[Federal Register Volume 62, Number 47 (Tuesday, March 11, 1997)]
[Notices]
[Pages 11247-11248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5980]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38364; File No. SR-PSE-97-06]
March 4, 1997.
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange
Incorporated Relating to Changing the Corporate Name From Pacific Stock
Exchange Incorporated to Pacific Exchange
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 February 27, 1997, the Pacific Stock Exchange Incorporated (``PSE''
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
Exchange. 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. Sec. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend its Article I, Section 1 of the
[[Page 11248]]
Constitution and the First Section of the Articles of Incorporation to
reflect a change in the corporate name from Pacific Stock Exchange
Incorporated to Pacific Exchange.
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 Exchange 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 Exchange 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
The purpose of the proposed rule change is to effect a change in
the corporate name of the Exchange from Pacific Stock Exchange
Incorporated to Pacific Exchange. This new corporate name is intended
to better reflect the member population at the Exchange and to foster
better public recognition of the diversity of the products traded at
the PSE.
Over the last several years, the Exchange has experienced
tremendous growth, and as a result, the Exchange has been working on
the development of a name which would more appropriately reflect who
the Exchange is today, while at the same time maintaining the image and
good will that the Exchange has already built over the last one hundred
or so years. The proposed name, Pacific Exchange, captures the essence
of a complete securities exchange, helps to focus on the Exchange's
location as not only regional, but with ties to the international
horizons.
Basis
Pursuant to Rule 19b-4(e)(3), this proposed rule change is
concerned solely with the administration of the Exchange. The proposed
rule change is consistent with Section 6(b) of the Act, in general, and
Section 6(b)(5), in particular, in that it is designed to promote just
and equitable principles of trade.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective on February 27,
1997, pursuant to section 19(b)(3)(A) of the Act \3\ and subparagraph
(e)(3) of Rule 19b-4 \4\ thereunder, because the proposed rule change
is concerned solely with the administration of the self-regulatory
organization. At any time within 60 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.
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\3\ 15 U.S.C. Sec. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(e)(3).
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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 in the
Commission's Public Reference Room. Copies of such filing will also be
available for inspection and copying at the principal office of the
PSE. All submissions should refer to File No. SR-PSE-97-06 and should
be submitted by April 1, 1997.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\5\
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\5\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-5980 Filed 3-10-97; 8:45 am]
BILLING CODE 8010-01-M
