Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Extension of the Dividend, Merger and Short Stock Interest Strategies Fee Cap Pilot Program Until March 1, 2010, 10972-10973 [E9-5387]
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Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. E9–5490 Filed 3–12–09; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59524; File No. SR–CBOE–
2009–012]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated: Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Extension of
the Dividend, Merger and Short Stock
Interest Strategies Fee Cap Pilot
Program Until March 1, 2010
March 6, 2009.
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 February
26, 2009, Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or
‘‘Exchange’’) 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 CBOE. The Exchange filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(2)
thereunder.4 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
sroberts on PROD1PC70 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)
proposes to amend its Fees Schedule to
extend until March 1, 2010, the
1 15
U.S.C. 78s(b)(1).
CFR 19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 19b–4(f)(2).
dividend, merger and short stock
interest strategies fee cap program. 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.
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.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
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.
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. 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, Proposed Rule
Change
(a) Purpose
The Exchange currently caps marketmaker, firm, and broker-dealer
transaction fees associated with
dividend, merger and short stock
interest strategies, as described in
Footnote 13 of the CBOE Fees Schedule
(‘‘Strategy Fee Cap’’). The Strategy Fee
Cap is in effect as a pilot program that
is due to expire on March 1, 2009.
The Exchange proposes to extend the
Strategy Fee Cap pilot program until
March 1, 2010. No other changes are
proposed. The Exchange believes that
extension of the Strategy Fee Cap pilot
program would enable the Exchange to
remain competitive for these types of
strategies by keeping fees low.
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)
of the Act 7 and subparagraph (f)(2) of
Rule 19b–4 8 thereunder. 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:
(b) Statutory Basis
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–2009–012 on the
subject line.
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Securities Exchange Act of
1934 (‘‘Act’’),5 in general, and furthers
the objectives of Section 6(b)(4) 6 of the
Act in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among CBOE members and other
persons using its facilities. The
Exchange believes the proposed
extension of the Strategy Fee Cap pilot
program would continue to benefit
market participants who trade these
strategies by lowering their fees.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549.
All submissions should refer to File
Number SR–CBOE–2009–012. 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/
2 17
VerDate Nov<24>2008
17:55 Mar 12, 2009
5 15
6 15
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U.S.C. 78f(b).
U.S.C. 78f(b)(4).
Frm 00096
Fmt 4703
7 15
8 17
Sfmt 4703
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
E:\FR\FM\13MRN1.SGM
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Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices
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 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–2009–012 and
should be submitted on or before April
3, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–5387 Filed 3–12–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59534; File No. SR–FINRA–
2008–024]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of
Proposed Rule Change and
Amendment No. 1 Thereto Relating to
Amendments to the Discovery Guide
To Update the Document Production
Lists
sroberts on PROD1PC70 with NOTICES
March 6, 2009.
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 June 11,
2008, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) (f/k/a
National Association of Securities
Dealers, Inc. (‘‘NASD’’)) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) and amended
by Amendment No. 1 on January 21,
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
2009,3 the proposed rule change as
described in Items I, II, and III below,
which Items substantially have been
prepared by FINRA. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA proposes to amend the
Discovery Guide to update the
Document Production Lists. The text of
the proposed rule change is available at
FINRA, at its Web site (https://
www.finra.org), and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FINRA 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. FINRA 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
1. Purpose
The proposed rule change adds
clarifying and conforming language to
the introduction in the Discovery Guide
and updates the Document Production
Lists. The text of the proposed rule
change is contained in Exhibit 5 and is
available on the FINRA Web site at
www.finra.org.
Background
In January 1996, the Arbitration
Policy Task Force chaired by former
SEC chairman David Ruder issued a
document entitled, ‘‘Securities
Arbitration Reform: Report of the
Arbitration Policy Task Force to the
Board of Governors of NASD’’ (the
‘‘Report’’). The Report made a number
of broad recommendations to the Board
of Governors to improve the securities
arbitration process. One of the
recommendations states that:
‘‘Automatic production of essential
documents should be required for all
parties, and arbitrators should play a
much greater role in directing discovery
9 17
1 15
VerDate Nov<24>2008
17:55 Mar 12, 2009
3 Amendment No. 1 to SR–FINRA–2008–024
replaced and superseded the original rule filing.
