65536 Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices 

1 15 U.S.C. 78k–1(a)(3). 

2 17 CFR 242.608. 

3On July 30, 2009, the Commission approved a 

national market system plan relating to Options 

Order Protection and Locked/Crossed Markets 

proposed by Chicago Board Options Exchange, 

Incorporated (‘‘CBOE’’), International Securities 

Exchange, LLC (‘‘ISE’’), The NASDAQ Stock Market 

LLC (‘‘Nasdaq’’), NASDAQ OMX BX, Inc. (‘‘BOX’’), 

NASDAQ OMX PHLX, Inc. (‘‘Phlx’’), NYSE Amex, 

LLC (‘‘NYSE Amex’’), and NYSE Arca, Inc. (‘‘NYSE 

Arca’’). See Securities Exchange Act Release No. 

60405 (July 30, 2009), 74 FR 39362 (August 6, 

2009). See also Securities Exchange Act Release No. 

61546 (February 19, 2010), 75 FR 8762 (February 

25, 2010) (adding BATS Exchange, Inc. (‘‘BATS’’) as 

a Participant). 

4The term ‘‘Participant’’ is defined as an Eligible 

Exchange whose participation in the Plan has 

become effective pursuant to Section 3(c) of the 

Plan. 

5Section 2(6) of the Plan defines an ‘‘Eligible 

Exchange’’ as a national securities exchange 

registered with the Commission pursuant to Section 

6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is a 

‘‘Participant Exchange’’ in the Options Clearing 

Corporation (‘‘OCC’’) (as defined in OCC By-laws, 

Section VII); (b) is a party to the Options Price 

Reporting Authority (‘‘OPRA’’) Plan (as defined in 

the OPRA Plan, Section 1); and (c) if the national 

securities exchange chooses not to become part to 

this Plan, is a participant in another plan approved 

by the Commission providing for comparable 

Trade-Through and Locked and Crossed Market 

protection. C2 has represented that it has met the 

requirements for being considered an Eligible 

Exchange. See letter from Edward J. Joyce, President 

and Chief Operating Officer, C2, to Elizabeth 

Murphy, Secretary, Commission, dated October 6, 

2010. 

6 17 CFR 242.608(b)(3)(iii). 

7 17 CFR 242.608(b)(1). 

Funds with all information concerning 

the Judgment and the application that is 

necessary for the Funds to fulfill their 

disclosure and other obligations under 

the Federal securities laws. 

6. Applicants also state that, if they 

were barred from continuing to serve as 

investment adviser or principal 

underwriter to the Funds, the effect on 

their businesses and employees would 

be severe. Applicants state that they 

have committed substantial resources to 

establish an expertise in providing 

services covered by section 9(a) of the 

Act to Funds. Applicants further state 

that prohibiting them from continuing 

to serve as investment adviser or 

principal underwriter to Funds would 

not only adversely affect their 

businesses, but would also adversely 

affect approximately 250 employees that 

are involved in those activities. 

Applicants also state that disqualifying 

the ESC Advisers from continuing to 

provide investment advisory services to 

ESCs is not in the public interest or in 

furtherance of the protection of 

investors. Because the ESCs have been 

formed for certain eligible, officers, 

directors and persons on retainer of 

Citigroup and its affiliates, it would not 

be consistent with the purposes of the 

ESC provisions of the Act or the ESC 

Order to require another entity not 

affiliated with Citigroup to manage the 

ESCs. In addition, participating 

employees of Citigroup and its affiliates 

subscribed for interests with the 

expectation that the ESCs would be 

managed by an affiliate of Citigroup. 

7. Applicants previously have 

received exemptions under section 9(c) 

as the result of conduct that triggered 

section 9(a) as described in greater 

detail in the application. 

Applicants’ Condition 

Applicants agree that any order 

granting the requested relief will be 

subject to the following condition: 

Any temporary exemption granted 

pursuant to the application shall be 

without prejudice to, and shall not limit 

the Commission’s rights in any manner 

with respect to, any Commission 

investigation of, or administrative 

proceedings involving or against, 

Covered Persons, including without 

limitation, the consideration by the 

Commission of a permanent exemption 

from section 9(a) of the Act requested 

pursuant to the application or the 

revocation or removal of any temporary 

exemptions granted under the Act in 

connection with the application. 

