Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by Chicago Board Options Exchange, Incorporated Relating to Transfer of Interim Trading Permits, 56622-56623 [E8-22748]
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56622
Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
submissions should refer to File
Number SR–CBOE–2008–95 and should
be submitted on or before October 20,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–22747 Filed 9–26–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–58616; File No. SR–CBOE–
2008–99]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by Chicago
Board Options Exchange, Incorporated
Relating to Transfer of Interim Trading
Permits
September 22, 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
September 19, 2008, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or the ‘‘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 prepared by the CBOE. CBOE has
filed the proposal pursuant to Section
19(b)(3)(A) of the Act 3 and Rule 19b–
4(f)(6) thereunder,4 which renders the
proposal effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
mstockstill on PROD1PC66 with NOTICES
CBOE proposes to amend the transfer
provisions applicable to Interim Trading
Permits. The text of the proposed rule
change 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.
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
1 15
VerDate Aug<31>2005
16:48 Sep 26, 2008
Jkt 214001
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
CBOE 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. The CBOE has
prepared summaries, set forth in
sections (A), (B), and (C) below, of the
most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
(a) Purpose
CBOE Rule 3.27(g) currently provides
that Interim Trading Permits are nontransferable, except that in a form and
manner prescribed by the Exchange (i)
a member organization may change the
designation of the nominee in respect of
each Interim Trading Permit it holds
and (ii) an individual Interim Trading
Permit holder at any time after the
issuance of that Interim Trading Permit
may transfer that Interim Trading Permit
to a member organization with which
such individual is then associated.
The Exchange is proposing to amend
Rule 3.27(g) to provide for a third
circumstance in which an Interim
Trading Permit may be transferred.
Specifically, the Exchange proposes to
amend Rule 3.27(g) to provide that the
holder of an Interim Trading Permit may
transfer the Interim Trading Permit to an
organization which has succeeded,
through statutory merger, exchange of
stock, or acquisition of assets to the
business of the transferor.
This proposed new provision is
equivalent to CBOE Rule 3.14(c)(ii)
which permits the owner of a
transferable CBOE membership to
transfer the membership to an
organization which has succeeded,
through statutory merger, exchange of
stock, or acquisition of assets to the
business of the transferor.
(b) Statutory Basis
The proposed rule change will allow
for the business and trading operations
of an Interim Trading Permit holder to
continue without interruption when the
business of that Interim Trading Permit
holder is transferred to another
organization and avoid a disruption to
those trading operations that would
result from the loss of the Interim
Trading Permits that support those
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
operations and the need for the
successor organization to obtain other
trading access to the Exchange, which
may not be available at that time.
Accordingly, the Exchange believes that
the proposed rule change is consistent
with Section 6(b) of the Act in general,5
and furthers the objectives of Section
6(b)(5) in particular,6 in that it is
designed to facilitate transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and 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 that is not
necessary or appropriate in furtherance
of 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 proposed rule change
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 thirty days after the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, provided that the selfregulatory 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,7 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
Under Rule 19b–4(f)(6) of the Act,10
the proposal does not become operative
for 30 days after the date of its filing, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 The Exchange has fulfilled this requirement.
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 Id.
6 15
E:\FR\FM\29SEN1.SGM
29SEN1
56623
Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
operative delay based upon CBOE’s
representation to the Commission that
Lehman Brothers Inc. is seeking to
transfer its trading operations on CBOE
to Barclays Capital Inc. on an
expeditious basis and that the waiver of
the foregoing time period will help to
facilitate the orderly transfer of these
operations and avoid the disruption to
those operations and to CBOE’s market
that would result if those operations
needed to be curtailed because Barclays
Capital Inc. would not have immediate
use of the Interim Trading Permits used
to support those operations. Although
the foregoing is the impetus for this rule
change, going forward any other Interim
Trading Permit holder would also be
able to avail themselves of the proposed
transfer provision if desired. Based on
these reasons, the Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest, and
thus designates the proposal effective
upon filing.11
At any time within sixty days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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.
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 rulecomments@sec.gov. Please include File
Number SR–CBOE–2008–99 on the
subject line.
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 a.m. and 3 p.m.
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–2008–99 and should
be submitted on or before October 20,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–22748 Filed 9–26–08; 8:45 am]
BILLING CODE 8010–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #11437 and #11438]
West Virginia Disaster #WV–00010
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of West Virginia dated 09/
• Send paper comments in triplicate
22/2008.
to Secretary, Securities and Exchange
Incident: Flea Market Fire.
Commission, 100 F Street, NE.,
Incident Period: 09/10/2008.
Washington, DC 20549–1090.
Effective Date: 09/22/2008.
All submissions should refer to File
Physical Loan Application Deadline
Number SR–CBOE–2008–99. This file
Date: 11/21/2008.
number should be included on the
Economic Injury (EIDL) Loan
subject line if e-mail is used. To help the Application Deadline Date: 06/22/2009.
Commission process and review your
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
11 For purposes only of waiving the operative date
Administration, Processing and
of this proposal, the Commission has considered
mstockstill on PROD1PC66 with NOTICES
the proposed rule’s impact on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
VerDate Aug<31>2005
16:48 Sep 26, 2008
Jkt 214001
12 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00083
Fmt 4703
Sfmt 4703
A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
SUPPLEMENTARY INFORMATION:
Primary Counties: Cabell.
