Sunshine Act Meeting, 61181-61182 [E9-28125]

Download as PDF jlentini on DSKJ8SOYB1PROD with NOTICES Federal Register / Vol. 74, No. 224 / Monday, November 23, 2009 / Notices 672–7640. A person filing electronically may also seek assistance by sending an e-mail to the NRC electronic filing Help Desk at MSHD.Resource@nrc.gov. Participants who believe that they have a good cause for not submitting documents electronically must file an exemption request, in accordance with 10 CFR 2.302(g), with their initial paper filing requesting authorization to continue to submit documents in paper format. Such filings must be submitted by: (1) First class mail addressed to the Office of the Secretary of the Commission, U.S. Nuclear Regulatory Commission, Washington, DC 20555– 0001, Attention: Rulemaking and Adjudications Staff; or (2) courier, express mail, or expedited delivery service to the Office of the Secretary, Sixteenth Floor, One White Flint North, 11555 Rockville Pike, Rockville, Maryland 20852, Attention: Rulemaking and Adjudications Staff. Participants filing a document in this manner are responsible for serving the document on all other participants. Filing is considered complete by first-class mail as of the time of deposit in the mail, or by courier, express mail, or expedited delivery service upon depositing the document with the provider of the service. Non-timely requests and/or petitions and contentions will not be entertained absent a determination by the Commission, the presiding officer, or the Atomic Safety and Licensing Board that the request and/or petition should be granted and/or the contentions should be admitted, based on a balancing of the factors specified in 10 CFR 2.309(c)(1)(i)–(viii). Documents submitted in adjudicatory proceedings will appear in NRC’s electronic hearing docket which is available to the public at https:// ehd.nrc.gov/ehd_proceeding/home.asp, unless excluded pursuant to an order of the Commission, an Atomic Safety and Licensing Board, or a Presiding Officer. Participants are requested not to include personal privacy information, such as social security numbers, home addresses, or home phone numbers in their filings, unless an NRC regulation or other law requires submission of such information. With respect to copyrighted works, except for limited excerpts that serve the purpose of the adjudicatory filings and would constitute a Fair Use application, participants are requested not to include copyrighted materials in their submissions. For further details with respect to this license amendment application, see the application for amendment dated December 8, 2008, which is available for VerDate Nov<24>2008 16:37 Nov 20, 2009 Jkt 220001 public inspection at the Commission’s PDR, located at One White Flint North, Room O1 F21, 11555 Rockville Pike (first floor), Rockville, Maryland. Publicly available records will be accessible electronically from the Agencywide Documents Access and Management System’s (ADAMS) Public Electronic Reading Room on the Internet at the NRC Web site, https:// www.nrc.gov/reading-rm/adams.html. Persons who do not have access to ADAMS or who encounter problems in accessing the documents located in ADAMS, should contact the NRC PDR Reference staff by telephone at 1–800– 397–4209, 301–415–4737, or by e-mail to pdr.resource@nrc.gov. Attorney for licensee: M. S. Ross, Vice President & Associate General Counsel, Florida Power & Light Company, PO Box 14000, Juno Beach, FL 33408–0420. Dated at Rockville, Maryland, this 16th day of November 2009. For the Nuclear Regulatory Commission. Justin C. Poole, Project Manager, Plant Licensing Branch III– 1, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E9–28092 Filed 11–20–09; 8:45 am] BILLING CODE 7590–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11929] Washington Disaster # WA–00024 Declaration of Economic Injury AGENCY: U.S. Small Business Administration. ACTION: Notice. SUMMARY: This is a notice of an Economic Injury Disaster Loan (EIDL) declaration for the State of Washington, dated 11/13/2009. Incident: Yakima County SR 410 Landslide. Incident Period: 10/10/2009. Effective Date: 11/13/2009. EIDL Loan Application Deadline Date: 8/13/2010. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: Alan Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the Administrator’s EIDL declaration, applications for economic injury PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 61181 disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties: Yakima. Contiguous Counties: Washington: Benton, Grant, King, Kittitas, Klickitat, Lewis, Pierce, Skamania. The Interest Rate is: 4.000. The number assigned to this disaster for economic injury is 119290. The State which received an EIDL Declaration # is Washington. (Catalog of Federal Domestic Assistance Number 59002) Dated: November 13, 2009. Karen G. Mills, Administrator. [FR Doc. E9–27983 Filed 11–20–09; 8:45 am] BILLING CODE 8025–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Monday, November 23, 2009 at 9 a.