Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Declaration of Effectiveness of the Boston Stock Exchange Fingerprinting Plan, 19533-19534 [E8-7506]
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Federal Register / Vol. 73, No. 70 / Thursday, April 10, 2008 / Notices
beneficial to investors or the public in
general to continue to apply the Make
or Take pricing structure to the six (6)
M or T Non-Penny Pilot Classes that
were not included in the Penny Pilot
Program expansion.
The Exchange proposes to apply Make
or Take only to those classes of options
that are included within the Penny Pilot
Program on BOX. The fees and credits
associated with the Make or Take
pricing structure will no longer apply to
transactions in any class of options
other than those included in the Penny
Pilot Program. The standard trading
fees, as delineated in the remainder of
the BOX Fee Schedule, shall apply to
those options classes that this proposal
seeks to remove from Make or Take.10
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the
Act,11 in general, and furthers the
objectives of Section 6(b)(4) of the Act,12
in particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities.
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 has neither solicited
nor received comments on the proposed
rule change.
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 13 and
subparagraph (f)(2) of Rule 19b–4 14
thereunder. At any time within 60 days
of the filing of the 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
10 The BOX Fee Schedule can be found on the
BOX Web site at https://www.bostonoptions.com.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(4).
13 15 U.S.C. 78s(b)(3)(A).
14 17 CFR 240.19b–4(f)(2).
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interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.15
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:
you wish to make available publicly. All
submissions should refer to File No.
SR–BSE–2008–21 and should be
submitted on or before May 1, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7503 Filed 4–9–08; 8:45 am]
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–BSE–2008–21 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–BSE–2008–21. 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 BSE. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
15 For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on April 3, 2008, the date
on which BSE filed Amendment No. 2. See 15
U.S.C. 78s(b)(3)(C).
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BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57613]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Declaration of
Effectiveness of the Boston Stock
Exchange Fingerprinting Plan
April 3, 2008.
On March 27, 2008, the Boston Stock
Exchange, Inc. (‘‘BSE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
Fingerprint Plan (‘‘Plan’’) pursuant to
Rule 17f–2(c) 1 under the Securities
Exchange Act of 1934 (‘‘Act’’).2 A copy
of the Plan is attached as Exhibit A.
The BSE believes that the Plan will
facilitate compliance by Exchange
members with section 17(f)(2) of the Act
and Rule 17f–2 thereunder, by
providing a facility for the fingerprints
of directors, partners, officers and
employees of Exchange members to be
submitted to the Attorney General of the
United States or his designee (‘‘Attorney
General’’) and processed electronically.
Under the Plan, all persons who are
seeking registration with the BSE or are
currently registered with the BSE
submit fingerprints and identifying
information, on paper or electronically,
to the Financial Industry Regulation
Authority, Inc. (‘‘FINRA’’), which then
forwards the fingerprints to the Federal
Bureau of Investigation (‘‘FBI’’) (the
fingerprint processing arm of the
Attorney General). The FBI identifies
submitted fingerprints, retrieves
relevant criminal history information,
and returns fingerprint reports to
FINRA. BSE members will be able to
view the status and results of
fingerprints, including any relevant
criminal history information, through
FINRA’s Web Central Registration
Depository (Web CRD) system after
submission to the Attorney General.
FINRA notifies the Exchange if the
fingerprint results received by FINRA
contain information indicating that the
16 17
CFR 200.30–3(a)(12).
CFR 240.17f–2(c).
2 15 U.S.C. 78a et seq.
1 17
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Federal Register / Vol. 73, No. 70 / Thursday, April 10, 2008 / Notices
person is subject to a statutory
disqualification. In such an instance, the
Exchange reviews the fingerprint results
to determine the possible existence of a
statutory disqualification as defined in
section 3(a)(39) of the Act, and takes
appropriate action, if necessary,
concerning eligibility or continued
eligibility of the individual for
employment or association with an
Exchange member.
The Commission has reviewed the
procedures detailed in the Plan and
believes that the Plan is consistent with
the public interest and the protection of
investors. Thus, the Commission
declares the Plan effective.
The Commission notes that the
securities industry fingerprinting
procedures are in a state of flux due to
rapidly advancing technology. In the
event that an industry-wide standard is
adopted or becomes prevalent and in
the event that this Plan substantially
differs therefrom, the Commission
would expect the BSE to revise its
fingerprint plan to incorporate the
industry-wide standard.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.3
Florence E. Harmon,
Deputy Secretary.
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Exhibit A
Boston Stock Exchange Fingerprinting
Plan
The Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) submits this
Fingerprint Plan (‘‘Plan’’) pursuant to
section 17(f)(2) of the Securities
Exchange Act of 1934 (‘‘Act’’) and Rule
17f–2(c) thereunder.
The purpose of this Plan is to
facilitate compliance by Exchange
Members with section 17(f)(2) of the Act
and Rule 17f–2(c) thereunder, by
providing a facility for the fingerprints
of directors, partners, officers and
employees of Exchange members to be
submitted to the Attorney General of the
United States or his designee (‘‘Attorney
General’’) and processed electronically.
