Joint Industry Plan; Order Granting Permanent Approval to Amendment No. 1 to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options, 43798-43799 [E8-17213]

Download as PDF 43798 Federal Register / Vol. 73, No. 145 / Monday, July 28, 2008 / Notices jlentini on PROD1PC65 with NOTICES complete aquifer restoration, decommissioning, and reclamation activities. Then, the Draft GEIS describes the affected environment in each uranium milling region, using the environmental resource areas and topics identified through public scoping comments on the GEIS and from NRC guidance to its staff found in NUREG–1748, ‘‘Environmental Review Guidance for Licensing Actions Associated With NMSS Programs,’’ issued by the NRC in 2003. Finally, the Draft GEIS provides an evaluation of the potential environmental impacts of constructing, operating, aquifer restoration, and decommissioning at an ISL facility in each of the four uranium milling regions. In essence, this involves placing an ISL facility with the characteristics described previously within each of the four regional areas and describing and evaluating the potential impacts in each region separately. Impacts are examined for the following resource areas: • Land use. • Transportation. • Geology and soils. • Water resources. • Ecology. • Air quality. • Noise. • Historical and cultural resource. • Visual and scenic resources. • Socioeconomic. • Public and occupational health. Following the discussion of potential environmental impacts, the Draft GEIS addresses cumulative impacts; environmental justice; practices, measures, and actions to mitigate potential impacts; environmental monitoring activities; and the consultation process with federal and tribal entities. As stated previously, the NRC is accepting comments on the Draft GEIS. Following the end of the public comment period, the NRC staff will publish a Final GEIS that addresses, as appropriate, the public comments on the Draft GEIS. The NRC expects to publish the Final GEIS by June 2009. Dated at Rockville, Maryland, this 21st day of July, 2008. For the U.S. Nuclear Regulatory Commission. Patrice M. Bubar, Deputy Director, Environmental Protection and Performance Assessment Directorate, Division of Waste Management and Environmental Protection, Office of Federal and State Materials and Environmental Management Programs. [FR Doc. E8–17246 Filed 7–25–08; 8:45 am] BILLING CODE 7590–01–P VerDate Aug<31>2005 18:35 Jul 25, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon written request, copies available from: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Form S–4; OMB Control No. 3235–0324; SEC File No. 270–287. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘Commission’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form S–4 (17 CFR 239.25) is the registration form used to register securities issued in business combination transactions under the Securities Act of 1933 (15 U.S.C. 77a et seq.). The information collected is intended to ensure the adequacy of information available to investors in connection with business combination transactions. Form S–4 is a public document and all information provided is mandatory. Form S–4 takes approximately 4,064 hours per response to prepare and is filed by 619 registrants annually. We estimate that 25% of the 4,064 hours per response (1,016 hours) is prepared by the registrant for an annual reporting burden of 628,904 hours (1,016 hours per response × 619 responses). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Written comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or send an e-mail to Alexander_T._Hunt@omb.eop.gov; and (ii) Lewis W. Walker, Acting Director/ CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 Dated: July 22, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–17214 Filed 7–25–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58205; File No. 4–443] Joint Industry Plan; Order Granting Permanent Approval to Amendment No. 1 to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options July 22, 2008. I. Introduction On May 15, 2008, May 15, 2008, May 13, 2008, May 6, 2008, May 13, 2008, May 7, 2008, May 13, 2008, and May 8, 2008, the American Stock Exchange LLC (‘‘Amex’’), the Boston Stock Exchange, Inc. (‘‘BSE’’), Chicago Board Options Exchange, Incorporated (‘‘CBOE’’), the International Securities Exchange, LLC (‘‘ISE’’), The NASDAQ Stock Market LLC (‘‘Nasdaq’’), NYSE Arca Inc. (‘‘NYSE Arca’’), the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’), and the Options Clearing Corporation (‘‘OCC’’) respectively, filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 11A of the Securities Exchange Act 1 of 1934 (‘‘Act’’) and Rule 608 thereunder,2 Amendment No. 1 to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options (‘‘the Options Listing Procedures Plan’’ or ‘‘OLPP’’).3 Amendment No. 1 would provide a uniform time frame for the introduction of new Long-term Equity AnticiPation (‘‘LEAP’’ or ‘‘LEAPS’’) series on equity option classes, options on Exchange Traded Funds (‘‘ETFs’’), or options on Trust Issued Receipts (‘‘TIRs’’). On May 22, 2008, the Commission issued notice of and approved Amendment No. 1 on a temporary basis 1 15 U.S.C. 78k–1. CFR 242.608. 3 On July 6, 2001, the Commission approved the OLPP, which was originally proposed by the Amex, CBOE, ISE, OCC, Phlx, and Pacific Exchange, Inc. (k/n/a NYSE Arca). See Securities Exchange Act Release No. 44521, 66 FR 36809 (July 13, 2001). On February 5, 2004, BSE was added as a sponsor to the OLPP. See Securities Exchange Act Release No. 49199, 69 FR 7030 (February 12, 2004). On March 21, 2008, Nasdaq was added as a sponsor to the OLPP. See Securities Exchange Act Release No. 57546 (March 21, 2008), 73 FR 16393 (March 27, 2008). 