[Federal Register Volume 60, Number 81 (Thursday, April 27, 1995)]
[Unknown Section]
[Pages 20781-20782]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10330]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35636; File No. SR-PSE-95-03]
Self-Regulatory Organizations; Pacific Stock Exchange, Inc.;
Order Granting Approval to Proposed Rule Change to Establish New
Listing Fees Applicable to Small Corporate Offering Registration
(``SCOR'') Securities
April 21, 1995.
On February 13, 1995, the Pacific Stock Exchange, Inc. (``PSE'' or
``Exchange'') submitted to the Securities and Exchange Commission
(``SEC'' or ``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 establish new fees applicable
to Small Corporate Offering Registration (``SCOR'') securities.
\1\15 U.S.C. 78s(b)(1) (1988).
\2\17 CFR 240.19b-4 (1994).
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The proposed rule change was published for comment in Securities
Exchange Act Release No. 35395 (February 17, 1995), 60 FR 10626
(February 27, 1995). No comments were received on the proposal.
The Commission has approved the PSE's proposal to create a separate
listing tier for SCOR securities on a three year pilot basis.\3\ The
Exchange is adopting the following fee schedule for listing securities
pursuant to the SCOR program:
\3\See Securities Exchange Act Release No. 35628 (April 19,
1995). [[Page 20782]]
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SCOR Marketplace--Listing Fee Schedule
Original Listings
The Original Listing fees are fixed fees and issues are not charged
by the number of shares being listed.
Common Stock: $5,000.00
Preferred Stock: 5,000.00
Processing Fee
*Per Original Listing Application: $500.00
Name change: 250.00
Change in Par Value: 250.00
*This is a fixed charge for the review of potential listings and is
non-refundable. Issues approved for listing may have this charge
credited toward the original listing fee.
Substitution of Original Listing
Per Application: Fixed charge of $750.00
Substitution may occur as a result of a change in state of
incorporation, reincorporation under laws of same state, a reverse
stock split, recapitalizations, or similar events.
Listing of Additional shares
Per Application: $.0025 per share
Minimum charge of $500.00
Maximum charge of $2,500.00
Maximum charge of $5,000.00 per annum
Annual Maintenance Fee
For one issue: $1,000.00
For each additional issue: 500.00
Payable January of each year following listing.
Conversion Fee
Conversion from the SCOR Market place to Tiers I or II.
Common Stock $15,000.00
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, with the requirements of Sections 6(b).\4\ In particular,
the Commission believes the proposal is consistent with the Section
6(b)(4) requirements that the rules of an exchange provide for the
equitable allocation of reasonable dues, fees, and other charges among
its members, issuers, and other persons using the Exchange's
facilities.\5\ The Commission believes that the fee schedule for the
initial and continued listing of SCOR securities is equitable because
the fees should not result in an excessive allocation of PSE fees on
its issuers as opposed to members and other persons using its
facilities.
\4\15 U.S.C. 78f(b) (1988).
\5\15 U.S.C. 78f(b)(4) (1988).
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The Commission notes that, except for the SCOR original listing
fees, the fee schedule for SCOR securities is consistent with the
Exchange's fee schedule for Tier I and Tier II securities.\6\ The
Commission believes that it is reasonable for the Exchange to impose a
lesser initial listing fee for common stock SCOR listings because these
issuers will be smaller companies listing single classes of securities.
The Commission also believes that it is reasonable for the Exchange to
apply the original listing fee for SCOR preferred stock and common
stock because it is likely that the costs incurred by the Exchange in
processing the listing applications for common and preferred stock will
be the same. Additionally, the Commission believes that the conversion
fee for common stock that moves from the SCOR list to the Tier I or
Tier II lists is reasonable because, when added to the SCOR original
listing fee, SCOR issuers will have paid the same amount for listing as
those that listed common stock on the PSE directly under Tier I or Tier
II.\7\
\6\The PSE's listing fees for Tier I and Tier II securities were
last amended in Securities Exchange Act Release No. 34276 (June 29,
1994), 59 FR 34892 (July 7, 1994). The original listing fee for Tier
I and Tier II securities is $20,000. The original listing fee for
Tier I and Tier II preferred stock (secondary issuers) is $2,500.
\7\There is no conversion fee for preferred stock because the
original listing fee for Tier I and Tier II preferred stock is lower
than the original SCOR listing fee for preferred stock.
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It is Therefore Ordered, pursuant to Section 19(b)(2) of the
Act,\8\ that the proposed rule change (SR-PSE-95-03) is approved.
\8\15 U.S.C. 78s(b)(2) (1988).
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For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
\9\17 CFR 200.30-3(a)(12) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-10330 Filed 4-26-95; 8:45 am]
BILLING CODE 8010-01-M
