The Chicago Board Options Exchange (CBOE) is proposing to eliminate restrictions that prohibit members acting as principals on their own behalf or as agents on behalf of other broker-dealers or Voluntary Professionals to function as market makers. CBOE Rule 6.8C currently prohibits a member, acting as principal or as an agent, from entering or permitting the entry of orders if: (i) the orders are limit orders for the account or accounts of the same beneficial owner(s), and (ii) the limit orders are entered in such a manner that the beneficial owner(s) effectively is operating as a market maker by holding itself out as willing to buy and sell such securities on a regular or continuous basis. Although the proposal would remove broker-dealer orders and Voluntary Professional orders from these restrictions, customer orders would remain restricted because they have priority at any price over the bids and offers of non-customers. The CBOE also proposed to remove the multiple acquisition and liquidation of positions in a security during the same day from its consideration as to whether a beneficial owner effectively is operating as a market maker.