[Federal Register Volume 68, Number 11 (Thursday, January 16, 2003)]
[Notices]
[Page 2385]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-952]



[[Page 2385]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47151; File No. SR-OC-2002-05]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by OneChicago, LLC Relating to 
Customer Risk Disclosure Statements

January 9, 2003.
    Pursuant to section 19(b)(7) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-7 under the Act,\2\ notice is hereby given 
that on December 18, 2002, OneChicago, LLC (``OneChicago'') filed with 
the Securities and Exchange Commission (``SEC'' or ``Commission'') the 
proposed rule change described in Items I, II, and III, below, which 
Items have been prepared by OneChicago. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons. OneChicago also filed the proposed rule change with 
the Commodity Futures Trading Commission (``CFTC''), together with a 
written certification under section 5c(c) of the Commodity Exchange Act 
(``CEA''),\3\ on December 18, 2002.
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    \1\ 15 U.S.C. 78s(b)(7).
    \2\ 17 CFR 240.19b-7.
    \3\ 7 U.S.C. 7a-2(c).
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I. Self-Regulatory Organization's Description of the Proposed Rule 
Change

    OneChicago is proposing to amend its Rule 510 relating to customer 
risk disclosure statements to clarify that clearing members and, if 
applicable, exchange members or access persons, will provide customers 
with a written risk disclosure statement, in accordance with applicable 
requirements of the National Futures Association (``NFA'') (in the case 
of any clearing member, exchange member or access person that is 
registered with the NFA) or the National Association of Securities 
Dealers, Inc. (the ``NASD'') (in the case of any clearing member, 
exchange member or access person that is registered with the NASD).

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    OneChicago has prepared statements concerning the purpose of, and 
statutory basis for, the proposed rule change, burdens on competition, 
and comments received from members, participants, and others. The text 
of these statements may be examined at the places specified in Item IV 
below. These statements are set forth in Sections A, B, and C below.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The proposed rule change is designed to clarify that clearing 
members and, if applicable, exchange members or access persons will 
provide customers with a written risk disclosure statement in 
accordance with applicable requirements of the NFA (in the case of any 
clearing member, exchange member or access person that is registered 
with the NFA) or the NASD (in the case of any clearing member, exchange 
member or access person that is registered with the NASD). The revised 
language reflects accepted industry practice and takes account of the 
fact that the intermediaries referenced in OneChicago Rule 510 are 
already subject to the pertinent NFA and NASD requirements.
2. Statutory Basis
    The proposed rule change is authorized by, and consistent with, 
section 6(b)(5) of the Act \4\ because it is designed to promote just 
and equitable principles of trade.
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    \4\ 15 U.S.C. 78f(g).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    OneChicago believes that the proposed rule change will not impose 
or relieve any burden on, or promote, competition.

C. Self-Regulatory Organization's Statement on Comments on Proposed 
Rule Change Received From Members, Participants, or Others

    Comments on the proposed rule change have not been solicited.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Pursuant to section 19(b)(7)(B) of the Act,\5\ the proposed rule 
change, as filed with the Commission on December 18, 2002, became 
effective on December 19, 2002. Within 60 days of the date of 
effectiveness of the proposed rule change, the Commission, after 
consultation with the CFTC, may summarily abrogate the proposed rule 
change and require that the proposed rule change be refiled in 
accordance with the provisions of section 19(b)(1) of the Act.\6\
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    \5\ 15 U.S.C. 78s(b)(7)(B).
    \6\ 15 U.S.C. 78s(b)(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 conflicts with the Act. Persons making written submissions 
should file nine copies of the submission with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549-0609. Comments also may be submitted electronically to the 
following e-mail address: [email protected]. 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. Copies of these filings will also be available 
for inspection and copying at the principal office of OneChicago. 
Electronically submitted comments will be posted on the Commission's 
internet Web site (http://www.sec.gov). All submissions should refer to 
File No. SR-OC-2002-05 and should be submitted by February 6, 2003.

    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)(75).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 03-952 Filed 1-15-03; 8:45 am]
BILLING CODE 8010-01-P