Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rules Relating to Registration Requirements, 18598-18599 [E8-7029]
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18598
Federal Register / Vol. 73, No. 66 / Friday, April 4, 2008 / Notices
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–
2008–34 and should be submitted on or
before April 25, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7028 Filed 4–3–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57587; File No. SR–CHX–
2007–21]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Order
Granting Approval of Proposed Rule
Change, as Modified by Amendment
No. 1, To Amend Rules Relating to
Registration Requirements
March 31, 2008.
ebenthall on PRODPC61 with NOTICES
I. Introduction
On October 9, 2007, the Chicago Stock
Exchange, Inc. (‘‘CHX’’ 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
13 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(l)
VerDate Aug<31>2005
15:24 Apr 03, 2008
Jkt 214001
19b–4 thereunder,2 a proposed rule
change to amend rules relating to
registration requirements. On February
14, 2008, CHX filed Amendment No. 1
to the proposed rule change. The
proposed rule change, as amended by
Amendment No. 1, was published for
comment in the Federal Register on
February 28, 2008.3 The Commission
received no comments on the proposal.
This order approves the proposed rule
change, as amended.
II. Description of the Proposal
The Financial Industry Regulatory
Authority, Inc.’s (‘‘FINRA’’) Web Central
Registration Depository (‘‘Web CRD’’)
system is a centralized, web-based
system used by securities exchanges and
broker-dealers across the country to
track registration and qualification
information about firms and the
individuals who work for those firms.
CHX entered into an agreement with
FINRA to allow the Exchange’s
participants to use Web CRD to register
certain of its associated persons.
Therefore, the Exchange proposes to
amend its registration rules relating to
registration requirements and to adopt
related fees and to delete an outdated
provision in its rules.
First, the Exchange proposes to
require Exchange participants to use
Web CRD to register their associated
persons who are required to register
with the Exchange under CHX rules.4
Similarly, the Exchange also seeks to
require participants to submit a Form
U–5 to the Web CRD following the
termination of the associated person.5
Second, the Exchange proposes that it
be allowed to direct its participants to
submit fingerprint cards to the Exchange
or to FINRA for processing during the
registration process.6 Current CHX rules
require participants to submit
fingerprints to the Exchange. The
Exchange seeks flexibility so that it
could determine, from time to time,
which fingerprint processing method
would be most efficient for the
Exchange and for its participants.
Because FINRA would assess charges
to CHX participants for using the Web
2 17
CFR 240.19B–4.
3 See Securities Exchange Act Release No. 57363
(February 20, 2008), 73 FR 10846 (February 28,
2008).
4 See proposed Article 6, Rule 2, Interpretation
and Policy .01.
5 See proposed Article 6, Rule 2, Interpretation
and Policy .02.
The Exchange plans to allow its participants to
transition to the use of the Web CRD system over
the course of a six to nine-month period. At the end
of this period, CHX participants would be required
to use Web CRD for submitting any registration
materials required by CHX rules.
6 See proposed Article 6, Rule 10, Interpretation
and Policy .01.
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
CRD system and for processing any
fingerprints that are submitted, the
Exchange also is amending its Fee
Schedule to include applicable
registration, processing and termination
fees, as well as various fingerprint
charges.7
Finally, CHX proposes to delete
Interpretation and Policy .03 of Article
6, Rule 2 that requires firms to notify
CHX of the termination of any nonregistered, associated person’s
employment. CHX believes that this
requirement has become somewhat
obsolete with the elimination of its
physical trading floor because the
requirement had been largely focused
on the employment status of clerks
working on the Exchange’s trading
floor.8
III. Discussion and Commission
Findings
The Commission has carefully
reviewed the proposed rule change and
finds that it is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange.9 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,10 which,
among other things, requires that the
rules of a national securities exchange
be designed to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in regulating
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 believes that
Exchange’s proposal to require its
participant firms to use Web CRD
system to register certain associated
persons and to submit a Form U–5
following the termination of the
associated person would eliminate the
need for manual processing currently
performed by Exchange staff.
Significantly, it would also allow for the
7 7 These charges include an $85 registration fee;
a $95 disclosure processing fee; a $30 annual
processing fee; and termination fees of $40 and $80.
Fingerprint processing fees would be $30.25 per
card for an initial submission; $13 per card for a
second submission; and $30.25 per card for a third
submission. These fees reflect the charges assessed
by FINRA for these services; CHX would not be
charging any additional fees of its own.
8 Moreover, CHX regularly receives an updated
list of a firm’s associated persons when it conducts
its annual examinations.
9 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
10 15 U.S.C. 78f(b)(5).
E:\FR\FM\04APN1.SGM
04APN1
Federal Register / Vol. 73, No. 66 / Friday, April 4, 2008 / Notices
compilation of information related to
the registration of associated persons in
one central repository for access by
regulators and broker-dealers, and could
allow the Exchange’s regulatory group,
as well as the firms themselves, to better
determine whether a registrant has met
applicable continuing education
requirements. The Commission believes
this should increase regulatory
efficiency and capabilities without
imposing an undue burden on
participants.
