Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Allow FCM Clearing Member CEOs and CFOs To Designate Authorized Representatives To Approve Certain Disbursements of Customer Funds, 60000-60002 [2012-24039]

Download as PDF 60000 Federal Register / Vol. 77, No. 190 / Monday, October 1, 2012 / Notices advance notice if the Commission objects to the proposed changes. The Commission may extend the period for review by an additional 60 days if the proposed changes raise novel or complex issues, subject to the Commission providing the clearing agency with prompt written notice of the extension. Proposed changes may be implemented in fewer than 60 days from the date the advance notice is filed, or the date further information requested by the Commission is received, if the Commission notifies the clearing agency in writing that it does not object to the proposed changes and authorizes the clearing agency to implement the proposed changes on an earlier date, subject to any conditions imposed by the Commission. OCC has also filed the advance notice as a proposed rule change pursuant to Section 19(b)(1) of the Act 11 and Rule 19b-4 thereunder.12 Pursuant to those provisions, within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change or (B) Institute proceedings to determine whether the proposed rule change should be disapproved. The clearing agency shall post notice on its web site of proposed changes that are implemented. number should be included on the subject line if email 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 advance notice that are filed with the Commission, and all written communications relating to the advance notice 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 filings also will be available for inspection and copying at the principal office of OCC and on OCC’s Web site at https:// www.optionsclearing.com/components/ docs/legal/rules_and_bylaws/ sr_occ_12_17.pdf. 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 SR–OCC–2012–17 and should be submitted on or before October 22, 2012. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing. Comments may be submitted by any of the following methods: By the Commission. Kevin M. O’Neill, Deputy Secretary. mstockstill on DSK4VPTVN1PROD with NOTICES 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–OCC–2012–17 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–OCC–2012–17. This file 11 15 12 17 19:13 Sep 28, 2012 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–67922; File No. SR–CME– 2012–37] Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Allow FCM Clearing Member CEOs and CFOs To Designate Authorized Representatives To Approve Certain Disbursements of Customer Funds September 25, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Mar<15>2010 [FR Doc. 2012–24038 Filed 9–28–12; 8:45 am] Jkt 226001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on September 24, 2012, Chicago Mercantile Exchange Inc. (‘‘CME’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change described in Items I, II and III below, which Items have been prepared primarily by CME. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons and to approve the proposed rule change on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change CME proposes to make amendments to CME Rule 971 regarding the CME’s segregation, secured and sequestered requirements for swaps as part of an industry wide initiative that is designed to further safeguard customer funds held at the futures commission merchant (‘‘FCM’’) level. The text of the proposed rule change is available on the CME’s Web site at https://www.cmegroup.com, at the principal office of CME, and at the Commission’s Public Reference Room. II. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, CME 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 III below. CME 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 CME is registered as a derivatives clearing organization with the Commodity Futures Trading Commission (‘‘CFTC’’) and operates a substantial business clearing futures and swaps contracts subject to the jurisdiction of the CFTC. CME proposes to make rule changes to CME Rule 971 in coordination with the implementation by the National Futures Association (‘‘NFA’’) of parallel revisions to NFA rules. The proposed rule changes are designed to further 1 15 2 17 E:\FR\FM\01OCN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 01OCN1 Federal Register / Vol. 77, No. 190 / Monday, October 1, 2012 / Notices safeguard customer funds held at the FCM level. CME notes that it recently amended Rule 971 to, among other things, add new subsection D, which requires the chief executive officer (‘‘CEO’’) or chief financial officer (‘‘CFO’’) of a futures commission merchant (‘‘FCM’’) clearing member to pre-approve any disbursement from customer segregated, secured or sequestered