Canadian Derivatives Clearing Corporation; Order Approving Accelerated Distribution of an Amended Options Disclosure Document, 64640 [2014-25782]

Download as PDF 64640 Federal Register / Vol. 79, No. 210 / Thursday, October 30, 2014 / Notices the Fund to purchase shares of other investment companies for short-term cash management purposes. For the Commission, by the Division of Investment Management, under delegated authority. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–25781 Filed 10–29–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73426; File No. SR–ODD– 2014–01] Canadian Derivatives Clearing Corporation; Order Approving Accelerated Distribution of an Amended Options Disclosure Document October 24, 2014. On October 3, 2014, the Canadian Derivatives Clearing Corporation (‘‘CDCC’’), on behalf of the Bourse de ´ ´ Montreal, Inc. (‘‘Bourse de Montreal’’), submitted to the Securities and Exchange Commission (‘‘Commission’’), pursuant to Rule 9b–1 under the Securities Exchange Act of 1934 (‘‘Act’’),1 five definitive copies of an amended options disclosure document (‘‘ODD’’) that describes the risks and characteristics of options traded on the ´ Bourse de Montreal.2 The CDCC has revised the ODD to, among other things, modify certain expiration dates of options and clarify that bond options do not currently trade on the Bourse de ´ Montreal. Rule 9b–1 under the Act provides that an options market must file five preliminary copies of an amended ODD with the Commission at least 30 days prior to the date when definitive copies of the amended ODD are furnished to customers, unless the Commission determines otherwise, having due regard to the adequacy of the information disclosed and the public interest and protection of investors.3 The Commission has reviewed the amended ODD and finds, having due regard to the adequacy of the information disclosed, that it is consistent with the protection of investors and in the public interest to allow the distribution of the amended ODD as of the date of this order.4 It is therefore ordered, pursuant to Rule 9b–1 under the Act,5 that the distribution of the revised ODD (SR– ODD–2014–01) as of the date of this is order, is approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–25782 Filed 10–29–14; 8:45 am] tkelley on DSK3SPTVN1PROD with NOTICES 1 17 CFR 240.9b–1. 2 The Commission initially reviewed the ODD in 1984. See Securities Exchange Act Release No. 21365 (October 2, 1984), 49 FR 39400 (October 5, 1984) (File No. SR–ODD–84–1). Since then, the Commission has reviewed several amendments to the ODD. See, e.g., Securities Exchange Act Release Nos. 51124 (February 2, 2005), 70 FR 6740 (February 8, 2005) (File No. SR–ODD–2004–03) (amending the ODD to reflect, among other things, the name change from the S&P/TSE 60 Index to the S&P/TSX 60 Index and to add an Annex to the ODD setting forth the holidays and early closings of the ´ Bourse de Montreal,); 44333 (May 21, 2001), 66 FR 29193 (May 29, 2001) (File No. SR–ODD–00–04) (amending the ODD to reflect, among other things, changes to the structure of the Canadian equity markets and to provide a discussion of Enhanced Capital Marketing); 37569 (August 14, 1996), 61 FR 43281 (August 21, 1996) (File No. SR–ODD–96–01) (amending the ODD to reflect, among other things, the name change from TCO to CDCC); 29033 (April 1, 1991), 56 FR 14407 (April 9, 1991) (File No. SR– ODD–91–1) (amending the ODD to include, among