Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Revisions to the Series 9/10 Examination Program, 76086-76087 [E5-7667]

Download as PDF 76086 Federal Register / Vol. 70, No. 245 / Thursday, December 22, 2005 / Notices significant burden on competition; and (3) does not become operative for thirty 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 11 and Rule 19b–4(f)(6) 12 thereunder.13 A proposed rule change filed under Commission Rule 19b–4(f)(6) 14 normally does not become operative prior to thirty days after the date of filing. The CBOE requests that the Commission waive the 30-day operative delay, as specified in Rule 19b– 4(f)(6)(iii), and designate the proposed rule change to become operative immediately to allow the Exchange to continue to operate under the existing allocation parameters for orders represented in open outcry in Hybrid on an uninterrupted basis. The Commission hereby grants the request. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because such waiver will allow the CBOE to continue to operate under the Rule without interruption. For these reasons, the Commission designates the proposed rule change as effective and operative immediately.15 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such proposed 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: 11 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 13 Pursuant to Rule 19b–4(f)(6)(iii), the Exchange has given the Commission 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 on which the Exchange filed the proposed rule change. See 17 CFR 240.19b–4(f)(6)(iii). 14 17 CFR 240.19b–4(f)(6). 15 For the purposes only of waiving the operative date of this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). cchase on PROD1PC60 with NOTICES 12 17 VerDate Aug<31>2005 16:55 Dec 21, 2005 Jkt 208001 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–2005–102 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. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52913A; File No. SR– CBOE–2005–97] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Revisions to the Series 4 Examination Program December 15, 2005. Correction FR Doc. E5–7338, issued on December 14, 2005,1 incorrectly identified the exchange in the first sentence of the first All submissions should refer to File paragraph of Release No. 34–52913. The Number SR–CBOE–2005–102. This file corrected sentence reads as follows: number should be included on the ‘‘Pursuant to Section 19(b)(1) of the subject line if e-mail is used. To help the Securities Exchange Act of 1934 Commission process and review your (‘‘Act’’),2 and Rule 19b–4 thereunder,3 comments more efficiently, please use notice is hereby given that on November only one method. The Commission will 15, 2005, the Chicago Board Options post all comments on the Commission’s Exchange, Incorporated (‘‘CBOE’’ or Internet Web site (https://www.sec.gov/ ‘‘Exchange’’) filed with the Securities rules/sro.shtml). Copies of the and Exchange Commission (‘‘SEC’’ or submission, all subsequent ‘‘Commission’’) the proposed rule amendments, all written statements change as described in Items I, II, and with respect to the proposed rule III below, which Items have been change that are filed with the prepared by CBOE.’’ Commission, and all written For the Commission, by the Division of communications relating to the Market Regulation, pursuant to delegated proposed rule change between the authority.4 Commission and any person, other than Jonathan G. Katz, those that may be withheld from the Secretary. public in accordance with the [FR Doc. E5–7666 Filed 12–21–05; 8:45 am] provisions of 5 U.S.C. 552, will be BILLING CODE 8010–01–P available for inspection and copying in the Commission’s Public Reference Section, 100 F Street, NE., Washington, SECURITIES AND EXCHANGE DC 20549. Copies of such filing also will COMMISSION be available for inspection and copying [Release No. 34–52914A; File No. SR– at the principal office of the CBOE. All CBOE–2005–98] comments received will be posted without change; the Commission does Self-Regulatory Organizations; not edit personal identifying Chicago Board Options Exchange, information from submissions. You Incorporated; Notice of Filing and should submit only information that Immediate Effectiveness of Proposed you wish to make available publicly. All Rule Change Relating To Revisions to the Series 9/10 Examination Program submissions should refer to File Number SR–CBOE–2005–102 and December 15, 2005. should be submitted on or before Correction January 12, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.16 Jonathan G. Katz, Secretary. [FR Doc. E5–7665 Filed 12–21–05; 8:45 am] BILLING CODE 8010–01–P 16 17 PO 00000 CFR 200.30–3(a)(12). Frm 00068 Fmt 4703 Sfmt 4703 FR Doc. E5–7337, issued on December 14, 2005,1 incorrectly identified the exchange in the first sentence of the first paragraph of Release No. 34–52914. The corrected sentence reads as follows: 1 See Securities Exchange Act Release No. 52913 (December 7, 2005), 70 FR 74068. 2 15 U.S.C. 78s(b)(1). 3 17 CFR 240.19b–4. 4 17 CFR 200.30–3(a)(12). 1 See Securities Exchange Act Release No. 52914 (December 7, 2005), 70 FR 74067. E:\FR\FM\22DEN1.SGM 22DEN1 Federal Register / Vol. 70, No. 245 / Thursday, December 22, 2005 / Notices ‘‘Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),2 and Rule 19b–4 thereunder,3 notice is hereby given that on November 16, 2005, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the CBOE.’’ For the Commission, by the Division of Market Regulation, pursuant to delegated authority.4 Jonathan G. Katz, Secretary. [FR Doc. E5–7667 Filed 12–21–05; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–52952; File No. SR–CBOE– 2005–101] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of a Proposed Rule Change Relating to Membership Rules December 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 November 29, 2005, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ 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 CBOE. 