Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add the C2 Options Exchange, Incorporated as a Participant, 65536-65537 [2010-26801]
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Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices
emcdonald on DSK2BSOYB1PROD with NOTICES
Funds with all information concerning
the Judgment and the application that is
necessary for the Funds to fulfill their
disclosure and other obligations under
the Federal securities laws.
6. Applicants also state that, if they
were barred from continuing to serve as
investment adviser or principal
underwriter to the Funds, the effect on
their businesses and employees would
be severe. Applicants state that they
have committed substantial resources to
establish an expertise in providing
services covered by section 9(a) of the
Act to Funds. Applicants further state
that prohibiting them from continuing
to serve as investment adviser or
principal underwriter to Funds would
not only adversely affect their
businesses, but would also adversely
affect approximately 250 employees that
are involved in those activities.
Applicants also state that disqualifying
the ESC Advisers from continuing to
provide investment advisory services to
ESCs is not in the public interest or in
furtherance of the protection of
investors. Because the ESCs have been
formed for certain eligible, officers,
directors and persons on retainer of
Citigroup and its affiliates, it would not
be consistent with the purposes of the
ESC provisions of the Act or the ESC
Order to require another entity not
affiliated with Citigroup to manage the
ESCs. In addition, participating
employees of Citigroup and its affiliates
subscribed for interests with the
expectation that the ESCs would be
managed by an affiliate of Citigroup.
7. Applicants previously have
received exemptions under section 9(c)
as the result of conduct that triggered
section 9(a) as described in greater
detail in the application.
Applicants’ Condition
Applicants agree that any order
granting the requested relief will be
subject to the following condition:
Any temporary exemption granted
pursuant to the application shall be
without prejudice to, and shall not limit
the Commission’s rights in any manner
with respect to, any Commission
investigation of, or administrative
proceedings involving or against,
Covered Persons, including without
limitation, the consideration by the
Commission of a permanent exemption
from section 9(a) of the Act requested
pursuant to the application or the
revocation or removal of any temporary
exemptions granted under the Act in
connection with the application.
Temporary Order
The Commission has considered the
matter and finds that Applicants have
VerDate Mar<15>2010
16:05 Oct 22, 2010
Jkt 223001
made the necessary showing to justify
granting a temporary exemption.
Accordingly,
It is hereby ordered, pursuant to
section 9(c) of the Act, that the
Applicants and any other Covered
Persons are granted a temporary
exemption from the provisions of
section 9(a), solely with respect to the
Injunction, subject to the condition in
the application, from October 19, 2010,
until the Commission takes final action
on their application for a permanent
order.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010–26870 Filed 10–22–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63119; File No. 4–546]
Joint Industry Plan; Notice of Filing
and Immediate Effectiveness of
Amendment to the Options Order
Protection and Locked/Crossed Market
Plan To Add the C2 Options Exchange,
Incorporated as a Participant
October 15, 2010.
Pursuant to Section 11A(a)(3) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 608 thereunder,2
notice is hereby given that on October
7, 2010, C2 Options Exchange,
Incorporated (‘‘C2’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) an
amendment to the Options Order
Protection and Locked/Crossed Market
Plan (‘‘Plan’’).3 The amendment
proposes to add C2 as a Participant 4 to
the Plan. The Commission is publishing
this notice to solicit comments on the
proposed rule change from interested
persons.
1 15
U.S.C. 78k–1(a)(3).
CFR 242.608.
3 On July 30, 2009, the Commission approved a
national market system plan relating to Options
Order Protection and Locked/Crossed Markets
proposed by Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’), International Securities
Exchange, LLC (‘‘ISE’’), The NASDAQ Stock Market
LLC (‘‘Nasdaq’’), NASDAQ OMX BX, Inc. (‘‘BOX’’),
NASDAQ OMX PHLX, Inc. (‘‘Phlx’’), NYSE Amex,
LLC (‘‘NYSE Amex’’), and NYSE Arca, Inc. (‘‘NYSE
Arca’’). See Securities Exchange Act Release No.
60405 (July 30, 2009), 74 FR 39362 (August 6,
2009). See also Securities Exchange Act Release No.
61546 (February 19, 2010), 75 FR 8762 (February
25, 2010) (adding BATS Exchange, Inc. (‘‘BATS’’) as
a Participant).
