Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Limited Extension to the Compliance Deadline for Registration and Qualification Pursuant to Rule 3.6A, 74835-74837 [2011-30916]
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Federal Register / Vol. 76, No. 231 / Thursday, December 1, 2011 / Notices
emcdonald on DSK5VPTVN1PROD with NOTICES
Chapter 35), agencies are required to
publish a Notice in the Federal Register
notifying the public that the agency has
prepared an information collection for
OMB review and approval and has
requested public review and comment
on the submission. Comments are being
solicited on the need for the
information; the accuracy of the
Agency’s burden estimate; the quality,
practical utility, and clarity of the
information to be collected; and ways to
minimize reporting the burden,
including automated collected
techniques and uses of other forms of
technology.
DATES: Comments must be received
within 60 calendar-days of publication
of this Notice.
ADDRESSES: Copies of the subject form
may be obtained from the Agency
Submitting Officer.
FOR FURTHER INFORMATION CONTACT:
OPIC Agency Submitting Officer: Essie
Bryant, Record Manager, Overseas
Private Investment Corporation, 1100
New York Avenue NW., Washington,
DC 20527; (202) 336–8563.
OVERSEAS PRIVATE INVESTMENT
CORPORATION
Summary Form Under Review
Type of Request: New form.
Title: Office of Investment Policy
Questionnaire
Form Number: OPIC 248.
Frequency of Use: Once per investor
per project.
Type of Respondents: Business or
other institution (except farms);
individuals.
Standard Industrial Classification
Codes: All.
Description of Affected Public: U.S.
companies or citizens investing
overseas.
Reporting Hours: 552 (2.4 hours per
project).
Number of Responses: 230 per year.
Federal Cost: $23,187.
Authority for Information Collection:
Sections 231, 234(a), 239(d), and 240A
of the Foreign Assistance Act of 1961,
as amended.
Abstract (Needs and Uses): The Office
of Investment Policy Questionnaire is
the principal document used by OPIC to
prepare a developmental impact profile
and determine the projected impact on
the United States, as well as to
determine the project’s compliance with
environmental and labor policies, as
consistent with OPIC’s authorizing
legislation.
BILLING CODE 3210–01–M
Dated: November 22, 2011.
Nichole Cadiente,
Administrative Counsel, Administrative
Affairs, Department of Legal Affairs.
[FR Doc. 2011–30882 Filed 11–30–11; 8:45 am]
BILLING CODE M
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17:34 Nov 30, 2011
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Sunshine Act; Public Hearing
Cancellation Notice; November 30,
2011
OPIC’s Sunshine Act notice of its
Public Hearing in Conjunction with
each Board meeting was published in
the Federal Register (Volume 76,
Number 219, Page 70510) on November
14, 2011. No requests were received to
provide testimony or submit written
statements for the record; therefore,
OPIC’s public hearing scheduled for 2
p.m., November 30, 2011 in conjunction
with OPIC’s December 8, 2011 Board of
Directors meeting has been cancelled.
CONTACT PERSON FOR INFORMATION:
Information on the hearing cancellation
may be obtained from Connie M. Downs
at (202) 336–8438, or via email at
Connie.Downs@opic.gov.
Dated: November 29, 2011.
Connie M. Downs,
OPIC Corporate Secretary.
74835
Among the issues likely to be argued
are (1) Whether Glantz engaged in
violations of the securities laws; (2)
whether Urban was a supervisor of
Glantz under applicable law; (3) if so,
whether Urban failed to exercise that
supervision reasonably; and (4) if so,
whether and to what extent sanctions
should be imposed.
For further information, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: November 29, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–31047 Filed 11–29–11; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65828; File No. SR–CBOE–
2011–110]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Clarify the Limited
Extension to the Compliance Deadline
for Registration and Qualification
Pursuant to Rule 3.6A
Sunshine Act Meeting
November 25, 2011.
