Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to CBOE's Delisting Policy, 43303-43305 [E7-15066]
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Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Notices
charged to the BOX Options Participant
that was responsible for the tradethrough that caused the Satisfaction
Order to be sent.
The BSE believes that extending the
Linkage fee pilot program until July 31,
2008 will give the Exchange and the
Commission additional time and
opportunity to evaluate the
appropriateness of Linkage fees.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,5 in general, and
furthers the objectives of section 6(b)(4)
of the Act,6 in particular, in that the
proposed rule change provides for the
equitable allocation of reasonable dues,
fees, and other charges among its
members and other persons using its
facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
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 comments on the proposed
rule change.
III. 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–BSE–2007–33 on the
subject line.
mstockstill on PROD1PC66 with NOTICES
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–BSE–2007–33. This file
number should be included on the
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(4)
VerDate Aug<31>2005
18:17 Aug 02, 2007
Jkt 211001
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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
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–BSE–2007–33 and should
be submitted on or before August 24,
2007.
IV. Commission’s Findings and Order
Granting Accelerated Approval of the
Proposed Rule Change
After careful consideration, 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,7 and, in
particular, the requirements of section
6(b) of the Act 8 and the rules and
regulations thereunder. The
Commission finds that the proposed
rule change is consistent with section
6(b)(4) of the Act,9 which requires that
the rules of the Exchange provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
members and other persons using its
facilities. The Commission believes that
the extension of the Linkage fee pilot
until July 31, 2008 will give the
Exchange and the Commission further
opportunity to evaluate whether such
fees are appropriate.
7 In approving this rule change, the Commission
notes that it has considered the proposal’s impact
on efficiency, competition, and capital formation.
See 15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4).
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43303
The Commission also finds good
cause for approving the proposed rule
change prior to the 30th day after the
date of publication of the notice of filing
thereof in the Federal Register. The
Commission believes that granting
accelerated approval of the proposed
rule change will preserve the
Exchange’s existing pilot program for
Linkage fees without interruption as the
Exchange and the Commission continue
considering the appropriateness of
Linkage fees.
Therefore, the Commission finds good
cause, consistent with section 19(b)(2)
of the Exchange Act,10 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,11 that the
proposed rule change (SR–BSE–2007–
33), as modified by Amendment No. 1,
be, and it hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E7–15095 Filed 8–2–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56154; File No. SR–CBOE–
2007–85]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to CBOE’s
Delisting Policy
July 27, 2007.
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 July 23,
2007, 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 substantially prepared by the
Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
10 15
U.S.C. 78s(b)(2).
U.S.C. 78s(b)(2).
12 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
11 15
E:\FR\FM\03AUN1.SGM
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43304
Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
delisting policy. 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.
CBOE also proposes to amend its
delisting policy to provide that CBOE
may make exceptions to its delisting
policy in appropriate circumstances. For
example, if an option class that
otherwise would qualify to be delisted
(due to having a national ADV of less
than 20 contracts) experiences a
significant increase in trading volume,
CBOE could choose not to delist the
option class. To qualify, the option class
would need to have a national ADV of
20 or more contracts in the month
immediately preceding its scheduled
delisting, or in the twenty trading days
prior to its scheduled delisting.
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 those
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 parts of such
statements.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations under the
Act applicable to a national securities
exchange and, in particular, the
requirements of section 6(b) of the Act.7
Specifically, the Exchange believes the
proposed rule change is consistent with
the section 6(b)(5) Act 8 requirements
that the rules of an exchange be
designed to promote just and equitable
principles of trade, to prevent
fraudulent and manipulative acts and,
in general, to protect investors and the
public interest.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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.
mstockstill on PROD1PC66 with NOTICES
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
1. Purpose
On January 23, 2007, the Commission
approved CBOE’s rule filing (SR–CBOE–
2006–92) to permit thirteen option
classes to trade in penny increments in
connection with the Penny Pilot
Program.5 In its rule filing, CBOE
discussed the various quote mitigation
strategies that it had already
implemented and intended to
implement. One of the quote mitigation
strategies was to adopt a delisting
policy. CBOE’s delisting policy
currently provides that CBOE will delist
any equity option class with national
average daily volume (‘‘ADV’’) of less
than 20 contracts.
Because CBOE’s rule filing relating to
the Penny Pilot Program was only
approved on a six-month pilot basis,
including apparently the delisting
policy, CBOE requests that its delisting
policy be approved on a permanent
basis.6
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 55154
(January 23, 2007), 72 FR 4743 (February 1, 2007).
6 CBOE believes it is unclear from the approval
order whether the delisting policy was intended to
4 17
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18:17 Aug 02, 2007
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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6)
thereunder,10 because the foregoing
proposed rule 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
be approved only on a six-month pilot basis, as
opposed to the changes to the minimum increments
for the thirteen option classes participating in the
Penny Pilot Program.
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
PO 00000
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Sfmt 4703
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.