4 The term ‘‘Participant’’ is defined as an Eligible
Exchange whose participation in the Plan has
become effective pursuant to Section 3(c) of the
Plan.
2 17
PO 00000
Frm 00091
Fmt 4703
Sfmt 4703
I. Description and Purpose of the
Amendment
The current Participants in the
Linkage Plan are CBOE, BATS, ISE,
Nasdaq, BOX, Phlx, NYSE Amex, and
NYSE Arca. The proposed amendment
to the Plan would add C2 as a
Participant in the Plan. C2 has
submitted a signed copy of the Plan to
the Commission in accordance with the
procedures set forth in the Plan
regarding new Participants. Section 3(c)
of the Plan provides for the entry of new
Participants to the Plan. Specifically an
Eligible Exchange 5 may become a
Participant in the Plan by: (i) Executing
a copy of the Plan, as then in effect; (ii)
providing each current Participant with
a copy of such executed Plan; (iii)
effecting an amendment to the Plan, as
specified in Section 4(b) of the Plan.
Section 4(b) of the Plan puts forth the
process by which an Eligible Exchange
may effect an amendment to the Plan.
Specifically, an Eligible Exchange must:
(a) Execute a copy of the Plan with the
only change being the addition of the
new participant’s name in Section 3(a)
of the Plan; and (b) submit the executed
Plan to the Commission. The Plan then
provides that such an amendment will
be effective when the amendment is
approved by the Commission or
otherwise becomes effective pursuant to
Section 11A of the Act and Rule 608
thereunder.
II. Effectiveness of the Proposed
Linkage Plan Amendment
The foregoing proposed Plan
amendment has become effective
pursuant to Rule 608(b)(3)(iii) of the
Act 6 because it involves solely
technical or ministerial matters. At any
time within sixty days of the filing of
this amendment, the Commission may
summarily abrogate the amendment and
require that it be refiled pursuant to
paragraph (b)(1) of Rule 608,7 if it
appears to the Commission that such
5 Section 2(6) of the Plan defines an ‘‘Eligible
Exchange’’ as a national securities exchange
registered with the Commission pursuant to Section
6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is a
‘‘Participant Exchange’’ in the Options Clearing
Corporation (‘‘OCC’’) (as defined in OCC By-laws,
Section VII); (b) is a party to the Options Price
Reporting Authority (‘‘OPRA’’) Plan (as defined in
the OPRA Plan, Section 1); and (c) if the national
securities exchange chooses not to become part to
this Plan, is a participant in another plan approved
by the Commission providing for comparable
Trade-Through and Locked and Crossed Market
protection. C2 has represented that it has met the
requirements for being considered an Eligible
Exchange. See letter from Edward J. Joyce, President
and Chief Operating Officer, C2, to Elizabeth
Murphy, Secretary, Commission, dated October 6,
2010.
6 17 CFR 242.608(b)(3)(iii).
7 17 CFR 242.608(b)(1).
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Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices
action is necessary or appropriate in the
public interest, for the protection of
investors or the maintenance of fair and
orderly markets, to remove impediments
to, and perfect the mechanisms of, a
national market system or otherwise in
furtherance of the purposes of the Act.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–26801 Filed 10–22–10; 8:45 am]
BILLING CODE 8011–01–P
III. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the amendment 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 4–546 on the subject line.
emcdonald on DSK2BSOYB1PROD with NOTICES
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 4–546. 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 Web site viewing and
printing 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 C2. 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 4–546 and should be submitted
on or before November 15, 2010.
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16:05 Oct 22, 2010
Jkt 223001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63125; File No. SR–ODD–
2010–02]
Canadian Derivatives Clearing
Corporation; Order Approving
Accelerated Distribution of an
Amended Options Disclosure
Document
October 18, 2010.
On September 28, 2010, the Canadian
Derivatives Clearing Corporation
(‘‘CDCC’’), on behalf of the Bourse de
´
´
Montreal, Inc. (‘‘Bourse de Montreal’’),
submitted to the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Rule 9b–1 under the
Securities Exchange Act of 1934
(‘‘Act’’),1 five definitive copies of an
amended options disclosure document
(‘‘ODD’’) that describes the risks and
characteristics of options traded on the
´
Bourse de Montreal.2 The CDCC has
8 17
CFR 200.30–3(a)(29).
