2638 Federal Register / Vol. 74, No. 10 / Thursday, January 15, 2009 / Notices 

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

2See Securities Exchange Act Release No. 56458 

(September 18, 2007), 72 FR 54309 (September 24, 

2007) (SR-CBOE–2007–107) for a description of the 

Temporary Membership status under Rule 3.19.02. 

3See Securities Exchange Act Release No. 58178 

(July 17, 2008), 73 FR 42634 (July 22, 2008) (SR– 

CBOE–2008–40) for a description of the Interim 

Trading Permits under Rule 3.27. 

POSTAL SERVICE 

Board of Governors; Sunshine Act 

Meeting 

TIME AND DATE: 1 p.m., Thursday, 

January 22, 2009. 

PLACE: Washington, DC at U.S. Postal 

Service Headquarters, 475 L’Enfant 

Plaza, SW. 

STATUS: Closed. 

MATTERS TO BE CONSIDERED: 

Thursday, January 22 at 1:00 p.m. 

(Closed) 

1. Pricing. 

2. Financial Matters. 

3. Strategic Issues. 

CONTACT PERSON FOR MORE INFORMATION: 

Julie S. Moore, Secretary of the Board, 

U.S. Postal Service, 475 L’Enfant Plaza, 

SW., Washington, DC 20260–1000. 

Telephone (202) 268–4800. 

Julie S. Moore, 

Secretary. 

[FR Doc. E9–831 Filed 1–13–09; 11:15 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

CITATION OF PREVIOUS ANNOUNCEMENT: 

[To be Published] 

STATUS: Closed Meeting. 

PLACE: 100 F Street, NE., Washington, 

DC. 

DATE AND TIME OF PREVIOUSLY ANNOUNCED

MEETING: Thursday, January 15, 2009 at 

2 p.m. 

CHANGE IN THE MEETING: Time Change. 

The Closed Meeting scheduled for 

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

has been changed to Thursday, January 

15, 2009 at 1 p.m. 

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 12, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–867 Filed 1–14–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

The JPM Company, and Tidalwave 

Holdings, Inc.; Order of Suspension of 

Trading 

January 13, 2009. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of The JPM 

Company because it has not filed any 

periodic reports since the period ended 

June 30, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Tidalwave 

Holdings, Inc. because it has not filed 

any periodic reports since the period 

ended December 31, 2000. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of the above-listed 

companies. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed companies 

is suspended for the period from 9:30 

a.m. EST on January 13, 2009, through 

11:59 p.m. EST on January 27, 2009. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–904 Filed 1–13–09; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59213; File No. SR–CBOE– 

2008–134] 

Self-Regulatory Organizations; 

Chicago Board Options Exchange, 

Incorporated; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Temporary 

Membership Status and Interim 

Trading Permit Access Fees 

January 7, 2009. 

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

Securities Exchange Act of 1934 

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

December 31, 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 parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

CBOE proposes to adjust (i) the 

monthly access fee for persons granted 

temporary CBOE membership status 

(‘‘Temporary Members’’) pursuant to 

Interpretation and Policy .02 under 

CBOE Rule 3.19 (‘‘Rule 3.19.02’’) and 

(ii) the monthly access fee for Interim 

Trading Permit (‘‘ITP’’) holders under 

CBOE Rule 3.27. 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’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, 

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 current access fee for Temporary 

Members under Rule 3.19.02 2 and the 

current access fee for ITP holders under 

Rule 3.27 3 are both $9,500 per month. 

Both access fees are currently set at the 

indicative lease rate (as defined below) 

for December 2008. The Exchange 

proposes to adjust both access fees 

effective at the beginning of January 

2009 to be equal to the indicative lease 

rate for January 2009 (which is $10,175). 

Specifically, the Exchange proposes to 

revise both the Temporary Member 

access fee and the ITP access fee to be 

$10,175 per month commencing on 

January 1, 2009. 


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Federal Register / Vol. 74, No. 10 / Thursday, January 15, 2009 / Notices 2639 

4Rule 3.27(b) defines the clearing firm floating 

monthly rate as the floating monthly rate that a 

Clearing Member designates, in connection with 

transferable membership leases that the Clearing 

Member assisted in facilitating, for leases that 

utilize that monthly rate. 

5The concepts of an indicative lease rate and of 

a clearing firm floating month rate were previously 

utilized in the CBOE rule filings that set and 

adjusted the Temporary Member access fee. Both 

concepts are also codified in Rule 3.27(b) in relation 

to ITPs. 

6See Securities Exchange Act Release No. 57293 

(February 8, 2008), 73 FR 8729 (February 14, 2008) 

(SR–CBOE–2008–12), which established the 

original Temporary Member access fee, for detail 

regarding the rationale in support of the original 

Temporary Member access fee and the process used 

to set that fee, which is also applicable to this 

proposed change to the Temporary Member access 

fee as well. 

