Self Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Change by Chicago Stock Exchange, Inc. to Its Bylaws and Those of Its Parent Corporation, CHX Holdings, Inc., 62861-62863 [E9-28617]
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Federal Register / Vol. 229, No. 74 / Tuesday, December 1, 2009 / Notices
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 has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this 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) 18 of the Act and
Rule 19b–4(f)(6) thereunder.19 As
required under Rule 19b–4(f)(6)(iii),20
the Exchange provided the Commission
with 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 the
filing of the proposed rule change.
A proposed rule change filed under
Rule 19b–4(f)(6) 21 normally may not
become operative prior to 30 days after
the date of filing. However, Rule 19b–
4(f)(6)(iii) 22 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange requests that the Commission
waive the 30-day operative delay, as
specified in Rule 19b–4(f)(6)(iii),23
which would make the rule change
effective and operative upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because such waiver
would continue to conform the BOX
rules to BOX’s current practice and
clarify that Directed Orders on BOX are
not anonymous without interruption.24
mstockstill on DSKH9S0YB1PROD with NOTICES
18 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
20 17 CFR 240.19b–4(f)(6)(iii).
21 17 CFR 240.19b–4(f)(6).
22 17 CFR 240.19b–4(f)(6)(iii).
23 Id.
24 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
19 17
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Accordingly, the Commission
designates the proposed rule change
operative upon filing with the
Commission.
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–BX–2009–076 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–BX–2009–076. 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 Exchange. All
comments received will be posted
without change; the Commission does
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62861
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–BX–2009–076 and should
be submitted on or before December 22,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.25
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–28678 Filed 11–30–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61053; File No. SR–CHX–
2009–15]
Self Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Change by Chicago Stock
Exchange, Inc. to Its Bylaws and Those
of Its Parent Corporation, CHX
Holdings, Inc.
November 23, 2009.
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 November
13, 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 CHX. CHX filed this
proposal pursuant to Rule 19b–4(f)(6)
under the Act 3 and requested that the
Commission waive the 30-day preoperative waiting period contained in
Rule 19b–4(f)(6)(iii).4
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHX proposes to amend its Bylaws
and those of its parent corporation, CHX
Holdings, Inc. (‘‘CHX Holdings’’) to
eliminate an age restriction for
Directors. 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.
25 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
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62862
Federal Register / Vol. 229, No. 74 / Tuesday, December 1, 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
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
Changes
mstockstill on DSKH9S0YB1PROD with NOTICES
1. Purpose
The Exchange proposes to remove the
current age restriction relating to
Directors in its Bylaws and in the
Bylaws of the Exchange’s parent
corporation. The Bylaws of both the
Exchange and CHX Holdings currently
provide that no Director who is 71 years
old or over is eligible to begin a term of
office, although he or she may complete
a term if elected prior to reaching age
71. The Exchange notes that certain
existing Directors of both corporations
will be impacted by this restriction in
the near future. The forced departure of
those Directors could negatively impact
the Exchange and its parent, due to the
loss of their knowledge and experience.
The Exchange also has received
expressions of interest from persons
above the age of 71 to be nominated to
stand for election as a Director of one or
both corporations and has had to turn
them away due to the age restriction.
The Exchange believes that there it
would be beneficial to be able to
consider the candidacy of such persons
without regard to their age. The removal
of the age restrictions would be
consistent with the provisions of the
bylaws of other national securities
exchanges.5
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act in general,6 and
furthers the objectives of Section 6(b)(5)
in particular,7 in that it is designed to
promote just and equitable principles of
5 See, e.g., Bylaws of BATS Exchange, Inc.,
Article III, § 3(b) (Terms of Office); Bylaws of
National Stock Exchange, Inc., Article III, § 3.4
(Terms of Office); Constitution of the Chicago Board
Options Exchange, Inc., Article VI, § 6.1 (Number,
Election and Term of Office of Directors).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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20:14 Nov 30, 2009
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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 removing the age
restriction from its bylaws and those of
CHX Holdings, the Exchange hopes to
attract and retain additional qualified
candidates for service as Directors.
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 Regarding the
Proposed Rule Changes Received From
Members, Participants or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Changes and Timing for
Commission Action
Because the foregoing 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 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) under the Act normally
may not become operative prior to 30
days after the date of filing.10 However,
Rule 19b–4(f)(6)(iii)11 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 the proposed removal
of age restrictions relating to Directors
are consistent with exchange bylaws the
Commission has approved in the past
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 In addition, Rule 19b–4(f)(6)(iii) under the Act
requires a self-regulatory organization to give 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 items as designated by the
Commission. CHX has complied with this
requirement.