Jkt 217001
PO 00000
Frm 00097
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10973
and resolving discovery disputes.’’ After
the work of the Task Force was
completed, several groups were formed
to work on discovery issues in response
to this recommendation. Each group
was composed of persons offering
diverse perspectives, including counsel
for investors and industry parties, and
all made a substantial contribution to
the process. The outcome of this process
was the Discovery Guide, which the
SEC approved after a public comment
period,4 and was made available for use
in arbitration proceedings involving
customer disputes upon the publication
of NASD Notice to Members (‘‘NTM’’)
99–90 (November 1999).
In March 2004, after more than four
years of use, FINRA 5 determined to
review the Discovery Guide and
consider whether it should be updated.
This review was undertaken by FINRA’s
National Arbitration and Mediation
Committee (‘‘NAMC’’), a majority public
committee of the FINRA Board made up
of attorneys who represent investors,
attorneys who represent brokerage
firms, arbitrators, and mediators. In
addition, FINRA staff met with frequent
users of the arbitration forum
representing both the public and the
industry to listen to concerns regarding
the Discovery Guide’s document
production lists, proposals for changes,
and reactions to other constituents’
proposals. Many of the provisions of the
Discovery Guide were incorporated into
a major revision of the portion of the
Code of Arbitration Procedure for
Customer Disputes (‘‘Customer Code’’),
which was submitted to the SEC in 2003
and approved by the SEC in 2007.6 The
remaining provisions in the Discovery
Guide consist primarily of lists of
documents that are presumptively
discoverable (‘‘Document Production
Lists’’).7
Summary of Significant Changes
The proposed rule change adds
clarifying and conforming language to
the introduction in the Discovery Guide
and updates the Document Production
Lists.
In the introductory language, FINRA
proposes to add, ‘‘Where additional
4 See Exchange Act Release No. 41833 (Sept. 2,
1999), 64 FR 49256 (Sept. 10, 1999).
5 On July 26, 2007, the Commission approved a
proposed rule change filed by NASD to amend
NASD’s Certificate of Incorporation to reflect its
name change to FINRA in connection with the
consolidation of the member firm regulatory
functions of NASD and NYSE Regulation, Inc. See
Securities Exchange Act Release No. 56146 (July 26,
2007).
6 Exchange Act Release No. 55158 (Jan. 24, 2007),
72 FR 4574 (Jan. 31, 2007) (File No. SR–NASD–
2003–158).
7 See Rule 12506.
E:\FR\FM\13MRN1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 48 (Friday, March 13, 2009)]
[Notices]
[Pages 10972-10973]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5387]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59524; File No. SR-CBOE-2009-012]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated: Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Extension of the Dividend, Merger and Short
Stock Interest Strategies Fee Cap Pilot Program Until March 1, 2010
March 6, 2009.
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 February 26, 2009, Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') 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 CBOE. The
Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the Act
\3\ and Rule 19b-4(f)(2) thereunder.\4\ The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Chicago Board Options Exchange, Incorporated (``CBOE'' or
``Exchange'') proposes to amend its Fees Schedule to extend until March
1, 2010, the dividend, merger and short stock interest strategies fee
cap program. 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. 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, Proposed Rule Change
(a) Purpose
The Exchange currently caps market-maker, firm, and broker-dealer
transaction fees associated with dividend, merger and short stock
interest strategies, as described in Footnote 13 of the CBOE Fees
Schedule (``Strategy Fee Cap''). The Strategy Fee Cap is in effect as a
pilot program that is due to expire on March 1, 2009.
The Exchange proposes to extend the Strategy Fee Cap pilot program
until March 1, 2010. No other changes are proposed. The Exchange
believes that extension of the Strategy Fee Cap pilot program would
enable the Exchange to remain competitive for these types of strategies
by keeping fees low.
(b) Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Securities Exchange Act of 1934 (``Act''),\5\ in
general, and furthers the objectives of Section 6(b)(4) \6\ of the Act
in particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among CBOE
members and other persons using its facilities. The Exchange believes
the proposed extension of the Strategy Fee Cap pilot program would
continue to benefit market participants who trade these strategies by
lowering their fees.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \7\ and subparagraph (f)(2) of Rule 19b-4 \8\
thereunder. 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
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-2009-012 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.
All submissions should refer to File Number SR-CBOE-2009-012. 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/
[[Page 10973]]
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 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-2009-012 and should be
submitted on or before April 3, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-5387 Filed 3-12-09; 8:45 am]
BILLING CODE 8011-01-P
