[Federal Register Volume 60, Number 40 (Wednesday, March 1, 1995)]
[Notices]
[Pages 11153-11157]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-4994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35411; File No. SR-Amex-95-08]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by American Stock Exchange, Inc. Relating to Membership
Structure and Requirements
February 22, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on February
17, 1995, the American Stock Exchange, Inc. (``Amex'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'' or
``SEC'') the proposed rule change as described in Items I, II and III
below, which Items have been prepared by the self-regulatory
organization.\1\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
\1\This filing withdraws and replaces File No. SR-Amex-94-23,
which was noticed for comment in Securities Exchange Act Release No.
34968 (November 10, 1994), 59 FR 59804 (November 18, 1994). The
prior Amex proposal and the comments received in response thereto
are available at the Commission.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing certain revisions to its Constitution,
Rules and Membership Lease Plan regarding membership structure and
requirements. The text of the proposed rule change is available at the
Office of the Secretary, the Amex, and at the
Commission. [[Page 11154]]
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 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 Section 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
Background
The Exchange Member Ownership Issues Committee was established in
June of 1992 to examine the need for changes and revisions in the
Exchange's membership structure and requirements. Following an
extensive review, the Committee recommended certain changes in order to
update the membership structure and respond to the expressed needs of
the membership. These changes, which have been approved by the
Exchange's Board of Governors and membership, are described below.
Seat Ownership
Currently, each of the 661 regular memberships and 203 options
principal memberships are held in the name of an individual member.\2\
Member firms and member corporations may beneficially own these
memberships by designating an individual (typically a general partner
or employee of a member firm or an officer or employee of a member
corporation) nominally to own the seat in their behalf. This is
accomplished by either using a lease\3\ or an a-b-c agreement.\4\ In
the case of a lease, a member organization must also place the lease in
the name of an individual nominee as lessor.
\2\Both regular members and options principal members are
exchange members as defined in Section 3(a)(3) of the Act. A regular
member may execute transactions in both equities and derivatives. In
contrast, an options principal member is limited to trading as
principal in options and other derivative products. For further
discussion of types of memberships, see Art. IV. Sec. 1 of the Amex
Constitution.
\3\As noted below, the lease must be executed by the nominal
seat owner, rather than the member organization with which such
individual is associated and which is the beneficial owner of the
membership.
\4\An a-b-c agreement is an arrangement between the individual
who nominally owns a seat and the member organization with which
such individual is associated and which is the beneficial owner of
the membership. Upon termination of the a-b-c agreement, the
individual must either (1) retain the membership and pay the member
organization the amount necessary to purchase another membership;
(2) sell the membership with the proceeds paid over to the member
organization; or (3) transfer the membership to a person designated
by the member organization.
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Individuals are not permitted to own more than one seat. Member
organizations, on the other hand, may own multiple seats beneficially,
but each seat must be nominally owned by an individual member.
The Exchange proposes to eliminate the requirement that seats be
individually owned. The Amex believes that this requirement is outdated
and not responsive to the needs of the member community. Several other
exchanges permit organizations, as well as individuals, to own
memberships (e.g., the Chicago Board Options Exchange (``CBOE''), the
New York Futures Exchange and the Pacific Stock Exchange (``PSE'')).
Under the proposal, an organization would be able to be both legal
and beneficial owner of one or more memberships. The organization would
be able to lease a seat to a lessee or to designate an individual as
nominee to ``operate'' the seat. As a general matter, nominees (like
lessees) would be deemed to be members of the Exchange and would be
subject to all of the obligations and enjoy all the privileges of
membership under the Exchange Constitution and Rules, except (1) for
purposes of participating in any distribution of Exchange assets or
funds upon liquidation, dissolution or winding up of the affairs of the
Exchange and (2) ultimate control of the membership would rest with the
organization owner.\5\ The a-b-c agreement would no longer be required.
