Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to an Administrative CBOE Billing Rule, 37282-37283 [E7-13165]
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Federal Register / Vol. 72, No. 130 / Monday, July 9, 2007 / Notices
rule.2 On April 3, 2007, the Board
issued a concept release to solicit
comment on the possible effects on a
firm’s independence of providing tax
services to a person covered by Rule
3523 during the portion of the audit
period that precedes the beginning of
the professional engagement period, and
other practical consequences of
applying the restrictions imposed by
Rule 3523 to that portion of the audit
period. The Board has determined to
further adjust the implementation
schedule for Rule 3523 in order to allow
sufficient time for consideration of
commenters’ views. Specifically, the
Board will not apply Rule 3523 to tax
services provided on or before July 31,
2007, when those services are provided
during the audit period and are
completed before the professional
engagement period begins.
No other aspect of the Board’s rules
on independence and tax services is
affected by this extension. As of
November 1, 2006, registered firms have
been required to comply with Rule 3523
as it relates to tax services provided
while they serve as auditor of record for
an audit client—that is, during the
‘‘professional engagement period.’’ In
addition, with one exception, all other
PCAOB rules concerning independence,
tax services, and contingent fees that
were adopted by the Board on July 26,
2005 and approved by the SEC on April
19, 2006 are now in effect.3
(b) Statutory Basis
The statutory basis for the proposed
rule change is Title I of the Act.
B. Board’s Statement on Burden on
Competition
The Board does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
rwilkins on PROD1PC63 with NOTICES
C. Board’s Statement on Comments on
the Proposed Rule Received From
Members, Participants or Others
The Board did not solicit or receive
written comments on the proposed rule
change.
2 See PCAOB Release No. 2006–006 (October 31,
2006), at 2. Specifically, the Board stated that Rule
3523 will not apply to tax services provided on or
before April 30, 2007, when those services are
provided during the audit period and are completed
before the professional engagement period begins.
3 With respect to tax services provided to audit
clients whose audit committees pre-approve tax
services pursuant to policies and procedures, Rule
3524 will not apply to any such tax service that is
begun by April 20, 2007. See PCAOB Release No.
2006–001 (March 28, 2006), at 2–3, PCAOB Release
No. 2005–020 (November 22, 2005) at 2–3, and
PCAOB Release No. 2005–14 (July 26, 2005)
at 47–48.
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16:59 Jul 06, 2007
Jkt 211001
III. Date of Effectiveness of the
Proposed Rule and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Securities Exchange Act of 1934
(as incorporated, by reference, into
Section 107(b)(4) of the Act) and
paragraph (f) of Rule 19b–4 thereunder.
At any time within 60 days of the filing
of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule is
consistent with the requirements of
Title I of the Act. Comments may be
submitted by any of the following
methods:
available for inspection and copying at
the principal office of the PCAOB. All
comments received will be posted
without change; we do 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 PCAOB–
2007–01 and should be submitted on or
before July 30, 2007.
By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. E7–13136 Filed 7–6–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–55984; File No. SR–CBOE–
2007–53]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/pcaob.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number PCAOB–2007–01 on the subject
line.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change, as Modified by
Amendment No. 1 Thereto, Relating to
an Administrative CBOE Billing Rule
June 29, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Paper Comments
notice is hereby given that on May 29,
2007, the Chicago Board Options
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Exchange, Incorporated (‘‘CBOE’’ or
Securities and Exchange Commission,
‘‘Exchange’’) filed with the Securities
100 F Street, NE., Washington, DC
and Exchange Commission
20549–1090.
