[Federal Register Volume 70, Number 25 (Tuesday, February 8, 2005)]
[Notices]
[Pages 6740-6741]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-511]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51124; File No. SR-ODD-2004-03]


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

February 2, 2005.
    On January 28, 2005, the Canadian Derivatives Clearing Corporation 
(``CDCC''),\1\ 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''),\2\ 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.\3\ The CDCC has

[[Page 6741]]

revised the ODD to, among other things, reflect the CDCC's new 
automatic exercise parameters for equity and bond options, to add an 
Annex to the ODD setting forth the holidays and early closings of the 
Bourse de Montr[eacute]al, to update the discussion of Canadian federal 
income tax considerations applicable to non-residents, and to indicate 
that the S&P/TSE 60 Index is now named the S&P/TSX 60 Index.
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    \1\ The CDCC formerly was known as Trans Canada Options, Inc. 
(``TCO''). The name of the corporation was changed in January 1996.
    \2\ 17 CFR 240.9b-1.
    \3\ 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. ODD-84-1). Since then, the 
Commission has reviewed several amendments to the ODD. See, e.g., 
Securities Exchange Act Release Nos. 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; and 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).
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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.\4\
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    \4\ 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.
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    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.\5\
    It is therefore ordered, pursuant to Rule 9b-1 under the Act,\6\ 
that the distribution of the revised ODD (SR-ODD-2004-03) as of the 
date of this order, is approved.
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    \5\ Rule 9b-1 under the Act provides that the use of an ODD 
shall not be permitted unless the options class to which the 
documents relates is the subject of an effective registration 
statement on Form S-20 under the Securities Act of 1933. On April 
19, 2004, the Commission, pursuant to delegated authority, declared 
effective the CDCC's most recent Post-Effective Amendment to its 
Form S-20 registration statement. See File No. 2-69458.
    \6\ 17 CFR 240.9b-1.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7\
Margaret H. McFarland,
Deputy Secretary.
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    \7\ 17 CFR 200.30-3(a)(39)(i).
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 [FR Doc. E5-511 Filed 2-7-05; 8:45 am]
BILLING CODE 8010-01-P