17706 Federal Register / Vol. 74, No. 72 / Thursday, April 16, 2009 / Notices 

5See, e.g., Robert S. Bartek, Exchange Hearing 

Panel Decision 73–60 (August 28, 1973); Jeffrey 

Alan Schultz, Exchange Hearing Panel Decision 82– 

23 (March 18, 1982); Kery Shane Hutner, Exchange 

Hearing Panel Decision 02–27 (January 31, 2002). 

See also NYSE Information Memo 78–80, Members’ 

Accounts and Initiating Orders on the NYSE Floor 

(November 10, 1978) (addressing, among other 

things, NYSE Rule 406(1), now Rule 406). 

6 15 U.S.C. 78o–3(b)(6). 

7 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(7). 

2 17 CFR 240.19b–7. 

3 7 U.S.C. 7a–2(c). 

members of both FINRA and NYSE), 

and NYSE has enforced the rule to 

address, among other things, sales 

practice abuses such as co-mingling of 

funds, failure to disclose ownership 

interests in accounts and unauthorized 

trading.5 FINRA proposes to adopt 

Incorporated NYSE Rule 406 as FINRA 

Rule 3250 as it believes that this rule 

will continue to be an important 

enforcement tool and should be 

expanded to apply to the entire FINRA 

membership. FINRA further notes that 

the Rule may provide members’ 

customers with a level of anonymity 

within the member and with certain 

external relationships that they find 

useful, while still allowing customers’ 

identities to be clearly known to 

members and available to regulators. 

Consequently, FINRA proposes to adopt 

Incorporated NYSE Rule 406 as FINRA 

Rule 3250 with minor changes to 

replace references to ‘‘member 

organization’’ or ‘‘organization’’ with 

the term ‘‘member.’’ 

As noted above, FINRA will announce 

the implementation date of the 

proposed rule change in a Regulatory 

Notice to be published no later than 90 

days following Commission approval. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,6 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes the 

proposed rule change will provide 

FINRA with an important tool to further 

ensure that FINRA members 

appropriately designate each customer 

account, while also providing a 

reasonable means of permitting 

customers to maintain a certain level of 

anonymity, subject to appropriate 

documentation identifying the owner. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA does not believe that the 

proposed rule change will result in 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 

Written comments were neither 

solicited nor received. 

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.shtml); or 

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

Number SR–FINRA–2009–017 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–2009–017. 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 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–2009–017 and 

should be submitted on or before 

May 7, 2009. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–8655 Filed 4–15–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59744; File No. SR–OC– 

2009–01] 

Self-Regulatory Organizations; One 

Chicago, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Eliminating the $3 Market 

Price Maintenance Standard 

April 9, 2009. 

Pursuant to Section 19(b)(7) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–7 under the Act 2

notice is hereby given that on April 3, 

2009, One Chicago, LLC (‘‘OneChicago’’ 

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 self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. OneChicago 

also has filed the proposed rule change 

with the Commodity Futures Trading 

Commission (‘‘CFTC’’) under Section 

5c(c) of the Commodity Exchange Act 3

on February 27, 2009. 

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Federal Register / Vol. 74, No. 72 / Thursday, April 16, 2009 / Notices 17707 

4 15 U.S.C. 78f (b)(5). 

5See Securities Exchange Act Release No. 59336 

(February 2, 2009) (Order Approving Proposal To 

Eliminate $3 Underlying Price Requirement for 

Continued Listing and Listing of Additional Series). 

6 15 U.S.C. 78s(b)(1). 

I. Self-Regulatory Organization’s 

Description of the Proposed Rule 

Change 

OneChicago is proposing to amend 

Rule 906(b)(1)(E) to eliminate the $3 

market price per share requirement from 

the Exchange’s requirements for 

continued approval for an underlying 

security. All other provisions and 

standards of the Rule will remain 

unchanged. A copy of this filing is 

available on the Exchange’s Web site at 

http://www.onechicago.com, at the 

Exchange’s principal office 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, 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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

change is to eliminate the $3 market 

price per share requirement from the 

Exchange’s requirements for 

maintenance standards for a security 

futures product (SFP) that is physically 

settled by removing Rule 906(b)(1)(E). 

OC’s rules require that the market price 

per share of the underlying security has 

not closed below $3 on the previous 

trading day to the Expiration Day of the 

nearest expiring Contract on the 

underlying security. If the price of an 

underlying security falls below $3, the 

Exchange can continue to trade thenlisted delivery months on that 

underlying security, but is unable to list 

new delivery months. 

The Exchange believes that the $3 

market price per share requirement is no 

longer necessary or appropriate, and 

that only those underlying securities 

meeting the remaining continued listing 

criteria set forth in Rule 906 will be 

eligible for continued listing and the 

listing of additional delivery months. 

The Exchange further believes that the 

current $3 market price per share 

requirement could have a negative effect 

on investors. For example, in the 

current volatile market environment in 

which the market price for a large 

number of securities has fallen below 

$3, the Exchange is unable to list new 

delivery months on underlying 

securities trading below $3. If there is 

market demand for such SFP the 

Exchange would be unable to 

accommodate such requests and 

investors would be unable to hedge 

their positions with new delivery 

months. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b)(5) of the 

Act 4 in that it is designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to protect investors 

and the public interest, and to remove 

impediments to and perfect the 

mechanism for a free and open market 

and a national market system. In 

particular, the proposed rule change 

will permit the Exchange to list 

additional delivery months on 

underlying securities even if the price of 

the underlying security is less than $3 

thus providing investors additional 

opportunities to hedge their positions. 

