Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend CBOE Rule 8.4 Relating to Remote Market-Maker Appointments, 61480-61482 [E5-5860]
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61480
Federal Register / Vol. 70, No. 204 / Monday, October 24, 2005 / Notices
Section 6(b) of the Act,8 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,9 in particular, in that it is
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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change will impose no
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 by the Exchange on this
proposal.
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. Copies of such filing also will be
available for inspection and copying at
the principal office of the CBOE. 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–CBOE–2005–81 and should
be submitted on or before November 14,
2005.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
After careful consideration, the
Commission finds that the proposed
III. Solicitation of Comments
rule change is consistent with the
Interested persons are invited to
requirements of the Act and the rules
submit written data, views, and
and regulations thereunder, applicable
arguments concerning the foregoing,
to a national securities exchange,10 and,
including whether the proposed rule
in particular, with the requirements of
change is consistent with the Act.
Section 6(b)(5) of the Act,11 which
Comments may be submitted by any of
requires, among other things, that the
the following methods:
Exchange’s rules promote just and
equitable principles of trade and
Electronic Comments
facilitate transactions in securities, and,
• Use the Commission’s Internet
in general, protect investors and the
comment form (https://www.sec.gov/
public interest.
rules/sro.shtml); or
The Commission believes that the
• Send an e-mail to ruleCBOE’s proposal should provide
comments@sec.gov. Please include File
investors with increased flexibility in
Number SR–CBOE–2005–81 on the
satisfying their investment objectives by
subject line.
allowing them to purchase and sell
Paper Comments
(under certain conditions) Mini-SPX
options at strike price intervals of no
• Send paper comments in triplicate
less than $1. In addition, the proposed
to Jonathan G. Katz, Secretary,
restrictions that would permit the listing
Securities and Exchange Commission,
of options at $1 and $3 strike price
Station Place, 100 F Street, NE.,
intervals only for strike prices that are
Washington, DC 20549–9303.
within 20% and 25%, respectively, of
All submissions should refer to File
1⁄10 of the current value of the S&P 500
Number SR–CBOE–2005–81. This file
Index should help to mitigate the effect
number should be included on the
subject line if e-mail is used. To help the of this proposal on the use of options
system capacity.
Commission process and review your
The Exchange has requested that the
comments more efficiently, please use
Commission approve the proposed rule
only one method. The Commission will
post all comments on the Commission’s change on an accelerated basis. The
Commission finds good cause, pursuant
Internet Web site (https://www.sec.gov/
to Section 19(b)(2) of the Act,12 for
rules/sro.shtml). Copies of the
approving the proposed rule change
submission, all subsequent
prior to the thirtieth day after the date
amendments, all written statements
of publication of notice in the Federal
with respect to the proposed rule
Register. The Commission notes that the
change that are filed with the
CBOE received approval to list and
Commission, and all written
communications relating to the
proposed rule change between the
8 15
9 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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10 In approving this proposal, the Commission has
considered its impact on efficiecy, competition, and
capital formation. 15 U.S.C. 78c(f).
11 15 U.S.C. 78f(b)(5).
12 15 U.S.C. 78s(b)(2).
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trade options on the Mini-SPX more
than 10 years ago. At that time, the
proposal was noticed for the full
comment period and no comments were
received. The Commission believes that
the proposal, which would permit the
exchange to begin listing options on the
Mini-SPX at $1 strike price intervals on
an expedited basis, raises no new issues
of regulatory concern. Accordingly, the
Commission finds that good cause
exists, consistent with Sections 6(b)(5)
and 19(b)(2) of the Act,13 to approve the
proposed rule change on an accelerated
basis.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,14 that the
proposed rule change (SR–CBOE–2005–
81) is hereby approved on an
accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5859 Filed 10–21–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52624; File No. SR–CBOE–
2005–79
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend CBOE Rule 8.4
Relating to Remote Market-Maker
Appointments
October 18, 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
September 30, 2005, the Chicago Board
Options Exchange, Incorporated
(‘‘Exchange’’ or ‘‘CBOE’’) 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 the Exchange. The Exchange filed the
proposal pursuant to Section 19(b)(3)(A)
of the Act 3 and Rule 19b–4(f)(6)
thereunder,4 which renders the proposal
effective upon filing with the
13 15
U.S.C. 78f(b)(5) and 78s(b)(2).
