[Federal Register Volume 68, Number 81 (Monday, April 28, 2003)]
[Notices]
[Pages 22445-22446]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-10378]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-47718; File No. SR-OCC-2002-27]


Self-Regulatory Organizations; The Options Clearing Corporation; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Relating to Non-Equity Options Exchanges

April 22, 2003.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on December 16, 2002, 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 incorporates two undertakings made by OCC 
as party of Filing No. SR-OCC-2002-02 as stated policies under section 
1 of Article VIIB, Non-Equity Exchanges, of OCC's By-Laws.

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

    Filing No. OCC-2002-02 \3\ set forth changes to OCC's by-laws to 
permit OCC to provide clearing services to new options exchanges 
without issuing new equity to such exchanges. In connection with the 
Commission's approval of SR-

[[Page 22446]]

OCC-2002-02, OCC agreed to include as stated policies in its by-laws 
two undertakings previously furnished to the Commission.\4\ This 
proposed rule change incorporates those undertakings as Interpretations 
and Policies under section 1 of Article VIIB of OCC's By-Laws. The two 
policies provide that:
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 34-46469 (September 6, 
2002), 67 FR 58093 (September 13, 2002).
    \4\ Id. at note 6.

    1. Non-Equity Exchanges will be promptly provided with 
information that the Chairman considers to be of competitive 
significance to such Non-Equity Exchanges that was disclosed to 
Exchange Directors at or in connection with any meeting or action of 
the Board of Directors or any Committee of the Board of Directors.
    2. A requesting Non-Equity Exchange shall be afforded the 
opportunity to make presentations to the Board of Directors or an 
appropriate Committee of the Board of Directors.

    OCC believes that the proposed rule change is consistent with the 
requirements of section 17A of the Act and the rules and regulations 
thereunder because it should ensure the fair representation of 
participants and stockholders of OCC.

(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 
because it constitutes a stated policy, practice, or interpretation 
with respect to the meaning, enforcement, or administration of an 
existing rule. At any time within 60 days of the filing of the 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.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A)(i).
    \6\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

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. 
Comments may also be submitted electronically at the following e-mail 
address: [email protected]. All comment letters should refer to 
File No. SR-OCC-2002-27. This file number should be included on the 
subject line if e-mail is used. To help us process and review comments 
more efficiently, comments should be sent in hardcopy or by e-mail but 
not by both methods. 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 will also be available for inspection and copying at the 
principal office of OCC. All submissions should refer to the File No. 
SR-OCC-2002-27 and should be submitted by May 19, 2003.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 03-10378 Filed 4-25-03; 8:45 am]
BILLING CODE 8010-01-P