Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Changes Relating to iShares COMEX Gold Trust and iShares Silver Trust Shares, 75159-75161 [E8-29156]

Download as PDF Federal Register / Vol. 73, No. 238 / Wednesday, December 10, 2008 / Notices SECURITIES AND EXCHANGE COMMISSION The Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act,24 for approving the proposed rule change prior to the thirtieth day after the date of publication of the Notice in the Federal Register. The Commission notes that proposed NYSE Arca Equities Rule 5.2(j)(7) is solely designed to accommodate the listing and trading of the Amex Trust Certificates, which are currently listed and trading on NYSE Alternext US, on the Exchange. The Commission further notes that, if the Exchange seeks to list and trade, or trade pursuant to unlisted trading privileges, any additional series of Trust Certificates, the Exchange is required to file a proposed rule change with the Commission pursuant to Section 19(b)(1) of the Exchange Act and Rule 19b–4 thereunder. The Commission finds that the proposed rule change would benefit investors by permitting the listing of the Amex Trust Certificates on the Exchange and providing investors and other market participants seamless and uninterrupted trading opportunities in the Amex Trust Certificates, while maintaining sufficient minimum standards with respect to the continued trading of such Trust Certificates. IV. Conclusion mstockstill on PROD1PC66 with NOTICES It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,25 that the proposed rule change (SR– NYSEArca–2008–123), as modified by Amendment No. 1 thereto, be, and it hereby is, approved on an accelerated basis. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.26 Florence E. Harmon, Acting Secretary. [FR Doc. E8–29155 Filed 12–9–08; 8:45 am] 24 15 U.S.C. 78f(b)(5). U.S.C. 78s(b)(2). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Changes In its filing with the Commission, OCC included statements concerning the purpose of and basis for the proposed rule changes and discussed any comments it received on the proposed rule changes. The text of these statements may be examined at the places specified in Item IV below. OCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements.2 Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Extend the Pilot Program for NYSE Arca Realtime Reference Prices Service III. Accelerated Approval 23 15 of ‘‘fund share’’ in Article I, Section 1 of OCC’s By-Laws. [Release No. 34–58895; File No.SR– NYSEArca–2008–122] This approval order is based on the Exchange’s representations. For the foregoing reasons, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Exchange Act 23 and the rules and regulations thereunder applicable to a national securities exchange. BILLING CODE 8011–01–P Correction In notice document E8–26627 beginning on page 66956 in the issue of Wednesday, November 12, 2008 make the following correction: On page 66957, in the third column, under heading III. Solicitation of Comments, in the last paragraph, in the second to last line ‘‘December 1, 2008’’ should read ‘‘December 3, 2008’’. [FR Doc. Z8–26627 Filed 12–9–08; 8:45 am] BILLING CODE 1505–01–D SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59054; File Nos. SR–OCC– 2008–13 and SR–OCC–2008–14] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Changes Relating to iShares COMEX Gold Trust and iShares Silver Trust Shares December 4, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on July 23, 2008, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule changes SR–OCC–2008–13 and SR–OCC–2008– 14 as described in Items I and II below, which items have been prepared primarily by OCC. The Commission is publishing this notice and order to solicit comments from interested persons and to grant accelerated approval to the proposed rule changes. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Changes The proposed rule changes would remove any potential question on the jurisdictional status of options or security futures on iShares COMEX Gold Trust shares and iShares Silver Trust shares by amending the interpretation following the definition 25 Id. 26 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:49 Dec 09, 2008 1 15 Jkt 217001 75159 PO 00000 U.S.C. 78s(b)(1). Frm 00083 Fmt 4703 Sfmt 4703 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Changes The purpose of the proposed rule changes is to remove any potential question on the jurisdictional status of options or security futures on iShares COMEX Gold Trust shares and iShares Silver Trust shares by amending the interpretation following the definition of ‘‘fund share’’ in Article I, Section 1 of OCC’s By-Laws. On May 30, 2008, the Commission approved rule filing SR– OCC–2008–07, which added this interpretation with respect to the treatment and clearing of options and security futures on SPDR Gold Shares.3 Under the proposed rule changes, OCC would also (1) clear and treat as securities options any option contracts on iShares COMEX Gold shares and iShares Silver Trust shares that are traded on securities exchanges and (2) clear and treat as security futures any futures contracts on iShares COMEX Gold shares and iShares Silver Trust shares.4 In its capacity as a ‘‘derivatives clearing organization’’ registered as such with the Commodity Futures Trading Commission (‘‘CFTC’’), OCC also filed the proposed rule changes with the CFTC for prior approval by the CFTC pursuant to provisions of the Commodity Exchange Act (‘‘CEA’’) in order to foreclose any potential liability under the CEA based on an argument that the clearing by OCC of such options as securities options or that the clearing 2 The Commission has modified the text of the summaries prepared by OCC. 3 Securities Exchange Act Release No. 57895 (May 30, 2008), 73 FR 32066 (June 5, 2008). 