funds that exceeds 25% of the excess of such origin and was not for the benefit of a customer.3 In a continuing effort to enhance regulation of customer funds at the FCM level, and to harmonize industry requirements, CME in this filing now proposes to allow authorized representatives of the FCM’s CEO or CFO to pre-approve such disbursements. The FCM’s CEO and CFO will remain responsible for any pre-approvals by their authorized representative. The filing would also separately amend Rule 971.A to include a reference to CFTC Regulation 1.49. CME intends to make the proposed changes effective on September 28, 2012. CME also made a filing, CME Submission 12–281, with its primary regulator, the CFTC, with respect to the proposed changes. CME believes the proposed changes are consistent with the requirements of the Exchange Act. First, CME, a derivatives clearing organization, is implementing the proposed changes in furtherance with applicable CFTC regulations and Commodity Exchange Act (‘‘CEA’’), which contains a number of provisions that are comparable to the policies underlying the Exchange Act, including, for example, promoting market transparency for derivatives markets, promoting the prompt and accurate clearance of transactions and protecting investors and the public interest. Second, CME believes the proposed changes are specifically designed to protect investors and the public interest because the requirements help safeguard customer funds held at the FCM level. mstockstill on DSK4VPTVN1PROD with NOTICES B. Self-Regulatory Organization’s Statement on Burden on Competition CME does not believe that the proposed rule change will have any impact, or impose any burden, on competition. 3 On November 5, 2012, in connection with implementation of the CFTC’s Part 22 Regulations, references to ‘‘sequestered’’ accounts in Rule 971 will be changed to Cleared Swaps Customer accounts, and references to CME rules for sequestered accounts will be deleted. These changes were the subject of a separate CME filing with the Commission, SR–CME–2012–30. The text of the proposed changes associated with this filing contains the current ‘‘sequestered’’ terminology. VerDate Mar<15>2010 16:48 Sep 28, 2012 Jkt 226001 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others CME has not solicited, and does not intend to solicit, comments regarding this proposed rule change. CME has not received any unsolicited written comments from interested parties. III. 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. 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 email to rulecomments@sec.gov. Please include File Number SR–CME–2012–37 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–CME–2012–37. This file number should be included on the subject line if email 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 filings also will be available for inspection and copying at the principal office of CME and on CME’s Web site at https:// www.cmegroup.com/market-regulation/ rule-filings.html. All comments received will be posted without change; the Commission does not edit personal identifying PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 60001 information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–CME–2012–37 and should be submitted on or before October 22, 2012. IV. Commission’s Findings and Order Granting Accelerated Approval of Proposed Rule Change Section 19(b) of the Act 4 directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization. The Commission finds that the proposed rule change is consistent with the requirements of the Act, in particular the requirements of Section 17A of the Act, and the rules and regulations thereunder applicable to CME.5 Specifically, the Commission concludes that the proposed rule changes are consistent with Section 17A(b)(3)(F) of the Act, which requires, among other things, that the rules of a clearing agency be designed to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and to protect investors and the public interest.6 In its filing, CME requested that the Commission approve these proposed rule changes on an accelerated basis, so they can become effective on September 28, 2012. CME cites as the reason for this request that the proposed changes are part of an industry wide initiative that is specifically designed to protect investors and the public interest through adoption of requirements that help safeguard customer funds held at the FCM level. The Commission finds good cause, pursuant to Section 19(b)(2) of the Act,7 for approving the proposed rule change prior to the 30th day after the date of publication of notice in the Federal Register because the rule change is designed to protect investors and the public interest. V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR–CME–2012– 37) be, and hereby is, approved on an accelerated basis. 