Federal Register / Vol. 77, No. 52 / Friday, March 16, 2012 / Notices 15833 

36 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder (formerly 

Rule 11Aa3–2). See Securities Exchange Act 

Release No. 17638 (March 18, 1981), 22 SE.C. 

Docket 484 (March 31, 1981). The full text of the 

OPRA Plan is available at http:// 

www.opradata.com. 

The OPRA Plan provides for the collection and 

dissemination of last sale and quotation information 

on options that are traded on the participant 

exchanges. The nine participants to the OPRA Plan 

are BATS Exchange, Inc., Chicago Board Options 

Exchange, Incorporated, C2 Options Exchange, 

Incorporated, International Securities Exchange, 

LLC, NASDAQ OMX BX, Inc., NASDAQ OMX 

PHLX, Inc., NASDAQ Stock Market LLC, NYSE 

Amex, Inc., and NYSE Arca, Inc. 

4OPRA defines a ‘‘Subscriber,’’ in general, as an 

entity or person that receives OPRA data but does 

not redistribute it to third parties, and defines a 

‘‘Nonprofessional Subscriber’’ as a Subscriber who 

is a ‘‘Nonprofessional.’’ OPRA’s definition of the 

term ‘‘Nonprofessional’’ is stated in its forms of 

‘‘Electronic Subscriber Agreement’’ and ‘‘Hardcopy 

Subscriber Agreement.’’ These forms are available 

on OPRA’s Web site, www.opradata.com. 

5OPRA’s Fee Schedule provides that a Vendor 

may determine the fee that it pays with respect to 

its distribution of current OPRA data to a 

Nonprofessional Subscriber in one of two ways: 

either the Vendor may pay OPRA’s flat monthly 

Nonprofessional Subscriber Fee (currently $1.00/ 

month, proposed in this filing to be increased to 

$1.25/month), or the Vendor may count the 

Nonprofessional Subscriber’s queries for OPRA data 

and pay Usage-based Vendor Fees based on the 

actual usage of OPRA data by the Nonprofessional 

Subscriber, subject to a cap that OPRA has always 

set at the amount of the Nonprofessional Subscriber 

Fee. Many Vendors prefer to pay the flat 

Nonprofessional Subscriber Fee, even though their 

aggregate fees on the basis of Usage-based Vendor 

Continued 

Implementation 

The commenter requested that the 

effective date of the November 2011 

Filing be no earlier than August 1, 2012, 

to allow members to make necessary 

changes to internal systems, policies 

and procedures. FINRA intends to take 

into account the operational challenges 

associated with the proposal in 

establishing the effective date of this 

proposed rule change and will work 

with members to minimize the 

operational burdens of implementation. 

FINRA also has amended the stated 

implementation period to provide that 

FINRA will announce the effective date 

of the proposed rule change in a 

Regulatory Notice to be published no 

later than 60 days following 

Commission approval. The effective 

date will be no earlier than August 1, 

2012 and no later than 180 days 

following publication of the Regulatory 

Notice announcing Commission 

approval. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–FINRA–2012–020 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–FINRA–2012–020. 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 

FINRA. 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–FINRA–2012–020 and 

should be submitted on or before April 

6, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6444 Filed 3–15–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66564; File No. SR–OPRA– 

2012–02] 

Options Price Reporting Authority; 

Notice of Filing and Immediate 

Effectiveness of Proposed Amendment 

to the Plan for Reporting of 

Consolidated Options Last Sale 

Reports and Quotation Information To 

Amend OPRA’s Fee Schedule 

March 9, 2012. 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on March 8, 

2012, the Options Price Reporting 

Authority (‘‘OPRA’’) submitted to the 

Securities and Exchange Commission 

(‘‘Commission’’) an amendment to the 

Plan for Reporting of Consolidated 

Options Last Sale Reports and 

Quotation Information (‘‘OPRA Plan’’).3

The proposed amendment would revise 

OPRA’s Nonprofessional Subscriber Fee 

and Usage-based Vendor Fee and adopt 

a new Enterprise Rate Nonprofessional 

Subscriber Fee. The Commission is 

publishing this notice to solicit 

comments from interested persons on 

the proposed OPRA Plan amendment. 

I. Description and Purpose of the Plan 

Amendment 

The purpose of the amendment is to 

make a set of changes in OPRA’s Fee 

Schedule as follows: OPRA’s 

Nonprofessional Subscriber Fee would 

be increased from $1.00 per 

Nonprofessional Subscriber 4 per month 

to $1.25 per Nonprofessional Subscriber 

per month. The cap on OPRA’s Usagebased Vendor Fees for receipt of OPRA 

data by Nonprofessional Subscribers 

would be increased commensurately to 

$1.25 per Nonprofessional Subscriber 

per month.5 OPRA would also establish 

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15834 Federal Register / Vol. 77, No. 52 / Friday, March 16, 2012 / Notices 

Fees might be lower and could not be greater, due 

to the administrative simplicity of doing so and the 

fact that the cost on a per Subscriber basis of doing 

so is very small. 

6See File No. SR–OPRA–99–02; Release No. 34– 

42152 (November 17, 1999). In File No. SR–OPRA– 

99–02, OPRA reduced the Nonprofessional 

Subscriber Fee from $2.50 per Nonprofessional 

Subscriber to the current $1.00 per Nonprofessional 

Subscriber. 

