Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Temporary Waiver of Certain Fees, 5833-5834 [2010-2332]
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Federal Register / Vol. 75, No. 23 / Thursday, February 4, 2010 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61431; File No. SR–CBOE–
2010–003]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Temporary
Waiver of Certain Fees
January 27, 2010.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
January 7, 2010 the 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 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
Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’ or ‘‘Exchange’’)
proposes to amend its Fees Schedule to
(i) temporarily waive the Change of
Status Fee for a membership status
change involving a Temporary Member
or a person on an Interim Trading
Permit (‘‘ITP’’) who goes onto a CBOE
transferable membership and (ii)
temporarily waive the Lease
Application Fee for a lease under which
a Temporary Member or a person on an
ITP goes onto a CBOE transferable
membership. 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’s Public Reference Room.
srobinson on DSKHWCL6B1PROD with NOTICES
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.
1 15
U.S.C. 78s(b)(1).
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17:31 Feb 03, 2010
Jkt 220001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Fees Schedule to (i) temporarily waive
the Change of Status fee for a
membership status change involving a
Temporary Member 2 or a person on an
ITP 3 who goes onto a CBOE transferable
membership and (ii) temporarily waive
the Lease Application fee for a lease
under which a Temporary Member or a
person on an ITP goes onto a CBOE
transferable membership. The Exchange
proposes to institute these fee waivers
effective January 7, 2010.
The Exchange currently has a number
of unleased CBOE transferable
memberships. The Exchange intends to
provide incentives for Temporary
Members and persons on ITPs to go onto
CBOE transferable memberships to
reduce the number of unleased CBOE
transferable memberships. Specifically,
CBOE will waive the $500 change of
status fee for any Temporary Member
who goes onto a CBOE transferable
membership as well as for any person
on an ITP who goes onto a CBOE
transferable membership (to the extent
that the change of status fee would
otherwise be applicable to the person
switching off of the ITP). In addition,
CBOE will waive the $600 lease
application fee for any CBOE
transferable membership lease under
which a Temporary Member or person
on an ITP goes onto a CBOE transferable
membership. These fee waivers will be
in effect through April 2, 2010.
For example, Floor Broker ABC (a
Temporary Member) is employed by
Firm XYZ (a member organization) and
is an individual member with a
Temporary Membership that has been
registered for Firm XYZ. Firm XYZ now
wishes to lease a CBOE transferable
membership for Floor Broker ABC to
have Floor Broker ABC become a
nominee of Firm XYZ and eliminate his
Temporary Membership status.
Currently, the change of status to a
nominee and the lease of a CBOE
transferable membership by Firm XYZ
would result in a $500 Change in Status
fee for Floor Broker ABC and a $600
Lease Application fee for the new lease.
CBOE believes it is appropriate to
2 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.
3 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.
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
5833
temporarily waive this Change in Status
fee and Lease Application fee to provide
incentives for these types of status
changes. These fee waivers would result
in a total cost savings of $1,100 to Firm
XYZ and Floor Broker ABC ($500
savings for the Change in Status fee and
$600 savings for the Lease Application
fee).
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Securities Exchange Act of
1934 (‘‘Act’’) 4, in general, and furthers
the objectives of Section 6(b)(4) 5 of the
Act in particular, in that it is designed
to provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities in that it is designed
to provide incentives to reduce the
number of unleased CBOE transferable
memberships.
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 the 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 6 and subparagraph (f)(2) of
Rule 19b–4 7 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.
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f)(2).
5 15
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5834
Federal Register / Vol. 75, No. 23 / Thursday, February 4, 2010 / Notices
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–2010–003 on the
subject line.
Paper Comments
srobinson on DSKHWCL6B1PROD with NOTICES
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
and C below, of the most significant
aspects of such statements.
[Release No. 34–61427; File No. SR–FINRA–
2010–002]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Update Certain CrossReferences and Make Other Various
Non-Substantive Technical Changes to
Certain FINRA Rules
January 27, 2010.
