[Federal Register Volume 66, Number 219 (Tuesday, November 13, 2001)]
[Notices]
[Page 56879]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-28353]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-45031; File No. SR-OCC-2001-14]


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

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.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory 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 by-laws to correct an erroneous cross-reference.\2\
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    \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.
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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 these 
statements.\3\
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    \3\ The Commission has modified the text of the summaries 
prepared by OCC.
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(A) Self-Regulatory 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 non-equity 
clearing funds into a single clearing fund.\4\ In that filing, OCC 
inadvertently neglected to change a cross-reference in Section 5(e) of 
Article VIII of its by-laws. Specifically, the reference to paragraph 
(c) in Section 4(e)(ii) has been corrected to refer to paragraph (b).
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    \4\ Securities Exchange Act Release Nos. 42195 (December 8, 
1999), 64 FR 68712 [File No. SR-OCC-99-09] (notice of filing 
proposing to merge the equity and non-equity elements of the OCC's 
clearing fund); 42897 (June 5, 2000), 65 FR 36750 [File No. SR-OCC-
99-09] (order allowing OCC to merge its equity and non-equity 
clearing funds into a single clearing fund).
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    The proposed rule change is consistent with the requirements of 
Section 17A of the Act because it clarifies the meaning of the 
referenced by-law by correcting the erroneous cross-reference.

(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)(i) of the Act \5\ and Rule 19b-4(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.
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    \5\ 5 U.S.C. 78s(b)(3)(A)(i).
    \6\ 17 CFR 240.19b-4(f)(1).
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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 20549-0609. 
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. SR-0CC-2001-14 and should be submitted by 
December 4, 2001.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-28353 Filed 11-9-01; 8:45 am]
BILLING CODE 8010-01-M