1734 Federal Register / Vol. 74, No. 8 / Tuesday, January 13, 2009 / Notices 

5 If the fund has been in operation fewer than six 

months, the measured period will begin 

immediately following the fund’s first public 

offering. 

6 If the fund has been in operation fewer than five 

years, the measured period will begin immediately 

following the fund’s first public offering. 

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

2 17 CFR 240.19b–4. 

as may be reasonably necessary to make 

an informed determination of whether 

the Plan should be continued or 

continued after amendment; 

(b) will determine whether 

continuation, or continuation after 

amendment, of the Plan is consistent 

with the fund’s investment objective(s) 

and policies and in the best interests of 

the fund and its shareholders, after 

considering the information in 

condition V.B.1.a above; including, 

without limitation: 

(1) Whether the Plan is accomplishing 

its purpose(s); 

(2) the reasonably foreseeable effects 

of the Plan on the fund’s long-term total 

return in relation to the market price 

and NAV of the fund’s common shares; 

and 

(3) the fund’s current distribution 

rate, as described in condition V.B 

above, compared to with the fund’s 

average annual total return over the 2- 

year period, as described in condition 

V.B, or such longer period as the board 

deems appropriate; and 

(c) based upon that determination, 

will approve or disapprove the 

continuation, or continuation after 

amendment, of the Plan; and 

2. The Board will record the 

information considered by it and the 

basis for its approval or disapproval of 

the continuation, or continuation after 

amendment, of the Plan in its meeting 

minutes, which must be made and 

preserved for a period of not less than 

six years from the date of such meeting, 

the first two years in an easily accessible 

place. 

VI. Public Offerings 

The fund will not make a public 

offering of the fund’s common shares 

other than: 

A. a rights offering below NAV to 

holders of the fund’s common stock; 

B. an offering in connection with a 

dividend reinvestment plan, merger, 

consolidation, acquisition, spin-off or 

reorganization of the fund; or 

C. an offering other than an offering 

described in conditions VI.A and VI.B 

above, unless, with respect to such other 

offering: 

1. the fund’s average annual 

distribution rate for the six months 

ending on the last day of the month 

ended immediately prior to the most 

recent distribution declaration date,5

expressed as a percentage of NAV per 

share as of such date, is no more than 

1 percentage point greater than the 

fund’s average annual total return for 

the 5-year period ending on such date; 6

and 

2. the transmittal letter accompanying 

any registration statement filed with the 

Commission in connection with such 

offering discloses that the fund has 

received an order under section 19(b) to 

permit it to make periodic distributions 

of long-term capital gains with respect 

to its common stock as frequently as 

twelve times each year, and as 

frequently as distributions are specified 

in accordance with the terms of any 

outstanding preferred stock that such 

fund may issue. 

VII. Amendments to Rule 19b–1 

The requested relief will expire on the 

effective date of any amendment to rule 

19b–1 that provides relief permitting 

certain closed-end investment 

companies to make periodic 

distributions of long-term capital gains 

with respect to their outstanding 

common stock as frequently as twelve 

times each year. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–416 Filed 1–12–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Pub. L. 94–409, that the 

Securities and Exchange Commission 

will hold a Closed Meeting on 

Thursday, January 15, 2009 at 2 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matters at the Closed 

Meeting. 

Commissioner Casey, as duty officer, 

voted to consider the items listed for the 

Closed Meeting in closed session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, 

January 15, 2009 will be: 

formal orders of investigation; 

institution and settlement of injunctive 

actions; 

institution and settlement of 

administrative proceedings of an 

enforcement nature; and 

other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact: The Office of the Secretary at 

(202) 551–5400. 

Dated: January 8, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–462 Filed 1–12–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59211; File No. SR–BSE– 

2008–56] 

Self-Regulatory Organizations; Boston 

Stock Exchange, Inc.; Notice of Filing 

of Proposed Rule Change Relating to 

BOX Rules Governing Doing Business 

With the Public 

January 7, 2009. 

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 December 

9, 2008, the Boston Stock Exchange, Inc. 

(‘‘BSE’’ or ‘‘Exchange’’) 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 

substantially prepared by the selfregulatory organization. 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 

Chapter XI of the Boston Options 

Exchange (‘‘BOX’’) Rules by replacing 

the term ‘‘Registered Options and 

Security Futures Principal’’ (‘‘ROSFP’’) 

with ‘‘Registered Options Principal’’ 

(‘‘ROP’’), to modify the confirmation 

disclosure requirements to remain 

Federal Register / Vol. 74, No. 8 / Tuesday, January 13, 2009 / Notices 1735 

3See Securities Exchange Act Release No. 58932 

(November 12, 2008), 73 FR 69696 (November 19, 

2008) (SR–FINRA–2008–032) (changing the term 

‘‘Registered Options and Security Futures 

Principal’’ to ‘‘Registered Options Principal’’). See 

also Securities Exchange Act Release No. 58129 

(July 9, 2008), 73 FR 40895 (SR–ISE–2008–21); 

Securities Exchange Act Release No. 57738 (April 

29, 2008), 73 FR 25805 (May 7, 2008) (SR–AMEX– 

2007–129); and Securities Exchange Act Release 

No. 56971 (December 14, 2007), 72 FR 72804 

(December 21, 2007) (SR–CBOE–2007–106) 

(approving elimination of the positions and titles of 

Senior Registered Options Principal and 

Compliance Registered Options Principal). 

