Agreement on Social Security Between the United States and Denmark; Entry Into Force, 55890-55891 [E8-22667]
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Federal Register / Vol. 73, No. 188 / Friday, September 26, 2008 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58604; File No. SR–ODD–
2008–04]
Self-Regulatory Organizations; the
Options Clearing Corporation; Order
Granting Approval of Accelerated
Delivery of Supplement to the Options
Disclosure Document Reflecting
Changes to Disclosure Regarding
Certain Variability Index Options,
Strategy-Based Index Options, and
Adjustments of Stock Option
Contracts
September 19, 2008.
On August 21, 2008, the Options
Clearing Corporation (‘‘OCC’’) submitted
to the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Rule 9b–1 under the Securities
Exchange Act of 1934 (‘‘Act’’),1 five
preliminary copies of a supplement to
its options disclosure document
(‘‘ODD’’) reflecting changes to
disclosure regarding certain options on
variability indexes 2 and strategy-based
indexes and adjustments of stock option
contracts, among other changes.3 On
September 19, 2008, the OCC submitted
to the Commission five definitive copies
of the supplement.4
The ODD currently contains general
disclosures on the characteristics and
risks of trading standardized options.
Recently, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’)
amended its rules to permit the listing
and trading of realized variance and
realized volatility index options.5 The
CBOE also recently amended its rules to
permit the listing and trading of certain
strategy-based index options,
specifically options that overlie an
index that is equal to 1⁄10th of the value
of the CBOE S&P 500 BuyWrite Index
(‘‘BXM options’’).6 The proposed
supplement amends the ODD to
accommodate these changes by
1 17
CFR 240.9b–1.
the proposed September 2008 supplement to
the ODD and this Order, the term ‘‘variability
indexes’’ refers to implied volatility, realized
variance, and realized volatility indexes. See infra
notes 5 and 7.
3 See letter from Jean M. Cawley, Senior Vice
President and Deputy General Counsel, OCC, to
Sharon Lawson, Senior Special Counsel, Division of
Trading and Markets (‘‘Division’’), Commission,
dated August 13, 2008.
4 See letter from Jean M. Cawley, Senior Vice
President and Deputy General Counsel, OCC, to
Sharon Lawson, Senior Special Counsel, Division,
Commission, dated September 19, 2008.
5 See Securities Exchange Act Release No. 58171
(July 16, 2008), 73 FR 42841 (July 23, 2008) (SR–
CBOE–2008–31).
6 See Securities Exchange Act Release No. 58207
(July 22, 2008), 73 FR 43963 (July 29, 2008) (SR–
CBOE–2008–26).
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providing disclosure regarding realized
variance index options, realized
volatility index options, and strategybased index options.7
Specifically, the proposed
supplement to the ODD adds new
disclosure regarding the characteristics
of realized variance and realized
volatility index options as well as the
special risks of these options. The
proposed supplement to the ODD also
adds new disclosure regarding the
characteristics and special risks of
strategy-based index options. The
proposed supplement is intended to be
read in conjunction with the more
general ODD, which, as described
above, discusses the characteristics and
risks of options generally.8
The proposed supplement also is
revised to: (1) Accommodate a change in
the application of the new methodology
for adjusting equity options for cash
dividends; 9 (2) add new language to
describe reduced-value index options; 10
and (3) delete a paragraph regarding the
NASDAQ Stock Market LLC’s
(‘‘Nasdaq’’) opening and closing
procedure, which has become outdated
and inaccurate.11
Rule 9b–1(b)(2)(i) under the Act 12
provides that an options market must
file five copies of an amendment or
7 The
proposed September supplement is divided
into two parts. Part I supersedes and replaces the
March 2005 supplement to the ODD to
accommodate the approval of trading of certain
realized variance index options, realized volatility
index options, and BXM options. See notes 4 and
5, supra. The March 2005 supplement contained
disclosure on implied volatility options previously
approved for trading by the Commission, and the
September 2008 supplement includes disclosure on
these products. See note 2 supra and Securities
Exchange Act Release No. 49563 (April 14, 2004)
69 FR 21589 (April 21, 2004) (order approving SR–
CBOE–2003–40 to list and trade implied volatility
options on the CBOE Volatility Index (VIX); the
CBOE Nasdaq 100 Volatility Index (VXN); and
CBOE Dow Jones Industrial Average Volatility
Index, (VXD)). See also Securities Exchange Act
Release No. 55425 (March 8, 2007), 72 FR 12238
(March 15, 2007) (order approving SR–CBOE–2006–
73 to list and trade implied volatility options on the
CBOE Russell 2000 Volatility Index (RVX)).
8 The Commission notes that the options markets
must continue to ensure that the ODD is in
compliance with the requirements of Rule 9b–
1(b)(2)(i) under the Act, 17 CFR 240.9b–1(b)(2)(i),
including when future changes regarding variability
index options and/or strategy-based index options
are made. Any future changes to the rules of the
options markets concerning variability index
options and/or strategy-based index options would
need to be submitted to the Commission under
Section 19(b) of the Act. 15 U.S.C. 78s(b).
