[Federal Register Volume 66, Number 198 (Friday, October 12, 2001)]
[Notices]
[Pages 52161-52164]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-25700]



[[Page 52161]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44908; File No. SR-CBOE-2001-48]


Self-Regulatory Organizations; Notice of Filing and Order 
Granting Accelerated Approval of Proposed Rule Change by the Chicago 
Board Options Exchange, Incorporated To Adopt Generic Listing Standards 
for Trust Issued Receipts, To Provide Alternate Eligibility 
Requirements for Component Securities of Trust Issued Receipts in 
Certain Limited Situations and To Increase the Permissible Weight of 
the Most Heavily Weighted Component Stock of Index Portfolio Shares and 
Index Portfolio Receipts

October 4, 2001.
    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 August 31, 2001, the Chicago Board Options Exchange, Incorporated 
(``CBOE'' or ``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 CBOE. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons and to approve the 
proposal on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Exchange proposes to amend its rules to adopt generic listing 
standards applicable to listing and trading of Trust Issued Receipts 
(``TIRs'') pursuant to Rule 19b-4(e) under the Act, to provide 
eligibility requirements for component securities represented by a 
series of TIRs that became part of such TIR under certain limited 
circumstances, and to increase the permissible weight of the most 
heavily weighted component stock of Index Portfolio Receipts (``IPRs'') 
and Index Portfolio Shares (``IPSs''). Below is the text of the 
proposed rule change. Proposed new language is italicized; proposed 
deletions are in brackets.\3\
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    \3\ The CBOE made non-substantive changes by deleting a 
typographical error from its rule text. See telephone conversation 
between Angelo Evangelou, Attorney, CBOE, and Cyndi Nguyen, 
Attorney, Division of Market Regulation, Commission, on October 1, 
2001.
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Chicago Board Options Exchange, Incorporated Rules

* * * * *

Rule 31.5  Criteria for Eligibility of Securities

L. IPRs.

    (a)-(d) Unchanged.

* * * Interpretations and Policies:

    .01  The Exchange may approve a series of IPRs for listing and 
trading (including pursuant to unlisted trading privileges) pursuant to 
Rule 19b-4(e) under the Securities Exchange Act of 1934 provided each 
of the following criteria is satisfied:
    (a) Eligibility Criteria for Index Components. Upon the initial 
listing of a series of IPRs on the Exchange, or if the Exchange is 
trading the IPRs pursuant to unlisted trading privileges, upon the 
initial listing on the original listing exchange, each component of an 
index or portfolio underlying a series of IPRs shall meet the following 
criteria:
    (1)-(2) Unchanged.
    (3) The most heavily weighted component stock cannot exceed [25%]
    30% of the weight of the index or portfolio, and the five most 
heavily weighted component stocks cannot exceed 65% of the weight of 
the index or portfolio;
    (4)-(5) Unchanged.
    (b)-(e) Unchanged.

M. IPRs.

    (a)-(b) Unchanged.

* * * Interpretations and Policies:

    .01  The Exchange may approve a series of IPSs for listing and 
trading (including pursuant to unlisted trading privileges) pursuant to 
Rule 19b-4(e) under the Securities Exchange Act of 1934 provided each 
of the following criteria is satisfied:
    (a) Eligibility Criteria for Index Components. Upon the initial 
listing of a series of IPSs on the Exchange, or if the Exchange is 
trading the IPSs pursuant to unlisted trading privileges, upon the 
initial listing on the original listing exchange, each component of an 
index or portfolio underlying a series of IPSs shall meet the following 
criteria:
    (1)-(2) Unchanged.
    (3) The most heavily weighted component stock cannot exceed [25%]
    30% of the weight of the index or portfolio, and the five most 
heavily weighted component stocks cannot exceed 65% of the weight of 
the index or portfolio;
    (4)-(5) Unchanged.
    (b)-(e) Unchanged.
    .02 Unchanged

N. Trust Issued Receipts

    Notwithstanding any other provisions in these Rules to the 
contrary, a series of Trust Issued Receipts (as defined in 
Interpretations and Policies .04 following Rule 1.1) may be listed or 
traded pursuant to unlisted trading privileges on the Exchange subject 
to the criteria set forth below:
    (a)-(d) Unchanged.