[FR Doc. 2011–31016 Filed 11–29–11; 4:15 pm]
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 December 6, 2011 at 10 a.m., in the
Auditorium, Room L–002, to hear oral
argument in an administrative
proceeding regarding Theodore W.
Urban, formerly general counsel, head
of compliance, and member of the Board
of Directors of Ferris, Baker Watts, Inc.
(‘‘FBW,’’ now operating under the name
RBC Wealth Management), a registered
broker-dealer and investment adviser.
Urban and the Division of
Enforcement filed cross-appeals from
the decision of an administrative law
judge. The law judge found that Stephen
Glantz, an FBW registered
representative, engaged in various
securities law violations while
employed by FBW. She further found
that Glantz was subject to Urban’s
supervision within the meaning of
Section 15(b) of the Securities Exchange
Act of 1934 and Section 203(f) of the
Investment Advisers Act of 1940;
however, the law judge dismissed the
proceeding against Urban because she
concluded that Urban did not fail to
exercise that supervision reasonably.
PO 00000
Frm 00065
Fmt 4703
Sfmt 4703
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934,1 notice
is hereby given that on November 16,
2011, the Chicago Board Options
Exchange, Incorporated (‘‘CBOE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by CBOE. The Exchange has designated
the proposed rule change as constituting
a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule pursuant
to Section 19(b)(3)(A)(i) of the Act 2 and
Rule 19b–4(f)(1) thereunder,3 which
renders the proposal effective upon
filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Pursuant to the provisions of Section
19(b)(1) of the Securities Exchange Act
1 15
U.S.C. 78s(b)(1).
U.S.C. 78s(b)(3)(A)(i).
3 17 CFR 240.19b–4(f)(1).
2 15
E:\FR\FM\01DEN1.SGM
01DEN1
74836
Federal Register / Vol. 76, No. 231 / Thursday, December 1, 2011 / Notices
of 1934 (the ‘‘Act’’),4 the Exchange
proposes to clarify that the limited
extension to the November 5, 2011
deadline to comply with its rules
regarding registration and qualification
of individual Trading Permit Holders
and individual associated persons also
applies to those individual Trading
Permit Holders and/or individual
associated persons that failed the
required qualification examination(s)
associated with their required categories
of registration on November 5, 2011
(and thus, prior to the deadline). CBOE
is not proposing any textual changes to
the Rules of CBOE. 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,
CBOE included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. CBOE has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.
emcdonald on DSK5VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, Proposed Rule
Change
(1) Purpose
Pursuant to Rule 15b7–1,5
promulgated under the Exchange Act,6
‘‘No registered broker or dealer shall
effect any transaction in * * * any
security unless any natural person
associated with such broker or dealer
who effects or is involved in effecting
such transaction is registered or
approved in accordance with the
standards of training, experience,
competence, and other qualification
standards * * * established by the rules
of any national securities exchange
* * *’’ CBOE Rule 3.6A sets forth
requirements for registration and
qualification of individual Trading
Permit Holders and individual
associated persons. In response to a
request by the Division of Trading and
Markets at the Securities and Exchange
Commission (the ‘‘Commission’’ or
‘‘SEC’’), CBOE recently amended its
4 15
U.S.C. 78s(b)(1).
CFR 240.15b7–1.
6 15 U.S.C. 78a et seq.
5 17
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17:34 Nov 30, 2011
Jkt 226001
accommodate individuals that failed an
examination prior to the deadline that
were prevented from rescheduling an
examination for at least thirty days
following the initial failure of an
exam.10 The rule change provided
individuals with thirty days following
the date that WebCRD permits an
individual to reschedule the appropriate
qualification examination (following the
failure of an examination taken prior to
November 5, 2011) to retake the
examination.
As individuals were able to take the
examination on November 5, 2011,
CBOE is proposing to clarify that the
limited extension also applies to
individuals that failed a required
examination on November 5, 2011.
