Sunshine Act Meeting, 6838 [2011-2796]

Download as PDF 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
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