21062 Federal Register / Vol. 72, No. 81 / Friday April 27, 2007 / Notices 

14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 55345 

(February 26, 2007), 72 FR 9816. 

4See Securities Exchange Act Release No. 54998 

(December 21, 2006), 71 FR 78496 (December 29, 

2006) (SR–NYSE–2006–98). 

5E-mail communication between Leah Mesfin, 

Special Counsel, Division of Market Regulation, 

Commission, and Janet Kissane, Vice President and 

Associate General Counsel, NYSE, on April 13, 

2007. 

6 Id. 

7 15 U.S.C. 78f(b)(4). 

8 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

9 15 U.S.C. 78s(b)(2). 

10 17 CFR 200.30–3(a)(12); 17 CFR 200.30–

3(a)(44). 

1 15 U.S.C. 78s(b)(1). 

2The Commission has modified parts of these 

statements. 

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, 100 F Street, NE., Washington, 

DC 20549. Copies of such filings also 

will be available for inspection and 

copying at the principal office of Nasdaq 

and on Nasdaq’s Web site at http:// 

www.complinet.com/file_store/pdf/ 

rulebooks/NASDAQ_SR–NASDAQ–

2007–021.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–

NASDAQ–2007–021 and should be 

submitted on or before May 18, 2007. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8055 Filed 4–26–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55656; File No. SR–NYSE–

2007–15] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Approving Proposed Rule Change 

Regarding the Amendment of NYSE 

Rule 300 Relating to Trading Licenses 

April 23, 2007. 

On February 13, 2007, the New York 

Stock Exchange LLC (‘‘NYSE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder, 2 a proposed rule change to 

amend NYSE Rule 300 relating to 

trading licenses to charge a premium of 

$5,000, for a total annualized rate of 

$55,000, for those trading licenses 

purchased after the annual application 

period. The proposed rule change was 

published for comment in the Federal 

Register on March 5, 2007.3 The 

Commission received no comments 

regarding the proposal. 

The Exchange previously required the 

payment of a 10% premium to 

encourage participation in its ‘‘Dutch’’

auction method of allocating trading 

licenses, but recently eliminated this 

premium when it adopted a fixed 

$50,000 annual fee for each trading 

license.4 The Exchange believes that the 

10% premium for licenses purchased 

after the annual application period will 

provide the Exchange with greater 

predictability regarding the number of 

trading licenses issued. The Exchange 

represents that this predictability not 

only facilitates business planning and 

administration by member organizations 

and the NYSE, but also reduces both 

business and regulatory systems 

changes to reflect fluctuations in trading 

licenses issued. The Exchange confirms 

that, during the December 2006 trading 

license application period, it notified its 

members of its intent to submit a rule 

filing to apply the proposed premium 

for trading licenses purchased after the 

application period.5 The Exchange also 

confirms that the premium will only be 

effective for trading licenses purchased 

after the approval of this proposed rule 

change.6

The Commission finds that the 

proposed rule change is consistent with 

the Act, and particularly with Section 

6(b)(4) 7 of the Act, which requires that 

an exchange have rules that provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

members and issuers and other persons 

using its facilities.8 The Commission 

believes that the Exchange’s proposed 

10% premium for trading licenses 

purchased after the annual application 

period is reasonable and should help 

facilitate the Exchange’s administration 

of trading licenses and member 

organizations’ business planning with 

respect to the issuance of trading 

licenses. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,9 that the 

proposed rule change (SR–NYSE–2007–

15) be, and hereby is, approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8097 Filed 4–26–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55653; File No. SR–OCC–

2006–09] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing of a Proposed Rule Change 

Relating to Choice of Law and Forum 

Selection 

April 20, 2007. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

May 22, 2006, The Options Clearing 

Corporation (‘‘OCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) and on December 12, 

2006, amended 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change would 

provide for the addition of new general 

choice of law and forum selection 

provisions to 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


cprice-sewell on PROD1PC66 with NOTICES
Federal Register / Vol. 72, No. 81 / Friday April 27, 2007 / Notices 21063 

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

The proposed rule change would add 

new general choice of law and forum 

selection provisions to OCC’s By-Laws. 

The purpose of the proposed rule 

change is to ensure there are appropriate 

choice of law and forum selection 

provisions governing all contractual 

relations between OCC and each of its 

clearing members. The proposed 

provisions should provide greater 

clarity, consistency, and predictability 

in the application of the law to all 

contractual relations between OCC and 

each of its clearing members and in the 

choice of forum in the event of litigation 

on such matters. 

OCC’s By-Laws and Rules each 

currently contain choice of law 

provisions that apply in somewhat 

limited circumstances. This approach is 

problematic as it could lead to 

inconsistencies between the two 

provisions or because it may fail to 

properly specify a governing law with 

respect to certain contractual relations 

altogether. 

