Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change Relating to the Approval of Fund Shares Deposited as Margin, 14844-14845 [E7-5753]
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14844
Federal Register / Vol. 72, No. 60 / Thursday, March 29, 2007 / Notices
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change 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 the NYSE. 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–NYSE–2007–06 and should
be submitted on or before April 19,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5816 Filed 3–28–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55504; File No. SR–OCC–
2006–15]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Filing of a Proposed Rule Change
Relating to the Approval of Fund
Shares Deposited as Margin
March 21, 2007.
jlentini on PROD1PC65 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
August 31, 2006, The Options Clearing
Corporation (‘‘OCC’’) 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 primarily by OCC. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule change would
eliminate the requirement that the
11 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Aug<31>2005
17:20 Mar 28, 2007
Membership/Risk Committee approve
classes of fund shares (e.g., ETFs) for
deposit as margin.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
OCC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. OCC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.2
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
The proposed rule change would
delete Interpretation and Policy .11 to
Rule 604, Forms of Margin, which
requires that OCC’s Membership/Risk
Committee approve classes of fund
shares for deposit as margin. Committee
approval was deemed to be a prudent
safeguard when OCC began accepting
fund shares for deposit in 1996 because
fund shares had only been trading since
1993, and OCC was not as familiar with
them as it is today. In 1997, OCC began
clearing options on fund shares. Since
then, fund shares have become a widely
used investment tool, and OCC has
developed a broad understanding of the
fund share marketplace. In light of these
developments, OCC believes that fund
shares should be accepted as margin
under the same conditions that apply to
the deposit of other equity securities
without the need for Committee
approval.
The proposed change is consistent
with Section 17A of the Act because it
eliminates an unwarranted approval
process for the acceptance of fund
shares as a form of margin asset while
employing the same safeguards that
apply to the deposit of other equity
securities as margin in order to assure
the safeguarding of securities which are
in OCC’s custody or control. The
proposed rule change is not inconsistent
with the existing rules of OCC,
including any other rules proposed to be
amended.
2 The Commission has modified parts of these
statements.
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(B) Self-Regulatory Organization’s
Statement on Burden on Competition
OCC does not believe that the
proposed rule change would impose any
burden on competition.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were not and are
not intended to be solicited with respect
to the proposed rule change, and none
have been received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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 self-regulatory
organization consents, the Commission
will:
(A) By order approve the proposed
rule change or
(B) Institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change 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
Number SR–OCC–2006–15 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–OCC–2006–15. 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
E:\FR\FM\29MRN1.SGM
29MRN1
Federal Register / Vol. 72, No. 60 / Thursday, March 29, 2007 / Notices
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change 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
Section, 100 F Street, NE., Washington,
DC 20549. Copies of such filing also will
be available for inspection and copying
at the principal office of OCC and on
OCC’s Web site at https://
www.optionsclearing.com. 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–OCC–2006–15 and should
be submitted on or before April 19,
2007.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.3
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–5753 Filed 3–28–07; 8:45 am]
BILLING CODE 8010–01–P
SOCIAL SECURITY ADMINISTRATION
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages that will require
clearance by the Office of Management
and Budget (OMB) in compliance with
Pub. L. 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. The information collection
packages that may be included in this
notice are for new information
collections, approval of existing
information collections, revisions to
OMB-approved information collections,
and extensions (no change) of OMBapproved information collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and on ways
to minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Written
comments and recommendations
regarding the information collection(s)
should be submitted to the OMB Desk
Officer and the SSA Reports Clearance
Officer. The information can be mailed,
faxed or e-mailed to the individuals at
the addresses and fax numbers listed
below:
(OMB): Office of Management and
Budget, Attn: Desk Officer for SSA,
Fax: 202–395–6974, E-mail address:
OIRA_Submission@omb.eop.gov.
(SSA): Social Security Administration,
DCFAM, Attn: Reports Clearance
Officer, 1333 Annex Building, 6401
Security Blvd., Baltimore, MD 21235,
Fax: 410–965–6400, E-mail address:
OPLM.RCO@ssa.gov.
I. The information collections listed
below are pending at SSA and will be
submitted to OMB within 60 days from
the date of this notice. Therefore, your
comments should be submitted to SSA
within 60 days from the date of this
publication. You can obtain copies of
the collection instruments by calling the
SSA Reports Clearance Officer at 410–
965–0454 or by writing to the address
listed above.
Number of
respondents
Reason for completing form
14845
1. Certificate of Responsibility for
Welfare and Care of Child Not in
Applicant’s Custody—20 CFR 404.330,
404.339–341 and 404.348–404.349—
0960–0019. SSA uses the information to
determine if a non-custodial parent who
is filing for Spouse’s or Mother’s and
Father’s benefits based on having a
child in care meets the in-care
requirements. Respondents are
applicants for Spouse and/or Mother’s
and Father’s benefits.
