Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adding the Voluntary De-Registration Rule, 34604-34606 [E9-16860]
Download as PDF
<![CDATA[
34604
Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the 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) does not become operative for 30
days after the date of the 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 11 and Rule 19b–
4(f)(6) thereunder.12
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 13 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 14
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because it will allow the Exchange to
extend, through July 31, 2009, the
temporary suspension of its $1.00 price
continued listing requirement for capital
and common stock. The Commission
notes that the extension of the
temporary suspension will continue to
provide certain companies with
temporary relief from receiving a noncompliance or delisting notification, or
from being delisted, and will provide
some additional time to allow
companies to regain compliance after
the market volatility and conditions
experienced earlier this year and last
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). Pursuant to Rule 19b–
4(f)(6)(iii) under the Act, the Exchange is required
to give the Commission written notice of its intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Commission
has determined to waive this requirement.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
erowe on DSK5CLS3C1PROD with NOTICES
12 17
VerDate Nov<24>2008
15:08 Jul 15, 2009
Jkt 217001
fall. The Commission notes that this
action is temporary in nature. Further,
companies will continue to be subject to
delisting for failure to comply with
other listing requirements during the
suspension period. For these reasons,
the Commission designates that the
proposed rule change become operative
immediately upon filing.15
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Exchange
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–NYSEArca–2009–64 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2009–64. 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
15 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).
PO 00000
Frm 00056
Fmt 4703
Sfmt 4703
available for inspection and copying in
the Commission’s Public Reference
Room, 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 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–
NYSEArca–2009–64 and should be
submitted on or before August 6, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–16808 Filed 7–15–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60268; File No. SR–CHX–
2009–06]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Adding the
Voluntary De-Registration Rule
July 9, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’), 1 and Rule 19b–4 2 thereunder,
notice is hereby given that on July 7,
2009, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ 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 CHX. CHX has
filed this proposal pursuant to Exchange
Act Rule 19b–4(f)(6) 3 and requests that
the Commission waive the 30-day preoperative waiting period contained in
Exchange Act Rule 19b–4(f)(6)(iii).4 If
such waiver is granted by the
Commission, this rule proposal, which
is effective upon filing with the
Commission, shall become immediately
operative.
16 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).
4 17 CFR 240.19b–4(f)(6)(iii).
1 15
E:\FR\FM\16JYN1.SGM
16JYN1
Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHX proposes to amend its rules to
add a rule to Article 17 (governing CHXregistered Institutional Brokers) to
notify the Exchange when they seek to
voluntarily deregister as an Institutional
Broker. The text of this proposed rule
change is available on the Exchange’s
Web site at (https://www.chx.com) and in
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
CHX included statements concerning
the purpose of and basis for the
proposed rule changes and discussed
any comments it received regarding the
proposal. The text of these statements
may be examined at the places specified
in Item IV below. The CHX 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
erowe on DSK5CLS3C1PROD with NOTICES
1. Purpose
The Exchange is proposing to add a
rule to Article 17, which governs the
rights and obligations of Participant
firms registered with the Exchange as
Institutional Brokers (‘‘Institutional
Brokers’’). Institutional Brokers utilize a
trading platform provided for them by
the Exchange and are entitled to certain
rebates and credits under the
Exchange’s fee schedule. The proposed
addition would require that an
Institutional Broker notify the Exchange
of its intent to voluntarily deregister as
an Institutional Broker by completing
the proper form and submitting it to the
Exchange. Such notification would
ensure that these Participants would not
have unwarranted access to Exchange
trading technologies and were being
billed in an appropriate manner if they
continue to operate as an Exchange
Participant in a non-Institutional Broker
capacity (e.g., as an order sending firm).
2. Statutory Basis
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
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Nov<24>2008
15:08 Jul 15, 2009
Jkt 217001
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transaction in securities, to
remove impediments and perfect the
mechanisms of a free and open market,
and, in general, to protect investors and
the public interest by allowing CHX to
add a rule to Article 17 (governing CHXregistered Institutional Brokers) to
notify the Exchange they seek to
voluntarily deregister as an Institutional
Broker by completing the proper form
and submitting it to the Exchange. Such
notification would ensure that these
Participants would not have
unwarranted access to Exchange trading
technologies and were being billed in an
appropriate manner if they continue to
operate as an Exchange Participant in a
non-Institutional Broker capacity (e.g.,
as an order sending firm).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (1) Significantly affect
the protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
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.9 However, Rule 19b–
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). When filing a proposed
rule change pursuant to Rule 19b–4(f)(6) under the
Act, an Exchange is required to give the
Commission written notice of its intent to file the
proposed rule change, along with a brief description
and text of the proposed rule change, at least five
business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. The Exchange met
this requirement.
9 17 CFR 240.19b–4(f)(6)(iii).