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 January
All submissions should refer to File
14, 2010, Financial Industry Regulatory
Number SR–CBOE–2010–003. This file
Authority, Inc. (‘‘FINRA’’) filed with the
number should be included on the
Securities and Exchange Commission
subject line if e-mail is used. To help the (‘‘SEC’’ or ‘‘Commission’’) the proposed
Commission process and review your
rule change as described in Items I and
comments more efficiently, please use
II below, which Items have been
only one method. The Commission will prepared by FINRA. FINRA has
post all comments on the Commission’s designated the proposed rule change as
Internet Web site (https://www.sec.gov/
constituting a ‘‘non-controversial’’ rule
rules/sro.shtml). Copies of the
change under paragraph (f)(6) of Rule
submission, all subsequent
19b–4 under the Act,3 which renders
amendments, all written statements
the proposal effective upon receipt of
with respect to the proposed rule
this filing by the Commission. The
change that are filed with the
Commission is publishing this notice to
Commission, and all written
solicit comments on the proposed rule
communications relating to the
change from interested persons.
proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
those that may be withheld from the
the Proposed Rule Change
public in accordance with the
provisions of 5 U.S.C. 552, will be
FINRA is proposing to update crossavailable for inspection and copying in
references within certain FINRA rules to
the Commission’s Public Reference
reflect changes adopted in the
Room, 100 F Street, NE., Washington,
consolidated FINRA rulebook and to
DC 20549, on official business days
make non-substantive technical changes
between the hours of 10 a.m. and 3 p.m. to certain FINRA rules.
Copies of such filing also will be
The text of the proposed rule change
available for inspection and copying at
is available on FINRA’s Web site at
the principal office of the Exchange. All https://www.finra.org, at the principal
comments received will be posted
office of FINRA and at the
without change; the Commission does
Commission’s Public Reference Room.
not edit personal identifying
II. Self-Regulatory Organization’s
information from submissions. You
Statement of the Purpose of, and
should submit only information that
Statutory Basis for, the Proposed Rule
you wish to make available publicly. All
Change
submissions should refer to File No.
In its filing with the Commission,
SR–CBOE–2010–003 and should be
FINRA included statements concerning
submitted on or before February 25,
the purpose of and basis for the
2010.
proposed rule change and discussed any
For the Commission, by the Division of
comments it received on the proposed
Trading and Markets, pursuant to delegated
rule change. The text of these statements
8
authority.
may be examined at the places specified
Florence E. Harmon,
in Item IV below. FINRA has prepared
Deputy Secretary.
summaries, set forth in sections A, B,
[FR Doc. 2010–2332 Filed 2–3–10; 8:45 am]
BILLING CODE 8011–01–P
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
2 17
8 17
CFR 200.30–3(a)(12).
VerDate Nov<24>2008
17:31 Feb 03, 2010
Jkt 220001
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
1. Purpose
FINRA is in the process of developing
a new consolidated rulebook
(‘‘Consolidated FINRA Rulebook’’).4
That process involves FINRA submitting
to the Commission for approval a series
of proposed rule changes over time to
adopt rules in the Consolidated FINRA
Rulebook. The phased adoption and
implementation of those rules
necessitates periodic amendments to
update rule cross-references and other
non-substantive technical changes in
the Consolidated FINRA Rulebook.
The proposed rule change first would
update rule cross-references to reflect
recent changes adopted in the
Consolidated FINRA Rulebook. The
proposed rule change would update
FINRA Rule 0150 to reflect the adoption
into the Consolidated FINRA Rulebook
of (1) FINRA Rule 2060 and the deletion
of NASD Rule 3120,5 (2) FINRA Rules
4120 and 4130 and the deletion of
NASD Rules 3130 and 3131 and NASD
IM–3130,6 and (3) FINRA Rules 5210
and 5220 and the deletion of NASD
Rules 3310 and 3320 and NASD IM–
3310 and IM–3320.7 The rule crossreferences in FINRA Rule 6635 would
be similarly updated to reflect the
adoption of (1) FINRA Rule 2251 and
the deletion of NASD Rule 2260,8 (2)
FINRA Rules 5210 and 5520 and the
deletion of NASD IM–3310 and IM–
4 The current FINRA rulebook consists of (1)
FINRA Rules; (2) NASD Rules; and (3) rules
incorporated from NYSE (‘‘Incorporated NYSE
Rules’’) (together, the NASD Rules and Incorporated
NYSE Rules are referred to as the ‘‘Transitional
Rulebook’’). While the NASD Rules generally apply
to all FINRA members, the Incorporated NYSE
Rules apply only to those members of FINRA that
are also members of the NYSE (‘‘Dual Members’’).