It would be replaced with another document to authorize the nominee to
act on the member organization's behalf in all Exchange matters and to
provide that the member organization is responsible for all the
nominee's Exchange-related obligations.
\5\As discussed below, see infra note 9 and accompanying text,
the owner would retain the right to vote seats held by nominees and
certain lessees.
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The proposal also would permit both individuals and organizations
to own multiple memberships. Individuals would be able to lease their
additional seats, or to designate nominees to ``operate'' the seats and
act as their employees.
A number of members have indicated that they would be interested in
acquiring more than one membership. The Exchange finds no compelling
reason to continue to prohibit multiple memberships. In this regard, it
should be noted that the CBOE, the PSE, the Philadelphia Stock Exchange
(``Phlx'') and virtually all commodities exchanges permit multiple
ownership.
Leasing
Currently, both the lessor and the lessee of a leased seat must be
individuals. Because, under the proposal, organizations would be
permitted to own seats directly, as well as beneficially, the member
organization may be the lessor. Such member organization would not be
required to designate a nominee as the lessor on the seat.
Claims Procedure
Under the current rules, no member may sell or transfer his
membership unless he does so pursuant to established Exchange
procedures. All transfers must be posted on the Exchange Bulletin Board
and published in the Weekly Bulletin for at least seven days. During
this time, other members and member organizations must file their
claims against the seat with the Exchange. The same procedures are used
for intrafirm transfers. Before the seat can be transferred to another
employee in the firm, the firm is required to satisfy any outstanding
claims.
Basically, the same transfer and claims procedures would be
utilized under the new membership structure. In addition, the
designation of a nominee by a seat owner would be deemed to be a
transfer, and the posting and claims procedures would apply.
Subordination of Membership to Trading Losses and Debts
Currently, all memberships are subordinated to (i.e., ``stand
behind'') the trades of the member in whose name the seat is held. In
the case of a leased seat, the lessor's seat is at risk for his
lessee's's trading losses and other debts incurred in connection with
membership. In the case of seats held pursuant to a-b-c agreements,
member organizations are responsible for obligations that their a-b-c
seatholders incur.\6\
\6\A member organization is responsible even if its a-b-c
seatholder's obligations exceed the value of the seat.
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The above requirements would remain the same under the proposal. If
an individual or organization owns multiple memberships that are held
subject to one or more leases, only the [[Page 11155]] seat used by a
given lessee's would stand behind that lessee trades. If, however, an
individual or organization owns multiple memberships as to which
nominees have been designated, all of the owner's seats would stand
behind the trades of any nominee.
Fees
Currently, when a seat is sold, the initiation fee is $2,500 for
both a regular and options principal membership. The initiation fee on
a nominal transfer (i.e., within a firm pursuant to an a-b-c
agreement)\7\ is $2,500 for a regular membership and $500 for an
options principal membership. When a membership is transferred to a
lessee, the initiation fee is $1,500 for a regular membership and $500
for an options principal membership. Dues for all members are $750 per
year. Floor facilities fees are $1,400 per year for active members.
\7\See supra, note 4 and accompanying text.
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The Exchange is proposing to change the fee structure in order to
equalize fees between regular and options principal memberships.\8\ The
initiation fee of $2,500 when a seat is sold would be retained for both
regular and options principal memberships. However, all nominal
transfers (i.e., intra-firm) and leases would be subject to a $1,500
initiation fee. Changes in nominees would be deemed to be nominal
transfers. According to the Exchange, it does not appear to be
necessary or appropriate to retain the disparity in initiation fees for
nominal and lease transfers of regular and options principal
memberships in view of the fact that the administrative expenses (i.e.,
staff time and paperwork) attributable to the two types of membership
are identical.
\8\This proposal would not affect any change to annual dues or
other fees.
