Order Granting Application for Exemption Pursuant to Section 36(a) of the Exchange Act by the Philadelphia Stock Exchange, Inc. From the Rule Filing Requirements of Section 19(b) of the Exchange Act With Respect to Certain Rules Incorporated by Reference, 52433-52434 [E8-20809]
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Federal Register / Vol. 73, No. 175 / Tuesday, September 9, 2008 / Notices
jlentini on PROD1PC65 with NOTICES
utility; (b) the accuracy of the RRB’s
estimate of the burden of the collection
of the information; (c) ways to enhance
the quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden related to
the collection of information on
respondents, including the use of
automated collection techniques or
other forms of information technology.
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Title and Purpose of Information
Collection
Appeal Under the Railroad
Retirement and Railroad Unemployment
Insurance Act; OMB 3220–0007 Under
Section 7(b)(3) of the Railroad
Retirement Act (RRA), and section 5(c)
of the Railroad Unemployment
Insurance Act (RUIA) any person
aggrieved by a decision on his or her
application for an annuity or benefit
under that Act has the right to appeal to
the RRB. This right is prescribed in 20
CFR part 260 and 20 CFR part 320. The
notification letter sent to the individual
at the time of the original action on the
application informs the applicant of
such right. When an individual protests
a decision, the concerned bureau
reviews the entire file and any
additional evidence submitted and
sends the applicant a letter explaining
the basis of the determination. The
applicant is then notified that if he or
she wishes to protest further, they can
appeal to the RRB’s Bureau of Hearings
and Appeals. The procedure pertaining
to the filing of such an appeal is
prescribed in 20 CFR 260.5 and 260.9
and 20 CFR 320.12 and 320.38.
The form prescribed by the RRB for
filing an appeal under the RRA or RUIA
is form HA–1, Appeal Under the
Railroad Retirement Act or Railroad
Unemployment Insurance Act. The form
asks the applicant to furnish the basis
for the appeal and what additional
evidence, if any, is to be submitted.
Completion is voluntary, however if the
information is not provided the RRB
cannot process the appeal.
The RRB proposes to remove items
from Form HA–1 that request the
appellant to provide their social security
number or RRB Claim number. No other
changes are proposed. The completion
time for the HA–1 is estimated at 20
minutes per response. The RRB
estimates that approximately 650 Form
HA–1’s are completed annually. Annual
burden for the collection is estimated at
217 hours.
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
Charles Mierzwa,
Clearance Officer.
[FR Doc. E8–20789 Filed 9–8–08; 8:45 am]
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BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–58454]
Order Granting Application for
Exemption Pursuant to Section 36(a) of
the Exchange Act by the Philadelphia
Stock Exchange, Inc. From the Rule
Filing Requirements of Section 19(b) of
the Exchange Act With Respect to
Certain Rules Incorporated by
Reference
September 3, 2008.
I. Introduction
On June 27, 2007,1 the Philadelphia
Stock Exchange, Inc., n/k/a NASDAQ
OMX PHLX, Inc., (‘‘Phlx’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) pursuant to Rule 0–12 2
under the Securities Exchange Act of
1934 (‘‘Exchange Act’’) an application
for an exemption under Section 36(a)(1)
of the Exchange Act 3 from the rule
filing requirements of Section 19(b) of
the Exchange Act 4 with respect to
certain margin rules of other selfregulatory organizations (‘‘SROs’’) that
the Exchange seeks to incorporate by
reference.
II. Application for Section 36
Exemption From Section 19(b) Rule
Filing Requirements for SRO Rules
Incorporated by Reference
On August 11, 2008, the Commission
approved a proposed rule change—SRPhlx–2007–33—which, among other
things, permits Phlx members to elect to
be bound by the margin rules of either
the New York Stock Exchange LLC
(‘‘NYSE’’) or the Chicago Board Options
1 See Letter from Edith H. Hallahan, Esq., Senior
Vice President and Deputy General Counsel, Phlx,
to Nancy M. Morris, Secretary, Commission, dated
June 26, 2007.