The Exchange has established an
arrangement with the Financial Industry
Regulation Authority, Inc. (‘‘FINRA’’), to
permit all individuals that must be
registered with, or approved by, the
Exchange (‘‘registered persons’’) to be
electronically registered with the
Exchange through FINRA’s Web Central
Registration Depository (‘‘Web CRD’’).
The Web CRD is a Web-based system
that provides broker-dealers and their
associated person with ‘‘one-stop filing’’
with the Commission, FINRA and other
self-regulatory organizations and
regulators. The Web CRD is operated by
FINRA and is used by participating
regulators in connection with registering
and licensing broker-dealers and their
associated persons.
In connection with the arrangement
with FINRA, all persons who are
seeking registration with the Exchange
or are currently registered with the
Exchange, submit fingerprint cards or
fingerprint results to FINRA for
processing and/or submission to the
Attorney General. The Attorney General
provides FINRA with fingerprint
processing results for persons seeking
registration, and results are provided to
the members. FINRA notifies the
Exchange if the fingerprint results
received by FINRA contain information
indicating that the person is subject to
a statutory disqualification. In such an
instance, the Exchange reviews the
fingerprint results to determine the
possible existence of a statutory
disqualification as defined in section
3(a)(39) of the Act, and takes
appropriate action, if necessary,
concerning eligibility or continued
eligibility of the individual for
employment or association with an
Exchange member.
The Exchange advises its members
and member applicants of any fees
charged in connection with processing
of fingerprints pursuant to this Plan.
The Exchange will file any such
Exchange member fees with the
Commission pursuant to section 19(b) of
the Act.
Copies of fingerprint reports received
from the Attorney General with respect
to fingerprints submitted by the
Exchange pursuant to this Plan will be
maintained by the Exchange in
accordance with the Exchange’s record
retention obligations under the Act. Any
maintenance of fingerprint records by
the Exchange shall be for the Exchange’s
own administrative purposes, and the
Exchange is not undertaking to maintain
fingerprint records on behalf of
Exchange members pursuant to Rule
17f–2(d)(2).
The Exchange shall not be liable for
losses or damages of any kind in
connection with the fingerprint services,
as a result of a failure to properly follow
the procedures described above, or as a
result of lost or delayed fingerprint
cards, fingerprint records, or fingerprint
processing results, or as a result of any
action by the Exchange or the
Exchange’s failure to take action in
connection with this Plan.
[FR Doc. E8–7506 Filed 4–9–08; 8:45 am]
3 17
CFR 200.30–3(a)(17)(iii).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57623; File No. SR–BSE–
2008–05]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Order Granting
Approval of a Proposed Rule Change,
as Modified by Amendment No. 5, To
Amend the Rules of the Boston
Options Exchange Related To Obvious
Error Procedures
April 4, 2008.
I. Introduction
On January 29, 2008, 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
Obvious Error procedures. On February
21, 2008, the Exchange filed
Amendment No. 1 to the proposal. On
February 22, 2008, the Exchange
submitted Amendment Nos. 2, 3, and 4,
and withdrew Amendment Nos. 1, 2,
and 3 to the proposal. On February 26,
2008, the exchange withdrew
Amendment No. 4 and submitted
Amendment No. 5 to the proposal.3 The
proposed rule change, as modified by
Amendment No. 5, was published for
comment in the Federal Register on
March 3, 2008.4 The Commission
received no comment letters on the
proposal. This order approves the
proposed rule change, as modified by
Amendment No. 5.
II. Description of the Proposed Rule
Change
BOX has an established process
whereby, in the event that a suspected
Obvious Error has occurred during
trading on the BOX market, a request for
review may be made by one or both of
the parties involved. To request a
review of a suspected Obvious Error
under current BOX rules, one or both of
the parties involved must notify the
Market Regulation Center (‘‘MRC’’) of
the existence of a suspected erroneous
transaction. The MRC would then
initiate a review process. If the MRC
determines that the transaction does in
fact represent an Obvious Error, the
transaction would either be adjusted or
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 5 replaced and superseded the
original filing and all previous amendments in their
entirety.
4 Securities Exchange Act Release No. 57383
(February 26, 2008), 73 FR 11452.
2 17
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]]>Agencies
[Federal Register Volume 73, Number 70 (Thursday, April 10, 2008)]
[Notices]
[Pages 19533-19534]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7506]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57613]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.;
Declaration of Effectiveness of the Boston Stock Exchange
Fingerprinting Plan
April 3, 2008.
On March 27, 2008, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a Fingerprint Plan (``Plan'') pursuant to Rule 17f-
2(c) \1\ under the Securities Exchange Act of 1934 (``Act'').\2\ A copy
of the Plan is attached as Exhibit A.
---------------------------------------------------------------------------
\1\ 17 CFR 240.17f-2(c).
\2\ 15 U.S.C. 78a et seq.