7See Securities Exchange Act Release No. 58200 

(July 21, 2008), 73 FR 43805 (July 28, 2008) (SR– 

CBOE–2008–77), which established the original ITP 

access fee, for detail regarding the rationale in 

support of the original ITP access fee and the 

process used to set that fee, which is also applicable 

to this proposed change to the ITP access fee as 

well. 

8 15 U.S.C. 78s(b)(3)(A)(ii). 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(2). 

The indicative lease rate is defined 

under Rule 3.27(b) as the highest 

clearing firm floating monthly rate 4 of 

the CBOE Clearing Members that assist 

in facilitating at least 10% of the CBOE 

transferable membership leases.5 The 

Exchange determined the indicative 

lease rate for January 2009 by polling 

each of these Clearing Members and 

obtaining the clearing firm floating 

monthly rate designated by each of 

these Clearing Members for that month. 

The Exchange used the same process 

to set the proposed Temporary Member 

and ITP access fees that it used to set 

the current Temporary Member and ITP 

access fees. The only difference is that 

the Exchange used clearing firm floating 

monthly rate information for the month 

of January 2009 to set the proposed 

access fees (instead of clearing firm 

floating monthly rate information for the 

month of December 2008 as was used to 

set the current access fees) in order to 

take into account changes in clearing 

firm floating monthly rates for the 

month of January 2009. 

The Exchange believes that the 

process used to set the proposed 

Temporary Member access fee and the 

proposed Temporary Member access fee 

itself are appropriate for the same 

reasons set forth in CBOE rule filing SR– 

CBOE–2008–12 with respect to the 

original Temporary Member access fee.6

Similarly, the Exchange believes that 

the process used to set the proposed ITP 

access fee and the proposed ITP access 

fee itself are appropriate for the same 

reasons set forth in CBOE rule filing SR– 

CBOE–2008–77 with respect to the 

original ITP access fee.7

Each of the proposed access fees will 

remain in effect until such time either 

that the Exchange submits a further rule 

filing pursuant to Section 19(b)(3)(A)(ii) 

of the Act 8 to modify the applicable 

access fee or the applicable status (i.e., 

the Temporary Membership status or 

the ITP status) is terminated. 

Accordingly, the Exchange may, and 

likely will, further adjust the proposed 

access fees in the future if the Exchange 

determines that it would be appropriate 

to do so taking into consideration lease 

rates for transferable CBOE 

memberships prevailing at that time. 

The procedural provisions of the 

CBOE Fee Schedule related to the 

assessment of each proposed access fee 

are not proposed to be changed and will 

remain the same as the current 

procedural provisions relating to the 

assessment of that access fee. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,9 in general, and 

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

of the Act,10 in particular, in that it is 

designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among 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 the 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 11 and 

subparagraph (f)(2) of Rule 19b–412

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–2008–134 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–2008–134. 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. 

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 available publicly. All 

submissions should refer to File No. 

SR–CBOE–2008–134 and should be 

submitted on or before February 5, 2009. 


jlentini on PROD1PC65 with NOTICES
2640 Federal Register / Vol. 74, No. 10 / Thursday, January 15, 2009 / Notices 

13 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Nasdaq’s continued listing requirements relating 

to bid price are set forth in Rules 4310(c)(4), 

4320(e)(2)(E)(ii), 4450(a)(5), 4450(b)(4), and 

4450(h)(3) and the related compliance periods are 

set forth in Rules 4310(c)(8)(D), 4320(e)(2)(E)(ii), 

and 4450(e)(2). Under these rules, a security is 

considered deficient if it fails to achieve at least a 

$1 closing bid price for a period of 30 consecutive 

business days. Once deficient, Capital Market 

issuers are provided one automatic 180-day period 

to regain compliance. Thereafter, these issuers can 

receive an additional 180-day compliance period if 

they comply with all Capital Market initial 

inclusion requirements except bid price. Global 

Market issuers are also provided one automatic 180- 

day period to regain compliance, after which they 

can transfer to the Capital Market, if they comply 

with all Capital Market initial inclusion 

requirements except bid price, to take advantage of 

the second 180-day compliance period. A company 

can regain compliance by achieving a $1 closing bid 

price for a minimum of ten consecutive business 

days. 5Nasdaq’s continued listing requirements relating 

to market value of publicly held shares are set forth 

in Rules 4310(c)(7), 4320(e)(5), 4450(a)(2), 

4450(b)(3) and 4450(h)(2) and the related 

compliance periods are set forth in Rules 

4310(c)(8)(B) and 4450(e)(1). Under these rules, a 

security is considered deficient if it fails to achieve 

the minimum market value of publicly held shares 

requirement for a period of 30 consecutive business 

days. Thereafter, companies have a compliance 

period of 90 calendar days to achieve compliance 

by meeting the applicable standard for a minimum 

of ten consecutive business days. 6Securities Exchange Act Release No. 58809 

(October 17, 2008), 73 FR 63222 (October 23, 2008) 