2 17 CFR 240.0–12.
3 15 U.S.C. 78mm(a)(1).
4 15 U.S.C. 78s(b).
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52433
Exchange, Incorporated (‘‘CBOE’’).5
More specifically, Phlx amended its
Rule 721 to state a member organization
must elect to be bound by the initial and
maintenance margin requirements of
either the NYSE or CBOE as the same
may be in effect and amended from time
to time.6 Phlx Rule 721 further states
that upon the filing of such election, a
Phlx member shall be bound to comply
with the margin rules of the NYSE or
CBOE, as applicable, as though said
rules were part of Phlx’s margin rules.
On June 26, 2007, Phlx submitted a
formal request, pursuant to Rule 0–12
under the Exchange Act,7 seeking an
exemption under Section 36 of the
Exchange Act from the rule filing
procedures of Section 19(b) of the
Exchange Act with respect to changes to
the margin rules of either the NYSE or
CBOE.8
III. Order Granting Section 36
Exemption
Section 36 of the Exchange Act 9
authorizes the Commission to
conditionally or unconditionally
exempt any person, security, or
transaction, or any class thereof, from
any provision of the Exchange Act or
rule thereunder, if necessary or
appropriate in the public interest and
consistent with the protection of
investors. The Commission believes that
it is appropriate to issue exemptions,
subject to the conditions described
below, to allow SROs to incorporate by
reference the rules of other SROs
without being subject to the rule filing
requirements of Section 19(b) of the
Exchange Act whenever the SRO’s rules
that are incorporated by reference
change. Such exemptions promote
efficient use of Commission and SRO
resources by avoiding duplicative rule
filings based on simultaneous changes
to identical rule text sought by more
than one SRO.
The Commission will consider
granting requests for exemption,
pursuant to Section 36 of the Exchange
Act, from the rule filing requirements
imposed by Section 19(b) of the
Exchange Act, provided that:10
5 See Exchange Act Release 58340, 73 FR 48268
(August 18, 2008).
6 Exchange Act Release No. 58340 (August 11,
2008); see also Exchange Act Release No. 58045
(June 26, 2008), 73 FR 38487 (July 7, 2008) (SRPhlx–2007–33).
7 See 17 CFR 240.0–12.
8 See Letter from Edith H. Hallahan, Esq., Senior
Vice President and Deputy General Counsel, Phlx,
to Nancy M. Morris, Secretary, Commission, dated
June 26, 2007.
9 15 U.S.C. 78mm.
10 Exchange Act Release No. 49260 (February 17,
2004), 69 FR 8500 (February 24, 2004).
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52434
Federal Register / Vol. 73, No. 175 / Tuesday, September 9, 2008 / Notices
jlentini on PROD1PC65 with NOTICES
(1) An SRO wishing to incorporate
rules of another SRO by reference has
submitted a written request for an order
exempting it from the requirement in
Section 19(b) of the Exchange Act to file
proposed rule changes relating to the
rules incorporated by reference, has
identified the applicable originating
SROs, together with the rules it wants
to incorporate by reference, and
otherwise has complied with the
procedural requirements set forth in the
Commission’s release governing
procedures for requesting exemptive
orders pursuant to Rule 0–12 under the
Exchange Act;11
(2) an incorporating SRO has
requested incorporation of categories of
rules (rather than individual rules
within a category) that are not trading
rules (e.g., the SRO has requested
incorporation of rules such as margin,
suitability, arbitration); and
(3) the incorporating SRO has
reasonable procedures in place to
provide written notice to its members
each time a change is proposed to the
incorporated rules of another SRO.
The Commission believes that it is
appropriate to issue an exemption,
subject to the conditions described
above, to allow Phlx to incorporate by
reference the margin rules of the NYSE
or CBOE (by allowing its members to
elect to be bound by the margin rules of
either the NYSE or CBOE), without
being subject to the rule filing
requirements of Section 19(b) of the
Exchange Act whenever the SRO’s
margin rules that are incorporated by
reference change. The Commission
believes that this exemption will
promote more efficient use of
Commission and Phlx resources by
avoiding duplicative rule filings based
on simultaneous changes to identical
rule text sought by more than one SRO.
