[Federal Register Volume 73, Number 142 (Wednesday, July 23, 2008)]
[Notices]
[Page 42840]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-16761]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58172; File No. SR-ODD-2008-03]


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

July 16, 2008.
    On July 14, 2008, 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, reflect the CDCC's 
current automatic exercise parameters for equity and bond options, to 
update 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 to update the discussion of Canadian federal 
income tax considerations applicable to non-residents.
---------------------------------------------------------------------------

    \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); 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).
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \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 7, 2008, the Commission declared 
effective the CDCC's most recent Post-Effective Amendment to its 
Form S-20 registration statement. See File No. 002-69458.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Rule 9b-1 under the Act,\5\ 
that the distribution of the revised ODD (SR-ODD-2008-03) as of the 
date of this is order, is approved.
---------------------------------------------------------------------------

    \5\ 17 CFR 240.9b-1.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(39)(i).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-16761 Filed 7-22-08; 8:45 am]
BILLING CODE 8010-01-P