Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices 26861 

10 15 U.S.C. 78s(b)(1). 

11 17 CFR 200.30–3(a)(12). 

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

2Securities Exchange Act Release No. 55504 

(March 21, 2007), 72 FR 14844. 

3Securities Exchange Act Release No. 39104 

(September 22, 1997), 62 FR 50647 (September 29, 

1997) (File No. SR–OCC–97–01). 

4Securities Exchange Act Release No. 40132 

(June 25, 1998), 63 FR 36467 (July 6, 1998) (File No. 

SR–OCC–97–02). 

5 15 U.S.C. 78q–1(b)(3)(F). 

6Securities Exchange Act Release No. 39104 

(September 22, 1997), 62 FR 50647 (September 29, 

1997) (File No. SR–OCC–97–01). 

of the purposes of the Act and the 

Commodity Exchange Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rules Received From 

Members, Participants, or Others 

NFA did not publish the rule change 

to the membership for comment but did 

discuss it with NFA’s FCM, IB and CPO/ 

CTA Advisory Committees. NFA did not 

receive comment letters concerning the 

rule change. 

III. Date of Effectiveness of the 

Proposed Rules and Timing for 

Commission Action 

On February 27, 2007, NFA submitted 

the proposed amendments to NFA’s 

Compliance Rule 2–9 and the 

Interpretive Notice to the CFTC for 

approval. The proposed rule change has 

become effective on March 28, 2007, the 

date of approval of the proposed rule 

change by the CFTC. 

Within 60 days of the date of 

effectiveness of the proposed rule 

change, the Commission, after 

consultation with the CFTC, may 

summarily abrogate the proposed rule 

change and require that the proposed 

rule change be refiled in accordance 

with the provisions of Section 19(b)(1) 

of the Exchange Act.10

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–NFA–2007–03 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–NFA–2007–03. 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 

Room. Copies of the filing also will be 

available for inspection and copying at 

the principal office of the Exchange. 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–NFA–2007–03 and should 

be submitted on or before June 1, 2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.11

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–9071 Filed 5–10–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55716; File No. SR–OCC–

2006–15] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Order 

Granting Approval of a Proposed Rule 

Change Relating to the Approval of 

Fund Shares Deposited as Margin 

May 7, 2007. 

I. Introduction 

On August 31, 2006, The Options 

Clearing Corporation (‘‘OCC’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) proposed 

rule change SR–OCC–2006–15 pursuant 

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

Exchange Act of 1934 (‘‘Act’’).1 Notice 

of the proposal was published in the 

Federal Register on March 29, 2007.2

No comment letters were received. For 

the reasons discussed below, the 

Commission is granting approval of the 

proposed rule change. 

II. Description 

The proposed rule change eliminates 

the requirement that OCC’s 

Membership/Risk Committee approve 

classes of fund shares (e.g., ETFs) for 

deposit as margin. It deletes 

Interpretation and Policy .11 to Rule 

604, Forms of Margin, which requires 

that OCC’s Membership/Risk Committee 

approve classes of fund shares for 

deposit as margin. Committee approval 

was deemed to be a prudent safeguard 

when OCC began accepting fund shares 

for deposit in 1997 because fund shares 

had only been trading since 1993, and 

OCC was not as familiar with them as 

it is today.3 In 1998, OCC began clearing 

options on fund shares.4 Since then, 

fund shares have become a widely used 

investment tool, and OCC has 

developed a broad understanding of the 

fund share marketplace. In light of these 

developments, OCC believes that fund 

shares should be accepted as margin 

under the same conditions that apply to 

the deposit of other equity securities 

without the need for Committee 

approval. 

III. Discussion 

Section 17A(b)(3)(F) of the Act 

requires, among other things, that the 

rules of a clearing agency be designed to 

assure the safeguarding of securities and 

funds which are in its custody or 

control or for which it is responsible.5

OCC’s Rule 604 provides that OCC may 

accept cash, letters of credit, and certain 

types of liquid securities. In our 

approval order of the 1997 proposed 

rule change to allow OCC to accept fund 

shares as margin, we noted that fund 

shares are typically traded and cleared 

like common stock and are typically 

held in book-entry form at a securities 

depository in which OCC can readily 

perfect a security interest.6 Given the 

liquid nature of fund shares and OCC’s 

increased experience with evaluating 

the risks associated with fund shares, 

we are satisfied with OCC’s 

determination that it is no longer 

necessary for its Membership/Risk 

Committee to approve classes of fund 

shares before the fund shares can be 

deposited as margin. Accordingly, the 

proposed rule should not affect OCC’s 

obligation to assure the safeguarding of 

securities and funds which are in its 


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26862 Federal Register / Vol. 72, No. 91 / Friday, May 11, 2007 / Notices 

7 In approving the proposed rule change, the 

Commission considered the proposal’s impact on 

efficiency, competition and capital formation. 15 

U.S.C. 78c(f). 

8 17 CFR 200.30–3(a)(12). 

custody or control or for which it is 

responsible. 

IV. Conclusion 

On the basis of the foregoing, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and in 

particular Section 17A of the Act and 

the rules and regulations thereunder.7

It is therefore ordered, pursuant to 

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

proposed rule change (File No. SR–

OCC–2006–15) be and hereby is 

approved. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–9086 Filed 5–10–07; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

Office of the Secretary 

Aviation Proceedings, Agreements 

Filed the Week Ending April 27, 2007 

The following Agreements were filed 

with the Department of Transportation 

under the Sections 412 and 414 of the 

Federal Aviation Act, as amended (49 

U.S.C. 1383 and 1384) and procedures 

governing proceedings to enforce these 

provisions. Answers may be filed within 

21 days after the filing of the 

application. 