PO 00000
7 15
8 17
Frm 00057
Fmt 4703
Sfmt 4703
34605
4(f)(6) 10 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. CHX
has requested that the Commission
waive the 30-day operative delay. The
Exchange notes that no rule currently
requires that a Participant firm notify
the Exchange of its intent to voluntarily
de-register as an Institutional Broker.
The Exchange believes that it is
important to establish such a
requirement as soon as practicable to
prevent unwarranted access to Exchange
trading technologies. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest because it should further the
Exchange’s ability to determine who no
longer should have access the
Exchange’s trading technologies. For
this reason, the Commission designates
the proposal to be operative upon filing
with the Commission.11
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 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–CHX–2009–06 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CHX–2009–06. This file
number should be included on the
subject line if e-mail is used. To help the
10 Id.
11 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\16JYN1.SGM
16JYN1
34606
Federal Register / Vol. 74, No. 135 / Thursday, July 16, 2009 / Notices
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 CHX. 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–CHX–2009–06 and should
be submitted on or before August 6,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–16860 Filed 7–15–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by New York
Stock Exchange LLC To Extend Its
Suspension of its Dollar Stock Price
Continued Listing Standard to July 31,
2009
erowe on DSK5CLS3C1PROD with NOTICES
July 9, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on July 2, 2009, New York Stock
Exchange LLC (the ‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
The Exchange proposes to extend
through July 31, 2009, the suspension of
the application of its price criteria for
capital and common stock set forth in
Section 802.01C of the Exchange’s
Listed Company Manual (the
‘‘Manual’’).4
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 these statements may be examined at
the places specified in Item IV below.
The 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
From mid-2008 through the first
quarter of 2009, the U.S. and global
equities markets experienced extreme
volatility and a precipitous decline in
trading prices of many securities. As a
consequence of these market conditions,
the Exchange experienced an unusually
high number (as compared to historical
levels) of listed companies having stock
prices that either fell below the
Exchange’s $1.00 price requirement for
capital and common stock set forth in
Section 802.01C of the Manual (i.e., the
average closing price of their stock has
fallen below $1.00 over a consecutive 30
trading day period) (the NYSE’s ‘‘dollar
3 17
CFR 240.19b–4(f)(6).
Commission notes that the suspension
period under this filing commenced at the time that
the proposed rule change was filed on July 2, 2009
and will continue through July 31, 2009.
4 The
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
15:08 Jul 15, 2009
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
1. Purpose
[Release No. 34–60273; File No. SR–NYSE–
2009–64]
VerDate Nov<24>2008
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 has
designated this proposal eligible for
immediate effectiveness pursuant to
Rule 19b–4(f)(6) 3 under the Exchange
Act. The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
Jkt 217001
PO 00000
Frm 00058
Fmt 4703
Sfmt 4703
price continued listing standard’’).5 In
response, the Exchange suspended the
application of the dollar price continued
listing standard until June 30, 2009.6
This suspension provided temporary
relief to companies in response to the
extreme volatility and a precipitous
decline in trading prices of many
securities experienced in the U.S. and
global equities markets, which the
Commission had acknowledged
constituted a threat to the fair and
orderly functioning of the securities
markets and could lead to a crisis of
confidence among investors regarding
the viability of companies whose stock
prices have declined significantly.7
Since the initial suspension of the
Exchange’s dollar price continued
listing standard, market conditions have
improved somewhat and a significant
number of companies have cured their
noncompliance with that standard.
However, major market indices have
recovered only a fraction of their losses
and are still significantly below the
levels of the first half of 2008.
5 Section 802.01C provides that a company will
be considered to be below compliance standards if
the average closing price of a security as reported
on the consolidated tape is less than $1.00 over a
consecutive 30 trading day period. Once notified,
the company must bring its share price and average
share price back above $1.00 by six months
following receipt of the notification. A company is
not eligible to follow the cure procedures outlined
in Sections 802.02 and 802.03 with respect to this
criteria. The company must, however, notify the
Exchange, within 10 business days of receipt of the
notification, of its intent to cure this deficiency or
be subject to suspension and delisting procedures.
In the event that at the expiration of the six-month
cure period, both a $1.00 share price and a $1.00
average share price over the preceding 30 trading
days are not attained, the Exchange will commence
suspension and delisting procedures.
Notwithstanding the foregoing, if a company
determines that, if necessary, it will cure the price
condition by taking an action that will require
approval of its shareholders, it must so inform the
Exchange in the above referenced notification, must
obtain the shareholder approval by no later than its
next annual meeting, and must implement the
action promptly thereafter. The price condition will
be deemed cured if the price promptly exceeds
$1.00 per share, and the price remains above the
level for at least the following 30 trading days.