Further, this proposed rule change is 

nearly identical to one recently 

approved by the Commission.5

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

OneChicago does not believe that the 

proposed rule change will have an 

impact on competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Comments on the OneChicago 

proposed rule change have not been 

solicited and none have been received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The proposed rule change has become 

effective on April 3, 2009. At any time 

within 60 days of the date of 

effectiveness of the proposed rule 

change, the Commission, after 

consultation with the CFTC, may 

summarily abrogate the proposed rule 

change and require that the proposed 

rule change be refilled in accordance 

with the provisions of Section 19(b)(1) 

of the Act.6

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–OC–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–OC–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. 

Copies of the 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 

Number SR–OC–2009–01 and should be 

submitted on or before May 7, 2009. 

mstockstill on PROD1PC66 with NOTICES

17708 Federal Register / Vol. 74, No. 72 / Thursday, April 16, 2009 / Notices 

7 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. 

4 15 U.S.C. 78s(b)(3)(A). 

5 17 CFR 240.19b–4(f)(6). 

6The Exchange represents that a CEO designee 

will be an officer of the Exchange, who has also 

been designated as a Trading Official, such as the 

Executive Vice President of Trading Operations or 

the Vice President of Trade Operations or the Vice 

President of Options Floor Operations. Exchange 

officers are employees of the Exchange, and are not 

affiliated with ATP Holders or ATP Firms. 

7 In the event a party to a transaction requests the 

review of a transaction, an Exchange officer 

nonetheless would need to determine, on his or her 

own motion, whether to review the transaction. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–8658 Filed 4–15–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–59736; File No. SR– 

NYSEAmex–2009–10] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Amending Rule 975NY— 

Obvious Errors and Catastrophic 

Errors 

April 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 April 1, 

2009, NYSE Amex LLC (‘‘NYSE Amex’’ 

or the ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. 

NYSE Amex filed the proposed rule 

change as a ‘‘non-controversial’’ 

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

of the Act 4 and Rule 19b-4(f)(6) 

thereunder,5 which renders the proposal 

effective upon filing with the 

Commission. 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 

Exchange Rule 975NY—Obvious Errors 

and Catastrophic Errors. A copy of this 

filing is available on the Exchange’s 

Web site at http://www.nyse.com, at the 

Exchange’s principal office 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, 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 those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NYSE Amex proposes to amend Rule 

975NY pertaining to the nullification 

and adjustment of options transactions. 

Specifically, the Exchange proposes to 

adopt a new provision which provides 

that in the interest of maintaining a fair 

and orderly market and for the 

protection of investors, the Chief 

Executive Officer of NYSE Amex 

(‘‘CEO’’) or his/her designee 

(collectively ‘‘Exchange officer’’),6 may, 

on his or her own motion or upon 

request, determine to review any 

transaction occurring on the Exchange 

that is believed to be erroneous.7 A 

transaction reviewed pursuant to this 

new provision may be nullified or 

adjusted only if it is determined by the 

Exchange officer that the transaction is 

erroneous as provided in Rule 

975NY(a)(1)–(5) or Commentary .04 

thereof. A transaction would be adjusted 

or nullified in accordance with the 

provision under which it is deemed an 

erroneous transaction. The Exchange 

officer may be assisted by a Trading 

Official in reviewing a transaction. 

The Exchange officer shall act 

pursuant to this paragraph as soon as 

possible after receiving notification of 

the transaction, and ordinarily would be 

expected to act on the same day as the 

transaction occurred. However, because 

a transaction under review may have 

occurred near the close of trading or due 

to unusual circumstances, the rule 

provides that the Exchange officer shall 

act no later than 9:30 a.m. (ET) on the 

next trading day following the date of 

the transaction in question. An ATP 

Holder affected by a determination to 

nullify or adjust a transaction pursuant 

to this new provision may appeal such 

determination in accordance with Rule 

975NY(a)(6); however, a determination 

by an Exchange officer not to review a 

transaction, or a determination not to 

nullify or adjust a transaction for which 

a review was requested or conducted, is 

not appealable. NYSE Amex believes it 

is appropriate to limit review on appeal 

to only those situations in which a 

transaction is actually nullified or 

adjusted. 

This new provision is not intended to 

replace a party’s obligation to request a 

review, within the required time periods 

under Rule 975NY(a)(3), of any 

transaction that it believes meets the 

criteria for an obvious error. And, if a 

transaction is reviewed and a 

determination has been rendered 

pursuant to Rules 975NY(a)(1)–(5) or 

Commentary .04 thereof, no additional 

relief may be granted under this new 

provision. Moreover, NYSE Amex does 

not anticipate exercising this new 

authority in every situation in which a 

party fails to make a timely request for 

review of a transaction pursuant to Rule 

975NY(a)(3). NYSE Amex believes this 

provision will help to protect the 

integrity of its marketplace by vesting an 

Exchange officer with the authority to 

review a transaction that may be 

erroneous, notwithstanding that a party 

failed to make a timely request for a 

review. 

The Exchange also proposes at this 

time to revise Rule 975NY(a)(3)(A) in 

order to clarify that the time period in 

which a Market Maker or other ATP 

Holder must notify the Exchange, when 

requesting relief from a possible 

erroneous transaction, applies to all 

transactions that are subject to 

adjustment or nullification, pursuant to 

Rule 975NY(a)(1)–(5). 

2. Statutory Basis 

This proposed rule change is designed 

to allow an Exchange officer to review 

a transaction in order to provide the 

opportunity for potential relief to a 

party affected by an obvious error. The 

Exchange believes that for these reasons 

the proposed rule change is consistent 

with Section 6(b) of the Act 8 in general, 

and furthers the objectives of Section 

6(b)(5) of the Act 9 in particular, because 

it is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

mstockstill on PROD1PC66 with NOTICES