4 The exact language of the interpretation can be found at http://www.optionsclearing.com/ publications/rules/proposed_changes/ sr_occ_08_13.pdf and http:// www.optionsclearing.com/publications/rules/ proposed_changes/sr_occ_08_14.pdf. E:\FR\FM\10DEN1.SGM 10DEN1 75160 Federal Register / Vol. 73, No. 238 / Wednesday, December 10, 2008 / Notices of such futures as security futures constitutes a violation of the CEA. The products for which approval is requested are essentially the same as the options and security futures on SPDR Gold Shares that OCC currently clears pursuant to the rule change referred to above and an exemption issued by the CFTC.5 OCC believes that this filing raises no new regulatory or policy issues. OCC believes that the proposed interpretation of its By-Laws is consistent with the purposes and requirements of Section 17A of the Act 6 because it is designed to promote the prompt and accurate clearance and settlement of transactions in securities options and security futures, to foster cooperation and coordination with persons engaged in the clearance and settlement of such transactions, to remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of such transactions, and, in general, to protect investors and the public interest. It accomplishes this purpose by reducing the likelihood of a dispute as to the Commission’s jurisdiction, or shared jurisdiction in the case of security futures, over derivatives based on iShares COMEX Gold Trust shares and iShares Silver Trust shares. The proposed rule changes are not inconsistent with the By-Laws and Rules of OCC, including any proposed to be amended. (B) Self-Regulatory Organization’s Statement on Burden on Competition OCC does not believe that the proposed rule changes would impose any burden on competition. mstockstill on PROD1PC66 with NOTICES (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Changes Received From Members, Participants, or Others Written comments were not and are not intended to be solicited with respect to the proposed rule changes, and none have been received. III. Commission’s Findings and Order Granting Accelerated Approval of the Proposed Rule Changes Section 17A(b)(3)(F) of the Act requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions.7 By amending its By-Laws 5 Supra note 3. CFTC Order Exempting the Trading and Clearing of Certain Products Related to SPDR Gold Trust Shares, 73 FR 31981 (June 5, 2008). 6 15 U.S.C. 78q– 1. 7 15 U.S.C. 78q–1(b)(3)(F). VerDate Aug<31>2005 16:49 Dec 09, 2008 Jkt 217001 to help clarify that options and security futures on iShares COMEX Gold Trust shares and iShares Silver Trust shares will be treated and cleared as securities options or security futures, OCC’s proposed rule changes should help clarify the jurisdictional status of such contracts and accordingly should help to promote the prompt and accurate clearance and settlement of securities transactions. In accordance with the Memorandum of Understanding entered into between the CFTC and the Commission on March 11, 2008, and in particular the addendum thereto concerning Principles Governing the Review of Novel Derivative Products, the Commission believes that novel derivative products that implicate areas of overlapping regulatory concern should be permitted to trade in either or both a CFTC- or Commission-regulated environment, in a manner consistent with laws and regulations (including the appropriate use of all available exemptive and interpretive authority). In addition, the Commission finds good cause, pursuant to Section 19(b)(2) of the Act,8 for approving the proposed rule changes prior to the thirtieth day after the publication of notice in the Federal Register. The proposed rule changes are similar to the proposal previously approved by the Commission regarding the treatment and clearing of options and security futures on SPDR Gold Shares.9 Therefore, the Commission does not believe that the proposed rule changes raise any new regulatory issues. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule changes are consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml) or • Send an e-mail to rule-comments@sec.gov. Please include File Numbers SR–OCC–2008–13 and SR–OCC–2008–14 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 Numbers SR–OCC–2008–13 and SR– 8 15 U.S.C. 78s(b)(2). note 3. 9 Supra PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 OCC–2008–14. 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 (http://www.sec.gov/rules/ sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule changes that are filed with the Commission, and all written communications relating to the proposed rule changes 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 filings also will be available for inspection and copying at the principal office of OCC and on OCC’s Web site at http:// www.optionsclearing.com/publications/ rules/proposed_changes/ sr_occ_08_13.pdf and http:// www.optionsclearing.com/publications/ rules/proposed_changes/ sr_occ_08_14.pdf. 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 Numbers SR–OCC– 2008–13 and SR–OCC–2008–14 and should be submitted on or before December 31, 2008. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule changes are consistent with the requirements of the Act and in particular Section 17A of the Act and the rules and regulations thereunder.10 It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule changes (File Nos. SR– OCC–2008–13 and SR–OCC–2008–14) be and hereby are approved on an accelerated basis. 