[Federal Register Volume 64, Number 65 (Tuesday, April 6, 1999)]
[Notices]
[Pages 16772-16773]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8367]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41222; File No. SR-OCC-99-03]
Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of a Proposed Rule
Amending Rules and By-Laws
March 29, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on March 3, 1999, The Options
Clearing Corporation (``OCC'') files 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
[[Page 16773]]
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 deletes the references to options on
Government National Mortgage Association (``GNMA'') securities, options
on certificates of deposit, Index Participants (``IPs''), and market
baskets in OCC's rules and 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\
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\2\ 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 proposed rule change deletes the references to options on GNMA
securities, options on certificates of deposits, IPs, and market
baskets in OCC's rules and by-laws. According to OCC, these products
are no longer cleared, and it is unlikely that these products will be
listed or cleared in the future.
OCC believes the proposed rule change is consistent with Section
17A(b)(3)(F) of the Act \3\ and the rules and regulations thereunder
because the proposal conforms OCC's rules and by-laws to the products
that OCC currently clears.
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\3\ 15 U.S.C. 78q-1(b)(3)(F).
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(B) Self-Regulatory Organization's Statement on Burden on Competition
OCC does not believe that the proposed rule change would have any
material adverse impact 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 Act \4\ and pursuant to Rule 19b-4(f)(4) \5\
promulgated thereunder because the proposal is effecting a change in an
existing OCC service that does not adversely affect the safeguarding of
securities or funds in OCC's custody or control or for which OCC is
responsible and does not significantly affect the respective rights or
obligations of OCC or persons using OCC's services. At any time within
sixty days of the filing of such 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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\4\ 15 U.S.C. 78s(b)(3)(A)(iii).
\5\ 17 CFR 240.19b-4(f)(4).
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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 N.W., Washington, D.C. 20549.
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, 450 Fifth Street, N.W., Washington,
D.C. 20549. Copies of such filing will also be available for inspection
and copying at the principal office of OCC. All submissions should
refer to File No. SR-OCC-99-03 and should be submitted by April 27,
1999.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority. \6\
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\6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-8367 Filed 4-5-99; 8:45 am]
BILLING CODE 8010-01-M