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The Exchange, however, does not believe that it would be
appropriate for the initiation fee requirement to deter members from
taking advantage of the new alternatives that would be available in
structuring ownership of Amex seats. Accordingly, for the ninety-day
period, after these changes become effective, no initiation fee would
be charged for changes in membership ownership, except for bona fide
sales and bona fide changes in leases or nominees. A $250 processing
fee would be imposed on transfers where no initiation fee is charged.
Voting
Currently, members subject to an a-b-c agreement sign an
irrevocable proxy giving their votes to their member organizations. The
organization then designates an individual (typically an employee) who
is authorized to vote on behalf of the membership. In the case of
leased seats, the vote is negotiable between the lessor and lessee.
Under the new rules, organizations would be entitled to vote all of
the memberships that they own (and do not lease out) and would have to
designate an individual who is authorized to vote on their behalf.
Individuals who own more than one seat would be able to vote on behalf
of the seat that they are actively using, as well as the seats of their
nominees. With respect to leased seats, the vote would still be
negotiable between lessor and lessee. There would be a specific box on
the lease itself on which the parties would indicate who is authorized
to vote.\9\
\9\If no specification is made, the lessee would vote the seat.
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Gratuity Fund
Currently, the Exchange Gratuity Fund (``Fund'') provides that only
families of regular members\10\ receive the Gratuity Fund death benefit
of $100,000. To fund the death benefit, each regular member contributes
$152 to the Fund upon becoming a member and is assessed $152 each time
a fellow regular member dies (subject to reduction in the first
assessment of the year to reflect income earned by the Fund in the
previous year). In the case of leased seats, the lessor is considered
the member for purposes of the Gratuity Fund.
\10\See supra, note 2.
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A number of changes to the Gratuity Fund are proposed. These
changes are intended to achieve two goals: To provide increased
benefits and to close ``loopholes'' which could enable persons to
become Participants in the Gratuity Fund under circumstances which
would be inappropriate.
Under the proposal, the benefit would be increased to $125,000. The
amount of each assessment would fluctuate since, as discussed below,
the number of Participants in the Fund would vary based on who is
eligible at the time of a member's death and since the extent to which
Participants were ``phased-in'' would vary.\11\ As is currently the
case, Participants would have to pay both an initial assessment upon
becoming a Participant and an assessment each time an eligible
individual dies. The first group of persons to become newly eligible
for the Gratuity Fund upon the adoption of these changes would be
required to pay an initial assessment of $300.\12\ Thereafter, persons
who become eligible would be required to pay an initial assessment
based on the number of Participants in the Fund at that time.
\11\For further discussion of the ``phase-in'' schedule for
Gratuity Fund Participants, see infra note 18 and accompanying text.
\12\The Gratuity Fund currently maintains a reserve of $200,000,
the amount necessary to pay two death benefits. If the benefit is
increased, the reserve would be increased accordingly. The initial
assessment of $300 on new Participants would allow the Fund to
achieve this goal, and would place new Participants on a par with
existing Participants who, of course, paid an initial assessment
when they first became eligible to participate in the Fund.
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Under the proposal, options principal members and both options
principal and regular member lessees (and nominees) would be included
in the Gratuity Fund,\13\ in additional to regular members and some
lessors.\14\ In order for a lessor's beneficiaries to be eligible to
receive a Gratuity Fund benefit, the lessor must have been ``active''
on the Floor for at least two continuous years during this career (but
after June 10, 1993).\15\ ``Active'' is defined as meeting all Exchange
requirements to be active on the Floor,\16\ including passing any
necessary examinations and being registered as, or associated with, a
broker-dealer. ``Two continuous years'' is defined as two calendar
years, meaning a period from one date through the preceding date two
years hence (e.g., from May 1, 1995 through April 30, 1997). Lessees
and nominees would have to be currently active for their beneficiaries
to receive a benefit. Individuals who own seats either would have to be
currently active on the Floor or would have to have been active for at
least two continuous years during their career (but after June 10,
1993) in order for their beneficiaries to receive a Gratuity Fund
benefit.