4See Securities Exchange Act Release No. 58980 

(November 19, 2008), 73 FR 72091 (November 26, 

2008) (SR–CBOE–2008–61). See also Securities 

Exchange Act Release No. 58932 (November 12, 

2008), 73 FR 69696 (November 19, 2008) (SR– 

FINRA–2008–032) (approving change clarifying 

confirmation disclosure requirements). 

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

6 15 U.S.C. 78(f)(b)(5). 

consistent with other exchanges, and to 

eliminate a definition made obsolete by 

an earlier rule change. The text of the 

proposed rule change is available at the 

principal office of the Exchange, the 

Commission’s Public Reference Room, 

and http://nasdaqtrader.com/

Trader.aspx?id=Boston_

Stock_Exchange. 

II. Self-Regulatory Organization’s 

Statement of 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 these statements may be examined in 

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 Exchange proposes to amend 

Chapter XI of the Boston Options 

Exchange (‘‘BOX’’) Rules by replacing 

the term ‘‘Registered Options and 

Security Futures Principal’’ (‘‘ROSFP’’) 

with ‘‘Registered Options Principal’’ 

(‘‘ROP’’). Although ROP was recently 

changed to ROSFP in the BOX Rules, 

the Exchange believes that the change 

from ROP to ROSFP may have created 

confusion among BOX participants, and 

that reverting to ROP will alleviate this 

confusion. Furthermore, the Exchange 

believes that reverting to ROP will 

provide consistency with the rules of 

other options exchanges, most of which 

use ROP rather than ROSFP.3 The 

Exchange notes that the reversion to 

ROP does not affect the qualifications 

required to transact options business 

with the public. 

The Exchange also proposes 

amending Chapter XI, Section 13 of the 

BOX Rules to clarify that an options 

confirmation need not disclose the 

exchange or exchanges on which an 

options transaction is executed. The 

rule will continue to require that written 

confirmations contain a description of 

each transaction in the options contract, 

the underlying security, the type of 

option, the option expiration month, 

exercise price, number of option 

contracts, premium, commissions, date 

of transaction and settlement date, and 

shall indicate whether the transaction is 

a purchase or sale and whether a 

principal or agency transaction. The 

confirmation shall also distinguish by 

appropriate symbols between Exchange 

transactions and other transactions in 

options contracts. This change will 

maintain consistency with other 

exchanges which have recently filed 

similar rule proposals.4

Lastly, the Exchange proposes 

elimination of the definition of ‘‘closing 

purchase transaction’’ as defined in 

Chapter I, Section 1 of the BOX Rules. 

The term ‘‘closing purchase transaction’’ 

does not appear in any other provision 

of the BOX Rules. Therefore, the 

definition is unnecessary. 

2. Statutory Basis 

The Exchange believes that the 

proposed change is consistent with the 

requirements of Section 6(b) of the Act,5

in general, and Section 6(b)(5) of the 

Act,6 in particular, in that it will 

promote just and equitable principles of 

trade, facilitate transactions in 

securities, remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and protect investors and the 

public interest. Specifically, the 

Exchange believes that the proposed 

rule change will further the purposes of 

the Act by clarifying the use of certain 

terms consistent with their use by other 

self-regulatory organizations, and by 

clarifying the Exchange’s options 

confirmation procedure rules. 

B. Self-Regulatory Organization’s 

Statement of Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition 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 neither solicited 

nor received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 35 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 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.stml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–BSE–2008–56 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–BSE–2008–56. The 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 

1736 Federal Register / Vol. 74, No. 8 / Tuesday, January 13, 2009 / Notices 

7 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78f(b). 

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

5 15 U.S.C. 78s(b)(3)(A). 

6 17 CFR 240.19b–4(f)(2). 

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, located at 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 filings 

also will be available for inspection and 

copying at the principal office of the 

BSE. 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–BSE–2008–56 and should 

be submitted on or before February 3, 

2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–439 Filed 1–12–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59209; File No. SR–CBOE– 

2008–132] 

Self-Regulatory Organizations; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change by Chicago 

Board Options Exchange, Incorporated 

Regarding Fees for the CBOE Stock 

Exchange 

January 7, 2009. 

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 December 

30, 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, II, and 

III below, which Items have been 

prepared by the CBOE. 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 

Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) 

proposes to amend its CBOE Stock 

Exchange (‘‘CBSX’’) Fees Schedule. 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, 

CBOE 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 

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 

The Exchange proposes to amend the 

CBSX Fees Schedule to adopt fees for 

transactions involving securities priced 

under $1. Specifically, for transactions 

of securities priced less than $1, the 

Exchange proposes a credit of 0.0020 

times the principal amount of the trade 

for liquidity providers (makers); a 

charge of 0.0029 times the principal 

amount of the trade for removing 

liquidity (takers); and a charge of 0.0029 

times the principal amount of the trade 

for an order routed to another exchange, 

except for an order routed as part of a 

Cross and Sweep Order, in which case 

the charge would be 0.0040 times the 

principal amount of the trade. The 

proposed changes will take effect on 

January 1, 2009. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),3 in general, and furthers the 

objectives of Section 6(b)(4) 4 of the Act 

in particular, in that it is designed to 

provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among CBOE members and other 

persons using its facilities. 

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 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 rule change 

establishes or changes a due, fee, or 

other charge imposed by the Exchange, 

it has become effective pursuant to 

Section 19(b)(3)(A) of the Act 5 and 

subparagraph (f)(2) of Rule 19b–4 6

thereunder. At any time within 60 days 

of the filing of the proposed rule change, 

the Commission may summarily 

abrogate 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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–CBOE–2008–132 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–2008–132. 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