4 15 U.S.C. 78s(b). U.S.C. 78q–1. In approving this proposed rule change, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 6 15 U.S.C. 78q–1(b)(3)(F). 7 15 U.S.C. 78s(b)(2). 5 15 E:\FR\FM\01OCN1.SGM 01OCN1 60002 Federal Register / Vol. 77, No. 190 / Monday, October 1, 2012 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary . [FR Doc. 2012–24039 Filed 9–28–12; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] In the Matter of Diomed Holdings, Inc., Dominion Minerals Corp., EnerLume Energy Management Corp., EPIX Pharmaceuticals, Inc., Familymeds Group, Inc., GlycoGenesys, Inc., and Greater Atlantic Financial Corp.; Order of Suspension of Trading mstockstill on DSK4VPTVN1PROD with NOTICES September 27, 2012. CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:48 Sep 28, 2012 By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2012–24197 Filed 9–27–12; 4:15 pm] BILLING CODE 8011–01–P It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Diomed Holdings, Inc. because it has not filed any periodic reports since the period ended September 30, 2007. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Dominion Minerals Corp. because it has not filed any periodic reports since the period ended March 31, 2009. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of EnerLume Energy Management Corp. because it has not filed any periodic reports since the period ended March 31, 2009. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of EPIX Pharmaceuticals, Inc. because it has not filed any periodic reports since the period ended March 31, 2009. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Familymeds Group, Inc. because it has not filed any periodic reports since the period ended June 30, 2007. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of GlycoGenesys, Inc. because it has not filed any periodic reports since the period ended September 30, 2005. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information 8 17 concerning the securities of Greater Atlantic Financial Corp. because it has not filed any periodic reports since the period ended June 30, 2009. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed companies. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the abovelisted companies is suspended for the period from 9:30 a.m. EDT on September 27, 2012, through 11:59 p.m. EDT on October 10, 2012. Jkt 226001 SMALL BUSINESS ADMINISTRATION [Disaster Declaration #13309 and #13310] West Virginia Disaster #WV–00029 U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for the State of West Virginia (FEMA–4071–DR), dated 09/19/2012. Incident: Severe Storms and Straightline Winds. Incident Period: 06/29/2012 through 07/08/2012. Effective Date: 09/19/2012. Physical Loan Application Deadline Date: 11/19/2012. Economic Injury (EIDL) Loan Application Deadline Date: 06/19/2013. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416 SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the President’s major disaster declaration on 09/19/2012, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: Primary Counties (Physical Damage and Economic Injury Loans): Fayette; Kanawha; Nicholas; Raleigh. SUMMARY: PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 Contiguous Counties (Economic Injury Loans Only): West Virginia: Boone; Braxton; Clay; Greenbrier; Jackson; Lincoln; Mercer; Putnam; Roane; Summers; Webster; Wyoming. The Interest Rates are: Percent For Physical Damage: Homeowners With Credit Available Elsewhere ...................... Homeowners Without Credit Available Elsewhere .............. Businesses With Credit Available Elsewhere ...................... Businesses Without Credit Available Elsewhere .............. Non-Profit Organizations With Credit Available Elsewhere ... Non-Profit Organizations Without Credit Available Elsewhere ..................................... For Economic Injury: Businesses & Small Agricultural Cooperatives Without Credit Available Elsewhere .............. 3.875 1.938 6.000 4.000 3.125 3.000 4.000 Non-Profit Organizations Without Credit Available Elsewhere: 3.000. The number assigned to this disaster for physical damage is 13309B and for economic injury is 133100. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2012–24087 Filed 9–28–12; 8:45 am] BILLING CODE 8025–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #13294 and #13295] Louisiana Disaster Number LA–00049 U.S. Small Business Administration. ACTION: Amendment 1. AGENCY: This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of Louisiana (FEMA–4080– DR), dated 09/12/2012. Incident: Hurricane Isaac. Incident Period: 08/26/2012 through 09/10/2012. Effective Date: 09/21/2012. Physical Loan Application Deadline Date: 11/13/2012. Economic Injury (EIDL) Loan Application Deadline Date: 06/12/2013. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. SUMMARY: E:\FR\FM\01OCN1.SGM 01OCN1