The Commission also believes that it
is reasonable to provide the Exchange
with the flexibility to determine
whether it, or FINRA, would be best
suited to process fingerprint cards,
while participants would continue to
have the obligation to submit
fingerprints.
Furthermore, the Commission
believes that it is appropriate for the
Exchange to amend its Fee Schedule to
reflect fees that FINRA would charge for
services rendered in connection with
the use of Web CRD and the
fingerprinting services set forth in the
proposal. The Commission notes that
CHX would not be charging any
additional fees of its own.
Finally, the Commission agrees that it
is appropriate for CHX to delete
Interpretation and Policy .03 of Article
6, Rule 2 relating to the firms’
requirement to notify the Exchange of
the termination of any non-registered,
associated person’s employment, since
it has become obsolete given CHX’s new
trading model and since CHX regularly
receives an updated list of a firm’s
associated persons when it conducts its
annual examinations.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,11 that the
proposed rule change (SR–CHX–2007–
21), as amended, be, and hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7029 Filed 4–3–08; 8:45 am]
ACTION:
Notice.
Percent
This is a Notice of the
Presidential declaration of a major
disaster for the State of Arkansas
(FEMA–1751–DR ), dated 03/28/2008.
Incident: Severe Storms, Tornadoes,
and Flooding.
Incident Period: 03/18/2008 and
continuing.
Effective Date: 03/28/2008.
Physical Loan Application Deadline
Date: 05/27/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/29/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
03/28/2008, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties (Physical Damage and
Economic Injury Loans):
Baxter, Jackson, Madison, Stone,
Benton, Lawrence, Marion,
Woodruff, Independence, Logan,
Randolph.
Contiguous Counties (Economic Injury
Loans Only):
Arkansas: Boone, Cleburne, Cross,
Greene, Monroe, Pope, Searcy, St.
Francis, White, Carroll, Craighead,
Franklin, Izard, Newton, Prairie,
Sebastian, Van Buren, Yell, Clay,
Crawford, Fulton, Johnson,
Poinsett, Scott, Sharp, Washington.
Missouri: Barry, Ozark, McDonald,
Ripley, Oregon, Taney.
Oklahoma: Adair, Delaware.
The Interest Rates are:
SUMMARY:
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
ebenthall on PRODPC61 with NOTICES
[Disaster Declaration #11206 and #11207]
Arkansas Disaster #AR–00018
U.S. Small Business
Administration.
AGENCY:
11 15
12 17
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:24 Apr 03, 2008
Jkt 214001
For Physical Damage:
Homeowners
with
credit
available elsewhere: ..........
Homeowners without credit
available elsewhere: ..........
Businesses with credit available elsewhere: ..................
Other (including non-profit organizations) with credit
available elsewhere: ..........
Businesses and non-profit organizations without credit
available elsewhere: ..........
PO 00000
Frm 00110
Fmt 4703
18599
Sfmt 4703
For Economic Injury:
Businesses & small agricultural cooperatives without
credit available elsewhere:
4.000
The number assigned to this disaster
for physical damage is 112066 and for
economic injury is 112070.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
James E. Rivera,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. E8–6992 Filed 4–3–08; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11205]
Iowa Disaster #IA–00014 Declaration of
Economic Injury
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
SUMMARY: This is a notice of an
Economic Injury Disaster Loan (EIDL)
declaration for the State of Iowa, dated
03/31/2008.
Incident: Structural Fire.
Incident Period: 01/19/2008.
Effective Date: 03/31/2008.
EIDL Loan Application Deadline Date:
12/31/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing And
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s EIDL declaration,
applications for economic injury
disaster loans may be filed at the
address listed above or other locally
announced locations.
The following areas have been
Percent
determined to be adversely affected by
the disaster:
Primary Counties: Jackson.
5.500 Contiguous Counties:
Iowa: Clinton, Dubuque, Jones.
2.750
Illinois: Carroll, Jo Daviess.
The Interest Rate is: 4.000.
8.000
The number assigned to this disaster
for economic injury is 112050.
The States which received an EIDL
5.250
Declaration # are Iowa and Illinois.
4.000
(Catalog of Federal Domestic Assistance
Number 59002)
E:\FR\FM\04APN1.SGM
04APN1
Agencies
[Federal Register Volume 73, Number 66 (Friday, April 4, 2008)]
[Notices]
[Pages 18598-18599]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7029]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57587; File No. SR-CHX-2007-21]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Order Granting Approval of Proposed Rule Change, as Modified by
Amendment No. 1, To Amend Rules Relating to Registration Requirements
March 31, 2008.
I. Introduction
On October 9, 2007, the Chicago Stock Exchange, Inc. (``CHX'' 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 rules relating to registration
requirements. On February 14, 2008, CHX filed Amendment No. 1 to the
proposed rule change. The proposed rule change, as amended by Amendment
No. 1, was published for comment in the Federal Register on February
28, 2008.\3\ The Commission received no comments on the proposal. This
order approves the proposed rule change, as amended.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(l)
\2\ 17 CFR 240.19B-4.
