Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Market-Maker Guidelines, 35215-35217 [E9-17134]
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Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices
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information as may be reasonably
necessary to make an informed
determination of whether the Plan
should be continued or continued after
amendment;
(b) Will determine whether
continuation, or continuation after
amendment, of the Plan is consistent
with the Fund’s investment objective(s)
and policies and in the best interests of
the Fund and its shareholders, after
considering the information in
condition V.B.1(a) above; including,
without limitation:
(1) Whether the Plan is accomplishing
its purpose(s);
(2) The reasonably foreseeable
material effects of the Plan on the
Fund’s long-term total return in relation
to the market price and NAV of the
Fund’s common shares; and
(3) The Fund’s current distribution
rate, as described in condition V.B
above, compared with the Fund’s
average annual taxable income or total
return over the 2-year period, as
described in condition V.B, or such
longer period as the Board deems
appropriate; and
(c) Based upon that determination,
will approve or disapprove the
continuation, or continuation after
amendment, of the Plan; and
2. The Board will record the
information considered by it, including
its consideration of the factors listed in
condition V.B.1(b) above, and the basis
for its approval or disapproval of the
continuation, or continuation after
amendment, of the Plan in its meeting
minutes, which must be made and
preserved for a period of not less than
six years from the date of such meeting,
the first two years in an easily accessible
place.
VI. Public Offerings
A Fund will not make a public
offering of the Fund’s common shares
other than:
A. A rights offering below NAV to
holders of the Fund’s common shares;
B. An offering in connection with a
dividend reinvestment plan, merger,
consolidation, acquisition, spin-off or
reorganization of the Fund; or
C. An offering other than an offering
described in conditions VI.A and VI.B
above, provided that, with respect to
such other offering:
1. The Fund’s annualized distribution
rate for the six months ending on the
last day of the month ended
immediately prior to the most recent
distribution record date,5 expressed as a
5 If the Fund has been in operation fewer than six
months, the measured period will being
immediately following the Fund’s first public
offering.
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15:18 Jul 17, 2009
Jkt 217001
percentage of NAV per share as of such
date, is no more than 1 percentage point
greater than the Fund’s average annual
total return for the 5-year period ending
on such date; 6 and
2. The transmittal letter
accompanying any registration
statement filed with the Commission in
connection with such offering discloses
that the Fund has received an order
under section 19(b) to permit it to make
periodic distributions of long-term
capital gains with respect to its common
stock as frequently as twelve times each
year, and as frequently as distributions
are specified in accordance with the
terms of any outstanding preferred stock
as such Fund may issue.
VII. Amendments to Rule 19b–1
The requested relief will expire on the
effective date of any amendment to rule
19b–1 that provides relief permitting
certain closed-end investment
companies to make periodic
distributions of long-term capital gains
with respect to their outstanding
common stock as frequently as twelve
times each year.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–17140 Filed 7–17–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold an Open Meeting
on Wednesday, July 22, 2009 at 2 p.m.,
in the Auditorium, Room L–002.
The subject matter of the Open
Meeting will be:
The Commission will consider
whether to propose a rule to address
‘‘pay to play’’ practices by investment
advisers. The proposal is designed,
among other things, to prohibit advisers
from seeking to influence the award of
advisory contracts by public entities
through political contributions to or for
those officials who are in a position to
influence the awards.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact: The Office of the Secretary at
(202) 551–5400.
Dated: July 15, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–17234 Filed 7–17–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60295; File No. SR–CBOE–
2009–049]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Related to Market-Maker
Guidelines
July 13, 2009.
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 July 9,
2009, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Exchange filed the proposal as a ‘‘noncontroversial’’ 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 is proposing to amend
Rule 8.7, Obligations of Market-Makers,
to: (i) Eliminate the provision providing
for bids (offers) to be no more than $1
lower (higher) than the last preceding
transaction plus or minus the aggregate
change in the last sale price of the
underlying, and (ii) amend the
provision pertaining to trades that are
more than $0.25 below parity. 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.
1 15
the Fund has been in operation fewer than five
years, the measured period will being immediately
following the Fund’s first public offering.
PO 00000
6 If
Frm 00061
Fmt 4703
Sfmt 4703
35215
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. 74, No. 137 / Monday, July 20, 2009 / Notices
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.
erowe on DSK5CLS3C1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Rule 8.7, in part, provides that
Market-Makers are expected ordinarily,
except in unusual market conditions,
not to bid more than $1 lower or offer
more than $1 higher than the last
preceding transaction price for the
particular option contract plus or minus
the aggregate change in the last sale
price of the underlying security since
the time of the last preceding
transaction for the particular option
contract (the ‘‘one point’’ rule). In
addition, Market-Makers are expected
ordinarily, except in usual market
conditions, to refrain from purchasing a
call option or a put option at a price
more than $0.25 below parity. In the
case of calls, parity is measured by the
bid in the underlying security, and in
the case of puts, parity is measured by
the offer in the underlying security (the
‘‘parity’’ rule).
