Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Equity Options Obvious Error Rule, 73052-73053 [E7-24890]
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pwalker on PROD1PC71 with NOTICES
73052
Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 2007 / Notices
deems it necessary to set forth the
following specific measures.
Accordingly, with respect to the
PCAOB’s 2009 budget cycle, the PCAOB
will:
1. Develop a full and robust strategic
plan, preliminary budget and budget
justification. In particular:
a. The PCAOB will review its strategic
plan in connection with the description
of the minimum elements of such a plan
in the Commission’s budget approval
rule and the Commission’s comments
noted above. Consistent with the
foregoing, the PCAOB will submit a
draft to the Commission by February 29,
2008 of a revised strategic plan that
includes, among other things, (i)
quantifiable and measurable
performance targets, (ii) forecasts of
total headcount and budget summary
figures for the current and four
following years, (iii) a candid
assessment of the PCAOB’s strengths
and weaknesses, and (iv) a broader
discussion of environmental factors.
The Commission will provide views to
the PCAOB within two weeks after it
receives the new draft plan. Thereafter,
the PCAOB will adopt a new strategic
plan, reflecting such views, by March
31, 2008.
b. The PCAOB will further develop
and submit a more detailed preliminary
budget, budget justification and
performance budget, including
performance targets as required under
the budget rule.
2. Include more detailed information
about the state of the PCAOB’s IT
review and reorganization in its
quarterly reports to the Commission,
including plans and estimated and
actual costs for IT projects such as the
proposed annual and special reporting
system;
3. Implement annual and special
reporting in accordance with the Act
and provide an analysis of historical
and planned expenditures related to the
review and processing of registrations
and annual reports of public accounting
firms, including any associated
information technology costs, and
provide a timetable for recovering those
amounts from registered public
accounting firms as required by section
102(f) of the Act;
4. Not increase Chairman and Board
salaries for 2008 beyond the 3.3%
budgeted increase in the 2008 budget,
and Chairman and Board salaries shall
not be further linked to FASB Chairman
and Board salaries; and
5. Keep the Commission and its staff
informed of any internal or third-party
reviews of the PCAOB’s programs and
offices and the findings of any such
reviews. The Commission has
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determined that the PCAOB’s 2008
budget and annual accounting support
fee are consistent with section 109 of
the Act. Accordingly,
It is ordered, pursuant to section 109
of the Act, that the PCAOB budget and
annual accounting support fee for
calendar year 2008 are approved.
By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. E7–24909 Filed 12–21–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56977; File No. SR–CBOE–
2007–148]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend its Equity
Options Obvious Error Rule
December 18, 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 December
14, 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 Exchange.
CBOE has designated this proposal as
one concerned solely with the
administration of the Exchange under
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(3) thereunder,4 which
renders the proposal effective upon
filing with the Commission. 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 Exchange proposes to amend
CBOE Rule 6.25, which is the
Exchange’s rule applicable to the
nullification and adjustment of equity
options transactions. The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
www.cboe.com.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(2).
2 17
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
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. CBOE
has substantially 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
Under CBOE’s equity obvious error
rule, an Obvious Error Panel may be
formed to review decisions made by
Trading Officials under the rule. The
Obvious Error Panel is currently
comprised of at least one Trading Floor
Liaison (‘‘TFL’’) staff member and four
Exchange members. The purpose of the
proposed rule change is to replace the
reference to the ‘‘TFL’’ staff with a
reference to the ‘‘Exchange’s staff
designated to perform Obvious Error
Panel functions.’’ The Exchange is
proposing to make this change because
it recently determined to reassign the
Obvious Error Panel function from the
CBOE TFL group to a group of
designated Exchange personnel within
CBOE’s market control center. In trying
to accommodate the reassignment of
these particular TFL functions, the
Exchange believes a better approach
than specifically referencing a particular
Exchange staff group is to reference the
‘‘Exchange’s staff designated to
perform’’ the particular function. In this
way, the Exchange will have the
flexibility to delegate the authorities
under the obvious error rules to the
appropriate Exchange staff and will not
have to make a rule change merely, for
instance, to accommodate a future
change in the title of a staff group or to
accommodate the reassignment of the
authority to another staff group. The
Exchange believes that because the
authority exercised by Exchange staff is
delegated pursuant to Exchange rules,
the title of the particular group
exercising their authority should not be
relevant.5
5 The Exchange recently made a similar change
when it deleted specific references to TFLs in its
obvious error rules in order to accommodate the
reassignment of Trading Official functions under
the rules from the TFL group to a group of
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Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 2007 / Notices
2. Statutory Basis
IV. Solicitation of Comments
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act 6 in general, and
furthers the objectives of section 6(b)(5)
of the Act 7 in particular, in that it is
designed to promote just and equitable
principles of trade, foster cooperation
among persons engaged in facilitating
securities transactions, and protect
investors and the public interest. The
Exchange believes that this proposal
complies with the Act because the
Exchange is amending its rules to
update and/or generalize references to
certain Exchange staff in order to
facilitate compliance.
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:
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments with respect to the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
pwalker on PROD1PC71 with NOTICES
The foregoing proposed rule change
has been designated as concerned solely
with the administration of the Exchange
pursuant to section 19(b)(3)(A)(iii) of the
Act 8 and Rule 19b–4(f)(3) 9 thereunder.
Accordingly, the proposal will take
effect upon filing with the Commission.
