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Federal Register / Vol. 73, No.

41 / Friday, February 29, 2008 / Notices 11167

issuance shall not exceed 25% of the SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
outstanding voting securities of COMMISSION Statement of the Purpose of, and
Kohlberg Capital, except that if the Statutory Basis for, the Proposed Rule
amount of voting securities that would [Release No. 34–57375; File No. SR–ISE–
Change
result from the exercise of all of 2008–14] 1. Purpose
Kohlberg Capital’s outstanding
The purpose of this filing is to amend
warrants, options, and rights issued to Self-Regulatory Organizations;
the parameters governing SOIs that are
Kohlberg Capital’s directors, officers, International Securities Exchange,
entered into MidPoint Match (‘‘MPM’’).5
and employees, together with any LLC; Notice of Filing and Immediate When an SOI order is entered, the
Restricted Stock issued pursuant to the Effectiveness of Proposed Rule System sends Equity Electronic Access
Plan, would exceed 15% of the Change Relating to Solicitation of Members (‘‘Equity EAMs’’) a solicitation
outstanding voting securities of Interest Orders notice containing the name of the equity
Kohlberg Capital, then the total amount security for which the order was
February 22, 2008.
of voting securities that would result entered. Currently, an SOI order must be
from the exercise of all outstanding Pursuant to Section 19(b)(1) of the at least 2,000 shares and cannot be
warrants, options, and rights, together Securities Exchange Act of 1934 canceled or changed for five seconds.
with any Restricted Stock issued (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 An immediate-or-cancel (‘‘IOC’’) SOI
pursuant to the Plan, at the time of notice is hereby given that on February that is not executed within the five
issuance shall not exceed 20% of the 19, 2008, the International Securities second no-cancellation period is
outstanding voting securities of Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) automatically canceled.6
Kohlberg Capital. filed with the Securities and Exchange The Exchange proposes to reduce the
Commission (‘‘Commission’’) the no cancellation parameter to one
4. The maximum amount of shares of second. The no cancellation parameter,
Restricted Stock that may be issued proposed rule change as described in
Items I and II below, which Items have currently set at five seconds, requires
under the Plan will be 10% of the that Equity EAMs using SOIs relinquish
outstanding shares of common stock of been prepared substantially by ISE. ISE
filed the proposed rule change pursuant the right to cancel or change an SOI
Kohlberg Capital on the effective date of order for five seconds. In the current
the Plan plus 10% of the number of to Section 19(b)(3)(A) of the Act 3 and
market environment, many potential
shares of Kohlberg Capital’s common Rule 19b–4(f)(6) thereunder,4 which
SOI users are reluctant to commit to a
stock issued or delivered by Kohlberg renders it effective upon filing with the time period of that duration. Instead,
Capital (other than pursuant to Commission. The Commission is Equity EAMs prefer a one second
compensation plans) during the term of publishing this notice to solicit timeout, enabling them to cancel or
the Plan. comments on the proposed rule change revise the order in a timeframe that is
from interested persons. more consistent with algorithmic
5. The Board will review the Plan at
I. Self-Regulatory Organization’s trading patterns. Accordingly, an IOC
least annually. In addition, the Board
Statement of the Terms of Substance of SOI will also time out in one second.
will review periodically the potential Additionally, the Exchange proposes
impact that the issuance of Restricted the Proposed Rule Change
to reduce the minimum order size to
Stock under the Plan could have on 500 shares. The current minimum order
The ISE is proposing to amend the
Kohlberg Capital’s earnings and NAV size of 2,000 shares is larger than the
parameters governing Solicitation of
per share, such review to take place typical order size generated by
Interest orders (‘‘SOIs’’). The text of the
prior to any decisions to grant Restricted algorithms. The Exchange proposes to
proposed rule change is available on the
Stock under the Plan, but in no event revise the minimum order size to 500
Exchange’s Web site (http://
less frequently than annually. Adequate www.ise.com), at the Exchange, and at shares, which is more consistent with
procedures and records will be the Commission’s Public Reference algorithmic trading patterns.
maintained to permit such review. The Room. 2. Statutory Basis
Board will be authorized to take
appropriate steps to ensure that the II. Self-Regulatory Organization’s The basis under the Act for this
grant of Restricted Stock under the Plan Statement of the Purpose of, and proposed rule change is found in
would not have an effect contrary to the Statutory Basis for, the Proposed Rule Section 6(b) of the Act.7 Specifically,
Change the Exchange believes the proposed rule
interests of Kohlberg Capital’s
change is consistent with Section 6(b)(5)
shareholders. This authority will
In its filing with the Commission, ISE of the Act 8 requirements that the rules
include the authority to prevent or limit of an exchange be designed to promote
included statements concerning the
the granting of additional Restricted just and equitable principles of trade,
purpose of and basis for the proposed
Stock under the Plan. All records serve to remove impediments to and
rule change and discussed any
maintained pursuant to this condition perfect the mechanism for a free and
comments it received on the proposed
will be subject to examination by the open market and a national market
rule change. The text of these statements
Commission and its staff. system, and, in general, to protect
may be examined at the places specified
For the Commission, by the Division of in Item IV below. ISE has prepared investors and the public interest. In
Investment Management, pursuant to summaries, set forth in Sections A, B, particular, this filing will provide
delegated authority. and C below, of the most significant investors with more flexibility in
Florence E. Harmon, aspects of such statements.
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5 See ISE Rule 2129 (MidPoint Match).


