[Federal Register Volume 69, Number 3 (Tuesday, January 6, 2004)]
[Notices]
[Page 709]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-223]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48996; File No. SR-CBOE-2003-49]


Self-Regulatory Organizations; Order Approving Proposed Rule 
Change by the Chicago Board Options Exchange, Incorporated Relating to 
Time Periods Within the Membership Process

December 29, 2003.
    On October 21, 2003, the Chicago Board Options Exchange, Inc. 
(``CBOE'' or ``Exchange'') submitted to 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 that would extend the time 
periods (i) after which an individual's inactive nominee status will be 
terminated and (ii) during which a former individual member may reapply 
for membership through the renewal/change of status application 
process. The Federal Register published the proposed rule change for 
comment on November 24, 2003.\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\ Securities Exchange Act Release No. 48797 (November 17, 
2003), 68 FR 65975.
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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\ In 
particular, the Commission believes that the proposed rule change is 
consistent with section 6(b)(5) of the Act,\5\ which requires, among 
other things, that CBOE's rules be designed to promote just and 
equitable principles of trade and, in general, to protect investors and 
the public interest. The proposed rule change should increase the 
flexibility of the Exchange's membership process without compromising 
its standards. In addition, the Commission believes that the proposed 
rule change should prevent former members from trying to obtain the 
lower renewal applicant fee without following through on their 
applications or membership approvals on a timely basis.
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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(b)(5).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-CBOE-2003-49) be, and it 
hereby is, approved.
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-223 Filed 1-5-04; 8:45 am]
BILLING CODE 8010-01-P