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c), (5), (7), (8), 9(B) and (10) and 17 CFR 200.402(a)(5), (7), (8), 9(ii) and (10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Walter, as duty officer, voted to consider the item listed for the Closed Meeting in a closed session, and determined that no earlier notice thereof was possible. The subject matter of the Closed Meeting scheduled for Monday, November 23, 2009 will be: Institution and settlement of injunctive actions; and Institution and settlement of administrative proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been E:\FR\FM\23NON1.SGM 23NON1 61182 Federal Register / Vol. 74, No. 224 / Monday, November 23, 2009 / Notices added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: November 18, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–28125 Filed 11–19–09; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61006; File No. SR–OCC– 2009–15] Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change To Revise the Minimum Eligibility Criteria for Common Stock Loaned Through Stock Loan Programs and Deposited as Margin Collateral November 16, 2009. jlentini on DSKJ8SOYB1PROD with NOTICES I. Introduction On August 28, 2009, The Options Clearing Corporation (‘‘OCC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) proposed rule change SR–OCC–2009–15 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 October 6, 2009.2 No comment letters were received on the proposal. This order approves the proposal. II. Description The proposed rule change revises minimum eligibility criteria applicable to common stock loaned through OCC’s Stock Loan Programs and deposited as margin collateral. OCC’s clearing services involve common stock 3 in several ways. Stocks are: (i) Underlying securities for exchange-traded equity option contracts; (ii) constituent securities of stock indexes that underlie stock index options or of indexes on which underlying ETFs are based; (iii) constituent securities of ETFs that although are not underlying securities are based on indexes that underlie index options (‘‘Index Option Related ETFs’’); (iv) the subject of stock loan or borrow transactions cleared pursuant to OCC’s Stock Loan Programs; and (v) deposited 1 15 U.S.C. 78s(b)(1). Exchange Act Release No. 60743 (September 29, 2009), 74 FR 51348. 3 The term ‘‘common stock’’ or ‘‘stock’’ is broadly used in this rule change to refer to different types of equity securities including ETFs but not preferred stock. 2 Securities VerDate Nov<24>2008 16:37 Nov 20, 2009 Jkt 220001 with OCC as margin collateral. Rationalizing the interrelationship among the criteria applied to stocks for these various purposes will maximize the potential for offsets and reduce risk in the clearing system. Under OCC’s Stock Loan Programs, only loans of stocks that are either underlying securities for options or futures or ETFs based on a stock index underlying an index option contract are eligible for clearance through OCC (collectively, ‘‘Options-Related Stocks’’). OCC restricted stock loan activity to limit its risk to loans supporting short sales that might be serving as hedges for options transactions or helping to add liquidity to the options markets. At the time this criterion was implemented in 2002, OCC managed the risk of stock loan transactions for most clearing members on a credit basis—that is OCC did not collect margin on such transactions. As noted above, OCC now requires margin on all stock loan transactions thus reducing the risk associated with this activity. Accordingly, OCC believes that it is no longer necessary or appropriate to limit stock loan transactions to OptionsRelated Stocks. In connection with the foregoing change, OCC is supplementing its existing criteria for stock eligible for the Stock Loan Programs by requiring that in order to qualify as an ‘‘Eligible Stock’’ for purposes of the Stock Loan Programs a stock must be a ‘‘covered security’’ as defined in Section 18(b)(1) of the Securities Act of 1933.4 By agreement with the options exchanges, OCC already requires that all underlying stocks meet this criterion, and OCC believes that it is an appropriate minimum assurance of quality. In addition, OCC is imposing a $3 minimum share price requirement that is applicable only to stocks other than Options-Related Stocks.5 OCC, however, retains the ability to waive the $3 minimum price where specified other factors suggest that the stock is nevertheless suitable for inclusion in the Stock Loan Programs. 