Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Obsolete CBOE Rule 15.10, 52709-52710 [E8-20961]
Download as PDF
<![CDATA[
Federal Register / Vol. 73, No. 176 / Wednesday, September 10, 2008 / Notices
described in the application. The
prospectus will prominently disclose
that the Advisor has ultimate
responsibility (subject to oversight by
the Boards) to oversee the Subadvisors
and recommend their hiring,
termination and replacement.
7. No trustee or officer of a Company
or officer or director of the Advisor will
own directly or indirectly (other than
through a pooled investment vehicle
that is not controlled by that trustee,
director or officer) any interest in a
Subadvisor except for (i) ownership of
interests in the Advisor or any entity
that controls, is controlled by, or is
under common control with the
Advisor; or (ii) ownership of less than
1% of the outstanding securities of any
class of equity or debt of a publiclytraded company that is either a
Subadvisor or an entity that controls, is
controlled by or is under common
control with a Subadvisor.
8. Within 90 days of the hiring of any
new Subadvisor, shareholders of the
Fund will be furnished all information
about the new Subadvisor that would be
included in a proxy statement,
including any change in shareholder
disclosure caused by the addition of the
new Subadvisor. To meet this condition,
the Funds will provide shareholders
with an information statement meeting
the requirements of Regulation 14C,
Schedule 14C, and Item 22 of Schedule
14A under the Securities Exchange Act
of 1934.
9. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–20960 Filed 9–9–08; 8:45 am]
pwalker on PROD1PC71 with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
September 3, 2008.
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 a Closed Meeting
on Thursday, September 11, 2008 at 1
p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
Jkt 214001
BILLING CODE 8010–01–P
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delete Obsolete CBOE
Rule 15.10
SECURITIES AND EXCHANGE
COMMISSION
16:52 Sep 09, 2008
Dated: September 4, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–20957 Filed 9–9–08; 8:45 am]
[Release No. 34–58455; File No. SR–CBOE–
2008–94]
BILLING CODE 8010–01–P
VerDate Aug<31>2005
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 Thursday,
September 11, 2008 will be:
Formal orders of investigation;
Institution and settlement of injunctive
actions;
Institution and settlement of
administrative proceedings of an
enforcement nature;
Amicus consideration; and
Other matters relating to enforcement
proceedings.
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.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on August
29, 2008, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
substantially prepared by the Exchange.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00070
Fmt 4703
Sfmt 4703
52709
The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
change pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 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 proposes to delete
obsolete Rule 15.10, Reporting
Requirements Applicable to Short Sales
in Nasdaq National Market. The text of
the rule proposal is available on the
Exchange’s Web site (https://
www.cboe.org/legal), at the Exchange’s
Office of the Secretary and at the
Commission’s Public Reference Room.
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
self-regulatory organization 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 those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
CBOE Rule 15.10, Reporting
Requirements Applicable to Short Sales
in Nasdaq National Market, was
adopted several years ago to coordinate
CBOE’s rules with the NASD’s Rules of
Fair Practice relating to a bid test
applicable to short sales in National
Market (‘‘NM’’) securities traded
through Nasdaq.5 In 2007, the
Commission adopted an amendment to
eliminate Rule 10a–1 and to add Rule
201 of Regulation SHO under the Act,
to provide that no price test, including
any price test of any self-regulatory
organization (‘‘SRO’’), shall apply to
short sales in any security.6 Rule 201
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 See Securities and Exchange Act Release No.
34632 (September 2, 1994), 59 FR 46999 (September
13, 1994) (SR–CBOE–94–10).
6 See Securities Exchange Act Release No. 34–
55970, 72 FR 36348 (July 3, 2007) (File No. S7–21–
06).
4 17
E:\FR\FM\10SEN1.SGM
10SEN1
52710
Federal Register / Vol. 73, No. 176 / Wednesday, September 10, 2008 / Notices
also prohibits any SRO from having a
price test. As a result, the Nasdaq bid
test (which was the basis for the
adoption of CBOE 15.10) was
superseded by Regulation SHO, thus
rendering CBOE Rule 15.10 obsolete.
The purpose of this filing is to delete the
obsolete rule text.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements provided under
Section 6(b)(5) 7 of the Act, that the
rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts and, in general, to
protect investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition 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
No written comments were solicited
or received with respect to the proposed
rule change.
pwalker on PROD1PC71 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
does not (i) significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest,
provided that the self-regulatory
organization has given the Commission
written notice of its intent to file the
proposed rule change at least five
business days prior to the date of filing
of the proposed rule change or such
shorter time as designated by the
Commission, the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 At any time
within 60 days of the filing of such
proposed rule change, the Commission
may summarily abrogate such rule
change if it appears to the Commission
that such action is necessary or
7 15
U.S.C. 78(f)(b)(5).