\13\Options principal members, lessees and nominees would also
be eligible to become trustees of the Gratuity Fund.
\14\Lessors (and owners of seats as to which nominees have been
designated) could be included in the Gratuity Fund pursuant to the
transition arrangements, see infra notes 24-28 and accompanying
text, or based on their prior active status, see infra notes 15-17
and accompanying text.
\15\As noted below, see infra note 28 and accompanying text,
June 10, 1993 would be the cut-off date for eligibility for the
transition arrangements.
\16\See Para. 9176 of the Amex Guide (``Membership Requirements
and Admissions Procedures'').
It should be noted that a person would not have to maintain the
same status for the two-year period. For example, a person who is a
lessee for one and a half years and who then buys the seat (or another
seat) and remains on it for at least six months would satisfy the
active requirement. In addition, a person may be off the seat for up to
sixty consecutive days during the two-year period without being
considered to have [[Page 11156]] interrupted that period. Individuals
would lose their right to participate in the Gratuity Fund based on
prior active status if there should be any five-year period in which
the person is not a lessor, lessee, nominee or seat owner.\17\ Lessors
who lose their prior active status would have to be active for another
two continuous years in order to requalify for the Gratuity Fund.
Members and nominees would either have to be currently active or active
for another two continuous years in order to be eligible for the
Gratuity Fund again.
\17\This provision would apply to a person who had satisfied the
active requirement and thus was eligible for the Gratuity Fund based
on prior status and who thereafter disposed of his membership. If,
within five years of leaving the Exchange, such person becomes a
lessor or other inactive seat owner, he would retain his right to
participate in the Gratuity Fund. If, however, more than five years
pass, such person would lose his prior active status and would have
to requalify for the Gratuity Fund. A person who leaves the Exchange
would not be eligible for the Gratuity Fund benefit during any
period when he is not a lessor, lessee, nominee or seat owner.
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Further, under the proposal, the Exchange would implement, for new
Gratuity Fund Participants, a four year ``phase-in'' schedule based
upon the length of time the individual in question had been a
Participant.\18\ The ``phase-in'' would operate as follows:
\18\This schedule is similar to that used by the New York Stock
Exchange (``NYSE'') regarding payments from its Gratuity Fund. See
Art. XV, Sec. 3 of the NYSE Constitution.
The Amex's proposed ``phase-in'' schedule would be applied only
on a prospective basis and would not be applicable to persons who
are already Gratuity Fund Participants or who become Gratuity Fund
Participants by virtue of the proposed amendments (e.g., options,
principal members and lessees) regardless of whether such persons
have been Participants or members for four years or more. However,
an existing options principal member or lessee who ``opts out'' of
the Gratuity Fund and on some other basis later becomes eligible
would at that time be subject to the ``phase-in.'' See infra notes
26-27 and accompanying text.
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Upon the death of a Participant, a payment would be made based upon
the length of time such person had been a Participant, according to the
following schedule:
Less than one year--$25,000 (20% ``phase-in'').
One year or more but less than two years--$50,000 (40%
``phase-in'').
Two years or more but less than three years--$75,000 (60%
``phase-in'').
Three years or more but less than four years--$100,000
(80% ``phase-in'').
Four years or more--$125,000 (100% ``phase-in'').
If a participant who was ``phasing-in'' ceases to be a Participant
for a period of less than five years, and such individual thereafter
again becomes a Participant, he would be able to aggregate his periods
of participation for purposes of the ``phase-in.'' For example, if an
individual is a Participant for one year and then ceases to be a
Participant for four years, and if he were again to become a
Participant, he would be credited with the amount of time he previously
spent as a Participant for purposes of the ``phase-in'' schedule.
If an individual who was a Participant ceases to be a Participant
for a period of five years or more, and such individual thereafter
again becomes a Participant, he would not be able to aggregate his
periods of participation for purposes of the ``phase-in'' described
above (i.e., regardless of the length of time he had previously been a
Participant, the ``phase-in'' schedule would be applied as if he had
never been a Participant in the past).