CBOE believes this proposal provides a
reasonable amount of time for
individuals that have failed an
examination to come into compliance
with the rule while limiting the
disruption to a Trading Permit Holder’s
business operation that may result from
an exam failure.
Thus, in order to qualify for the
limited extension, the individual (or
associated Trading Permit Holder) must
demonstrate that (i) the individual
failed the required qualification
examination on or prior to November 5,
2011; and (ii) that the individual
attempted to take the qualification
examination again within thirty days
following the date that WebCRD permits
the individual to reschedule the
examination after the initial failure.
rules to expand its registration and
qualification requirements set forth in
CBOE Rule 3.6A to include individual
Trading Permit Holders and individual
associated persons that are engaged or to
be engaged in the securities business of
a Trading Permit Holder or TPH
organization.7 CBOE Rule 3.6A provides
that these individuals must be registered
with the Exchange in the category of
registration appropriate to the function
to be performed as prescribed by the
Exchange. Further, Rule 3.6A requires,
among other things, that an individual
Trading Permit Holder or individual
associated person submit an application
for registration and pass the appropriate
qualification examination before the
registration can become effective. The
revised requirements apply to both
CBOE and CBOE Stock Exchange
(‘‘CBSX’’) Trading Permit Holders and
their associated persons.
In conjunction with the registration
requirements established by SR–CBOE–
2010–084, three new qualification
examinations became available on June
20, 2011 in the Central Registration
Depository system (‘‘WebCRD’’), which
is operated by the Financial Industry
Regulatory Authority, Incorporated
(‘‘FINRA’’). These registration categories
include the following (the required
qualification examinations and
prerequisites, as applicable, associated
with each registration category are in
parentheses): PT—Proprietary Trader
(Series 56), CT—Proprietary Trader
Compliance Officer (Series 14, Series 56
prerequisite) and TP—Proprietary
Trader Principal (Series 24, Series 56
prerequisite). In the Approval Order for
SR–CBOE–2010–084, the SEC
established a deadline of August 12,
2011 for CBOE and CBSX individual
Trading Permit Holders and individual
associated persons of CBOE and CBSX
Trading Permit Holders to register for
and pass the applicable qualification
examination(s). This deadline was
extended until November 5, 2011.8
CBOE recently submitted a rule filing
providing a limited extension to the
November 5, 2011 deadline for those
individuals that have attempted to take
the required qualification
examination(s) prior to November 5,
2011 but have failed the examination (or
prerequisite examination if multiple
examinations are required).9 CBOE
implemented this rule change to
(2) Statutory Basis
The Exchange believes 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 which requires, among other
things, that the Exchange’s rules be
designed to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and protect investors and the
public interest. Specifically, CBOE
believes this proposal provides Trading
Permit Holders (and associated persons)
that attempted to comply with the
registration and qualification
requirements by the deadline a
reasonable amount of additional time to
comply with these requirements,
particularly as the individuals that are
impacted by this rule are subject to a
7 See Securities Exchange Act Release No. 63314
(November 12, 2010), 75 FR 70957 (November 19,
2010) (SR–CBOE–2010–084).
8 See Securities Exchange Act Release No. 65677
(November 3, 2011), 76 FR 69786 (November 9,
2011) (SR–CBOE–2011–104).
9 See Securities Exchange Act Release No. 65732
(November 10, 2011) (SR–CBOE–2010–106) [sic].
10 WebCRD also imposes a thirty day delay for the
failure of a qualification examination for the second
time. In addition, an individual is prevented from
re-registering for an examination for an additional
one hundred eighty days upon the third failure of
a qualification examination.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00066
Fmt 4703
Sfmt 4703
E:\FR\FM\01DEN1.SGM
01DEN1
Federal Register / Vol. 76, No. 231 / Thursday, December 1, 2011 / Notices
system requirement that prevents the
individual from complying with these
requirements within the designated
timeframe. Further, CBOE believes that
this proposal will limit the disruption to
a Trading Permit Holder’s business
operation and/or the marketplace, in the
event an individual or firm withdraws
from the marketplace following an exam
failure. The Exchange also believes the
proposed rule change furthers the
objectives of Section 6(c)(3)13 of the Act,
which authorizes CBOE to prescribe
standards of training, experience and
competence for persons associated with
CBOE members, in that this filing is
proposing to extend the deadline for
compliance with the standards of
training, experience and competence
established by the Exchange.