* * * Interpretations and Policies:

    .01  The Exchange may approve a series if Trust Issued Receipts for 
listing and trading (including pursuant to unlisted trading privileges) 
on the Exchange pursuant to Rule 19b-4(e) under the Securities Exchange 
Act of 1934 (``Exchange Act''), provided each of the component 
securities satisfies the following criteria:
    (i) each component security must be registered under Section 12 of 
the Exchange Act;
    (ii) each component security must have a minimum public float of at 
least $50 million.
    (iii) each component security must be listed on a national 
securities exchange or traded through the facilities of Nasdaq, and a 
reported national market system security;
    (iv) each component security must have an average daily trading 
volume of at least 100,000 shares during the preceding sixty days 
trading period;
    (v) each component security must have an average daily dollar value 
of shares traded during the proceeding sixty-day trading period of at 
least $1 million; and
    (vi) the most heavily weighted component security may not initially 
represent more than 20% of the overall value of the Trust Issued 
Receipt.
    .02 The eligibility requirements for component securities that are 
represented by a series of Trust Issued Receipts and that became part 
of the Trust Issued Receipt when the security was either: (a) 
distributed by a company already included as a component security in 
the series of Trust Issued Receipts; or (b) received in exchange for 
the securities of a company previously included as a component security 
that is no longer outstanding due to a merger, consolidation, corporate 
combination or other event, shale as follows:
    (i) the component security must be listed on a national securities 
exchange or traded through the facilities of Nasdaq and a reported 
national market system security.
    (ii) the component security must be registered under Section 12 of 
the Exchange Act; and
    (iii) the component security must have a Standard & Poor's Sector 
Classification that is the same as the Standard & Poor's Sector 
Classification

[[Page 52162]]

represented by the component securities included in the Trust Issued 
Receipt at the time of the distribution or exchange.

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 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 III below. The 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, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its current listing standards for 
TIRs, contained in CBOE Rule 31.5.N, to provide generic standards that 
would permit listing and trading, or trading pursuant to unlisted 
trading privileges (``UTP''), of certain products pursuant to Rule 19b-
4(e) under the Act.\4\ The Exchange believes that the application of 
Rule 19b-4(e) to these securities will further the intent of that rule 
by allowing trading to begin in these securities, subject to the 
proposed generic standards, without the need for notice and comment and 
Commission approval. Accordingly, the Exchange believes that this new 
procedure has the potential to reduce the time frame for bringing these 
securities to the market or for trading them pursuant to UTP. In 
addition, the Exchange proposes to provide eligibility requirements for 
component securities represented by a series of TIRs that become part 
of such TIR under certain limited circumstances, and to make minor 
changes to its current listing standards for IPRs and IPSs, contained 
in CBOE Rule 31.5.L and 31.5.M, respectively.
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    \4\ 17 CFR 240.19b-4(e). Rule 19b-4(e) permits self-regulatory 
organizations (``SROs'') to list and trade new derivatives products 
that comply with existing SRO trading rules, procedures, 
surveillance programs and listing standards, without submitting a 
proposed rule change under Section 19(b). See Securities Exchange 
Act Release No. 40761 (December 8, 1998), 63 FR 70952 (December 22, 
1998) (File No. S7-13-98).
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a. Generic Listing Standards for TIRs

    In August 2000, the Commission approved the Exchange's proposal to 
adopt listing standards for TIRs in CBOE Rule 31.5.N.\5\ As discussed 
in the Original Approval Order, TIRs are negotiable receipts that are 
issued by a trust representing securities of issuers (``component 
securities'') that have been deposited and are held on behalf of the 
holders of the TIRs. TIRs are considered ``securities'' under the rules 
of the Exchange and are subject to various applicable trading rules.
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    \5\ See Securities Exchange Act Release No. 43134 (August 10, 
2000), 65 FR 50255 (August 17, 2000) (SR-CBOE-00-23) (``Original 
Approval Order'').
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    The Exchange now is proposing to implement generic listing criteria 
that are intended to allow those TIRs that satisfy the proposed generic 
listing standards to start trading without the need for notice and 
comment and Commission approval. The proposed rule change to CBOE Rule 
31.5.N concerning the listing of TIRs would provide that the Exchange 
may approve for trading, pursuant to Rule 19b-4(e) of the Act, a series 
of TIRs if the following criteria are satisfied. First, each component 
security must be registered under Section 12 of the Act. Second, each 
component security must have a minimum public float of at least $150 
million. Third, each component security must be listed on a national 
securities exchange or traded through the facilities of the Nasdaq 
Stock Market, Inc. and a reported national market system security. 
Fourth, each component security must have an average daily trading 
volume of at least 100,000 shares and an average daily dollar value of 
shares traded of at least $1 million during the preceding sixty-day 
trading period. Finally, the most heavily weighted component security 
may not initially represent more than twenty percent of the overall 
value of the TIR.\6\
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    \6\ The proposed generic listing standards are consistent with 
those used by the American Stock Exchange (``Amex'') and the Chicago 
Stock Exchange (``CHX''), which were approved by the Commission on 
September 29, 2000. See Securities Exchange Act Release No. 43396 
(September 29, 2000), 65 FR 60230 (October 10, 2000) (SR-Amex-00-10 
and SR-CHX-00-16).
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    The Exchange will implement written surveillance procedures for the 
TIRs that it trades pursuant to Rule 19b-4(e) of the Act. Further, the 
Exchange will comply with all recordkeeping requirements of Rule 19b-
4(e) of the Act. The Exchange also will file Form 19b-4(e) for each 
series of TIRs listed under Rule 19b-4(e) of the Act within five 
business days of commencement of trading.