U.S.C. 78s(b)(2).
15 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
14 15
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Federal Register / Vol. 70, No. 204 / Monday, October 24, 2005 / Notices
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
CBOE proposes to amend CBOE Rule
8.4 relating to Remote Market-Maker
appointments. The text of the proposed
rule change is available on the CBOE’s
Web site (https://www.cboe.com), at the
CBOE’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, the
Exchange 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 purpose of this rule change is to
amend CBOE Rule 8.4 relating to
Remote Market-Maker (‘‘RMM’’)
appointments. CBOE Rule 8.4 provides
that RMMs will have a Virtual Trading
Crowd (‘‘VTC’’) Appointment, which
confers the right to quote electronically
in a certain number of products selected
from various ‘‘tiers.’’ There are five tiers
that are structured according to trading
volume statistics and an ‘‘A+’’ Tier
which consists of three option classes—
options on Standard & Poor’s Depositary
Receipts, options on the Nasdaq-100
Index Tracking Stock, and options on
Diamonds.
CBOE proposes to amend CBOE Rule
8.4(d) relating to the ‘‘A+’’ Tier to
include an additional option class in the
‘‘A+’’ Tier, namely reduced-value
options on the Standard & Poor’s 500
Stock Index. CBOE believes it is
appropriate to include this option class
in this tier based on its anticipated
trading volume.
CBOE also proposes to delete
Interpretation .01 to CBOE Rule 8.4 as
it is no longer necessary. Interpretation
.01 initially was approved in April 2005
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15:19 Oct 21, 2005
Jkt 208001
in connection with CBOE’s
implementation of its RMM program.5
The purpose of the inactivity fee was to
prevent RMMs from applying for
appointments in products in which they
had no intention of quoting, thereby
preventing other members from securing
appointments in products. CBOE
subsequently determined to eliminate
the inactivity fee,6 but did not at that
time delete reference to the inactivity
fee in Interpretation .01. This rule filing
makes that change.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 7 in general and
furthers the objectives of Section
6(b)(5) 8 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to, and
perfect the mechanism of, a free and
open market and a national market
system, and in general, to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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 proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, if consistent with the
protection of investors and the public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
5 See Securities Exchange Act Release No. 51542
(April 14, 2005), 70 FR 20952 (April 22, 2005),
approving SR–CBOE–2005–22.
6 See Securities Exchange Act Release No. 51705
(May 18, 2005), 70 FR 30158 (May 25, 2005) (SR–
CBOE–2005–35).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
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61481
Act 9 and Rule 19b–4(f)(6) thereunder.10
As required under Rule 19b–4(f)(6)(iii)
under the Act,11 the Exchange provided
the Commission with written notice of
its intent to file the proposed rule
change, along with a brief description
and text of the proposed rule change, at
least five business days prior to the date
of the filing of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) normally may not
become operative prior to 30 days after
the date of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay and render the proposed rule
change to become operative
immediately. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest. The
proposed change to the ‘‘A+’’ Tier that
is described in this proposed rule
change and the deletion of
Interpretation .01 to CBOE Rule 8.4 do
not raise any new, unique, or
substantive issues from those raised in
the filing that initially established the
‘‘A+’’ Tier,14 or the filing that
eliminated the inactivity fee.15
Accordingly, the Commission
designates the proposal to become
operative immediately.16
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:
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 Id.
13 Id.
14 See supra note 5.
15 See supra note 6.
16 For purposes only of waiving the operative date
of this proposal, the Commission has considered
the impact of the proposed rule on efficiency,
competition, and capital formation. 15 U.S.C. 78c(f).
