Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule Change Regarding Strike Price Intervals for SLV and USO Options, 6160-6161 [2012-2668]

Download as PDF 6160 Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices tkelley on DSK3SPTVN1PROD with NOTICES Applicants’ Conditions Applicants agree that the requested order will be subject to the following conditions: 1. Rand will at all times own and hold, beneficially and of record, all of the outstanding voting capital stock of each of the Subsidiaries. 2. The Subsidiaries will have investment policies not inconsistent with those of Rand, as set forth in Rand’s registration statement. 3. No person shall serve as investment adviser or principal underwriter to Rand SBIC or any Subsidiary unless the Rand Board and the shareholders of Rand shall have taken the same action with respect thereto also required to be taken by the board of directors and the sole shareholder of such Subsidiary. 4. Rand will not itself issue or sell any senior security, and Rand will not cause or permit any Subsidiary to issue or sell any senior security of which Rand or such Subsidiary is the issuer except to the extent permitted by section 18 (as modified for BDCs by section 61) of the Act; provided that immediately after the issuance or sale of any such senior security by either Rand or any Subsidiary, Rand and its Subsidiaries on a consolidated basis, and Rand individually, shall have the asset coverage required by section 18(a) (as modified for BDCs by section 61(a)), except that, in determining whether Rand and its Subsidiaries on a consolidated basis have the asset coverage required by section 61(a), any SBA preferred stock interest in any SBIC Subsidiary and any borrowings by any SBIC Subsidiary shall not be considered senior securities and, for purposes of the definition of ‘‘asset coverage’’ in section 18(h), shall be treated as indebtedness not represented by senior securities. 5. No person shall serve as a member of any board of directors of any Subsidiary unless such person shall also serve as a member of the Rand Board. The board of directors of any Subsidiary will be elected by Rand as the sole shareholder of such Subsidiary. 6. Rand and any Subsidiary will acquire securities representing indebtedness of Rand SBIC or any SBIC Subsidiary only if, in each case, the prior approval of the SBA has been obtained. In addition, the SBIC Subsidiaries, on the one hand, and Rand or any other Subsidiary on the other hand, will purchase and sell portfolio securities between themselves only if, in each case, the prior approval of the SBA has been obtained. VerDate Mar<15>2010 17:34 Feb 06, 2012 Jkt 226001 For the Commission, by the Division of Investment Management, pursuant to delegated authority. Kevin M. O’Neill, Deputy Secretary. SECURITIES AND EXCHANGE COMMISSION [FR Doc. 2012–2670 Filed 2–6–12; 8:45 am] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule Change Regarding Strike Price Intervals for SLV and USO Options BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Notice of 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 9, 2012 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 Paredes, 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 9, 2012 will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; An adjudicatory matter; and Other matters relating to enforcement 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 2, 2012. Elizabeth M. Murphy, Secretary. [FR Doc. 2012–2815 Filed 2–3–12; 11:15 am] BILLING CODE 8011–01–P PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 [Release No. 34–66285; File No. SR–Phlx– 2011–175] February 1, 2012. I. Introduction On December 7, 2011, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) 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 regarding strike price intervals for options on iShares® Silver Trust (‘‘SLV’’ or ‘‘SLV Trust’’) and United States Oil Fund (‘‘USO’’ or ‘‘USO Fund’’). The proposed rule change was published for comment in the Federal Register on December 22, 2011.3 The Commission received no comment letters on the proposal. This order approves the proposed rule change. II. Description of the Proposal The proposed rule change seeks to amend Commentary .05 of Rule 1012 to allow trading of SLV and USO options at $0.50 strike price intervals where the strike price is less than $75.4 The Exchange proposed no other changes to SLV and USO strike price intervals. The Exchange stated that the proposed rule change is designed to address customer demand to hedge the SLV and USO options in smaller intervals and would, in part, allow better tailored investment and hedging opportunities.5 III. Discussion The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.6 Specifically, the Commission finds that the proposal is consistent with Section 6(b)(5) of the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 65986 (December 16, 2011), 76 FR 79748 (December 22, 2011) (‘‘Notice’’). 4 The Exchange also proposed certain nonsubstantive changes to Commentary .06 of Rule 1009. 5 See Notice at 79749. 6 In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 2 17 E:\FR\FM\07FEN1.SGM 07FEN1 Federal Register / Vol. 77, No. 25 / Tuesday, February 7, 2012 / Notices Act,7 which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Commission believes that the proposal strikes a reasonable balance between the Exchange’s desire to offer a wider array of strike prices in SLV and USO options while minimizing the unnecessary proliferation of strike prices in such options. The Commission expects the Exchange to monitor the trading volume associated with the additional strike prices listed as a result of this proposal and the effect of these additional strike prices on market fragmentation and on the capacity of the Exchange’s, OPRA’s, and vendors’ automated systems. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,8 that the proposed rule change (SR–Phlx–2011– 175) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2012–2668 Filed 2–6–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No.34–66287; File No. SR–FINRA– 2012–008] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delay the Implementation Date for Amendments to the Trading Activity Fee Rate for Transactions in Covered Equity Securities tkelley on DSK3SPTVN1PROD with NOTICES February 1, 2012. 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 7 15 U.S.C. 78f(b)(5). 8 15 U.S.C. 78s(b)(2). 9 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Mar<15>2010 17:34 Feb 06, 2012 31, 2012, the Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as constituting a non-controversial rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with the Commission. 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 FINRA is proposing to delay the implementation date of amendments to the Trading Activity Fee (‘‘TAF’’) in SR– FINRA–2011–071 approved by the Commission on January 30, 2012.4 The text of the proposed rule change is available on FINRA’s Web site at https://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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 On December 14, 2011, FINRA filed a proposed rule change to increase FINRA’s TAF rate for transactions in covered equity securities.5 In the Original Filing, FINRA proposed February 1, 2012, as the implementation date for the rate change. The proposed rule change was published for comment in the Federal Register on December 30, 3 17 CFR 240.19b–4(f)(6). 4 See Securities Exchange Act Release No. 66276 (January 30, 2012) (Order Approving SR–FINRA– 2011–071). 5 See SR–FINRA–2011–071 (‘‘Original Filing’’). Jkt 226001 PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 6161 2011.6 The Commission received no comments on the proposed rule change and approved the proposed rule change in an order dated January 30, 2012.7 In the Original Filing, FINRA stated that the proposed implementation date of the proposed rule change would be February 1, 2012. Due to the short timeframe between the Commission’s approval of the proposed rule change on January 30, 2012, and the proposed implementation date of February 1, 2012, FINRA believes it is appropriate to delay the implementation date by one month to give members adequate time to prepare any necessary changes to their systems to implement the rate change. Consequently, FINRA is proposing to delay the implementation date from February 1, 2012, to March 1, 2012. FINRA believes that this will provide firms with adequate time to prepare for the change in the TAF rate for covered equity securities. FINRA has filed the proposed rule change for immediate effectiveness and has requested that the SEC waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing, such that FINRA can implement the proposed rule change immediately. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(5) of the Act,8 which requires, among other things, that FINRA rules provide for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using any facility or system that FINRA operates or controls. Because of the short timeframe between the Commission’s approval of the proposed rule change and the proposed implementation date of February 1, 2012, FINRA believes that delaying the implementation date from February 1, 2012, to March 1, 2012, will provide firms with adequate time to prepare for the change in the TAF rate for covered equity securities. B. Self-Regulatory Organization’s Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. 6 See Securities Exchange Act Release No. 66050 (December 23, 2011), 76 FR 82334 (December 30, 2011). 7 See Securities Exchange Act Release No. 66276 (January 30, 2012). 8 15 U.S.C. 78o–3(b)(5). E:\FR\FM\07FEN1.SGM 07FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 77, Number 25 (Tuesday, February 7, 2012)]
[Notices]
[Pages 6160-6161]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2668]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66285; File No. SR-Phlx-2011-175]


 Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order 
Granting Approval of Proposed Rule Change Regarding Strike Price 
Intervals for SLV and USO Options

February 1, 2012.

I. Introduction

    On December 7, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
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 
regarding strike price intervals for options on iShares[reg] Silver 
Trust (``SLV'' or ``SLV Trust'') and United States Oil Fund (``USO'' or 
``USO Fund''). The proposed rule change was published for comment in 
the Federal Register on December 22, 2011.\3\ The Commission received 
no comment letters on the proposal. This order approves the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 65986 (December 16, 
2011), 76 FR 79748 (December 22, 2011) (``Notice'').
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II. Description of the Proposal

    The proposed rule change seeks to amend Commentary .05 of Rule 1012 
to allow trading of SLV and USO options at $0.50 strike price intervals 
where the strike price is less than $75.\4\ The Exchange proposed no 
other changes to SLV and USO strike price intervals.
---------------------------------------------------------------------------

    \4\ The Exchange also proposed certain non-substantive changes 
to Commentary .06 of Rule 1009.
---------------------------------------------------------------------------

    The Exchange stated that the proposed rule change is designed to 
address customer demand to hedge the SLV and USO options in smaller 
intervals and would, in part, allow better tailored investment and 
hedging opportunities.\5\
---------------------------------------------------------------------------

    \5\ See Notice at 79749.
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III. Discussion

    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\6\ 
Specifically, the Commission finds that the proposal is consistent with 
Section 6(b)(5) of the

[[Page 6161]]

Act,\7\ which requires, among other things, that the rules of a 
national securities exchange be designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and, in general, to protect investors and the 
public interest. The Commission believes that the proposal strikes a 
reasonable balance between the Exchange's desire to offer a wider array 
of strike prices in SLV and USO options while minimizing the 
unnecessary proliferation of strike prices in such options. The 
Commission expects the Exchange to monitor the trading volume 
associated with the additional strike prices listed as a result of this 
proposal and the effect of these additional strike prices on market 
fragmentation and on the capacity of the Exchange's, OPRA's, and 
vendors' automated systems.
---------------------------------------------------------------------------

    \6\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-Phlx-2011-175) be, and it 
hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-2668 Filed 2-6-12; 8:45 am]
BILLING CODE 8011-01-P

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