Temporary Order 

The Commission has considered the 

matter and finds that Applicants have 

made the necessary showing to justify 

granting a temporary exemption. 

Accordingly, 

It is hereby ordered, pursuant to 

section 9(c) of the Act, that the 

Applicants and any other Covered 

Persons are granted a temporary 

exemption from the provisions of 

section 9(a), solely with respect to the 

Injunction, subject to the condition in 

the application, from October 19, 2010, 

until the Commission takes final action 

on their application for a permanent 

order. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–26870 Filed 10–22–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63119; File No. 4–546] 

Joint Industry Plan; Notice of Filing 

and Immediate Effectiveness of 

Amendment to the Options Order 

Protection and Locked/Crossed Market 

Plan To Add the C2 Options Exchange, 

Incorporated as a Participant 

October 15, 2010. 

Pursuant to Section 11A(a)(3) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on October 

7, 2010, C2 Options Exchange, 

Incorporated (‘‘C2’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) an 

amendment to the Options Order 

Protection and Locked/Crossed Market 

Plan (‘‘Plan’’).3 The amendment 

proposes to add C2 as a Participant 4 to 

the Plan. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Description and Purpose of the 

Amendment 

The current Participants in the 

Linkage Plan are CBOE, BATS, ISE, 

Nasdaq, BOX, Phlx, NYSE Amex, and 

NYSE Arca. The proposed amendment 

to the Plan would add C2 as a 

Participant in the Plan. C2 has 

submitted a signed copy of the Plan to 

the Commission in accordance with the 

procedures set forth in the Plan 

regarding new Participants. Section 3(c) 

of the Plan provides for the entry of new 

Participants to the Plan. Specifically an 

Eligible Exchange 5 may become a 

Participant in the Plan by: (i) Executing 

a copy of the Plan, as then in effect; (ii) 

providing each current Participant with 

a copy of such executed Plan; (iii) 

effecting an amendment to the Plan, as 

specified in Section 4(b) of the Plan. 

Section 4(b) of the Plan puts forth the 

process by which an Eligible Exchange 

may effect an amendment to the Plan. 

Specifically, an Eligible Exchange must: 

(a) Execute a copy of the Plan with the 

only change being the addition of the 

new participant’s name in Section 3(a) 

of the Plan; and (b) submit the executed 

Plan to the Commission. The Plan then 

provides that such an amendment will 

be effective when the amendment is 

approved by the Commission or 

otherwise becomes effective pursuant to 

Section 11A of the Act and Rule 608 

thereunder. 

II. Effectiveness of the Proposed 

Linkage Plan Amendment 

The foregoing proposed Plan 

amendment has become effective 

pursuant to Rule 608(b)(3)(iii) of the 

Act 6 because it involves solely 

technical or ministerial matters. At any 

time within sixty days of the filing of 

this amendment, the Commission may 

summarily abrogate the amendment and 

require that it be refiled pursuant to 

paragraph (b)(1) of Rule 608,7 if it 

appears to the Commission that such 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 75, No. 205 / Monday, October 25, 2010 / Notices 65537 

8 17 CFR 200.30–3(a)(29). 

1 17 CFR 240.9b–1. 

2The Commission initially reviewed the ODD in 

1984. See Securities Exchange Act Release No. 

21365 (October 2, 1984), 49 FR 39400 (October 5, 

1984) (File No. SR–ODD–84–1). Since then, the 

Commission has reviewed several amendments to 

the ODD. See, e.g., Securities Exchange Act Release 

Nos. 51124 (February 2, 2005), 70 FR 6740 

(February 8, 2005) (File No. SR–ODD–2004–03) 

(amending the ODD to reflect, among other things, 

the name change from the S&P/TSE 60 Index to the 

S&P/TSX 60 Index and to add an Annex to the ODD 

setting forth the holidays and early closings of the 

Bourse de Montre ́al); 44333 (May 21, 2001), 66 FR 

29193 (May 29, 2001) (File No. SR–ODD–00–04) 

(amending the ODD to reflect, among other things, 

changes to the structure of the Canadian equity 

markets and to provide a discussion of Enhanced 

Capital Marketing); 37569 (August 14, 1996), 61 FR 

43281 (August 21, 1996) (File No. SR–ODD–96–01) 

