[Federal Register Volume 62, Number 145 (Tuesday, July 29, 1997)]
[Notices]
[Pages 40560-40561]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19835]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38861; File No. SR-Amex-97-23]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by American Stock Exchange, Inc. Relating to Updates to a
Qualification Examination Administered by the Exchange
July 22, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ notice is hereby given that on June 20, 1997, the American
Stock Exchange, Inc. (``Amex'' 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. Sec. 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 an updated version of the contents of the
Listed Put and Call Option Questionnaire for Registered Personnel.\2\
The text of the proposed rule change is available at the Office of the
Secretary, the Amex and at the Commission.
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\2\ This examination was previously referred to as the Put and
Call Option Questionnaire for Listed Personnel.
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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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing an updated version of the contents of the
Listed Put and Call Option Questionnaire for Registered Personnel.\3\
This examination must be successfully completed by a member or
registered employee who was registered and approved by the Exchange
prior to 1977,\4\ and now wishes to engage in a public options
business.\5\ The examination is administered by the broker-dealer
member organization with which the individual is associated, which then
certifies to the Exchange that the applicant has satisfactorily
completed the examination.
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\3\ This examination was previously referred to as the Put and
Call Option Questionnaire for Listed Personnel.
\4\ The Series 7 began covering the subject of standardized
options in 1977.
\5\ See Exchange Rule 920.
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The proposed rule change is consistent with Section 6(b) of the
Act, in general, and Section 6(b)(5), in particular, in that it is
designed to protect investors and the public interest by helping to
assure member competence. In addition, the proposed rule change is
consistent with Section 6(c)(3)(A) in that it is designed to examine
the training, experience and competence of applicants for both AMEX
membership and verify such applicant qualifications for Exchange
membership.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer 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
[[Page 40561]]
organization consents, the Commission will:
(A) by order approve such 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, N.W., Washington, D.C. 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 the
Commission's Public Reference Room in Washington, D.C. Copies of such
filing will also be available for inspection and copying at the
principal office of the Amex. All submissions should refer to the file
number in the caption above and should be submitted by August 19, 1997.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-19835 Filed 7-28-97; 8:45 am]
BILLING CODE 8010-01-M
