9654 Federal Register / Vol. 74, No. 42 / Thursday, March 5, 2009 / Notices 

17 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78s(b)(3)(A)(i). 

3 17 CFR 240.19b–4(f)(1). 

4The Commission has modified the text of the 

summaries prepared by OCC. 

5Securities Exchange Act Release No. 55258 

(February 8, 2007), 72 FR 7701 (February 16, 2007). 

6Securities Exchange Act Release No. 58586 

(September 18, 2008), 73 FR 55582 (September 25, 

2008). 

7The New Methodology took effect beginning 

with dividends announced on and after February 1, 

2009, other than for certain grandfathered options. 

8The proposed rule change, including Exhibit 5, 

can be found on OCC’s Web site at http:// 

www.theocc.com/publications/rules/ 

proposed_changes/sr_occ_09_01.pdf. 

9 15 U.S.C. 78q–1. 

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 such 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 publicly available. All 

submissions should refer to File 

Number SR–NYSEALTR–2009–16 and 

should be submitted on or before March 

25, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4678 Filed 3–4–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59442; File No. SR–OCC– 

2009–01] 

Self-Regulatory Organizations; The 

Options Clearing Corporation; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change Relating to 

Amended Interpretative Guidance on 

the New Methodology for Adjusting 

Option Contracts for Cash Dividends 

and Distributions 

February 24, 2009. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

January 6, 2009, The Options Clearing 

Corporation (‘‘OCC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change described in Items I, II, and III 

below, which items have been prepared 

primarily by OCC. OCC filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A)(i) of the Act 2 and 

Rule 19b–4(f)(1) thereunder 3 so that the 

proposal was effective upon filing with 

the Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change would 

amend previously adopted 

interpretative guidance regarding the 

administration and application of the 

new adjustment method for cash 

dividends and distributions (‘‘New 

Methodology’’). 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

OCC 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. OCC has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.4

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

Background 

In File No. SR–OCC–2008–10, OCC 

adopted interpretative guidance 

developed by the OCC’s Securities 

Committee regarding the New 

Methodology.5 In File No. SR–OCC– 

2008–16, OCC proposed a minor 

modification to the New Methodology, 

which was approved by the Commission 

on September 18, 2008.6 The purpose of 

this rule change is to amend the 

interpretative guidance to address the 

approved modification to the New 

Methodology. 

Amendment to Interpretative Guidance 

Under the New Methodology, cash 

dividends paid by a company other than 

pursuant to a policy or practice of 

paying dividends on a quarterly or other 

regular basis would be deemed 

‘‘special’’ and would ordinarily trigger a 

contract adjustment provided the value 

of the adjustment is at least $12.50 per 

option contract.7 However, certain 

inconsistencies may result when the 

threshold of $12.50 per option contract 

is applied to all options on the affected 

underlying security. For example, if a 

$.10 special cash dividend is declared, 

the standard-size 100 share option 

would not be adjusted (because the 

value is less than $12.50). However, a 

previously adjusted 150 share option 

(reflecting a 3 for 2 split) would be 

adjusted (because the value is $15 per 

contract). Adjusting some but not all 

options of the same class in response to 

the same dividend event, especially if 

the 100 share option is not adjusted, 

could be confusing to investors, OCC’s 

Securities Committee (consisting of 

representatives of each of the options 

exchanges and OCC) determined that 

this potential confusion should be 

avoided. 

OCC’s Securities Committee believed 

that greater consistency across contracts 

of varying sizes could be achieved by 

retaining the $12.50 per contract 

threshold in all cases but subjects the 

threshold amount to a qualification 

providing that if a corresponding 

standard-size contract exists on the 

underlying security, previously adjusted 

contracts will be adjusted only if the 

corresponding standard-size contract is 

also adjusted. This qualification was the 

subject of File No. SR–OCC–2008–16. 

Implementation of the qualification will 

take effect at the same time the New 

Methodology is effective. 

OCC’s previously adopted 

interpretative guidance regarding the 

New Methodology has been amended to 

address the application of the qualified 

$12.50 per contract threshold, including 

examples of how the threshold will 

work in practice. The amended 

interpretative guidance is attached to 

the proposed rule change as Exhibit 5, 

and will be posted on OCC’s public Web 

site, made available in an information 

memorandum accessible to clearing 

members, or otherwise made available 

in hard copy form on request.8

The proposed rule change is 

consistent with the requirements of 

Section 17A of the Act 9 and the rules 

and regulations thereunder applicable to 

OCC because it provides market 

participants with interpretative 

guidance on the application of the New 

Methodology which will be applied to 

adjustments for cash dividends and 


jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 74, No. 42 / Thursday, March 5, 2009 / Notices 9655 

10 15 U.S.C. 78s(b)(3)(A)(i). 

