12900 Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The Exchange notes that Boston Options 

Exchange (‘‘BOX’’) uses the NBBO to determine the 

theoretical price of an option. See BOX Chapter V, 

Sec. 20. 

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

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

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 such filing 

will also 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 No. SR–C2–2012– 

008 and should be submitted on or 

before March 23, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5083 Filed 3–1–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66471; File No. SR–ISE– 

2012–10] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Amend the Exchange’s 

Obvious Error Rule 

February 27, 2012. 

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 February 

22, 2012, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I, II, and III below, which items 

have been prepared by the Exchange. 

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 amend 

Rule 720 regarding Obvious Errors. The 

proposed rule change will re-define 

theoretical price (‘‘Theoretical Price’’) 

for the purposes of determining whether 

an execution price constitutes an 

obvious error (‘‘Obvious Error’’). The 

text of the proposed rule change is 

available on the Exchange’s Web site 

www.ise.com, at the principal office of 

the Exchange, and at the Commission’s 

Public Reference Room. 

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 

Exchange 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. The 

self-regulatory organization 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 

The Obvious Error rules and 

procedures in the ISE Rules provide 

objective criteria by which certain 

transactions may be analyzed if believed 

to have been executed at erroneously 

high or low prices. ISE Rule 720 

currently defines the Theoretical Price 

of an options series, if the series is 

traded on at least one other options 

exchange, as ‘‘the last bid price with 

respect to an erroneous sell transaction, 

and last offer price with respect to an 

erroneous buy transaction, just prior to 

the trade disseminated by the competing 

options exchange that has the most 

liquidity in that option; or if there are 

no quotes for comparison purposes, as 

determined by designated personnel in 

the Exchange’s market control center.’’ 

The proposed rule change would redefine Theoretical Price to mean, with 

respect to options series traded on at 

least one other options exchange, either 

the last National Best Bid price (with 

respect to an erroneous sell transaction) 

or the last National Best Offer price 

(with respect to an erroneous buy 

transaction), just prior to the trade in 

question. The proposed new definition 

of Theoretical Price will provide the 

Exchange’s market control center with a 

clearly defined measure of the price on 

which to base their determination as to 

whether or not a particular transaction 

resulted from an erroneous price thus 

[sic] was an obvious error.3 This 

proposed rule change would continue to 

permit the Exchange’s market control 

center to establish the Theoretical Price 

when there are no quotes available for 

comparison purposes. 

As this proposed rule change will 

eliminate any comparison to the 

‘‘competing options exchange that has 

the most liquidity in that option,’’ the 

Exchange proposes to remove 

Supplementary Material .06 to ISE Rule 

720. 

2. Basis 

The Exchange believes that this 

proposed rule change is consistent with 

the requirements of Section 6(b) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’),4 in general, and 

Section 6(b)(5) of the Exchange Act,5 in 

particular, in that it is designed to 

promote just and equitable principles of 

trade, to prevent fraudulent and 

manipulative acts, to remove 

impediments to and perfect the 

mechanism for a free and open market 

and a national market system, and in 

general, to protect investors and the 

public interest. In particular, the 

proposed rule change will establish an 

objective definition of Theoretical Price 

when determining whether a particular 

transaction was or was not an Obvious 

Error. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

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 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

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 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 42 / Friday, March 2, 2012 / Notices 12901 

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

7 17 CFR 240.19b–4(f)(6). 8 17 CFR 200.30–3(a)(12). 

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

4(f)(6) 7 thereunder. The Exchange 

provided the Commission with written 

notice of its 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 the proposed 

rule change. 

The proposed rule change will offer 

Exchange Members the same potential 

for relief that is available at other 

options exchanges for certain obvious 

errors. Further, the proposed rule 

change is similar to rules currently in 

place at BOX. For the foregoing reasons, 

this rule filing qualifies for immediate 

effectiveness as a ‘‘non-controversial’’ 

rule change under paragraph (f)(6) of 

Rule 19b–4 of the Act, as it does not 

raise any new, unique or substantive 

issues, and is beneficial for competitive 

purposes and to promote a free and 

open market for the benefit of investors. 

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 rule-comments@

sec.gov. Please include File Number 

SR–ISE–2012–10 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–ISE–2012–10. 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–ISE– 

2012–10 and should be submitted on or 

before March 23, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–5082 Filed 3–1–12; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments and Recommendations 

ACTION: 60 Day Notice and request for 

comments. 8(a) Business Development 

Program. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, this 

notice announces the Small Business 

Administration’s intentions to request 

approval on a new and/or currently 

approved information collection. 

DATES: Submit comments on or before 

May 1, 2012. 

ADDRESSES: Send all comments 

regarding whether these information 

collections are necessary for the proper 

performance of the function of the 

agency, whether the burden estimates 

are accurate, and if there are ways to 

minimize the estimated burden and 

enhance the quality of the collections, to 

Sandra Johnston, Program Analyst, 

Office of Financial Assistance, Small 

Business Administration, 409 3rd Street, 

8th Floor, Washington, DC 20416. 

FOR FURTHER INFORMATION CONTACT: 

Sandra Johnston, Program Analyst, 

mailto:202–205– 

7507%20%20gail.hepler@sba.gov 202– 

205–7528 sandra.johnston@sba.gov 

Curtis B. Rich, Management Analyst, 

202–205–7030 curtis.rich@sba.gov 

SUPPLEMENTARY INFORMATION: The 

information collected through these 

Small Business Administration (SBA) 

forms is used to receive essential 

information from the small business 

applicant and the participating lender to 

determine eligibility and to properly 

evaluate and consider the merits of each 

loan request based on such criteria as 

character, capacity, credit, collateral, 

etc. for the purpose of extending credit 

under the 7(a) program. 

Title: ‘‘Applications for Business 

Loans’’. 

Description of Respondents: 

Applicants applying for a SBA Loan. 

Form Number: 4, 4–I, 4SchA. 

Annual Responses: 32,130. 

Annual Burden: 214,965. 

SUPPLEMENTARY INFORMATION: Small 

Business Administration (SBA) Form 

159 is used by 7(a) lenders, Certified 

Development companies, and applicants 

for 7(a), 504 loans and SBA disaster 

loans. The information collected is used 

by SBA to establish that there is no 

appearance of unlawful or unethical 

activity by agents, loan packagers, and 

others who receive compensation in 

exchange for representing the applicants 

for an SBA business or disaster loan.; 

Title: ‘‘Compensation Agreement’’. 

Description of Respondents: 7(a) 

Participants. 

Form Number: 159(7A), 159(504), 

159D. 

Annual Responses: 9,395. 

Annual Burden: 1,401. 

ADDRESSES: Send all comments 

regarding whether this information 

collection is necessary for the proper 

performance of the function of the 

agency, whether the burden estimates 

are accurate, and if there are ways to 

minimize the estimated burden and 

enhance the quality of the collection, to 

Carol Fendler, Director, License & 

Program, Office of Investment, Small 

Business Administration, 409 3rd Street, 

6th Floor, Washington, DC 20416. 

FOR FURTHER INFORMATION CONTACT: 

Carol Fendler, License & Program, 

mailto:202–205– 

7507%20%20gail.hepler@sba.gov 202– 

205–7559 carol.fendler@sba.gov Curtis 

B. Rich, Management Analyst, 202–205– 

7030 curtis.rich@sba.gov 

SUPPLEMENTARY INFORMATION: Form 857 

is used by SBA examiners to obtain 


tkelley on DSK3SPTVN1PROD with NOTICES