Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 1506, 5713-5714 [E9-2021]

Download as PDF Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received from Members, Participants or Others The Exchange has discussed the pilot program with those entities that the Exchange believes would be the most likely to take advantage of the proposed NYSE Arca Last Sale Information service by becoming NYSE Arca-Only Vendors. While those entities have not submitted formal, written comments on the proposal, the Exchange has incorporated some of their ideas into the proposal and the proposed rule change reflects their input. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing 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 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b– 4(f)(6) thereunder.7 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 8 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 9 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. NYSE Arca requests that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay 10 is consistent with the protection of investors and the public interest because such waiver will allow the Exchange to immediately provide additional information to investors at no cost. Therefore, the Commission designates the proposal operative upon filing. 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give 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. NYSE Arca has satisfied this requirement. 8 17 CFR 240.19b–4(f)(6). 9 17 CFR 240.19b–4(f)(6). 10 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). mstockstill on PROD1PC66 with NOTICES 7 17 VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 At any time within 60 days of the filing of the 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. 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: 5713 submissions should refer to File Number SR–NYSEArca–2009–06 and should be submitted on or before February 20, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–1980 Filed 1–29–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59293; File No. SR–OCC– 2008–19] 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–NYSEArca–2009–06 on the subject line. Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 1506 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 Exchange. 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 publicly available. All I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change clarifies the text of Rule 1506, which prohibits deposits in lieu of margin for certain options. January 23, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on Paper Comments December 31, 2008, The Options • Send paper comments in triplicate Clearing Corporation (‘‘OCC’’) filed with to Elizabeth M. Murphy, Secretary, the Securities and Exchange Securities and Exchange Commission, Commission (‘‘Commission’’) the 100 F Street, NE., Washington, DC proposed rule change as described in 20549–1090. Items I, II, and III below, which items All submissions should refer to File have been prepared primarily by OCC. Number SR–NYSEArca–2009–06. This OCC filed the proposed rule change file number should be included on the pursuant to Section 19(b)(3)(A)(i) of the subject line if e-mail is used. To help the Act 2 and Rule 19b–4(f)(1) 3 thereunder Commission process and review your so that the proposal was effective upon comments more efficiently, please use only one method. The Commission will filing with the Commission. The post all comments on the Commission’s Commission is publishing this notice to solicit comments on the proposed rule Internet Web site (https://www.sec.gov/ change from interested persons. rules/sro.shtml). Copies of the PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 215 U.S.C. 78s–1(b)(3)(A)(i). 317 CFR 240.19b–4(f)(1). 115 E:\FR\FM\30JAN1.SGM 30JAN1 5714 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements.4 (A) Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change The purpose of this rule change is to make a technical correction to Rule 1506 which prohibits deposits in lieu of margin in respect of certain options, including binary options. The proposed rule change amends Rule 1506 to prohibit deposits in lieu of margin in respect of range options. In a previous rule change, OCC made technical modifications to Rule 1506 but inadvertently omitted references to range options in the rule text.5 The proposed rule change corrects that omission. The proposed change is consistent with Section 17A of the Act because it will promote the prompt and accurate clearance and settlement of transactions in range options by clarifying the text of Rule 1506. The proposed rule change is not inconsistent with the existing rules of OCC, including any other rules proposed to be amended. (B) Self-Regulatory Organization’s Statement on Burden on Competition OCC does not believe that the proposed rule change would impose any burden on competition. (C) Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were not and are not intended to be solicited with respect to the proposed rule change, and none have been received. mstockstill on PROD1PC66 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(i) of the Act 6 and Rule 19b– 4(f)(1) 7 promulgated thereunder because the proposal constitutes an interpretation with respect to the meaning, administration, or enforcement of an existing rule of OCC. At any time within sixty days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the 4The Commission has modified parts of these statements. 5Securities Exchange Act Release No. 58349 (August 12, 2008), 73 FR 48420 (August 19, 2008) (File No. SR–OCC–2008–15). 615 U.S.C. 78s(b)(3)(A)(i). 717 CFR 240.19b–4(f)(1). VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 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-OCC–2008–19 on the subject line. For the Commission by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–2021 Filed 1–29–09; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Reporting and Recordkeeping Requirements Under OMB Review Small Business Administration. Notice of Reporting Requirements Submitted for OMB Review. AGENCY: ACTION: SUMMARY: Under the provisions of the Paperwork Reduction Act (44 U.S.C. Chapter 35), agencies are required to submit proposed reporting and recordkeeping requirements to OMB for Paper Comments review and approval, and to publish a • Send paper comments in triplicate notice in the Federal Register notifying to Elizabeth M. Murphy, Secretary, the public that the agency has made Securities and Exchange Commission, such a submission. 100 F Street, NE., Washington, DC DATES: Submit comments on or before 20549–1090. March 2, 2009. If you intend to All submissions should refer to File comment but cannot prepare comments Number SR–OCC–2008–19. This file promptly, please advise the OMB number should be included on the Reviewer and the Agency Clearance subject line if e-mail is used. To help the Officer before the deadline. Commission process and review your Copies: Request for clearance (OMB comments more efficiently, please use 83–1), supporting statement, and other only one method. The Commission will documents submitted to OMB for post all comments on the Commission’s review may be obtained from the Internet Web site (https://www.sec.gov/ Agency Clearance Officer. rules/sro.shtml). Copies of the ADDRESSES: Address all comments submission, all subsequent concerning this notice to: Agency amendments, all written statements Clearance Officer, Jacqueline White, with respect to the proposed rule Small Business Administration, 409 3rd change that are filed with the Street, SW., 5th Floor, Washington, DC Commission, and all written 20416; and OMB Reviewer, Office of communications relating to the Information and Regulatory Affairs, proposed rule change between the Commission and any person, other than Office of Management and Budget, New Executive Office Building, Washington, those that may be withheld from the D.C. 20503. public in accordance with the FOR FURTHER INFORMATION CONTACT: provisions of 5 U.S.C. 552, will be Jacqueline White, Agency Clearance available for inspection and copying in Officer, (202) 205–7044. the Commission’s Public Reference Room, 100 F Street, NE, Washington, DC SUPPLEMENTARY INFORMATION: 20549, on official business days Title: Governors Request for Disaster between the hours of 10 a.m. and 3 p.m. Declaration. Copies of such filing also will be SBA Form Number: N/A. available for inspection and copying at Frequency: On Occasion. the principal office of OCC. All Description of Respondents: comments received will be posted Presidential Declared Disaster. without change; the Commission does Responses: 60. not edit personal identifying Annual Burden: 1,200. information from submissions. You Title: Representatives Used and should submit only information that Compensation paid for Services in you wish to make available publicly. All connection with obtaining Federal submissions should refer to File Contracts. Number SR-OCC–2008–19 and should SBA Form Number: 1790. be submitted on or before February 20, 817 CFR 200.30–3(a)(12). 2009. PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\30JAN1.SGM 30JAN1

