

[Federal Register: June 19, 2006 (Volume 71, Number 117)]
[Notices]               
[Page 35315]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19jn06-96]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53976; File No. SR-CBOE-2006-39]

 
Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Order Approving a Proposed Rule Change Regarding the e-
DPM Membership Ownership Requirement

June 12, 2006.
    On April 20, 2006, the Chicago Board Options Exchange, Incorporated 
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to clarify the membership 
ownership requirements for e-DPMs set forth in CBOE Rule 8.92(d). 
Specifically, the proposal clarifies that a parent company of an e-DPM 
entity may own or lease the required memberships on behalf of the e-DPM 
entity provided such memberships are dedicated solely to the e-DPM 
organization's e-DPM activity. The proposed rule change was published 
for comment in the Federal Register on May 12, 2006.\3\ The Commission 
received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 53771 (May 8, 2006), 
71 FR 27757.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange \4\ and, in 
particular, the requirements of Section 6 of the Act \5\ and the rules 
and regulations thereunder. The Commission specifically finds that the 
proposed rule change is consistent with Section 6(b)(5) of the Act \6\ 
in that it is designed to promote just and equitable principles of 
trade, to remove impediments and to perfect the mechanism of a free and 
open market and a national market system, and, in general, to protect 
investors and the public interest. The Commission believes that the 
proposal should provide more flexibility to e-DPM organizations in 
satisfying the membership ownership requirements of CBOE Rule 8.92.
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    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-CBOE-2006-39) is approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-9577 Filed 6-16-06; 8:45 am]

BILLING CODE 8010-01-P
