Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Rule 15.9, Regulatory Cooperation, 30007-30009 [E6-7918]
Download as PDF
<![CDATA[
Federal Register / Vol. 71, No. 100 / Wednesday, May 24, 2006 / Notices
operative date so that the proposal may
take effect upon filing.11
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
IV. Solicitation of Comments
No written comments were solicited
or received with respect to the proposed
rule change.
jlentini on PROD1PC65 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and
subparagraph (f)(6) of Rule 19b–4 9
thereunder because it does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; (iii) become operative for
30 days from the date on which it was
filed, or such shorter time as the
Commission may designate; and the
Exchange has given the Commission
written notice of its intention to file the
proposed rule change at least five
business days prior to filing. At any
time within 60 days of the filing of such
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.
Under Rule 19b–4(f)(6) of the Act,10
the proposal does not become operative
for 30 days after the date of its filing, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative date, so that the proposal may
take effect upon filing. The Exchange
believes that the proposal to lower the
appointment costs for the DIA and DJX
option classes does not raise any new
regulatory issues and promotes
competition by reducing the access
costs of trading in multiple options
classes as an RMM. The Exchange
believes that the proposal to add VIX
options to a new AA Tier also does not
raise any new, unique, or substantive
issues from those raised in previous
CBOE rule changes relating to these
Tiers. The Commission agrees and,
consistent with the protection of
investors and the public interest, has
determined to waive the 30-day
8 15
U.S.C. 78s(b)(3)(A)(iii).
9 17 CFR 240.19b–4(f)(6).
10 Id.
VerDate Aug<31>2005
17:08 May 23, 2006
Jkt 208001
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:
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–2006–50 on the
subject line.
30007
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–7916 Filed 5–23–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53832; File No. SR–CBOE–
2006–46]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Rule 15.9,
Regulatory Cooperation
Paper Comments
May 18, 2006.
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2006–50. 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
Section, 100 F Street, NE., Washington,
DC 20549. 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–2006–50 and should
be submitted on or before June 14, 2006.
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 May 8,
2006, 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 proposed rule
change as a ‘‘non-controversial’’ rule
change under Rule 19b–4(f)(6) under the
Act,3 which rendered the proposal
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
11 For purposes only of accelerating 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).
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
CBOE Rule 15.9, Regulatory
Cooperation, to clarify that the
Exchange may contract with another
self-regulatory organization (‘‘SRO’’) for
the performance of certain of CBOE’s
regulatory functions. The text of the
proposed rule change is available on the
Exchange’s Web site, https://
www.cboe.com, at the Exchange’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
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
E:\FR\FM\24MYN1.SGM
24MYN1
30008
Federal Register / Vol. 71, No. 100 / Wednesday, May 24, 2006 / Notices
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
Exchange 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
jlentini on PROD1PC65 with NOTICES
CBOE Rule 15.9(a) allows the
Exchange to enter into agreements with
domestic and foreign SROs, associations
and contract markets and the regulators
of such markets for the exchange of
information and other regulatory
purposes.4
The Exchange proposes to amend
CBOE Rule 15.9 to expressly allow the
Exchange to contract with another SRO
for the performance of certain of CBOE’s
regulatory functions. The proposed rule
change would enhance CBOE’s ability to
carry out its regulatory obligations
under the Act by providing CBOE the
ability to contract with another SRO for
regulatory services.
Under any agreement for regulatory
services with another SRO, CBOE would
remain an SRO registered under section
6 of Act 5 and, therefore, would
continue to have statutory authority and
responsibility for enforcing compliance
by its members, and persons associated
with its members, with the Act, the
rules thereunder, and the rules of the
Exchange.
The proposed rule change specifically
states that any action taken by another
SRO, or its employees or authorized
agents, operating on behalf of CBOE
pursuant to a regulatory services
agreement with CBOE, would be
deemed an action taken by CBOE.
Under any agreement for regulatory
services with another SRO, CBOE would
retain ultimate responsibility for
performance of its SRO duties, and the
proposed rule change states that CBOE
shall retain ultimate legal responsibility
for, and control of, its SRO
responsibilities.
4 The Exchange has entered into a Regulatory
Services Agreement (‘‘RSA’’) with other options
markets participating in the proposed Options
Regulatory Surveillance Authority (‘‘ORSA’’)
national market system plan. Under the ORSA RSA,
CBOE will provide certain regulatory services to the
other options markets.
5 15 U.S.C. 78f.
VerDate Aug<31>2005
17:08 May 23, 2006
Jkt 208001
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act6 in general, and
furthers the objectives of sections
6(b)(1), 6(b)(6) and 6(b)(7) of the Act7 in
particular, in that it will enhance the
ability of the Exchange to enforce
compliance by its members and persons
associated with its members with the
provisions of the Act, the rules and
regulations thereunder, and the rules of
the Exchange; it will help ensure that
members and persons associated with
members are appropriately disciplined
for violations of the Act, the rules and
regulations thereunder, and the rules of
the Exchange; and it will provide a fair
procedure for the disciplining of
members and persons associated with
members.
