Beruflich Dokumente
Kultur Dokumente
record, if the Selling Broker-Dealer is Agent would spend 10 minutes per decision concerning the collection of
the Lead Placement Agent, and would closing to maintain a copy of these information between 30 and 60 days
be available for inspection by the documents. Thus, the estimated total after publication of this notice in the
Commission and the applicable SRO. annual reporting and recordkeeping Federal Register. Therefore, comments
burden for this requirement is 884 to OMB are best assured of having full
7. Record Retention Period
hours.37 effect if OMB receives them within 30
The requested exemption does not days of this publication. Requests for
contain a separate record retention 5. Collection of Information Is materials submitted to OMB by the
period.33 Mandatory Commission with regard to this
E. Recordkeeping by the Lead Placement This proposed collection of collection of information should be in
Agent information would be mandatory for writing, refer to File No. S7–26–07, and
Lead Placement Agents that act be submitted to the Securities and
1. Collection of Information pursuant to the requested exemption. Exchange Commission, Branch of
The requested exemption would Records Management, 100 F Street, NE.,
6. Confidentiality
require the Lead Placement Agent to Washington, DC 20549–1110.
maintain a copy of each of the The proposed collection of By the Commission.
documents that is to be made and/or information does not address the
Nancy M. Morris,
delivered at closing, as discussed above confidentiality of information prepared
Secretary.
(i.e., the buyer’s agent agreement, the under this rule; however, the collection
of information would be available for [FR Doc. E7–22425 Filed 11–15–07; 8:45 am]
statutory disqualification
inspection by the Commission and the BILLING CODE 8011–01–P
representations, the suitability
representation, and, if applicable, the applicable SRO.
customer’s written affirmation), and the 7. Record Retention Period SECURITIES AND EXCHANGE
relevant part of the real estate closing COMMISSION
documents that evidences the amount of As specified, the Lead Placement
the Real Estate Advisory Fee paid to any Agent would be required to maintain [Release No. 34–56774; File No. SR–CBOE–
RE Participant involved in the TIC copies of these documents for a period 2007–114]
Security transaction.34 of three years in accordance with its
existing obligations under Exchange Act Self-Regulatory Organizations;
2. Proposed Use of the Information Rule 17a–4(f). Chicago Board Options Exchange,
The proposed use of this information Incorporated; Notice of Filing and
F. Request for Comment Order Granting Accelerated Approval
is to facilitate monitoring compliance
with the exemption by compelling the Pursuant to 44 U.S.C. 3506(c)(2)(A), of a Proposed Rule Change and
Lead Placement Agent to maintain the Commission solicits comments to: Amendment No. 1 Thereto To List and
records of all documents that are (1) Evaluate whether the proposed Trade Options Already Listed on
required to be delivered at closing. collections of information are necessary Another National Securities Exchange
for the proper performance of the November 8, 2007.
3. Respondents functions of the Commission, including Pursuant to section 19(b)(1) of the
The proposed collection of whether the information would have Securities Exchange Act of 1934
information would apply to Lead practical utility; (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Placement Agents that act pursuant to (2) Evaluate the accuracy of the notice is hereby given that on
the requested exemption. Commission’s estimate of the burden of September 21, 2007, Chicago Board
the proposed collections of information; Options Exchange, Incorporated
4. Reporting and Recordkeeping Burden (3) Enhance the quality, utility, and (‘‘CBOE’’ or ‘‘Exchange’’) filed with the
The Commission estimates that clarity of the information to be Securities and Exchange Commission
approximately 45 Lead Placement collected; and (‘‘Commission’’) the proposed rule
Agents 35 would act pursuant to the (4) Minimize the burden of the change as described in Items I and II
requested exemption. On average, a collections of information on those below, which Items have been
Lead Placement Agent would maintain required to respond, including through substantially prepared by the Exchange.
copies of the relevant documents for the use of automated collection On October 26, 2007, CBOE filed
approximately 117.87 TIC Security techniques or other forms of information Amendment No. 1 to the proposed rule
transactions 36 a year. The Commission technology. change.3 This order provides notice of
also estimates that a Lead Placement Persons desiring to submit comments the proposal, as amended, and approves
on the proposed collection of the proposal on an accelerated basis.
