Submission for OMB Review; Comment Request, 58340-58341 [E7-20215]

Download as PDF 58340 Federal Register / Vol. 72, No. 198 / Monday, October 15, 2007 / Notices For premium payment years beginning in: The required interest rate is: December 2006 ........................ January 2007 ............................ February 2007 .......................... March 2007 ............................... April 2007 ................................. May 2007 .................................. June 2007 ................................. July 2007 .................................. August 2007 ............................. September 2007 ....................... October 2007 ............................ 4.90 5.75 5.89 5.85 5.84 5.98 6.01 6.32 6.33 6.33 6.23 Late Premium Payments; Underpayments and Overpayments of Single-Employer Plan Termination Liability Section 4007(b) of ERISA and section 4007.7(a) of the PBGC’s regulation on Payment of Premiums (29 CFR part 4007) require the payment of interest on late premium payments at the rate established under section 6601 of the Internal Revenue Code. Similarly, § 4062.7 of the PBGC’s regulation on Liability for Termination of SingleEmployer Plans (29 CFR part 4062) requires that interest be charged or credited at the section 6601 rate on underpayments and overpayments of employer liability under section 4062 of ERISA. The section 6601 rate is established periodically (currently quarterly) by the Internal Revenue Service. The rate applicable to the fourth quarter (October through December) of 2007, as announced by the IRS, is 8 percent. The following table lists the late payment interest rates for premiums and employer liability for the specified time periods: From— Through— sroberts on PROD1PC70 with NOTICES 7/1/01 ................ 1/1/02 ................ 1/1/03 ................ 10/1/03 .............. 4/1/04 ................ 7/1/04 ................ 10/1/04 .............. 4/1/05 ................ 10/1/05 .............. 7/1/06 ................ Interest rate (percent) 12/31/01 12/31/02 9/30/03 3/31/04 6/30/04 9/30/04 3/31/05 9/30/05 6/30/06 12/31/07 7 6 5 4 5 4 5 6 7 8 Underpayments and Overpayments of Multiemployer Withdrawal Liability Section 4219.32(b) of the PBGC’s regulation on Notice, Collection, and Redetermination of Withdrawal Liability (29 CFR part 4219) specifies the rate at which a multiemployer plan is to charge or credit interest on underpayments and overpayments of withdrawal liability under section 4219 VerDate Aug<31>2005 21:55 Oct 12, 2007 Jkt 214001 of ERISA unless an applicable plan provision provides otherwise. For interest accruing during any calendar quarter, the specified rate is the average quoted prime rate on short-term commercial loans for the fifteenth day (or the next business day if the fifteenth day is not a business day) of the month preceding the beginning of the quarter, as reported by the Board of Governors of the Federal Reserve System in Statistical Release H.15 (‘‘Selected Interest Rates’’). The rate for the fourth quarter (October through December) of 2007 (i.e., the rate reported for September 17, 2007) is 8.25 percent. The following table lists the withdrawal liability underpayment and overpayment interest rates for the specified time periods: From— Through— 7/1/01 ................ 10/1/01 .............. 1/1/02 ................ 1/1/03 ................ 10/1/03 .............. 10/1/04 .............. 1/1/05 ................ 4/1/05 ................ 7/1/05 ................ 10/1/05 .............. 1/1/06 ................ 4/1/06 ................ 7/1/06 ................ 10/1/06 .............. Interest rate (percent) 9/30/01 12/31/01 12/31/02 9/30/03 9/30/04 12/31/04 3/31/05 6/30/05 9/30/05 12/31/05 3/31/06 6/30/06 9/30/06 12/31/07 7.00 6.50 4.75 4.25 4.00 4.50 5.25 5.50 6.00 6.50 7.25 7.50 8.00 8.25 Multiemployer Plan Valuations Following Mass Withdrawal The PBGC’s regulation on Duties of Plan Sponsor Following Mass Withdrawal (29 CFR part 4281) prescribes the use of interest assumptions under the PBGC’s regulation on Allocation of Assets in Single-Employer Plans (29 CFR part 4044). The interest assumptions applicable to valuation dates in November 2007 under part 4044 are contained in an amendment to part 4044 published elsewhere in today’s Federal Register. Tables showing the assumptions applicable to prior periods are codified in appendix B to 29 CFR part 4044. Issued in Washington, DC, on this 10th day of October 2007. Vincent K. Snowbarger, Deputy Director, Pension Benefit Guaranty Corporation. [FR Doc. E7–20268 Filed 10–12–07; 8:45 am] BILLING CODE 7709–01–P PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 13e–3 (Schedule 13E–3), OMB Control No. 3235–0007, SEC File No. 270–1. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget the request for extension of the previously approved collection of information discussed below. Rule 13e–3 and Schedule 13E–3 (17 CFR 240.13e–3 and 240.13e–100)—Rule 13e–3 prescribes the filing, disclosure and dissemination requirements in connection with a going private transaction by an issuer or an affiliate. Schedule 13E–3 provides shareholders and the marketplace with information concerning going private transactions that is important in determining how to respond to such transactions. The information collected permits verification of compliance with securities laws requirements and ensures the public availability and dissemination of the collected information. This information is made available to the public. Information provided on Schedule 13E–3 is mandatory. We estimate that Schedule 13E–3 is filed by approximately 600 issuers annually and it takes approximately 137.25 hours per response. We estimate that 25% of the 137.25 hours per response is prepared by the filer for a total annual reporting burden of 20,588 hours. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Written comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or send an email to: Alexander_T._Hunt@omb.eop.gov.; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and E:\FR\FM\15OCN1.SGM 15OCN1 Federal Register / Vol. 72, No. 198 / Monday, October 15, 2007 / Notices Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. SECURITIES AND EXCHANGE COMMISSION Dated: October 4, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–20215 Filed 10–12–07; 8:45 am] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, Relating to a Delta Hedging Exemption From Equity Options Position Limits BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION October 9, 2007. sroberts on PROD1PC70 with NOTICES Sunshine Act Meeting Federal Register Citation of Previous Announcement: [72 FR 57615, October 10, 2007]. Status: Closed Meeting. Place: 100 F Street, NE., Washington, DC. Announcement of Additional Meeting: Additional Meeting (Week of October 9, 2007). The Commission has scheduled a Closed Meeting for Wednesday, October 10, 2007 at 4:30 p.m. Commissioners, the Secretary to the Commission, and the General Counsel of the Commission will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, exemption 5 U.S.C. 552b(c)(5), (7), (9)(ii) and (10) and 17 CFR 200.402(a)(5), (7), (9)(ii) and (10) permit consideration of the scheduled matter at the Closed Meeting. Commissioner Atkins, as duty officer, voted to consider the item listed for the closed meeting in closed session, and determined that no earlier notice thereof was possible. The subject matter of the Closed Meeting scheduled for Wednesday, October 10, 2007 will be: Institution and settlement of injunctive actions. 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: October 10, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–20281 Filed 10–12–07; 8:45 am] BILLING CODE 8011–01–P VerDate Aug<31>2005 21:55 Oct 12, 2007 Jkt 214001 [Release No. 34–56631; File No. CBOE– 2007–99] 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 August 21, 2007, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposed rule change as described in Items I, II, and III below, which Items have been prepared substantially by the CBOE. The Exchange filed Amendment No. 1 to the proposal on October 4, 2007.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to create a delta hedging exemption from equity options position limits. The text of the proposed rule change is available at CBOE, the Commission’s Public Reference Room, and http:// www.cboe.com/legal. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, CBOE 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. CBOE has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 replaces and supersedes the previously filed proposed rule change in its entirety. 2 17 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 58341 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose All options traded on the Exchange are subject to position and exercise limits, as provided under CBOE Rules 4.11 and 4.12.4 Position limits are imposed, generally, to maintain fair and orderly markets for options and other securities by limiting the amount of control one or more affiliated persons or entities may have over one particular options class or the security or securities that underlie that options class. Exchange rules also contain various hedge exemptions to allow certain hedged positions in excess of the applicable standard position limit.5 Over the years, CBOE has increased the size of options position and exercise limits, as well as the size and scope of available hedge exemptions to the applicable position limits.6 These hedge exemptions generally require a one-toone hedge (i.e., one stock option contract must be hedged by the number of shares underlying the options contract, typically 100 shares). In practice, however, many firms do not hedge their options positions in this manner. Instead, these firms engage in what is commonly known as ‘‘delta hedging.’’ Delta hedging varies the number of shares of the underlying security used to hedge an options position based upon the relative sensitivity of the value of the option contract to a change in the price of the underlying security.7 Delta hedging is a widely accepted method for risk management. Delta Neutral-Based Equity Hedge Exemption. The Exchange proposes to adopt a new exemption from equity options position and exercise limits 8 for positions held by CBOE members and certain of their affiliates that are ‘‘delta 4 Position limits for index options are provided separately under CBOE Rules 24.4, 24.4A, and 24.4B. 5 See Interpretation and Policy .04 to Rule 4.11. 6 See, e.g., Securities Exchange Act Release No. 55176 (January 25, 2007), 72 FR 4741 (February 1, 2007) (SR–CBOE–2007–08); Securities Exchange Act Release No. 51244 (February 23, 2005), 70 FR 10010 (March 1, 2005) (SR–CBOE–2003–30); and Securities Exchange Act Release No. 45603 (March 20, 2002), 67 FR 14751 (March 27, 2002) (SR– CBOE–00–12). 7 To illustrate, a stock option contract with a delta of .5 will move $0.50 for every $1.00 move in the underlying stock. 8 Rule 4.12 establishes exercise limits for an option at the same level as the option’s position limit under Rule 4.11; therefore, no changes are proposed to Rule 4.12. E:\FR\FM\15OCN1.SGM 15OCN1

