Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Order Approving Proposed Rule Change, as Modified by Amendment No. 2 Thereto, Relating to the Imposition of Fines for Minor Rule Violations, 10075-10076 [E8-3444]
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10075
Federal Register / Vol. 73, No. 37 / Monday, February 25, 2008 / Notices
Annual
responses
Form No.
Time
(min)
Burden
(hrs)
By mail ............................................................................................................................................................
UI–38 .....................................................................................................................................................................
ID–8k ......................................................................................................................................................................
500
3,750
3,100
10
11.5
5
83
719
258
Total .........................................................................................................................................................
7,600
............
1,085
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E8–3474 Filed 2–22–08; 8:45 am]
BILLING CODE 7905–01–P
RAILROAD RETIREMENT BOARD
Proposed Collection; Comment
Request
rfrederick on PROD1PC67 with NOTICES
SUMMARY: In accordance with the
requirement of Section 3506(c)(2)(A) of
the Paperwork Reduction Act of 1995
which provides opportunity for public
comment on new or revised data
collections, the Railroad Retirement
Board (RRB) will publish periodic
summaries of proposed data collections.
Comments are invited on: (a) Whether
the proposed information collection is
necessary for the proper performance of
the functions of the agency, including
whether the information has practical
utility; (b) the accuracy of the RRB’s
estimate of the burden of the collection
of the information; (c) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
Title and Purpose of Information
Collection:
Application for Reimbursement for
Hospital Insurance Services in Canada;
OMB 3220–0086. Under section 7(d) of
the Railroad Retirement Act (RRA), the
RRB administers the Medicare program
for persons covered by the railroad
VerDate Aug<31>2005
14:34 Feb 22, 2008
Jkt 214001
retirement system. Payments are
provided under section 7(d)4) of the
RRA for medical services furnished in
Canada to the same extent as for those
furnished in the United States.
However, payments for the services
furnished in Canada are made from the
Railroad Retirement Account rather
than from the Federal Hospital
Insurance Trust Fund, with the
payments limited to the amount by
which insurance benefits under
Medicare exceed the amounts payable
under Canadian Provincial plans.
Form AA–104, Application for
Canadian Hospital Benefits Under
Medicare—Part A, is provided by the
RRB for use in claiming benefits for
covered hospital services received in
Canada. The form obtains information
needed to determine eligibility for, and
the amount of any reimbursement due
the applicant. One response is requested
of each respondent. Completion is
required to obtain a benefit.
The RRB proposes non-burden
impacting formatting and editorial
changes to Form AA–104.
Number of respondents: 35
Estimated Completion Time: 10
minutes
Estimated annual burden hours: 6
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E8–3475 Filed 2–22–08; 8:45 am]
BILLING CODE 7905–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57340; File No. SR–BSE–
2007–54]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Order Approving
Proposed Rule Change, as Modified by
Amendment No. 2 Thereto, Relating to
the Imposition of Fines for Minor Rule
Violations
February 15, 2008.
On December 20, 2007, the Boston
Stock Exchange, Inc. (‘‘BSE’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend the Boston Options Exchange
(‘‘BOX’’) rules related to Contrary
Exercise Advice violations. On January
7, 2008, the Exchange filed Amendment
No. 1 to the proposed rule change.3 On
January 10, 2008, the Exchange
withdrew Amendment No. 1 and
simultaneously filed Amendment No. 2
to the proposed rule change.4 The
proposed rule change, as modified by
Amendment No. 1, was published for
comment in the Federal Register on
January 14, 2008.5 The Commission
received no comments regarding the
proposal. This order approves the
proposed rule change as modified by
Amendment No. 2.
The Exchange proposes to increase
and strengthen the sanctions imposed
under its Minor Rule Violation Plan
(‘‘MRVP’’) on any member who fails to
submit to the Exchange in a timely
manner pursuant to BOX Rule Chapter
X, Section 2(f), ‘‘Contrary Exercise
Advice Violations’’ or exercise
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 revised the proposed rule
text to clarify how fines for third and subsequent
offenses are imposed.
4 Amendment No. 2 retained the clarification
(submitted in Amendment No. 1) regarding how
fines for third and subsequent offenses are imposed
and corrected a page numbering error. Therefore,
Amendment No. 2 was technical in nature and
therefore does not need to be published for
comment.
5 See Securities Exchange Act Release No. 57108
(January 7, 2008), 73 FR 2294.