10 17
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61482
Federal Register / Vol. 70, No. 204 / Monday, October 24, 2005 / Notices
Electronic Comments
• 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–CBOE–2005–79 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–9303.
All submissions should refer to File
Number SR–CBOE–2005–79. 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 (https://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. Copies of such filing also will be
D. Specialist Assignment Fees.
Specialist Application Fee ..........
Assignment of Dual Trading System Securities.
*
*
$1,000 ............................................
$4,000 ............................................
Assignment of Nasdaq/NM Securities.
*
*
$1,000 ............................................
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 In Amendment No. 1, the Exchange: (1) made
clarifying changes to the proposed rule text and the
purpose section of the filing; and (2) noted that the
proposed rule change is submitted in conjunction
with the filing (SR–CHX–2005–23), which
established a special allocation process available to
the Committee on Specialist Assignment and
1 15
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15:19 Oct 21, 2005
Jkt 208001
available for inspection and copying at
the principal office of the CBOE. 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–CBOE–2005–79 and should
be submitted on or before November 14,
2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Jonathan G. Katz,
Secretary.
[FR Doc. E5–5860 Filed 10–21–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52612; File No. SR–CHX–
2005–25]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
Participant Fees and Credits
October 14, 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
September 16, 2005, the Chicago Stock
Exchange, Inc. (‘‘CHX’’ 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 CHX. On
October 3, 2005, CHX filed Amendment
No. 1 to the proposed rule change.3 On
October 12, 2005, CHX filed
Amendment No. 2 to the proposed rule
change.4 The CHX has designated this
proposal as one establishing or changing
a due, fee, or other charge imposed by
the CHX under Section 19(b)(3)(A)(ii) of
the Act,5 and Rule 19b–4(f)(2)
thereunder,6 which renders the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The CHX proposes to amend its
Participant Fee Schedule (the ‘‘Fee
Schedule’’) to confirm the assignment
fees that apply when the Exchange’s
CSAE assigns a group of securities to a
specialist firm in competition with other
specialist firms. Below is the text of the
proposed rule change, as amended.
Proposed new language is italicized;
proposed deletions are in [brackets].
Participant Fees and Credits
*
*
*
*
*
No change to text
Once the Committee on Specialist Assignment and Evaluation approves a Participant to act
as specialist in a security (or a group of securities), that Participant must pay the following fee:
*
*
*
*
*
If the security (or group of securities) was assigned in competition with at least one other
Participant and up to one-third of all Participants that trade Dual Trading System Securities
If the security (or group of securities) was assigned in competition with more than onethird of all Participants that trade Dual Trading System Securities
Beginning on September 1, 2004, once the Committee on Specialist Assignment and Evaluation approves a Participant to act as specialist in a security (or a group of securities),
that Participant must pay the following fee:
*
*
*
*
*
If the security (or group of securities) was assigned in competition with one other Participant that trades Nasdaq/NM Securities
Evaluation (‘‘CSAE’’) in special circumstances
involving the allocation of more than 100 stocks at
a time.
4 In Amendment No. 2, which superseded
Amendment No. 1 in its entirety, the Exchange
made a minor change to the proposed rule text and
made a corresponding change to the purpose
section of the proposed rule change.
The effective date of the original proposed rule
change is September 16, 2005, the effective date of
Amendment No. 1 is October 3, 2005 and the
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Frm 00060
Fmt 4703
Sfmt 4703
effective date of Amendment No. 2 is October 12,
2005. For purposes of calculating the 60-day period
within which the Commission may summarily
abrogate the proposed rule change under Section
19(b)(3)(C) of the Act, the Commission considers
the period to commence on October 12, 2005, the
date on which the CHX filed Amendment No. 2. See
15 U.S.C. 78s(b)(3)(C).
5 15 U.S.C. 78s(b)(3)(A)(ii).
6 17 CFR 240.19b–4(f)(2).