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 cchase on PROD1PC60 with NOTICES The Exchange proposes to revise a CBOE membership rule that relates to CBOE’s investigation of membership applicants. The text of the proposed rule change is available on CBOE’s Web site (https://www.cboe.com), at CBOE’s Office of the Secretary, and at the Commission’s public reference room. 2 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 4 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4 3 17 VerDate Aug<31>2005 16:55 Dec 21, 2005 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, CBOE included statements concerning the purpose of and basis for the proposal and discussed any comments it received on the proposal. The text of these statements may be examined at the places specified in Item IV below. 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 Exchange is proposing to revise CBOE Rule 3.9(f), which currently provides that the Membership Department shall investigate each applicant applying to be a member organization, each associated person required to be approved by the Membership Committee pursuant to CBOE Rule 3.6(b),3 and each applicant applying to be an individual member (collectively, ‘‘Membership Applicants’’). As part of the current application process, Membership Applicants are required to submit fingerprints to the Exchange, which then forwards the fingerprints to the Federal Bureau of Investigation. To conduct its investigation, CBOE’s Membership Department currently accepts fingerprints from Membership Applicants in two forms: Electronic fingerprints that are taken at the Exchange and fingerprints that are taken manually on Exchange hardcopy fingerprints cards at a location other than the Exchange. The Exchange currently requires Membership Applicants to submit new fingerprints to the Exchange for processing pursuant to the investigation process under Rule 3.9(f) even if the Membership Applicant was recently fingerprinted at another self-regulatory organization (‘‘SRO’’). The proposed rule change would permit the Exchange to accept the results of a fingerprint-based criminal records check of the Membership Applicant conducted by another SRO within the prior year pursuant to that investigation process. The Exchange believes that the proposed rule change will lessen the administrative burden imposed on Membership Applicants 3 Pursuant to CBOE Rule 3.6(b), the Membership Committee generally investigates all persons who are listed on Form BD as a direct owner or executive officer of a CBOE member organization. Jkt 208001 PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 76087 having to obtain fingerprints on multiple occasions within a relatively short time period, while still preserving the Exchange’s ability to conduct a thorough investigation of the Membership Applicant. The Exchange notes that, in addition to a fingerprint-based criminal records check, a Form U–4 (Uniform Application for Securities Industry Registration or Transfer) is required to be submitted to the Exchange by Membership Applicants as part of the application process solely for informational purposes. Form U–4 contains disclosure questions that ask whether the Membership Applicant is subject to events that would constitute a statutory disqualification. Since the Exchange obtains this information as part of the application process, and since CBOE Rule 3.9(d) 4 requires Membership Applicants to promptly update membership application materials if the information provided in the materials becomes inaccurate or incomplete after the date of submission, the Exchange believes that the Membership Department would still receive notice if a Membership Applicant became subject to a statutory disqualification subsequent to the date of the results of the fingerprint-based criminal records check conducted by another SRO. 2. Statutory Basis The Exchange believes that the proposed rule change improves the Exchange’s investigation process by streamlining the fingerprinting portion of the process, and therefore reducing the administrative burdens on Membership Applicants, while still allowing for the Exchange to obtain the information it needs to determine whether the Exchange’s qualification criteria under its membership rules are satisfied. Therefore, the Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange and, in particular, the requirements of Section 6(b) of the Act.5 Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 6 requirements that the rules of an exchange be designed to promote just 4 CBOE Rule 3.9(d) states as follows: ‘‘Each applicant shall promptly update the application materials submitted to the Membership Department if any of the information provided in these materials becomes inaccurate or incomplete after the date of submission of the application to the Membership Department and prior to any approval of the application.’’ 5 15 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(5). E:\FR\FM\22DEN1.SGM 22DEN1

Agencies

[Federal Register Volume 70, Number 245 (Thursday, December 22, 2005)]
[Notices]
[Pages 76086-76087]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7667]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52914A; File No. SR-CBOE-2005-98]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change Relating To Revisions to the Series 9/10 Examination 
Program

December 15, 2005.

Correction

    FR Doc. E5-7337, issued on December 14, 2005,\1\ incorrectly 
identified the exchange in the first sentence of the first paragraph of 
Release No. 34-52914. The corrected sentence reads as follows:
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    \1\  See Securities Exchange Act Release No. 52914 (December 7, 
2005), 70 FR 74067.

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[[Page 76087]]

    ``Pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934 (``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given 
that on November 16, 2005, the Chicago Board Options Exchange, 
Incorporated (``CBOE'' or ``Exchange'') filed with the Securities and 
Exchange Commission (``SEC'' or ``Commission'') the proposed rule 
change as described in Items I, II, and III below, which Items have 
been prepared by the CBOE.''
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    \2\ 15 U.S.C. 78s(b)(1).
    \3\ 17 CFR 240.19b-4.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\4\
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    \4\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. E5-7667 Filed 12-21-05; 8:45 am]
BILLING CODE 8010-01-P
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