CFR 240.9b–1.
2 The Commission initially reviewed the ODD in
1984. See Securities Exchange Act Release No.
21365 (October 2, 1984), 49 FR 39400 (October 5,
1984) (File No. SR–ODD–84–1). Since then, the
Commission has reviewed several amendments to
the ODD. See, e.g., Securities Exchange Act Release
Nos. 51124 (February 2, 2005), 70 FR 6740
(February 8, 2005) (File No. SR–ODD–2004–03)
(amending the ODD to reflect, among other things,
the name change from the S&P/TSE 60 Index to the
S&P/TSX 60 Index and to add an Annex to the ODD
setting forth the holidays and early closings of the
´
Bourse de Montreal); 44333 (May 21, 2001), 66 FR
29193 (May 29, 2001) (File No. SR–ODD–00–04)
(amending the ODD to reflect, among other things,
changes to the structure of the Canadian equity
markets and to provide a discussion of Enhanced
Capital Marketing); 37569 (August 14, 1996), 61 FR
43281 (August 21, 1996) (File No. SR–ODD–96–01)
(amending the ODD to reflect, among other things,
the name change from TCO to CDCC); 29033 (April
1, 1991), 56 FR 14407 (April 9, 1991) (File No. SR–
ODD–91–1) (amending the ODD to include, among
other things, references to Toronto Stock Exchange
35 Composite Index options); 24480 (May 19, 1987),
52 FR 20179 (May 29, 1987) (File No. SR–ODD–87–
2) (amending the ODD to include, among other
things, a discussion of Government of Canada
Treasury Bill Price Index options); 22349 (August
21, 1985), 50 FR 34956 (August 28, 1985) (File No.
SR–ODD–85–1) (amending the ODD to include,
among other things, a discussion of the risks and
uses of stock index and bond options); 51124
(February 1, 2005), 70 FR 6740 (February 8, 2005)
(File No. SR–ODD–2004–03) (amending the ODD to
include, among other things, the CDCC’s new
automatic exercise parameters for equity and bond
options) and 58172 (July 16, 2008), 73 FR 42840
(July 23, 2008) (File No. SR–ODD–2008–03)
(amending the ODD to include, among other things,
1 17
PO 00000
Frm 00092
Fmt 4703
Sfmt 9990
65537
revised the ODD to, among other things,
update the discussion of Canadian
federal income tax considerations
applicable to non-residents.
Rule 9b–1 under the Act provides that
an options market must file five
preliminary copies of an amended ODD
with the Commission at least 30 days
prior to the date when definitive copies
of the amended ODD are furnished to
customers, unless the Commission
determines otherwise, having due
regard to the adequacy of the
information disclosed and the public
interest and protection of investors.3
The Commission has reviewed the
amended ODD and finds, having due
regard to the adequacy of the
information disclosed, that it is
consistent with the protection of
investors and in the public interest to
allow the distribution of the amended
ODD as of the date of this order.4
It is therefore ordered, pursuant to
Rule 9b–1 under the Act,5 that the
distribution of the revised ODD (SR–
ODD–2010–02) as of the date of this is
order, is approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–26803 Filed 10–22–10; 8:45 am]
BILLING CODE 8011–01–P
the CDCC’s current automatic exercise parameters
for equity and bond options and to add an update
to the discussion of the treatment of adjustments in
the terms of equity options with respect to stock
splits, stock dividends or other stock distributions).
3 This provision is intended to permit the
Commission either to accelerate or extend the time
period in which definitive copies of a disclosure
document may be distributed to the public.
4 Rule 9b–1 under the Act provides that the use
of an ODD shall not be permitted unless the options
class to which the document relates is the subject
of an effective registration statement on Form S–20
under the Securities Act of 1933 or is exempt from
such registration. On April 5, 2010, the Commission
declared effective the CDCC’s most recent PostEffective Amendment to its Form S–20 registration
statement. See File No. 002–69458.
5 17 CFR 240.9b–1.
6 17 CFR 200.30–3(a)(39)(i).
