Federal Register: November 13, 2001 (Volume 66, Number 219)
DOCID: FR Doc 01-28353
SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-45031; File No. SR-OCC-2001-14]
NOTICE: NOTICES
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY:
Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Correction of an Erroneous Cross-Reference in Section 5(e) of Article VIII of the By-Laws
DOCUMENT SUMMARY:
November 6, 2001.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, notice is hereby given that on September 28, 2001, the
Options Clearing Corporation (``OCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which items have been prepared
primarily by OCC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested parties. \1\ 15 U.S.C. 78s(b)(1).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The proposed rule change would amend Article VIII, Section 5(e) of OCC's bylaws to correct an erroneous crossreference.\2\
\2\ A copy of the text of OCC's proposed rule change and the
attached exhibit are available at the Commission's Public Reference Section or through OCC.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these statements.\3\
\3\ The Commission has modified the text of the summaries prepared by OCC.
(A) SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In 1999, OCC filed a rule change to merge its stock and nonequity
clearing funds into a single clearing fund.\4\ In that filing, OCC
inadvertently neglected to change a crossreference in Section 5(e) of
Article VIII of its bylaws. Specifically, the reference to paragraph
(c) in Section 4(e)(ii) has been corrected to refer to paragraph (b).
\4\ Securities Exchange Act Release Nos. 42195 (December 8, 1999), 64 FR 68712 [File No. SROCC9909] (notice of filing
proposing to merge the equity and nonequity elements of the OCC's
clearing fund); 42897 (June 5, 2000), 65 FR 36750 [File No. SROCC
9909] (order allowing OCC to merge its equity and nonequity clearing funds into a single clearing fund).
The proposed rule change is consistent with the requirements of Section 17A of the Act because it clarifies the meaning of the referenced bylaw by correcting the erroneous crossreference. (B) SelfRegulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any burden on competition.
(C) SelfRegulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Written comments were not and are not intended to be solicited with respect to the proposed rule change, and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \5\ and Rule 19b4(f)(1) \6\ thereunder for
it constitutes a stated policy, practice, or interpretation with
respect to the meaning, administration, or enforcement of an existing
rule. At any time within sixty days of the filing of this proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
\5\ 5 U.S.C. 78s(b)(3)(A)(i).
\6\ 17 CFR 240.19b4(f)(1).
IV. 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. Persons making written submissions should file six copies thereof with the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 205490609. 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 inspection and copying in the Commission's Public Reference Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of OCC. All submissions should refer to File No. SR0CC200114 and should be submitted by December 4, 2001.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\7\
\7\ 17 CFR 200.303(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 0128353 Filed 11901; 8:45 am]
BILLING CODE 801001M
SUMMARY:
Options Clearing Corp.,
DOCUMENT BODY 2:
November 6, 2001.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\, notice is hereby given that on September 28, 2001, the
Options Clearing Corporation (``OCC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II, and III below, which items have been prepared
primarily by OCC. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested parties. \1\ 15 U.S.C. 78s(b)(1).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The proposed rule change would amend Article VIII, Section 5(e) of OCC's bylaws to correct an erroneous crossreference.\2\
\2\ A copy of the text of OCC's proposed rule change and the
attached exhibit are available at the Commission's Public Reference Section or through OCC.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these statements.\3\
\3\ The Commission has modified the text of the summaries prepared by OCC.
(A) SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In 1999, OCC filed a rule change to merge its stock and nonequity
clearing funds into a single clearing fund.\4\ In that filing, OCC
inadvertently neglected to change a crossreference in Section 5(e) of
Article VIII of its bylaws. Specifically, the reference to paragraph
(c) in Section 4(e)(ii) has been corrected to refer to paragraph (b).
\4\ Securities Exchange Act Release Nos. 42195 (December 8, 1999), 64 FR 68712 [File No. SROCC9909] (notice of filing
proposing to merge the equity and nonequity elements of the OCC's
clearing fund); 42897 (June 5, 2000), 65 FR 36750 [File No. SROCC
9909] (order allowing OCC to merge its equity and nonequity clearing funds into a single clearing fund).
The proposed rule change is consistent with the requirements of Section 17A of the Act because it clarifies the meaning of the referenced bylaw by correcting the erroneous crossreference. (B) SelfRegulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any burden on competition.
(C) SelfRegulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
Written comments were not and are not intended to be solicited with respect to the proposed rule change, and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \5\ and Rule 19b4(f)(1) \6\ thereunder for
it constitutes a stated policy, practice, or interpretation with
respect to the meaning, administration, or enforcement of an existing
rule. At any time within sixty days of the filing of this proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
\5\ 5 U.S.C. 78s(b)(3)(A)(i).
\6\ 17 CFR 240.19b4(f)(1).
IV. 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. Persons making written submissions should file six copies thereof with the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 205490609. 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 inspection and copying in the Commission's Public Reference Section, 450 Fifth Street, NW., Washington, DC 20549. Copies of such filing also will be available for inspection and copying at the principal office of OCC. All submissions should refer to File No. SR0CC200114 and should be submitted by December 4, 2001.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\7\
\7\ 17 CFR 200.303(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 0128353 Filed 11901; 8:45 am]
BILLING CODE 801001M