[Federal Register Volume 60, Number 143 (Wednesday, July 26, 1995)]
[Notices]
[Pages 38386-38387]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18339]
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SECURITIES AND EXCHANGE COMMISSION
[(Release No. 34-36000; File No. SR-CHX-95-16)]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange,
Incorporated Relating to the Trading Floor Dress Code
July 20, 1995.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on July 6, 1995, the Chicago
Stock Exchange, Incorporated (``CHX'' or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change, and amended such proposed rule change on July 12, 1995,\2\ 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.
\1\ 15 U.S.C. 78s(b)(1).
\2\ Amendment No. 1 corrected a citation in the original filing
to one of the Exchange's rules and referenced Section 6(b)(6) of the
Act as a statutory basis for the proposed rule change. See letter
from David T. Rusoff, Esq., Foley & Lardner, to Glen Barrentine,
Senior Counsel, Division of Market Regulation, SEC (July 11, 1995).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to add interpretation and policy .03 to Rule
3 of Article XII of the Exchange's rules relating to the Exchange's
dress code.
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
Article XII, Rule 3, interpretation and policy .01, provides that
violations of the Exchange's dress code are Class B violations of the
exchange's decorum rules.\3\ The CHX dress code, which has been in
existence for many years, is not codified in the Exchange's rules. The
purpose of the proposed rule change is to incorporate the existing CHX
dress code into the Exchange's rules as a formal interpretation and
policy.
\3\ Chicago Stock Ex. Guide (CCH) para.1613 (Sept. 1994). A
member whose violative conduct is classified as a Class B offense
may be fined summarily an amount not to exceed $100.
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(5) of the
Act \4\ in that it is designed to promote just and equitable principles
of trade, to remove impediments 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. The proposed rule change
also is consistent with Section 6(b)(6) of the Act \5\ in that it will
assist the Exchange in appropriately disciplining its members and
persons associated with its members for violations of the rules of the
Exchange.
\4\ 15 U.S.C. 78f(b)(5).
\5\ 15 U.S.C.78f(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule change will impose no
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 comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change constitutes 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
[[Page 38387]]
effective pursuant to Section 19(b)(3)(A) of the Act \6\ and
subparagraph (e) of Rule 19b-4 thereunder.\7\ At any time within 60
days of the filing of such proposed rule change, the Commission may
summarily abrogate such 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
purposes of the Act.
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4.
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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 Section, 450 Fifth Street, NW.,
Washington, DC 20549. Copies of such filing also will be available for
inspection and copying at the principal office of the Chicago Stock
Exchange. All submissions should refer to File No. SR-CHX-95-16 and
should be submitted by August 16, 1995.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
\8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-18339 Filed 7-25-95; 8:45 am]
BILLING CODE 8010-01-M