b. Alternate Eligibility Rules

    The Exchange also proposes to provide alternate eligibility 
requirements for component securities in certain limited situations. 
Specifically, the proposed alternate eligibility criteria would apply 
to a component security that became part of a trust when the security 
was either: (a) distributed by an issuer already included as a 
component security in the series of TIRs; or (b) received in exchange 
for the securities of an issuer previously included as a component 
security and that are no longer outstanding due to a merger, 
consolidation, corporate combination or other event. The Exchange 
believes that it would be useful to allow such securities to remain in 
the TIR (provided, however, that they meet the proposed standards 
described below) to reduce the number of distributions of securities 
from the TIR, which would cause inconvenience and increased transaction 
and administrative costs for investors.
    The eligibility requirements for such component securities are as 
follows. First, the component security must be listed on a national 
securities exchange or traded through the facilities of Nasdaq and a 
reported national market system security. Second, the component 
security must be registered under Section 12 of the Act. Finally, the 
component security must have a Standard & Poor's sector classification 
that is the same as the Standard & Poor's sector classification 
represented by the component securities included in the TIR at the time 
of the distribution or exchange.\7\
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    \7\ The proposed alternate eligibility requirements are 
consistent with those currently used by the Amex, which were 
approved by the Commission on May 16, 2001. See Securities Exchange 
Act Release No. 44309 (May 16, 2001), 66 FR 28587 (May 23, 2001) 
(SR-Amex-2001-04).
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c. Changes to IPR and IPS Rules

    The Exchange also proposes to amend its existing generic listing 
standards applicable to IPRs and IPSs in CBOE Rules 31.5.L and 31.5.M, 
respectively.\8\ among other things, these rules provide that no one 
component security may exceed twenty-five percent of the weight of the 
index or portfolio. The Exchange now proposes to increase from twenty-
five percent to thirty percent the permissible weight of the most 
heavily weighted component stock in an underlying index or 
portfolio.\9\ The Exchange believes that the proposed rule change will 
provide additional

[[Page 52163]]

flexibility to unit investment trusts (in cases of IPRs) or mutual 
funds (in cases of IPSs) to be listed pursuant to Rule 19b-4(e) of the 
Act in structuring their products and would help reduce possible 
concerns associated with a single stock exceeding the twenty-five 
percent threshold immediately prior to initial listing and trading due 
to a spike in the price of the most heavily weighted index stock. This 
change would not affect the Internal Revenue Code Subchapter M 
requirements applicable to regulated investment companies, which 
continue to require investment companies to rebalance their portfolios 
quarterly to avoid one component stock exceeding a twenty-five percent 
weighting in the portfolio in order to maintain regulated investment 
company status.
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    \8\ The Commission approved the Exchange's generic listing 
standards applicable to IPRs and IPSs on March 7, 2001. See 
Securities Exchange Act Release No. 44046 (March 7, 2001), 66 FR 
15152 (March 15, 2001) (SR-CBOE-00-51).
    \9\ The Commission approved a similar rule change proposal by 
the Amex. See Securities Exchange Act Release No. 44532 (July 10, 
2001), 66 FR 37078 (July 16, 2001) (SR-Amex-2001-25).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) of the Act,\10\ in general, and furthers the objectives of 
Section 6(b)(5),\11\ in particular, because it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general, to protect investors and the public interest. 
Furthermore, the CBOE believes that the proposed rule change will 
enhance competition for the listing and trading of TIRs, IPRs, and 
IPSs, which currently are traded on other securities exchanges.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The CBOE 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 Comment 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. 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. Persons making written submissions 
should file six copies thereof with the Secretary, Securities and 
Exchange commission, 450 Fifth Street, NW., Washington, DC 20549-0609. 
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. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
CBOE. All submissions should refer to File No. SR-CBOE-2001-48 and 
should be submitted by November 2, 2001.