2 17 E:\FR\FM\28JYN1.SGM 28JYN1 Federal Register / Vol. 73, No. 145 / Monday, July 28, 2008 / Notices not to exceed 120 days, and solicited comment on the proposal.4 The Commission received no comment letters in response to the Temporary Approval Order. This order approves Amendment No. 1 on a permanent basis. II. Description of the Proposal Currently, new January LEAPS are introduced shortly after the groups of LEAPS with the least time to expiration are converted to a conventional expiration symbol, generally when they have less than nine months to expiration. The proposal provides for a uniform time frame for the introduction of new LEAP series on equity option classes, options on ETFs, or options on TIRs. By agreeing to a uniform time frame for the introduction of new LEAP series, the Participants to the OLPP intend to mitigate the number of option series available for trading during certain times of the year. The Participants to the OLPP intend that this will in turn lessen the rate of increase in quote traffic, because quotes will not be generated in the not-yet-available series. The Participants to the OLPP represent that, for example, in 2007, if this proposal had been in effect, the industry would have eliminated one and a half billion (1,500,000,000) quotes over the three months of June, July, and August, out of just less than 100 billion quotes over all, for a savings of 1.5%. The affected series, however, generated less than three million (3,000,000) contracts traded in the same period, out of more than seven hundred eighty million (780,000,000) contracts total industry volume, or approximately .38%. The exchanges agree that the benefit from reduced quoting levels greatly exceeds the small cost in missed business. In addition, the Participants to the OLPP may coordinate the date of introduction of new LEAP classes, so as to provide the least disruption on the options industry by having the flexibility to avoid holidays, expiration periods, and industry-wide tests which are scheduled from time to time. jlentini on PROD1PC65 with NOTICES III. Discussion After careful review, the Commission finds that Amendment No. 1 is consistent with the requirements of the Act and the rules and regulations thereunder.5 Specifically, the 4 See Securities Exchange Act Release No. 57848 (May 22, 2008), 73 FR 30985 (May 29, 2008) (‘‘Temporary Approval Order’’). 5 In approving this proposed OPRA Plan Amendment, the Commission has considered its VerDate Aug<31>2005 18:35 Jul 25, 2008 Jkt 214001 Commission finds that Amendment No. 1 to the OLPP is consistent with Section 11A of the Act 6 and Rule 608 thereunder 7 in that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets. Specifically, the Commission believes that by adopting a uniform time frame for the introduction of new LEAP series on equity option classes, options on ETFs, and options on TIRs, the options exchanges should reduce the number of option series available for trading during certain times of the year, and thus may reduce increases in the options quote rate because market participants would not be submitting quotes in the not-yet-available LEAP series. Accordingly, the Commission believes that it is necessary or appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to, and perfect mechanisms of, a national market system to approve Amendment No. 1 to the OLPP on a permanent basis. IV. Conclusion It is therefore ordered, pursuant to Section 11A of the Act,8 and Rule 608 thereunder,9 that proposed Amendment No. 1 to the OLPP be, and it hereby is, approved on a permanent basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–17213 Filed 7–25–08; 8:45 am] 43799 the use of company Web sites under the Securities Exchange Act of 1934 and the antifraud provisions of the federal securities laws. 2. The Commission will consider whether to publish for comment a proposed rule change by the Municipal Securities Rulemaking Board to establish the continuing disclosure service of the MSRB’s Electronic Municipal Market Access (EMMA) system. The Commission will also consider whether to propose amendments to Rule 15c2–12 under the Securities Exchange Act of 1934 to enhance the disclosure of information regarding municipal securities. 3. The Commission will consider whether to issue proposed guidance to investment company boards of directors to assist them in fulfilling their oversight responsibilities with respect to an investment adviser’s trading of fund portfolio securities, including the use of fund brokerage commissions to purchase brokerage and research services. 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: July 23, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–17306 Filed 7–25–08; 8:45 am] BILLING CODE 8010–01–P BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold an Open Meeting on July 30, 2008 at 10 a.m., in the Auditorium, Room L–002. The subject matter of the Open Meeting will be: 1. The Commission will consider whether to publish an interpretive release to provide guidance regarding impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 6 15 U.S.C. 78k–1. 7 17 CFR 242.608. 8 15 U.S.C. 78k–1. 9 17 CFR 242.608. 10 17 CFR 200.30–3(a)(29). PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58199; File No. SR–Amex– 2008–44] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change Modifying the Provisions Governing Contacts Between Specialists and Issuers July 21, 2008. I. Introduction On May 20, 2008, the American Stock Exchange LLC (‘‘Amex’’ 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 proposal to amend 1 15 2 17 E:\FR\FM\28JYN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 28JYN1

