[Federal Register Volume 64, Number 7 (Tuesday, January 12, 1999)]
[Notices]
[Pages 1841-1842]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-598]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40879; File No. SR-BSE-98-13]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Boston Stock Exchange,
Inc. Relating to Portfolio Depositary Receipts
January 4, 1999.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 8, 1998, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
BSE.\3\ The Commission is publishing this notice to solicit comments on
the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ The BSE submitted Amendment No. 1 to the proposed rule
change, which made certain non-substantive textual changes and
redesignated the proposal as immediately effective pursuant to
section 19(b)(3)(A) of the Act and Rule 19b-4(e)(6) thereunder. See
letter from Karen A. Aluise, Vice President, BSE, to Anitra Cassas,
Attorney, Division of Market Regulation, Commission, dated December
18, 1998.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The BSE seeks to amend section 5 of Chapter XXIV of its rules
regarding Portfolio Depositary Receipts to insert trademark information
concerning Standard & Poor's products. The text of the proposed rule
change is available at the Office of the Secretary, the BSE and at the
Commission.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the BSE included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The BSE has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Section 5 of
Chapter XXIV of BSE rules regarding Portfolio Depositary Receipts to
insert a footnote regarding Standard & Poor's standard trademark
information and the Exchange's right to limited use of those marks
pursuant to a license agreement with Standard & Poor's.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
section 6(b) \4\ of the Act, in general, and furthers the objectives of
section 6(b)(5),\5\ in particular, in that it is designed to promote
just and equitable principles of trade; to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
and processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and, in general, to protect
inverstors and the public interest.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The BSE does not believe that the proposed rule change will impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were either solicited or received on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
Because the foregoing proposed rule change: (1)-- Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) does not become operative for 30 days from December 8, 1998,
the date on which it was filed, the proposed rule change has become
effective pursuant to section 19(b)(3)(A) of the Act \6\ and
subparagraph (e)(6) of Rule 19b-4 thereunder.\7\ Although Rule 19b-
4(e)(6) requires that an Exchange submit a notice of its intent to file
at least five days prior to the filing date, the Commission waived this
period for the proposed rule change at the Exchange's request.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(e)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors or otherwise in
furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than
[[Page 1842]]
those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of such
filing with also be available for inspection and copying at the
principal office of the BSE. All submissions should refer to File No.
SR-BSE-98-13 and should be submitted by February 2, 1999.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-598 Filed 1-11-99; 8:45 am]
BILLING CODE 8010-01-M