11 Id.
9 17
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Sfmt 4703
and does not raise any new regulatory
issues.12 The Commission hereby grants
the Exchange’s request and designates
the proposal as operative upon filing.13
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
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–2009–15 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–2009–15. 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
12 See note 5 supra. For board composition of a
parent company of an exchange, see e.g., Bylaws of
BATS Global Markets, Inc., Article III, § 3.01.
13 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
E:\FR\FM\01DEN1.SGM
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Federal Register / Vol. 229, No. 74 / Tuesday, December 1, 2009 / Notices
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make publicly available. All
submissions should refer to File
Number SR–CHX–2009–15 and should
be submitted on or before December 22,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–28617 Filed 11–30–09; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61048; File No. SR–NYSE–
2009–112]
Self-Regulatory Organizations; Notice
of Filing of Proposed Rule Change by
New York Stock Exchange LLC
Rescinding Information Memoranda
04–27 and 07–66 and Issuing a New
Information Memo Concerning the
Exchange’s Gap Quote Policy
November 23, 2009.
mstockstill on DSKH9S0YB1PROD with NOTICES
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 November
9, 2009, the New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
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 rescind
NYSE Information Memoranda
(‘‘Information Memo’’) 04–27 and 07–66
and issue a new Information Memo that
provides updated parameters for, and
guidance on the application of, the
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
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20:14 Nov 30, 2009
Jkt 220001
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
BILLING CODE 8011–01–P
14 17
Exchange’s Gap Quote Policy (the
‘‘Policy’’). The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
1. Purpose
The purpose of the proposed rule
changes is to rescind Information
Memos 04–27 and 07–66 and issue a
new Information Memo that provides
updated parameters for, and guidance
on the application of, the Policy.4
The principal change to the Policy is
a reduction in the minimum size (from
at least 10,000 shares to at least 5,000)
and value (from $200,000 or more to
$100,000 or more) requirements for
publishing a gap quote. In addition, the
Exchange proposes to clarify certain
aspects of the Policy related to setting
the price of the gap quote. Finally, the
Exchange proposes adding language
clarifying or reminding members of
certain aspects of the Policy and other
technical or non-substantive changes.
In order to ensure an orderly
transition to usage of the new
parameters, the Exchange proposes that
these changes be made operative within
ten business days after the approval of
this filing.
Background
The purpose of the Policy, described
in greater detail below, is to provide
public notice of order imbalances for
securities, facilitate price discovery, and
minimize short-term price dislocation,
by allowing for the entry of offsetting
4 The Exchange’s corporate affiliate, NYSE Amex
LLC (‘‘NYSE Amex’’), has submitted an identical
companion filing updating its Gap Quote Policy
governing equities trading. See SR–NYSE–Amex–
2009–82. The proposed new Information Memo will
be jointly issued by both the Exchange and NYSE
Amex.
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62863
orders or the cancellation of orders on
the side of an imbalance.
An order imbalance may occur when
the Exchange receives a sudden influx
of orders for a particular security on the
same side of the market within a short
time interval, or when one or more
large-size orders for a security are
entered, and there is insufficient
offsetting interest.
When an imbalance in a security
exists, the Policy provides that the
Designated Market Maker (‘‘DMM’’) for
the security should widen the spread
between the bid and offer—a process
known as ‘‘gapping the quote.’’ 5 The
use of a gap quote signals the existence
of the imbalance to the market in order
to attract contra-side liquidity and
mitigate volatility.
Gap quotes occur more frequently in
securities that are illiquid or thinly
traded than in securities that are very
liquid or heavily traded.6
History
In 2004, the Exchange updated its
policies and procedures for gapping the
quote, which had previously been
implemented in 1994.7 The Exchange
announced the updated policy through
a new Information Memo 04–27 (June 9,
2004), which it also filed with the
Commission.8 In 2007, the Exchange
changed the minimum size and value
requirements for use of gap quotes to at
least 10,000 shares or $200,000, and
updated the policies and procedures to
reflect technical changes to the market
and Exchange systems.9
The Current Policy
Under the current Policy, a gapped
quotation consists of, on one side, a bid
or offer for the amount representing the
amount of the imbalance in the market
priced at the price of the last sale, and,
on the side of the market opposite the
imbalance, an offer or bid for 100
shares, priced at the price at which the
DMM believes the stock would trade if
5 The current version of the Policy contained in
Information Memo 07–66 refers to ‘‘specialists’’ and
‘‘specialist member organizations.’’ In accordance
with the Exchange’s adoption of its New Market
Model (‘‘NMM’’), the Exchange refers herein to
‘‘DMMs’’ and ‘‘DMM Units.’’ See Securities
Exchange Act Release No. 58845 (October 24, 2008),
73 FR 64379 (October 29, 2008) (SR–NYSE–2008–
46) (approving the NMM).