(SR–NASDAQ–2008–082). One comment was 

submitted on this proposal by Alan F. Eisenberg, 

Executive Vice President, the Biotechnology 

Industry Organization. This comment supported the 

suspension and ‘‘any efforts by the Commission and 

NASDAQ to extend [the suspension], as necessary, 

beyond the termination date of January 16, 2009.’’ 

7See, e.g., Securities Exchange Act Release No. 

58588 (September 18, 2008), 73 FR 55174 

(September 24, 2008) (‘‘The Commission is aware 

of the continued potential of sudden and excessive 

fluctuations of securities prices and disruption in 

the functioning of the securities markets that could 

threaten fair and orderly markets. Given the 

importance of confidence in our financial markets 

as a whole, we have also become concerned about 

sudden and unexplained declines in the prices of 

securities. Such price declines can give rise to 

questions about the underlying financial condition 

of an issuer, which in turn can create a crisis of 

confidence without a fundamental underlying basis. 

This crisis of confidence can impair the liquidity 

and ultimate viability of an issuer, with potentially 

broad market consequences.’’). 

8Nasdaq would continue to identify on its Web 

site and in its daily data feed to vendors those 

companies in a compliance period or in the 

hearings process as not satisfying the continued 

listing standards, unless the company regains 

compliance during the suspension. A company 

would continue to be subject to delisting for failure 

to comply with other listing requirements. 

9Nasdaq would not consider the bid price or 

market value of publicly held shares for the period 

before or during the suspension with respect to a 

company that was not yet non-compliant with those 

requirements at the start of the suspension. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–777 Filed 1–14–09; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59219; File No. SR– 

NASDAQ–2008–099] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Extend the 

Temporary Suspension of the 

Continued Listing Requirements 

Related to Bid Price and Market Value 

of Publicly Held Shares for Listing on 

the Nasdaq Stock Market Through 

April 19, 2009 

January 8, 2009. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

18, 2008, The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by Nasdaq. 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 

Nasdaq proposes to extend the 

temporary suspension of the application 

of the continued inclusion bid price and 

market value of publicly held shares 

requirements for listing on the Nasdaq 

Stock Market through April 19, 2009. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Nasdaq 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. Nasdaq 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 

On October 16, 2008, Nasdaq filed a 

proposed rule change, which was 

immediately effective, to temporarily 

suspend the bid price 4 and market 

value of publicly held shares 5

continued listing requirements 

otherwise applicable to issuers of 

common stock, preferred stock, 

secondary classes of common stock, 

shares or certificates of beneficial 

interest of trusts, limited partnership 

interests, American Depositary Receipts, 

and their equivalents.6 This suspension 

is currently scheduled to last until 

January 16, 2009, to provide temporary 

relief to companies from the application 

of these requirements during a period in 

which the financial markets face almost 

unprecedented turmoil, resulting in a 

crisis in investor confidence and 

concerns about the proper functioning 

of the securities markets.7

Market conditions have not improved 

since the suspension began and, in fact, 

both the number of securities trading 

below $1 and the number of securities 

trading between $1 and $2 on Nasdaq 

has increased. Nasdaq continues to 

believe that there was no fundamental 

change in the underlying business 

model or prospects for many of these 

companies, and that a decline in general 

investor confidence has resulted in 

depressed pricing for companies that 

otherwise remain suitable for continued 

listing. These same conditions continue 

to make it difficult for companies to 

successfully implement a plan to regain 

compliance with the price or market 

value of publicly held shares tests. 

Given these extraordinary market 

conditions, Nasdaq has determined that 

it is appropriate to continue the 

temporary suspension of the bid price 

and market value of publicly held 

shares requirements for an additional 

three months, until April 19, 2009. 

Under this proposal, companies would 

not be cited for new bid price or market 

value of publicly held shares 

deficiencies during the suspension 

period, and the time allowed to 

companies already in a compliance 

period or in the hearings process for bid 

price or market value of publicly held 

shares deficiencies would remain 

suspended with respect to those 

requirements.8 Following the temporary 

suspension, any new deficiencies with 

the bid price or market value of publicly 

held shares requirements would be 

determined using data starting on April 

20, 2009.9 When the suspension expires, 

companies that were in a compliance 

period as of October 16, 2008, when the 

suspension first began, would receive 

the balance of any pending compliance 


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