Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend CBOE Rules Relating to Appointment Costs, 56620-56622 [E8-22747]
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Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
adviser to certain series of the Trust.
The Distributor is a wholly-owned
subsidiary of Morgan Stanley and a
registered broker-dealer under the
Securities Exchange Act of 1934. The
Distributor provides marketing and
distribution services to the Trust.
3. Consistent with its fiduciary
obligations under the Act, each
Applicant Fund’s board of trustees or
directors will review the advisory fees
charged by the Applicant Fund’s
investment adviser to ensure that they
are based on services provided that are
in addition to, rather than duplicative
of, services provided pursuant to the
advisory agreement of any investment
company in which the Applicant Fund
may invest.
mstockstill on PROD1PC66 with NOTICES
Applicants’ Legal Analysis
1. Section 12(d)(1)(A) of the Act
provides that no registered investment
company (‘‘acquiring company’’) may
acquire securities of another investment
company (‘‘acquired company’’) if such
securities represent more than 3% of the
acquired company’s outstanding voting
stock or more than 5% of the acquiring
company’s total assets, or if such
securities, together with the securities of
other investment companies, represent
more than 10% of the acquiring
company’s total assets. Section
12(d)(1)(B) of the Act provides that no
registered open-end investment
company may sell its securities to
another investment company if the sale
will cause the acquiring company to
own more than 3% of the acquired
company’s voting stock, or cause more
than 10% of the acquired company’s
voting stock to be owned by investment
companies.
2. Section 12(d)(1)(G) of the Act
provides that section 12(d)(1) will not
apply to securities of an acquired
company purchased by an acquiring
company if: (i) The acquiring company
and acquired company are part of the
same group of investment companies;
(ii) the acquiring company holds only
securities of acquired companies that
are part of the same group of investment
companies, government securities, and
short-term paper; (iii) the aggregate sales
loads and distribution-related fees of the
acquiring company and the acquired
company are not excessive under rules
adopted pursuant to section 22(b) or
section 22(c) of the Act by a securities
association registered under section 15A
of the Exchange Act or by the
Commission; and (iv) the acquired
company has a policy that prohibits it
from acquiring securities of registered
open-end management investment
companies or registered unit investment
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16:48 Sep 26, 2008
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trusts in reliance on section 12(d)(1)(F)
or (G) of the Act.
3. Rule 12d1–2 under the Act permits
a registered open-end investment
company or a registered unit investment
trust that relies on section 12(d)(1)(G) of
the Act to acquire, in addition to
securities issued by another registered
investment company in the same group
of investment companies, government
securities, and short-term paper: (1)
Securities issued by an investment
company that is not in the same group
of investment companies, when the
acquisition is in reliance on section
12(d)(1)(A) or 12(d)(1)(F) of the Act; (2)
securities (other than securities issued
by an investment company); and (3)
securities issued by a money market
fund, when the investment is in reliance
on rule 12d1–1 under the Act. For the
purposes of rule 12d1–2, ‘‘securities’’
means any security as defined in section
2(a)(36) of the Act.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction from any
provision of the Act, or from any rule
under the Act, if such exemption is
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policies and
provisions of the Act.
5. Applicants state that the proposed
arrangement would comply with the
provisions of rule 12d1–2 under the Act,
but for the fact that the Applicant Funds
may invest a portion of their assets in
Other Investments. Applicants request
an order under section 6(c) of the Act
for an exemption from rule 12d1–2(a) to
allow the Applicant Funds to invest in
Other Investments. Applicants assert
that permitting the Applicant Funds to
invest in Other Investments as described
in the application would not raise any
of the concerns that the requirements of
section 12(d)(1) were designed to
address.
Applicants’ Condition
Applicants agree that any order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Applicant Fund from
investing in Other Investments as
described in the Application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–22749 Filed 9–26–08; 8:45 am]
BILLING CODE 8010–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58615; File No. SR–CBOE–
2008–95]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend CBOE Rules
Relating to Appointment Costs
September 22, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 16, 2008, the Chicago Board
Options Exchange, Incorporated (the
‘‘Exchange’’ or ‘‘CBOE’’) filed with the
Securities and Exchange Commission
(the ‘‘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 as a ‘‘non-controversial’’
proposed rule change pursuant to
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to make
technical changes to the tables setting
forth the appointment costs for option
classes in CBOE’s rules. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.cboe.org/Legal), 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
self-regulatory organization 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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
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Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
nature and enable the Exchange to trade
MVR on Hybrid.