---------------------------------------------------------------------------
The BSE believes that the Plan will facilitate compliance by
Exchange members with section 17(f)(2) of the Act and Rule 17f-2
thereunder, by providing a facility for the fingerprints of directors,
partners, officers and employees of Exchange members to be submitted to
the Attorney General of the United States or his designee (``Attorney
General'') and processed electronically.
Under the Plan, all persons who are seeking registration with the
BSE or are currently registered with the BSE submit fingerprints and
identifying information, on paper or electronically, to the Financial
Industry Regulation Authority, Inc. (``FINRA''), which then forwards
the fingerprints to the Federal Bureau of Investigation (``FBI'') (the
fingerprint processing arm of the Attorney General). The FBI identifies
submitted fingerprints, retrieves relevant criminal history
information, and returns fingerprint reports to FINRA. BSE members will
be able to view the status and results of fingerprints, including any
relevant criminal history information, through FINRA's Web Central
Registration Depository (Web CRD[supreg]) system after submission to
the Attorney General.
FINRA notifies the Exchange if the fingerprint results received by
FINRA contain information indicating that the
[[Page 19534]]
person is subject to a statutory disqualification. In such an instance,
the Exchange reviews the fingerprint results to determine the possible
existence of a statutory disqualification as defined in section
3(a)(39) of the Act, and takes appropriate action, if necessary,
concerning eligibility or continued eligibility of the individual for
employment or association with an Exchange member.
The Commission has reviewed the procedures detailed in the Plan and
believes that the Plan is consistent with the public interest and the
protection of investors. Thus, the Commission declares the Plan
effective.
The Commission notes that the securities industry fingerprinting
procedures are in a state of flux due to rapidly advancing technology.
In the event that an industry-wide standard is adopted or becomes
prevalent and in the event that this Plan substantially differs
therefrom, the Commission would expect the BSE to revise its
fingerprint plan to incorporate the industry-wide standard.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\3\
---------------------------------------------------------------------------
\3\ 17 CFR 200.30-3(a)(17)(iii).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
Exhibit A
Boston Stock Exchange Fingerprinting Plan
The Boston Stock Exchange, Inc. (``BSE'' or ``Exchange'') submits
this Fingerprint Plan (``Plan'') pursuant to section 17(f)(2) of the
Securities Exchange Act of 1934 (``Act'') and Rule 17f-2(c) thereunder.
The purpose of this Plan is to facilitate compliance by Exchange
Members with section 17(f)(2) of the Act and Rule 17f-2(c) thereunder,
by providing a facility for the fingerprints of directors, partners,
officers and employees of Exchange members to be submitted to the
Attorney General of the United States or his designee (``Attorney
General'') and processed electronically.
The Exchange has established an arrangement with the Financial
Industry Regulation Authority, Inc. (``FINRA''), to permit all
individuals that must be registered with, or approved by, the Exchange
(``registered persons'') to be electronically registered with the
Exchange through FINRA's Web Central Registration Depository (``Web
CRD''). The Web CRD is a Web-based system that provides broker-dealers
and their associated person with ``one-stop filing'' with the
Commission, FINRA and other self-regulatory organizations and
regulators. The Web CRD is operated by FINRA and is used by
participating regulators in connection with registering and licensing
broker-dealers and their associated persons.
In connection with the arrangement with FINRA, all persons who are
seeking registration with the Exchange or are currently registered with
the Exchange, submit fingerprint cards or fingerprint results to FINRA
for processing and/or submission to the Attorney General. The Attorney
General provides FINRA with fingerprint processing results for persons
seeking registration, and results are provided to the members. FINRA
notifies the Exchange if the fingerprint results received by FINRA
contain information indicating that the person is subject to a
statutory disqualification. In such an instance, the Exchange reviews
the fingerprint results to determine the possible existence of a
statutory disqualification as defined in section 3(a)(39) of the Act,
and takes appropriate action, if necessary, concerning eligibility or
continued eligibility of the individual for employment or association
with an Exchange member.
The Exchange advises its members and member applicants of any fees
charged in connection with processing of fingerprints pursuant to this
Plan. The Exchange will file any such Exchange member fees with the
Commission pursuant to section 19(b) of the Act.
Copies of fingerprint reports received from the Attorney General
with respect to fingerprints submitted by the Exchange pursuant to this
Plan will be maintained by the Exchange in accordance with the
Exchange's record retention obligations under the Act. Any maintenance
of fingerprint records by the Exchange shall be for the Exchange's own
administrative purposes, and the Exchange is not undertaking to
maintain fingerprint records on behalf of Exchange members pursuant to
Rule 17f-2(d)(2).
The Exchange shall not be liable for losses or damages of any kind
in connection with the fingerprint services, as a result of a failure
to properly follow the procedures described above, or as a result of
lost or delayed fingerprint cards, fingerprint records, or fingerprint
processing results, or as a result of any action by the Exchange or the
Exchange's failure to take action in connection with this Plan.
[FR Doc. E8-7506 Filed 4-9-08; 8:45 am]
BILLING CODE 8011-01-P