IV. Commission Findings and Order Granting Accelerated Approval of 
the Proposed Rule Change

    After careful consideration, 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, and in particular, the requirements of Section 6(b)(5) of the 
Act.\12\ Specifically, the Commission finds that the CBOE's proposal 
will prevent fraudulent and manipulative acts and practices, promote 
just and equitable principles of trade, foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, 
protect investors and the public interest consistent with Section 
6(b)(5) of the Act.\13\
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    \12\ 15 U.S.C. 78f(b)(5).
    \13\ 15 U.S.C. 78f(b)(5). 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).
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    The Commission finds that the proposal to provide generic standards 
to permit the listing and trading of TIRs pursuant to Rule 19b-4(e) of 
the Act \14\ furthers the intent of that rule by facilitating 
commencement of trading in these securities without the need for notice 
and comment and Commission approval under Section 19(b) of the Act.\15\ 
By establishing generic standards, the proposal should reduce the 
CBOE's regulatory burden, as well as benefit the public interest, by 
enabling the CBOE to bring qualifying products to the market more 
quickly. Furthermore, the Commission notes that it has previously 
approved similar proposals by the CHX, the Amex, the Cincinnati Stock 
Exchange, Inc. (``CSE'') and the Pacific Exchange, Inc. (``PCX'') to 
establish generic listing standards for TIRs.\16\
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    \14\ 17 CFR 240.19b-4(e).
    \15\ 15 U.S.C. 78f(b).
    \16\ See supra note 6, Securities Exchange Act Release Nos. 
43604 (November 21, 2000), 65 FR 75746 (December 4, 2000) (SR-CSE-
00-05), and 44182 (April 16, 2001), 66 FR 21798 (May 1, 2001) (SR-
PCX-2001-01).
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    Rule 19b-4(e) \17\ provides that the listing and trading of a new 
derivative securities product by an SRO shall not be deemed a proposed 
rule change, pursuant to paragraph (c)(1) of Rule 19b-4, if the 
Commission has approved pursuant to Section 19(b) of the Act, the SRO's 
trading rules, procedures and listing standards for the product class 
that include the new derivative securities product and the SRO has a 
surveillance program for the product class.\18\
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    \17\ 17 CFR 240.19b-4(e).
    \18\ See supra note 4.
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    As noted above, the Commission has previously approved the CBOE's 
proposal to permit the listing and trading of TIRs and to trade nine 
series of TIRs (Biotech HOLDRs, Internet HOLDRs, Broadband HOLDRs, B2B 
Internet HOLDRs, Internet Architecture HOLDRs, Internet Infrastructure 
HOLDRs, Pharmaceutical HOLDRs, Semiconductor HOLDRs, and Telecom 
HOLDRs) on the Exchange or pursuant to UTP.\19\ In approving these 
securities for trading, the Commission considered the structure of 
these securities, their usefulness to investors and to the markets, and 
the CBOE's rules and surveillance programs that govern their trading. 
Securities that satisfy the proposed generic listing standards for TIRs 
would also allow investors to: (1) Respond quickly to changes in the 
overall securities markets generally and for the industry represented 
by a particular trust; (2) trade, at a price disseminated on a 
continuous basis, a single security representing a portfolio of 
securities that the investor owns beneficially; (3) engage in hedging 
strategies similar to those used by institutional investors; 94) reduce 
transaction costs for trading a portfolio of securities; and (5) retain 
beneficial ownership of the securities underlying the TIRs. The 
Commission therefore finds for these reasons, and the reasons set forth 
below, that additional TIRs that satisfy the proposed generic standards 
and, therefore, can be listed pursuant to Rule 19b-4(e) of the Act 
without prior Commission approval, should produce the same benefits to 
the CBOE and to

[[Page 52164]]