Article VI, Section 9(c) of OCC’s ByLaws provides that Illinois law, 

specifically the Illinois Uniform 

Commercial Code, is the governing law 

with respect to cleared contracts. A 

‘‘cleared contract’’ is defined in Article 

I, Section 1 of OCC’s By-Laws as ‘‘a 

cleared security or commodity future or 

futures option that is cleared by [OCC].’’

A ‘‘cleared security’’ is defined as ‘‘an 

option contract (other than a futures 

option), a security future or a BOUND.’’

However, OCC has interactions and 

relationships with clearing members not 

directly involving cleared contracts 

(e.g., membership and financial 

requirements). Accordingly, the choice 

of law provisions in Article VI, Section 

9(c) are not comprehensive. 

OCC Rule 614(m), which clarifies the 

limited obligations of OCC in 

connection with pledges of cleared 

securities, incorporates certain 

provisions of Article VI, Section 9 of the 

By-Laws by reference and also contains 

special provisions applicable in the 

event that, notwithstanding the choice 

of law provisions of Article VI, Section 

9(c), the laws of a jurisdiction that has 

not adopted the 1994 revisions to 

Article 8 and 9 of the UCC are 

applicable to security interests in 

pledged securities. However, all 50 U.S. 

States, the District of Columbia, the U.S. 

Virgin Islands, and Puerto Rico have 

now adopted the 1994 revisions to 

Article 8 and 9 of the UCC, rendering 

the special provisions unnecessary. 

Article V of OCC’s By-Laws (Clearing 

Members), Section 3 (Conditions to 

Admission), subparagraph (k) provides 

that as a condition to admission as a 

clearing member, non-U.S. securities 

firms must consent to the jurisdiction of 

Illinois courts and to the application of 

U.S. law in connection with any dispute 

with OCC arising from membership. 

However, this provision only applies to 

the limited context of disputes with 

OCC arising from membership. 

The proposed rule change would add 

a general choice of law provision to 

OCC’s By-Laws in order to provide 

consistency and predictability in the 

application of the law to all relations 

between OCC and its clearing members. 

This provision would be particularly 

useful with respect to collateral posted 

by non-U.S. clearing members where a 

clear choice of law provision could 

provide further assurance that OCC’s 

interests in such collateral are properly 

perfected. Such a provision would also 

decrease the likelihood of an 

inadvertent inconsistency among 

provisions of the various Articles of the 

By-Laws. 

Illinois law is the most logical choice 

to be the governing law under the 

proposed choice of law provision given 

OCC’s location and OCC’s familiarity 

with Illinois law. Selecting Illinois law, 

along with Federal law, as governing 

law would also result in the greatest 

consistency with current provisions of 

OCC’s By-Laws and Rules. In addition, 

selection of Illinois as the forum for 

resolving any claims or disputes arising 

out of or relating to OCC’s By-Laws or 

Rules would be most logical in light of 

the consistent application of Illinois law 

to relations between OCC and its 

clearing members. 

The following proposed revisions to 

OCC’s By-Laws and Rules are necessary 

to create a general choice of law 

provision: 

(1) New Choice of Law Provision: OCC 

proposes to add a new Section 10 

(General Choice of Law and Forum 

Selection) to Article IX (General 

Provisions) of its By-Laws. New Section 

10 would specify Illinois law as the 

governing law with respect to OCC’s ByLaws and Rules as well as any 

agreements between OCC and clearing 

members. It would also specify that any 

lawsuits between clearing members and 

OCC be brought in a federal court or in 

the absence of federal jurisdiction in a 

state court located in Chicago, Illinois. 

Existing Sections 10–12 of Article IX 

would be renumbered as Sections 11–13 

but would otherwise remain unchanged. 

(2) Amendments to Other Sections of 

the By-Laws: OCC proposes that Article 

VI, Section 9(c) of the By-Laws be 

removed in its entirety and replaced 

with a reference to the proposed Article 

IX, Section 10 of the By-Laws and with 

a notice provision that persons desiring 

to perfect security interests in cleared 

securities seek the advice of counsel. 

(3) Amendments to Rules: OCC 

proposes to make conforming 

amendments to Rule 604(b)(3)(ii) and to 

Interpretation and Policy .01 under Rule 

614. These amendments are necessary 

in light of the adoption of the general 

choice of law provision described 

above. OCC further proposes that 

language in Rule 614(m) providing for a 

contingency in the event of the 

application of the law of a jurisdiction 

that has not adopted the 1994 

amendments to Articles 8 and 9 of the 

UCC be deleted as no longer necessary. 

The proposed rule change is 

consistent with Section 17A of the Act 

because it is designed to assure the 

safeguarding of securities and funds 

which are in the custody or control of 

the OCC or for which OCC is 

responsible, removes impediments to 

and perfects the mechanism of a 

national system for the prompt and 

accurate clearance and settlement of 

securities transactions, and in general 

protects investors and the public 

interest by providing for clarity and 

predictability in the application of the 

law to all contractual relations between 

OCC and its clearing members, 

especially with respect to the perfection 

of interests in collateral. Other than as 

described in footnote 1 to Rule 604, the 

proposed rule change is not inconsistent 

with any other By-Laws or Rules of 

OCC, including those proposed to be 

amended. 