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.11 However, Rule 19b–
4(f)(6)(iii) permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest.12 The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay to
allow the Exchange’s delisting policy as
it currently exists to continue on a
permanent basis is consistent with the
protection of investors and the public
interest because such waiver will ensure
continuity of the Exchange’s policy and
will allow the Exchange’s quote
mitigation strategy to remain in effect
without interruption. However, with
regard to CBOE’s proposal to amend its
policy, the Commission does not believe
that waiver of the operative delay is
warranted. Therefore, the Commission
designates the proposal seeking to make
the delisting policy effective on a
permanent basis to be operative upon
filing with the Commission.13 The
proposed amendments to the policy will
become operative after the 30-day
operative delay.
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.14
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 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires the self-regulatory
organization to give the Commission 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 filing of the proposed rule change, or such
shorter time as designated by the Commission.
CBOE has satisfied the five-day pre-filing
requirement.
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
14 See 15 U.S.C. 78s(b)(3)(C).
E:\FR\FM\03AUN1.SGM
03AUN1
Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / 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–2007–85 on the
subject line.
Paper Comments
mstockstill on PROD1PC66 with NOTICES
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
and C below, of the most significant
aspects of such statements.
[Release No. 34–56156; File No. SR–ISE–
2007–66]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to an Extension for
the Price Improvement Mechanism
Pilot Program
July 27, 2007.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
All submissions should refer to File
notice is hereby given that on July 24,
Number SR–CBOE–2007–85. This file
2007, the International Securities
number should be included on the
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
subject line if e-mail is used. To help the filed with the Securities and Exchange
Commission process and review your
Commission (‘‘Commission’’) the
comments more efficiently, please use
proposed rule change as described in
only one method. The Commission will Items I and II below, which Items have
post all comments on the Commission’s been substantially prepared by the ISE.
Internet Web site (https://www.sec.gov/
The ISE has designated the proposed
rules/sro.shtml). Copies of the
rule change as a ‘‘non-controversial’’
rule change pursuant to section
submission, all subsequent
19(b)(3)(A) of the Act 3 and Rule 19b–
amendments, all written statements
4(f)(6) thereunder,4 which renders the
with respect to the proposed rule
proposed rule change effective upon
change that are filed with the
filing with the Commission. The
Commission, and all written
Commission is publishing this notice to
communications relating to the
solicit comments on the proposed rule
proposed rule change between the
Commission and any person, other than change from interested persons.
those that may be withheld from the
I. Self-Regulatory Organization’s
public in accordance with the
Statement of the Terms of Substance of
provisions of 5 U.S.C. 552, will be
the Proposed Rule Change
available for inspection and copying in
The Exchange is proposing to extend
the Commission’s Public Reference
two pilot programs related to its Price
Room, 100 F Street, NE., Washington,
Improvement Mechanism (‘‘PIM’’)
DC 20549, on official business days
contained in paragraphs .03 and .05 of
between the hours of 10 a.m. and 3 p.m. the Supplemental Material to Rule 723.
Copies of the filing also will be available The text of the proposed rule change is
for inspection and copying at the
available on ISE’s Web site at https://
principal office of the CBOE. All
www.ise.com, at ISE’s principal office,
comments received will be posted
and at the Commission’s Public
without change; the Commission does
Reference Room.
not edit personal identifying
II. Self-Regulatory Organization’s
information from submissions. You
Statement of the Purpose of, and
should submit only information that
Statutory Basis for, the Proposed Rule
you wish to make available publicly. All Change
submissions should refer to File
In its filing with the Commission, the
Number SR–CBOE–2007–85 and should
ISE included statements concerning the
be submitted on or before August 24,
purpose of, and basis for, the proposed
2007.
rule change and discussed any
For the Commission, by the Division of
comments it received on the proposed
Market Regulation, pursuant to delegated
rule change. The text of these statements
authority.15
may be examined at the places specified
Nancy M. Morris,
in Item IV below. The ISE has prepared
summaries, set forth in sections A, B,
Secretary.
[FR Doc. E7–15066 Filed 8–2–07; 8:45 am]
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
BILLING CODE 8010–01–P
2 17
15 17
CFR 200.30–3(a)(12).
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18:17 Aug 02, 2007
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43305
PO 00000
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1. Purpose
The Exchange currently has two pilot
programs related to its PIM.5 The
current pilot period provided in
paragraphs .03 and .05 of the
Supplementary Material to Rule 723
was due to expire on July 18, 2007 and
was extended until July 25, 2007.6 The
Exchange now proposes to extend the
two pilot programs until July 18, 2008.
Paragraph .03 provides that there is no
minimum size requirement for orders to
be eligible for the Price Improvement
Mechanism. Paragraph .05 concerns the
termination of the exposure period by
unrelated orders. The Exchange
proposes to extend these pilots until
July 18, 2008 to give the Exchange and
the Commission additional time to
evaluate the effects of the provisions
before requesting permanent approval of
the rules.
