[by Howard Haykin] CBOE proposes for immediate effectiveness to amend Rule 3.6A, so as to:

(i) remove language in Interpretation and Policy .05 relating to acceptable substitute qualification exams;

(ii) codify into the Exchange’s rules required registration categories for Trading Permit Holders and TPH organizations that conduct proprietary trading, market-making and/or that effect transactions on behalf of broker dealers;

(iii) specify acceptable qualification requirements for Trading Permit Holders ("TPHs") and TPH organizations that conduct proprietary trading, market-making and/or that effect transactions on behalf of broker dealers;

(iv) add an interpretation to state explicitly in the rule that individual TPHs and individual associated persons must satisfy all registration and qualification requirements prior to acting in such registered capacity on behalf of a TPH or TPH organization; and,

(v) clarify requirements applicable to Proprietary Trader Principals (TP) associated with a TPH or TPH organization.

An individual Trading Permit Holder and/or individual associated person who ... is engaged in the securities business of a Trading Permit Holder (as described in Interpretation and Policy .06 to Rule 3.6A) is required to register as a Proprietary Trader (PT) in WebCRD and pass the related qualification examination, the Series 56. An individual Trading Permit Holder or individual associated person is required to ... register as a Proprietary Trader Principal (TP) in WebCRD and pass the related qualification examination, the Series 24 (and the prerequisite examination, the Series 56) if such individual acts in any of the following capacities on behalf of a Trading Permit Holder: (i) officer; (ii) partner; (iii) director; (iv) supervisor of proprietary trading, market-making or brokerage activities; and/or (v) supervisor of those engaged in proprietary trading, market-making or brokerage activities with respect to those activities. The Chief Compliance Officer ... (or individual performing similar functions) for a Trading Permit Holder or TPH organization that engages in proprietary trading, market-making or effecting transactions on behalf of a broker-dealer is required to register as a Proprietary Trader Compliance Officer (CT) in WebCRD and pass the related qualification examination, the Series 14 (and the prerequisite examination, the Series 56).  This proposal does not add any new requirements but codifies the requirements previously prescribed by the Exchange in Regulatory  Circular RG11-077. For further details,  go to:  [CBOE Rule Filing 12-39, 5/2/12].