9 This proposed change amends the May 2007
supplement to the ODD. See OCC–2008–16.
10 This proposed new language amends the June
2008 supplement to the ODD.
11 The language being deleted relates to the
opening and closing price for securities trading on
Nasdaq, but is no longer accurate because Nasdaq
has since changed its opening and closing
procedures.
12 17 CFR 240.9b–1(b)(2)(i).
PO 00000
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supplement to the ODD with the
Commission at least 30 days prior to the
date definitive copies are furnished to
customers, unless the Commission
determines otherwise, having due
regard to the adequacy of information
disclosed and the public interest and
protection of investors.13 In addition,
five copies of the definitive ODD, as
amended or supplemented, must be
filed with the Commission not later than
the date the amendment or supplement,
or the amended options disclosure
document, is furnished to customers.
The Commission has reviewed the
proposed supplement and finds, having
due regard to the adequacy of
information disclosed and the public
interest and protection of investors, that
the proposed supplement may be
furnished to customers as of the date of
this order.
It is therefore ordered, pursuant to
Rule 9b–1 under the Act,14 that
definitive copies of the proposed
supplement to the ODD (SR–ODD–
2008–03), reflecting changes to
disclosure regarding certain options on
variability indexes and strategy-based
indexes, as well as the other changes
noted above, may be furnished to
customers as of the date of this order.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–22638 Filed 9–25–08; 8:45 am]
BILLING CODE 8010–01–P
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2008–0044]
Agreement on Social Security Between
the United States and Denmark; Entry
Into Force
AGENCY:
Social Security Administration
(SSA).
ACTION:
Notice.
SUMMARY: The Commissioner of Social
Security gives notice that an agreement
coordinating the United States (U.S.)
and Danish social security programs
will enter into force on October 1, 2008.
The agreement with Denmark, which
was signed on June 13, 2007, is similar
to U.S. social security agreements
already in force with 21 other
countries—Australia, Austria, Belgium,
13 This provision permits the Commission to
shorten or lengthen the period of time which must
elapse before definitive copies may be furnished to
customers.
14 17 CFR 240.9b–1.
15 17 CFR 200.30–3(a)(39).
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Federal Register / Vol. 73, No. 188 / Friday, September 26, 2008 / Notices
Canada, Chile, Finland, France,
Germany, Greece, Ireland, Italy, Japan,
Korea (South), Luxembourg, the
Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland and the United
Kingdom. Agreements of this type are
authorized by section 233 of the Social
Security Act (42 U.S.C. 433).
Like the other agreements, the U.S.Danish agreement eliminates dual social
security coverage—the situation that
exists when a worker from one country
works in the other country and is
covered under the social security
systems of both countries for the same
work. Without such agreements in force,
when dual coverage occurs, the worker,
the worker’s employer, or both may be
required to pay social security
contributions to the two countries
simultaneously. Under the U.S.-Danish
agreement, a worker who is sent by an
employer in the U.S. to work in
Denmark for 5 years or less remains
covered only by the U.S. social security
program. Similarly, a worker who is
sent by an employer in Denmark to
work in the U.S. for 3 years or less
remains covered only by the Danish
social security program. The agreement
includes additional rules that eliminate
dual U.S. and Danish coverage in other
work situations.
The agreement also helps eliminate
situations where workers suffer a loss of
benefit rights because they have divided
their careers between the two countries.
Under the agreement, workers may
qualify for partial U.S. benefits or partial
Danish benefits based on combined
(totalized) work credits from both
countries.
Individuals who wish to obtain copies
of the agreement or want more
information about its provisions may
write to the Social Security
Administration, Office of International
Programs, Post Office Box 17741,
Baltimore, MD 21235–7741 or visit the
Social Security Web site at https://
www.socialsecurity.gov/international.
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
I hereby determine that the objects in
the exhibition: ‘‘The Getty Commodus:
Roman Portraits and Modern Copies,’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at the
Getty Villa, Malibu, CA, from on or
about December 18, 2008, until on or
about June 1, 2009, and at possible
additional exhibitions or venues yet to
be determined, is in the national
interest. Public Notice of these
Determinations is ordered to be
published in the Federal Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: (202–453–8050)). The
address is U.S. Department of State, SA–
44, 301 4th Street, SW., Room 700,
Washington, DC 20547–0001.
Dated: September 19, 2008.
Michael J. Astrue,
Commissioner of Social Security.