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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after the date of
filing, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act8 and subparagraph (f)(6) of
Rule 19b-4 thereunder.9 The Exchange
has requested that the Commission
waive the 30-day operative delay period
for ‘‘non-controversial’’ proposals and
make the proposed rule change effective
and operative upon filing. The
Commission hereby grants the request.
The Commission believes that waiver of
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(1); 15 U.S.C. 78f(b)(6); and 15
U.S.C. 78f(b)(7).
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b-4(f)(6
7 15
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
the 30-day operative delay is consistent
with the protection of investors and the
public interest. In this regard, the
Commission believes that the proposal
should be implemented without delay
because of its immediate applicability
with respect to the proposed ORSA
plan.10 For this reason, the Commission
designates the proposal to be effective
and operative upon filing with the
Commission.11
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 the 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:
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–2006–46 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2006–46. 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
10 The Commission notes that the proposed rule
change is based on a similar rule of the Boston
Stock Exchange, Inc. See Securities Exchange Act
Release No. 53436 (March 7, 2006), 71 FR 13194
(March 14, 2006) (SR-BSE–2006–08).
11 For the purposes only of accelerating 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).
E:\FR\FM\24MYN1.SGM
24MYN1
Federal Register / Vol. 71, No. 100 / Wednesday, May 24, 2006 / Notices
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 Exchange. 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–2006–46 and should
be submitted on or before June 14, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E6–7918 Filed 5–23–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53825; File No. SR–NYSE–
2006–38]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Exchange’s Financial Listing Criteria
May 17, 2006.
jlentini on PROD1PC65 with NOTICES
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 May 16,
2006, the New York Stock Exchange
LLC (‘‘NYSE’’ or ‘‘Exchange’’), 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. NYSE
has filed this 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 Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
12 17
CFR 200.30–3(a)(12).
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).
1 15
VerDate Aug<31>2005
17:08 May 23, 2006
Jkt 208001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The NYSE proposes to amend its
domestic financial listing standards for
companies proposing to list on the
Exchange contained in Section 102.01C
of the Exchange’s Listed Company
Manual (the ‘‘Manual’’) to allow
domestic companies to qualify for
listing, under certain limited
circumstances, on the basis of their
earnings, cash flows or revenues, as
applicable, in the most recent
completed nine-month period. However
the Exchange must conclude that the
company can reasonably be expected to
qualify under the regular standard upon
completion of its then current fiscal
year.
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.nyse.com), at the
Exchange’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. NYSE
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
NYSE proposes to amend its domestic
financial listing standards for
companies proposing to list on the
Exchange contained in Section 102.01C
of the Exchange’s Listed Company
Manual (the ‘‘Manual’’) to allow
companies seeking to list under the
Exchange’s domestic standards to
qualify for listing, under certain limited
circumstances, on the basis of their
earnings, cash flows or revenues, as
applicable, in the most recent
completed nine-month period.
Section 102.01C of the Manual allows
companies to list under the Exchange’s
domestic listing criteria by meeting one
of the following three standards:
• Earnings Test (1) Pre-tax earnings
from continuing operations and after
minority interest, amortization and
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
30009
equity in the earnings or losses of
investees, adjusted for certain specified
items, must total at least $10,000,000 in
the aggregate for the last three fiscal
years together with a minimum of
$2,000,000 in each of the two most
recent fiscal years, and positive amounts
in all three years.
• Valuation/Revenue with Cash Flow
Test—
(1) At least $500,000,000 in global
market capitalization,
(2) At least $100,000,000 in revenues
during the most recent 12 month period,
and
(3) At least $25,000,000 aggregate cash
flows for the last three fiscal years with
positive amounts in all three years,
subject to certain adjustments.
• Pure Valuation/Revenue Test—
(1) At least $750,000,000 in global
market capitalization, and
(2) At least $75,000,000 in revenues
during the most recent fiscal year.
Over the years, the Exchange states
that it has been unable to list a number
of financially healthy companies
because those companies had
insufficient earnings, cash flows, or
revenues in the earliest fiscal year
required by the applicable standard. In
many cases, such a company is very
different at the time of its listing
application from the company that had
existed in such earlier period. Such
company may have undergone a
recapitalization transaction in which it
substantially reduced its debt burden.
Alternatively, the company may have
undergone a significant change in its
operations, including, but not limited
to:
• A divestiture or discontinuation of
a loss-making business line,
• A change in management,
• An acquisition or series of
acquisitions,
• Economies of scale and increased
revenues as the company emerges from
its start-up phase,
• The effect of foreign currency
valuation,
• Entering a new geographic region or
market or exiting a geographic region or
market, or
• The launch of a new product or
service.