The FINRA Rules apply to all FINRA members,
unless such rules have a more limited application
by their terms. For more information about the
rulebook consolidation process, see Information
Notice, March 12, 2008 (Rulebook Consolidation
Process).
5 See Securities Exchange Act Release No. 61071
(November 30, 2009), 74 FR 64109 (December 7,
2009) (Order Approving File No. SR–FINRA–2009–
067).
6 See Securities Exchange Act Release No. 60933
(November 4, 2009), 74 FR 58334 (November 12,
2009) (Order Approving File No. SR–FINRA–2008–
067).
7 See Securities Exchange Act Release No. 60835
(October 16, 2009), 74 FR 54616 (October 22, 2009)
(Order Approving File No. SR–FINRA–2009–055).
8 See Securities Exchange Act Release No. 61052
(November 23, 2009), 74 FR 62857 (December 1,
2009) (Order Approving File No. SR–FINRA–2009–
066).
E:\FR\FM\04FEN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 23 (Thursday, February 4, 2010)]
[Notices]
[Pages 5833-5834]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-2332]
[[Page 5833]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61431; File No. SR-CBOE-2010-003]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Temporary Waiver of Certain Fees
January 27, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on January 7, 2010 the
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 Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
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 (i) temporarily
waive the Change of Status Fee for a membership status change involving
a Temporary Member or a person on an Interim Trading Permit (``ITP'')
who goes onto a CBOE transferable membership and (ii) temporarily waive
the Lease Application Fee for a lease under which a Temporary Member or
a person on an ITP goes onto a CBOE transferable membership. 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'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, 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, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fees Schedule to (i) temporarily
waive the Change of Status fee for a membership status change involving
a Temporary Member \2\ or a person on an ITP \3\ who goes onto a CBOE
transferable membership and (ii) temporarily waive the Lease
Application fee for a lease under which a Temporary Member or a person
on an ITP goes onto a CBOE transferable membership. The Exchange
proposes to institute these fee waivers effective January 7, 2010.
---------------------------------------------------------------------------
\2\ 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.
\3\ 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 Exchange currently has a number of unleased CBOE transferable
memberships. The Exchange intends to provide incentives for Temporary
Members and persons on ITPs to go onto CBOE transferable memberships to
reduce the number of unleased CBOE transferable memberships.
Specifically, CBOE will waive the $500 change of status fee for any
Temporary Member who goes onto a CBOE transferable membership as well
as for any person on an ITP who goes onto a CBOE transferable
membership (to the extent that the change of status fee would otherwise
be applicable to the person switching off of the ITP). In addition,
CBOE will waive the $600 lease application fee for any CBOE
transferable membership lease under which a Temporary Member or person
on an ITP goes onto a CBOE transferable membership. These fee waivers
will be in effect through April 2, 2010.
For example, Floor Broker ABC (a Temporary Member) is employed by
Firm XYZ (a member organization) and is an individual member with a
Temporary Membership that has been registered for Firm XYZ. Firm XYZ
now wishes to lease a CBOE transferable membership for Floor Broker ABC
to have Floor Broker ABC become a nominee of Firm XYZ and eliminate his
Temporary Membership status. Currently, the change of status to a
nominee and the lease of a CBOE transferable membership by Firm XYZ
would result in a $500 Change in Status fee for Floor Broker ABC and a
$600 Lease Application fee for the new lease. CBOE believes it is
appropriate to temporarily waive this Change in Status fee and Lease
Application fee to provide incentives for these types of status
changes. These fee waivers would result in a total cost savings of
$1,100 to Firm XYZ and Floor Broker ABC ($500 savings for the Change in
Status fee and $600 savings for the Lease Application fee).
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Securities Exchange Act of 1934 (``Act'') \4\, in
general, and furthers the objectives of Section 6(b)(4) \5\ of the Act
in particular, in that it is designed to provide for the equitable
allocation of reasonable dues, fees, and other charges among its
members and other persons using its facilities in that it is designed
to provide incentives to reduce the number of unleased CBOE
transferable memberships.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 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 the 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 \6\ and subparagraph (f)(2) of Rule 19b-4 \7\
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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 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.
[[Page 5834]]
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-2010-003 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-2010-003. 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 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 No. SR-CBOE-2010-003 and should be
submitted on or before February 25, 2010.
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. 2010-2332 Filed 2-3-10; 8:45 am]
BILLING CODE 8011-01-P