7 In the year 2000, OPRA had a sliding scale for 

its Professional Subscriber Fees, with different rates 

based on whether a Professional Subscriber was a 

Member of one or more of the Exchanges that were 

parties to the OPRA Plan and on the Professional 

Subscriber’s number of devices; OPRA’s 

Professional Subscriber Fees ranged from $10.50/ 

device for an Exchange Member with 750 or more 

devices to $27.00/device for a non-Member with 

nine or fewer devices. Over the course of several 

years, OPRA made incremental changes in its 

Professional Subscriber Fees to eliminate all 

distinctions in these fees based on a Professional 

Subscriber’s status as a member or nonmember of 

an exchange that is a party to the OPRA Plan or on 

the Subscriber’s total number of OPRA-enabled 

devices. See File No. SR–OPRA–2004–01; Release 

No. 34–49382 (February 25, 2004). 

8This projection is approximate for several 

reasons, among them that the fee increase may 

cause some Vendors to review their lists of 

Nonprofessional Subscribers for inactive accounts 

and may cause some Vendors to begin paying 

Usage-based Vendor fees rather than 

Nonprofessional Subscriber Fees. 

9 17 CFR 242.608(b)(3)(i). 

10 17 CFR 242.608(b)(2). 11 17 CFR 200.30–3(a)(29). 

a new monthly ‘‘Enterprise Rate 

Nonprofessional Subscriber Fee’’ that 

would cap each Vendor’s combined 

obligation for Nonprofessional 

Subscriber Fees and Usage-based 

Vendor Fees for Nonprofessional 

Subscribers at $375,000 per month. 

OPRA’s Nonprofessional Subscriber 

Fee and Usage-based Vendor Fees were 

established at their current levels 

effective on January 1, 2000.6 OPRA has 

not increased these fees since then in 

large part because of the simplicity of 

having the Nonprofessional Subscriber 

Fee and the cap on Usage-based Vendor 

Fees for receipt of OPRA data by a 

Nonprofessional Subscriber each set at 

$1.00. However, the effect over a period 

of twelve years has been to increase the 

ratio of OPRA’s Professional Device Fee 

as compared to the Nonprofessional 

Subscriber Fee. (For the year 2000, 

OPRA’s weighted average Professional 

Device Fee was approximately $12.55 

per device; it is now $25.00/device.7) 

OPRA believes that increasing its 

Nonprofessional Subscriber Fee will 

restore an appropriate balance between 

its revenues derived from Professional 

Subscriber Device-based Fees on the one 

hand and Nonprofessional Subscriber 

Fees and Usage-based Vendor Fees for 

Nonprofessional Subscribers on the 

other hand. 

In response to input from the Vendor 

community, OPRA is proposing to 

introduce an ‘‘Enterprise Rate 

Nonprofessional Subscriber Fee.’’ The 

Enterprise Rate Nonprofessional 

Subscriber Fee would limit the 

maximum aggregate amount of 

Nonprofessional Subscriber Fees and 

Usage-based Vendor Fees with respect 

to Nonprofessional Subscribers that any 

Vendor would be required to pay with 

respect to its Nonprofessional 

Subscribers. The proposed Enterprise 

Rate Nonprofessional Subscriber Fee is 

$375,000 per month. 

OPRA anticipates that these proposed 

changes in its fees will result in an 

increase in its revenues of 

approximately $1,700,000 on an annual 

basis at current usage rates.8 OPRA 

believes that this increase will restore 

the relationship of its fees for 

Nonprofessional Subscribers to its fees 

for Professional Subscribers and 

represent an appropriate contribution to 

covering the overall costs of OPRA and 

its member exchanges to which these 

fees may properly be applied. 

The text of the proposed amendment 

to the OPRA Plan is available at OPRA, 

the Commission’s Public Reference 

Room, http://opradata.com, and on the 

Commission’s Web site at www.sec.gov. 

II. Implementation of the OPRA Plan 

Amendment 

OPRA designated this amendment as 

qualified to be put into effect upon 

filing with the Commission in 

accordance with clause (i) of paragraph 

(b)(3) of Rule 608 under the Act.9 OPRA 

intends to implement the amendment 

on May 1, 2012. 

The Commission may summarily 

abrogate the amendment within sixty 

days of its filing and require refiling and 

approval of the amendment by 

Commission order pursuant to Rule 

608(b)(2) under the Act 10 if it appears 

to the Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or the maintenance of fair and orderly 

markets, to remove impediments to, and 

perfect the mechanisms of, a national 

market system, or otherwise in 

furtherance of the purposes of the Act. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed OPRA 

Plan amendment 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 

No. SR–OPRA–2012–02 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–OPRA–2012–02. 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 plan 

amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed plan amendment 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 such filing 

also will be available for inspection and 

copying at the principal office of OPRA. 

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–OPRA–2012–02 and should 

be submitted on or before April 6, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–6388 Filed 3–15–12; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Notice Seeking Exemption Under 

Section 312 of the Small Business 

Investment Act, Conflicts of Interest 

Notice is hereby given that 

LongueVue Capital Partners II, L.P. 

(‘‘Applicant’’), 111 Veterans Blvd., Suite 

mstockstill on DSK4VPTVN1PROD with NOTICES