2 17
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10076
Federal Register / Vol. 73, No. 37 / Monday, February 25, 2008 / Notices
instructions relating to the exercise or
nonexercise of a noncash-settled equity
option. The Exchange believes that
increasing the fine levels specified with
respect to both individual members and
member organizations and lengthening
the surveillance period from a 12-month
period to a rolling 24-month period will
serve as an effective deterrent to such
violative conduct.6
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.7 In particular, the
Commission believes that the proposal
is consistent with Section 6(b)(5) of the
Act,8 which requires that the rules of an
exchange be designed to promote just
and equitable principles of trade, to
facilitate transactions in securities, 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. The Commission further
believes that the Exchange’s proposal to
increase the fine levels imposed on
individuals and member organizations
who fail to submit Advice Cancel or
exercise instructions in a timely manner
is consistent with Sections 6(b)(1) and
6(b)(6) of the Act,9 which require that
the rules of an exchange enforce
compliance with, and provide
appropriate discipline for, violations of
Commission and Exchange rules. In
addition, the Commission finds that the
proposal is consistent with the public
interest, the protection of investors, or
otherwise in furtherance of the purposes
of the Act, as required by Rule 19d–
1(c)(2) under the Act,10 which governs
minor rule violation plans. The
Commission believes that the proposed
rule change should strengthen the
Exchange’s ability to carry out its
oversight and enforcement
responsibilities as an SRO in cases
rfrederick on PROD1PC67 with NOTICES
6 In
addition, as a member of the Intermarket
Surveillance Group, the Exchange, as well as
certain other self-regulatory organizations (‘‘SROs’’),
executed and filed on October 29, 2007 with the
Commission, a final version of an Agreement
pursuant to Section 17(d) of the Act (the ‘‘17d–2
Agreement’’). As set forth in the 17d–2 Agreement,
the SROs have agreed that their respective rules
concerning the filing of Expiring Exercise
Declarations, also referred to as Contrary Exercise
Advices, are common rules. As a result, the
proposal to amend the MRVP will result in further
consistency in sanctions among the SROs that are
signatories to the 17d–2 Agreement concerning
Contrary Exercise Advice violations.
7 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78f(b)(1) and 78f(b)(6).
10 17 CFR 240.19d–1(c)(2).
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14:34 Feb 22, 2008
Jkt 214001
where full disciplinary proceedings are
unsuitable in view of the minor nature
of the particular violation.
In approving this proposed rule
change, the Commission in no way
minimizes the importance of
compliance with the Exchange’s rules
and all other rules subject to the
imposition of fines under the MRVP.
The Commission believes that the
violation of any SRO rules, as well as
Commission rules, is a serious matter.
However, the MRVP provides a
reasonable means of addressing rule
violations that do not rise to the level of
requiring formal disciplinary
proceedings, while providing greater
flexibility in handling certain violations.
The Commission expects that the
Exchange would continue to conduct
surveillance with due diligence and
make a determination based on its
findings, on a case-by-case basis,
whether a fine of more or less than the
recommended amount is appropriate for
a violation under the MRVP or whether
a violation requires formal disciplinary
action.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 11 and Rule
19d–1(c)(2) under the Act,12 that the
proposed rule change (SR–BSE–2007–
54), as modified by Amendment No. 2,
e, and hereby is, approved and declared
effective.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–3444 Filed 2–22–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57352; File No. SR–CBOE–
2008–07]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Order Granting Accelerated Approval
of Proposed Rule Change, as Modified
by Amendment No. 1, Requesting
Permanent Approval of Two Pilot
Programs That Increase Position and
Exercise Limits
February 19, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
11 15
U.S.C. 78s(b)(2).
CFR 240.19d–1(c)(2).
13 17 CFR 200.30–3(a)(12); 17 CFR 200.30–
3(a)(44).
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on February
6, 2008, 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 and II
below, which Items have been
substantially prepared by the Exchange.
The Exchange filed Amendment No. 1
to the proposed rule change on February
13, 2008. This order provides notice of
the proposed rule change as modified by
Amendment No. 1 and approves the
proposed rule change as amended on an
accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange requests permanent
approval of two pilot programs that
increase position and exercise limits for
equity options. The Exchange proposes
to amend Rule 4.11, Position Limits, and
Rule 4.12, Exercise Limits, to
permanently establish the increased
limits of the two pilot programs. The
text of the proposed rule change is
available at CBOE, the Commission’s
Public Reference Room, and https://
www.cboe.org/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, 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 III 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
The purpose of the proposed rule
change is to request permanent approval
of two pilot programs that increase
position and exercise limits for equity
options. The Exchange proposes to
amend Rule 4.11, Position Limits, and
Rule 4.12, Exercise Limits, to
permanently establish the increased
limits of the two pilot programs. Rule
4.11 subjects equity options to one of
12 17
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1 15
2 17
E:\FR\FM\25FEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19–4.
25FEN1
]]>Agencies
[Federal Register Volume 73, Number 37 (Monday, February 25, 2008)]
[Notices]
[Pages 10075-10076]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3444]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57340; File No. SR-BSE-2007-54]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Order
Approving Proposed Rule Change, as Modified by Amendment No. 2 Thereto,
Relating to the Imposition of Fines for Minor Rule Violations
February 15, 2008.
