced for trading in the securities markets maintained by any of the parties to the OPRA Plan, will be treated by OPRA under the provision ‘‘Special Temporary Provision for Newly Traded FCO Securities’’ during a temporary period ending on December 31, 2007. The Commission is publishing this notice to solicit comments from interested persons on the proposed OPRA Plan amendment. I. Description and Purpose of the Amendment Under the terms of the OPRA Plan, subject to the exception described in Section VIII(c)(iii), FCOs traded on any of the exchanges that are parties to the Plan are ordinarily assigned to a separate ‘‘FCO service’’ rather than OPRA’s ‘‘basic service’’ to which equity and index options are assigned. As a result, subject to the exception described below, separate fees and charges are imposed for access to the FCO service, and all revenues and expenses pertaining to the FCO service are allocated to a separate ‘‘FCO Accounting Center’’ established under Section VIII(c) of the OPRA Plan. To date, FCOs have been traded only on the Phlx. In late 2005, at the request of the Phlx and with the Commission’s approval, OPRA amended Section VIII(c) of the ORPA Plan by adding a new subparagraph (iii) thereto, which provides that during a temporary period ending on December 31, 2007, new classes of FCO Securities introduced for trading on Phlx (such classes are defined as ‘‘New FCO Securities’’) will be included in OPRA’s basic service and not in its FCO service.4 The effect of the amendment is to treat New FCO 3 The OPRA Plan is a national market system plan approved by the Commission pursuant to Section 11A of the Act and Rule 608 thereunder (formerly Rule 11Aa3–2). See Securities Exchange Act Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31, 1981). The full text of the OPRA Plan is available at https:// www.opradata.com. The OPRA Plan provides for the collection and dissemination of last sale and quotation information on options that are traded on the participant exchanges. The six participants to the OPRA Plan are the American Stock Exchange LLC, the Boston Stock Exchange, Inc., the Chicago Board Options Exchange, Inc., the International Securities Exchange, Inc. (‘‘ISE’’), the NYSE Arca, Inc., and the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’). 4 See Securities Exchange Act Release No. 52901 (December 6, 2005), 70 FR 74061 (December 14, 2005). E:\FR\FM\11DEN1.SGM 11DEN1 71598 Federal Register / Vol. 71, No. 237 / Monday, December 11, 2006 / Notices mstockstill on PROD1PC61 with NOTICES Securities as if they were equity options and not FCO Securities, with the result that during the period when subparagraph (c)(iii) of Section VIII is in effect, access to market information pertaining to New FCO Securities is not subject to the separate fees and charges that apply to OPRA’s FCO service, and revenues and expenses pertaining to market information pertaining to New FCO Securities are not allocated to OPRA’s FCO accounting center, but instead are allocated to its basic accounting center. The ISE recently advised OPRA that it intends to commence trading in certain classes of FCOs, and it represented that none of the FCOs it intends to trade will be fungible with classes of FCOs traded on the Phlx. Since by its terms Section VIII(c)(iii) of the OPRA Plan currently applies only to new classes of FCOs that are listed on the Phlx, in response to the ISE’s request, OPRA now proposes to amend that Section to make it apply to all classes of FCOs newly listed by any exchange that is a party to the OPRA Plan while that Section remains in effect. This will assure that all classes of newly listed FCOs will be treated the same by being included in OPRA’s basic service, rather than in its FCO service regardless of the exchange on which those classes are traded. The text of the proposed amendment to the OPRA Plan is set forth below. Text additions are in italics; deletions are bracketed. * * * * * VIII. Financial Matters (a)–(b) No Change. (c) FCO Accounting Center Costs and Revenues (i)–(ii) No Change. (iii) Special Temporary Provision for Newly Traded FCO Securities. This paragraph (c)(iii) applies only to FCO Securities that are introduced for trading in the securities markets maintained by any of the parties to the Plan [on the Philadelphia Stock Exchange (‘‘PHLX’’)] during the period while this paragraph is in effect. FCO Securities introduced for trading by any of the parties [PHLX] during this period are referred to as ‘‘New FCO Securities.’’ Notwithstanding anything in the Plan to the contrary, effective during a temporary period ending on December 31, 2007, or on such earlier date as may be established by the party or parties trading New FCO Securities, written notice of which shall be given to the other parties (‘‘period of effectiveness’’), access to information and facilities pertaining to New FCO Securities shall not be subject to the separate fees and VerDate Aug<31>2005 15:15 Dec 08, 2006 Jkt 211001 charges that would otherwise apply to such access pertaining to FCO Securities, but instead shall be subject to those fees and charges that apply to Eligible Securities other than FCO Options and Index Options. During the period of effectiveness, revenues derived from New FCO Securities shall be allocated to OPRA’s basic accounting center and shall be further allocated among the parties as described in section VIII(a)(iv), and trades in New FCO Securities shall be treated as trades in Eligible Securities other than FCO Options and Index Options and not as trades in FCO Securities. At the close of business on the last day of the period of effectiveness, this section VIII(c)(iii) shall automatically terminate and cease to be of any further effect. * * * * * II. Implementation of the OPRA Plan Amendment The proposed amendment will be effective upon its approval by the Commission pursuant to Section 11A of the Act 5 and Rule 608 thereunder.6 III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed OPRA Plan amendment is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–OPRA–2006–02 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–OPRA–2006–02. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed plan 5 15 6 17 PO 00000 U.S.C. 78k–1. CFR 242.608. Frm 00096 Fmt 4703 Sfmt 4703 amendment that are filed with the Commission, and all written communications relating to the proposed plan amendment between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of OPRA. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–OPRA–2006–02 and should be submitted on or before January 2, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. [FR Doc. E6–20964 Filed 12–8–06; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–54866; File No. SR–Amex– 2006–111] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Odd-Lot Rejections by Away Markets in the AEMI-One Pilot December 4, 2006. 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 November 29, 2006, 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 substantially prepared by the Exchange. Amex has filed this proposal pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(5) thereunder,4 which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit 7 17 CFR 200.30–3(a)(29). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(5). 1 15 E:\FR\FM\11DEN1.SGM 11DEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 71, Number 237 (Monday, December 11, 2006)]
[Notices]
[Pages 71597-71598]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20964]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54870; File No. SR-OPRA-2006-02]


