Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposal To Make Clean-Up Changes by Amending Certain Rules, 15814-15815 [E8-5918]
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15814
Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices
should be submitted on or before April
15, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5965 Filed 3–24–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57487; File No. SR–CBOE–
2008–28]
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.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposal
To Make Clean-Up Changes by
Amending Certain Rules
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
March 13, 2008.
CBOE proposes to make clean-up
changes by deleting certain portions of
rules containing an obsolete term,
replacing a reference to ‘‘Nasdaq-100
Index Tracking Stock’’ with
‘‘PowerShares QQQ Trust,’’ correcting
mis-lettering, and making a spelling
correction. Deletion of Obsolete Term—
‘‘Board Broker’’.
In 2005, the Exchange submitted a
rule filing in which the Exchange
proposed, among other things, to delete
rules or portions thereof pertaining to
Board Brokers.5 As explained in that
filing, the Exchange had not used Board
Brokers for approximately 22 years, and
did not intend to use them in the future.
Accordingly, the Exchange proposed to
delete several rules or portions thereof
pertaining to Board Brokers.
In the 2005 filing, the Exchange
inadvertently omitted Rules 3.1, 6.6,
6.73, 7.6 and 8.7, which still contain
references to Board Brokers. In this
filing, the Exchange proposes to delete
portions of the aforementioned rules
that contain references to Board Brokers
for the reasons stated in the 2005 filing.
Also, the Exchange proposes to make a
spelling correction to Interpretation and
Policy .01 to Rule 6.6.
1. Purpose
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 March 10,
2008, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) 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 the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) 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.
mstockstill on PROD1PC66 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE proposes to make clean-up
changes by deleting certain portions of
rules containing an obsolete term,
replacing a reference to ‘‘Nasdaq-100
Index Tracking Stock’’ with
‘‘PowerShares QQQ Trust,’’ correcting
mis-lettering, and making a spelling
correction. The text of the rule proposal
is available on the Exchange’s Web site
(https://www.cboe.org/legal), at the
Exchange’s Office of the Secretary and
at the Commission.
33 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)(iii).
4 17 CFR 240.19b–4(f)(6).
1 15
VerDate Aug<31>2005
18:33 Mar 24, 2008
Jkt 214001
5 See Securities Exchange Act Release No. 52824
(November 22, 2005), 70 FR 72318 (December 2,
2005) (SR–CBOE–2005–69). In this filing, the
Exchange explained that a Board Broker is an
individual member, a nominee of a member
organization or a member organization who or
which is registered with the Exchange for the
purposes of (i) acting as a ‘‘broker’s broker’’ for
specified classes of options, at the post at which
such classes of options are traded, by accepting and
attempting to execute orders placed with him by
other members, and (ii) monitoring the market for
such classes of options at the post.
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
Amend Rule 6.1.03 To Reflect Updated
Exchange Traded Fund Name
In connection with the March 21,
2007 transfer of sponsorship of the
Nasdaq-100 Trust, the name of the trust
was changed from the ‘‘Nasdaq-100
Index Tracking Stock’’ to the
‘‘PowerShares QQQ Trust’’ (‘‘QQQQ’’).
The Exchange proposes to amend
Interpretation and Policy .03 to Rule 6.1
to reflect the updated name of the
QQQQ.
Correct Mis-Lettering of Rule 4.11.02
The Exchange proposes to correct the
mis-lettering of Interpretation and
Policy .02 to Rule 4.11, which currently
goes from c to e.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements provided under
Section 6(b)(5) of the Act,6 that the rules
of an exchange be designed to promote
just and equitable principles of trade, to
prevent fraudulent and manipulative
acts 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
The Exchange neither solicited nor
received comments on the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 7 and Rule 19b–4(f)(6)
thereunder,8 because the foregoing rule
does not (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest.
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative prior to 30 days after
6 15
U.S.C. 78(f)(b)(5).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6).
7 15
E:\FR\FM\25MRN1.SGM
25MRN1
Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices
the date of filing.9 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protections of
investors and the public interest.10 The
Exchange has requested that the
Commission waive the 30-day operative
date, so that the Exchange’s rules may
be updated as soon as possible to reflect
the clean-up changes proposed in this
filing. The Commission believes that the
proposed rule change does not raise any
new regulatory issues. For this reason,
the Commission designates the proposal
to be operative upon filing with the
Commission.11
At any time within 60 days of the
filing of such 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
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
mstockstill on PROD1PC66 with NOTICES
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–2008–28 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–2008–28. 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
9 Id.
10 17
CFR 240.19b–4(f)(6)(iii).
purposes of waiving the operative date of
this proposal, the Commission has considered the
proposed rule’s impact on efficiency, competition
and capital formation. 15 U.S.C. 78c(f).
11 For
VerDate Aug<31>2005
18:33 Mar 24, 2008
Jkt 214001
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–
2008–28 and should be submitted on or
before April 15, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5918 Filed 3–24–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57525; File No. SR–FINRA–
2008–005]
Self-Regulatory Organizations:
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change Relating to
Amendments to the Codes of
Arbitration Procedure To Permit
Submissions to Arbitrators After a
Case Has Closed Under Limited
Circumstances
March 18, 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
7, 2008, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) (f/k/a
National Association of Securities
Dealers, Inc. (‘‘NASD’’)) 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 FINRA. The
Commission is publishing this notice to
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
15815
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
FINRA is proposing Rule 12905 of the
NASD Code of Arbitration Procedure for
Customer Disputes (‘‘Customer Code’’)
and Rule 13905 of the NASD Code of
Arbitration Procedure for Industry
Disputes (‘‘Industry Code’’) to permit
submissions to arbitrators after a case
has closed only under the following
circumstances: (1) As ordered by a
court; (2) at the request of any party
within 30 days of service of an award or
notice that a matter has been closed, for
ministerial matters; or (3) if all parties
agree and submit documents within 30
days of service of an award or notice
that a matter has been closed. Below is
the text of the proposed rule change. All
the text is new.
