Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 12337 

2 Docket No. ACR2010, Annual Compliance 

Determination Report, March 29, 2011, at 106. 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(iii). 

4 17 CFR 240.19b–4(f)(6). 

their first qualifying mailing. Id. at 5. 

Participants must disclose which 

permits will be participating in the 

promotion and agree to participate in a 

survey at the end of the promotional 

period. Id. The Postal Service plans to 

open registration around May 1, 2012. 

Id. 

The Postal Service will require the 

mailings to be submitted electronically 

via mail.dat, mail.xml or Postal Wizard. 

Id. Mailers must affirmatively claim the 

2012 Promotion on their electronic 

postage submissions and certify that 

each mailpiece contains a mobile 

barcode. Id. Mailers must claim the 

2012 Promotion discount at the time of 

mailing. Id. Postage must be paid using 

a permit imprint, pre-cancelled stamp 

permit, or qualifying meter mail. Id. 

Compliance with 39 U.S.C. 101(d). In 

its FY 2010 Annual Compliance 

Determination Report, the Commission 

directed the Postal Service to increase 

the cost coverage of the Standard Mail 

Flats product through a combination of 

above-average price adjustments and 

cost reductions.2 Although the Postal 

Service acknowledges that the 2012 

Promotion will have the short-term 

effect of lowering Standard Mail Flats 

postage revenues, it contends that the 

long-term effect will be to encourage 

future revenue growth in Standard Mail 

Flats and other products by improving 

the value of direct mail to advertisers. 

Notice at 8. Thus, it concludes that the 

2012 Promotion complies with the 

Commission’s directive. 

Impact on the price cap. The Postal 

Service will not calculate the cap 

implication of the discount as described 

in rule 3010.14(b)(1) through (4). Id. at 

9. The Postal Service states that, 

consistent with past limited-availability 

discounts, it intends to essentially 

ignore the effect of the price decrease 

resulting from the program on the price 

cap for both future and current prices. 

Id. 

Objectives and factors, workshare 

discounts, and preferred rates. The 

Postal Service lists the relevant 

objectives and factors of 39 U.S.C. 3622, 

and claims the program ‘‘[t]o a large 

extent * * * does not substantially alter 

the degree to which First-Class Mail and 

Standard Mail prices already address’’ 

the objectives and factors. Id. at 9–13. In 

particular, the Postal Service contends 

that the 2012 Promotion is an example 

of the increased pricing flexibility under 

the Postal Accountability and 

Enhancement Act (objective 4), and will 

encourage new mail volumes, which 

will have the effect of enhancing the 

financial position of the Postal Service 

(objective 5). Id. at 10. Similarly, the 

Postal Service claims that the 2012 

Promotion encourages increased mail 

volume (factor 7) and will not imperil 

the ability of First-Class Mail or 

Standard Mail to cover its attributable 

costs (factor 2). Id. at 13. 

According to the Postal Service, the 

2012 Promotion will not impact current 

workshare discounts. Id. As the 2012 

Promotion does not exclude any 

mailers, the Postal Service asserts that it 

will not affect compliance with any 

preferred rate requirements. Id. 

Mail Classification Schedule (MCS). 

The Postal Service provides proposed 

MCS language in Appendix A of its 

Notice. It outlines the proposed changes 

in the MCS for the relevant products. 

Id., Appendix A. 

III. Commission Action 

The Commission establishes Docket 

No. R2012–6 to consider all matters 

related to the Notice. The Commission’s 

rules provide for a 20-day comment 

period starting from the date of the 

filing of the Notice. See 39 CFR 

3010.13(a)(5). Interested persons may 

express views and offer comments on 

whether the planned changes are 

consistent with the policies of 39 U.S.C. 

3622 and 39 CFR 3010. Comments are 

due no later than March 12, 2012. 

The Commission appoints Derrick D. 

Dennis to represent the interests of the 

general public in this proceeding. 

IV. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

No. R2012–6 to consider matters raised 

by the Postal Service’s February 21, 

2012 Notice. 

2. Interested persons may submit 

comments on the planned price 

adjustments. Comments are due no later 

than March 12, 2012. 

3. Pursuant to 39 U.S.C. 505, Derrick 

D. Dennis is appointed to serve as 

officer of the Commission (Public 

Representative) to represent the 

interests of the general public in this 

proceeding. 

4. The Secretary shall arrange for 

publication of this notice in the Federal 

Register. 

By the Commission. 

Ruth Ann Abrams, 

Acting Secretary. 

[FR Doc. 2012–4787 Filed 2–28–12; 8:45 am] 

BILLING CODE P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66449; File No. SR–CBOE– 

2012–018] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Correct Rule 

Numbering Errors 

February 23, 2012. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on February 

15, 2012, the Chicago Board Options 

Exchange, Incorporated (‘‘Exchange’’ or 

‘‘CBOE’’) 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 by the Exchange. 

The Exchange filed the proposal as a 

‘‘non-controversial’’ proposed rule 

change pursuant to Section 

19(b)(3)(A)(iii) of the Act 3 and Rule 

19b–4(f)(6) thereunder.4 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 

CBOE proposes to correct duplicative 

numbering errors in CBOE Rules 5.5 and 

24.9 that were unintentionally created. 

No substantive changes are proposed in 

this filing. The text of the proposed rule 

change is available on the Exchange’s 

Web site (http://www.cboe.org/legal), at 

the Exchange’s Office of the Secretary, 

and at the Commission. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 


tkelley on DSK3SPTVN1PROD with NOTICES
12338 Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 

5See Securities Exchange Act Release No. 64614 

(June 7, 2011), 76 FR 34278 (June 13, 2011) (SR– 

2011–053) [sic]. 

