Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Temporary Membership Status and Interim Trading Permit Access Fees, 47034-47036 [E9-21994]
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47034
Federal Register / Vol. 74, No. 176 / Monday, September 14, 2009 / Notices
investors and the public interest
because such waiver will allow the
Exchange to continue its Pilot Program
without interruption in its current form.
The Commission notes that the
Exchange did not provide a pilot
program report to the Commission at
least ninety days prior to the expiration
date of the Pilot Program as the
Exchange had undertaken to do as part
of its original proposal.19 Waiving the
operative delay to accommodate an
extension of the Pilot Program will
provide investors with a continued
ability to utilize the lower minimum
value size for an opening transaction in
a FLEX Equity Option series on Phlx
and also will provide the Exchange with
additional time to collect data and
prepare and submit to the Commission
a pilot program report in the event that
it seeks to extend or permanently
implement the Pilot Program.20 For
these reasons, the Commission
designates the proposed rule change as
operative upon filing.21
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.22
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–Phlx-2009–78 on the
subject line.
cprice-sewell on DSK2BSOYB1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
19 See Securities Exchange Act Release No. 57824
(May 15, 2008), 73 FR 29805, 29806 (May 22, 2008)
(SR–Phlx–2008–35).
20 The Commission notes that the Exchange has
undertaken in this filing to submit a pilot program
report at least forty-five days prior to the expiration
date of the Pilot Program.
21 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).
22 15 U.S.C. 78s(b)(3)(C).
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15:23 Sep 11, 2009
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100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–Phlx-2009–78. 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 the 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 available publicly. All
submissions should refer to File
Number SR–Phlx–2009–78 and should
be submitted on or before October 5,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.23
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–21993 Filed 9–11–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60629; File No. SR–CBOE–
2009–063]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Temporary
Membership Status and Interim
Trading Permit Access Fees
September 4, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
23 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00068
Fmt 4703
Sfmt 4703
(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is
hereby given that on August 31, 2009,
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, II, and
III below, which Items have been
prepared by the CBOE. CBOE has
designated this proposal as one
establishing or changing a due, fee, or
other charge applicable only to a
member under Section 19(b)(3)(A)(ii) of
the Act,1 and Rule 19b–4(f)(2)
thereunder,2 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
CBOE proposes to adjust (i) the
monthly access fee for persons granted
temporary CBOE membership status
(‘‘Temporary Members’’) pursuant to
Interpretation and Policy .02 under
CBOE Rule 3.19 (‘‘Rule 3.19.02’’) and
(ii) the monthly access fee for Interim
Trading Permit (‘‘ITP’’) holders under
CBOE Rule 3.27. 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, Proposed Rule
Change
(a) Purpose
The current access fee for Temporary
Members under Rule 3.19.02 3 and the
1 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
3 See Securities Exchange Act Release No. 56458
(September 18, 2007), 72 FR 54309 (September 24,
2 17
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Federal Register / Vol. 74, No. 176 / Monday, September 14, 2009 / Notices
cprice-sewell on DSK2BSOYB1PROD with NOTICES
current access fee for ITP holders under
Rule 3.27 4 are both $11,310 per month.
Both access fees are currently set at the
indicative lease rate (as defined below)
for August 2009. The Exchange
proposes to adjust both access fees
effective at the beginning of September
2009 to be equal to the indicative lease
rate for September 2009 (which is
$11,287). Specifically, the Exchange
proposes to revise both the Temporary
Member access fee and the ITP access
fee to be $11,287 per month
commencing on September 1, 2009.
The indicative lease rate is defined
under Rule 3.27(b) as the highest
clearing firm floating monthly rate 5 of
the CBOE Clearing Members that assist
in facilitating at least 10% of the CBOE
transferable membership leases.6 The
Exchange determined the indicative
lease rate for September 2009 by polling
each of these Clearing Members and
obtaining the clearing firm floating
monthly rate designated by each of
these Clearing Members for that month.
The Exchange used the same process
to set the proposed Temporary Member
and ITP access fees that it used to set
the current Temporary Member and ITP
access fees. The only difference is that
the Exchange used clearing firm floating
monthly rate information for the month
of September 2009 to set the proposed
access fees (instead of clearing firm
floating monthly rate information for the
month of August 2009 as was used to set
the current access fees) in order to take
into account changes in clearing firm
floating monthly rates for the month of
September 2009.
The Exchange believes that the
process used to set the proposed
Temporary Member access fee and the
proposed Temporary Member access fee
itself are appropriate for the same
reasons set forth in CBOE rule filing SR–
CBOE–2008–12 with respect to the
original Temporary Member access fee.7
2007) (SR–CBOE–2007–107) for a description of the
Temporary Membership status under Rule 3.19.02.