Comments may be submitted by any of
the following methods:
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–CBOE–2011–110 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–2011–110. This file
number should be included on the
subject line if email is used. To help the
CBOE does not believe that the
Commission process and review your
proposed rule change will impose any
comments more efficiently, please use
burden on competition that is not
only one method. The Commission will
necessary or appropriate in furtherance
post all comments on the Commission’s
of purposes of the Act.
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
C. Self-Regulatory Organization’s
submission, all subsequent
Statement on Comments on the
amendments, all written statements
Proposed Rule Change Received from
with respect to the proposed rule
Members, Participants or Others
change that are filed with the
No written comments were solicited
or received with respect to the proposed Commission, and all written
communications relating to the
rule change.
proposed rule change between the
III. Date of Effectiveness of the
Commission and any person, other than
Proposed Rule Change and Timing for
those that may be withheld from the
Commission Action
public in accordance with the
provisions of 5 U.S.C. 552, will be
The foregoing proposed rule change
available for Web site viewing and
will take effect upon filing with the
printing in the Commission’s Public
Commission pursuant to Section
19(b)(3)(A)(i) of the Act 14 and Rule 19b– Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official
4(f)(1) thereunder,15 because it
business days between the hours of 10
constitutes a stated policy, practice, or
a.m. and 3 p.m. Copies of such filing
interpretation with respect to the
also will be available for inspection and
meaning, administration, or
copying at the principal office of CBOE.
enforcement of an existing rule.
All comments received will be posted
At any time within 60 days of the
without change; the Commission does
filing of the proposed rule change, the
not edit personal identifying
Commission summarily may
temporarily suspend such rule change if information from submissions. You
should submit only information that
it appears to the Commission that such
action is necessary or appropriate in the you wish to make publicly available. All
submissions should refer to File
public interest, for the protection of
investors, or otherwise in furtherance of Number SR–CBOE–2011–110 and
should be submitted on or before
the purposes of the Act.
December 22, 2011.
IV. Solicitation of Comments
emcdonald on DSK5VPTVN1PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–30916 Filed 11–30–11; 8:45 am]
BILLING CODE 8011–01–P
13 15
U.S.C. 78f(c)(3).
U.S.C. 78s(b)(3)(A)(i).
15 17 CFR 240.19b–4(f)(1).
14 15
VerDate Mar<15>2010
17:34 Nov 30, 2011
16 17
Jkt 226001
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #12768 and #12769]
Electronic Comments
B. Self-Regulatory Organization’s
Statement on Burden on Competition
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.
74837
PO 00000
CFR 200.30–3(a)(12).
Frm 00067
Fmt 4703
Sfmt 4703
Puerto Rico Disaster Number PR–
00014
U.S. Small Business
Administration.
ACTION: Amendment 6.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for the State of Puerto Rico
(FEMA–4017–DR), dated 08/27/2011.
Incident: Hurricane Irene.
Incident Period: 08/21/2011 through
08/24/2011.
Effective Date: 11/18/2011.
Physical Loan Application Deadline
Date: 12/02/2011.
EIDL Loan Application Deadline Date:
05/28/2012.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
declaration for the State of Puerto Rico,
dated 08/27/2011 is hereby amended to
extend the deadline for filing
applications for physical damages as a
result of this disaster to 12/02/2011.
All other information in the original
declaration remains unchanged.
SUMMARY:
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Joseph P. Loddo,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2011–30930 Filed 11–30–11; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #12921 and #12922]
Virginia Disaster Number VA–00040
U.S. Small Business
Administration.