Contiguous Counties:
West Virginia: Lincoln, Mason,
Putnam, Wayne.
Ohio: Gallia, Lawrence.
The Interest Rates are:
Percent
Homeowners with Credit Available
Elsewhere .................................
Homeowners without Credit Available Elsewhere .........................
Businesses with Credit Available
Elsewhere .................................
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ..................
Other (Including Non-Profit Organizations) with Credit Available
Elsewhere .................................
Businesses and Non-Profit Organizations without Credit Available Elsewhere .........................
5.750
2.875
8.000
4.000
5.250
4.000
The number assigned to this disaster
for physical damage is 11437 5 and for
economic injury is 11438 0.
The States which received an EIDL
Declaration # are West Virginia; Ohio.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
Paper Comments
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
Dated: September 22, 2008.
Sandy K. Baruah,
Acting Administrator.
[FR Doc. E8–22774 Filed 9–26–08; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Suspension of Applications for the
Small Disadvantaged Business
Program
Correction
In notice document E8–22388
appearing on page 54881 in the issue of
Tuesday, September 23, 2008, make the
following correction:
E:\FR\FM\29SEN1.SGM
29SEN1
]]>Agencies
[Federal Register Volume 73, Number 189 (Monday, September 29, 2008)]
[Notices]
[Pages 56622-56623]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22748]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-58616; File No. SR-CBOE-2008-99]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by Chicago Board Options
Exchange, Incorporated Relating to Transfer of Interim Trading Permits
September 22, 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 September 19, 2008, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or the ``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 prepared by the CBOE. CBOE
has filed the proposal pursuant to Section 19(b)(3)(A) of the Act \3\
and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested parties.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to amend the transfer provisions applicable to
Interim Trading Permits. The text of the proposed rule change 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.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE 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. The CBOE has prepared summaries, set forth in sections
(A), (B), and (C) below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
(a) Purpose
CBOE Rule 3.27(g) currently provides that Interim Trading Permits
are non-transferable, except that in a form and manner prescribed by
the Exchange (i) a member organization may change the designation of
the nominee in respect of each Interim Trading Permit it holds and (ii)
an individual Interim Trading Permit holder at any time after the
issuance of that Interim Trading Permit may transfer that Interim
Trading Permit to a member organization with which such individual is
then associated.
The Exchange is proposing to amend Rule 3.27(g) to provide for a
third circumstance in which an Interim Trading Permit may be
transferred. Specifically, the Exchange proposes to amend Rule 3.27(g)
to provide that the holder of an Interim Trading Permit may transfer
the Interim Trading Permit to an organization which has succeeded,
through statutory merger, exchange of stock, or acquisition of assets
to the business of the transferor.
This proposed new provision is equivalent to CBOE Rule 3.14(c)(ii)
which permits the owner of a transferable CBOE membership to transfer
the membership to an organization which has succeeded, through
statutory merger, exchange of stock, or acquisition of assets to the
business of the transferor.
(b) Statutory Basis
The proposed rule change will allow for the business and trading
operations of an Interim Trading Permit holder to continue without
interruption when the business of that Interim Trading Permit holder is
transferred to another organization and avoid a disruption to those
trading operations that would result from the loss of the Interim
Trading Permits that support those operations and the need for the
successor organization to obtain other trading access to the Exchange,
which may not be available at that time. Accordingly, the Exchange
believes that the proposed rule change is consistent with Section 6(b)
of the Act in general,\5\ and furthers the objectives of Section
6(b)(5) in particular,\6\ in that it is designed to facilitate
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and
to protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(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 that is not necessary or appropriate in
furtherance of 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 proposed rule change 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
thirty days after the date of filing, 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,\7\ 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\
---------------------------------------------------------------------------
\7\ The Exchange has fulfilled this requirement.
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
Under Rule 19b-4(f)(6) of the Act,\10\ the proposal does not become
operative for 30 days after the date of its filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. The Exchange has requested that
the Commission waive the 30-day
[[Page 56623]]
operative delay based upon CBOE's representation to the Commission that
Lehman Brothers Inc. is seeking to transfer its trading operations on
CBOE to Barclays Capital Inc. on an expeditious basis and that the
waiver of the foregoing time period will help to facilitate the orderly
transfer of these operations and avoid the disruption to those
operations and to CBOE's market that would result if those operations
needed to be curtailed because Barclays Capital Inc. would not have
immediate use of the Interim Trading Permits used to support those
operations. Although the foregoing is the impetus for this rule change,
going forward any other Interim Trading Permit holder would also be
able to avail themselves of the proposed transfer provision if desired.
Based on these reasons, the Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest, and thus designates the proposal effective upon
filing.\11\
---------------------------------------------------------------------------
\10\ Id.
\11\ For purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------
At any time within sixty days of the filing of the proposed rule
change, the Commission may summarily abrogate the 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.
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-2008-99 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-2008-99. 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
a.m. and 3 p.m. 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-2008-99 and should be
submitted on or before October 20, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Florence E. Harmon,
Acting Secretary.
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
[FR Doc. E8-22748 Filed 9-26-08; 8:45 am]
BILLING CODE 8010-01-P