Agencies

[Federal Register Volume 73, Number 145 (Monday, July 28, 2008)]
[Notices]
[Pages 43798-43799]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-17213]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58205; File No. 4-443]


Joint Industry Plan; Order Granting Permanent Approval to 
Amendment No. 1 to the Plan for the Purpose of Developing and 
Implementing Procedures Designed To Facilitate the Listing and Trading 
of Standardized Options

July 22, 2008.

I. Introduction

    On May 15, 2008, May 15, 2008, May 13, 2008, May 6, 2008, May 13, 
2008, May 7, 2008, May 13, 2008, and May 8, 2008, the American Stock 
Exchange LLC (``Amex''), the Boston Stock Exchange, Inc. (``BSE''), 
Chicago Board Options Exchange, Incorporated (``CBOE''), the 
International Securities Exchange, LLC (``ISE''), The NASDAQ Stock 
Market LLC (``Nasdaq''), NYSE Arca Inc. (``NYSE Arca''), the 
Philadelphia Stock Exchange, Inc. (``Phlx''), and the Options Clearing 
Corporation (``OCC'') respectively, filed with the Securities and 
Exchange Commission (``Commission''), pursuant to Section 11A of the 
Securities Exchange Act \1\ of 1934 (``Act'') and Rule 608 
thereunder,\2\ Amendment No. 1 to the Plan for the Purpose of 
Developing and Implementing Procedures Designed to Facilitate the 
Listing and Trading of Standardized Options (``the Options Listing 
Procedures Plan'' or ``OLPP'').\3\ Amendment No. 1 would provide a 
uniform time frame for the introduction of new Long-term Equity 
AnticiPation (``LEAP'' or ``LEAPS'') series on equity option classes, 
options on Exchange Traded Funds (``ETFs''), or options on Trust Issued 
Receipts (``TIRs'').
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ On July 6, 2001, the Commission approved the OLPP, which was 
originally proposed by the Amex, CBOE, ISE, OCC, Phlx, and Pacific 
Exchange, Inc. (k/n/a NYSE Arca). See Securities Exchange Act 
Release No. 44521, 66 FR 36809 (July 13, 2001). On February 5, 2004, 
BSE was added as a sponsor to the OLPP. See Securities Exchange Act 
Release No. 49199, 69 FR 7030 (February 12, 2004). On March 21, 
2008, Nasdaq was added as a sponsor to the OLPP. See Securities 
Exchange Act Release No. 57546 (March 21, 2008), 73 FR 16393 (March 
27, 2008).
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    On May 22, 2008, the Commission issued notice of and approved 
Amendment No. 1 on a temporary basis