Deputy Secretary. 6A regular SOI is converted to a Standard Order
[FR Doc. E8–3845 Filed 2–28–08; 8:45 am] 1 15 U.S.C. 78s(b)(1). in MPM if it is not executed or canceled within 10
2 17 CFR 240.19b–4. seconds; see ISE Rule 2129(d)(2).
BILLING CODE 8011–01–P
3 15 U.S.C. 78s(b)(3)(A). 7 15 U.S.C. 78f(b).
4 17 CFR 240.19b–4(f)(6). 8 15 U.S.C. 78f(b)(5).

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11168 Federal Register / Vol. 73, No. 41 / Friday, February 29, 2008 / Notices

entering orders and receiving executions At any time within 60 days of the not edit personal identifying
of such orders. filing of the proposed rule change, the information from submissions. You
Commission may summarily abrogate should submit only information that
B. Self-Regulatory Organization’s
such rule change if it appears to the you wish to make available publicly. All
Statement on Burden on Competition
Commission that such action is submissions should refer to File
The proposed rule change does not necessary or appropriate in the public Number SR–ISE–2008–14 and should be
impose any burden on competition that interest, for the protection of investors, submitted on or before March 21, 2008.
is not necessary or appropriate in or otherwise in furtherance of the For the Commission, by the Division of
furtherance of the purposes of the Act. purposes of the Act. Trading and Markets, pursuant to delegated
C. Self-Regulatory Organization’s IV. Solicitation of Comments authority.14
Statement on Comments on the Interested persons are invited to Florence E. Harmon,
Proposed Rule Change Received From submit written data, views, and Deputy Secretary.
Members, Participants or Others arguments concerning the foregoing, [FR Doc. E8–3841 Filed 2–28–08; 8:45 am]
Written comments were neither including whether the proposed rule BILLING CODE 8011–01–P
solicited nor received. change is consistent with the Act.
Comments may be submitted by any of
III. Date of Effectiveness of the
the following methods: SECURITIES AND EXCHANGE
Proposed Rule Change and Timing for
Commission Action Electronic Comments COMMISSION
Because the foregoing proposed rule • Use the Commission’s Internet
[Release No. 34–57367; File No. SR–CBOE–
change does not: comment form (http://www.sec.gov/
2007–120]
(i) Significantly affect the protection rules/sro.shtml); or
of investors or the public interest; • Send an e-mail to rule- Self-Regulatory Organizations;
(ii) Impose any significant burden on comments@sec.gov. Please include File Chicago Board Options Exchange,
competition; and Number SR–ISE–2008–14 on the subject Incorporated; Notice of Filing of
(iii) Become operative for 30 days line. Proposed Rule Change and
from the date on which it was filed, or Paper Comments Amendment No. 1 Thereto Relating to
such shorter time as the Commission Market-Makers and Remote Market-
may designate, if consistent with the • Send paper comments in triplicate
to Nancy M. Morris, Secretary, Makers
protection of investors and the public
interest, it has become effective Securities and Exchange Commission, February 21, 2008.
pursuant to Section 19(b)(3)(A) of the 100 F Street, NE., Washington, DC
20549–1090. Pursuant to Section 19(b)(1) of the
Act 9 and Rule 19b–4(f)(6) thereunder.10
All submissions should refer to File Securities Exchange Act of 1934
A proposed rule change filed
Number SR–ISE–2008–14. This file (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
pursuant to Rule 19b–4(f)(6) may not
become operative prior to 30 days after number should be included on the notice is hereby given that on October