Docket Number: OST–2007–28027. 

Date Filed: April 23, 2007. 

Parties: Members of the International 

Air Transport Association. 

Subject: Mail Vote 534—Resolution 

010q, TC3/TC23 Special Passenger 

Amending, Resolution from Sri Lanka, 

(Memo 1084), Intended effective date: 1 

May 2007. 

Docket Number: OST–2007–28038. 

Date Filed: April 24, 2007. 

Parties: Members of the International 

Air Transport Association. 

Subject: PSC/RESO/137 dated March 

20, 2007, Finally Adopted Resolutions & 

Recommended Practices, PSC/MINS/ 

019 dated March 20, 2007, Intended 

effective date: 1 June 2007. 

Renee V. Wright, 

Program Manager, Docket Operations, 

Federal Register Liaison. 

[FR Doc. E7–9081 Filed 5–10–07; 8:45 am] 

BILLING CODE 4910–9X–P 

DEPARTMENT OF TRANSPORTATION 

Office of the Secretary 

Notice of Applications for Certificates 

of Public Convenience and Necessity 

and Foreign Air Carrier Permits Filed 

Under Subpart B (Formerly Subpart Q) 

During the Week Ending April 27, 2007 

The following Applications for 

Certificates of Public Convenience and 

Necessity and Foreign Air Carrier 

Permits were filed under Subpart B 

(formerly Subpart Q) of the Department 

of Transportation’s Procedural 

Regulations (See 14 CFR 301.201 et 

seq.). The due date for Answers, 

Conforming Applications, or Motions to 

Modify Scope are set forth below for 

each application. Following the Answer 

period DOT may process the application 

by expedited procedures. Such 

procedures may consist of the adoption 

of a show-cause order, a tentative order, 

or in appropriate cases a final order 

without further proceedings. 

Docket Number: OST–2007–27060. 

Date Filed: April 24, 2007. 

Due Date for Answers, Conforming 

Applications, or Motion to Modify 

Scope: May 15, 2007 

Description: Application of Zoom 

Airlines Limited, amending its 

exemption and foreign air carrier permit 

to add a request for authority to serve 

Bermuda (‘‘BRA’’) as an intermediate 

point on its proposed scheduled service 

between London Gatwick Airport 

(‘‘LGW’’) and John F. Kennedy 

International Airport (‘‘JFK’’). 

Docket Number: OST–2007–28046. 

Date Filed: April 24, 2007. 

Due Date for Answers, Conforming 

Applications, or Motion to Modify 

Scope: May 15, 2007 

Description: Application of Air 

Executive Charter GmbH (‘‘Air 

Executive Charter’’), requesting an 

exemption and a foreign air carrier 

permit authorizing Air Executive 

Charter to provide the following service 

using small aircraft: (a) Charter foreign 

air transportation of persons, property 

and mail between any point or points in 

Germany and any point or points in the 

United States; and between any point or 

points in the United States and any 

point or points in a third country or 

countries, provided that such service 

constitutes part of a continuous 

operation, with or without a change of 

aircraft, that includes air service to 

Germany for the purpose of carrying 

local traffic between Germany and the 

United States; (b) effective March 30, 

2008, charter foreign air transportation 

of persons, property and mail from 

points behind EU Member States, via 

the EU Member States and intermediate 

points to any point or points in the 

United States and beyond; (c) effective 

March 30, 2008, charter foreign air 

transportation of persons, property and 

mail between any point or points in the 

United States and any point or points in 

the European Common Aviation Area 

(‘‘ECAA’’); and (d) other charters 

between non-EU/ECAA third countries 

and the United States. 

Docket Number: OST–2007–28073. 

Date Filed: April 27, 2007. 

Due Date for Answers, Conforming 

Applications, or Motion to Modify 

Scope: May 18, 2007. 

Description: Application of Star Air 

A/S, requesting an exemption and a 

foreign air carrier permit to provide 

charter foreign air transportation of 

property and mail on any and all routes 

authorized pursuant to the Agreement 

between the Government of the United 

States of America and the Government 

of Denmark Relating to Air Transport 

Services (‘‘U.S.-Denmark Open Skies 

Agreement’’). 

Docket Number: OST–2007–28087. 

Date Filed: April 27, 2007. 

Due Date for Answers, Conforming 

Applications, or Motion to Modify 

Scope: May 18, 2007. 

Description: Application of ABX Air, 

Inc. (‘‘ABX’’), requesting the Department 

of Transportation disclaim jurisdiction 

over the transfer of the certificate of 

public convenience and necessity and 

other operating authority issued to ABX 

to facilitate the formation by ABX of a 

holding company. 

Renee V. Wright, 

Program Manager, Docket Operations, 

Federal Register Liaison. 

[FR Doc. E7–9080 Filed 5–10–07; 8:45 am] 

BILLING CODE 4910–9X–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

[Docket No. FHWA–2007–28076] 

Agency Information Collection 

Activities: Notice of Request for 

Reinstatement of a Previously 

Approved Collection for Which 

Approval Has Expired 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice of Request for 

Reinstatement of a previously approved 

collection for which approval has 

expired. 

SUMMARY: The FHWA invites public 

comments about our intention to request 

the Office of Management and Budget’s 


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