10 In approving the proposed rule changes, the Commission considered the proposals’ impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). E:\FR\FM\10DEN1.SGM 10DEN1 Federal Register / Vol. 73, No. 238 / Wednesday, December 10, 2008 / Notices For the Commission by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Acting Secretary. [FR Doc. E8–29156 Filed 12–9–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59035; File No. SR–DTC– 2007–07] Self-Regulatory Organizations; The Depository Trust Company; Order Approving Proposed Rule Change To Amend the Applicant Disqualification Criteria Contained in Its Rules December 1, 2008. I. Introduction On April 30, 2007, the Depository Trust Company (‘‘DTC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) and on February 7, 2008, and March 18, 2008, amended proposed rule change SR–DTC–2007–07 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’).1 The proposed rule change was published for comment in the Federal Register on July 16, 2008.2 No comment letters were received on the proposal. This order approves the proposal. its affiliates, DTC is adding such a provision to its rules. B. Associated Persons DTC rules include applicant disqualification criteria for persons and/ or entities ‘‘associated’’ with an applicant. Because it is not easily ascertainable as to what entities or individuals are ‘‘associated’’ with a particular entity, DTC is amending these provisions in its rules so that they are consistent with internal surveillance procedures. DTC is changing references to persons ‘‘associated’’ with the applicant to references to ‘‘controlling management,’’ which shall be defined to mean the Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, or their equivalents. These are the officers that are currently screened by DTC’s risk management pursuant to internal procedures. DTC is also adding language to its rules that would require applicants to inform DTC as to any member of its controlling management that is or becomes subject to statutory disqualification. C. Amendment to Willful Violation 75161 17A(b)(3)(H) 9 which, among other things, requires that the rules of a clearing agency provide a fair procedure with respect to the disciplining of participants and the denial of participation to any person seeking to be a participant. The Commission finds that the proposed rule change, which amends DTC’s applicant disqualification criteria contained within its rules, is consistent with those statutory obligations. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 10 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,11 that the proposed rule change (File No. SR– DTC–2007–07) be, and hereby is, approved.12 For the Commission by the Division of Trading and Markets, pursuant to delegated authority.13 Florence E. Harmon, Acting Secretary. [FR Doc. E8–29135 Filed 12–9–08; 8:45 am] The proposed rule change amends the applicant disqualification criteria contained in DTC’s rules in order to harmonize them with similar rules of DTC’s affiliates, National Securities Clearing Corporation (‘‘NSCC’’) and Fixed Income Clearing Corporation (‘‘FICC’’). DTC rules currently include as a disqualification criterion the applicant’s or an associated person’s ‘‘willful’’ violation of the Securities Act of 1933,5 the Act, the Investment Company Act of 1940,6 the Investment Advisors Act of 1940,7 or any rule or regulation promulgated thereunder. DTC is removing the word ‘‘willful’’ from this provision because DTC believes that any violation of these provisions should be a disqualification criterion. Changes similar to those outlined in Sections A, B, and C above will be made to DTC Rule 10, ‘‘Discretionary Termination.’’ A. Statutory Disqualification III. Discussion DTC Rule 2 sets forth the basic standards for the admission of DTC Participants and defines certain criteria that may disqualify an applicant from participation. While the factors that may disqualify an applicant are generally consistent among DTC, FICC, and NSCC rules, DTC’s rules do not specifically reference an order of statutory disqualification as defined in Section 3(a)(39) of the Act 3 among its disqualification criteria.4 To promote uniformity among the rules of DTC and December 3, 2008. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a registered clearing agency. In particular, the Commission believes the proposal is consistent with the requirements of Section 17A(b)(3)(F),8 which, among other things, requires that the rules of a clearing agency are designed to remove impediments to and perfect the mechanisms of a national system for the prompt and accurate clearance and settlement of securities transactions and with the requirements of Section 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 November 21, 2008, the NASDAQ Stock Market LLC (‘‘Nasdaq’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by Nasdaq. Nasdaq has filed mstockstill on PROD1PC66 with NOTICES II. Description 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 Securities Exchange Act Release No. 58122 (Jul. 9, 2008), 73 FR 40888. 3 15 U.S.C. 78c(a)(39). 4 As a clearing agency registered under the Act, DTC must evaluate its participants subject to an order of statutory disqualification. 1 15 VerDate Aug<31>2005 16:49 Dec 09, 2008 Jkt 217001 5 15 U.S.C. 77a et seq. U.S.C. 80a–1 et seq. 7 15 U.S.C. 80b–1 et seq. 8 15 U.S.C. 78q–1(b)(3)(F). 6 15 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59043; File No. SR– NASDAQ–2008–089] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Fees for Members Using the Nasdaq Options Market 9 15 U.S.C. 78q–1(b)(3)(H). U.S.C. 78q–1. 11 15 U.S.C. 78s(b)(2). 12 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 10 15 E:\FR\FM\10DEN1.SGM 10DEN1