ACTION: Amendment 1.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Virginia (FEMA–4042–DR),
dated 11/10/2011.
Incident: Earthquake.
Incident Period: 08/23/2011 through
10/25/2011.
SUMMARY:
E:\FR\FM\01DEN1.SGM
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]]>Agencies
[Federal Register Volume 76, Number 231 (Thursday, December 1, 2011)]
[Notices]
[Pages 74835-74837]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-30916]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65828; File No. SR-CBOE-2011-110]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Clarify the Limited Extension to the Compliance Deadline
for Registration and Qualification Pursuant to Rule 3.6A
November 25, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ notice is hereby given that on November 16, 2011, the Chicago
Board Options Exchange, Incorporated (``CBOE'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared by CBOE. The Exchange has designated the
proposed rule change as constituting a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule pursuant to Section 19(b)(3)(A)(i) of
the Act \2\ and Rule 19b-4(f)(1) thereunder,\3\ which renders the
proposal effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78s(b)(3)(A)(i).
\3\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act
[[Page 74836]]
of 1934 (the ``Act''),\4\ the Exchange proposes to clarify that the
limited extension to the November 5, 2011 deadline to comply with its
rules regarding registration and qualification of individual Trading
Permit Holders and individual associated persons also applies to those
individual Trading Permit Holders and/or individual associated persons
that failed the required qualification examination(s) associated with
their required categories of registration on November 5, 2011 (and
thus, prior to the deadline). CBOE is not proposing any textual changes
to the Rules of CBOE. 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, CBOE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. CBOE has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, Proposed Rule Change
(1) Purpose
Pursuant to Rule 15b7-1,\5\ promulgated under the Exchange Act,\6\
``No registered broker or dealer shall effect any transaction in * * *
any security unless any natural person associated with such broker or
dealer who effects or is involved in effecting such transaction is
registered or approved in accordance with the standards of training,
experience, competence, and other qualification standards * * *
established by the rules of any national securities exchange * * *''
CBOE Rule 3.6A sets forth requirements for registration and
qualification of individual Trading Permit Holders and individual
associated persons. In response to a request by the Division of Trading
and Markets at the Securities and Exchange Commission (the
``Commission'' or ``SEC''), CBOE recently amended its rules to expand
its registration and qualification requirements set forth in CBOE Rule
3.6A to include individual Trading Permit Holders and individual
associated persons that are engaged or to be engaged in the securities
business of a Trading Permit Holder or TPH organization.\7\ CBOE Rule
3.6A provides that these individuals must be registered with the
Exchange in the category of registration appropriate to the function to
be performed as prescribed by the Exchange. Further, Rule 3.6A
requires, among other things, that an individual Trading Permit Holder
or individual associated person submit an application for registration
and pass the appropriate qualification examination before the
registration can become effective. The revised requirements apply to
both CBOE and CBOE Stock Exchange (``CBSX'') Trading Permit Holders and
their associated persons.
---------------------------------------------------------------------------
\5\ 17 CFR 240.15b7-1.
\6\ 15 U.S.C. 78a et seq.
\7\ See Securities Exchange Act Release No. 63314 (November 12,
2010), 75 FR 70957 (November 19, 2010) (SR-CBOE-2010-084).
---------------------------------------------------------------------------
In conjunction with the registration requirements established by
SR-CBOE-2010-084, three new qualification examinations became available
on June 20, 2011 in the Central Registration Depository system
(``WebCRD''), which is operated by the Financial Industry Regulatory
Authority, Incorporated (``FINRA''). These registration categories
include the following (the required qualification examinations and
prerequisites, as applicable, associated with each registration
category are in parentheses): PT--Proprietary Trader (Series 56), CT--
Proprietary Trader Compliance Officer (Series 14, Series 56
prerequisite) and TP--Proprietary Trader Principal (Series 24, Series
56 prerequisite). In the Approval Order for SR-CBOE-2010-084, the SEC
established a deadline of August 12, 2011 for CBOE and CBSX individual
Trading Permit Holders and individual associated persons of CBOE and
CBSX Trading Permit Holders to register for and pass the applicable
qualification examination(s). This deadline was extended until November
5, 2011.\8\
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 65677 (November 3,
2011), 76 FR 69786 (November 9, 2011) (SR-CBOE-2011-104).