Each membership would pay at least one assessment, regardless of
whether the owner or a lessee or nominee qualifies for the Gratuity
Fund.\19\ In some instances, there would be one assessment per seat and
on others two (i.e., when both lessor and lessee are qualified).
Gratuity Fund assessments would be based in all cases on the amount of
the benefit payable and would be the same for all memberships assessed,
regardless of whether or to what extent a particular Participant being
assessed has already ``phased-in'' to full eligibility.
\19\The only exception to this would be in the case of an
individual who is both the independent owner of and the user of a
particular options principal membership and who ``opts-out'' of the
Gratuity Fund under the transition provisions discussed below. For
such a person's ``opt-out'' to be able to have any practical effect,
his options principal seat would have to be exempt entirely from the
obligation to pay assessments to the Gratuity Fund for so long as he
remains the owner and user of that seat.
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No member's beneficiaries would be entitled to receive more than
one Gratuity Fund benefit upon the member's death by virtue of the
deceased member's status as both lessor and lessee, or for any other
reason. The family of a member who owns multiple memberships would be
able to collect only one benefit. The member would be eligible on only
one seat, and must designate that seat to the Exchange. The lessees or
nominees of the other seats, of course, would be eligible on those
seats.
The individuals who are nominee-lessors on behalf of member
organizations would no longer be qualified for the Gratuity Fund under
the proposed system (although, as discussed below, there would be a
grandfather clause). This is because the member organization itself
would be the lessor. Under the proposal, however, the individual who
would have been named as lessor most likely would not qualify for the
Gratuity Fund anyway, since member organizations typically named an
upstairs executive as lessor and such person would not be ``active''
and may not have been ``active'' in the past, at least within the last
five years.
The trustees of the Gratuity Fund would have the authority to
resolve disputes with respect to a person's eligibility to participate
in the Fund.\20\
\20\For further discussion of rules governing trustees of the
Gratuity Fund, see Art. IX of the Amex Constitution.
Pension Trusts
Currently, the Exchange does not permit ownership of seats by
trusts.\21\ The proposal would permit pension plans (generally
comprised of trusts or custodial accounts, including Keoghs and
Individual Retirement Accounts) of ``active'' members (as defined
above) to acquire ownership of one or more seats for investment
purposes, and either to lease the seat or to designate a nominee to
operate it.\22\ The intent is to make this available only to pension
trusts where the trust sponsor is an active member, or where the
sponsor is a member organization and at least fifty percent (50%) of
the pension trust beneficiaries are active members and/or Floor
employees of the member organization. The trust itself would be the
owner of the membership, and the trustee would have to become an
approved person.\23\ Only the nominee or lessee would be eligible for
the Gratuity Fund, provided he or she is not already eligible for the
Gratuity Fund with respect to another seat (e.g., as the owner of that
seat). As is the case for other member organizations, the trust would
be entitled to vote all of the seats that it owns (and does not lease
out) and may designate who may vote on its behalf. If the seat is
leased, the vote would be negotiable between the trust and the lessee.
\21\Both the Phlx and the Chicago Mercantile Exchange permit
pension trusts to own seats.
\22\The Exchange has been advised that the prohibited
transaction provisions of the Employee Retirement Income Security
Act and the Internal Revenue Code would preclude a member from being
the nominee or lessee of the seat owned by his own pension trust.
\23\See Art. I, Sec. 3(g) of the Amex Constitution.
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Transition Arrangements
The proposal includes a grandfathering provision for the Gratuity
Fund revisions.\24\ All regular members ad existing regular member
lessors would be grandfathered with respect to the ``active''
requirement, that [[Page 11157]] is, they would be deemed to have met
it, even if they never were active for a two-year period. The
grandfathering provision would include those lessors who are nominee-
lessors on seats beneficially owned by an organization. A person
grandfathered could lose his right to participate in the Gratuity Fund
based on prior active status if there should be any five-year period in
which he is not a lessor, lessee, nominee or seat owner.\25\ As
discussed above, for all non-grandfathered individuals, the ``active''
requirement must be satisfied after June 10, 1993.