The Commission notes in granting this
exemption, that Phlx by incorporating
by reference another SRO’s margin rules
would agree to be governed by the
incorporated rules, as amended from
time to time, but not be required to file
a separate proposed rule change with
the Commission each time either the
NYSE or CBOE seeks to modify its
margin rules.
Phlx is requesting to incorporate by
reference the whole category of the
NYSE and CBOE margin rules (i.e., did
not ‘‘cherry-pick’’ certain individual
rules within a category), which are
regulatory rules and not trading rules.
11 See 17 CFR 240.0–12 and Exchange Act Release
No. 39624 (February 5, 1998), 63 FR 8101 (February
18, 1998) (Commission Procedures for Filing
Applications for Orders for Exemptive Relief
Pursuant to Section 36 of the Exchange Act; Final
Rule).
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17:08 Sep 08, 2008
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The Commission also has previously
approved the incorporation by reference
of the NYSE and CBOE margin rules for
the International Securities Exchange
and the Boston Options Exchange.12 The
Commission notes that the Exchange
previously requested, and the
Commission granted, a request by Phlx
to incorporate by reference, the NASD
Code of Arbitration Procedure, subject
to certain conditions.13 Consistent with
the conditions attendant to its prior
exemptive request, the Exchange has
agreed to continue to provide written
notice to its members whenever the
NYSE or CBOE proposes a change to its
margin rules.14 This procedure will
provide Phlx members with notice of a
proposed rule change that affects their
interests, so that they would have the
opportunity to comment on it.
For the reasons discussed above, the
Commission finds that the exemption is
necessary or appropriate in the public
interest, and is consistent with the
protection of investors.
Accordingly, it is ordered, pursuant to
Section 36 of the Exchange Act,15 that
Phlx, with respect to the margin rules of
the NYSE and CBOE that Phlx proposes
to incorporate by reference as specified
above, and subject to the conditions
described above, shall be exempt from
rule filing requirements of Section 19(b)
of the Exchange Act to the extent that
Section 19(b) would otherwise require
submission of a proposed rule change
filing with the Commission.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–20809 Filed 9–8–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58445; File No. SR–BSE–
2008–43]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Regarding
Transfer of Ownership of MX U.S. 2,
Inc.
August 29, 2008.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August
28, 2008, the Boston Stock Exchange,
Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by the
BSE.3 The Commission is publishing
this notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is submitting the
proposed rule change to the
Commission to amend the proposed
Sixth Amended and Restated Operating
Agreement (‘‘BOX LLC Agreement’’), of
the Boston Options Exchange Group
LLC (‘‘BOX LLC’’), in connection with
´
the transfer by the Montreal Exchange
Inc.,4 a company incorporated in
´
Quebec, Canada (‘‘MX’’), of its
ownership interest in MX U.S. 2, Inc.,
a U.S. subsidiary of MX (‘‘MX U.S. 2’’).5
The text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.bostonstock.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposal. The text of these statements
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Capitalized terms not otherwise defined herein
shall have the meanings set forth in the BOX LLC
Agreement.
4 The Montreal Exchange Inc. is also known in
´
´
French as the Bourse de Montreal Inc.
5 See Securities Exchange Act Release No. 58324
(August 7, 2008), 73 FR 46936 (August 12, 2008)
(SR–BSE–2008–25).
2 17
12 Exchange Act Release No. 49260 (February 17,
2004), 69 FR 8500 (February 24, 2004).
13 See Exchange Act Release No. 49260 (February
17, 2004), 69 FR 8500 (February 24, 2004).
14 See supra note 1.
15 15 U.S.C. 78mm.
16 17 CFR 200.30–3(a)(76).
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]]>Agencies
[Federal Register Volume 73, Number 175 (Tuesday, September 9, 2008)]
[Notices]
[Pages 52433-52434]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-20809]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
Release No. 34-58454]
Order Granting Application for Exemption Pursuant to Section
36(a) of the Exchange Act by the Philadelphia Stock Exchange, Inc. From
the Rule Filing Requirements of Section 19(b) of the Exchange Act With
Respect to Certain Rules Incorporated by Reference
September 3, 2008.