other things, references to Toronto Stock Exchange 35 Composite Index options); 24480 (May 19, 1987), 52 FR 20179 (May 29, 1987) (File No. SR–ODD–87– 2) (amending the ODD to include, among other things, a discussion of Government of Canada Treasury Bill Price Index options); 22349 (August 21, 1985), 50 FR 34956 (August 28, 1985) (File No. SR–ODD–85–1) (amending the ODD to include, among other things, a discussion of the risks and uses of stock index and bond options); 51124 (February 1, 2005), 70 FR 6740 (February 8, 2005) (File No. SR–ODD–2004–03) (amending the ODD to include, among other things, the CDCC’s new automatic exercise parameters for equity and bond VerDate Sep<11>2014 17:40 Oct 29, 2014 Jkt 235001 BILLING CODE 8011–01–P options); 58172 (July 16, 2008), 73 FR 42840 (July 23, 2008) (File No. SR–ODD–2008–03) (amending the ODD to include, among other things, the CDCC’s current automatic exercise parameters for equity and bond options and to add an update to the discussion of the treatment of adjustments in the terms of equity options with respect to stock splits, stock dividends or other stock distributions); and 63125 (October 18, 2010) 75 FR 65537 (October 25, 2010) (File No. SR–ODD–2010–02) (amending the ODD to, among other things, update the discussion of Canadian federal income tax considerations applicable to non-residents). 3 This provision is intended to permit the Commission either to accelerate or extend the time period in which definitive copies of a disclosure document may be distributed to the public. 4 Rule 9b–1 under the Act provides that the use of an ODD shall not be permitted unless the options class to which the document relates is the subject of an effective registration statement on Form S–20 under the Securities Act of 1933 or is exempt from such registration. On April 5, 2010, the Commission declared effective the CDCC’s most recent PostEffective Amendment to its Form S–20 registration statement. See File No. 002–69458. 5 17 CFR 240.9b–1. 6 17 CFR 200.30–3(a)(39)(i). PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73422; File No. SR–CBOE– 2014–079) Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Renew an Existing Pilot Program October 24, 2014. 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 October 16, 2014, Chicago Board Options Exchange, Incorporated (the ‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the 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 renew an existing pilot program until May 3, 2016. Under the existing pilot program, the Exchange is permitted to list P.M.settled options on broad-based indexes that expire on: (a) Any Friday of the month, other than the third Friday-ofthe-month (‘‘End of Week Expirations’’ or ‘‘EOWs’’), and (b) the last trading day of the month (‘‘End of Month Expirations’’ or ‘‘EOMs’’). The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Chicago Board Options Exchange, Incorporated Rules * * * * * Rule 24.9. Terms of Index Option Contracts (a)–(d) No change. (e) End of Week/End of Month Expirations Pilot Program (‘‘EOW/EOM Pilot Program’’) (1) End of Week (‘‘EOW’’) Expirations. The Exchange may open for trading EOWs on any broad-based index eligible for regular options trading to expire on any Friday of the month, other than the third Friday-of-the-month. EOWs shall be subject to all provisions of this Rule 1 15 2 17 E:\FR\FM\30OCN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 30OCN1

