[Federal Register Volume 70, Number 79 (Tuesday, April 26, 2005)]
[Notices]
[Pages 21485-21486]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-1971]


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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.
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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 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\
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    \2\ The Commission has modified parts of these statements.
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(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.
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    \3\ Securities Exchange Act Release No. 50526 (October 13, 
2004), 69 FR 61701 (October 20, 2004) [File No. SR-OCC-2004-13].
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    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.
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    \4\ Securities Exchange Act Release No. 49420 (March 16, 2004), 
69 FR 13345 (March 22, 2004) [File No. SR-OCC-2003-08].
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(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.
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    \5\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \6\ 17 CFR 240.19b-4(f)(4).

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[[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 [email protected]. 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\
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    \7\ 17 CFR 200.30-3(a)(12).
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 Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-1971 Filed 4-25-05; 8:45 am]
BILLING CODE 8010-01-P