[Federal Register Volume 59, Number 40 (Tuesday, March 1, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4582]
[[Page Unknown]]
[Federal Register: March 1, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33658; File No. SR-PSE-93-29]
Self Regulatory Organizations; Order Approving Proposed Rule
Change by the Pacific Stock Exchange, Inc. Relating to the Time Within
Which Members Must Notify the Exchange of Changes of Address
February 23, 1994.
On November 1, 1993, the Pacific Stock Exchange, Inc. (``PSE'' or
``Exchange'') submitted to the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the time within which a member or member
firm must notify the Exchange of a change to the address at which
notices may be served upon such member or member firm, from 60 calendar
days to 15 business days.
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\1\15 U.S.C. 78s(b)(1) (1982).
\2\17 CFR 240.19b-4 (1993).
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The proposed rule change was published for comment in the Federal
Register on December 23, 1993.\3\ No comments were received on the
proposed rule change. This order approves the proposal.
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\3\Securities Exchange Act Release No. 33349 (December 15,
1993), 58 FR 68184 (December 23, 1993).
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PSE Rule 1.13 currently provides that Exchange members and member
firms must submit to the Exchange any changes to their address where
notices may be served within sixty (60) calendar days of such
change.\4\ The Exchange believes that a shorter period of time for
notifying the Exchange of such changes of address is appropriate due to
the need for the Exchange to contact members and member firms promptly
regarding membership requirements, requests for information in
regulatory investigations, the commencement of disciplinary actions,
and other such matters. Accordingly, the current proposal amends PSE
Rule 1.13 to require that members and member firms notify the Exchange
within fifteen (15) business days of any change to the address at which
such notices may be served.
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\4\See also PSE Constitution, Art. VIII, Sec. 1(g), which
provides that ``[e]very member and member firm shall register with
the Exchange addresses and subsequent changes thereof where notice
may be served.''
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The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange, and in
particular, the requirements of section 6(b)(5).\5\ Specifically, the
proposed change will ensure that the PSE is notified on a timely basis
of member or member firm address changes, which should help the PSE in
its regulatory responsibilities under the Act. Further, the Commission
believes that 15 business day notification is not an unreasonable time
period to notify the PSE of an address change, and will serve to foster
more efficient communications between the Exchange and its members and
member firms.
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\5\15 U.S.C. 78f(b)(5) (1982).
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It is therefore ordered, Pursuant to section 19(b)(2) of the
Act,\6\ that the proposed rule change (File No. SR-PSE-93-29) is
approved.
\6\15 U.S.C. 78s(b)(2) (1982).
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For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-4582 Filed 2-28-94; 8:45 am]
BILLING CODE 8010-01-M