4 See Securities Exchange Act Release No. 58178
(July 17, 2008), 73 FR 42634 (July 22, 2008) (SR–
CBOE–2008–40) for a description of the Interim
Trading Permits under Rule 3.27.
5 Rule 3.27(b) defines the clearing firm floating
monthly rate as the floating monthly rate that a
Clearing Member designates, in connection with
transferable membership leases that the Clearing
Member assisted in facilitating, for leases that
utilize that monthly rate.
6 The concepts of an indicative lease rate and of
a clearing firm floating month rate were previously
utilized in the CBOE rule filings that set and
adjusted the Temporary Member access fee. Both
concepts are also codified in Rule 3.27(b) in relation
to ITPs.
7 See Securities Exchange Act Release No. 57293
(February 8, 2008), 73 FR 8729 (February 14, 2008)
(SR–CBOE–2008–12), which established the
original Temporary Member access fee, for detail
regarding the rationale in support of the original
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15:23 Sep 11, 2009
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Similarly, the Exchange believes that
the process used to set the proposed ITP
access fee and the proposed ITP access
fee itself are appropriate for the same
reasons set forth in CBOE rule filing SR–
CBOE–2008–77 with respect to the
original ITP access fee.8
Each of the proposed access fees will
remain in effect until such time either
that the Exchange submits a further rule
filing pursuant to Section 19(b)(3)(A)(ii)
of the Act 9 to modify the applicable
access fee or the applicable status (i.e.,
the Temporary Membership status or
the ITP status) is terminated.
Accordingly, the Exchange may, and
likely will, further adjust the proposed
access fees in the future if the Exchange
determines that it would be appropriate
to do so taking into consideration lease
rates for transferable CBOE
memberships prevailing at that time.
The procedural provisions of the
CBOE Fee Schedule related to the
assessment of each proposed access fee
are not proposed to be changed and will
remain the same as the current
procedural provisions relating to the
assessment of that access fee.
(b) Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Section 6(b)(4)
of the Act 11 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among persons using its
facilities.
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.
Temporary Member access fee and the process used
to set that fee, which is also applicable to this
proposed change to the Temporary Member access
fee as well.
8 See Securities Exchange Act Release No. 58200
(July 21, 2008), 73 FR 43805 (July 28, 2008) (SR–
CBOE–2008–77), which established the original ITP
access fee, for detail regarding the rationale in
support of the original ITP access fee and the
process used to set that fee, which is also applicable
to this proposed change to the ITP access fee as
well.
9 15 U.S.C. 78s(b)(3)(A)(ii).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4).
PO 00000
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47035
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule change
establishes or changes a due, fee, or
other charge imposed by the Exchange,
it has become effective pursuant to
Section 19(b)(3)(A) of the Act 12 and
subparagraph (f)(2) of Rule 19b–4 13
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:
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–2009–063 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–CBOE–2009–063. 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
12 15
13 17
E:\FR\FM\14SEN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
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47036
Federal Register / Vol. 74, No. 176 / Monday, September 14, 2009 / Notices
Section, 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–2009–063 and
should be submitted on or before
October 2, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–21994 Filed 9–11–09; 8:45 am]
BILLING CODE 8010–01–P
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2009–0005]
Privacy Act of 1974, as Amended;
Computer Matching Program (SSA/
Department of Veterans Affairs/
Veterans Benefits Administration (VA/
VBA))—Match Number 1008
AGENCY:
Social Security Administration
(SSA).
cprice-sewell on DSK2BSOYB1PROD with NOTICES
ACTION: Notice of a renewal of an
existing computer matching program
that is scheduled to expire on October
8, 2009.
SUMMARY: In accordance with the
provisions of the Privacy Act, as
amended, this notice announces a
renewal of an existing computer
matching program that we are currently
conducting with VA/VBA.
DATES: We will file a report of the
subject matching program with the
Committee on Homeland Security and
Governmental Affairs of the Senate; the
Committee on Oversight and
Government Reform of the House of
Representatives, and the Office of
Information and Regulatory Affairs,
Office of Management and Budget
(OMB). Renewal of the matching
program will be effective as indicated
below.
ADDRESSES: Interested parties may
comment on this notice by either
telefaxing to (410) 965–0201 or writing
to the Deputy Commissioner for Budget,
Finance and Management, 800 Altmeyer
Building, 6401 Security Boulevard,
14 17
Baltimore, MD 21235–6401. All
comments received will be available for
public inspection at this address.
FOR FURTHER INFORMATION CONTACT: The
Deputy Commissioner for Budget,
Finance and Management as shown
above.