At any time within 60 days of the filing
of such proposed rule change, the
Commission may summarily abrogate
such proposed 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.
designated Exchange personnel within CBOE’s
market control center. See Securities Exchange Act
Release No. 56494 (September 21, 2007), 72 FR
55264 (September 28, 2007) (SR–CBOE–2007–110).
Under the revised rules, ‘‘Trading Officials’’ now
means two Exchange members designated as Floor
Officials and one member of the Exchange’s staff
designated to perform Trading Official functions.
See CBOE Rules 6.25, Commentary 02 and 24.16,
Commentary 02.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
8 15 U.S.C. 78s(b)(3)(A)(iii).
9 17 CFR 240.19b–4(f)(3).
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17:33 Dec 21, 2007
Jkt 214001
• 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–2007–148 on the
subject line.
• 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–2007–148. 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, 100 F Street, NE., Washington,
DC 20549, 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 Exchange. 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–2007–148 and
should be submitted on or before
January 16, 2008.
PO 00000
Frm 00072
Fmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–24890 Filed 12–21–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
Paper Comments
The Exchange 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.
73053
Sfmt 4703
[Release No. 34–56905; File No. SR–
NASDAQ–2007–087]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Modify Fees
for Members Using the Nasdaq Market
Center
December 5, 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 October
31, 2007, The NASDAQ Stock Market
LLC (‘‘Nasdaq’’) 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.
The Exchange filed the proposed rule
change pursuant to section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder,4 which renders it effective
upon filing with the Commission. 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
Nasdaq proposes to modify pricing for
Nasdaq members using the Nasdaq
Market Center. Nasdaq will implement
this proposed rule change on November
1, 2007. The text of the proposed rule
change is available at the Exchange’s
Web site, the Exchange and the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
Nasdaq included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
10 17
CFR 200.30–3(a)(12).
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)(2).
1 15
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]]>Agencies
[Federal Register Volume 72, Number 246 (Wednesday, December 26, 2007)]
[Notices]
[Pages 73052-73053]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24890]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56977; File No. SR-CBOE-2007-148]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend its Equity Options Obvious Error Rule
December 18, 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 December 14, 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 Exchange. CBOE has designated this proposal as one
concerned solely with the administration of the Exchange under section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(3) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
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).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend CBOE Rule 6.25, which is the
Exchange's rule applicable to the nullification and adjustment of
equity options transactions. The text of the proposed rule change is
available at the Exchange, the Commission's Public Reference Room, and
https://www.cboe.com.
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. CBOE has substantially 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
Under CBOE's equity obvious error rule, an Obvious Error Panel may
be formed to review decisions made by Trading Officials under the rule.
The Obvious Error Panel is currently comprised of at least one Trading
Floor Liaison (``TFL'') staff member and four Exchange members. The
purpose of the proposed rule change is to replace the reference to the
``TFL'' staff with a reference to the ``Exchange's staff designated to
perform Obvious Error Panel functions.'' The Exchange is proposing to
make this change because it recently determined to reassign the Obvious
Error Panel function from the CBOE TFL group to a group of designated
Exchange personnel within CBOE's market control center. In trying to
accommodate the reassignment of these particular TFL functions, the
Exchange believes a better approach than specifically referencing a
particular Exchange staff group is to reference the ``Exchange's staff
designated to perform'' the particular function. In this way, the
Exchange will have the flexibility to delegate the authorities under
the obvious error rules to the appropriate Exchange staff and will not
have to make a rule change merely, for instance, to accommodate a
future change in the title of a staff group or to accommodate the
reassignment of the authority to another staff group. The Exchange
believes that because the authority exercised by Exchange staff is
delegated pursuant to Exchange rules, the title of the particular group
exercising their authority should not be relevant.\5\
---------------------------------------------------------------------------
\5\ The Exchange recently made a similar change when it deleted
specific references to TFLs in its obvious error rules in order to
accommodate the reassignment of Trading Official functions under the
rules from the TFL group to a group of designated Exchange personnel
within CBOE's market control center. See Securities Exchange Act
Release No. 56494 (September 21, 2007), 72 FR 55264 (September 28,
2007) (SR-CBOE-2007-110). Under the revised rules, ``Trading
Officials'' now means two Exchange members designated as Floor
Officials and one member of the Exchange's staff designated to
perform Trading Official functions. See CBOE Rules 6.25, Commentary
02 and 24.16, Commentary 02.
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[[Page 73053]]
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act \6\ in general, and furthers the
objectives of section 6(b)(5) of the Act \7\ in particular, in that it
is designed to promote just and equitable principles of trade, foster
cooperation among persons engaged in facilitating securities
transactions, and protect investors and the public interest. The
Exchange believes that this proposal complies with the Act because the
Exchange is amending its rules to update and/or generalize references
to certain Exchange staff in order to facilitate compliance.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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
The Exchange neither solicited nor received comments with respect
to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has been designated as concerned
solely with the administration of the Exchange pursuant to section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(3) \9\ thereunder.
Accordingly, the proposal will take effect upon filing with the
Commission. At any time within 60 days of the filing of such proposed
rule change, the Commission may summarily abrogate such proposed 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(3).
---------------------------------------------------------------------------
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-2007-148 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-2007-148. 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, 100 F Street, NE.,
Washington, DC 20549, 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 Exchange. 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-2007-148 and should be
submitted on or before January 16, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-24890 Filed 12-21-07; 8:45 am]
BILLING CODE 8011-01-P
