[Federal Register Volume 59, Number 132 (Tuesday, July 12, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16748]
[[Page Unknown]]
[Federal Register: July 12, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34312; File No. SR-BSE-94-6]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by the Boston Stock Exchange, Inc. Relating to Chapter XV
(``Dealer-Specialists'')
July 5, 1994.
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 June 20,
1994, the Boston Stock Exchange, Inc. (``BSE'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II and III below,
which Items have been prepared by the self-regulatory organization. On
June 23, 1994, the BSE submitted to the Commission Amendment No. 1 to
the proposed rule change.\1\ The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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\1\See letter from Karen A. Aluise, Assistant Vice President,
BSE, to Sandra Sciole, Special Counsel, SEC, dated June 22, 1994.
Amendment No. 1 made certain clarifying changes to the proposal.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The BSE proposes to amend Chapter XV of its Rule regarding Dealer-
Specialists.\2\
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\2\The exact language of the proposal was included as Exhibit 1
to File No. SR-BSE-94-6 and can be examined at the locations
specified in Item IV below.
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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 governing 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
The purpose of the proposed rule change is to make certain
structural and technical changes to Chapter XV (``Dealer-
Specialists''). Primarily, the Exchange seeks to provide paragraph
numbering for ease of reference. In addition, the Exchange seeks to
remove outdated and repetitive language, such as reference to the
Business Conduct Committee which is now the Market Performance
Committee. Certain paragraphs have been relocated to sections which are
more applicable, and clarifying language has been added to certain
sections.
(2) Statutory Basis
The basis under the Act for the proposed rule change is section
6(b)(5) in that the rule is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and to perfect the mechanism of a
free and open market and a national market system, and in general, to
protect investors and the public interest; and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
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
The Exchange has neither solicited nor received comments on 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, 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. Sec. 552, will be available for inspection and copying at
the Commission's Public Reference Room, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of the filing will also be available for
inspection and copying at the principal office of the BSE. All
submissions should refer to File No. SR-BSE-94-6 and should be
submitted by August 2, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-16748 Filed 7-11-94; 8:45 am]
BILLING CODE 8010-01-M