\24\For further discussion of the cut-off date for eligibility
for the transition arrangements, see infra note 28 and accompanying
text.
\25\See supra, note 17 and accompanying text.
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Individuals who currently own options principal memberships would
have a one-time opportunity to ``opt-in'' or ``opt-out'' of the
Gratuity Fund. A decision to ``opt-out'' would be irrevocable for the
rest of the person's life (unless the person subsequently buys a
regular membership).\26\ Options principal members who ``opt-in'' would
be grandfathered with respect to the ``active'' requirement. Current
lessees (both regular and options principal membership) would also have
the right to ``opt-out'' of the Gratuity Fund, but such decisions would
be effective only for the duration of their current lease, and new
leases would require lessee participation in the Gratuity Fund. Lease
renewals by the same two parties would not be considered to be new
leases. Any new options principal member seat owner (other than an
individual owner who previously chose to ``opt-out'' irrevocably as
discussed above)\27\ would be covered by the new rules.
\26\If that person subsequently buys a different options
principal membership, the decision to ``opt-out'' would apply to
that seat as well.
\27\See supra, note 26.
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With respect to the ``phase-in'' requirement, all those who are
Participants in the Gratuity Fund on the date these proposals become
effective, and all those who become Participants by virtue of these
amendments (e.g., lessees and options principal members), would be
deemed to be fully ``phased-in,'' regardless of how long such persons
have been Participants or Exchange members. All who become Participants
thereafter would be subject to the ``phase-in'' requirements. If a
lessee or options principal member ``opted out'' of the Gratuity Fund,
as described above, and on some other basis later becomes a
Participant, he would at that time be subject to the ``phase-in.''
While the foregoing grandfather provisions are appropriate in most
cases, there was a concern that some people might attempt to rush
through the ``loopholes'' referred to earlier by becoming lessors prior
to the date these proposals finally become effective. Accordingly,
notwithstanding the above provisions, an individual who was not a
regular member or a regular member lessor as of the date of the Board
meeting at which these proposals were approved by the Exchange Board of
Governors (June 10, 1993), and subsequently became a regular member
lessor after June 10, 1993, would not be grandfathered with respect to
the two-year active requirement.\28\ Similarly, an individual who was
not a regular or options principal member or a regular or options
principal lessor as of June 10, 1993, and subsequently became an
options principal lessor after June 10, 1993, would not be allowed to
``opt-in'' to the Gratuity Fund. Such individuals would be covered by
the new rules.
\28\However, in the event that such an individual dies during
the period after June 10, 1993 but before the effective date of the
changes, his beneficiaries would receive a Gratuity Fund benefit
under existing requirements.
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Most of the above described changes in membership structure would
expand the choices available to persons and organizations in
structuring their relationships. However, the proposed changes would
eliminate the existing a-b-c agreement, and certain individuals and
organizations may find that disruptive. Accordingly, a member
organization would be permitted to continue to utilize its existing a-
b-c agreements for so long as the respective individual members remain
on their seats.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the Act
in general and furthers the objectives of Sections 6(b)(3), 6(b)(4) and
6(b)(5) in particular in that it assures a fair representation of
Exchange members in the administration of its affairs, provides for the
equitable allocation of reasonable dues, fees and other charges among
members, and is designed to prevent fraudulent and manipulative acts
and practices.
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change will impose no burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the publication of this notice in the Federal
Register or within such other period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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, NW., 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, NW.,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of the Amex. All
submissions should refer to File No. SR-Amex-95-08 and should be
submitted by March 22, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-4994 Filed 2-28-95; 8:45 am]
BILLING CODE 8010-01-M
