Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices 26671 

5 17 CFR 200.30–3(a)(12). 

1 17 CFR 240.9b–1. 

2See letter from Jean M. Cawley, First Vice 

President and Deputy General Counsel, OCC, to 

Sharon Lawson, Senior Special Counsel, Division of 

Market Regulation (‘‘Division’’), Commission, dated 

September 21, 2006. 

3See letter from Jean M. Cawley, First Vice 

President and Deputy General Counsel, OCC, to 

Sharon Lawson, Senior Special Counsel, Division, 

Commission, dated December 21, 2006. 

4See letter from Jean M. Cawley, First Vice 

President and Deputy General Counsel, OCC, to 

Sharon Lawson, Senior Special Counsel, Division, 

Commission, dated April 26, 2007. 

5See Securities Exchange Act Release No. 55258 

(February 8, 2007), 72 FR 7701 (February 16, 2007) 

(SR–OCC–2006–01). 

6 Id. 

7 Id. 

8See Securities Exchange Act Release No. 50895 

(December 20, 2004), 69 FR 78085 (December 29, 

2004) (SR–OCC–2004–11). 

9 Id. 

10See Securities Exchange Act Release No. 55124 

(January 18, 2007), 72 FR 3466 (January 25, 2007) 

(SR–OCC–2006–20). 

11See Securities Exchange Act Releases No. 

54087 (June 30, 2006), 71 FR 38918 (July 10, 2006) 

(SR–ISE–2005–60); 54693 (November 2, 2006), 71 

FR 65851 (November 9, 2006) (SR–CBOE–2006–74); 

and 54983 (December 20, 2006), 71 FR 78476 

(December 29, 2006) (SR–Amex–2006–87). 

12See Securities Exchange Act Releases No. 

54450 (September 14, 2006), 71 FR 55230 

(September 21, 2006) (approving SR–Amex–2006–

44) and 55547 (March 28, 2007), 72 FR 16388 (April 

4, 2007) (SR–Amex–2006–110). 

13See Securities Exchange Act Release No. 47418 

(February 27, 2003), 68 FR 11439 (March 10, 2003) 

(SR–ODD–2003–01) (‘‘February 2003 Supplement’’). 

14See e.g., Securities Exchange Act Releases No. 

50880 (December 17, 2004), 69 FR 77790 (December 

28, 2004) (SR–CBOE–2004–83) and 51246 (February 

24, 2005), 70 FR 10425 (March 3, 2005) (SR–Amex–

2005–11). 

15The Commission notes that the options markets 

must continue to ensure that the ODD is in 

compliance with the requirements of Rule 9b–

1(b)(2)(i) under the Act, 17 CFR 240.9b–1(b)(2)(i). 

Any future changes to the rules of the options 

markets would need to be submitted to the 

Commission under Section 19(b) of the Act. 15 

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

16 17 CFR 240.9b–1(b)(2)(i). 

17This provision permits the Commission to 

shorten or lengthen the period of time which must 

elapse before definitive copies may be furnished to 

customers. 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–OCC–2007–05 and should 

be submitted on or before May 31, 2007. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.5

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8957 Filed 5–9–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55702; File No. SR–ODD–

2007–02] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Order 

Granting Approval of Accelerated 

Delivery of Supplement to the Options 

Disclosure Document Reflecting 

Certain Changes to Disclosure 

Regarding Options Adjustment 

Methodology and Fund Shares 

May 3, 2007. 

On September 22, 2006, The Options 

Clearing Corporation (‘‘OCC’’) submitted 

to the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Rule 9b–1 under the Securities 

Exchange Act of 1934 (‘‘Act’’),1 five 

preliminary copies of a supplement to 

its options disclosure document 

(‘‘ODD’’) reflecting certain changes to 

disclosure regarding options adjustment 

methodology.2 On December 22, 2006, 

OCC submitted to the Commission five 

preliminary copies of another 

supplement to the ODD reflecting 

certain changes to disclosure regarding, 

among other things, the term ‘‘fund 

shares.’’ 3 On April 27, 2007, OCC 

submitted to the Commission five 

definitive copies of a single supplement 

combining the two preliminary 

supplements discussed above.4

The ODD currently provides general 

disclosures on the characteristics and 

risks of trading standardize options. 

Recently, OCC amended its options 

adjustment rules to eliminate the need 

to round adjusted strike prices and/or 

units of trading in the event of certain 

stock dividends, stock distributions, or 

stock splits.5 OCC also revised the 

definition of ‘‘ordinary dividends and 

distributions’’ such that cash dividends 

or cash distributions announced on or 

after February 1, 2009, would be 

considered ordinary if declared on a 

regular basis pursuant to a policy or 

practice.6 Further, OCC amended its 

rules to provide that no adjustment 

would be made for cash dividends or 

cash distributions less than $12.50 per 

contract.7 The proposed supplement 

therefore amends the ODD to 

accommodate these changes. 