(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 

Within 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 


cprice-sewell on PROD1PC66 with NOTICES
21064 Federal Register / Vol. 72, No. 81 / Friday April 27, 2007 / Notices 

3 17 CFR 200.30–3(a)(12). 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve the proposed 

rule change or 

(B) Institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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 rulecomments@sec.gov. Please include File 

Number SR-OCC–2006–09 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR-OCC–2006–09. 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, 100 F Street, NE., 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–2006–09 and should 

be submitted on or before May 18, 2007. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.3

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8054 Filed 4–26–07; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF STATE 

[Public Notice 5762] 

Advisory Committee on Historical 

Diplomatic Documentation Notice of 

Meeting 

Summary: The Advisory Committee 

on Historical Diplomatic Documentation 

will meet in the Department of State, 

2201 ‘‘C’’ Street, NW., Washington, DC, 

June 4–5, 2007, in Conference Room 

1107. Prior notification and a valid 

government-issued photo ID (such as 

driver’s license, passport, U.S. 

government or military ID) are required 

for entrance into the building. Members 

of the public planning to attend must 

notify Chris Tudda, Office of the 

Historian (202–663–3054) no later than 

May 31, 2007 to provide date of birth, 

valid government-issued photo 

identification number and type (such as 

driver’s license number/state, passport 

number/country, or U.S. government ID 

number/agency or military ID number/ 

branch), and relevant telephone 

numbers. If you cannot provide one of 

the enumerated forms of ID, please 

consult with Chris Tudda for acceptable 

alternative forms of picture 

identification. 

The Committee will meet in open 

session from 1:30 p.m. through 3 p.m. 

on Monday, June 4, 2007, in the 

Department of State, 2201 ‘‘C’’ Street 

NW., Washington, DC, in Conference 

Room 1107, to discuss declassification 

and transfer of Department of State 

records to the National Archives and 

Records Administration and the status 

of the Foreign Relations series. The 

remainder of the Committee’s sessions 

from 3:15 p.m. until 4:30 p.m. on 

Monday, June 4, 2007, and 9 a.m. until 

1 p.m. on Tuesday, June 5, 2007, will be 

closed in accordance with Section 10(d) 

of the Federal Advisory Committee Act 

(Pub. L. 92–463). The agenda calls for 

discussions of agency declassification 

decisions concerning the Foreign 

Relations series and other 

declassification issues. These are 

matters not subject to public disclosure 

under 5 U.S.C. 552b(c)(1) and the public 

interest requires that such activities be 

withheld from disclosure. Questions 

concerning the meeting should be 

directed to Marc J. Susser, Executive 

Secretary, Advisory Committee on 

Historical Diplomatic Documentation, 

Department of State, Office of the 

Historian, Washington, DC 20520, 

telephone (202) 663–1123, (e-mail 

history@state.gov). 

Dated: April 18, 2007. 

Marc Susser, 

Executive Secretary, Department of State. 

[FR Doc. E7–8111 Filed 4–26–07; 8:45 am] 

BILLING CODE 4710–11–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Fortieth (40th) Meeting, RTCA Special 

Committee 186 Automatic Dependent 

Surveillance-Broadcast (ADS–B) 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of RTCA Special 

Committee 186 Automatic Dependent 

Surveillance-Broadcast (ADS–B) 

meeting. 

SUMMARY: The FAA is issuing this notice 

to advise the public of a meeting of 

RTCA Special Committee 186 

Automatic Dependent Surveillance—

Broadcast (ADS–B). 

DATES: The meeting will be held May 

14–18, 2007, at 9 a.m. (Unless 

Otherwise noted). 

ADDRESSES: The meeting will be held at 

RTCA, Inc., 1828 L Street, NW., Suite 

805 Washington, DC 20036. 

FOR FURTHER INFORMATION CONTACT: (1) 

RTCA Secretariat (Hal Moses), 1828 L 

Street, NW., Suite 805, Washington, DC 

20036, (202) 833–9339; fax (202) 833–

9434; Web site http://www.rtca.org. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a)(2) of the Federal 

Advisory Committee Act (Pub. L. 92–

463, 5 U.S.C., Appendix 2), notice is 

hereby given for a Special Committee 

186 meeting. The agenda will include: 

• May 14: 

• All Day, CDTI Subgroup, ARINC 

Room. 

• May 15: 

• All Day, ASSAP Subgroup, 

MacIntosh-NBAA & Hilton-ATA Rooms. 

• All Day, CDTI Subgroup, Colson 

Board Room. 

• May 16: 

• All Day, ASSAP Subgroup, 

MacIntosh-NBAA & Hilton-ATA Room. 

• All Day, CDTI Subgroup, ARINC 

Room. 

• May 17: 


cprice-sewell on PROD1PC66 with NOTICES