Agencies

[Federal Register Volume 73, Number 238 (Wednesday, December 10, 2008)]
[Notices]
[Pages 75159-75161]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-29156]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59054; File Nos. SR-OCC-2008-13 and SR-OCC-2008-14]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Changes Relating to iShares COMEX Gold Trust and iShares Silver 
Trust Shares

December 4, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 23, 2008, The Options 
Clearing Corporation (``OCC'') filed with the Securities and Exchange 
Commission (``Commission'') proposed rule changes SR-OCC-2008-13 and 
SR-OCC-2008-14 as described in Items I and II below, which items have 
been prepared primarily by OCC. The Commission is publishing this 
notice and order to solicit comments from interested persons and to 
grant accelerated approval to the proposed rule changes.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Changes

    The proposed rule changes would remove any potential question on 
the jurisdictional status of options or security futures on iShares 
COMEX Gold Trust shares and iShares Silver Trust shares by amending the 
interpretation following the definition of ``fund share'' in Article I, 
Section 1 of OCC's By-Laws.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    In its filing with the Commission, OCC included statements 
concerning the purpose of and basis for the proposed rule changes and 
discussed any comments it received on the proposed rule changes. The 
text of these statements may be examined at the places specified in 
Item IV below. OCC has prepared summaries, set forth in sections (A), 
(B), and (C) below, of the most significant aspects of these 
statements.\2\
---------------------------------------------------------------------------

    \2\ The Commission has modified the text of the summaries 
prepared by OCC.
---------------------------------------------------------------------------

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Changes

    The purpose of the proposed rule changes is to remove any potential 
question on the jurisdictional status of options or security futures on 
iShares COMEX Gold Trust shares and iShares Silver Trust shares by 
amending the interpretation following the definition of ``fund share'' 
in Article I, Section 1 of OCC's By-Laws. On May 30, 2008, the 
Commission approved rule filing SR-OCC-2008-07, which added this 
interpretation with respect to the treatment and clearing of options 
and security futures on SPDR Gold Shares.\3\ Under the proposed rule 
changes, OCC would also (1) clear and treat as securities options any 
option contracts on iShares COMEX Gold shares and iShares Silver Trust 
shares that are traded on securities exchanges and (2) clear and treat 
as security futures any futures contracts on iShares COMEX Gold shares 
and iShares Silver Trust shares.\4\
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 57895 (May 30, 2008), 73 
FR 32066 (June 5, 2008).
    \4\ The exact language of the interpretation can be found at 
http://www.optionsclearing.com/publications/rules/proposed_
changes/sr_occ_08_13.pdf and http://www.optionsclearing.com/
publications/rules/proposed_changes/sr_occ_08_14.pdf.
---------------------------------------------------------------------------

    In its capacity as a ``derivatives clearing organization'' 
registered as such with the Commodity Futures Trading Commission 
(``CFTC''), OCC also filed the proposed rule changes with the CFTC for 
prior approval by the CFTC pursuant to provisions of the Commodity 
Exchange Act (``CEA'') in order to foreclose any potential liability 
under the CEA based on an argument that the clearing by OCC of such 
options as securities options or that the clearing

