Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change Relating to streetTRACKS Gold Shares, 14297-14298 [E8-5200]

Download as PDF Federal Register / Vol. 73, No. 52 / Monday, March 17, 2008 / 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 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 NSCC and on NSCC’s Web site at https://www.dtcc. com/downloads/legal/rule_filings/2007/ nscc/2007–12.pdf. 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–NSCC– 2007-12 and should be submitted on or before April 7, 2008. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.6 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–5279 Filed 3–14–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57466; File No. SR–OCC– 2008–07] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change Relating to streetTRACKS Gold Shares pwalker on PROD1PC71 with NOTICES March 11, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on March 7, 2008, 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. 6 17 1 15 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). VerDate Aug<31>2005 16:19 Mar 14, 2008 Jkt 214001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change would clarify the jurisdictional status of options and security futures on streetTRACKS Gold Shares by adding an interpretation following the definition of ‘‘fund share’’ in Article I, Section 1 of OCC’s By-Laws.2 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.3 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of the proposed rule change is to clarify the jurisdictional status of options and security futures on streetTRACKS Gold Shares by adding an interpretation following the definition of ‘‘fund share’’ in Article I, Section 1 of OCC’s By-Laws. Under the proposed interpretation, OCC would clear and treat as securities options any option contracts on streetTRACKS Gold Shares that are traded on securities exchanges. Similarly, OCC would clear and treat as security futures any futures contracts on streetTRACKS Gold Shares.4 In its capacity as a ‘‘derivatives clearing organization’’ registered with the Commodity Futures Trading Commission (‘‘CFTC’’), OCC will file this proposed rule change for prior approval by the CFTC pursuant to provisions of the Commodity Exchange Act (‘‘CEA’’) in order to foreclose any potential liability under the CEA based on an argument that the clearing by OCC of options on streetTRACKS Gold Shares as securities options or the 2 The new interpretation would replace the interpretation that was added to OCC’s By-Laws in File No. SR–OCC–2008–04, which was effective upon filing. At the request of the Commission, OCC has withdrawn SR–OCC–2008–04 from consideration by the Commission in conjunction with the submission of SR–OCC–2008–07. 3 The Commission has modified parts of these statements. 4 The exact language of the interpretation can be found at https://www.optionsclearing.com/ publications/rules/proposed_changes/ sr_occ_08_07.pdf. PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 14297 clearing of futures on that product as security futures constitutes a violation of the CEA. This rule change will be filed with the CFTC as an amendment to SR–OCC–2008–04, which is pending approval at the CFTC. The proposed rule change is consistent with the purposes and requirements of Section 17A of the Act because it is designed to promote the prompt and accurate clearance and settlement of transactions in securities options and security futures, to foster cooperation and coordination with persons engaged in the clearance and settlement of such transactions, to remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of such transactions, and, in general, to protect investors and the public interest. It accomplishes this purpose by reducing the likelihood of a dispute as to the Commission’s jurisdiction or shared jurisdiction in the case of security futures over derivatives based on streetTRACKS Gold Shares. The proposed rule change is not inconsistent with the By-Laws and Rules of OCC, including any 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 thirty-five 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 ninety 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 E:\FR\FM\17MRN1.SGM 17MRN1 14298 Federal Register / Vol. 73, No. 52 / Monday, March 17, 2008 / Notices 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 BILLING CODE 8011–01–P • 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–2008–07 on the subject line. Paper Comments pwalker on PROD1PC71 with NOTICES • 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–2008–07. 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 Section, 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 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–2007–07 and should be submitted on or before April 7, 2008. VerDate Aug<31>2005 16:19 Mar 14, 2008 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.5 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–5200 Filed 3–14–08; 8:45 am] Jkt 214001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57473; File No. SR–Phlx– 2008–13] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Rule 715 and Rule 716 March 11, 2008. 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 February 29, 2008, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Phlx. The Exchange filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) 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 Phlx proposes to delete two Exchange rules that relate to a floor brokerage assessment, specifically Rule 715, Monthly Payment and Reporting, and Rule 716, Late Charges. The text of the proposed rule change is available at Phlx, the Commission’s Public Reference Room, and https:// www.phlx.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 Phlx included statements concerning the purpose of and basis for the proposed rule change and discussed any CFR 200.30–3(a)(12). 1 15 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)(6). Frm 00098 Fmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Recently, the Exchange eliminated the floor brokerage assessment that was set forth on the Exchange’s fee schedule in several places, specifically the Summary of Equity Option and RUT and RMN Charges, the Summary of Index Option Charges, the Summary of U.S. DollarSettled Foreign Currency Option Charges, and the Summary of Physical Delivery Currency Option Charges.5 The purpose of this proposal is to delete certain Exchange rules that are no longer deemed necessary as a result of eliminating the floor brokerage assessment from the Exchange’s fee schedule as described above. Specifically, Rule 715, Monthly Payment and Reporting, and Rule 716, Late Charges, will be deleted to update the rules accordingly. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 6 in general, and furthers the objectives of Section 6(b)(4) of the Act 7 and Section 6(b)(5) of the Act 8 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members, and that it should help to foster cooperation and coordination with persons engaged in the regulating, clearing, settling, processing information with respect to and facilitating transactions in securities by updating the Exchange’s rules to clarify that a monthly report of net commissions is no longer required to be submitted to the Exchange and that the corresponding late fee is no longer applicable. 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 not necessary or appropriate in furtherance of the purposes of the Act. 5 See Securities Exchange Act Release No. 57253 (February 1, 2008), 73 FR 7352 (February 7, 2008) (SR–Phlx–2008–08). 6 15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). 8 15 U.S.C. 78f(b)(5). 5 17 PO 00000 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 Phlx has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. Sfmt 4703 E:\FR\FM\17MRN1.SGM 17MRN1