I. Introduction
On June 27, 2007,\1\ the Philadelphia Stock Exchange, Inc., n/k/a
NASDAQ OMX PHLX, Inc., (``Phlx'' or the ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') pursuant to Rule 0-
12 \2\ under the Securities Exchange Act of 1934 (``Exchange Act'') an
application for an exemption under Section 36(a)(1) of the Exchange Act
\3\ from the rule filing requirements of Section 19(b) of the Exchange
Act \4\ with respect to certain margin rules of other self-regulatory
organizations (``SROs'') that the Exchange seeks to incorporate by
reference.
---------------------------------------------------------------------------
\1\ See Letter from Edith H. Hallahan, Esq., Senior Vice
President and Deputy General Counsel, Phlx, to Nancy M. Morris,
Secretary, Commission, dated June 26, 2007.
\2\ 17 CFR 240.0-12.
\3\ 15 U.S.C. 78mm(a)(1).
\4\ 15 U.S.C. 78s(b).
---------------------------------------------------------------------------
II. Application for Section 36 Exemption From Section 19(b) Rule Filing
Requirements for SRO Rules Incorporated by Reference
On August 11, 2008, the Commission approved a proposed rule
change--SR-Phlx-2007-33--which, among other things, permits Phlx
members to elect to be bound by the margin rules of either the New York
Stock Exchange LLC (``NYSE'') or the Chicago Board Options Exchange,
Incorporated (``CBOE'').\5\ More specifically, Phlx amended its Rule
721 to state a member organization must elect to be bound by the
initial and maintenance margin requirements of either the NYSE or CBOE
as the same may be in effect and amended from time to time.\6\ Phlx
Rule 721 further states that upon the filing of such election, a Phlx
member shall be bound to comply with the margin rules of the NYSE or
CBOE, as applicable, as though said rules were part of Phlx's margin
rules. On June 26, 2007, Phlx submitted a formal request, pursuant to
Rule 0-12 under the Exchange Act,\7\ seeking an exemption under Section
36 of the Exchange Act from the rule filing procedures of Section 19(b)
of the Exchange Act with respect to changes to the margin rules of
either the NYSE or CBOE.\8\
---------------------------------------------------------------------------
\5\ See Exchange Act Release 58340, 73 FR 48268 (August 18,
2008).
\6\ Exchange Act Release No. 58340 (August 11, 2008); see also
Exchange Act Release No. 58045 (June 26, 2008), 73 FR 38487 (July 7,
2008) (SR-Phlx-2007-33).
\7\ See 17 CFR 240.0-12.
\8\ See Letter from Edith H. Hallahan, Esq., Senior Vice
President and Deputy General Counsel, Phlx, to Nancy M. Morris,
Secretary, Commission, dated June 26, 2007.
---------------------------------------------------------------------------
III. Order Granting Section 36 Exemption
Section 36 of the Exchange Act \9\ authorizes the Commission to
conditionally or unconditionally exempt any person, security, or
transaction, or any class thereof, from any provision of the Exchange
Act or rule thereunder, if necessary or appropriate in the public
interest and consistent with the protection of investors. The
Commission believes that it is appropriate to issue exemptions, subject
to the conditions described below, to allow SROs to incorporate by
reference the rules of other SROs without being subject to the rule
filing requirements of Section 19(b) of the Exchange Act whenever the
SRO's rules that are incorporated by reference change. Such exemptions
promote efficient use of Commission and SRO resources by avoiding
duplicative rule filings based on simultaneous changes to identical
rule text sought by more than one SRO.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78mm.
---------------------------------------------------------------------------
The Commission will consider granting requests for exemption,
pursuant to Section 36 of the Exchange Act, from the rule filing
requirements imposed by Section 19(b) of the Exchange Act, provided
that:\10\
---------------------------------------------------------------------------
\10\ Exchange Act Release No. 49260 (February 17, 2004), 69 FR
8500 (February 24, 2004).