The proposed supplement also 

amends the ODD to reflect certain other 

changes to OCC rules. To accommodate 

one such change, the proposed 

supplement adds disclosure pertaining 

to OCC’s authority to adjust yield-based 

Treasury options if an options exchange 

increases the multiplier for such 

options.8 The proposed supplement also 

adds disclosure pertaining to OCC’s 

authority to fix exercise settlement price 

for yield-based Treasury options in 

unusual market conditions.9 Pursuant to 

another OCC rule change, the proposed 

supplement amends the ODD to include 

acceleration of the expiration date of 

American-style equity options that have 

been adjusted to call for cash 

deliverable.10

The proposed supplement also 

amends the ODD to reflect changes to 

the rules of the option exchanges. For 

instance, certain options exchanges 

amended their rules to permit listing 

and trading of options on fund shares 

that hold baskets of currencies 11 or hold 

or trade in commodity futures 

products.12 Therefore, to accommodate 

listing and trading of these options, the 

proposed supplement amends the term 

‘‘fund shares.’’

Lastly, the proposed supplement 

deletes certain disclosures originally 

made in February 2003 Supplement.13

First, the proposed supplement deletes 

disclosure pertaining to options series 

opened before September 16, 2000, as 

those options have all expired. Second, 

pursuant to adoption of rules by certain 

options exchanges to permit 

cancellation or adjustment of trades 

resulting from an erroneously reported 

index level, the proposed supplement 

deletes the provision disclosing that a 

person who buys or sells an index 

option based on such erroneously 

information is bound by the trade.14 The 

proposed supplement is intended to be 

read in conjunction with the more 

general ODD, which, as described 

above, discusses the characteristics and 

risks of options generally.15

Rule 9b–1(b)(2)(i) under the Act 16

provides that an options market must 

file five copies of an amendment or 

supplement to the ODD with the 

Commission at least 30 days prior to the 

date definitive copies are furnished to 

customers, unless the Commission 

determines otherwise, having due 

regard to the adequacy of information 

disclosed and the public interest and 

protection of investors.17 In addition, 

five copies of the definitive ODD, as 

amended or supplemented, must be 

filed with the Commission not later than 

the date the amendment or supplement, 

or the amended options disclosure 

document, is furnished to customers. 

The Commission has reviewed the 

proposed supplement and finds, having 

due regard to the adequacy of 

information disclosed and the public 

interest and protection of investors, that 

the proposed supplement may be 

furnished to customers as of the date of 

this order. 


pwalker on PROD1PC71 with NOTICES
26672 Federal Register / Vol. 72, No. 90 / Thursday, May 10, 2007 / Notices 

18 17 CFR 240.9b–1. 

19 17 CFR 200.30–3(a)(39). 

It is therefore ordered, pursuant to 

Rule 9b–1 under the Act,18 that 

definitive copies of the proposed 

supplement to the ODD (SR–ODD–

2007–02), reflecting these changes to 

disclosure, may be furnished to 

customers as of the date of this order. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.19

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–8959 Filed 5–9–07; 8:45 am] 

BILLING CODE 8010–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Document No. SSA–2007–0034] 

The Ticket To Work and Work 

Incentives Advisory Panel Meeting 

AGENCY: Social Security Administration 

(SSA). 

ACTION: Notice of teleconference. 

DATES: June 13, 2007—2 p.m. to 4 p.m. 

Eastern Daylight Savings Time. Ticket to 

Work and Work Incentives Advisory 

Panel Conference Call. Call-in number: 

1–888–790–4158. Pass code: PANEL 

TELECONFERENCE. Leader/Host: 

Berthy De la Rosa-Aponte. 

SUPPLEMENTARY INFORMATION: 

Type of meeting: On June 13, 2007, 

the Ticket to Work and Work Incentives 

Advisory Panel (the ‘‘Panel’’) will hold 

a teleconference. This teleconference 

meeting is open to the public. 

Purpose: In accordance with section 

10(a)(2) of the Federal Advisory 

Committee Act, the Social Security 

Administration (SSA) announces this 

teleconference meeting of the Ticket to 

Work and Work Incentives Advisory 

Panel. Section 101(f) of Public Law 106–

170 establishes the Panel to advise the 

President, the Congress, and the 

Commissioner of SSA on issues related 

to work incentive programs, planning, 

and assistance for individuals with 

disabilities as provided under section 

101(f)(2)(A) of the Act. The Panel is also 

to advise the Commissioner on matters 

specified in section 101(f)(2)(B) of that 

Act, including certain issues related to 

the Ticket to Work and Self-Sufficiency 

Program established under section 

101(a). 