the date of filing unless the Commission subject line if e-mail is used. To help the 11, 2007, the Chicago Board Options
designates a shorter time if such action Commission process and review your Exchange, Incorporated (‘‘CBOE’’ or
is consistent with the protection of comments more efficiently, please use ‘‘Exchange’’) filed with the Securities
investors and the public interest.11 The only one method. The Commission will and Exchange Commission
Exchange has requested that the post all comments on the Commission’s (‘‘Commission’’) the proposed rule
Commission waive the 30-day operative Internet Web site (http://www.sec.gov/ change as described in Items I, II, and
delay set forth in Rule 19b–4(f)(6)(iii) rules/sro.shtml). Copies of the III below, which Items have been
under the Act.12 The Commission submission, all subsequent substantially prepared by the Exchange.
believes that the earlier operative date is amendments, all written statements On February 13, 2008, the Exchange
consistent with the protection of with respect to the proposed rule filed Amendment No. 1 to the proposed
investors and the public interest change that are filed with the rule change.3 The Commission is
because it will allow the Exchange to Commission, and all written publishing this notice to solicit
implement the changes to the communications relating to the comments on the proposed rule change,
parameters governing SOIs without proposed rule change between the as amended, from interested persons.
delay. For these reasons, the Commission and any person, other than I. Self-Regulatory Organization’s
Commission designates the proposal to those that may be withheld from the Statement of the Terms of Substance of
be operative upon filing with the public in accordance with the the Proposed Rule Change
Commission.13 provisions of 5 U.S.C. 552, will be
available for inspection and copying in CBOE proposes to amend CBOE rules
9 15 U.S.C. 78s(b)(3)(A). the Commission’s Public Reference relating to Market-Makers and Remote
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Room, 100 F Street, NE., Washington, Market-Makers (‘‘RMMs’’). The text of
4(f)(6)(iii) requires that a self-regulatory the rule proposal is available on the
organization submit to the Commission written
DC 20549, on official business days
notice of its intent to file the proposed rule change, between the hours of 10 a.m. and 3 p.m. Exchange’s Web site (http://
along with a brief description and text of the Copies of such filing also will be www.cboe.org/legal), at the Exchange’s
proposed rule change, at least five business days available for inspection and copying at Office of the Secretary and at the
prior to the date of filing of the proposed rule Commission’s Public Reference Room.
change, or such shorter time as designated by the
the principal office of ISE. All
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Commission. The Commission notes that ISE has comments received will be posted
satisfied the five-day pre-filing notice requirement. without change; the Commission does 14 17 CFR 200.30–3(a)(12).
11 17 CFR 240.19b–4(f)(6)(iii). 1 15 U.S.C. 78s(b)(1).
12 17 CFR 240.19b–4(f)(6)(iii). 2 17 CFR 240.19b–4.
has considered the proposed rule’s impact on
13 For purposes only of accelerating the 30-day efficiency, competition, and capital formation. 15 3 Amendment 1 replaced the original filing in its

operative delay of this proposal, the Commission U.S.C. 78c(f). entirety.

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