[FR Doc. E8–22667 Filed 9–25–08; 8:45 am]
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Worshiping Women: Ritual and
Reality in Classical Athens’’
BILLING CODE 4191–02–P
DEPARTMENT OF STATE
jlentini on PROD1PC65 with NOTICES
[Public Notice 6377]
Culturally Significant Objects Imported
for Exhibition Determinations: ‘‘The
Getty Commodus: Roman Portraits
and Modern Copies’’
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
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18:07 Sep 25, 2008
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Dated: September 18, 2008.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. E8–22713 Filed 9–25–08; 8:45 am]
BILLING CODE 4710–05–P
DEPARTMENT OF STATE
[Public Notice 6376]
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
PO 00000
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55891
I hereby determine that the objects to be
included in the exhibition ‘‘Worshiping
Women: Ritual and Reality in Classical
Athens,’’ imported from abroad for
temporary exhibition within the United
States, are of cultural significance. The
objects are imported pursuant to loan
agreements with the foreign owners or
custodians. I also determine that the
exhibition or display of the exhibit
objects at the Onassis Cultural Center,
New York, NY, from on or about
December 10, 2008, until on or about
May 9, 2009, and at possible additional
exhibitions or venues yet to be
determined, is in the national interest.
Public Notice of these Determinations is
ordered to be published in the Federal
Register.
FOR FURTHER INFORMATION CONTACT: For
further information, including a list of
the exhibit objects, contact Carol B.
Epstein, Attorney-Adviser, Office of the
Legal Adviser, U.S. Department of State
(telephone: 202–453–8048). The address
is U.S. Department of State, SA–44, 301
4th Street, SW., Room 700, Washington,
DC 20547–0001.
Dated: September 15, 2008.
C. Miller Crouch,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. E8–22712 Filed 9–25–08; 8:45 am]
BILLING CODE 4710–05–P
DEPARTMENT OF STATE
[Public Notice 6371]
Cancellation of a Meeting of the
International Telecommunication
Advisory Committee
Summary: This notice cancels an
announced meeting of the International
Telecommunication Advisory
Committee (ITAC).
The ITAC Meeting scheduled for
October 8 from 10 a.m. to 12 p.m. is
hereby cancelled. It is rescheduled for
November 6 from 2 to 4 p.m. at 1120
20th Street, NW., 10th Floor,
Washington, DC 20036. The ITAC
meeting will solicit advice for the U.S.
Government on the annual ITU Council
Meeting, which will be held from
November 12–21, 2008 at ITU
headquarters in Geneva, Switzerland.
The ITAC meeting will also discuss the
results of the ITU World
Telecommunication Standardization
Assembly, which will be held October
21–30, 2008 in Johannesburg, South
Africa.
This meeting is open to the public as
seating capacity allows. The public will
have an opportunity to provide
E:\FR\FM\26SEN1.SGM
26SEN1
]]>Agencies
[Federal Register Volume 73, Number 188 (Friday, September 26, 2008)]
[Notices]
[Pages 55890-55891]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22667]
=======================================================================
-----------------------------------------------------------------------
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA-2008-0044]
Agreement on Social Security Between the United States and
Denmark; Entry Into Force
AGENCY: Social Security Administration (SSA).
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Commissioner of Social Security gives notice that an
agreement coordinating the United States (U.S.) and Danish social
security programs will enter into force on October 1, 2008. The
agreement with Denmark, which was signed on June 13, 2007, is similar
to U.S. social security agreements already in force with 21 other
countries--Australia, Austria, Belgium,
[[Page 55891]]
Canada, Chile, Finland, France, Germany, Greece, Ireland, Italy, Japan,
Korea (South), Luxembourg, the Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland and the United Kingdom. Agreements of this type are
authorized by section 233 of the Social Security Act (42 U.S.C. 433).
Like the other agreements, the U.S.-Danish agreement eliminates
dual social security coverage--the situation that exists when a worker
from one country works in the other country and is covered under the
social security systems of both countries for the same work. Without
such agreements in force, when dual coverage occurs, the worker, the
worker's employer, or both may be required to pay social security
contributions to the two countries simultaneously. Under the U.S.-
Danish agreement, a worker who is sent by an employer in the U.S. to
work in Denmark for 5 years or less remains covered only by the U.S.
social security program. Similarly, a worker who is sent by an employer
in Denmark to work in the U.S. for 3 years or less remains covered only
by the Danish social security program. The agreement includes
additional rules that eliminate dual U.S. and Danish coverage in other
work situations.
The agreement also helps eliminate situations where workers suffer
a loss of benefit rights because they have divided their careers
between the two countries. Under the agreement, workers may qualify for
partial U.S. benefits or partial Danish benefits based on combined
(totalized) work credits from both countries.
Individuals who wish to obtain copies of the agreement or want more
information about its provisions may write to the Social Security
Administration, Office of International Programs, Post Office Box
17741, Baltimore, MD 21235-7741 or visit the Social Security Web site
at https://www.socialsecurity.gov/international.
Dated: September 19, 2008.
Michael J. Astrue,
Commissioner of Social Security.
[FR Doc. E8-22667 Filed 9-25-08; 8:45 am]
BILLING CODE 4191-02-P
