Self-Regulatory Organizations; Chicago Board Options Exchange, Inc.; Order Approving Proposed Rule Change To Revise Certain Membership Rules Related to the Testing and Orientation Requirements for Nominees of Member Organizations Approved Solely as Clearing Members, 22162 [E5-2042]

Download as PDF 22162 Federal Register / Vol. 70, No. 81 / Thursday, April 28, 2005 / Notices 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: SECURITIES AND EXCHANGE COMMISSION Electronic Comments Self-Regulatory Organizations; Chicago Board Options Exchange, Inc.; Order Approving Proposed Rule Change To Revise Certain Membership Rules Related to the Testing and Orientation Requirements for Nominees of Member Organizations Approved Solely as Clearing Members • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–BSE–2004–51 on the subject line. [Release No. 34–51590; File No. SR–CBOE– 2005–10] April 21, 2005. On January 25, 2005, the Chicago Board Options Exchange, Inc. (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities • Send paper comments in triplicate and Exchange Commission to Jonathan G. Katz, Secretary, (‘‘Commission’’), pursuant to Section Securities and Exchange Commission, 19(b)(1) of the Securities Exchange Act 450 Fifth Street, NW., Washington, DC of 1934 (‘‘Act’’) 1 and Rule 19b–4 20549–0609. thereunder,2 a proposed rule change to All submissions should refer to File revise membership rules related to the Number SR–BSE–2004–51. This file testing and orientation requirements for number should be included on the certain members and to make other nonsubject line if e-mail is used. To help the substantive changes. The proposed rule Commission process and review your change was published for comment in comments more efficiently, please use the Federal Register on March 17, only one method. The Commission will 2005.3 The Commission received no post all comments on the Commission’s comments on the proposal. This order Internet Web site (https://www.sec.gov/ approves the proposed rule change. rules/sro/shtml). Copies of the Pursuant to the proposed rule change, submission, all subsequent the Exchange will revise Exchange Rule amendments, all written statements 3.8(a)(iii) to provide that nominees of a with respect to the proposed rule member organization approved solely as change that are filed with the a Clearing Member are not required to Commission, and all written have an authorized trading function. communications relating to the The effect of the rule change is to eliminate the requirement that proposed rule change between the Commission and any person, other than nominees of Clearing Members attend the Exchange’s Member Orientation those that may be withheld from the Program and pass the Exchange’s public in accordance with the Trading Member Qualification Exam. provisions of 5 U.S.C. 552, will be Clearing Members who wish to engage available for inspection and copying in in trading activities on the Exchange the Commission’s Public Reference Room. Copies of such filing also will be will still be required to designate a nominee who has an authorized trading available for inspection and copying at the principal office of the Exchange. All function. The proposed rule change also makes certain other technical changes to comments received will be posted internal Exchange procedures for without change; the Commission does categorizing its members. not edit personal identifying The Commission finds that the information from submissions. You proposed rule change is consistent with should submit only information that you wish to make available publicly. All the requirements of the Act and the rules and regulations thereunder submissions should refer to File applicable to a national securities Number SR-BSE–2004–51 and should be submitted on or before May 19, 2005. exchange and, in particular, the requirements of Section 6(b)(5) of the For the Commission, by the Division of Act,4 which requires that the rules of the Market Regulation, pursuant to delegated exchange be designed to prevent authority.12 fraudulent and manipulative acts and Margaret H. McFarland, practices, to promote just and equitable Paper Comments Deputy Secretary. [FR Doc. E5–2044 Filed 4–27–05; 8:45 am] BILLING CODE 8010–01–P 12 17 CFR 200.30–3(a)(12). VerDate jul<14>2003 16:00 Apr 27, 2005 Jkt 205001 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 51361 (March 11, 2005), 70 FR 13058. 4 15 U.S.C. 78f(b)(5). PO 00000 1 15 2 17 Frm 00171 Fmt 4703 Sfmt 4703 principles of trade, and in general, to protect investors and the public interest. The Commission finds that removing the requirements that nominees of member organizations approved solely as Clearing Members attend the Exchange’s Member Orientation Program and pass the Exchange’s Trading Member Qualification Exam is consistent with the requirements of Section 6(b)(5) of the Act because the exemption only applies to the nominees of member organizations that are not engaged with trading with the public. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,5 that the proposed rule change (SR–CBOE–2005– 10) be, and it hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–2042 Filed 4–27–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51598; File No. SR–NASD– 2004–185] Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change and Amendment Nos. 1 and 2 Thereto by the National Association of Securities Dealers, Inc. To Establish a Unitary Fee Schedule for Distribution of Real Time Data Feed Products Containing Nasdaq Market Center Data April 21, 2005. 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 December 14, 2004, the National Association of Securities Dealers, Inc. (‘‘NASD’’), through its subsidiary, The Nasdaq Stock Market, Inc. (‘‘Nasdaq’’), 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 Nasdaq. On February 17, 2005, Nasdaq filed Amendment No. 1 to the original filing.3 Nasdaq filed Amendment No. 2 on April 14, 2005.4 The Commission is publishing this notice to solicit 5 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 Amendment No. 1 replaced and superseded the original proposed rule change in its entirety. 4 Amendment No. 2 replaced and superseded the original proposed rule change, as amended. 6 17 E:\FR\FM\28APN1.SGM 28APN1

Agencies

[Federal Register Volume 70, Number 81 (Thursday, April 28, 2005)]
[Notices]
[Page 22162]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2042]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51590; File No. SR-CBOE-2005-10]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Inc.; Order Approving Proposed Rule Change To Revise Certain Membership 
Rules Related to the Testing and Orientation Requirements for Nominees 
of Member Organizations Approved Solely as Clearing Members

April 21, 2005.
    On January 25, 2005, the Chicago Board Options Exchange, Inc. 
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to revise membership rules 
related to the testing and orientation requirements for certain members 
and to make other non-substantive changes. The proposed rule change was 
published for comment in the Federal Register on March 17, 2005.\3\ The 
Commission received no comments on the proposal. This order approves 
the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 51361 (March 11, 
2005), 70 FR 13058.
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    Pursuant to the proposed rule change, the Exchange will revise 
Exchange Rule 3.8(a)(iii) to provide that nominees of a member 
organization approved solely as a Clearing Member are not required to 
have an authorized trading function. The effect of the rule change is 
to eliminate the requirement that nominees of Clearing Members attend 
the Exchange's Member Orientation Program and pass the Exchange's 
Trading Member Qualification Exam. Clearing Members who wish to engage 
in trading activities on the Exchange will still be required to 
designate a nominee who has an authorized trading function. The 
proposed rule change also makes certain other technical changes to 
internal Exchange procedures for categorizing its members.
    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange and, in 
particular, the requirements of Section 6(b)(5) of the Act,\4\ which 
requires that the rules of the exchange 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. The Commission finds that removing the 
requirements that nominees of member organizations approved solely as 
Clearing Members attend the Exchange's Member Orientation Program and 
pass the Exchange's Trading Member Qualification Exam is consistent 
with the requirements of Section 6(b)(5) of the Act because the 
exemption only applies to the nominees of member organizations that are 
not engaged with trading with the public.
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    \4\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\5\ that the proposed rule change (SR-CBOE-2005-10) be, and it 
hereby is, approved.
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-2042 Filed 4-27-05; 8:45 am]
BILLING CODE 8010-01-P
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