Agencies

[Federal Register Volume 73, Number 52 (Monday, March 17, 2008)]
[Notices]
[Pages 14297-14298]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5200]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57466; File No. SR-OCC-2008-07]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing of a Proposed Rule Change Relating to streetTRACKS 
Gold Shares

March 11, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 7, 2008, 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 clarify the jurisdictional status of 
options and security futures on streetTRACKS Gold Shares by adding an 
interpretation following the definition of ``fund share'' in Article I, 
Section 1 of OCC's By-Laws.\2\
---------------------------------------------------------------------------

    \2\ The new interpretation would replace the interpretation that 
was added to OCC's By-Laws in File No. SR-OCC-2008-04, which was 
effective upon filing. At the request of the Commission, OCC has 
withdrawn SR-OCC-2008-04 from consideration by the Commission in 
conjunction with the submission of SR-OCC-2008-07.
---------------------------------------------------------------------------

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.\3\
---------------------------------------------------------------------------

    \3\ 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 purpose of the proposed rule change is to clarify the 
jurisdictional status of options and security futures on streetTRACKS 
Gold Shares by adding an interpretation following the definition of 
``fund share'' in Article I, Section 1 of OCC's By-Laws. Under the 
proposed interpretation, OCC would clear and treat as securities 
options any option contracts on streetTRACKS Gold Shares that are 
traded on securities exchanges. Similarly, OCC would clear and treat as 
security futures any futures contracts on streetTRACKS Gold Shares.\4\
---------------------------------------------------------------------------

    \4\ The exact language of the interpretation can be found at 
https://www.optionsclearing.com/publications/rules/proposed_changes/
sr_occ_08_07.pdf.
---------------------------------------------------------------------------

    In its capacity as a ``derivatives clearing organization'' 
registered with the Commodity Futures Trading Commission (``CFTC''), 
OCC will file this proposed rule change for prior approval by the CFTC 
pursuant to provisions of the Commodity Exchange Act (``CEA'') in order 
to foreclose any potential liability under the CEA based on an argument 
that the clearing by OCC of options on streetTRACKS Gold Shares as 
securities options or the clearing of futures on that product as 
security futures constitutes a violation of the CEA. This rule change 
will be filed with the CFTC as an amendment to SR-OCC-2008-04, which is 
pending approval at the CFTC.
    The proposed rule change is consistent with the purposes and 
requirements of Section 17A of the Act because it is designed to 
promote the prompt and accurate clearance and settlement of 
transactions in securities options and security futures, to foster 
cooperation and coordination with persons engaged in the clearance and 
settlement of such transactions, to remove impediments to and perfect 
the mechanism of a national system for the prompt and accurate 
clearance and settlement of such transactions, and, in general, to 
protect investors and the public interest. It accomplishes this purpose 
by reducing the likelihood of a dispute as to the Commission's 
jurisdiction or shared jurisdiction in the case of security futures 
over derivatives based on streetTRACKS Gold Shares. The proposed rule 
change is not inconsistent with the By-Laws and Rules of OCC, including 
any 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 thirty-five 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 ninety 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

[[Page 14298]]

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-2008-07 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-2008-07. 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 Section, 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 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-2007-07 
and should be submitted on or before April 7, 2008.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-5200 Filed 3-14-08; 8:45 am]
BILLING CODE 8011-01-P
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