6See Securities Exchange Act Release Nos. 63927 

(February 17, 2011), 76 FR 10412 (February 24, 

2011) (noticing SR–CBOE–2011–08) and 64187 [sic] 

(April 5, 2011), 76 FR 20067 [sic] (April 11, 2011) 

(order approving SR–CBOE–2011–08). In SR– 

CBOE–2011–08 the Exchange added new 

Interpretation and Policy .19 to Rule 5.5. and new 

Interpretation and Policy .12 to Rule 24.9 to permit 

the listing of strike prices in $0.50 intervals where 

the strikes price is less than $75, and strike prices 

in $1.00 intervals where the strike price is between 

$75 and $150 for option series used to calculate 

volatility indexes. 

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

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

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied the five-day prefiling requirement in 

this case. 

11For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

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

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

In SR–CBOE–2011–053, an error was 

inadvertently made to the numbering of 

Interpretations and Policies under Rules 

5.5 and 24.9. In that filing, the Exchange 

added Interpretation and Policy .19 to 

Rule 5.5 and Interpretation and Policy 

.12 to Rule 24.9 to permit the Exchange 

to list additional expiration months on 

options classes opened for trading on 

the Exchange if such expiration months 

are open for trading on at least one other 

national securities exchange.5

Interpretation and Policy .19 to Rule 5.5 

and Interpretation and Policy .12 to 

Rule 24.9, however, had already been 

established.6 This filing is being made 

to correct the duplicative numbering 

contained in Rules 5.5 and 24.9 by renumbering the provisions added in SR– 

CBOE–2011–053 as new Interpretation 

and Policy .20 to Rule 5.5 and new 

Interpretation and Policy .13 to Rule 

24.9. No substantive changes to CBOE 

rules would be made by this proposal. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) 7 of the Act and the rules 

and regulations under the Act, in 

general, and furthers the objectives of 

Section 6(b)(5),8 in particular, in that it 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanisms of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. The 

proposed correction will protect 

investors and the public interest by 

eliminating potential confusion that 

could be caused by duplicative 

numbering in CBOE’s rules. 

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 

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. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not significantly affect the 

protection of investors or the public 

interest, does not impose any significant 

burden on competition, and, by its 

terms, does not become operative for 30 

days from the date on which it was 

filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 9 and Rule 19b– 

4(f)(6) thereunder.10

The Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal corrects ordering 

errors and makes no substantive 

changes to the Exchange’s rules and will 

eliminate any potential confusion that 

could be caused by duplicative rule 

numbering. Therefore, the Commission 

designates the proposal operative upon 

filing.11

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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. 

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 email to rulecomments@sec.gov. Please include File 

Number SR–CBOE–2012–018 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2012–018. This file 

number should be included on the 

subject line if email 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 Web site viewing and 

printing 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– 

2012–018 and should be submitted on 

or before March 21, 2012. 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 40 / Wednesday, February 29, 2012 / Notices 12339 

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(f)(6). 

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

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

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Commission 

has waived the five-day prefiling requirement. 

8See Securities Exchange Act Release No. 66349 

(February 7, 2012), 77 FR 7637 (February 13, 2012) 

(SR–NYSEAmex–2012–09). 

9For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

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

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–4727 Filed 2–28–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66450; File No. SR– 

NYSEAmex–2012–14] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Correcting the 

Formatting of a Recently Adopted 

NYSE Amex Rule 

February 23, 2012. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on February 

17, 2012, NYSE Amex LLC (the 

‘‘Exchange’’ or ‘‘NYSE Amex’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. The 

Exchange has designated the proposed 

rule change as constituting a noncontroversial rule change under Rule 

19b–4(f)(6) under the Act,3 which 

renders the proposal effective upon 

filing with the Commission. 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 Exchange proposes to correct the 

formatting of a recently adopted NYSE 

Amex Rule. The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and www.nyse.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, the 

self-regulatory organization 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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to correct the 

formatting of a recently adopted NYSE 

Amex Rule. Specifically, the Exchange 

recently codified in Commentary .05 of 

NYSE Amex Rule 903 the ability to 

allow trading of options on iShares®

Silver Trust (‘‘SLV’’ or ‘‘SLV Trust’’) 

and United States Oil Fund (‘‘USO’’ or 

‘‘USO Fund’’) at $0.50 strike price 

intervals where the strike price is less 

than $75. In adopting the rule change, 

the Exchange adopted new paragraph 

(b) in Commentary .05 and designated 

the existing language in Commentary 

.05 as paragraph (a). In this filing, the 

Exchange is proposing to change the 

references to (a), (b) and (c) in paragraph 

(a) to (i), (ii) and (iii). Other than this 

reformatting, the Exchange is not 

proposing any changes to the text of 

Commentary .05. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) 4 of the Act, 

in general, and furthers the objectives of 

Section 6(b)(5),5 in particular, in that it 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 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 Exchange believes 

that the proposed rule change, which 

would correct the formatting of a 

recently amended Exchange rule, would 

provide more clarity to ATP Holders 

and the investing public with respect to 

that rule. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

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. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not significantly affect the 

protection of investors or the public 

interest, does not impose any significant 

burden on competition, and, by its 

terms, does not become operative for 30 

days from the date on which it was 

filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 6 and Rule 19b– 

4(f)(6) thereunder.7

The Exchange has requested that the 

Commission waive the 30-day operative 

delay. The Commission believes that 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest 

because the proposal would correct the 

formatting of a recently amended 

Exchange rule 8 and thereby provide 

more clarity to ATP Holders and the 

investing public with respect to that 

rule. Therefore, the Commission 

designates the proposal operative upon 

filing.9

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend 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. 

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. 


tkelley on DSK3SPTVN1PROD with NOTICES