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
All submissions should refer to File
Number PCAOB–2007–01. This file
III below, which Items have been
number should be included on the
substantially prepared by the CBOE. On
subject line if e-mail is used. To help the June 28, 2007, the Exchange filed
Commission process and review your
Amendment No. 1 to the proposed rule
comments more efficiently, please use
change. The Commission is publishing
only one method. The Commission will this notice to solicit comments on the
post all comments on the Commission’s proposed rule change, as amended, from
Internet Web site (https://www.sec.gov/
interested persons.
rules/pcaob.shtml). Copies of the
I. Self-Regulatory Organization’s
submission, all subsequent
Statement of the Terms of Substance of
amendments, all written statements
the Proposed Rule Change
with respect to the proposed rule
change that are filed with the
The Exchange proposes to make a
Commission, and all written
change to an administrative CBOE
communications relating to the
billing rule. The text of the proposed
proposed rule change between the
Commission and any person, other than rule change is available at the CBOE, on
the Exchange’s Web site at https://
those that may be withheld from the
www.cboe.org/legal, and in the
public in accordance with the
Commission’s Public Reference Room.
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
1 15 U.S.C. 78s(b)(1).
the Commission’s Public Reference
2 17 CFR 240.19b–4.
Room. Copies of such filing also will be
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
E:\FR\FM\09JYN1.SGM
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Federal Register / Vol. 72, No. 130 / Monday, July 9, 2007 / Notices
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange 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. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
rwilkins on PROD1PC63 with NOTICES
1. Purpose
CBOE Rule 3.23 requires all CBOE
members, other than lessor members, to
designate a CBOE Clearing Member for
the payment of CBOE invoices by means
of the Exchange’s Integrated Billing
System (‘‘IBS’’). From time to time,
vendors have requested the Exchange to
act as their billing agent for vendor
invoices for Exchange-related services
provided to members. The Exchange
would like to enter into arrangements
with vendors under which the Exchange
would collect payment from members
for vendor invoices for Exchange-related
services.3 Some of these arrangements
may involve payment by the vendor to
the Exchange for performing this billing
service, and some may involve no
payment to the Exchange as mutually
agreed by the vendor and the Exchange.
The Exchange proposes to amend
Rule 3.23 to make explicit that the
Exchange may collect such vendor fees
that are designated by the Exchange
from members via the IBS. The
proposed rule change would benefit
Exchange members in that it would
allow members to pay vendor invoices
for Exchange-related services along with
all of their Exchange invoices via the
IBS instead of having to receive and pay
multiple invoices. The proposed rule
change would also benefit vendors in
that it would relieve vendors of the
responsibility for individually billing
3 The Exchange represents that, in the Exchange’s
written agreement with each vendor for which the
Exchange will collect payments via IBS, the
Exchange will require the vendor to include a
provision in the vendor’s written agreement with
each member from which payments via IBS will be
collected in which the member authorizes CBOE to
assess and collect from the member through CBOE’s
billing procedures and automated systems, on
behalf of the vendor, the fees assessed by the
vendor to the member for the vendor’s service. See
Amendment No. 1 to the proposed rule change.
VerDate Aug<31>2005
16:59 Jul 06, 2007
Jkt 211001
and collecting from each of their CBOE
member customers.
2. Statutory Basis
The proposed rule change is an
administrative rule change that is
designed to facilitate the efficiency of
Exchange operations and to ease
administrative burdens on Exchange
members by improving CBOE billing
procedures. Therefore, the Exchange
believes that the proposed rule change
is consistent with the requirements
provided under Section 6(b)(5) 4 of the
Act that the rules of an exchange be
designed to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system and, in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change is
concerned solely with the
administration of the Exchange, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 5 and
subparagraph (f)(3) of Rule 19b–4 6
thereunder. At any time within 60 days
of the filing of the proposed rule change,
the Commission may summarily
abrogate such rule change if it appears
to the Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.7
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
U.S.C. 78(f)(b)(5).
5 15 U.S.C. 78s(b)(3)(A).
6 17 CFR 240.19b–4(f)(3).
7 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on June 28, 2007, the date
on which CBOE submitted Amendment No. 1. See
15 U.S.C. 78s(b)(3)(C).
PO 00000
4 15
Frm 00102
Fmt 4703
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37283
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–CBOE–2007–53 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–CBOE–2007–53. 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 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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for
inspection and copying at the principal
office of the CBOE. 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–CBOE–
2007–53 and should be submitted on or
before July 30, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–13165 Filed 7–6–07; 8:45 am]
BILLING CODE 8010–01–P
8 17
E:\FR\FM\09JYN1.SGM
CFR 200.30–3(a)(12).
