[Federal Register Volume 62, Number 114 (Friday, June 13, 1997)]
[Notices]
[Page 32396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15467]
[[Page 32396]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38722; File No. SR-CHX-97-10]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange,
Inc. Relating to Payment of Dues
June 6, 1997.
On May 29, 1997,\1\ the Chicago Stock Exchange, Incorporated
(``CHX'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission or ``SEC'') the proposed rule change (SR-CHX-
97-10), pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934 (``Act''),\2\ and Rule 19b-4 thereunder. The proposed rule change
is described in Items I, II, and III below, which Items have been
prepared by the Exchange. The Exchange has designated this proposal as
constituting a state policy, practice, or interpretation with respect
to the meaning, administration, or enforcement of an existing rule of
the Exchange under Section 19(b)(3)(A)(i) of the Act, which renders the
proposal effective upon receipt of this filing by the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ On June 6, 1997, the Exchange submitted Amendment No. 1 to
SR-CHX-97-10. See letter from David T. Rusoff, Esq., Foley &
Lardner, to Ms. Katherine A. England, Division of Market Regulation,
SEC, dated June 6, 1997.
\2\ 15 U.S.C. 78s(b)(1).
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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 Article XIV, Rule 1 of the its
Rules, relating to payment of dues (hereafter referred to as ``the
proposed rule change'').
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
1. Purpose
As currently written, Article XIV, Rule 1 of the Exchange's Rule
states that dues are payable quarterly. In practice, dues are billed
and paid according to the Exchange fee schedule, which states that dues
are payable monthly in equal installments. The proposed rule change
would bring the text of Rule 1 into line with Exchange practice.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b)(5) \3\ of the Act.
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\3\ Section 6(b)(5) requires the Commission to determine that a
registered national securities exchange's rule is designed to
promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market
and a national market system and, in general, to protect investors
and the public interest.
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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 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 were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this proposed rule change as
constituting a stated policy, practice, or interpretation with respect
to the meaning, administration, or enforcement of an existing rule of
the Exchange and therefore has become effective upon receipt by the
Commission, pursuant to Section 19(b)(3)(A)(i) of the Act and
subparagraph (e) of Rule 19b-4 thereunder. At any time within sixty
days of the filing of a proposed rule change pursuant to Section
19(b)(3)(A) of the Act, the Commission may summarily abrogate the 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 purpose 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, NW., Washington, DC 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 Room. Copies of the filing will also be
available for inspection and copying at the principal office of the
Exchange. All submissions should refer to File No. SR-CHX-97-10 and
should be submitted by July 7, 1997.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\4\
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\4\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-15467 Filed 6-12-97; 8:45 am]
BILLING CODE 8010-01-M