6 Currently, it is not cost-effective for the
Exchange to implement stock-specific gap quote
procedures.
7 See Information Memo 94–32 (August 9, 1994).
8 See Securities Exchange Act Release No. 50237
(August 24, 2004), 69 FR 53123 (August 31, 2004)
(SR–NYSE–2004–37) (concerning Information
Memo 04–27).
9 See Information Memo 07–66 (July 5, 2007).
This Information Memo was not filed with the
Commission.
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]]>Agencies
[Federal Register Volume 74, Number 229 (Tuesday, December 1, 2009)]
[Notices]
[Pages 62861-62863]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-28617]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61053; File No. SR-CHX-2009-15]
Self Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Change by Chicago Stock Exchange, Inc. to Its
Bylaws and Those of Its Parent Corporation, CHX Holdings, Inc.
November 23, 2009.
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 November 13, 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 CHX. CHX filed this
proposal pursuant to Rule 19b-4(f)(6) under the Act \3\ and requested
that the Commission waive the 30-day pre-operative waiting period
contained in Rule 19b-4(f)(6)(iii).\4\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CHX proposes to amend its Bylaws and those of its parent
corporation, CHX Holdings, Inc. (``CHX Holdings'') to eliminate an age
restriction for Directors. 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.
[[Page 62862]]
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 Changes
1. Purpose
The Exchange proposes to remove the current age restriction
relating to Directors in its Bylaws and in the Bylaws of the Exchange's
parent corporation. The Bylaws of both the Exchange and CHX Holdings
currently provide that no Director who is 71 years old or over is
eligible to begin a term of office, although he or she may complete a
term if elected prior to reaching age 71. The Exchange notes that
certain existing Directors of both corporations will be impacted by
this restriction in the near future. The forced departure of those
Directors could negatively impact the Exchange and its parent, due to
the loss of their knowledge and experience. The Exchange also has
received expressions of interest from persons above the age of 71 to be
nominated to stand for election as a Director of one or both
corporations and has had to turn them away due to the age restriction.
The Exchange believes that there it would be beneficial to be able to
consider the candidacy of such persons without regard to their age. The
removal of the age restrictions would be consistent with the provisions
of the bylaws of other national securities exchanges.\5\
---------------------------------------------------------------------------
\5\ See, e.g., Bylaws of BATS Exchange, Inc., Article III, Sec.
3(b) (Terms of Office); Bylaws of National Stock Exchange, Inc.,
Article III, Sec. 3.4 (Terms of Office); Constitution of the
Chicago Board Options Exchange, Inc., Article VI, Sec. 6.1 (Number,
Election and Term of Office of Directors).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act in general,\6\ and furthers the objectives
of Section 6(b)(5) in particular,\7\ 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 removing the age restriction from its bylaws and those of
CHX Holdings, the Exchange hopes to attract and retain additional
qualified candidates for service as Directors.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 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 Regarding the
Proposed Rule Changes Received From Members, Participants or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Changes and Timing for
Commission Action
Because the foregoing 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 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) under the Act
normally may not become operative prior to 30 days after the date of
filing.\10\ However, Rule 19b-4(f)(6)(iii)\11\ 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 the proposed removal of age restrictions relating to Directors
are consistent with exchange bylaws the Commission has approved in the
past and does not raise any new regulatory issues.\12\ The Commission
hereby grants the Exchange's request and designates the proposal as
operative upon filing.\13\
---------------------------------------------------------------------------
\10\ In addition, Rule 19b-4(f)(6)(iii) under the Act requires a
self-regulatory organization to give 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 items as designated by the Commission. CHX
has complied with this requirement.
\11\ Id.
\12\ See note 5 supra. For board composition of a parent company
of an exchange, see e.g., Bylaws of BATS Global Markets, Inc.,
Article III, Sec. 3.01.
\13\ For purposes only of waiving the 30-day operative delay 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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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
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-2009-15 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-2009-15. 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
[[Page 62863]]
Room, 100 F Street, NE., Washington, DC 20549, on official business
days between the hours of 10 a.m. and 3 p.m. Copies of such filing also
will be available for inspection and copying at the principal office of
the Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
publicly available. All submissions should refer to File Number SR-CHX-
2009-15 and should be submitted on or before December 22, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-28617 Filed 11-30-09; 8:45 am]
BILLING CODE 8011-01-P