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]]>Agencies
[Federal Register Volume 75, Number 205 (Monday, October 25, 2010)]
[Notices]
[Pages 65536-65537]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-26801]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63119; File No. 4-546]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the Options Order Protection and Locked/Crossed Market
Plan To Add the C2 Options Exchange, Incorporated as a Participant
October 15, 2010.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given
that on October 7, 2010, C2 Options Exchange, Incorporated (``C2'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Options Order Protection and
Locked/Crossed Market Plan (``Plan'').\3\ The amendment proposes to add
C2 as a Participant \4\ to the Plan. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ On July 30, 2009, the Commission approved a national market
system plan relating to Options Order Protection and Locked/Crossed
Markets proposed by Chicago Board Options Exchange, Incorporated
(``CBOE''), International Securities Exchange, LLC (``ISE''), The
NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BOX''),
NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''),
and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act
Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See
also Securities Exchange Act Release No. 61546 (February 19, 2010),
75 FR 8762 (February 25, 2010) (adding BATS Exchange, Inc.
(``BATS'') as a Participant).
\4\ The term ``Participant'' is defined as an Eligible Exchange
whose participation in the Plan has become effective pursuant to
Section 3(c) of the Plan.
---------------------------------------------------------------------------
I. Description and Purpose of the Amendment
The current Participants in the Linkage Plan are CBOE, BATS, ISE,
Nasdaq, BOX, Phlx, NYSE Amex, and NYSE Arca. The proposed amendment to
the Plan would add C2 as a Participant in the Plan. C2 has submitted a
signed copy of the Plan to the Commission in accordance with the
procedures set forth in the Plan regarding new Participants. Section
3(c) of the Plan provides for the entry of new Participants to the
Plan. Specifically an Eligible Exchange \5\ may become a Participant in
the Plan by: (i) Executing a copy of the Plan, as then in effect; (ii)
providing each current Participant with a copy of such executed Plan;
(iii) effecting an amendment to the Plan, as specified in Section 4(b)
of the Plan.
---------------------------------------------------------------------------
\5\ Section 2(6) of the Plan defines an ``Eligible Exchange'' as
a national securities exchange registered with the Commission
pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is
a ``Participant Exchange'' in the Options Clearing Corporation
(``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party
to the Options Price Reporting Authority (``OPRA'') Plan (as defined
in the OPRA Plan, Section 1); and (c) if the national securities
exchange chooses not to become part to this Plan, is a participant
in another plan approved by the Commission providing for comparable
Trade-Through and Locked and Crossed Market protection. C2 has
represented that it has met the requirements for being considered an
Eligible Exchange. See letter from Edward J. Joyce, President and
Chief Operating Officer, C2, to Elizabeth Murphy, Secretary,
Commission, dated October 6, 2010.
---------------------------------------------------------------------------
Section 4(b) of the Plan puts forth the process by which an
Eligible Exchange may effect an amendment to the Plan. Specifically, an
Eligible Exchange must: (a) Execute a copy of the Plan with the only
change being the addition of the new participant's name in Section 3(a)
of the Plan; and (b) submit the executed Plan to the Commission. The
Plan then provides that such an amendment will be effective when the
amendment is approved by the Commission or otherwise becomes effective
pursuant to Section 11A of the Act and Rule 608 thereunder.
II. Effectiveness of the Proposed Linkage Plan Amendment
The foregoing proposed Plan amendment has become effective pursuant
to Rule 608(b)(3)(iii) of the Act \6\ because it involves solely
technical or ministerial matters. At any time within sixty days of the
filing of this amendment, the Commission may summarily abrogate the
amendment and require that it be refiled pursuant to paragraph (b)(1)
of Rule 608,\7\ if it appears to the Commission that such
[[Page 65537]]
action is necessary or appropriate in the public interest, for the
protection of investors or the maintenance of fair and orderly markets,
to remove impediments to, and perfect the mechanisms of, a national
market system or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\6\ 17 CFR 242.608(b)(3)(iii).
\7\ 17 CFR 242.608(b)(1).
---------------------------------------------------------------------------
III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the amendment 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 4-546 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 4-546. 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 Web site viewing and printing 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 C2. 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 4-546 and should be submitted on or before
November 15, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-26801 Filed 10-22-10; 8:45 am]
BILLING CODE 8011-01-P
