Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing of a Proposed Rule Change Relating to streetTRACKS Gold Shares, 22452-22453 [E8-9069]
Download as PDF
<![CDATA[
22452
Federal Register / Vol. 73, No. 81 / Friday, April 25, 2008 / Notices
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3) (5), (7), (9)(B), and (10)
and 17 CFR 200.402(a)(3), (5), (7), (9)(ii)
and (10), permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session.
The subject matter of the Closed
Meeting scheduled for April 29, 2008
will be:
Formal orders of investigation;
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings of an
enforcement nature;
Adjudicatory matters; and
A matter related to an enforcement
proceeding.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: April 22, 2008.
Nancy M. Morris,
Secretary.
[FR Doc. E8–9107 Filed 4–24–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57695; 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
sroberts on PROD1PC70 with NOTICES
April 21, 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.2
1 15
U.S.C. 78s(b)(1).
Commission previously published notice of
the proposed rule change. Securities Exchange Act
Release No. 57466 (March 11, 2008), 73 FR 14297
2 The
VerDate Aug<31>2005
20:20 Apr 24, 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.3
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.4
(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.5
In its capacity as a ‘‘derivatives
clearing organization’’ registered with
the Commodity Futures Trading
Commission (‘‘CFTC’’), OCC filed 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
(March 17, 2008). The Commission is republishing
the notice to reflect the addition of footnote 6 in
section IV, Solicitation of Comments.
3 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.
4 The Commission has modified parts of these
statements.
5 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 00132
Fmt 4703
Sfmt 4703
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 was 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.
E:\FR\FM\25APN1.SGM
25APN1
Federal Register / Vol. 73, No. 81 / Friday, April 25, 2008 / Notices
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.6
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 rulecomments@sec.gov. Please include File
Number SR–OCC–2008–07 on the
subject line.
sroberts on PROD1PC70 with NOTICES
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
6 In accordance with the Memorandum of
Understanding entered into between the CFTC and
the Commission on March 11, 2008, and in
particular the addendum thereto concerning
Principles Governing the Review of Novel Derivative
Products, novel derivative products that implicate
areas of overlapping regulatory concern should be
permitted to trade in either or both a CFTC- or
Commission-regulated environment, in a manner
consistent with laws and regulations (including the
appropriate use of all available exemptive and
interpretive authority).
VerDate Aug<31>2005
20:20 Apr 24, 2008
Jkt 214001
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 May 12, 2008.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.7
Nancy M. Morris,
Secretary.
[FR Doc. E8–9069 Filed 4–24–08; 8:45 am]
BILLING CODE 8010–01–P
[Public Notice 6178]
Advisory Committee on Historical
Diplomatic Documentation Notice of
Meeting
Summary: The Advisory Committee
on Historical Diplomatic Documentation
will meet in the Department of State,
2201 ‘‘C’’ Street, NW., Washington, DC,
June 2–3, 2008, in Conference Room
1205. Prior notification and a valid
government-issued photo ID (such as
driver’s license, passport, U. S.
government or military ID) are required
for entrance into the building. Members
of the public planning to attend must
notify Steven Galpern, Office of the
Historian (202–663–1130) no later than
May 29, 2008, to provide date of birth,
valid government-issued photo
identification number and type (such as
driver’s license number/state, passport
number/country, or U.S. government ID
number/agency or military ID number/
branch), and relevant telephone
numbers. If you cannot provide one of
the enumerated forms of ID, please
consult with Steven Galpern for
acceptable alternative forms of picture
identification.
The Committee will meet in open
session from 1:30 p.m. through 3 p.m.
on Monday, June 2, 2008, in the
Department of State, 2201 ‘‘C’’ Street,
NW., Washington, DC, in Conference
Room 1205, to discuss declassification
and transfer of Department of State
records to the National Archives and
Records Administration and the status
of the Foreign Relations series. The
remainder of the Committee’s sessions
from 3:15 p.m. until 4:30 p.m. on
Monday, June 2, 2008, and 8 a.m. until
12 p.m. on Tuesday, June 3, 2008, will
be closed in accordance with Section
10(d) of the Federal Advisory
Committee Act (Pub. L. 92–463). The
agenda calls for discussions of agency
declassification decisions concerning
PO 00000
CFR 200.30–3(a)(12).