investors. Trading of these products will be subject to the full 
panoply of CBOE rules and procedures that govern the trading of equity 
securities on the CBOE, including, among others, rules governing 
margin, the priority, parity and precedence of orders, responsibilities 
of the specialist, and operational and regulatory trading halts.\20\
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    \19\ See Original Approval Order, supra note 5.
    \20\ Id.
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    The Commission further finds that adopting generic listing 
standards for these securities and applying Rule 19b-4(e) of the Act 
should fulfill the intended objective of that rule by allowing those 
TIR products that satisfy the generic standards to start trading, 
without the need for notice and comment and Commission approval. The 
Exchange's ability to rely on Rule 19b-4(e) of the Act for these 
products potentially reduces the time frame for bringing these 
securities to the market or for permitting the trading of these 
securities pursuant to UTP, and thus enhances investors' opportunities. 
The Commission notes that while the proposal reduces the Exchange's 
regulatory burden, the Commission maintains regulatory oversight over 
any products listed under the generic listing standards through regular 
inspection oversight.
    The Commission further finds that: (1) by requiring that the 
underlying securities in a TIR be registered under Section 12 of the 
Act and listed on a national securities exchange or Nasdaq; and (2) by 
establishing minimum values for the number of outstanding receipts, 
average daily trading volume, average daily dollar volume, and public 
float, the Exchange's proposed listing criteria will help to insure 
that a minimum level of liquidity will exist to allow for the 
maintenance of fair and orderly markets for those TIR products listed 
and traded pursuant to Rule 19b-4(e) of the Act. The Commission finds 
that these listing criteria will help to ensure that no security 
underlying a TIR will be readily susceptible to manipulation, while 
permitting sufficient flexibility in the construction of various TIRs 
to meet investors' needs. The Commission further finds that these 
criteria should serve to ensure that the securities underlying such 
TIRs are well capitalized and actively traded, which will help ensure 
that U.S. securities markets are not adversely affected by the listing 
and trading of new TIRs under Rule 19b-4(e) of the Act.
    Additionally, the Exchange's delisting criteria set forth in CBOE 
Rule 31.94.I allow it to consider the suspension of trading and the 
delisting of a TIR if an event occurs that makes further dealings in 
such securities inadvisable. This will give the CBOE flexibility to 
delist TIRs if circumstances warrant.
    The Commission further notes that, in connection with its previous 
review and approval of CBOE Rule 31.5.N, it approved the Exchange's 
surveillance procedures and disclosure and prospectus delivery 
requirements for TIRs.\21\ In accord with these previous findings, the 
Commission believes that these rules, which will govern the trading of 
TIRs pursuant to Rule 19b-4(e), will provide adequate safeguards to 
prevent manipulative acts and practices and to protect investors and 
the public interest. Further, the Commission finds that the proposal 
will ensure that investors have information that will allow them to be 
adequately apprised of the terms, characteristics, and risks of trading 
TIRs.
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    \21\ See Original Approval Order, supra note 5.
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    Finally, the CBOE will file Form 19b-4(e) \22\ with the Commission 
within five business days of commencement of trading a TIR under the 
generic standards.\23\
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    \22\ 17 CFR 249.820.
    \23\ See 17 CFR 19b-4(e)(2).
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    Accordingly, the Commission believes that the CBOE's proposed rules 
governing the listing and trading of TIRs pursuant to Rule 19b-4(e) 
will provide adequate safeguards to prevent manipulative acts and 
practices and to protect investors and the public interest, consistent 
with Section 6(b)(5) of the Act.\24\
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    \24\ 15 U.S.C. 78f(b)(5).
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    Furthermore, the Commission finds that the proposal to provide an 
alternate eligibility criteria for component securities received as 
part of a distribution or as a result of a merger, consolidation, 
corporate combination or other event to remain in the trust should 
enhance competition by enabling the CBOE to better compete with other 
markets trading TIRs and notes that the Commission has previously 
approved similar listing standards modifications for the Amex.\25\
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    \25\ See supra note 7.
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    Finally, the Commission finds that the proposal to increase from 
twenty-five percent to thirty percent the permissible weight of the 
most heavily weighted component stock in an underlying index or 
portfolio of an IPR or IPS should provide additional flexibility to 
unit investment trusts (in cases of IPRs) or mutual funds (in cases of 
IPSs) to be listed pursuant to Rule 19b-4(e) of the Act in structuring 
their products and should help reduce possible concerns associated with 
a single stock exceeding the twenty-five percent threshold immediately 
prior to initial listing and trading due to a spike in the price of the 
most heavily weighted index stock. Furthermore, the Commission notes 
that it has previously approved a similar proposal by the Amex to 
increase to thirty percent the permissible weight of the most heavily 
weighted component stock in an underlying index.\26\
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    \26\ See supra noted 9.
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    Accordingly, the Commission finds good cause, consistent with 
Section 6(b)(5) of the Act,\27\ to approve the proposed rule change on 
an accelerated basis prior to the thirtieth day after the date of 
publication of notice in the Federal Register, pursuant to Section 
19(b)(2) of the Act.\28\
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    \27\ 15 U.S.C. 78f(b)(5).
    \28\ 15 U.S.C. 78s(b)(2).
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V. Conclusion

    It Is Therefore Ordered, pursuant to Section 19(b)(2) of the 
Act,\29\ that the proposed rule change (SR-CBOE-2001-48) is hereby 
approved an accelerated basis.
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    \29\15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-25700 Filed 10-11-01; 8:45 am]
BILLING CODE 8010-01-M