09JYN1
]]>Agencies
[Federal Register Volume 72, Number 130 (Monday, July 9, 2007)]
[Notices]
[Pages 37282-37283]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13165]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55984; File No. SR-CBOE-2007-53]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change, as Modified by Amendment No. 1 Thereto, Relating to an
Administrative CBOE Billing Rule
June 29, 2007.
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 May 29, 2007, the Chicago Board Options Exchange, Incorporated
(``CBOE'' 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 CBOE. On June 28, 2007, the Exchange filed Amendment
No. 1 to the proposed rule change. The Commission is publishing this
notice to solicit comments on the proposed rule change, as amended,
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to make a change to an administrative CBOE
billing rule. The text of the proposed rule change is available at the
CBOE, on the Exchange's Web site at https://www.cboe.org/legal, and in
the Commission's Public Reference Room.
[[Page 37283]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
CBOE Rule 3.23 requires all CBOE members, other than lessor
members, to designate a CBOE Clearing Member for the payment of CBOE
invoices by means of the Exchange's Integrated Billing System
(``IBS''). From time to time, vendors have requested the Exchange to
act as their billing agent for vendor invoices for Exchange-related
services provided to members. The Exchange would like to enter into
arrangements with vendors under which the Exchange would collect
payment from members for vendor invoices for Exchange-related
services.\3\ Some of these arrangements may involve payment by the
vendor to the Exchange for performing this billing service, and some
may involve no payment to the Exchange as mutually agreed by the vendor
and the Exchange.
---------------------------------------------------------------------------
\3\ The Exchange represents that, in the Exchange's written
agreement with each vendor for which the Exchange will collect
payments via IBS, the Exchange will require the vendor to include a
provision in the vendor's written agreement with each member from
which payments via IBS will be collected in which the member
authorizes CBOE to assess and collect from the member through CBOE's
billing procedures and automated systems, on behalf of the vendor,
the fees assessed by the vendor to the member for the vendor's
service. See Amendment No. 1 to the proposed rule change.
---------------------------------------------------------------------------
The Exchange proposes to amend Rule 3.23 to make explicit that the
Exchange may collect such vendor fees that are designated by the
Exchange from members via the IBS. The proposed rule change would
benefit Exchange members in that it would allow members to pay vendor
invoices for Exchange-related services along with all of their Exchange
invoices via the IBS instead of having to receive and pay multiple
invoices. The proposed rule change would also benefit vendors in that
it would relieve vendors of the responsibility for individually billing
and collecting from each of their CBOE member customers.
2. Statutory Basis
The proposed rule change is an administrative rule change that is
designed to facilitate the efficiency of Exchange operations and to
ease administrative burdens on Exchange members by improving CBOE
billing procedures. Therefore, the Exchange believes that the proposed
rule change is consistent with the requirements provided under Section
6(b)(5) \4\ of the Act that the rules of an exchange be designed to
remove impediments to and perfect the mechanism of a free and open
market and a national market system and, in general, to protect
investors and the public interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78(f)(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change is concerned solely with the
administration of the Exchange, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \5\ and subparagraph (f)(3) of Rule 19b-
4 \6\ thereunder. At any time within 60 days of the filing of the
proposed rule change, the Commission may summarily abrogate such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.\7\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(3).
\7\ For purposes of calculating the 60-day period within which
the Commission may summarily abrogate the proposed rule change under
Section 19(b)(3)(C) of the Act, the Commission considers the period
to commence on June 28, 2007, the date on which CBOE submitted
Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-CBOE-2007-53 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-CBOE-2007-53. 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 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 on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing also will be available for inspection and copying at the
principal office of the CBOE. 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-CBOE-2007-53 and should be submitted on or before July
30, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E7-13165 Filed 7-6-07; 8:45 am]
BILLING CODE 8010-01-P