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)
of the Act,8 in particular, in that the
proposed rule change is designed to
promote just and equitable principles of
trade, remove impediments to and
perfect the mechanisms of a free and
open market and a national market
system and, in general, to protect
investors and the public interest. Since
the PIM has only been operating for a
relatively short period of time, the
Exchange believes it is appropriate to
extend the pilot periods to provide the
Exchange and Commission more data
upon which to evaluate the rules.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
impose any burden on competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
5 See Securities Exchange Act Release Nos. 50819
(December 8, 2004), 69 FR 75093 (December 15,
2004) (approving the PIM Pilot (the ‘‘Approval
Order’’)); and 52027 (July 13, 2005), 70 FR 41804
(July 20, 2005) (extending the PIM Pilot for an
additional Year).
6 See Securities Exchange Act Release No. 56106
(July 19, 2007), 72 FR 40914 (July 25, 2007) (Notice
of Filing and Immediate Effectiveness of SR–ISE–
2007–62).
7 15 U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(5).
E:\FR\FM\03AUN1.SGM
03AUN1
]]>Agencies
[Federal Register Volume 72, Number 149 (Friday, August 3, 2007)]
[Notices]
[Pages 43303-43305]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15066]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56154; File No. SR-CBOE-2007-85]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to CBOE's Delisting Policy
July 27, 2007.
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 July 23, 2007, 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 substantially prepared by
the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to
[[Page 43304]]
section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder.\4\ 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)(iii).
\4\ 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 its delisting policy. 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.
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 those 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 parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On January 23, 2007, the Commission approved CBOE's rule filing
(SR-CBOE-2006-92) to permit thirteen option classes to trade in penny
increments in connection with the Penny Pilot Program.\5\ In its rule
filing, CBOE discussed the various quote mitigation strategies that it
had already implemented and intended to implement. One of the quote
mitigation strategies was to adopt a delisting policy. CBOE's delisting
policy currently provides that CBOE will delist any equity option class
with national average daily volume (``ADV'') of less than 20 contracts.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 55154 (January 23,
2007), 72 FR 4743 (February 1, 2007).
---------------------------------------------------------------------------
Because CBOE's rule filing relating to the Penny Pilot Program was
only approved on a six-month pilot basis, including apparently the
delisting policy, CBOE requests that its delisting policy be approved
on a permanent basis.\6\
---------------------------------------------------------------------------
\6\ CBOE believes it is unclear from the approval order whether
the delisting policy was intended to be approved only on a six-month
pilot basis, as opposed to the changes to the minimum increments for
the thirteen option classes participating in the Penny Pilot
Program.
---------------------------------------------------------------------------
CBOE also proposes to amend its delisting policy to provide that
CBOE may make exceptions to its delisting policy in appropriate
circumstances. For example, if an option class that otherwise would
qualify to be delisted (due to having a national ADV of less than 20
contracts) experiences a significant increase in trading volume, CBOE
could choose not to delist the option class. To qualify, the option
class would need to have a national ADV of 20 or more contracts in the
month immediately preceding its scheduled delisting, or in the twenty
trading days prior to its scheduled delisting.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations under the Act applicable to a
national securities exchange and, in particular, the requirements of
section 6(b) of the Act.\7\ Specifically, the Exchange believes the
proposed rule change is consistent with the section 6(b)(5) Act \8\
requirements that the rules of an exchange be designed to promote just
and equitable principles of trade, to prevent fraudulent and
manipulative acts 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
CBOE 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 neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become effective pursuant to section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) thereunder,\10\ because
the foregoing proposed rule 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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.\11\
However, Rule 19b-4(f)(6)(iii) permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest.\12\ The Exchange has requested that
the Commission waive the 30-day operative delay. The Commission
believes that waiving the 30-day operative delay to allow the
Exchange's delisting policy as it currently exists to continue on a
permanent basis is consistent with the protection of investors and the
public interest because such waiver will ensure continuity of the
Exchange's policy and will allow the Exchange's quote mitigation
strategy to remain in effect without interruption. However, with regard
to CBOE's proposal to amend its policy, the Commission does not believe
that waiver of the operative delay is warranted. Therefore, the
Commission designates the proposal seeking to make the delisting policy
effective on a permanent basis to be operative upon filing with the
Commission.\13 \The proposed amendments to the policy will become
operative after the 30-day operative delay.
---------------------------------------------------------------------------
\11\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires the self-regulatory organization to give the
Commission 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 filing of the
proposed rule change, or such shorter time as designated by the
Commission. CBOE has satisfied the five-day pre-filing requirement.
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact 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.\14 \
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\14\ See 15 U.S.C. 78s(b)(3)(C).
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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 43305]]
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-2007-85 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-2007-85. 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the 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-2007-85 and should be
submitted on or before August 24, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-15066 Filed 8-2-07; 8:45 am]
BILLING CODE 8010-01-P