33 See note 15. information requirements should direct
34 The requested exemption also would require them to the Office of Management and I. Self-Regulatory Organization’s
the Lead Placement Agent to maintain a copy of any Statement of the Terms of Substance of
other records that are required to be maintained in Budget, Attention: Desk Officer for the
accordance with the recordkeeping requirements of Securities and Exchange Commission, the Proposed Rule Change
the federal securities laws. See note 15. Office of Information and Regulatory The Exchange proposes to add new
35 Based on discussions with industry
Affairs, Washington, DC 20503, and Interpretation .01(c) to CBOE Rule 5.3
representatives, the Commission estimates that
there are 45 sponsors of TIC Security transactions
should send a copy of their comments (Criteria for Underlying Securities) for
and that each would have a Lead Placement Agent. to Nancy M. Morris, Secretary, the purpose of permitting the Exchange
36 5,304 TIC Security transactions/45 Lead Securities and Exchange Commission, to list and trade individual equity
mstockstill on PROD1PC66 with NOTICES
Placement Agents = 117.87. The Commission has 100 F Street, NE., Washington, DC options on the Exchange that are
rounded its calculation to two decimal places. 20549–1090, and refer to File No. S7–
Assuming a relatively even distribution of
transactions among potential respondents, some 26–07. OMB is required to make a 1 15U.S.C. 78s(b)(1).
2 17CFR 240.19b–4.
Lead Placement Agents would maintain copies of
the relevant documents for 117 transactions a year, 37 5,304 TIC Security transactions × 10 minutes = 3 Amendment No. 1 supercedes the original filing
and others would do so for 118 transactions a year. 53,040/60 = 884. and replaces it in its entirety.
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Federal Register / Vol. 72, No. 221 / Friday, November 16, 2007 / Notices 64695
otherwise ineligible for listing and $3.00 for the five previous consecutive such option is trading on another
trading if such options are listed and business days preceding the date on options exchange(s). The Exchange
traded on another national securities which the Exchange submits a notes that when an underlying security
exchange. The text of the proposed rule certification to The Options Clearing meets the Exchange’s continued listing
change is available on the Exchange’s Corporation (‘‘OCC’’) for listing and criteria and at least one other exchange
Web site (http://www.cboe.org/legal), at trading.5 trades options on the underlying
CBOE’s principal office and at the In connection with an underlying security, the option is already available
Commission’s Public Reference Room. security deemed to be ‘‘uncovered,’’ to the investing public. Therefore, the
Exchange rules require that the market Exchange notes that the current
II. Self-Regulatory Organization’s price per share of the underlying proposal will not introduce any
Statement of the Purpose of, and security be at least $7.50 for the majority inappropriate additional listed options
Statutory Basis for, the Proposed Rule of business days during the three classes. Further, the adoption of the
Change calendar months preceding the date of proposal is for competitive purposes
In its filing with the Commission, the selection, as measured by the lowest and to promote a free and open market
Exchange included statements closing price reported in any market in for the benefit of investors.
concerning the purpose of, and basis for, which the underlying security traded on
the proposed rule change and discussed each of the subject days. 2. Statutory Basis
any comments it received on the CBOE Rule 5.4 sets forth the The Exchange believes the proposed
proposed rule change. The text of these Exchange’s continued listing criteria, rule change is consistent with section
statements may be examined at the which the Exchange notes are less 6(b) of the Act 6 and the rules and
places specified in Item III below. The stringent than the initial listing criteria regulations under the Act applicable to
Exchange has prepared summaries, set contained in CBOE Rule 5.3. This is due national securities exchanges.
forth in sections A, B, and C below, of largely because, in total, the Exchange’s Specifically, the Exchange believes the
the most significant aspects of such listing criteria assure that options will proposed rule change is consistent with
statements. be listed and traded on securities of the section 6(b)(5) 7 requirements that
companies that are financially sound the rules of an exchange be designed to
A. Self-Regulatory Organization’s promote just and equitable principles of
and subject to adequate minimum
Statement of the Purpose of, and the trade, to prevent fraudulent and
standards. The Exchange believes that
Statutory Basis for, the Proposed Rule manipulative acts, to remove
the continued listing criteria are
Change uniform among the options exchanges. impediments to and to perfect the
1. Purpose To address the circumstance in which mechanism for a free and open market
The purpose of the proposed rule an options class is currently ineligible and a national market system, and, in
for listing on the Exchange, while at the general, to protect investors and the
change is to revise the Exchange’s
same time such option is listed and public interest.