Frm 00133
Fmt 4703
Sfmt 4703
the Foreign Relations series and other
declassification issues. These are
matters not subject to public disclosure
under 5 U.S.C. 552b(c)(1) and the public
interest requires that such activities be
withheld from disclosure.
Questions concerning the meeting
should be directed to Marc J. Susser,
Executive Secretary, Advisory
Committee on Historical Diplomatic
Documentation, Department of State,
Office of the Historian, Washington, DC,
20520, telephone (202) 663–1123, (email history@state.gov).
Dated: April 14, 2008.
Marc Susser,
Executive Secretary, Department of State.
[FR Doc. E8–9090 Filed 4–24–08; 8:45 am]
DEPARTMENT OF STATE
7 17
22453
BILLING CODE 4710–11–P
DEPARTMENT OF STATE
[Public Notice 6181]
Advisory Committee on Democracy
Promotion (ACDP) Meeting Notice;
Notice of Partially Closed Meeting
A meeting of the Advisory Committee
on Democracy Promotion will be held
on Monday, May 12, 2008 in Room
1107, U.S. Department of State, 2201 C
Street, NW., Washington, DC. The
meeting will be open to the public from
10 a.m.–12 p.m., up to the capacity of
the meeting room. The Committee
members will discuss various issues
relating to strategies to promote
democratic governance, with Secretary
Rice leading the discussion from 10:30–
11 a.m. Pursuant to section 10(d) of the
Federal Advisory Committee Act, 5
U.S.C. App. 10(d) and 5 U.S.C. 552b(c)6,
it has been determined that the meeting
will be closed to the public from 12 to
2 p.m. because the Committee will be
discussing sensitive information about
the personal situation of human rights
dissidents, disclosure of which would
likely jeopardize the safety and welfare
of these individuals and constitute a
clearly unwarranted invasion of their
personal privacy.
Entry to the main State Department
building is controlled and will require
advance arrangements. Members of the
public wishing to attend this meeting
should, by Thursday, May 8, 2008,
notify Karen Chen in the Bureau of
Democracy, Human Rights and Labor—
telephone: 202–647–4648—of their
name, date of birth, valid governmentissued ID number (see below), and
citizenship, in order to arrange
admittance. This includes admittance
for government employees as well as
others.
E:\FR\FM\25APN1.SGM
25APN1
]]>Agencies
[Federal Register Volume 73, Number 81 (Friday, April 25, 2008)]
[Notices]
[Pages 22452-22453]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-9069]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57695; 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
April 21, 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.\2\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ The Commission previously published notice of the proposed
rule change. Securities Exchange Act Release No. 57466 (March 11,
2008), 73 FR 14297 (March 17, 2008). The Commission is republishing
the notice to reflect the addition of footnote 6 in section IV,
Solicitation of Comments.
---------------------------------------------------------------------------
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.\3\
---------------------------------------------------------------------------
\3\ 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.\4\
---------------------------------------------------------------------------
\4\ 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.\5\
---------------------------------------------------------------------------
\5\ 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 filed 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
was 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.
[[Page 22453]]
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.\6\ Comments may be submitted by any
of the following methods:
---------------------------------------------------------------------------
\6\ In accordance with the Memorandum of Understanding entered
into between the CFTC and the Commission on March 11, 2008, and in
particular the addendum thereto concerning Principles Governing the
Review of Novel Derivative Products, novel derivative products that
implicate areas of overlapping regulatory concern should be
permitted to trade in either or both a CFTC- or Commission-regulated
environment, in a manner consistent with laws and regulations
(including the appropriate use of all available exemptive and
interpretive authority).
---------------------------------------------------------------------------
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 May 12, 2008.
For the Commission by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Nancy M. Morris,
Secretary.
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E8-9069 Filed 4-24-08; 8:45 am]
BILLING CODE 8010-01-P