Therefore, the Exchange proposes to
amend Section 102.01C(I) and (II) (the
‘‘Earnings’’ and ‘‘Valuation/Revenue
with Cash Flow’’ Tests) to enable it to
qualify a company based on the most
recent completed nine months in lieu of
the earliest fiscal year otherwise
required by the applicable standard, in
circumstances where a recapitalization
transaction or significant change in
operations has rendered irrelevant the
financial position of the company in
E:\FR\FM\24MYN1.SGM
24MYN1
]]>Agencies
[Federal Register Volume 71, Number 100 (Wednesday, May 24, 2006)]
[Notices]
[Pages 30007-30009]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-7918]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53832; File No. SR-CBOE-2006-46]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Rule 15.9, Regulatory Cooperation
May 18, 2006.
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 May 8, 2006, 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 proposed rule change as a ``non-controversial''
rule change under Rule 19b-4(f)(6) under the Act,\3\ which rendered the
proposal effective upon filing with the 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend CBOE Rule 15.9, Regulatory
Cooperation, to clarify that the Exchange may contract with another
self-regulatory organization (``SRO'') for the performance of certain
of CBOE's regulatory functions. The text of the proposed rule change is
available on the Exchange's Web site, https://www.cboe.com, at the
Exchange'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
[[Page 30008]]
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 Exchange 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
CBOE Rule 15.9(a) allows the Exchange to enter into agreements with
domestic and foreign SROs, associations and contract markets and the
regulators of such markets for the exchange of information and other
regulatory purposes.\4\
---------------------------------------------------------------------------
\4\ The Exchange has entered into a Regulatory Services
Agreement (``RSA'') with other options markets participating in the
proposed Options Regulatory Surveillance Authority (``ORSA'')
national market system plan. Under the ORSA RSA, CBOE will provide
certain regulatory services to the other options markets.
---------------------------------------------------------------------------
The Exchange proposes to amend CBOE Rule 15.9 to expressly allow
the Exchange to contract with another SRO for the performance of
certain of CBOE's regulatory functions. The proposed rule change would
enhance CBOE's ability to carry out its regulatory obligations under
the Act by providing CBOE the ability to contract with another SRO for
regulatory services.
Under any agreement for regulatory services with another SRO, CBOE
would remain an SRO registered under section 6 of Act \5\ and,
therefore, would continue to have statutory authority and
responsibility for enforcing compliance by its members, and persons
associated with its members, with the Act, the rules thereunder, and
the rules of the Exchange.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f.
---------------------------------------------------------------------------
The proposed rule change specifically states that any action taken
by another SRO, or its employees or authorized agents, operating on
behalf of CBOE pursuant to a regulatory services agreement with CBOE,
would be deemed an action taken by CBOE. Under any agreement for
regulatory services with another SRO, CBOE would retain ultimate
responsibility for performance of its SRO duties, and the proposed rule
change states that CBOE shall retain ultimate legal responsibility for,
and control of, its SRO responsibilities.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act\6\ in general, and furthers the objectives
of sections 6(b)(1), 6(b)(6) and 6(b)(7) of the Act\7\ in particular,
in that it will enhance the ability of the Exchange to enforce
compliance by its members and persons associated with its members with
the provisions of the Act, the rules and regulations thereunder, and
the rules of the Exchange; it will help ensure that members and persons
associated with members are appropriately disciplined for violations of
the Act, the rules and regulations thereunder, and the rules of the
Exchange; and it will provide a fair procedure for the disciplining of
members and persons associated with members.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(1); 15 U.S.C. 78f(b)(6); and 15 U.S.C.
78f(b)(7).
---------------------------------------------------------------------------
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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) by its terms,
does not become operative for 30 days after the date of filing, or such
shorter time as the Commission may designate, if consistent with the
protection of investors and the public interest, the proposed rule
change has become effective pursuant to section 19(b)(3)(A) of the
Act\8\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\9\ The
Exchange has requested that the Commission waive the 30-day operative
delay period for ``non-controversial'' proposals and make the proposed
rule change effective and operative upon filing. The Commission hereby
grants the request. The Commission believes that waiver of the 30-day
operative delay is consistent with the protection of investors and the
public interest. In this regard, the Commission believes that the
proposal should be implemented without delay because of its immediate
applicability with respect to the proposed ORSA plan.\10\ For this
reason, the Commission designates the proposal to be effective and
operative upon filing with the Commission.\11\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ The Commission notes that the proposed rule change is based
on a similar rule of the Boston Stock Exchange, Inc. See Securities
Exchange Act Release No. 53436 (March 7, 2006), 71 FR 13194 (March
14, 2006) (SR-BSE-2006-08).
\11\ For the purposes only of accelerating 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).
---------------------------------------------------------------------------
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 the 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:
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-2006-46 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2006-46. 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
[[Page 30009]]
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 Exchange. 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-2006-46 and should be
submitted on or before June 14, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E6-7918 Filed 5-23-06; 8:45 am]
BILLING CODE 8010-01-P