4 ‘‘Covered securities’’ are securities that are authorized for listing on the New York Stock Exchange, the American Stock Exchange (now known as NYSE Amex LLC), the National Market System of the Nasdaq Stock Market (collectively, ‘‘Exchanges’’), or any other national securities exchange, or tiers thereof, that the Commission determines are substantially similar to the listing standards applicable to securities on the Exchanges. 15 U.S.C. 77r(b)(1). 5 This minimum price requirement corresponds to the minimum price standard contained in the criteria used by the options exchanges for initial selection of underlying securities that are also ‘‘covered securities.’’ PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 Common Stock as Collateral Under current OCC Rule 604(b)(4), clearing members can deposit common stocks that meet the following criteria: Minimum price of $3 per share and traded on a national securities exchange or traded in the Nasdaq Global Market or the Nasdaq Capital Market. The aggregate value of margin attributed to a single stock cannot exceed 10% of a clearing member’s total margin requirement. Stocks are haircut by 30% for margin valuation purposes. Stocks that have been suspended from trading by or are subject to special margin requirements under the rules of a listing market because of volatility, lack of liquidity, or similar characteristics are not eligible for deposit as margin. Under the approved but not yet implemented Collateral in Margins program, any common stock that meets the above criteria except the minimum price requirement and that is deliverable upon exercise or maturity of a cleared contract (i.e., is an underlying security), as well as index option related ETFs, will be afforded collateral value as determined by STANS. Moreover, the margin concentration requirement will be inapplicable to such deposits. Thus, upon implementation of the Collateral in Margins proposal, the minimum price requirement and margin concentration requirement will be eliminated for common stocks that are underlying securities or index option related ETFs. The minimum price requirement is being eliminated for these securities in order to provide a greater opportunity for members to hedge their equity options positions with pledges of the underlying securities. This decision also reflects OCC’s judgment that the minimum price requirement is less important in the current environment where OCC is able to closely monitor collateral in the form of common stock and to apply the sophisticated risk management technique incorporated in STANS in order to determine the appropriate value to assign to such collateral. The concentration test requirement is being eliminated because STANS contains its own built-in functionality that adequately handles concentrated options and collateral holdings. In anticipation of the implementation of the Collateral in Margins program, and effective with such implementation, OCC further amends Rule 604(b)(4)(i) as follows: (1) Replace the requirement of listing on a national securities exchange or specific Nasdaq markets with the requirement that all common stocks E:\FR\FM\23NON1.SGM 23NON1

Agencies

[Federal Register Volume 74, Number 224 (Monday, November 23, 2009)]
[Notices]
[Pages 61181-61182]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28125]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Monday, November 
23, 2009 at 9 a.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c), (5), (7), (8), 9(B) and (10) and 17 CFR 
200.402(a)(5), (7), (8), 9(ii) and (10), permit consideration of the 
scheduled matter at the Closed Meeting.
    Commissioner Walter, as duty officer, voted to consider the item 
listed for the Closed Meeting in a closed session, and determined that 
no earlier notice thereof was possible.
    The subject matter of the Closed Meeting scheduled for Monday, 
November 23, 2009 will be:

Institution and settlement of injunctive actions; and
Institution and settlement of administrative proceedings.

    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been

[[Page 61182]]

added, deleted or postponed, please contact:
    The Office of the Secretary at (202) 551-5400.

    Dated: November 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-28125 Filed 11-19-09; 11:15 am]
BILLING CODE 8011-01-P
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