Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Eligible Order Types, 32523-32525 [2010-13663]
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Federal Register / Vol. 75, No. 109 / Tuesday, June 8, 2010 / Notices
clearing member that submits
extensions of time on behalf of brokerdealers for which it clears to submit a
monthly report to FINRA that indicates
overall ratios of requested extensions of
time to total transactions that have
exceeded a percentage specified by
FINRA.16 FINRA monitors the number
of Regulation T and SEC Rule 15c3–3
extension requests for each firm to
determine whether to impose
prohibitions on further extensions of
time.17
FINRA proposes to add a provision to
proposed FINRA Rule 4230 to clarify
that for the months when no brokerdealer for which a clearing member
clears exceeds the extension of time
ratio criteria (i.e., 2%), the clearing
member must submit a report indicating
such. FINRA had previously requested
such submissions but believes the
submissions are essential to ensure
FINRA has a complete and accurate
understanding of correspondent firm
extension requests.
As noted above, FINRA will announce
the implementation date of the
proposed rule change in a Regulatory
Notice to be published no later than 90
days following Commission approval.
The implementation date will be no
later than 180 days following
Commission approval.
2. Statutory Basis
emcdonald on DSK2BSOYB1PROD with NOTICES
FINRA believes that the proposed rule
change is consistent with the provisions
of Section 15A(b)(6) of the Act,18 which
requires, among other things, that
FINRA rules must be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, and, in
general, to protect investors and the
public interest. FINRA believes that the
proposed rule change will clarify and
streamline the margin requirements
applicable to its members, as well as
those rules addressing extension of time
requests under Regulation T and SEC
Rule 15c3–3.
16 See Notice to Members 06–62 (November 2006).
FINRA would retain the reporting threshold
specified in Notice to Members 06–62 of requiring
a report for all introducing or correspondent firms
that have overall ratios of requests for extensions of
time to total transactions for the month that exceed
2%. In the event FINRA adjusts the reporting
threshold, or the limitation threshold stated in note
16 below, it would advise members of the new
parameters in a Regulatory Notice.
17 See supra note 15. FINRA will continue to
prohibit further extension of time requests for (1)
introducing or correspondent firms that exceed a
3% ratio of the number of extension of time
requests to total transactions for the month and (2)
clearing firms that exceed a 1% ratio of extension
of time requests to total transactions.
18 15 U.S.C. 78o–3(b)(6).
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16:31 Jun 07, 2010
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B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(A) By order approve such proposed
rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
32523
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 Web site viewing and
printing 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
FINRA. 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–FINRA–2010–024 and
should be submitted on or before June
29, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Florence E. Harmon,
Deputy Secretary.
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:
[FR Doc. 2010–13662 Filed 6–7–10; 8:45 am]
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–FINRA–2010–024 on the
subject line.
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Related to Eligible Order
Types
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–FINRA–2010–024. 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
PO 00000
Frm 00169
Fmt 4703
Sfmt 4703
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62204; File No. SR–CBOE–
2010–049]
June 2, 2010.
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 May 25,
2010, 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
19 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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32524
Federal Register / Vol. 75, No. 109 / Tuesday, June 8, 2010 / Notices
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
its rules to clarify the applicability of
various order types on the Exchange.
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.org/Legal), at the
Exchange’s Office of the Secretary and
at the Commission.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of
and basis for the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to modify
Rule 6.53, Certain Types of Orders
Defined, to clarify that one or more of
the various order types may be made
available on a class-by-class basis.5 The
proposed text would also clarify that
certain order types may not be made
available for all Exchange systems. The
classes and/or systems for which the
order types shall be available will be as
provided in the Rules, as the context
may indicate, or as otherwise specified
via Regulatory Circular generally at least
one day in advance.
The proposed rule change provides
additional clarity and consistency in our
rules, which already provide in various
3 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
5 Rule 6.53 sets out definitions for the following
order types: market order; limit order; contingency
order (market-if-touched order, market-on-close
order, stop (stop-loss) order, stop-limit order);
spread order; combination order; straddle order; not
held order; one-cancels-the-other order; all-or-none
order; fill-or-kill order; immediate-or-cancel order;
opening rotation order; facilitation order; ratio
order; attributable order; intermarket sweep order;
AIM sweep order; sweep and AIM order; CBOEonly order; and reserve order.
emcdonald on DSK2BSOYB1PROD with NOTICES
4 17
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16:31 Jun 07, 2010
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places that the Exchange may designate
the eligible order types on a class-byclass basis for various systems/
processes. For example, the proposed
change is consistent with Rules 6.13A,
Simple Auction Liaison (SAL), 6.14A,
Hybrid Agency Liaison 2 (HAL2), and
6.53C(d), Process for Complex Order
RFR Auction (‘‘COA’’), which provide
that the Exchange, among other things,
shall designate the eligible order types
and classes in which SAL, HAL2 or
COA will be activated. As another
example, Rule 6.53(o), Attributable
Order, provides that attributable orders
may not be available for all Exchange
systems and the Exchange will issue a
Regulatory Circular specifying the
systems for which the attributable order
type shall be available.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 6 that an exchange
have rules that are designed to promote
just and equitable principles of trade,
and to remove impediments to and
perfect the mechanism for a free and
open market and a national market
system, and, in general, to protect
investors and the public interest. In
particular, the Exchange believes the
proposed change would provide more
clarity on the applicability of eligible
order types in a manner that is
consistent with other provisions in the
existing CBOE rules.