options listing standards so that as long
trading on another options exchange(s),
as the continued listing criteria set forth B. Self-Regulatory Organization’s
the Exchange proposes to amend CBOE
in CBOE Rule 5.4 (Withdrawal of Statement on Burden on Competition
Rule 5.3. Specifically, the Exchange
Approval of Underlying Securities) are CBOE does not believe that the
proposes to add new paragraph (c) to
met and the option is listed and traded proposed rule change will impose any
Interpretation .01 to CBOE Rule 5.3 to
on another national securities exchange, burden on competition that is not
provide that notwithstanding that a
the Exchange would be able to list and necessary or appropriate in furtherance
particular underlying security may not
trade the option. CBOE Rule 5.3 sets of the purposes of the Act.
meet the requirements set forth in
forth the requirements that an paragraphs (a)(1), (a)(2), (b)(1) and (b)(2)
underlying equity security must meet C. Self-Regulatory Organization’s
of that Interpretation, the Exchange Statement on Comments on the
before the Exchange may initially list nonetheless could list and trade an
options on that security. The Exchange Proposed Rule Change Received From
option on such underlying security if (1) Members, Participants, or Others
notes that these requirements are the underlying security meets the
relatively uniform among the options criteria for continued listing in CBOE The Exchange neither solicited nor
exchanges. Rule 5.4, and (2) options on such received comments on the proposal.
Interpretation .01 to CBOE Rule 5.3
underlying security are listed and III. Solicitation of Comments
relates to the minimum market price at traded on at least one other registered
which an underlying security must Interested persons are invited to
national securities exchange. In
trade for an option to be listed on it, and submit written data, views, and
connection with the proposed changes,
applies to the listing of individual arguments concerning the foregoing,
the Exchange represents that the
equity options on both ‘‘covered’’ and including whether the proposed rule
procedures currently employed to
‘‘uncovered’’ underlying securities.4 In change is consistent with the Act.
determine whether a particular
the case of an underlying security that Comments may be submitted by any of
underlying security meets the initial
is a ‘‘covered security’’ as defined under the following methods:
listing criteria will similarly be applied
section 18(b)(1)(A) of the Securities Act, to the continued listing criteria. Electronic Comments
the closing market price of the The Exchange believes that this
underlying security must be at least • Use the Commission’s Internet
proposal is narrowly tailored to address comment form (http://www.sec.gov/
the circumstances where an options rules/sro.shtml); or
4 Section 18(b)(1)(A) of the Securities Act of 1933
class is currently ineligible for listing on • Send an e-mail to rule-
(‘‘Securities Act’’) provides, ‘‘[a] security is a
mstockstill on PROD1PC66 with NOTICES
covered security if such security is—A. listed, or the Exchange while at the same time, comments@sec.gov. Please include File
authorized for listing, on the New York Stock Number SR–CBOE–2007–114 on the
Exchange or the American Stock Exchange, or 5 See Interpretation .01(b)(2)(A) of Rule 5.3. For
listed, or authorized for listing, on the National purposes of this Interpretation, the market price of
subject line.
Market System of the Nasdaq Stock Market (or any an underlying security is measured by the closing
6 15 U.S.C. 78s(b).
successor to such entities) * * * .’’ See 15 U.S.C. price reported in the primary market in which the
77r(b)(1)(A). underlying security is traded. 7 15 U.S.C. 78f(b)(5).
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64696 Federal Register / Vol. 72, No. 221 / Friday, November 16, 2007 / Notices
trade, to remove impediments to and approved on an accelerated basis) and 56717 Federal Aviation Administration
(October 29, 2007), 72 FR 62508 (November 5, 2007)
8 In approving this rule change, the Commission (SR–Phlx–2007–73) (substantially identical Agency Information Collection Activity
notes that it has considered the proposed rule’s proposed rule change approved on an accelerated Seeking OMB Approval
impact on efficiency, competition, and capital basis).
formation. See 15 U.S.C. 78c(f). 12 Id. AGENCY:Federal Aviation
9 15 U.S.C. 78f(b)(5). 13 17 CFR 200.30–3(a)(12). Administration (FAA), DOT.
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