[Federal Register: April 26, 2005 (Volume 70, Number 79)]
[Notices]
[Page 21485-21486]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26ap05-100]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-51586; File No. SR-OCC-2005-05]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to Technical Changes That Add or Correct Cross-References in
Article VIII, Section 5 of the By-Laws and in Rule 910
April 20, 2005.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on April 13, 2005, 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 persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The proposed rule change adds or corrects cross-references by
making technical changes to Article VIII, Section 5 of OCC's By-Laws
and to OCC Rule 910, respectively.
II. Self-Regulatory 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.\2\
---------------------------------------------------------------------------
\2\ The Commission has modified parts of these statements.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
The purpose of the proposed rule change is to correct technical
errors in Article VIII, Section 5(e) of OCC's By-Laws and in Rules
910(c) and (d).
In October 2004, the Commission approved a proposed rule change
that revised Section 5(e) of Article VIII of OCC's By-Laws.\3\ Article
VIII of OCC's By-Laws pertains to the application of OCC's clearing
fund. In its filing, OCC mistakenly deleted the designation of clause
(i) of Section 5(e). The proposed rule change reinserts it.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 50526 (October 13,
2004), 69 FR 61701 (October 20, 2004) [File No. SR-OCC-2004-13].
---------------------------------------------------------------------------
In March 2004, the Commission approved a proposed rule change that
significantly restructured and revised Chapter IX of OCC's Rules.\4\
Chapter IX of OCC's Rules pertains to delivery settlement of exercised
equity options and matured stock futures. In its filing, OCC neglected
to change cross-references in Rules 910 (c) and (d) to paragraph (b).
(Paragraph (d) was redesignated as paragraph (b) in that filing). The
proposed rule change corrects those cross-references.
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 49420 (March 16, 2004),
69 FR 13345 (March 22, 2004) [File No. SR-OCC-2003-08].
---------------------------------------------------------------------------
(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would impose any
burden on competition.
(C) Self-Regulatory 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 \5\ and Rule 19b-4(f)(4) \6\ thereunder
because it effects a change that (i) does not adversely affect the
safeguarding of securities or funds in the custody or control of the
clearing agency or for which it is responsible and (ii) does not
significantly affect the respective rights or obligations of the
clearing agency or persons using the service. At any time within sixty
days of the filing of the proposed rule change, the Commission may
summarily abrogate the 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\ 15 U.S.C. 78s(b)(3)(A)(iii).
\6\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------
[[Page 21486]]
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
Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
) or Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-OCC-2005-05 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-OCC-2005-05. This file
number should be included on the subject line if e-mail 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 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 and on OCC's
Web site at http://www.optionsclearing.com. 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-2005-05 and should be submitted on
or before May 17, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1971 Filed 4-25-05; 8:45 am]
BILLING CODE 8010-01-P