[[Page 75160]]

of such futures as security futures constitutes a violation of the CEA. 
The products for which approval is requested are essentially the same 
as the options and security futures on SPDR Gold Shares that OCC 
currently clears pursuant to the rule change referred to above and an 
exemption issued by the CFTC.\5\ OCC believes that this filing raises 
no new regulatory or policy issues.
---------------------------------------------------------------------------

    \5\ Supra note 3. CFTC Order Exempting the Trading and Clearing 
of Certain Products Related to SPDR Gold Trust Shares, 73 FR 31981 
(June 5, 2008).
---------------------------------------------------------------------------

    OCC believes that the proposed interpretation of its By-Laws is 
consistent with the purposes and requirements of Section 17A of the Act 
\6\ because it is designed to promote the prompt and accurate clearance 
and settlement of transactions in securities options and security 
futures, to foster cooperation and coordination with persons engaged in 
the clearance and settlement of such transactions, to remove 
impediments to and perfect the mechanism of a national system for the 
prompt and accurate clearance and settlement of such transactions, and, 
in general, to protect investors and the public interest. It 
accomplishes this purpose by reducing the likelihood of a dispute as to 
the Commission's jurisdiction, or shared jurisdiction in the case of 
security futures, over derivatives based on iShares COMEX Gold Trust 
shares and iShares Silver Trust shares. The proposed rule changes are 
not inconsistent with the By-Laws and Rules of OCC, including any 
proposed to be amended.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q- 1.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    OCC does not believe that the proposed rule changes would impose 
any burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Changes Received From Members, Participants, or Others

    Written comments were not and are not intended to be solicited with 
respect to the proposed rule changes, and none have been received.

III. Commission's Findings and Order Granting Accelerated Approval of 
the Proposed Rule Changes

    Section 17A(b)(3)(F) of the Act requires, among other things, that 
the rules of a clearing agency be designed to promote the prompt and 
accurate clearance and settlement of securities transactions.\7\ By 
amending its By-Laws to help clarify that options and security futures 
on iShares COMEX Gold Trust shares and iShares Silver Trust shares will 
be treated and cleared as securities options or security futures, OCC's 
proposed rule changes should help clarify the jurisdictional status of 
such contracts and accordingly should help to promote the prompt and 
accurate clearance and settlement of securities transactions. In 
accordance with the Memorandum of Understanding entered into between 
the CFTC and the Commission on March 11, 2008, and in particular the 
addendum thereto concerning Principles Governing the Review of Novel 
Derivative Products, the Commission believes that novel derivative 
products that implicate areas of overlapping regulatory concern should 
be permitted to trade in either or both a CFTC- or Commission-regulated 
environment, in a manner consistent with laws and regulations 
(including the appropriate use of all available exemptive and 
interpretive authority).
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In addition, the Commission finds good cause, pursuant to Section 
19(b)(2) of the Act,\8\ for approving the proposed rule changes prior 
to the thirtieth day after the publication of notice in the Federal 
Register. The proposed rule changes are similar to the proposal 
previously approved by the Commission regarding the treatment and 
clearing of options and security futures on SPDR Gold Shares.\9\ 
Therefore, the Commission does not believe that the proposed rule 
changes raise any new regulatory issues.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(2).
    \9\ Supra note 3.
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
changes are consistent with the Act. Comments may be submitted by any 
of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml) or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Numbers SR-OCC-2008-13 and SR-OCC-2008-14 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 Numbers SR-OCC-2008-13 and SR-OCC-
2008-14. 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 (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule changes that 
are filed with the Commission, and all written communications relating 
to the proposed rule changes 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 filings also will be available for 
inspection and copying at the principal office of OCC and on OCC's Web 
site at http://www.optionsclearing.com/publications/rules/proposed_
changes/sr_occ_08_13.pdf and http://www.optionsclearing.com/
publications/rules/proposed_changes/sr_occ_08_14.pdf. 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 Numbers SR-OCC-2008-13 and SR-OCC-
2008-14 and should be submitted on or before December 31, 2008.

IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposed rule changes are consistent with the requirements of the Act 
and in particular Section 17A of the Act and the rules and regulations 
thereunder.\10\
---------------------------------------------------------------------------

    \10\ In approving the proposed rule changes, the Commission 
considered the proposals' impact on efficiency, competition and 
capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule changes (File Nos. SR-OCC-2008-13 and SR-OCC-
2008-14) be and hereby are approved on an accelerated basis.


[[Page 75161]]


    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-29156 Filed 12-9-08; 8:45 am]
BILLING CODE 8011-01-P