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
8 15
VerDate Aug<31>2005
16:52 Sep 09, 2008
Jkt 214001
appropriate in the public interest, for
the protection of investors, or otherwise
in furtherance of the purposes of the
Act.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–20961 Filed 9–9–08; 8:45 am]
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:
BILLING CODE 8010–01–P
Electronic Comments
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Order Approving
Proposed Rule Change and
Amendment No. 1 Thereto To Adopt
FINRA Rule 4560 (Short-Interest
Reporting) in the Consolidated FINRA
Rulebook
• 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–CBOE–2008–94 on the
subject line.
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CBOE–2008–94. 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 am and 3 pm.
Copies of such filing also will be
available for inspection and copying at
the principal office of the CBOE. 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–CBOE–2008–94 and should
be submitted on or before October 1,
2008.
Frm 00071
Fmt 4703
[Release No. 34–58461; File No. SR–FINRA–
2008–033]
September 4, 2008.
Paper Comments
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
Sfmt 4703
I. Introduction
On June 23, 2008 the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) (f/k/a National Association
of Securities Dealers, Inc. (‘‘NASD’’))
filed with the Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’)
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 adopt the short
interest reporting requirements (NASD
Rule 3360 and Incorporated NYSE Rules
421(1) and 421.10) as FINRA Rule 4560
in the consolidated FINRA rulebook. On
July 16, 2008, FINRA submitted
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
amended, was published for comment
in the Federal Register on July 31,
2008.3 The Commission received no
comment letters on the proposed rule
change. This order approves the
proposed rule change, as amended.
II. Description of the Proposed Rule
Change
As part of the process of developing
the new consolidated rulebook
(‘‘Consolidated FINRA Rulebook’’),4
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 58227 (July
25, 2008), 43 FR 44793 (July 31, 2008).
4 The current FINRA rulebook consists of two sets
of rules: (1) NASD Rules and (2) rules incorporated
from NYSE (‘‘Incorporated NYSE Rules’’) (together
referred to as the ‘‘Transitional Rulebook’’). The
Incorporated NYSE Rules apply only to those
members of FINRA that are also members of the
NYSE (‘‘Dual Members’’). Dual Members also must
comply with NASD Rules. For more information
about the rulebook consolidation process, see
FINRA Information Notice, March 12, 2008
(‘‘Rulebook Consolidation Process’’).
1 15
E:\FR\FM\10SEN1.SGM
10SEN1
]]>Agencies
[Federal Register Volume 73, Number 176 (Wednesday, September 10, 2008)]
[Notices]
[Pages 52709-52710]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-20961]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58455; File No. SR-CBOE-2008-94]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Delete Obsolete CBOE Rule 15.10
September 3, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 29, 2008, the Chicago Board Options Exchange,
Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change as
described in Items I, II, and III below, which Items have been
substantially prepared by the Exchange. The Exchange filed the proposal
as a ``non-controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delete obsolete Rule 15.10, Reporting
Requirements Applicable to Short Sales in Nasdaq National Market. The
text of the rule proposal is available on the Exchange's Web site
(https://www.cboe.org/legal), at the Exchange's Office of the Secretary
and at the Commission's Public Reference Room.
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 self-regulatory organization
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 those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
CBOE Rule 15.10, Reporting Requirements Applicable to Short Sales
in Nasdaq National Market, was adopted several years ago to coordinate
CBOE's rules with the NASD's Rules of Fair Practice relating to a bid
test applicable to short sales in National Market (``NM'') securities
traded through Nasdaq.\5\ In 2007, the Commission adopted an amendment
to eliminate Rule 10a-1 and to add Rule 201 of Regulation SHO under the
Act, to provide that no price test, including any price test of any
self-regulatory organization (``SRO''), shall apply to short sales in
any security.\6\ Rule 201
[[Page 52710]]
also prohibits any SRO from having a price test. As a result, the
Nasdaq bid test (which was the basis for the adoption of CBOE 15.10)
was superseded by Regulation SHO, thus rendering CBOE Rule 15.10
obsolete. The purpose of this filing is to delete the obsolete rule
text.
---------------------------------------------------------------------------
\5\ See Securities and Exchange Act Release No. 34632 (September
2, 1994), 59 FR 46999 (September 13, 1994) (SR-CBOE-94-10).
\6\ See Securities Exchange Act Release No. 34-55970, 72 FR
36348 (July 3, 2007) (File No. S7-21-06).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements provided under Section 6(b)(5) \7\ of the Act,
that the rules of an exchange be designed to promote just and equitable
principles of trade, to prevent fraudulent and manipulative acts and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78(f)(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition 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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule does not (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file the proposed rule change at least five business days prior to the
date of filing of the proposed rule change or such shorter time as
designated by the Commission, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\ At any time within 60 days of the filing of such
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 interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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:
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-CBOE-2008-94 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2008-94. 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
am and 3 pm. Copies of such filing also will be available for
inspection and copying at the principal office of the CBOE. 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-CBOE-2008-94 and should be
submitted on or before October 1, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-20961 Filed 9-9-08; 8:45 am]
BILLING CODE 8010-01-P