---------------------------------------------------------------------------
CBOE recently submitted a rule filing providing a limited extension
to the November 5, 2011 deadline for those individuals that have
attempted to take the required qualification examination(s) prior to
November 5, 2011 but have failed the examination (or prerequisite
examination if multiple examinations are required).\9\ CBOE implemented
this rule change to accommodate individuals that failed an examination
prior to the deadline that were prevented from rescheduling an
examination for at least thirty days following the initial failure of
an exam.\10\ The rule change provided individuals with thirty days
following the date that WebCRD permits an individual to reschedule the
appropriate qualification examination (following the failure of an
examination taken prior to November 5, 2011) to retake the examination.
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 65732 (November 10,
2011) (SR-CBOE-2010-106) [sic].
\10\ WebCRD also imposes a thirty day delay for the failure of a
qualification examination for the second time. In addition, an
individual is prevented from re-registering for an examination for
an additional one hundred eighty days upon the third failure of a
qualification examination.
---------------------------------------------------------------------------
As individuals were able to take the examination on November 5,
2011, CBOE is proposing to clarify that the limited extension also
applies to individuals that failed a required examination on November
5, 2011. CBOE believes this proposal provides a reasonable amount of
time for individuals that have failed an examination to come into
compliance with the rule while limiting the disruption to a Trading
Permit Holder's business operation that may result from an exam
failure.
Thus, in order to qualify for the limited extension, the individual
(or associated Trading Permit Holder) must demonstrate that (i) the
individual failed the required qualification examination on or prior to
November 5, 2011; and (ii) that the individual attempted to take the
qualification examination again within thirty days following the date
that WebCRD permits the individual to reschedule the examination after
the initial failure.
(2) Statutory Basis
The Exchange believes 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\ which requires, among other things,
that the Exchange's rules be designed to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and protect investors and the public interest. Specifically,
CBOE believes this proposal provides Trading Permit Holders (and
associated persons) that attempted to comply with the registration and
qualification requirements by the deadline a reasonable amount of
additional time to comply with these requirements, particularly as the
individuals that are impacted by this rule are subject to a
[[Page 74837]]
system requirement that prevents the individual from complying with
these requirements within the designated timeframe. Further, CBOE
believes that this proposal will limit the disruption to a Trading
Permit Holder's business operation and/or the marketplace, in the event
an individual or firm withdraws from the marketplace following an exam
failure. The Exchange also believes the proposed rule change furthers
the objectives of Section 6(c)(3)\13\ of the Act, which authorizes CBOE
to prescribe standards of training, experience and competence for
persons associated with CBOE members, in that this filing is proposing
to extend the deadline for compliance with the standards of training,
experience and competence established by the Exchange.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ 15 U.S.C. 78f(c)(3).
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B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change will take effect upon filing
with the Commission pursuant to Section 19(b)(3)(A)(i) of the Act \14\
and Rule 19b-4(f)(1) thereunder,\15\ because it constitutes a stated
policy, practice, or interpretation with respect to the meaning,
administration, or enforcement of an existing rule.
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\14\ 15 U.S.C. 78s(b)(3)(A)(i).
\15\ 17 CFR 240.19b-4(f)(1).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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 email to rule-comments@sec.gov. Please include
File Number SR-CBOE-2011-110 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-2011-110. This file
number should be included on the subject line if email 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 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 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 publicly available. All
submissions should refer to File Number SR-CBOE-2011-110 and should be
submitted on or before December 22, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-30916 Filed 11-30-11; 8:45 am]
BILLING CODE 8011-01-P
