10972 Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices 

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

2 17 CFR 19b–4. 

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

4 17 CFR 19b–4(f)(2). 

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

6 15 U.S.C. 78f(b)(4). 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(2). 

Additional Information or Comments: 

To request more information or to 

obtain a copy of the information 

collection justification, forms, and/or 

supporting material, please call the RRB 

Clearance Officer at (312) 751–3363 or 

send an e-mail request to 

Charles.Mierzwa@RRB.GOV. Comments 

regarding the information collection 

should be addressed to Ronald J. 

Hodapp, Railroad Retirement Board, 844 

North Rush Street, Chicago, Illinois 

60611–2092 or send an e-mail to 

Ronald.Hodapp@RRB.GOV. Written 

comments should be received within 60 

days of this notice. 

Charles Mierzwa, 

Clearance Officer. 

[FR Doc. E9–5490 Filed 3–12–09; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59524; File No. SR–CBOE– 

2009–012] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated: Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Extension of 

the Dividend, Merger and Short Stock 

Interest Strategies Fee Cap Pilot 

Program Until March 1, 2010 

March 6, 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 February 

26, 2009, 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 CBOE. The Exchange filed the 

proposal pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(2) 

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 

Chicago Board Options Exchange, 

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

proposes to amend its Fees Schedule to 

extend until March 1, 2010, the 

dividend, merger and short stock 

interest strategies fee cap program. 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. 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, Proposed Rule 

Change 

(a) Purpose 

The Exchange currently caps marketmaker, firm, and broker-dealer 

transaction fees associated with 

dividend, merger and short stock 

interest strategies, as described in 

Footnote 13 of the CBOE Fees Schedule 

(‘‘Strategy Fee Cap’’). The Strategy Fee 

Cap is in effect as a pilot program that 

is due to expire on March 1, 2009. 

The Exchange proposes to extend the 

Strategy Fee Cap pilot program until 

March 1, 2010. No other changes are 

proposed. The Exchange believes that 

extension of the Strategy Fee Cap pilot 

program would enable the Exchange to 

remain competitive for these types of 

strategies by keeping fees low. 

(b) Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with Section 

6(b) of the Securities Exchange Act of 

1934 (‘‘Act’’),5 in general, and furthers 

the objectives of Section 6(b)(4) 6 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. The 

Exchange believes the proposed 

extension of the Strategy Fee Cap pilot 

program would continue to benefit 

market participants who trade these 

strategies by lowering their fees. 

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 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 7 and subparagraph (f)(2) of 

Rule 19b–4 8 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–2009–012 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. 

All submissions should refer to File 

Number SR–CBOE–2009–012. 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/ 


sroberts on PROD1PC70 with NOTICES
Federal Register / Vol. 74, No. 48 / Friday, March 13, 2009 / Notices 10973 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Amendment No. 1 to SR–FINRA–2008–024 

replaced and superseded the original rule filing. 

4See Exchange Act Release No. 41833 (Sept. 2, 

1999), 64 FR 49256 (Sept. 10, 1999). 

5On July 26, 2007, the Commission approved a 

proposed rule change filed by NASD to amend 

NASD’s Certificate of Incorporation to reflect its 

name change to FINRA in connection with the 

consolidation of the member firm regulatory 

functions of NASD and NYSE Regulation, Inc. See 

Securities Exchange Act Release No. 56146 (July 26, 

2007). 

6Exchange Act Release No. 55158 (Jan. 24, 2007), 

72 FR 4574 (Jan. 31, 2007) (File No. SR–NASD– 

2003–158). 

7See Rule 12506. 

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. 

Copies of such filing also will be 

available for inspection and copying at 

the principal office of CBOE. 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–2009–012 and 

should be submitted on or before April 

3, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–5387 Filed 3–12–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59534; File No. SR–FINRA– 

2008–024] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing of 

Proposed Rule Change and 

Amendment No. 1 Thereto Relating to 

Amendments to the Discovery Guide 

To Update the Document Production 

Lists 

March 6, 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 June 11, 

2008, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) (f/k/a 

National Association of Securities 

Dealers, Inc. (‘‘NASD’’)) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) and amended 

by Amendment No. 1 on January 21, 

2009,3 the proposed rule change as 

described in Items I, II, and III below, 

which Items substantially have been 

prepared by FINRA. 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 

FINRA proposes to amend the 

Discovery Guide to update the 

Document Production Lists. The text of 

the proposed rule change is available at 

FINRA, at its Web site (http:// 

www.finra.org), 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, 

FINRA 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. FINRA 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 proposed rule change adds 

clarifying and conforming language to 

the introduction in the Discovery Guide 

and updates the Document Production 

Lists. The text of the proposed rule 

change is contained in Exhibit 5 and is 

available on the FINRA Web site at 

www.finra.org. 

Background 

In January 1996, the Arbitration 

Policy Task Force chaired by former 

SEC chairman David Ruder issued a 

document entitled, ‘‘Securities 

Arbitration Reform: Report of the 

Arbitration Policy Task Force to the 

Board of Governors of NASD’’ (the 

‘‘Report’’). The Report made a number 

of broad recommendations to the Board 

of Governors to improve the securities 

arbitration process. One of the 

recommendations states that: 

‘‘Automatic production of essential 

documents should be required for all 

parties, and arbitrators should play a 

much greater role in directing discovery 

and resolving discovery disputes.’’ After 

the work of the Task Force was 

completed, several groups were formed 

to work on discovery issues in response 

to this recommendation. Each group 

was composed of persons offering 

diverse perspectives, including counsel 

for investors and industry parties, and 

all made a substantial contribution to 

the process. The outcome of this process 

was the Discovery Guide, which the 

SEC approved after a public comment 

period,4 and was made available for use 

in arbitration proceedings involving 

customer disputes upon the publication 

of NASD Notice to Members (‘‘NTM’’) 

99–90 (November 1999). 

In March 2004, after more than four 

years of use, FINRA 5 determined to 

review the Discovery Guide and 

consider whether it should be updated. 

This review was undertaken by FINRA’s 

National Arbitration and Mediation 

Committee (‘‘NAMC’’), a majority public 

committee of the FINRA Board made up 

of attorneys who represent investors, 

attorneys who represent brokerage 

firms, arbitrators, and mediators. In 

addition, FINRA staff met with frequent 

users of the arbitration forum 

representing both the public and the 

industry to listen to concerns regarding 

the Discovery Guide’s document 

production lists, proposals for changes, 

and reactions to other constituents’ 

proposals. Many of the provisions of the 

Discovery Guide were incorporated into 

a major revision of the portion of the 

Code of Arbitration Procedure for 

Customer Disputes (‘‘Customer Code’’), 

which was submitted to the SEC in 2003 

and approved by the SEC in 2007.6 The 

remaining provisions in the Discovery 

Guide consist primarily of lists of 

documents that are presumptively 

discoverable (‘‘Document Production 

Lists’’).7

Summary of Significant Changes 

The proposed rule change adds 

clarifying and conforming language to 

the introduction in the Discovery Guide 

and updates the Document Production 

Lists. 

In the introductory language, FINRA 

proposes to add, ‘‘Where additional 


sroberts on PROD1PC70 with NOTICES