\3\ See Securities Exchange Act Release No. 57363 (February 20,
2008), 73 FR 10846 (February 28, 2008).
---------------------------------------------------------------------------
II. Description of the Proposal
The Financial Industry Regulatory Authority, Inc.'s (``FINRA'') Web
Central Registration Depository (``Web CRD'') system is a centralized,
web-based system used by securities exchanges and broker-dealers across
the country to track registration and qualification information about
firms and the individuals who work for those firms. CHX entered into an
agreement with FINRA to allow the Exchange's participants to use Web
CRD to register certain of its associated persons. Therefore, the
Exchange proposes to amend its registration rules relating to
registration requirements and to adopt related fees and to delete an
outdated provision in its rules.
First, the Exchange proposes to require Exchange participants to
use Web CRD to register their associated persons who are required to
register with the Exchange under CHX rules.\4\ Similarly, the Exchange
also seeks to require participants to submit a Form U-5 to the Web CRD
following the termination of the associated person.\5\
---------------------------------------------------------------------------
\4\ See proposed Article 6, Rule 2, Interpretation and Policy
.01.
\5\ See proposed Article 6, Rule 2, Interpretation and Policy
.02.
The Exchange plans to allow its participants to transition to
the use of the Web CRD system over the course of a six to nine-month
period. At the end of this period, CHX participants would be
required to use Web CRD for submitting any registration materials
required by CHX rules.
---------------------------------------------------------------------------
Second, the Exchange proposes that it be allowed to direct its
participants to submit fingerprint cards to the Exchange or to FINRA
for processing during the registration process.\6\ Current CHX rules
require participants to submit fingerprints to the Exchange. The
Exchange seeks flexibility so that it could determine, from time to
time, which fingerprint processing method would be most efficient for
the Exchange and for its participants.
---------------------------------------------------------------------------
\6\ See proposed Article 6, Rule 10, Interpretation and Policy
.01.
---------------------------------------------------------------------------
Because FINRA would assess charges to CHX participants for using
the Web CRD system and for processing any fingerprints that are
submitted, the Exchange also is amending its Fee Schedule to include
applicable registration, processing and termination fees, as well as
various fingerprint charges.\7\
---------------------------------------------------------------------------
\7\ 7 These charges include an $85 registration fee; a $95
disclosure processing fee; a $30 annual processing fee; and
termination fees of $40 and $80. Fingerprint processing fees would
be $30.25 per card for an initial submission; $13 per card for a
second submission; and $30.25 per card for a third submission. These
fees reflect the charges assessed by FINRA for these services; CHX
would not be charging any additional fees of its own.
---------------------------------------------------------------------------
Finally, CHX proposes to delete Interpretation and Policy .03 of
Article 6, Rule 2 that requires firms to notify CHX of the termination
of any non-registered, associated person's employment. CHX believes
that this requirement has become somewhat obsolete with the elimination
of its physical trading floor because the requirement had been largely
focused on the employment status of clerks working on the Exchange's
trading floor.\8\
---------------------------------------------------------------------------
\8\ Moreover, CHX regularly receives an updated list of a firm's
associated persons when it conducts its annual examinations.
---------------------------------------------------------------------------
III. Discussion and Commission Findings
The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\9\ In particular, the Commission finds that the proposed rule
change is consistent with Section 6(b)(5) of the Act,\10\ which, among
other things, requires that the rules of a national securities exchange
be designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating
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.
---------------------------------------------------------------------------
\9\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission believes that Exchange's proposal to require its
participant firms to use Web CRD system to register certain associated
persons and to submit a Form U-5 following the termination of the
associated person would eliminate the need for manual processing
currently performed by Exchange staff. Significantly, it would also
allow for the
[[Page 18599]]
compilation of information related to the registration of associated
persons in one central repository for access by regulators and broker-
dealers, and could allow the Exchange's regulatory group, as well as
the firms themselves, to better determine whether a registrant has met
applicable continuing education requirements. The Commission believes
this should increase regulatory efficiency and capabilities without
imposing an undue burden on participants.
The Commission also believes that it is reasonable to provide the
Exchange with the flexibility to determine whether it, or FINRA, would
be best suited to process fingerprint cards, while participants would
continue to have the obligation to submit fingerprints.
Furthermore, the Commission believes that it is appropriate for the
Exchange to amend its Fee Schedule to reflect fees that FINRA would
charge for services rendered in connection with the use of Web CRD and
the fingerprinting services set forth in the proposal. The Commission
notes that CHX would not be charging any additional fees of its own.
Finally, the Commission agrees that it is appropriate for CHX to
delete Interpretation and Policy .03 of Article 6, Rule 2 relating to
the firms' requirement to notify the Exchange of the termination of any
non-registered, associated person's employment, since it has become
obsolete given CHX's new trading model and since CHX regularly receives
an updated list of a firm's associated persons when it conducts its
annual examinations.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\11\ that the proposed rule change (SR-CHX-2007-21), as amended,
be, and hereby is, approved.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2).
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. E8-7029 Filed 4-3-08; 8:45 am]
BILLING CODE 8011-01-P