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 self6 15
PO 00000
U.S.C. 78f(b)(5).
Frm 00170
Fmt 4703
Sfmt 4703
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,7 the proposed rule change
has become effective pursuant to
Section 19(b)(3)(A) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 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–2010–049 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.
All submissions should refer to File
Number SR–CBOE–2010–049. 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
7 The Exchange has fulfilled the five day prefiling
requirement.
8 15 U.S.C. 78s(b)(3)(A).
9 17 CFR 240.19b–4(f)(6).
E:\FR\FM\08JNN1.SGM
08JNN1
Federal Register / Vol. 75, No. 109 / Tuesday, June 8, 2010 / Notices
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing 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 pm. 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–2010–049 and
should be submitted on or before June
29, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–13663 Filed 6–7–10; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–62211; File No. SR–FINRA–
2010–014]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Order Approving
Proposed Rule Change Relating to
FINRA Rule 9554 To Eliminate
Explicitly the Inability-To-Pay Defense
in the Expedited Proceedings Context
June 2, 2010.
On March 31, 2010, Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) filed with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and
Rule 19b–4 thereunder,2 a proposed rule
change to FINRA Rule 9554 to eliminate
explicitly the inability-to-pay defense in
the expedited proceedings context. The
proposed rule change was published for
comment in the Federal Register on
April 26, 2010.3 The Commission
received three comments, all of which
supported the proposed rule change.4
emcdonald on DSK2BSOYB1PROD with NOTICES
10 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 61938
(Apr. 19, 2010), 75 FR 21686 (Apr. 26, 2010).
4 See letters from Michael T. Nommensen, dated
May 14, 2010; William A Jacobson, Esq., Associate
Clinical Professor of Law, Cornell Law School, and
Director, Cornell Securities Law Clinic, and Lennie
Sliwinski, Cornell Law School class of 2011, dated
May 15, 2010; and Scott R. Shewan, President,
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16:31 Jun 07, 2010
Jkt 220001
This order approves the proposed rule
change.
I. Description of the Proposed Rule
Change
FINRA proposed to amend FINRA
Rule 9554 to eliminate explicitly the
inability-to-pay defense in the expedited
proceedings context when a member or
associated person fails to pay an
arbitration award to a customer.
FINRA Rule 9554 allows FINRA to
bring expedited actions to address
failures to pay FINRA arbitration
awards.5 Once a monetary award has
been issued in a FINRA arbitration
proceeding, the party that must pay the
award has thirty days to do so.6 If the
party that must pay the award is a
respondent, (i.e., a member or an
associated person, FINRA coordinates
between FINRA Dispute Resolution’s
arbitration forum and FINRA’s
enforcement program to verify whether
such respondent has done so. If the
respondent has not paid, FINRA
initiates an expedited proceeding by
sending a notice explaining that the
respondent will be suspended unless
the respondent pays the award or
requests a hearing.
A respondent that requests a hearing
may raise a number of defenses to the
suspension. One of the current defenses
is establishing a bona fide inability-topay. When a respondent successfully
demonstrates a bona fide inability-topay, it is a complete defense to the
suspension. Consequently, the inabilityto-pay defense currently precludes a
harmed customer from obtaining
payment of a valid arbitration award.
FINRA’s expedited proceedings for
failure to pay an arbitration award use
the leverage of a potential suspension to
help ensure that a member or an
associated person promptly pays a valid
arbitration award. However, if a
respondent demonstrates a financial
inability to pay the award—regardless of
the reason—the leverage is removed.
When FINRA’s efforts to suspend a
respondent who has not paid an award
have been defeated, a claimant is much
less likely to be paid. FINRA believes
that by eliminating the inability-to-pay
defense, it will increase the probability
Public Investors Arbitration Bar Association
(‘‘PIABA’’), dated May 17, 2010.
5 Expedited actions allow FINRA to address
certain types of misconduct quicker than would be
possible using the ordinary disciplinary process. In
general, expedited actions are designed to
encourage respondents to comply with the law or
take corrective action rather than sanction them for
past misconduct. Moreover, as discussed in detail
below, the Act uses a different standard of review
for expedited actions than it does for disciplinary
cases.
6 FINRA Rule 10330(h).
PO 00000
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Fmt 4703
Sfmt 4703
32525
of customers having their awards paid,
or, at a minimum, it should prompt
meaningful settlement discussions
between claimants and respondents.
The ability to work in the securities
industry carries with it, among other
things, an obligation to comply with the
federal securities laws, FINRA rules,
and orders imposed by the disciplinary
and arbitration processes. Allowing
members or their associated persons
that fail to pay arbitration awards to
remain in the securities industry
presents regulatory risks and is unfair to
harmed customers.
