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 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 http://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 (http://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 (http://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 http:// 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]


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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 
http://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 (http://
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 (http://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 http://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).
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[FR Doc. E8-9069 Filed 4-24-08; 8:45 am]
BILLING CODE 8010-01-P