Agencies

[Federal Register Volume 72, Number 198 (Monday, October 15, 2007)]
[Notices]
[Pages 58340-58341]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20215]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
    Rule 13e-3 (Schedule 13E-3), OMB Control No. 3235-0007, SEC File 
No. 270-1.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission 
(``Commission'') has submitted to the Office of Management and Budget 
the request for extension of the previously approved collection of 
information discussed below.
    Rule 13e-3 and Schedule 13E-3 (17 CFR 240.13e-3 and 240.13e-100)--
Rule 13e-3 prescribes the filing, disclosure and dissemination 
requirements in connection with a going private transaction by an 
issuer or an affiliate. Schedule 13E-3 provides shareholders and the 
marketplace with information concerning going private transactions that 
is important in determining how to respond to such transactions. The 
information collected permits verification of compliance with 
securities laws requirements and ensures the public availability and 
dissemination of the collected information. This information is made 
available to the public. Information provided on Schedule 13E-3 is 
mandatory. We estimate that Schedule 13E-3 is filed by approximately 
600 issuers annually and it takes approximately 137.25 hours per 
response. We estimate that 25% of the 137.25 hours per response is 
prepared by the filer for a total annual reporting burden of 20,588 
hours.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid control number.
    Written comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503 or send an e-mail to: Alexander--T.--
Hunt@omb.eop.gov.; and (ii) R. Corey Booth, Director/Chief Information 
Officer, Securities and

[[Page 58341]]

Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, 
Alexandria, VA 22312; or send an e-mail to: PRA--Mailbox@sec.gov. 
Comments must be submitted to OMB within 30 days of this notice.

    Dated: October 4, 2007.
Nancy M. Morris,
Secretary.
 [FR Doc. E7-20215 Filed 10-12-07; 8:45 am]
BILLING CODE 8011-01-P