Options Price Reporting Authority; Notice of Filing of Proposed 
Amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information To Provide That Classes of Foreign 
Currency Options Newly Introduced for Trading by Any of the Parties to 
the Plan Be Treated Under the Provision ``Special Temporary Provision 
for Newly Traded FCO Securities'' During a Temporary Period Ending on 
December 31, 2007

December 5, 2006.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on November 17, 2006, the Options Price Reporting Authority (``OPRA'') 
submitted to the Securities and Exchange Commission (``Commission'') an 
amendment to the Plan for Reporting of Consolidated Options Last Sale 
Reports and Quotation Information (``OPRA Plan'').\3\ The proposed OPRA 
Plan amendment would provide that classes of Foreign Currency Options 
(``FCO Securities'' or ``FCOs''), newly introduced for trading in the 
securities markets maintained by any of the parties to the OPRA Plan, 
will be treated by OPRA under the provision ``Special Temporary 
Provision for Newly Traded FCO Securities'' during a temporary period 
ending on December 31, 2007. The Commission is publishing this notice 
to solicit comments from interested persons on the proposed OPRA Plan 
amendment.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The OPRA Plan is a national market system plan approved by 
the Commission pursuant to Section 11A of the Act and Rule 608 
thereunder (formerly Rule 11Aa3-2). See Securities Exchange Act 
Release No. 17638 (March 18, 1981), 22 S.E.C. Docket 484 (March 31, 
1981). The full text of the OPRA Plan is available at https://
www.opradata.com.
    The OPRA Plan provides for the collection and dissemination of 
last sale and quotation information on options that are traded on 
the participant exchanges. The six participants to the OPRA Plan are 
the American Stock Exchange LLC, the Boston Stock Exchange, Inc., 
the Chicago Board Options Exchange, Inc., the International 
Securities Exchange, Inc. (``ISE''), the NYSE Arca, Inc., and the 
Philadelphia Stock Exchange, Inc. (``Phlx'').
---------------------------------------------------------------------------

I. Description and Purpose of the Amendment

    Under the terms of the OPRA Plan, subject to the exception 
described in Section VIII(c)(iii), FCOs traded on any of the exchanges 
that are parties to the Plan are ordinarily assigned to a separate 
``FCO service'' rather than OPRA's ``basic service'' to which equity 
and index options are assigned. As a result, subject to the exception 
described below, separate fees and charges are imposed for access to 
the FCO service, and all revenues and expenses pertaining to the FCO 
service are allocated to a separate ``FCO Accounting Center'' 
established under Section VIII(c) of the OPRA Plan.
    To date, FCOs have been traded only on the Phlx. In late 2005, at 
the request of the Phlx and with the Commission's approval, OPRA 
amended Section VIII(c) of the ORPA Plan by adding a new subparagraph 
(iii) thereto, which provides that during a temporary period ending on 
December 31, 2007, new classes of FCO Securities introduced for trading 
on Phlx (such classes are defined as ``New FCO Securities'') will be 
included in OPRA's basic service and not in its FCO service.\4\ The 
effect of the amendment is to treat New FCO