Agencies

[Federal Register Volume 77, Number 190 (Monday, October 1, 2012)]
[Notices]
[Pages 60000-60002]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24039]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67922; File No. SR-CME-2012-37]


Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; 
Notice of Filing and Order Granting Accelerated Approval of Proposed 
Rule Change To Allow FCM Clearing Member CEOs and CFOs To Designate 
Authorized Representatives To Approve Certain Disbursements of Customer 
Funds

September 25, 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 September 24, 2012, Chicago Mercantile Exchange Inc. (``CME'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change described in Items I, II and III below, which 
Items have been prepared primarily by CME. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons and to approve the proposed rule change on an 
accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    CME proposes to make amendments to CME Rule 971 regarding the CME's 
segregation, secured and sequestered requirements for swaps as part of 
an industry wide initiative that is designed to further safeguard 
customer funds held at the futures commission merchant (``FCM'') level.
    The text of the proposed rule change is available on the CME's Web 
site at https://www.cmegroup.com, at the principal office of CME, and at 
the Commission's Public Reference Room.

II. Self-Regulatory Organizations Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, CME 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 III below. CME 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

    CME is registered as a derivatives clearing organization with the 
Commodity Futures Trading Commission (``CFTC'') and operates a 
substantial business clearing futures and swaps contracts subject to 
the jurisdiction of the CFTC. CME proposes to make rule changes to CME 
Rule 971 in coordination with the implementation by the National 
Futures Association (``NFA'') of parallel revisions to NFA rules. The 
proposed rule changes are designed to further

[[Page 60001]]

safeguard customer funds held at the FCM level.
    CME notes that it recently amended Rule 971 to, among other things, 
add new subsection D, which requires the chief executive officer 
(``CEO'') or chief financial officer (``CFO'') of a futures commission 
merchant (``FCM'') clearing member to pre-approve any disbursement from 
customer segregated, secured or sequestered funds that exceeds 25% of 
the excess of such origin and was not for the benefit of a customer.\3\ 
In a continuing effort to enhance regulation of customer funds at the 
FCM level, and to harmonize industry requirements, CME in this filing 
now proposes to allow authorized representatives of the FCM's CEO or 
CFO to pre-approve such disbursements. The FCM's CEO and CFO will 
remain responsible for any pre-approvals by their authorized 
representative. The filing would also separately amend Rule 971.A to 
include a reference to CFTC Regulation 1.49.
---------------------------------------------------------------------------

    \3\ On November 5, 2012, in connection with implementation of 
the CFTC's Part 22 Regulations, references to ``sequestered'' 
accounts in Rule 971 will be changed to Cleared Swaps Customer 
accounts, and references to CME rules for sequestered accounts will 
be deleted. These changes were the subject of a separate CME filing 
with the Commission, SR-CME-2012-30. The text of the proposed 
changes associated with this filing contains the current 
``sequestered'' terminology.
---------------------------------------------------------------------------

    CME intends to make the proposed changes effective on September 28, 
2012. CME also made a filing, CME Submission 12-281, with its primary 
regulator, the CFTC, with respect to the proposed changes.
    CME believes the proposed changes are consistent with the 
requirements of the Exchange Act. First, CME, a derivatives clearing 
organization, is implementing the proposed changes in furtherance with 
applicable CFTC regulations and Commodity Exchange Act (``CEA''), which 
contains a number of provisions that are comparable to the policies 
underlying the Exchange Act, including, for example, promoting market 
transparency for derivatives markets, promoting the prompt and accurate 
clearance of transactions and protecting investors and the public 
interest. Second, CME believes the proposed changes are specifically 
designed to protect investors and the public interest because the 
requirements help safeguard customer funds held at the FCM level.

B. Self-Regulatory Organization's Statement on Burden on Competition

    CME does not believe that the proposed rule change will have any 
impact, or impose any burden, on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    CME has not solicited, and does not intend to solicit, comments 
regarding this proposed rule change. CME has not received any 
unsolicited written comments from interested parties.

III. 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. 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 email to rule-comments@sec.gov. Please include 
File Number SR-CME-2012-37 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-CME-2012-37. This file 
number should be included on the subject line if email 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 filings also will be available for 
inspection and copying at the principal office of CME and on CME's Web 
site at https://www.cmegroup.com/market-regulation/rule-filings.html.
    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 SR-CME-2012-37 
and should be submitted on or before October 22, 2012.

IV. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Rule Change

    Section 19(b) of the Act \4\ directs the Commission to approve a 
proposed rule change of a self-regulatory organization if it finds that 
such proposed rule change is consistent with the requirements of the 
Act and the rules and regulations thereunder applicable to such 
organization. The Commission finds that the proposed rule change is 
consistent with the requirements of the Act, in particular the 
requirements of Section 17A of the Act, and the rules and regulations 
thereunder applicable to CME.\5\ Specifically, the Commission concludes 
that the proposed rule changes are consistent with Section 17A(b)(3)(F) 
of the Act, which requires, among other things, that the rules of a 
clearing agency be designed to assure the safeguarding of securities 
and funds which are in the custody or control of the clearing agency or 
for which it is responsible and to protect investors and the public 
interest.\6\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b).
    \5\ 15 U.S.C. 78q-1. In approving this proposed rule change, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In its filing, CME requested that the Commission approve these 
proposed rule changes on an accelerated basis, so they can become 
effective on September 28, 2012. CME cites as the reason for this 
request that the proposed changes are part of an industry wide 
initiative that is specifically designed to protect investors and the 
public interest through adoption of requirements that help safeguard 
customer funds held at the FCM level.
    The Commission finds good cause, pursuant to Section 19(b)(2) of 
the Act,\7\ for approving the proposed rule change prior to the 30th 
day after the date of publication of notice in the Federal Register 
because the rule change is designed to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change (SR-CME-2012-37) be, and hereby is, 
approved on an accelerated basis.


[[Page 60002]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary .
[FR Doc. 2012-24039 Filed 9-28-12; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.