6 See Securities Exchange Act Release No. 59510
(March 4, 2009), 74 FR 10636 (March 11, 2009) (SR–
NYSE–2009–21).
7 See, e.g., Securities Exchange Act Release No.
58588 (September 18, 2008), 73 FR 55174
(September 24, 2008) (‘‘The Commission is aware
of the continued potential of sudden and excessive
fluctuations of securities prices and disruption in
the functioning of the securities markets that could
threaten fair and orderly markets. Given the
importance of confidence in our financial markets
as a whole, we have also become concerned about
sudden and unexplained declines in the prices of
securities. Such price declines can give rise to
questions about the underlying financial condition
of an issuer, which in turn can create a crisis of
confidence without a fundamental underlying basis.
This crisis of confidence can impair the liquidity
and ultimate viability of an issuer, with potentially
broad market consequences.’’).
E:\FR\FM\16JYN1.SGM
16JYN1
]]>Agencies
[Federal Register Volume 74, Number 135 (Thursday, July 16, 2009)]
[Notices]
[Pages 34604-34606]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-16860]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60268; File No. SR-CHX-2009-06]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Adding the Voluntary De-Registration Rule
July 9, 2009.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on July 7, 2009, the Chicago Stock Exchange, Inc. (``CHX'' 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 CHX. CHX has filed this
proposal pursuant to Exchange Act Rule 19b-4(f)(6) \3\ and requests
that the Commission waive the 30-day pre-operative waiting period
contained in Exchange Act Rule 19b-4(f)(6)(iii).\4\ If such waiver is
granted by the Commission, this rule proposal, which is effective upon
filing with the Commission, shall become immediately operative.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
[[Page 34605]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CHX proposes to amend its rules to add a rule to Article 17
(governing CHX-registered Institutional Brokers) to notify the Exchange
when they seek to voluntarily deregister as an Institutional Broker.
The text of this proposed rule change is available on the Exchange's
Web site at (https://www.chx.com) and in 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 CHX included statements
concerning the purpose of and basis for the proposed rule changes and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. The CHX has prepared summaries, set forth in sections A, B and C
below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to add a rule to Article 17, which
governs the rights and obligations of Participant firms registered with
the Exchange as Institutional Brokers (``Institutional Brokers'').
Institutional Brokers utilize a trading platform provided for them by
the Exchange and are entitled to certain rebates and credits under the
Exchange's fee schedule. The proposed addition would require that an
Institutional Broker notify the Exchange of its intent to voluntarily
deregister as an Institutional Broker by completing the proper form and
submitting it to the Exchange. Such notification would ensure that
these Participants would not have unwarranted access to Exchange
trading technologies and were being billed in an appropriate manner if
they continue to operate as an Exchange Participant in a non-
Institutional Broker capacity (e.g., as an order sending firm).
2. Statutory Basis
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 promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transaction in
securities, to remove impediments and perfect the mechanisms of a free
and open market, and, in general, to protect investors and the public
interest by allowing CHX to add a rule to Article 17 (governing CHX-
registered Institutional Brokers) to notify the Exchange they seek to
voluntarily deregister as an Institutional Broker by completing the
proper form and submitting it to the Exchange. Such notification would
ensure that these Participants would not have unwarranted access to
Exchange trading technologies and were being billed in an appropriate
manner if they continue to operate as an Exchange Participant in a non-
Institutional Broker capacity (e.g., as an order sending firm).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (1)
Significantly affect the protection of investors or the public
interest; (2) impose any significant burden on competition; and (3)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). When filing a proposed rule change
pursuant to Rule 19b-4(f)(6) under the Act, an Exchange is required
to give the Commission written notice of its intent to file the
proposed rule change, along with a brief description and text of the
proposed rule change, at least five business days prior to the date
of filing of the proposed rule change, or such shorter time as
designated by the Commission. The Exchange met this requirement.
---------------------------------------------------------------------------
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.\9\
However, Rule 19b-4(f)(6) \10\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. CHX has requested that the
Commission waive the 30-day operative delay. The Exchange notes that no
rule currently requires that a Participant firm notify the Exchange of
its intent to voluntarily de-register as an Institutional Broker. The
Exchange believes that it is important to establish such a requirement
as soon as practicable to prevent unwarranted access to Exchange
trading technologies. The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest because it should further the Exchange's ability to
determine who no longer should have access the Exchange's trading
technologies. For this reason, the Commission designates the proposal
to be operative upon filing with the Commission.\11\
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ Id.
\11\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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 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-CHX-2009-06 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CHX-2009-06. This file
number should be included on the subject line if e-mail is used. To
help the
[[Page 34606]]
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 CHX. 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-CHX-2009-06 and should be submitted on
or before August 6, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16860 Filed 7-15-09; 8:45 am]
BILLING CODE 8010-01-P
