[Federal Register Volume 62, Number 108 (Thursday, June 5, 1997)]
[Notices]
[Pages 30922-30923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14619]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38690; File No. SR-PCX-97-17]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange,
Incorporated Relating to a Correction to its Rules on Listing
Requirements
May 28, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on May 13, 1997, the Pacific
Exchange, Inc. (``PCX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I, II and III below, which Items have been prepared
by the self-regulatory organization. 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. 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 is proposing to modify its Rule 3.2(b) in order to
correct a cross-reference in its rules on listing requirements. The
text of the proposed rule change is available at the office of the
Secretary, PCX and at the Commission.
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 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
On July 22, 1994, the Commission approved an Exchange proposal to
modify its listing and maintenance standards.\2\ Under the rule change,
a new Rule 3.2(b) was added, stating in part that ``Any security listed
pursuant to this Rule 3.2, paragraphs (c) through (i) . . . Shall be
designated as a Tier I security.'' Subsequently, on December 16, 1994,
the Commission approved an Exchange proposal to adopt listing standards
for Limited Partnership Rollups.\3\ In that filing, the Exchange added
a new Rule 3.2(i) (``Limited Partnerships''), and changed the numbering
of existing Rule 3.2(i) (``Other Securities'') to Rule 3.2(j). However,
the cross-reference in Rule 3.2(b) was not also changed at that time.
Accordingly, the Exchange is now proposing to make this technical
correction by modifying Rule 3.2(b) to state, in part, that ``Any
security listed pursuant to this Rule 3.2, paragraphs (c) through (j) .
. . shall be designated as a Tier I security.''
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\2\ See Securities Exchange Act Release No. 34429 (Jul. 22,
1994), 59 FR 38998 (Aug. 1, 1994) (order approving SR-PSE-93-12).
\3\ See Securities Exchange Act Release No. 35111 (Dec. 16,
1994), 59 FR 66388 (Dec. 23, 1994) (order approving SR-PSE-94-36).
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2. Statutory Basis
The Exchange represents that the proposed rule change is consistent
with section 6(b) of the Act,\4\ in general, and furthers the
objectives of Section 6 (b)(4) \5\ in particular, in that it is
designed to promote just and equitable principles of trade.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange represents that the proposed rule change will not
impose any inappropriate burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is concerned solely with the
administration of the Exchange and, therefore, has become effective
pursuant to Section 19(b)(3)(A) of the Act \6\ and subparagraph (e) of
Rule 19b-4 thereunder.\7\
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4.
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is
[[Page 30923]]
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes 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 such filing also will be
available for inspection and copying at the principal office of the
Pacific Exchange. All submissions should refer to File No. SR-PCX-97-17
and should be submitted by June 26, 1997.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-14619 Filed 6-4-97; 8:45 am]
BILLING CODE 8010-01-M
