Sunshine Act Meeting, 6838 [2011-2796]
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6838
Federal Register / Vol. 76, No. 26 / Tuesday, February 8, 2011 / Notices
of information to the Office of
Management and Budget for approval.
Rule 163 (17 CFR 230.163) provides
an exemption from Section 5(c) under
the Securities Act of 1933 (15 U.S.C. 77a
et seq.) for certain communications by
or on behalf of a well-known seasoned
issuer. The information filed under Rule
163 is publicly available. We estimate
that it takes approximately 0.24 burden
hours per response to provide the
information required under Rule 163
and that the information is filed by
approximately 53 respondents for a total
annual reporting burden of 13 hours.
We estimate that 25% of 0.24 hours per
response (0.06 hours) is prepared by the
respondent for a total annual burden of
3 hours (0.06 hours per response × 53
responses).
Written comments are invited on: (a)
Whether this proposed collection of
information is necessary for the
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comment to
Thomas Bayer, Chief Information
Officer, Securities and Exchange
Commission, C/O Remi Pavlik-Simon,
6432 General Green Way, Alexandria,
Virginia 22312; or send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: February 1, 2011.
Cathy H. Ahn,
Deputy Secretary.
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)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
and (10), permit consideration of the
scheduled matters at the Closed
Meeting.
Commissioner Walter, as duty officer,
voted to consider the items listed for the
Closed Meeting in a closed session.
The subject matter of the Closed
Meeting scheduled for Thursday,
February 10, 2011 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
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: February 3, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–2796 Filed 2–4–11; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–63819; File No. SR–CBOE–
2010–106]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Approving a
Proposed Rule Change, as Modified by
Amendment No. 1, To Amend Margin
Requirements for Credit Options
[FR Doc. 2011–2667 Filed 2–7–11; 8:45 am]
February 2, 2011.
BILLING CODE 8011–01–P
I. Introduction
SECURITIES AND EXCHANGE
COMMISSION
srobinson on DSKHWCL6B1PROD with NOTICES
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 Thursday, February 10, 2011 at 2
p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
VerDate Mar<15>2010
18:16 Feb 07, 2011
Jkt 223001
On December 1, 2010, the Chicago
Board Options Exchange, Incorporated
(‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change as
described below. On December 14,
2010, the Exchange filed Amendment
No. 1 to the proposed rule change.3 The
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 to SR–CBOE–2010–106
replaced and superseded the original rule filing in
its entirety.
2 17
PO 00000
Frm 00083
Fmt 4703
Sfmt 4703
proposed rule change was published for
comment in the Federal Register on
December 21, 2010.4 The Commission
received no comment letters on the
proposed rule change. This order
approves the proposed rule change.
II. Description of the Proposal
The Exchange proposes to amend
Rule 12.3(l), Margin Requirements, to
make CBOE’s margin requirements for
Credit Options consistent with FINRA
Rule 4240, Margin Requirements for
Credit Default Swaps. CBOE’s Credit
Options consist of two variations—
Credit Default Options and Credit
Default Basket Options. Credit Default
Options and Credit Default Basket
Options are also referred to as ‘‘Credit
Event Binary Options.’’ Effectively, both
contracts operate in the same manner as
credit default swap contracts.
As with a credit default swap
contract, the buyer of a Credit Option
contract is buying protection from the
seller of the Credit Option. This
protection is in the form of a monetary
payment from the Credit Option seller
to the Credit Option buyer in the event
that the issuer of debt securities, or
Reference Entity, specified as
underlying the Credit Option contract
has a Credit Event,5 consequently
defaulting on the payment of principal
and interest on its debt securities. When
a Credit Option buyer and seller
initially open their positions via a
transaction consummated on the
Exchange, the Credit Option buyer’s
account is charged (debited) for the cost
of the protection. The Credit Option
seller’s account is credited. For the
protection, there is only a one-time
debit and credit to the buyer and seller,
respectively. If, prior to expiration of the
Credit Option, a Credit Event 6 occurs,
the Credit Option contract is settled
with a credit to the Credit Option
buyer’s account for a predetermined
payout amount (e.g., $1,000), based on
the Exchange’s contract specifications.
The Credit Option seller’s account is
debited (charged) for the payout
amount.
Credit Default Options have a single
Reference Entity. Credit Default Basket
Options have multiple Reference
Entities. If a Credit Default Basket
4 See Securities Exchange Act Release No. 63546
(December 15, 2010), 75 FR 80099 (December 21,
2010) (‘‘Notice’’).
5 See Securities Exchange Act Release No. 63352
(November 19, 2010), 75 FR 73155 (November 29,
2010) (order approving SR–CBOE–2010–046). CBOE
amended its rules to permit it to, among other
things, list credit options designating a single credit
event, such as failure-to-pay default, another event
of default, or a restructuring. See also CBOE Rules
29.2 and 29.2A.
6 Id.
E:\FR\FM\08FEN1.SGM
08FEN1
Agencies
[Federal Register Volume 76, Number 26 (Tuesday, February 8, 2011)]
[Notices]
[Page 6838]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-2796]
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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 Thursday,
February 10, 2011 at 2 p.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)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the
scheduled matters at the Closed Meeting.
Commissioner Walter, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session.
The subject matter of the Closed Meeting scheduled for Thursday,
February 10, 2011 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 added, deleted or postponed, please contact:
The Office of the Secretary at (202) 551-5400.
Dated: February 3, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-2796 Filed 2-4-11; 11:15 am]
BILLING CODE 8011-01-P