[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: 94-16824]
[[Page Unknown]]
[Federal Register: July 12, 1994]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34317; File No. SR-PSE-94-21]
Self-Regulatory Organizations; Notice of Filing and Order
Granting Accelerated Approval of Proposed Rule Change by the Pacific
Stock Exchange, Incorporated, Relating to a One Hundred Twenty (120)
Day Extension of Municipal Bond Trading Pilot Program
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 July 1,
1994, 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 and II 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, and simultaneously publishing an order
granting accelerated approval of the proposed rule change.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Pacific Stock Exchange Incorporated (``PSE'' or ``Exchange'')
proposes to extend the municipal bond trading pilot program for an
additional 120 days until November 2, 1994.
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
On March 7, 1994, the Commission approved an Exchange proposal to
establish new rules for the listing and trading of municipal securities
on the Exchange.\1\ The Commission approved the pilot for an interim
period of 120 days through July 5, 1994.\2\ The Exchange is now
requesting a 120-day extension of the pilot in order to provide
additional time for evaluation of the program.
---------------------------------------------------------------------------
\1\See Exchange Act Release No. 33721 (March 7, 1994), 59 FR
11636 (March 11, 1994) (granting temporary accelerated approval to
File No. SR-PSE-94-05).
\2\Id., 59 FR at 11638.
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act, in general, and furthers the objectives
of section 6(b)(5), in particular, in that it will promote just and
equitable principles of trade, foster cooperation and coordination with
persons engaged in regulating, clearing, settling and processing
information with respect to, and facilitating transactions in
securities, and, in general will contribute to the protection of
investors and the public interest.
B. Self-Regulatory Organizations 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 Exchange requests that the Commission find good cause for
approving the proposed rule change prior to the thirtieth day after
publication of the notice in the Federal Register. PSE believes it
appropriate to approve the proposed rule change so that it may have
time to evaluate its program for listing qualified municipal
securities. The Commission finds that the proposed rule change
extending the PSE pilot program is consistent with the requirements of
the Act and the rules and regulations thereunder applicable to the PSE
and, in particular, the requirements of Section 6, and the rules and
regulations thereunder.
The Commission finds good cause for approving the proposed rule
change on an accelerated basis prior to the thirtieth day after the
date of publication of the notice of filing thereof in that PSE
requires additional time to evaluate the pilot before it can file a
request for permanent approval of the listing of municipal securities.
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 in the
Commission's Public Reference Room, 450 Fifth Street NW., Washington,
DC 20549. 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-94-21 and should be submitted by August 2,
1994.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change be, and hereby is, approved through
November 2, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-16824 Filed 7-11-94; 8:45 am]
BILLING CODE 8010-01-M
