[Federal Register Volume 77, Number 136 (Monday, July 16, 2012)]
[Notices]
[Pages 41836-41837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-17207]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67391; File No. SR-OCC-2012-09]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend OCC's Schedule of Fees to Eliminate Fees for Certain Educational
Brochures
July 10, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder, \2\ notice is hereby given
that on June 28, 2012, 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. OCC filed the proposed rule
change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-
4(f)(2) \4\ thereunder.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(2).
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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 OCC's Schedule of Fees to
eliminate fees for three brochures to reflect that these brochures are
now provided to clearing members free of charge.
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.\5\
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\5\ 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
The purpose of this proposed rule change is to amend OCC's Schedule
of Fees to eliminate fees for three brochures to reflect that these
brochures are now provided to clearing members free of charge. In 2011,
a decision was made to eliminate the nominal fee charged to clearing
members for the following brochures: (i) Taxes & Investing: A Guide for
the Individual Investor; (ii) LEAPS[supreg]; and (iii) Understanding
Stock Options. Since that decision, clearing members have not been
charged for ordering the brochures although the fees continued to be
listed on OCC's fee schedule. OCC proposes to amend its Schedule of
Fees to reflect that these brochures are offered free of charge.
OCC believes that the proposed rule change is consistent with
Section 17A of the Act because it reflects the elimination of a nominal
fee charged to clearing members for certain educational materials
relating to listed options, thereby providing for the equitable
allocation of reasonable dues, fees, and other charges among its
participants. In addition, the proposed rule change aligns OCC's
Schedule of Fees with current billing practices. OCC believes the
proposed rule change is not inconsistent with any rules of OCC,
including any other rules proposed to be amended.
[[Page 41837]]
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 upon filing pursuant
to Section 19(b)(3)(A)(ii) of the Act and Rule 19b-4(f)(2) thereunder
because it establishes or changes a due, fee, or other charge
applicable only to a member. OCC will delay the implementation of the
rule change until it is deemed certified under CFTC Regulation Sec.
40.6. At any time within 60 days of the filing of such rule change, the
Commission summarily may temporarily suspend 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.
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 may be submitted by using the
Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml)
or send an email to [email protected]. Please include File No. SR-
OCC-2012-09 on the subject line.
Paper comments should be sent in triplicate to Elizabeth
M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-OCC-2012-09. This file
number should be included on the subject line if email 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 Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filings will also be available for
inspection and copying at the principal office of OCC and on OCC's Web
site at http://www.optionsclearing.com/components/docs/legal/rules_and_bylaws/sr_occ_12_09.pdf. 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-2012-09 and should be submitted on or before August
6, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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\6\ 17 CFR 200.30-3(a)(12).
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Kevin O'Neill,
Deputy Secretary.
[FR Doc. 2012-17207 Filed 7-13-12; 8:45 am]
BILLING CODE 8011-01-P