---------------------------------------------------------------------------
[[Page 52434]]
(1) An SRO wishing to incorporate rules of another SRO by reference
has submitted a written request for an order exempting it from the
requirement in Section 19(b) of the Exchange Act to file proposed rule
changes relating to the rules incorporated by reference, has identified
the applicable originating SROs, together with the rules it wants to
incorporate by reference, and otherwise has complied with the
procedural requirements set forth in the Commission's release governing
procedures for requesting exemptive orders pursuant to Rule 0-12 under
the Exchange Act;\11\
---------------------------------------------------------------------------
\11\ See 17 CFR 240.0-12 and Exchange Act Release No. 39624
(February 5, 1998), 63 FR 8101 (February 18, 1998) (Commission
Procedures for Filing Applications for Orders for Exemptive Relief
Pursuant to Section 36 of the Exchange Act; Final Rule).
---------------------------------------------------------------------------
(2) an incorporating SRO has requested incorporation of categories
of rules (rather than individual rules within a category) that are not
trading rules (e.g., the SRO has requested incorporation of rules such
as margin, suitability, arbitration); and
(3) the incorporating SRO has reasonable procedures in place to
provide written notice to its members each time a change is proposed to
the incorporated rules of another SRO.
The Commission believes that it is appropriate to issue an
exemption, subject to the conditions described above, to allow Phlx to
incorporate by reference the margin rules of the NYSE or CBOE (by
allowing its members to elect to be bound by the margin rules of either
the NYSE or CBOE), without being subject to the rule filing
requirements of Section 19(b) of the Exchange Act whenever the SRO's
margin rules that are incorporated by reference change. The Commission
believes that this exemption will promote more efficient use of
Commission and Phlx resources by avoiding duplicative rule filings
based on simultaneous changes to identical rule text sought by more
than one SRO. The Commission notes in granting this exemption, that
Phlx by incorporating by reference another SRO's margin rules would
agree to be governed by the incorporated rules, as amended from time to
time, but not be required to file a separate proposed rule change with
the Commission each time either the NYSE or CBOE seeks to modify its
margin rules.
Phlx is requesting to incorporate by reference the whole category
of the NYSE and CBOE margin rules (i.e., did not ``cherry-pick''
certain individual rules within a category), which are regulatory rules
and not trading rules. The Commission also has previously approved the
incorporation by reference of the NYSE and CBOE margin rules for the
International Securities Exchange and the Boston Options Exchange.\12\
The Commission notes that the Exchange previously requested, and the
Commission granted, a request by Phlx to incorporate by reference, the
NASD Code of Arbitration Procedure, subject to certain conditions.\13\
Consistent with the conditions attendant to its prior exemptive
request, the Exchange has agreed to continue to provide written notice
to its members whenever the NYSE or CBOE proposes a change to its
margin rules.\14\ This procedure will provide Phlx members with notice
of a proposed rule change that affects their interests, so that they
would have the opportunity to comment on it.
---------------------------------------------------------------------------
\12\ Exchange Act Release No. 49260 (February 17, 2004), 69 FR
8500 (February 24, 2004).
\13\ See Exchange Act Release No. 49260 (February 17, 2004), 69
FR 8500 (February 24, 2004).
\14\ See supra note 1.
---------------------------------------------------------------------------
For the reasons discussed above, the Commission finds that the
exemption is necessary or appropriate in the public interest, and is
consistent with the protection of investors.
Accordingly, it is ordered, pursuant to Section 36 of the Exchange
Act,\15\ that Phlx, with respect to the margin rules of the NYSE and
CBOE that Phlx proposes to incorporate by reference as specified above,
and subject to the conditions described above, shall be exempt from
rule filing requirements of Section 19(b) of the Exchange Act to the
extent that Section 19(b) would otherwise require submission of a
proposed rule change filing with the Commission.
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78mm.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(76).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-20809 Filed 9-8-08; 8:45 am]
BILLING CODE 8010-01-P