SUPPLEMENTARY INFORMATION:
A. General
The Computer Matching and Privacy
Protection Act of 1988 (Pub. L. 100–
503), amended the Privacy Act (5 U.S.C.
552a) by describing the conditions
under which computer matching
involving the Federal government could
be performed and adding certain
protections for individuals applying for,
and receiving, Federal benefits. Section
7201of the Omnibus Budget
Reconciliation Act of 1990 (Pub. L. 101–
508) further amended the Privacy Act
regarding protections for such
individuals.
The Privacy Act, as amended,
regulates the use of computer matching
by Federal agencies when records in a
system of records are matched with
other Federal, state, or local government
records. It requires Federal agencies
involved in computer matching
programs to:
(1) Negotiate written agreements with
the other agency or agencies
participating in the matching programs;
(2) Obtain the approval of the
matching agreement by the Data
Integrity Boards (DIB) of the
participating Federal agencies;
(3) Publish notice of the computer
matching program in the Federal
Register;
(4) Furnish detailed reports about
matching programs to Congress and
OMB;
(5) Notify applicants and beneficiaries
that their records are subject to
matching; and
(6) Verify match findings before
reducing, suspending, terminating, or
denying a person’s benefits or
payments.
B. SSA Computer Matches Subject to
the Privacy Act
We have taken action to ensure that
all of our computer matching programs
comply with the requirements of the
Privacy Act, as amended.
C.F.R. 200.30–3(a)(12).
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15:23 Sep 11, 2009
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Dated: July 2, 2009.
Mary Glenn-Croft,
Deputy Commissioner for Budget, Finance
and Management.
Notice of Computer Matching Program,
Social Security Administration (SSA)
With the Department of Veterans
Affairs/Veterans Benefits
Administration (VA/VBA)
A. Participating Agencies
SSA and VA/VBA.
B. Purpose of the Matching Program
The purpose of this matching program
is to establish the conditions under
which VA agrees to disclose VA
compensation and pension payment
data to us for the purpose of identifying
certain Supplemental Security Income
and Special Veterans Benefit recipients
under titles XVI and VIII of the Social
Security Act (Act) respectively, who
receive VA administered benefits. The
disclosure will also enable us to
efficiently implement a Medicare
outreach program mandated by section
1144 of title XI of the Act.
C. Authority for Conducting the
Matching Program
The legal authority for us to conduct
this computer matching is found in
sections 1631(e)(1)(B) and 1631(f) of the
Act, 42 U.S.C. 1383(e)(1)(B) and 1383(f),
section 806(b) of the Act, 42 U.S.C.
1006(b), and section 1144 of the Act, 42
U.S.C. 1320b–14.
The legal authority for VA to disclose
information for this computer matching
is found in section 1631(f) of the Act, 42
U.S.C. 1383(f).
D. Categories of Records and
Individuals Covered by the Matching
Program
On the basis of certain identifying
information as provided by us to VA,
VA will provide us with electronic files
containing compensation and pension
payment data from its system of records
entitled the ‘‘Compensation, Pension,
Education, and Vocational
Rehabilitation and Employment
Records—VA (58VA21/22/28),’’ first
published at 74 FR 29275 (June 19,
2009). We will match the VA data with
SSI/SVB payment information
maintained in our system of records
entitled ‘‘Supplemental Security Income
Record and Special Veterans Benefits
(SSA/OASSIS 60–0103).’’
E. Inclusive Dates of the Matching
Program
The matching program will become
effective no sooner than 40 days after
notice of the matching program is sent
to Congress and OMB, or 30 days after
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]]>Agencies
[Federal Register Volume 74, Number 176 (Monday, September 14, 2009)]
[Notices]
[Pages 47034-47036]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-21994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60629; File No. SR-CBOE-2009-063]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Temporary Membership Status and Interim Trading
Permit Access Fees
September 4, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on August
31, 2009, 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, II,
and III below, which Items have been prepared by the CBOE. CBOE has
designated this proposal as one establishing or changing a due, fee, or
other charge applicable only to a member under Section 19(b)(3)(A)(ii)
of the Act,\1\ and Rule 19b-4(f)(2) thereunder,\2\ 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)(3)(A)(ii).