First, the Exchange is proposing to
eliminate the one point rule. The one
point rule was originally adopted as a
guideline in 1987.5 Since that time,
various market changes have rendered
the rule obsolete and unnecessary. For
example, Market-Makers now stream
electronic quotes and are subject to
various electronic quotation
requirements, including bid/ask quote
width requirements contained
elsewhere in Rule 8.7. In addition, the
options intermarket linkage plan was
adopted and contains trade-through and
locked/crossed market requirements
(e.g., Rules 6.83 and 6.84). The
Exchange has also adopted an obvious
error rule that contains provisions on
erroneous pricing errors (e.g., Rule 6.25)
and has in place certain price check
parameters that will not permit the
automatic execution of certain orders if
the execution would take place outside
an acceptable price range (e.g., Rule
6.13(b)(v)).
Second, at this time the Exchange is
proposing to retain the parity rule
(which was also adopted in 1987) 6 as a
guideline but to modify it to provide
that an amount larger than $0.25 may be
appropriate considering the particular
market conditions (not just unusual
market conditions as the rule currently
states). The text is also being revised to
provide that the $0.25 guideline may be
increased, or the parity rule waived, by
the Exchange on a series-by-series basis.
The Exchange believes that revising the
$0.25 parity rule in this manner
modernizes the guideline to reflect
market changes (including those
discussed above) and will provide more
flexibility to take into consideration the
particular trading in a security,
including but not limited to the
underlying market price, market
conditions, and applicable minimum
bid/ask width requirements for a given
options series.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act 7
and the rules and regulations
thereunder and, in particular, the
requirements of Section 6(b) of the Act.8
Specifically, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 9 requirements that
the rules of an exchange be designed to
promote just and equitable principles of
trade, to prevent fraudulent and
manipulative acts, to remove
impediments to and to perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest, because it will eliminate
the outdated one point rule and update
the parity rule to incorporate more
flexibility and recognize changing
market conditions.
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.
5 See Securities Exchange Act Release No. 24040
(January 30, 1987), 52 FR 4070 (February 9, 1987)
(SR–CBOE–86–34).
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PO 00000
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,10 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 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.
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–2009–049 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.
6 Id.
7 15
10 The
8 15
U.S.C. 78s(b)(1).
U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
11 15
Frm 00062
Fmt 4703
Exchange has fulfilled this requirement.
U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6).
Sfmt 4703
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Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices
All submissions should refer to File
Number SR–CBOE–2009–049. 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
submissions should refer to File
Number SR–CBOE–2009–049 and
should be submitted on or before
August 10, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–17134 Filed 7–17–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60296; File No. SR–
NYSEAmex–2009–37]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC Adopting Rule 968NY–
Cabinet Trades
erowe on DSK5CLS3C1PROD with NOTICES
July 13, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on June 30,
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Nov<24>2008
15:18 Jul 17, 2009
Jkt 217001
2009, NYSE Amex (‘‘NYSE Amex’’ or
the ‘‘Exchange’’) 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 self-regulatory organization. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 4 and Rule 19b–4(f)(6) thereunder,5
which renders it effective upon filing
with the Commission. 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 adopt Rule
968NY–Cabinet Trades. The text of the
proposed rule change is attached as
Exhibit 5 to the 19b–4 form. A copy of
this filing is available on the Exchange’s
Web site at https://www.nyse.com, at the
Exchange’s principal office and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NYSE Amex proposes to adopt new
Rule 968NY which will govern cabinet
trading.6 The proposed rule is
substantially similar to NYSE Arca Rule
6.80.
On March 2, 2009 NYSE Amex
(f/k/a NYSE Alternext US LLC, f/k/a
The American Stock Exchange LLC
(collectively ‘‘Amex’’)) adopted a new
rule set governing the trading of
options.7 Much of the new rule set was
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
6 A Cabinet Trade is also known as an
Accommodation Transaction.
7 See Securities Exchange Act Release No. 59472
(February 27, 2009), 74 FR 9843 (March 6, 2009)
(order approving NYSEALTR–2008–14, as
amended).
PO 00000
4 15
5 17
Frm 00063
Fmt 4703
Sfmt 4703
35217
based on the rules of NYSE Arca Inc.
(‘‘NYSE Arca’’). In conjunction with the
filing of the new rule set, the Exchange
filed a separate proposal deleting many
out-of-date and/or obsolete rules.8
Included as part of this filing was the
deletion of former Amex Rule 959–
Accommodation [sic] Transactions,
which contained provisions governing
both cabinet trading and position
transfers. However, when filing the new
rule set the Exchange inadvertently
failed to include new rules governing
cabinet trading.
The Exchange now proposes to add a
new rule governing the trading of
cabinet orders.9 A brief description of
the rules change is shown below.
Cabinet Trading
A cabinet order is a limit order in a
non-Penny Pilot issue, which has been
priced at $1.00.10 Cabinet orders serve
as a way for market participants to
liquidate a worthless, or near worthless
position, at a minimal cost.