11 17 CFR 240.19b–4(f)(1). 12 17 CFR 200.30–3(a)(12). 

distributions. The proposed rule change 

is not inconsistent with the existing 

rules of OCC, including any other rules 

proposed to be amended. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

OCC does not believe that the 

proposed rule change would impose any 

burden on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were not and are 

not intended to be solicited with respect 

to the proposed rule change, and none 

have been received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective upon filing pursuant to Section 

19(b)(3)(A)(i) of the Act 10 and Rule 19b– 

4(f)(1) 11 thereunder because the 

proposal constitutes an interpretation 

with respect to the meaning, 

administration, or enforcement of an 

existing rule of OCC. At any time within 

sixty days of the filing of such 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–OCC–2009–01 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–OCC–2009–01. 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. 

The text of the proposed rule change is 

available at OCC, the Commission’s 

Public Reference Room, and http:// 

www.theocc.com/publications/rules/ 

proposed_changes/sr_occ_09_01.pdf. 

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–OCC–2009–01 and should 

be submitted on or before March 26, 

2009. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–4679 Filed 3–4–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Government/Industry Aeronautical 

Charting Forum Meeting 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of public meeting. 

SUMMARY: This notice announces the biannual meeting of the Federal Aviation 

Administration (FAA) Aeronautical 

Charting Forum (ACF) to discuss 

informational content and design of 

aeronautical charts and related 

products, as well as instrument flight 

procedures development policy and 

design criteria. 

DATES: The ACIF is separated into two 

distinct groups. The Instrument 

Procedures Group (IPG) will meet April 

28, 2009 from 8:30 a.m. to 5 p.m. The 

Charting Group will meet April 29 and 

30, 2009 from 8:30 a.m. to 5 p.m. 

ADDRESSES: The meeting will be hosted 

by the National Geospatial-Intelligence 

Agency (NGA) and held at the U.S. 

Geological Survey, 12201 Sunrise Valley 

Drive, Reston, VA 20192. 

FOR FURTHER INFORMATION CONTACT: For 

information relating to the Instrument 

Procedures Group, contact Thomas E. 

Schneider, FAA, Flight Procedures 

Standards Branch, AFS–420, 6500 

South MacArthur Blvd., P.O. Box 25082, 

Oklahoma City, OK 73125; telephone 

(405) 954–5852; fax: (405) 954–2528. 

For information relating to the 

Charting Group, contact John A. Moore, 

FAA, National Aeronautical Charting 

Office, Requirements and Technology 

Team, AJW–3521, 1305 East-West 

Highway, SSMC4–Station 5544, Silver 

Spring, MD 20910; telephone: (301) 

713–2631, fax: (301) 713–1960. 

SUPPLEMENTARY INFORMATION: Pursuant 

to § 10(a)(2) of the Federal Advisory 

Committee Act (Pub. L. 92–463; 5 U.S.C. 

App. II), notice is hereby given of a 

meeting of the FAA Aeronautical 

Charting Forum to be held from April 28 

through April 30, from 8:30 a.m. to 5 

p.m. at the National GeospatialIntelligence Agency (NGA) and held at 

the U.S. Geological Survey, 12201 

Sunrise Valley Drive, Reston, VA 20192. 

The Instrument Procedures Group 

agenda will include briefings and 

discussions on recommendations 

regarding pilot procedures for 

instrument flight, as well as criteria, 

design, and developmental policy for 

instrument approach and departure 

procedures. 

The Charting Group agenda will 

include briefings and discussions on 

recommendations regarding 

aeronautical charting specifications, 

flight information products, as well as 

new aeronautical charting and air traffic 

control initiatives. 

Attendance is open to the interested 

public, but will be limited to the space 

available. 

The public must make arrangements 

by April 10, 2009, to present oral 

statements at the meeting. The public 

may present written statements and/or 

new agenda items to the committee by 

providing a copy to the person listed in 

the FOR FURTHER INFORMATION CONTACT

section by April 10, 2009. Public 

statements will only be considered if 

time permits. 


jlentini on PROD1PC65 with NOTICES