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]]>Agencies
[Federal Register Volume 70, Number 204 (Monday, October 24, 2005)]
[Notices]
[Pages 61480-61482]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-5860]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52624; File No. SR-CBOE-2005-79
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend CBOE Rule 8.4 Relating to Remote Market-Maker
Appointments
October 18, 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 September 30, 2005, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') 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 the Exchange.
The Exchange filed the proposal pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the
[[Page 61481]]
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to amend CBOE Rule 8.4 relating to Remote Market-
Maker appointments. The text of the proposed rule change is available
on the CBOE's Web site (https://www.cboe.com), at the CBOE'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, the Exchange 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 purpose of this rule change is to amend CBOE Rule 8.4 relating
to Remote Market-Maker (``RMM'') appointments. CBOE Rule 8.4 provides
that RMMs will have a Virtual Trading Crowd (``VTC'') Appointment,
which confers the right to quote electronically in a certain number of
products selected from various ``tiers.'' There are five tiers that are
structured according to trading volume statistics and an ``A+'' Tier
which consists of three option classes--options on Standard & Poor's
Depositary Receipts, options on the Nasdaq-100 Index Tracking Stock,
and options on Diamonds.
CBOE proposes to amend CBOE Rule 8.4(d) relating to the ``A+'' Tier
to include an additional option class in the ``A+'' Tier, namely
reduced-value options on the Standard & Poor's 500 Stock Index. CBOE
believes it is appropriate to include this option class in this tier
based on its anticipated trading volume.
CBOE also proposes to delete Interpretation .01 to CBOE Rule 8.4 as
it is no longer necessary. Interpretation .01 initially was approved in
April 2005 in connection with CBOE's implementation of its RMM
program.\5\ The purpose of the inactivity fee was to prevent RMMs from
applying for appointments in products in which they had no intention of
quoting, thereby preventing other members from securing appointments in
products. CBOE subsequently determined to eliminate the inactivity
fee,\6\ but did not at that time delete reference to the inactivity fee
in Interpretation .01. This rule filing makes that change.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 51542 (April 14,
2005), 70 FR 20952 (April 22, 2005), approving SR-CBOE-2005-22.
\6\ See Securities Exchange Act Release No. 51705 (May 18,
2005), 70 FR 30158 (May 25, 2005) (SR-CBOE-2005-35).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \7\ in general and furthers the objectives
of Section 6(b)(5) \8\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to remove impediments to, and perfect
the mechanism of, a free and open market and a national market system,
and in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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 proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest;
(ii) Impose any significant burden on competition; and
(iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) thereunder.\10\ As required under Rule 19b-
4(f)(6)(iii) under the Act,\11\ the Exchange provided the Commission
with written notice of its intent to file the proposed rule change,
along with a brief description and text of the proposed rule change, at
least five business days prior to the date of the filing of the
proposed rule change.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally may
not become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay and render the proposed
rule change to become operative immediately. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. The proposed change to
the ``A+'' Tier that is described in this proposed rule change and the
deletion of Interpretation .01 to CBOE Rule 8.4 do not raise any new,
unique, or substantive issues from those raised in the filing that
initially established the ``A+'' Tier,\14\ or the filing that
eliminated the inactivity fee.\15\ Accordingly, the Commission
designates the proposal to become operative immediately.\16\
---------------------------------------------------------------------------
\12\ Id.
\13\ Id.
\14\ See supra note 5.
\15\ See supra note 6.
\16\ For purposes only of waiving the operative date of this
proposal, the Commission has considered the impact of the proposed
rule on efficiency, competition, and capital formation. 15 U.S.C.
78c(f).
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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:
[[Page 61482]]
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-CBOE-2005-79 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-9303.
All submissions should refer to File Number SR-CBOE-2005-79. 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 (https://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. Copies of such
filing also will be available for inspection and copying at the
principal office of the CBOE. 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-CBOE-2005-79 and should be submitted on or before
November 14, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. E5-5860 Filed 10-21-05; 8:45 am]
BILLING CODE 8010-01-P