Prior to the adoption of the present
NYSE Amex trading system, all cabinet
trading on the Amex was done on a
manual basis. Therefore, previous Rule
Amex 959(a) dealt only with cabinet
trading in open outcry. The Exchange
now proposes to adopt new Rule 968NY
which will govern both manual and
electronic cabinet trading. This
proposed rule is similar in all material
respects to NYSE Arca Rule 6.80, which
also governs both manual and electronic
cabinet trading.
2. Statutory Basis
The Exchange believes that for these
reasons the proposed rule change is
consistent with Section 6(b) of the Act 11
in general, and furthers the objectives of
Section 6(b)(5) of the Act 12 in
particular, because it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system. This
proposal adds a new rule governing the
8 See Securities Exchange Act Release No. 59454
(February 25, 2009), 74 FR 9461 (March 4, 2009)
(notice of filing and immediate effectiveness of
NYSEALTR–2009–17).
9 NYSE Amex proposes to adopt new rules related
to the transfer of options positions as part of a
separate rule filing.
10 Certain option issues on NYSE Amex are traded
pursuant to a Penny Pilot Program scheduled to run
through July 3, 2009.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 74, Number 137 (Monday, July 20, 2009)]
[Notices]
[Pages 35215-35217]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-17134]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60295; File No. SR-CBOE-2009-049]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Related to Market-Maker Guidelines
July 13, 2009.
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 July 9, 2009, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I, II, and III 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 is proposing to amend Rule 8.7, Obligations of Market-
Makers, to: (i) Eliminate the provision providing for bids (offers) to
be no more than $1 lower (higher) than the last preceding transaction
plus or minus the aggregate change in the last sale price of the
underlying, and (ii) amend the provision pertaining to trades that are
more than $0.25 below parity. 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.
[[Page 35216]]
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Rule 8.7, in part, provides that Market-Makers are expected
ordinarily, except in unusual market conditions, not to bid more than
$1 lower or offer more than $1 higher than the last preceding
transaction price for the particular option contract plus or minus the
aggregate change in the last sale price of the underlying security
since the time of the last preceding transaction for the particular
option contract (the ``one point'' rule). In addition, Market-Makers
are expected ordinarily, except in usual market conditions, to refrain
from purchasing a call option or a put option at a price more than
$0.25 below parity. In the case of calls, parity is measured by the bid
in the underlying security, and in the case of puts, parity is measured
by the offer in the underlying security (the ``parity'' rule).
First, the Exchange is proposing to eliminate the one point rule.
The one point rule was originally adopted as a guideline in 1987.\5\
Since that time, various market changes have rendered the rule obsolete
and unnecessary. For example, Market-Makers now stream electronic
quotes and are subject to various electronic quotation requirements,
including bid/ask quote width requirements contained elsewhere in Rule
8.7. In addition, the options intermarket linkage plan was adopted and
contains trade-through and locked/crossed market requirements (e.g.,
Rules 6.83 and 6.84). The Exchange has also adopted an obvious error
rule that contains provisions on erroneous pricing errors (e.g., Rule
6.25) and has in place certain price check parameters that will not
permit the automatic execution of certain orders if the execution would
take place outside an acceptable price range (e.g., Rule 6.13(b)(v)).
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 24040 (January 30,
1987), 52 FR 4070 (February 9, 1987) (SR-CBOE-86-34).
---------------------------------------------------------------------------
Second, at this time the Exchange is proposing to retain the parity
rule (which was also adopted in 1987) \6\ as a guideline but to modify
it to provide that an amount larger than $0.25 may be appropriate
considering the particular market conditions (not just unusual market
conditions as the rule currently states). The text is also being
revised to provide that the $0.25 guideline may be increased, or the
parity rule waived, by the Exchange on a series-by-series basis. The
Exchange believes that revising the $0.25 parity rule in this manner
modernizes the guideline to reflect market changes (including those
discussed above) and will provide more flexibility to take into
consideration the particular trading in a security, including but not
limited to the underlying market price, market conditions, and
applicable minimum bid/ask width requirements for a given options
series.
---------------------------------------------------------------------------
\6\ Id.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act \7\ and the rules and regulations thereunder and, in
particular, the requirements of Section 6(b) of the Act.\8\
Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \9\ requirements that the rules of
an exchange be designed to promote just and equitable principles of
trade, to prevent fraudulent and manipulative acts, to remove
impediments to and to perfect the mechanism for a free and open market
and a national market system, and, in general, to protect investors and
the public interest, because it will eliminate the outdated one point
rule and update the parity rule to incorporate more flexibility and
recognize changing market conditions.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(1).
\8\ 15 U.S.C. 78f(b).
\9\ 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,\10\ 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\ 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.
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\10\ The Exchange has fulfilled this requirement.
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
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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-2009-049 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.
[[Page 35217]]
All submissions should refer to File Number SR-CBOE-2009-049. 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
submissions should refer to File Number SR-CBOE-2009-049 and should be
submitted on or before August 10, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Deputy Secretary.
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\13\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-17134 Filed 7-17-09; 8:45 am]
BILLING CODE 8010-01-P