1. Purpose
The purpose of this rule change is to
make technical changes to the tables
setting forth the appointment costs for
option classes in CBOE’s rules.
In connection with CBOE’s
determination to trade options on the
Morgan Stanley Retail Index Option
class (MVR) on the Hybrid Trading
System (‘‘Hybrid’’) commencing on
September 23, 2008,5 CBOE proposes to
delete reference to MVR in the list of
Hybrid 3.0 classes in the table contained
in Rule 8.3(c)(iii). MVR then would be
added to the table of Hybrid classes in
paragraph (c)(i) of Rule 8.3 and placed
in the AA Tier, which has been
reconfigured to hold all option classes
which have a fixed appointment cost.
CBOE intends to maintain an
appointment cost of .25 for MVR when
it trades on Hybrid.
As noted above, CBOE also proposes
to reconfigure the AA and A+ Tiers in
Rule 8.3(c)(i) such that the AA Tier
would hold all option classes which
have a fixed appointment cost. The
reference to an A+ Tier would be
deleted, and the five option classes
currently in the A+ Tier would be
placed in the AA Tier.6 The
appointment cost of the existing AA
Tier classes and the former A+ Tier
classes would remain the same. CBOE is
making this change for operational
reasons.
CBOE believes that these changes to
the tables are technical in nature and
will facilitate CBOE’s decision to trade
MVR on the Hybrid Trading System.
2. Statutory Basis
mstockstill on PROD1PC66 with NOTICES
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (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. Specifically, the Exchange believes
the proposed rule change is consistent
with the Section 6(b)(5) Act 7
requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, in that
these proposed changes are technical in
5 MVR currently trades on the Hybrid 3.0
Platform.
6 CBOE also proposes to make a technical change
to Rule 8.85(e) and Rule 8.92(d) to delete the
reference to the A+ Tier.
7 15 U.S.C. 78f(b)(5).
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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 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
Because the foregoing 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, provided that the selfregulatory organization has given the
Commission written notice of its intent
to file 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, the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 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. The Exchange states that
waiving the 30 days will enable it to
begin trading MVR options on Hybrid
on September 23, 2008, which would
promote competition and efficiency
without undue delay. Based on these
reasons, the Commission believes that
U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 Id.
Frm 00081
Fmt 4703
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, and
thus designates the proposal effective
upon filing.11
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–2008–95 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR-CBOE–2008–95. 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 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
11 For 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).
8 15
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56622
Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Notices
submissions should refer to File
Number SR–CBOE–2008–95 and should
be submitted on or before October 20,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–22747 Filed 9–26–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–58616; File No. SR–CBOE–
2008–99]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by Chicago
Board Options Exchange, Incorporated
Relating to Transfer of Interim Trading
Permits
September 22, 2008.
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 19, 2008, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or the ‘‘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 CBOE. CBOE has
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
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
mstockstill on PROD1PC66 with NOTICES
CBOE proposes to amend the transfer
provisions applicable to Interim Trading
Permits. The text of the proposed rule
change is available on the Exchange’s
Web site (https://www.cboe.org/Legal/),
at the Exchange’s Office of the
Secretary, and at the Commission.
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
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16:48 Sep 26, 2008
Jkt 214001
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
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
(a) Purpose
CBOE Rule 3.27(g) currently provides
that Interim Trading Permits are nontransferable, except that in a form and
manner prescribed by the Exchange (i)
a member organization may change the
designation of the nominee in respect of
each Interim Trading Permit it holds
and (ii) an individual Interim Trading
Permit holder at any time after the
issuance of that Interim Trading Permit
may transfer that Interim Trading Permit
to a member organization with which
such individual is then associated.
The Exchange is proposing to amend
Rule 3.27(g) to provide for a third
circumstance in which an Interim
Trading Permit may be transferred.
Specifically, the Exchange proposes to
amend Rule 3.27(g) to provide that the
holder of an Interim Trading Permit may
transfer the Interim Trading Permit to an
organization which has succeeded,
through statutory merger, exchange of
stock, or acquisition of assets to the
business of the transferor.
This proposed new provision is
equivalent to CBOE Rule 3.14(c)(ii)
which permits the owner of a
transferable CBOE membership to
transfer the membership to an
organization which has succeeded,
through statutory merger, exchange of
stock, or acquisition of assets to the
business of the transferor.
