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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-56931; File No. SR-OCC-2007-07]
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 Yield-Based Treasury Securities
DOCUMENT SUMMARY: December 7, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on May 24, 2007, 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. OCC filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act\2\ and Rule 19b4(f)(4) \3\ thereunder so
that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78q1(b)(3)(A)(iii).
\3\ 17 CFR 240.19b4(f)(4).
[[Page 71465]]
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The proposed rule change would make minor technical changes to
Sections 3 and 4 of Article XVI of OCC's ByLaws pertaining to yield based Treasury options.
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 such statements. \4\
\4\ The Commission has modified parts of these statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
The purpose of this rule change is to make minor technical changes
to Sections 3 and 4 of Article XVI of OCC's ByLaws, pertaining to
yieldbased Treasury options. In 2004, OCC amended Sections 3 and 4 of
Article XVI to conform those sections to the corresponding ByLaw
provisions governing index options. \5\ However, OCC delayed
implementing these changes until they were disclosed in a supplement to
the options disclosure document, Characteristics and Risks of
Standardized Options. \6\ Distribution of such a supplement recently
began. In connection with preparing the supplement, OCC determined that
minor technical changes to Sections 3 and 4 of Article XVI were
warranted in order to more precisely conform these Sections to the
disclosures made in the supplement. OCC also determined to correct an erroneous crossreference to another ByLaws provision.
\5\ Securities Exchange Act Release No. 50895 (December 20,
2004), 69 FR 78085 (December 29, 2004) (File No. SROCC200411).
\6\ Securities Exchange Act Release No. 55702 (May 3, 2007), 72 FR 26671 (May 10, 2007) (File No. SRODD200702).
The proposed change is consistent with Section 17A of the Act
because it more precisely conforms the terms of Sections 3 and 4 of
Article XVI to disclosures made in a supplement to the options
disclosure document, thereby increasing the protection of investors and
promoting the prompt and accurate clearance and settlement of yield
based Treasury options. The proposed rule change is not inconsistent
with the existing rules of OCC, including any other rules proposed to be amended.
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)(iii) of the Act \7\ and Rule 19b4(f)(4) \8\ promulgated
thereunder because the proposal effects a change in an existing service
of OCC that (A) does not adversely affect the safeguarding of
securities or funds in the custody or control of OCC or for which it is
responsible and (B) does not significantly affect the respective rights
or obligations of OCC or persons using the service. At any time within
sixty days of the filing of the proposed rule change, the Commission
could have summarily abrogated such rule change if it appeared to the
Commission that such action was necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b4(f)(4).
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. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SROCC200707. 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 (http://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 inspection and copying 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 filing also will be available for inspection and copying at the principal office of OCC. 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 SROCC200707 and should be submitted on or before January 7, 2008.
For the Commission by the Division of Trading and Markets, pursuant to delegated authority. \9\
\9\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E724308 Filed 121407; 8:45 am]
BILLING CODE 801101P
SUMMARY: Options Clearing Corp.,
DOCUMENT BODY 2: December 7, 2007.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on May 24, 2007, 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. OCC filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act\2\ and Rule 19b4(f)(4) \3\ thereunder so
that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78q1(b)(3)(A)(iii).
\3\ 17 CFR 240.19b4(f)(4).
[[Page 71465]]
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The proposed rule change would make minor technical changes to
Sections 3 and 4 of Article XVI of OCC's ByLaws pertaining to yield based Treasury options.
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 such statements. \4\
\4\ The Commission has modified parts of these statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
The purpose of this rule change is to make minor technical changes
to Sections 3 and 4 of Article XVI of OCC's ByLaws, pertaining to
yieldbased Treasury options. In 2004, OCC amended Sections 3 and 4 of
Article XVI to conform those sections to the corresponding ByLaw
provisions governing index options. \5\ However, OCC delayed
implementing these changes until they were disclosed in a supplement to
the options disclosure document, Characteristics and Risks of
Standardized Options. \6\ Distribution of such a supplement recently
began. In connection with preparing the supplement, OCC determined that
minor technical changes to Sections 3 and 4 of Article XVI were
warranted in order to more precisely conform these Sections to the
disclosures made in the supplement. OCC also determined to correct an erroneous crossreference to another ByLaws provision.
\5\ Securities Exchange Act Release No. 50895 (December 20,
2004), 69 FR 78085 (December 29, 2004) (File No. SROCC200411).
\6\ Securities Exchange Act Release No. 55702 (May 3, 2007), 72 FR 26671 (May 10, 2007) (File No. SRODD200702).
The proposed change is consistent with Section 17A of the Act
because it more precisely conforms the terms of Sections 3 and 4 of
Article XVI to disclosures made in a supplement to the options
disclosure document, thereby increasing the protection of investors and
promoting the prompt and accurate clearance and settlement of yield
based Treasury options. The proposed rule change is not inconsistent
with the existing rules of OCC, including any other rules proposed to be amended.
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)(iii) of the Act \7\ and Rule 19b4(f)(4) \8\ promulgated
thereunder because the proposal effects a change in an existing service
of OCC that (A) does not adversely affect the safeguarding of
securities or funds in the custody or control of OCC or for which it is
responsible and (B) does not significantly affect the respective rights
or obligations of OCC or persons using the service. At any time within
sixty days of the filing of the proposed rule change, the Commission
could have summarily abrogated such rule change if it appeared to the
Commission that such action was necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b4(f)(4).
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. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SROCC200707. 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 (http://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 inspection and copying 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 filing also will be available for inspection and copying at the principal office of OCC. 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 SROCC200707 and should be submitted on or before January 7, 2008.
For the Commission by the Division of Trading and Markets, pursuant to delegated authority. \9\
\9\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E724308 Filed 121407; 8:45 am]
BILLING CODE 801101P
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