On February 2, the Securities and Exchange Commission approved an amendment by the Chicago Board Options Exchange (CBOE) eliminating the $3 market price per share requirement for continued listing and for listing of additional options series on an underlying security. The amendment eliminates from CBOE Rule 5.4.01 the $3 underlying price requirement for the continued approval of an underlying security, and also eliminates from CBOE Rule 5.4.02 the prohibition against listing additional options series on an underlying security with a price less than $3. The CBOE believes the $3 underlying price requirement could have a negative effect on investors in the current volatile market environment. Securities underlying options traded on the CBOE remain subject to other minimum standards for continued approval and for listing of additional option series.  

http://www.sec.gov/rules/sro/cboe/2009/34-59336.pdf