(amending the ODD to reflect, among other things, 

the name change from TCO to CDCC); 29033 (April 

1, 1991), 56 FR 14407 (April 9, 1991) (File No. SR– 

ODD–91–1) (amending the ODD to include, among 

other things, references to Toronto Stock Exchange 

35 Composite Index options); 24480 (May 19, 1987), 

52 FR 20179 (May 29, 1987) (File No. SR–ODD–87– 

2) (amending the ODD to include, among other 

things, a discussion of Government of Canada 

Treasury Bill Price Index options); 22349 (August 

21, 1985), 50 FR 34956 (August 28, 1985) (File No. 

SR–ODD–85–1) (amending the ODD to include, 

among other things, a discussion of the risks and 

uses of stock index and bond options); 51124 

(February 1, 2005), 70 FR 6740 (February 8, 2005) 

(File No. SR–ODD–2004–03) (amending the ODD to 

include, among other things, the CDCC’s new 

automatic exercise parameters for equity and bond 

options) and 58172 (July 16, 2008), 73 FR 42840 

(July 23, 2008) (File No. SR–ODD–2008–03) 

(amending the ODD to include, among other things, 

the CDCC’s current automatic exercise parameters 

for equity and bond options and to add an update 

to the discussion of the treatment of adjustments in 

the terms of equity options with respect to stock 

splits, stock dividends or other stock distributions). 

3This provision is intended to permit the 

Commission either to accelerate or extend the time 

period in which definitive copies of a disclosure 

document may be distributed to the public. 

4Rule 9b–1 under the Act provides that the use 

of an ODD shall not be permitted unless the options 

class to which the document relates is the subject 

of an effective registration statement on Form S–20 

under the Securities Act of 1933 or is exempt from 

such registration. On April 5, 2010, the Commission 

declared effective the CDCC’s most recent PostEffective Amendment to its Form S–20 registration 

statement. See File No. 002–69458. 

5 17 CFR 240.9b–1. 

6 17 CFR 200.30–3(a)(39)(i). 

action is necessary or appropriate in the 

public interest, for the protection of 

investors or the maintenance of fair and 

orderly markets, to remove impediments 

to, and perfect the mechanisms of, a 

national market system or otherwise in 

furtherance of the purposes of the Act. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the amendment 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 4–546 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 4–546. 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 Web site viewing and 

printing 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 C2. 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 4–546 and should be submitted 

on or before November 15, 2010. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–26801 Filed 10–22–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63125; File No. SR–ODD– 

2010–02] 

Canadian Derivatives Clearing 

Corporation; Order Approving 

Accelerated Distribution of an 

Amended Options Disclosure 

Document 

October 18, 2010. 

On September 28, 2010, the Canadian 

Derivatives Clearing Corporation 

(‘‘CDCC’’), on behalf of the Bourse de 

Montre ́al, Inc. (‘‘Bourse de Montre ́al’’), 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Rule 9b–1 under the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 five definitive copies of an 

amended options disclosure document 

(‘‘ODD’’) that describes the risks and 

characteristics of options traded on the 

Bourse de Montre ́al.2 The CDCC has 

revised the ODD to, among other things, 

update the discussion of Canadian 

federal income tax considerations 

applicable to non-residents. 

Rule 9b–1 under the Act provides that 

an options market must file five 

preliminary copies of an amended ODD 

with the Commission at least 30 days 

prior to the date when definitive copies 

of the amended ODD are furnished to 

customers, unless the Commission 

determines otherwise, having due 

regard to the adequacy of the 

information disclosed and the public 

interest and protection of investors.3

The Commission has reviewed the 

amended ODD and finds, having due 

regard to the adequacy of the 

information disclosed, that it is 

consistent with the protection of 

investors and in the public interest to 

allow the distribution of the amended 

ODD as of the date of this order.4

It is therefore ordered, pursuant to 

Rule 9b–1 under the Act,5 that the 

distribution of the revised ODD (SR– 

ODD–2010–02) as of the date of this is 

order, is approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–26803 Filed 10–22–10; 8:45 am] 

BILLING CODE 8011–01–P 


emcdonald on DSK2BSOYB1PROD with NOTICES