\2\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to adjust (i) the monthly access fee for persons
granted temporary CBOE membership status (``Temporary Members'')
pursuant to Interpretation and Policy .02 under CBOE Rule 3.19 (``Rule
3.19.02'') and (ii) the monthly access fee for Interim Trading Permit
(``ITP'') holders under CBOE Rule 3.27. 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, Proposed Rule Change
(a) Purpose
The current access fee for Temporary Members under Rule 3.19.02 \3\
and the
[[Page 47035]]
current access fee for ITP holders under Rule 3.27 \4\ are both $11,310
per month. Both access fees are currently set at the indicative lease
rate (as defined below) for August 2009. The Exchange proposes to
adjust both access fees effective at the beginning of September 2009 to
be equal to the indicative lease rate for September 2009 (which is
$11,287). Specifically, the Exchange proposes to revise both the
Temporary Member access fee and the ITP access fee to be $11,287 per
month commencing on September 1, 2009.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 56458 (September 18,
2007), 72 FR 54309 (September 24, 2007) (SR-CBOE-2007-107) for a
description of the Temporary Membership status under Rule 3.19.02.
\4\ See Securities Exchange Act Release No. 58178 (July 17,
2008), 73 FR 42634 (July 22, 2008) (SR-CBOE-2008-40) for a
description of the Interim Trading Permits under Rule 3.27.
---------------------------------------------------------------------------
The indicative lease rate is defined under Rule 3.27(b) as the
highest clearing firm floating monthly rate \5\ of the CBOE Clearing
Members that assist in facilitating at least 10% of the CBOE
transferable membership leases.\6\ The Exchange determined the
indicative lease rate for September 2009 by polling each of these
Clearing Members and obtaining the clearing firm floating monthly rate
designated by each of these Clearing Members for that month.
---------------------------------------------------------------------------
\5\ Rule 3.27(b) defines the clearing firm floating monthly rate
as the floating monthly rate that a Clearing Member designates, in
connection with transferable membership leases that the Clearing
Member assisted in facilitating, for leases that utilize that
monthly rate.
\6\ The concepts of an indicative lease rate and of a clearing
firm floating month rate were previously utilized in the CBOE rule
filings that set and adjusted the Temporary Member access fee. Both
concepts are also codified in Rule 3.27(b) in relation to ITPs.
---------------------------------------------------------------------------
The Exchange used the same process to set the proposed Temporary
Member and ITP access fees that it used to set the current Temporary
Member and ITP access fees. The only difference is that the Exchange
used clearing firm floating monthly rate information for the month of
September 2009 to set the proposed access fees (instead of clearing
firm floating monthly rate information for the month of August 2009 as
was used to set the current access fees) in order to take into account
changes in clearing firm floating monthly rates for the month of
September 2009.
The Exchange believes that the process used to set the proposed
Temporary Member access fee and the proposed Temporary Member access
fee itself are appropriate for the same reasons set forth in CBOE rule
filing SR-CBOE-2008-12 with respect to the original Temporary Member
access fee.\7\ Similarly, the Exchange believes that the process used
to set the proposed ITP access fee and the proposed ITP access fee
itself are appropriate for the same reasons set forth in CBOE rule
filing SR-CBOE-2008-77 with respect to the original ITP access fee.\8\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 57293 (February 8,
2008), 73 FR 8729 (February 14, 2008) (SR-CBOE-2008-12), which
established the original Temporary Member access fee, for detail
regarding the rationale in support of the original Temporary Member
access fee and the process used to set that fee, which is also
applicable to this proposed change to the Temporary Member access
fee as well.
\8\ See Securities Exchange Act Release No. 58200 (July 21,
2008), 73 FR 43805 (July 28, 2008) (SR-CBOE-2008-77), which
established the original ITP access fee, for detail regarding the
rationale in support of the original ITP access fee and the process
used to set that fee, which is also applicable to this proposed
change to the ITP access fee as well.
---------------------------------------------------------------------------
Each of the proposed access fees will remain in effect until such
time either that the Exchange submits a further rule filing pursuant to
Section 19(b)(3)(A)(ii) of the Act \9\ to modify the applicable access
fee or the applicable status (i.e., the Temporary Membership status or
the ITP status) is terminated. Accordingly, the Exchange may, and
likely will, further adjust the proposed access fees in the future if
the Exchange determines that it would be appropriate to do so taking
into consideration lease rates for transferable CBOE memberships
prevailing at that time.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
The procedural provisions of the CBOE Fee Schedule related to the
assessment of each proposed access fee are not proposed to be changed
and will remain the same as the current procedural provisions relating
to the assessment of that access fee.
(b) Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Section 6(b)(4) of the Act \11\ in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges among persons using its facilities.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(4).
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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 foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \12\ and subparagraph (f)(2)
of Rule 19b-4 \13\ 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.
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(2).
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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-2009-063 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-CBOE-2009-063. 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
[[Page 47036]]
Section, 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-2009-063 and should be submitted on or before October 2, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 C.F.R. 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-21994 Filed 9-11-09; 8:45 am]
BILLING CODE 8010-01-P
