25814 Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices 

11For purposes only of waiving the operative date 

of this proposal, the Commission has considered 

the proposed rule’s impact on efficiency, 

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

12 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(e). 

4 17 CFR 240.19b–4(c)(1). 

5 15 U.S.C. 78s(b). 

6 17 CFR 240.19b–4(e). 

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

8 15 U.S.C. 78f(b)(5). 

operative delay so that the proposal may 

take effect on May 1, 2008.11

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–CBOE–2008–51 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–CBOE–2008–51. 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, on official business days between 

the hours of 10 a.m. and 3 p.m. Copies 

of such filing also will be available for 

inspection and copying at the principal 

office of the CBOE. 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–CBOE–

2008–51 and should be submitted on or 

before May 28, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–10039 Filed 5–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57758; File No. SR–CBOE–

2008–44] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Order Granting Accelerated Approval 

of Proposed Rule Change, as Modified 

by Amendment No. 1 Thereto, Relating 

to Equity Linked Term Notes 

May 1, 2008. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 15, 

2008, the Chicago Board Options 

Exchange, Incorporated (‘‘CBOE’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

substantially by the Exchange. On April 

30, 2008, the Exchange submitted 

Amendment No. 1 to the proposed rule 

change. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change, as amended, from 

interested persons, and is granting 

accelerated approval to the proposed 

rule change. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

CBOE Rule 31.5(I), which provides the 

requirements for the listing and trading 

of Equity Linked Term Notes (‘‘ELTNs’’) 

on the Exchange. The text of the 

proposed rule change is available at the 

principal office of the Exchange, the 

Commission’s Public Reference Room, 

and http://www.cboe.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

CBOE included statements concerning 

the purpose of, and basis for, the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item III below. CBOE 

has prepared summaries, set forth in 

sections A, B, and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Rule 19b–4(e)3 under the Act provides 

that the listing and trading of a new 

derivative securities product by a selfregulatory organization shall not be 

deemed a proposed rule change, 

pursuant to paragraph (c)(1) of Rule 

19b–4,4 if the Commission has 

approved, pursuant to section 19(b) of 

the Act,5 the self-regulatory 

organization’s trading rules, procedures, 

and listing standards for the product 

class that would include the new 

derivative securities product, and the 

self-regulatory organization has a 

surveillance program for the product 

class. The Exchange proposes to amend 

CBOE Rule 31.5(I), which sets forth 

CBOE’s listing standards for ELTNs, to 

clarify that the listing and trading of 

ELTNs on CBOE, including the trading 

of ELTNs on CBOE pursuant to unlisted 

trading privileges, is subject to Rule 

19b–4(e) under the Act. 

2. Statutory Basis 

Because this proposal clarifies that 

the listing and trading of ELTNs on the 

Exchange is subject to Rule 19b–4(e) 

under the Act,6 the Exchange believes 

that the proposal is consistent with the 

Act and the rules and regulations 

thereunder and, in particular, the 

requirements of Section 6(b) of the Act.7

Specifically, the Exchange believes that 

the proposal is consistent with the 

Section 6(b)(5) 8 requirements that the 

rules of an exchange be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is not 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 73, No. 89 / Wednesday, May 7, 2008 / Notices 25815 

9 In approving this 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). 

10 15 U.S.C. 78f(b)(5). 

11See e.g., International Securities Exchange Rule 

2130 and NYSE Arca Rule 5.2(j)(2). 

12 15 U.S.C. 78s(b)(2). 

13 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. 57131 

(January 11, 2008), 73 FR 3295 (January 17, 2008) 

(‘‘Commission’s Notice’’). 

4See letter from Leslie M. Norwood, Managing 

Director and Associate General Counsel, Securities 

Industry and Financial Markets Association 

(‘‘SIFMA’’), dated March 28, 2008, and letter from 

Mary Lee Corrigan, Executive Vice President & 

Chief Financial Officer and Janis C. Brennan, Vice 

President & Operations Manager, Griffin, Kubik, 

Stephens & Thompson, Inc. (‘‘GKST’’), dated April 

3, 2008. 

5See letter from Michael Decker and Michael 

Nicholas, Co-Chief Executive Officers, Regional 

Bond Dealers Association (‘‘RBDA’’), dated April 1, 

2008. 

6 In Amendment No. 1, the MSRB responded to 

the three comment letters and, in response to the 

comment letters, postponed the effective date of the 

proposed rule change from June 30, 2008 to 

September 30, 2008. This is a technical amendment 

and is not subject to notice and comment. 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received from 

Members, Participants or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. 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–CBOE–2008–44 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–CBOE–2008–44. 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, 100 F Street, NE., Washington, 

DC 20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

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–CBOE–2008–44 and should 

be submitted on or before May 28, 2008. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful consideration, the 

Commission finds that the proposed 

rule change is consistent with the 

requirements of the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange.9 In 

particular, the Commission finds that 

the proposed rule change is consistent 

with section 6(b)(5) of the Act,10 which 

requires that the rules of an exchange be 

designed, among other things, to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

The Commission finds good cause for 

approving this proposal before the 30th 

day after the publication of notice 

thereof in the Federal Register. The 

proposal seeks to clarify that the 

Exchange’s listing and trading of ELTNs 

is subject to Rule 19b–4(e) under the 

Act. Therefore, the Commission does 

not believe that the Exchange’s proposal 

raises any novel regulatory issues. The 

Commission believes that accelerating 

approval of this proposal would ensure 

that the Exchange’s rules clearly reflect 

the standards for listing and trading of 

ELTNs and conform the rules to those 

of other Exchanges without undue 

delay.11

V. Conclusion 

It is therefore ordered, pursuant to 

section 19(b)(2) of the Act,12 that the 

proposed rule change, as amended (SR–

CBOE–2008–44), be, and it hereby is, 

approved on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–10071 Filed 5–6–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57750, File No. SR–MSRB–

2007–08] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Order Granting Approval of 

Proposed Rule Change as Modified by 

Amendment No. 1 Thereto Relating to 

Rule G–8, Books and Records, Rule G–

9, Preservation of Records, and Rule 

G–34, CUSIP Numbers and New Issue 

Requirements, To Improve Transaction 

Reporting of New Issues 

May 1, 2008. 

On November 27, 2007, the Municipal 

Securities Rulemaking Board (‘‘MSRB’’), 

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 consisting of an amendment of 

its Rule G–8, Books and Records, Rule 

G–9, Preservation of Records, and Rule 

G–34, CUSIP Numbers and New Issue 

Requirements. The proposed rule 

change was published for comment in 

the Federal Register on January 17, 

2008.3 The Commission received two 

comment letters about the proposed rule 

change.4 The MSRB also forwarded to 

the Commission a comment letter about 

the proposed rule change received by 

the MSRB.5 On April 22, 2008, the 

MSRB filed Amendment No. 1 to the 

proposed rule change.6 This order 

approves the proposed rule change as 

modified by Amendment No. 1. 

The proposed rule change is designed 

to improve transaction reporting of new 

issues and would accelerate the timing 

for CUSIP number assignment and, with 

the exception of new issues of shortterm instruments with less than nine 

months in effective maturity, require 


sroberts on PROD1PC70 with NOTICES