*
*
*
*
*
12905. Submissions After a Case Has
Closed
(a) Parties may not submit documents
to arbitrator(s) in cases that have been
closed except under the following
limited circumstances:
• As ordered by a court;
• At the request of any party within
30 days of service of an award or notice
that a matter has been closed, for
ministerial matters such as
miscalculation of figures, mistake in the
description of any person, thing or
property referred to in the award, or if
the award is imperfect in a matter of
form that does not affect the decision on
the merits; or
• If all parties agree and submit
documents within 30 days of (1) service
of an award or (2) notice that a matter
has been closed.
(b) Parties must make requests under
this rule in writing to the Director and
must include the basis relied on under
this rule for the request. The Director
will forward the documents, along with
any responses from other parties, to the
arbitrators. Unless the arbitrators rule
within 20 days after the Director
forwards the documents to the
arbitrators, the request shall be deemed
denied.
13905. Submissions After a Case Has
Closed
(a) Parties may not submit documents
to arbitrator(s) in cases that have been
closed except under the following
limited circumstances:
• As ordered by a court;
• At the request of any party within
30 days of service of an award or notice
that a matter has been closed, for
E:\FR\FM\25MRN1.SGM
25MRN1
]]>Agencies
[Federal Register Volume 73, Number 58 (Tuesday, March 25, 2008)]
[Notices]
[Pages 15814-15815]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5918]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57487; File No. SR-CBOE-2008-28]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposal
To Make Clean-Up Changes by Amending Certain Rules
March 13, 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 March 10, 2008, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') 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 the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) 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.
---------------------------------------------------------------------------
\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)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to make clean-up changes by deleting certain portions
of rules containing an obsolete term, replacing a reference to
``Nasdaq-100 Index Tracking Stock'' with ``PowerShares QQQ Trust,''
correcting mis-lettering, and making a spelling correction. The text of
the rule proposal is available on the Exchange's Web site (https://
www.cboe.org/legal), at the Exchange's Office of the Secretary and at
the Commission.
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 proposes to make clean-up changes by deleting certain portions
of rules containing an obsolete term, replacing a reference to
``Nasdaq-100 Index Tracking Stock'' with ``PowerShares QQQ Trust,''
correcting mis-lettering, and making a spelling correction. Deletion of
Obsolete Term--``Board Broker''.
In 2005, the Exchange submitted a rule filing in which the Exchange
proposed, among other things, to delete rules or portions thereof
pertaining to Board Brokers.\5\ As explained in that filing, the
Exchange had not used Board Brokers for approximately 22 years, and did
not intend to use them in the future. Accordingly, the Exchange
proposed to delete several rules or portions thereof pertaining to
Board Brokers.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 52824 (November 22,
2005), 70 FR 72318 (December 2, 2005) (SR-CBOE-2005-69). In this
filing, the Exchange explained that a Board Broker is an individual
member, a nominee of a member organization or a member organization
who or which is registered with the Exchange for the purposes of (i)
acting as a ``broker's broker'' for specified classes of options, at
the post at which such classes of options are traded, by accepting
and attempting to execute orders placed with him by other members,
and (ii) monitoring the market for such classes of options at the
post.
---------------------------------------------------------------------------
In the 2005 filing, the Exchange inadvertently omitted Rules 3.1,
6.6, 6.73, 7.6 and 8.7, which still contain references to Board
Brokers. In this filing, the Exchange proposes to delete portions of
the aforementioned rules that contain references to Board Brokers for
the reasons stated in the 2005 filing. Also, the Exchange proposes to
make a spelling correction to Interpretation and Policy .01 to Rule
6.6.
Amend Rule 6.1.03 To Reflect Updated Exchange Traded Fund Name
In connection with the March 21, 2007 transfer of sponsorship of
the Nasdaq-100 Trust, the name of the trust was changed from the
``Nasdaq-100 Index Tracking Stock'' to the ``PowerShares QQQ Trust''
(``QQQQ''). The Exchange proposes to amend Interpretation and Policy
.03 to Rule 6.1 to reflect the updated name of the QQQQ.
Correct Mis-Lettering of Rule 4.11.02
The Exchange proposes to correct the mis-lettering of
Interpretation and Policy .02 to Rule 4.11, which currently goes from c
to e.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements provided under Section 6(b)(5) of the Act,\6\
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\6\ 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
The Exchange neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) thereunder,\8\ because
the foregoing rule does not (i) Significantly affect the protection of
investors or the public interest; (ii) impose any significant burden on
competition; and (iii) become operative for 30 days from the date on
which it was filed, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after
[[Page 15815]]
the date of filing.\9\ However, Rule 19b-4(f)(6)(iii) permits the
Commission to designate a shorter time if such action is consistent
with the protections of investors and the public interest.\10\ The
Exchange has requested that the Commission waive the 30-day operative
date, so that the Exchange's rules may be updated as soon as possible
to reflect the clean-up changes proposed in this filing. The Commission
believes that the proposed rule change does not raise any new
regulatory issues. For this reason, the Commission designates the
proposal to be operative upon filing with the Commission.\11\
---------------------------------------------------------------------------
\9\ Id.
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ For purposes of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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
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-2008-28 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-2008-28. 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-2008-28 and should be submitted on or before April 15, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-5918 Filed 3-24-08; 8:45 am]
BILLING CODE 8011-01-P