Agencies

[Federal Register Volume 79, Number 210 (Thursday, October 30, 2014)]
[Notices]
[Page 64640]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-25782]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73426; File No. SR-ODD-2014-01]


Canadian Derivatives Clearing Corporation; Order Approving 
Accelerated Distribution of an Amended Options Disclosure Document

October 24, 2014.
    On October 3, 2014, the Canadian Derivatives Clearing Corporation 
(``CDCC''), on behalf of the Bourse de Montr[eacute]al, Inc. (``Bourse 
de Montr[eacute]al''), submitted to the Securities and Exchange 
Commission (``Commission''), pursuant to Rule 9b-1 under the Securities 
Exchange Act of 1934 (``Act''),\1\ five definitive copies of an amended 
options disclosure document (``ODD'') that describes the risks and 
characteristics of options traded on the Bourse de Montr[eacute]al.\2\ 
The CDCC has revised the ODD to, among other things, modify certain 
expiration dates of options and clarify that bond options do not 
currently trade on the Bourse de Montr[eacute]al.
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    \1\ 17 CFR 240.9b-1.
    \2\ The Commission initially reviewed the ODD in 1984. See 
Securities Exchange Act Release No. 21365 (October 2, 1984), 49 FR 
39400 (October 5, 1984) (File No. SR-ODD-84-1). Since then, the 
Commission has reviewed several amendments to the ODD. See, e.g., 
Securities Exchange Act Release Nos. 51124 (February 2, 2005), 70 FR 
6740 (February 8, 2005) (File No. SR-ODD-2004-03) (amending the ODD 
to reflect, among other things, the name change from the S&P/TSE 60 
Index to the S&P/TSX 60 Index and to add an Annex to the ODD setting 
forth the holidays and early closings of the Bourse de 
Montr[eacute]al,); 44333 (May 21, 2001), 66 FR 29193 (May 29, 2001) 
(File No. SR-ODD-00-04) (amending the ODD to reflect, among other 
things, changes to the structure of the Canadian equity markets and 
to provide a discussion of Enhanced Capital Marketing); 37569 
(August 14, 1996), 61 FR 43281 (August 21, 1996) (File No. SR-ODD-
96-01) (amending the ODD to reflect, among other things, the name 
change from TCO to CDCC); 29033 (April 1, 1991), 56 FR 14407 (April 
9, 1991) (File No. SR-ODD-91-1) (amending the ODD to include, among 
other things, references to Toronto Stock Exchange 35 Composite 
Index options); 24480 (May 19, 1987), 52 FR 20179 (May 29, 1987) 
(File No. SR-ODD-87-2) (amending the ODD to include, among other 
things, a discussion of Government of Canada Treasury Bill Price 
Index options); 22349 (August 21, 1985), 50 FR 34956 (August 28, 
1985) (File No. SR-ODD-85-1) (amending the ODD to include, among 
other things, a discussion of the risks and uses of stock index and 
bond options); 51124 (February 1, 2005), 70 FR 6740 (February 8, 
2005) (File No. SR-ODD-2004-03) (amending the ODD to include, among 
other things, the CDCC's new automatic exercise parameters for 
equity and bond options); 58172 (July 16, 2008), 73 FR 42840 (July 
23, 2008) (File No. SR-ODD-2008-03) (amending the ODD to include, 
among other things, the CDCC's current automatic exercise parameters 
for equity and bond options and to add an update to the discussion 
of the treatment of adjustments in the terms of equity options with 
respect to stock splits, stock dividends or other stock 
distributions); and 63125 (October 18, 2010) 75 FR 65537 (October 
25, 2010) (File No. SR-ODD-2010-02) (amending the ODD to, among 
other things, update the discussion of Canadian federal income tax 
considerations applicable to non-residents).
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    Rule 9b-1 under the Act provides that an options market must file 
five preliminary copies of an amended ODD with the Commission at least 
30 days prior to the date when definitive copies of the amended ODD are 
furnished to customers, unless the Commission determines otherwise, 
having due regard to the adequacy of the information disclosed and the 
public interest and protection of investors.\3\
---------------------------------------------------------------------------

    \3\ This provision is intended to permit the Commission either 
to accelerate or extend the time period in which definitive copies 
of a disclosure document may be distributed to the public.
---------------------------------------------------------------------------

    The Commission has reviewed the amended ODD and finds, having due 
regard to the adequacy of the information disclosed, that it is 
consistent with the protection of investors and in the public interest 
to allow the distribution of the amended ODD as of the date of this 
order.\4\
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    \4\ Rule 9b-1 under the Act provides that the use of an ODD 
shall not be permitted unless the options class to which the 
document relates is the subject of an effective registration 
statement on Form S-20 under the Securities Act of 1933 or is exempt 
from such registration. On April 5, 2010, the Commission declared 
effective the CDCC's most recent Post-Effective Amendment to its 
Form S-20 registration statement. See File No. 002-69458.
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    It is therefore ordered, pursuant to Rule 9b-1 under the Act,\5\ 
that the distribution of the revised ODD (SR-ODD-2014-01) as of the 
date of this is order, is approved.
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    \5\ 17 CFR 240.9b-1.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(39)(i).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-25782 Filed 10-29-14; 8:45 am]
BILLING CODE 8011-01-P