[[Page 71598]]

Securities as if they were equity options and not FCO Securities, with 
the result that during the period when subparagraph (c)(iii) of Section 
VIII is in effect, access to market information pertaining to New FCO 
Securities is not subject to the separate fees and charges that apply 
to OPRA's FCO service, and revenues and expenses pertaining to market 
information pertaining to New FCO Securities are not allocated to 
OPRA's FCO accounting center, but instead are allocated to its basic 
accounting center.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 52901 (December 6, 
2005), 70 FR 74061 (December 14, 2005).
---------------------------------------------------------------------------

    The ISE recently advised OPRA that it intends to commence trading 
in certain classes of FCOs, and it represented that none of the FCOs it 
intends to trade will be fungible with classes of FCOs traded on the 
Phlx. Since by its terms Section VIII(c)(iii) of the OPRA Plan 
currently applies only to new classes of FCOs that are listed on the 
Phlx, in response to the ISE's request, OPRA now proposes to amend that 
Section to make it apply to all classes of FCOs newly listed by any 
exchange that is a party to the OPRA Plan while that Section remains in 
effect. This will assure that all classes of newly listed FCOs will be 
treated the same by being included in OPRA's basic service, rather than 
in its FCO service regardless of the exchange on which those classes 
are traded.
    The text of the proposed amendment to the OPRA Plan is set forth 
below. Text additions are in italics; deletions are bracketed.
* * * * *

VIII. Financial Matters

    (a)-(b) No Change.
    (c) FCO Accounting Center Costs and Revenues
    (i)-(ii) No Change.
    (iii) Special Temporary Provision for Newly Traded FCO Securities.
    This paragraph (c)(iii) applies only to FCO Securities that are 
introduced for trading in the securities markets maintained by any of 
the parties to the Plan [on the Philadelphia Stock Exchange (``PHLX'')] 
during the period while this paragraph is in effect. FCO Securities 
introduced for trading by any of the parties [PHLX] during this period 
are referred to as ``New FCO Securities.''
    Notwithstanding anything in the Plan to the contrary, effective 
during a temporary period ending on December 31, 2007, or on such 
earlier date as may be established by the party or parties trading New 
FCO Securities, written notice of which shall be given to the other 
parties (``period of effectiveness''), access to information and 
facilities pertaining to New FCO Securities shall not be subject to the 
separate fees and charges that would otherwise apply to such access 
pertaining to FCO Securities, but instead shall be subject to those 
fees and charges that apply to Eligible Securities other than FCO 
Options and Index Options. During the period of effectiveness, revenues 
derived from New FCO Securities shall be allocated to OPRA's basic 
accounting center and shall be further allocated among the parties as 
described in section VIII(a)(iv), and trades in New FCO Securities 
shall be treated as trades in Eligible Securities other than FCO 
Options and Index Options and not as trades in FCO Securities. At the 
close of business on the last day of the period of effectiveness, this 
section VIII(c)(iii) shall automatically terminate and cease to be of 
any further effect.
* * * * *

II. Implementation of the OPRA Plan Amendment

    The proposed amendment will be effective upon its approval by the 
Commission pursuant to Section 11A of the Act \5\ and Rule 608 
thereunder.\6\
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78k-1.
    \6\ 17 CFR 242.608.
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed OPRA 
Plan amendment is consistent with the Act. Comments may be submitted by 
any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. SR-OPRA-2006-02 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-OPRA-2006-02. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed plan amendment that are 
filed with the Commission, and all written communications relating to 
the proposed plan amendment between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room. Copies of such 
filing also will be available for inspection and copying at the 
principal office of OPRA. All comments received will be posted without 
change; the Commission does not edit personal identifying information 
from submissions. You should submit only information that you wish to 
make available publicly. All submissions should refer to File Number 
SR-OPRA-2006-02 and should be submitted on or before January 2, 2007.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(29).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E6-20964 Filed 12-8-06; 8:45 am]
BILLING CODE 8011-01-P

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