On December 20, 2007, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the Boston Options Exchange (``BOX'')
rules related to Contrary Exercise Advice violations. On January 7,
2008, the Exchange filed Amendment No. 1 to the proposed rule
change.\3\ On January 10, 2008, the Exchange withdrew Amendment No. 1
and simultaneously filed Amendment No. 2 to the proposed rule
change.\4\ The proposed rule change, as modified by Amendment No. 1,
was published for comment in the Federal Register on January 14,
2008.\5\ The Commission received no comments regarding the proposal.
This order approves the proposed rule change as modified by Amendment
No. 2.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 1 revised the proposed rule text to clarify
how fines for third and subsequent offenses are imposed.
\4\ Amendment No. 2 retained the clarification (submitted in
Amendment No. 1) regarding how fines for third and subsequent
offenses are imposed and corrected a page numbering error.
Therefore, Amendment No. 2 was technical in nature and therefore
does not need to be published for comment.
\5\ See Securities Exchange Act Release No. 57108 (January 7,
2008), 73 FR 2294.
---------------------------------------------------------------------------
The Exchange proposes to increase and strengthen the sanctions
imposed under its Minor Rule Violation Plan (``MRVP'') on any member
who fails to submit to the Exchange in a timely manner pursuant to BOX
Rule Chapter X, Section 2(f), ``Contrary Exercise Advice Violations''
or exercise
[[Page 10076]]
instructions relating to the exercise or nonexercise of a noncash-
settled equity option. The Exchange believes that increasing the fine
levels specified with respect to both individual members and member
organizations and lengthening the surveillance period from a 12-month
period to a rolling 24-month period will serve as an effective
deterrent to such violative conduct.\6\
---------------------------------------------------------------------------
\6\ In addition, as a member of the Intermarket Surveillance
Group, the Exchange, as well as certain other self-regulatory
organizations (``SROs''), executed and filed on October 29, 2007
with the Commission, a final version of an Agreement pursuant to
Section 17(d) of the Act (the ``17d-2 Agreement''). As set forth in
the 17d-2 Agreement, the SROs have agreed that their respective
rules concerning the filing of Expiring Exercise Declarations, also
referred to as Contrary Exercise Advices, are common rules. As a
result, the proposal to amend the MRVP will result in further
consistency in sanctions among the SROs that are signatories to the
17d-2 Agreement concerning Contrary Exercise Advice violations.
---------------------------------------------------------------------------
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange.\7\ In
particular, the Commission believes that the proposal is consistent
with Section 6(b)(5) of the Act,\8\ which requires that the rules of an
exchange be designed to promote just and equitable principles of trade,
to facilitate transactions in securities, 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.
The Commission further believes that the Exchange's proposal to
increase the fine levels imposed on individuals and member
organizations who fail to submit Advice Cancel or exercise instructions
in a timely manner is consistent with Sections 6(b)(1) and 6(b)(6) of
the Act,\9\ which require that the rules of an exchange enforce
compliance with, and provide appropriate discipline for, violations of
Commission and Exchange rules. In addition, the Commission finds that
the proposal is consistent with the public interest, the protection of
investors, or otherwise in furtherance of the purposes of the Act, as
required by Rule 19d-1(c)(2) under the Act,\10\ which governs minor
rule violation plans. The Commission believes that the proposed rule
change should strengthen the Exchange's ability to carry out its
oversight and enforcement responsibilities as an SRO in cases where
full disciplinary proceedings are unsuitable in view of the minor
nature of the particular violation.
---------------------------------------------------------------------------
\7\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
\8\ 15 U.S.C. 78f(b)(5).
\9\ 15 U.S.C. 78f(b)(1) and 78f(b)(6).
\10\ 17 CFR 240.19d-1(c)(2).
---------------------------------------------------------------------------
In approving this proposed rule change, the Commission in no way
minimizes the importance of compliance with the Exchange's rules and
all other rules subject to the imposition of fines under the MRVP. The
Commission believes that the violation of any SRO rules, as well as
Commission rules, is a serious matter. However, the MRVP provides a
reasonable means of addressing rule violations that do not rise to the
level of requiring formal disciplinary proceedings, while providing
greater flexibility in handling certain violations. The Commission
expects that the Exchange would continue to conduct surveillance with
due diligence and make a determination based on its findings, on a
case-by-case basis, whether a fine of more or less than the recommended
amount is appropriate for a violation under the MRVP or whether a
violation requires formal disciplinary action.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\11\ and Rule 19d-1(c)(2) under the Act,\12\ that the proposed rule
change (SR-BSE-2007-54), as modified by Amendment No. 2, e, and hereby
is, approved and declared effective.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2).
\12\ 17 CFR 240.19d-1(c)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12); 17 CFR 200.30-3(a)(44).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-3444 Filed 2-22-08; 8:45 am]
BILLING CODE 8011-01-P