(b) Statutory Basis
The proposed rule change will allow
for the business and trading operations
of an Interim Trading Permit holder to
continue without interruption when the
business of that Interim Trading Permit
holder is transferred to another
organization and avoid a disruption to
those trading operations that would
result from the loss of the Interim
Trading Permits that support those
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operations and the need for the
successor organization to obtain other
trading access to the Exchange, which
may not be available at that time.
Accordingly, the Exchange believes that
the proposed rule change is consistent
with Section 6(b) of the Act in general,5
and furthers the objectives of Section
6(b)(5) in particular,6 in that it is
designed to facilitate transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and to protect investors and the
public interest.
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 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 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 thirty 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, provided that the selfregulatory organization has given the
Commission written notice of its intent
to file 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,7 the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and Rule
19b–4(f)(6) thereunder.9
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
5 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
7 The Exchange has fulfilled this requirement.
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
10 Id.
6 15
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]]>Agencies
[Federal Register Volume 73, Number 189 (Monday, September 29, 2008)]
[Notices]
[Pages 56620-56622]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22747]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58615; File No. SR-CBOE-2008-95]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend CBOE Rules Relating to Appointment Costs
September 22, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 16, 2008, the Chicago Board Options Exchange,
Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities
and Exchange Commission (the ``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 as a ``non-
controversial'' proposed rule change pursuant to 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 make technical changes to the tables
setting forth the appointment costs for option classes in CBOE's rules.
The text of the proposed rule change is available on the Exchange's Web
site (https://www.cboe.org/Legal), 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 self-regulatory organization
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.
[[Page 56621]]
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 make technical changes to the
tables setting forth the appointment costs for option classes in CBOE's
rules.
In connection with CBOE's determination to trade options on the
Morgan Stanley Retail Index Option class (MVR) on the Hybrid Trading
System (``Hybrid'') commencing on September 23, 2008,\5\ CBOE proposes
to delete reference to MVR in the list of Hybrid 3.0 classes in the
table contained in Rule 8.3(c)(iii). MVR then would be added to the
table of Hybrid classes in paragraph (c)(i) of Rule 8.3 and placed in
the AA Tier, which has been reconfigured to hold all option classes
which have a fixed appointment cost. CBOE intends to maintain an
appointment cost of .25 for MVR when it trades on Hybrid.
---------------------------------------------------------------------------
\5\ MVR currently trades on the Hybrid 3.0 Platform.
---------------------------------------------------------------------------
As noted above, CBOE also proposes to reconfigure the AA and A+
Tiers in Rule 8.3(c)(i) such that the AA Tier would hold all option
classes which have a fixed appointment cost. The reference to an A+
Tier would be deleted, and the five option classes currently in the A+
Tier would be placed in the AA Tier.\6\ The appointment cost of the
existing AA Tier classes and the former A+ Tier classes would remain
the same. CBOE is making this change for operational reasons.
---------------------------------------------------------------------------
\6\ CBOE also proposes to make a technical change to Rule
8.85(e) and Rule 8.92(d) to delete the reference to the A+ Tier.
---------------------------------------------------------------------------
CBOE believes that these changes to the tables are technical in
nature and will facilitate CBOE's decision to trade MVR on the Hybrid
Trading System.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (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.
Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) Act \7\ requirements that the rules
of an exchange be designed to promote just and equitable principles of
trade, in that these proposed changes are technical in nature and
enable the Exchange to trade MVR on Hybrid.
---------------------------------------------------------------------------
\7\ 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 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
Because the foregoing 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, provided that the self-regulatory organization
has given the Commission written notice of its intent to file 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, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6)
thereunder.\9\ 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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. The Exchange states
that waiving the 30 days will enable it to begin trading MVR options on
Hybrid on September 23, 2008, which would promote competition and
efficiency without undue delay. Based on these reasons, the Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest, and thus designates
the proposal effective upon filing.\11\
---------------------------------------------------------------------------
\10\ Id.
\11\ For 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).
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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:
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-2008-95 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2008-95. 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 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
[[Page 56622]]
submissions should refer to File Number SR-CBOE-2008-95 and should be
submitted on or before October 20, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Florence E. Harmon,
Acting Secretary.
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\12\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-22747 Filed 9-26-08; 8:45 am]
BILLING CODE 8010-01-P