[[Page 43799]]

not to exceed 120 days, and solicited comment on the proposal.\4\ The 
Commission received no comment letters in response to the Temporary 
Approval Order. This order approves Amendment No. 1 on a permanent 
basis.
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    \4\ See Securities Exchange Act Release No. 57848 (May 22, 
2008), 73 FR 30985 (May 29, 2008) (``Temporary Approval Order'').
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II. Description of the Proposal

    Currently, new January LEAPS are introduced shortly after the 
groups of LEAPS with the least time to expiration are converted to a 
conventional expiration symbol, generally when they have less than nine 
months to expiration. The proposal provides for a uniform time frame 
for the introduction of new LEAP series on equity option classes, 
options on ETFs, or options on TIRs.
    By agreeing to a uniform time frame for the introduction of new 
LEAP series, the Participants to the OLPP intend to mitigate the number 
of option series available for trading during certain times of the 
year. The Participants to the OLPP intend that this will in turn lessen 
the rate of increase in quote traffic, because quotes will not be 
generated in the not-yet-available series.
    The Participants to the OLPP represent that, for example, in 2007, 
if this proposal had been in effect, the industry would have eliminated 
one and a half billion (1,500,000,000) quotes over the three months of 
June, July, and August, out of just less than 100 billion quotes over 
all, for a savings of 1.5%. The affected series, however, generated 
less than three million (3,000,000) contracts traded in the same 
period, out of more than seven hundred eighty million (780,000,000) 
contracts total industry volume, or approximately .38%. The exchanges 
agree that the benefit from reduced quoting levels greatly exceeds the 
small cost in missed business.
    In addition, the Participants to the OLPP may coordinate the date 
of introduction of new LEAP classes, so as to provide the least 
disruption on the options industry by having the flexibility to avoid 
holidays, expiration periods, and industry-wide tests which are 
scheduled from time to time.

III. Discussion

    After careful review, the Commission finds that Amendment No. 1 is 
consistent with the requirements of the Act and the rules and 
regulations thereunder.\5\ Specifically, the Commission finds that 
Amendment No. 1 to the OLPP is consistent with Section 11A of the Act 
\6\ and Rule 608 thereunder \7\ in that it is in the public interest 
and appropriate for the protection of investors and the maintenance of 
fair and orderly markets. Specifically, the Commission believes that by 
adopting a uniform time frame for the introduction of new LEAP series 
on equity option classes, options on ETFs, and options on TIRs, the 
options exchanges should reduce the number of option series available 
for trading during certain times of the year, and thus may reduce 
increases in the options quote rate because market participants would 
not be submitting quotes in the not-yet-available LEAP series. 
Accordingly, the Commission believes that it is necessary or 
appropriate in the public interest, for the protection of investors and 
the maintenance of fair and orderly markets, to remove impediments to, 
and perfect mechanisms of, a national market system to approve 
Amendment No. 1 to the OLPP on a permanent basis.
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    \5\ In approving this proposed OPRA Plan Amendment, the 
Commission has considered its impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78k-1.
    \7\ 17 CFR 242.608.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act,\8\ and 
Rule 608 thereunder,\9\ that proposed Amendment No. 1 to the OLPP be, 
and it hereby is, approved on a permanent basis.
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    \8\ 15 U.S.C. 78k-1.
    \9\ 17 CFR 242.608.
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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(29).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-17213 Filed 7-25-08; 8:45 am]
BILLING CODE 8010-01-P