[Federal Register Volume 60, Number 248 (Wednesday, December 27, 1995)]
[Notices]
[Pages 67001-67002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31306]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-36602; File No. SR-Amex-95-52]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange,
Inc. Relating to Revisions to Equity Transaction Charges
December 19, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on December 15, 1995 the
American Stock Exchange, Inc. (``Amex'' 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 self-regulatory organization. On
December 15, 1995, the Exchange submitted to the Commission Amendment
No. 1 to the proposed rule change.\2\ The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
\1\ 15 U.S.C. 78s(b)(1).
\2\ The amendment clarified the applicable ranges. See Letter
dated December 15, 1995, from Michael Cavalier, Assistant General
Counsel, Amex, to Anthony Pecora, Attorney, SEC.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its current schedule of charges for
equity trades effective January 1, 1996. The revised fee schedule will
eliminate all transaction charges for round-lot Post Executive
Reporting (``PER'') system trades of 500 shares or less and eliminate
credits to member firms in connection with PER trades. The text of the
proposed rule change is available at the Office of the Secretary, the
Amex, and at the Commission.
II. Self-Regulatory Organization's Statement of Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
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 self-regulatory organization
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 Exchange proposes to amend its schedule of equity transaction
charges as follows, effective January 1, 1996: (1) The Exchange will
impose no transaction charges for round-lot PER system trades of 500
shares or less, and (2) the Exchange will eliminate all credits to
member firms in connection with PER transactions. Current share-based
charges and value-based charges will otherwise remain the same. The
Exchange believes these changes will maintain the competitiveness of
its schedule of transaction charges and better serve needs of member
firms and their customers.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the Act
\3\ in general and furthers the objectives of Section 6(b)(4) \4\ in
particular in that it provides for the equitable allocation of
reasonable dues, fees, and other charges among the Exchange's members
and other persons using its facilities.
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act.
[[Page 67002]]
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change constitutes or changes a due, fee, or
other charge imposed by the Exchange and, therefore, has become
effective pursuant to Section 19(b)(3)(A)(ii) of the Act \5\ and
subparagraph (e)(2) of Rule 19b-4(2) thereunder.\6\
\5\ U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(e)(2).
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At any time within sixty days of the filing of such 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. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 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 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 at the
Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and copying at the principal office of the American
Stock Exchange. All submissions should refer to File No. SR-Amex-95-52
and should be submitted by January 17, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-31306 Filed 12-26-95; 8:45 am]
BILLING CODE 8010-01-M