The interested public is invited to 

listen to the teleconference by calling 

the phone number listed above. Public 

testimony will be taken from 3:30 p.m. 

until 4 p.m. Eastern Daylight Savings 

Time. You must be registered to give 

public comment. Contact information is 

given at the end of this notice. 

Agenda: The full agenda for the 

meeting will be posted on the Internet 

at http://www.ssa.gov/work/panel/ 

meeting_information/agendas.html at 

least one week before the starting date 

or can be received, in advance, 

electronically or by fax upon request. 

Contact Information: Records are kept 

of all proceedings and will be available 

for public inspection by appointment at 

the Panel office. Anyone requiring 

information regarding the Panel should 

contact the staff by: 

• Mail addressed to the Social 

Security Administration, Ticket to Work 

and Work Incentives Advisory Panel 

Staff, 400 Virginia Avenue, SW., Suite 

700, Washington, DC 20024. Telephone 

contact with Tinya White-Taylor at 

(202) 358–6120. 

• Fax at (202) 358–6440. 

• E-mail to TWWIIAPanel@ssa.gov. 

• To register for the public comment 

portion of the meeting please contact 

Tinya White-Taylor by calling (202) 

358–6120 or by e-mail to tinya.whitetaylor@ssa.gov. 

Dated: May 3, 2007. 

Chris Silanskis, 

Designated Federal Officer. 

[FR Doc. E7–9018 Filed 5–9–07; 8:45 am] 

BILLING CODE 4191–02–P 

DEPARTMENT OF STATE 

[Public Notice 5793] 

Bureau of Educational and Cultural 

Affairs (ECA) Request for Grant 

Proposals: Educational Adviser 

Training and Support Services 

Announcement Type: New 

Cooperative Agreement. 

Funding Opportunity Number: ECA/ 

A/S/A–08–05. 

Catalog of Federal Domestic 

Assistance Number: 00.000. 

Key Dates: October 1, 2007 to 

December 31, 2008. 

Application Deadline: Friday, July 13, 

2007. 

Executive Summary: The Educational 

Information and Resources Branch of 

the Office of Global Educational 

Programs in the Bureau of Educational 

and Cultural Affairs announces an open 

competition for a program of 

Educational Adviser Training and 

Support Services. Public and private 

non-profit organizations meeting the 

provisions described in Internal 

Revenue Code Section 26 U.S.C. 

501(c)(3) may submit proposals to 

develop training programs and provide 

support services for Department of 

State-affiliated overseas educational 

advisers. 

Overseas educational advisers are part 

of the Department of State’s network of 

over 450 EducationUSA centers that 

promote U.S. higher education in 170 

countries around the world. Centers 

exist in a variety of locations including: 

U.S. embassies and consulates, Fubright 

Commissions, Binational Centers, Nongovernmental organizations, universities 

and libraries. A complete list of centers 

is located at http:// 

www.educationusa.state.gov. 

Overseas educational advisers provide 

timely and objective information to 

foreign audiences on U.S. study 

opportunities at accredited academic 

institutions and guide students and 

professionals in selecting programs 

appropriate to their needs. 

Project proposals should be structured 

to focus on the following: 

1. Short-term training in the U.S. for 

mid- and senior-level advisers. 

2. Web-based training for beginning 

level advisers. 

3. Adviser project development. 

4. Logistical support for adviser 

attendance at international education 

conferences and workshops including 

the NAFSA: Association of International 

Educators conference to be held in 

Washington DC in May/June 2008. 

5. Fiscal Management: sub-contractors 

6. Insurance—Funded programs 

should normally use Bureau insurance 

The training component of the 

proposal should include two U.S.-Based 

Training program (USBT) sessions for 

mid-level advisers and one Professional 

Advising Leadership (PAL) program for 

senior-level advisers. The USBT for 

mid-level educational advisers should 

be approximately three weeks in 

duration and must include workshops 

on advising issues of concern, visits to 

a variety of U.S. academic institutions 

outside of the Washington, DC 

metropolitan area and attendance at a 

national or regional NAFSA: 

Association of International Educators 

Conference or similar professional 

development opportunity. 

The Professional Advising Leadership 

(PAL) program should be designed for 

senior-level advisers. Advisers applying 

for a PAL fellowship will have at least 

four years of advising experience. 

Applicants will formulate a proposal 

outlining a project that will be of benefit 

to the adviser’s center, region and the 

profession as a whole. Proposals may 

fall into these four broad areas: shortterm training, conference attendance, 

specific individualized research, on-site 

shadowing/internship, or a combination 

of two or more (based on time and 

logistics requirements). The Bureau 


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