Agencies

[Federal Register Volume 74, Number 19 (Friday, January 30, 2009)]
[Notices]
[Pages 5713-5714]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-2021]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59293; File No. SR-OCC-2008-19]


 Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to Rule 1506

January 23, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 31, 2008, The 
Options Clearing Corporation (``OCC'') 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 
primarily by OCC. OCC filed the proposed rule change pursuant to 
Section 19(b)(3)(A)(i) of the Act \2\ and Rule 19b-4(f)(1) \3\ 
thereunder so that the proposal was effective upon filing with the 
Commission. 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\15 U.S.C. 78s-1(b)(3)(A)(i).
    \3\17 CFR 240.19b-4(f)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The proposed rule change clarifies the text of Rule 1506, which 
prohibits deposits in lieu of margin for certain options.

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

    In its filing with the Commission, OCC 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. OCC has prepared

[[Page 5714]]

summaries, set forth in sections (A), (B), and (C) below, of the most 
significant aspects of such statements.\4\
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    \4\The Commission has modified parts of these statements.
---------------------------------------------------------------------------

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

    The purpose of this rule change is to make a technical correction 
to Rule 1506 which prohibits deposits in lieu of margin in respect of 
certain options, including binary options. The proposed rule change 
amends Rule 1506 to prohibit deposits in lieu of margin in respect of 
range options. In a previous rule change, OCC made technical 
modifications to Rule 1506 but inadvertently omitted references to 
range options in the rule text.\5\ The proposed rule change corrects 
that omission.
---------------------------------------------------------------------------

    \5\Securities Exchange Act Release No. 58349 (August 12, 2008), 
73 FR 48420 (August 19, 2008) (File No. SR-OCC-2008-15).
---------------------------------------------------------------------------

    The proposed change is consistent with Section 17A of the Act 
because it will promote the prompt and accurate clearance and 
settlement of transactions in range options by clarifying the text of 
Rule 1506. The proposed rule change is not inconsistent with the 
existing rules of OCC, including any other rules proposed to be 
amended.

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

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

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

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

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(i) of the Act \6\ and Rule 19b-4(f)(1) \7\ promulgated 
thereunder because the proposal constitutes an interpretation with 
respect to the meaning, administration, or enforcement of an existing 
rule of OCC. At any time within sixty days of the filing of the 
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.
---------------------------------------------------------------------------

    \6\15 U.S.C. 78s(b)(3)(A)(i).
    \7\17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

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-OCC-2008-19 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-OCC-2008-19. 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 OCC. 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-OCC-2008-19 and should be 
submitted on or before February 20, 2009.

    For the Commission by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E9-2021 Filed 1-29-09; 8:45 am]
BILLING CODE 8011-01-P
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