Type of Request: Extension of an
OMB-approved information collection.
Number of Respondents: 14,000.
Frequency of Response: 1.
Average Burden per Response: 10
minutes.
Estimated Annual Burden: 2,333
hours.
2. Request for Waiver of Overpayment
Recovery or Change in Repayment
Notice—20 CFR 404.502–.513, 404.515
and 20 CFR 416.550–.570, 416.572—
0960–0037. The SSA–632–BK is used by
a beneficiary/claimant to request a
waiver of recovery of an overpayment
by explaining why they feel they are
without fault in causing the
overpayment and to provide financial
circumstances so that SSA can
determine whether recovery would
cause financial hardship. It is also used
to request a different rate of recovery. In
those cases the financial information
must be provided for SSA to determine
how much the overpaid person can
afford to repay each month.
Respondents are overpaid beneficiaries
or claimants who are requesting a
waiver of recovery for overpayment or a
lesser rate of withholding.
Type of Request: Extension of an
OMB-approved information collection.
Number of Respondents: 500,000.
Estimated Annual Burden: 875,000
hours.
Frequency of
response
Average
burden per
response
Total annual
burden
400,000
100,000
1
1
2 hours ........
45 minutes ..
800,000
75,000
Totals .............................................................................................................
jlentini on PROD1PC65 with NOTICES
Request Waiver ....................................................................................................
Request Change ...................................................................................................
500,000
........................
.....................
875,000
3. Supplemental Statement Regarding
Farming Activities of Person Living
Outside the U.S.A.—0960–0103. Form
SSA–7163A is used whenever a
beneficiary or claimant reports work on
a farm outside the United States (U.S.).
It is designed to obtain sufficient
information to determine whether or not
3 17
foreign work deductions are applicable
to the claimant’s benefits. Respondents
are beneficiaries or claimants for Social
Security benefits who are engaged in
farming activity outside the U.S.
Type of Request: Extension of an
OMB-approved information collection.
Number of Respondents: 1,000.
Frequency of Response: 1.
Average Burden per Response: 1 hour.
Estimated Annual Burden: 1,000
hours.
4. Disability Report—Appeal—20 CFR
404.1512, 416.912, 404.916(c),
416.1416(c), 405 Subpart C, 422.140—
0960–0144. The SSA–3441–BK is used
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
17:20 Mar 28, 2007
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PO 00000
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E:\FR\FM\29MRN1.SGM
29MRN1
]]>Agencies
[Federal Register Volume 72, Number 60 (Thursday, March 29, 2007)]
[Notices]
[Pages 14844-14845]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5753]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55504; File No. SR-OCC-2006-15]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of a Proposed Rule Change Relating to the Approval of
Fund Shares Deposited as Margin
March 21, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 31, 2006, The
Options Clearing Corporation (``OCC'') 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
primarily by OCC. 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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change would eliminate the requirement that the
Membership/Risk Committee approve classes of fund shares (e.g., ETFs)
for deposit as margin.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such
statements.\2\
---------------------------------------------------------------------------
\2\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The proposed rule change would delete Interpretation and Policy .11
to Rule 604, Forms of Margin, which requires that OCC's Membership/Risk
Committee approve classes of fund shares for deposit as margin.
Committee approval was deemed to be a prudent safeguard when OCC began
accepting fund shares for deposit in 1996 because fund shares had only
been trading since 1993, and OCC was not as familiar with them as it is
today. In 1997, OCC began clearing options on fund shares. Since then,
fund shares have become a widely used investment tool, and OCC has
developed a broad understanding of the fund share marketplace. In light
of these developments, OCC believes that fund shares should be accepted
as margin under the same conditions that apply to the deposit of other
equity securities without the need for Committee approval.
The proposed change is consistent with Section 17A of the Act
because it eliminates an unwarranted approval process for the
acceptance of fund shares as a form of margin asset while employing the
same safeguards that apply to the deposit of other equity securities as
margin in order to assure the safeguarding of securities which are in
OCC's custody or control. The proposed rule change is not inconsistent
with the existing rules of OCC, including any other rules proposed to
be amended.
(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others
Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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 self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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 Number SR-OCC-2006-15 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-OCC-2006-15. 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
[[Page 14845]]
amendments, all written statements with respect to the proposed rule
change that are filed with the Commission, and all written
communications relating to the proposed rule change 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 Section, 100 F Street, NE., Washington, DC 20549. Copies of
such filing also will be available for inspection and copying at the
principal office of OCC and on OCC's Web site at https://
www.optionsclearing.com. 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-OCC-2006-15 and should be submitted on or before April 19, 2007.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\3\
---------------------------------------------------------------------------
\3\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-5753 Filed 3-28-07; 8:45 am]
BILLING CODE 8010-01-P