Although FINRA proposes to
eliminate the inability-to-pay defense, a
respondent would still have available
the following four defenses:
• The member or person paid the
award in full or fully complied with the
settlement agreement;
• The arbitration claimant has agreed
to installment payments or has
otherwise settled the matter;
• The member or person has filed a
timely motion to vacate or modify the
arbitration award and such motion has
not been denied; and
• The member or person has filed a
petition in bankruptcy and the
bankruptcy proceeding is pending or the
award or payment owed under the
settlement agreement has been
discharged by the bankruptcy court.7
Regarding the last defense, FINRA
believes that a federal bankruptcy court
is the best forum for adjudicating a
financial condition defense. Bankruptcy
judges are experts in evaluating whether
a debtor’s obligations should be legally
discharged. The bankruptcy process and
associated filings are designed to
consider fully and evaluate the financial
condition of bankruptcy debtors.8 In
addition, bankruptcy filings, which are
subject to federal perjury charges,
provide greater penalties for hiding
assets.9 FINRA’s lack of subpoena
power over banks and other third
parties raises practical concerns
regarding its ability to confirm
accurately the assets of the firm or
person asserting the defense.10
7 In its order approving changes to the
predecessor to Rule 9554, the SEC noted that the
issues raised in cases in which at least one of the
aforementioned defenses is raised are narrow and
generally limited to determining whether the
respondent has proven any of these four defenses
or an inability-to-pay the award. See Securities
Exchange Act Release No. 40026 (May 26, 1998), 63
FR 30789 (June 5, 1998).
8 See 4 Collier on Bankruptcy, ¶¶ 521.01, 521.09
(15th ed. 2009).
9 See 18 U.S.C. 151–58 (2010). Bankruptcy fraud
is punishable by a fine, or by up to five years in
prison, or both. Id.
10 The ability to legally discharge debts, the more
thorough and accurate verification of a bankruptcy
E:\FR\FM\08JNN1.SGM
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08JNN1
]]>Agencies
[Federal Register Volume 75, Number 109 (Tuesday, June 8, 2010)]
[Notices]
[Pages 32523-32525]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-13663]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-62204; File No. SR-CBOE-2010-049]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Related to Eligible Order Types
June 2, 2010.
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 May 25, 2010, 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
[[Page 32524]]
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 its rules to clarify the
applicability of various order types on the Exchange. The text of the
proposed rule change is available on the Exchange's Web site (https://www.cboe.org/Legal), at the Exchange's Office of the Secretary and at
the Commission.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to modify Rule 6.53, Certain Types of Orders
Defined, to clarify that one or more of the various order types may be
made available on a class-by-class basis.\5\ The proposed text would
also clarify that certain order types may not be made available for all
Exchange systems. The classes and/or systems for which the order types
shall be available will be as provided in the Rules, as the context may
indicate, or as otherwise specified via Regulatory Circular generally
at least one day in advance.
---------------------------------------------------------------------------
\5\ Rule 6.53 sets out definitions for the following order
types: market order; limit order; contingency order (market-if-
touched order, market-on-close order, stop (stop-loss) order, stop-
limit order); spread order; combination order; straddle order; not
held order; one-cancels-the-other order; all-or-none order; fill-or-
kill order; immediate-or-cancel order; opening rotation order;
facilitation order; ratio order; attributable order; intermarket
sweep order; AIM sweep order; sweep and AIM order; CBOE-only order;
and reserve order.
---------------------------------------------------------------------------
The proposed rule change provides additional clarity and
consistency in our rules, which already provide in various places that
the Exchange may designate the eligible order types on a class-by-class
basis for various systems/processes. For example, the proposed change
is consistent with Rules 6.13A, Simple Auction Liaison (SAL), 6.14A,
Hybrid Agency Liaison 2 (HAL2), and 6.53C(d), Process for Complex Order
RFR Auction (``COA''), which provide that the Exchange, among other
things, shall designate the eligible order types and classes in which
SAL, HAL2 or COA will be activated. As another example, Rule 6.53(o),
Attributable Order, provides that attributable orders may not be
available for all Exchange systems and the Exchange will issue a
Regulatory Circular specifying the systems for which the attributable
order type shall be available.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \6\ that an exchange have rules that
are designed to promote just and equitable principles of trade, and to
remove impediments to and perfect the mechanism for a free and open
market and a national market system, and, in general, to protect
investors and the public interest. In particular, the Exchange believes
the proposed change would provide more clarity on the applicability of
eligible order types in a manner that is consistent with other
provisions in the existing CBOE rules.
---------------------------------------------------------------------------
\6\ 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,\7\ the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6)
thereunder.\9\ 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.
---------------------------------------------------------------------------
\7\ The Exchange has fulfilled the five day prefiling
requirement.
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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-2010-049 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.
All submissions should refer to File Number SR-CBOE-2010-049. 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
[[Page 32525]]
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing 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 pm. 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-2010-049 and
should be submitted on or before June 29, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-13663 Filed 6-7-10; 8:45 am]
BILLING CODE 8010-01-P
