[Federal Register Volume 63, Number 167 (Friday, August 28, 1998)]
[Notices]
[Pages 46090-46091]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23239]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-40344; File No. SR-NYSE-98-24]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the New York Stock Exchange,
Inc. Relating to Revisions to the Floor Conduct and Safety Guidelines
August 19, 1998.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 5, 1998, the New York Stock Exchange, Inc. (``NYSE'' 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 Exchange. 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).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The proposed rule change consists of an amendment to the Exchange's
Floor Conduct and Safety Guidelines (``Guidelines'') which revises the
Code of Personal Appearance contained therein. The Guidelines are a
``stated policy, practice or interpretation'' concerned with the
administration of Exchange Rule 35. The text of the proposed rule
change is set out below. Additions are italicized. Deletions are
bracketed.
FLOOR CONDUCT AND SAFETY GUIDELINES
* * * * *
Code of Personal Appearance--Members and employees of members and
member organizations must conform to the revised Trading Floor Code of
Personal Appearance. All garments must be reasonably pressed and not
wrinkled.
MALE PERSONNEL
All male personnel are expected to wear suitable attire as follows:
A Dress Shirt, buttoned at the collar, with a dress tie knotted at the
customary place, i.e., snug to the collar; Full Length Dress Trousers
or slacks, JEANS OR OTHER SPORT SLACKS [OF ANY TYPE] ARE NOT PERMITTED;
a jacket with long sleeves. (An acceptable jacket shall include a suit,
[or] sport coat, blazer or SOLID COLOR office jacket[)]. Any back or
side panels or mesh back must be of same color as jacket or black).
FEMALE PERSONNEL
All female personnel are expected to wear suitable attire as
follows:
Skirts and Dresses should be worn at appropriate business lengths.
No tube skirts, micro-mini[`]s, see-through or other extremely
revealing styles.
Blouses, Shirts, Sweaters and Tops should be of appropriate style
and shall exclude informal wear such as tank tops, tube tops, midriffs,
backless halters, see-[thru]through sweatshirts and [t]T-shirts.
Leotards, plunging necklines and off-the-shoulder styles are also
unacceptable.
Pants & Slacks should be Full Length Dress Slacks. [Casual pants
are UNACCEPTABLE, including] JEANS, LEGGINGS OR OTHER SPORT SLACKS ARE
NOT PERMITTED. [OF ANY TYPE, COLOR OR FABRIC. Also excluded are leather
pants, chinos, leggings, knit sweat pants, mid-calf pants and shorts.
WHEN SLACKS ARE WORN, AN ACCEPTABLE OFFICE JACKET MUST ALSO BE WORN.]
When slacks are worn, a jacket with long sleeves must be worn. (An
acceptable jacket shall include a suit, sport coat, blazer or solid
color office jacket. Any back or side panels or mesh back must be of
same color as jacket or black.)
MALE AND FEMALE REQUIREMENTS
Footwear should be confined to those that are comfortably heeled
and considered safe, in view of the heavy traffic on the Trading Floor.
Shoes should also be of appropriate styles. OPEN TOE OR OPEN BACK
SANDALS, FLIP FLOPS, [DR. SCHOLL'S, BEDROOM SLIPPERS,] CASUAL BEACH OR
BOAT SHOES, HIGH TOP SNEAKERS and other extreme styles are NOT
PERMITTED. Shoes must be worn at all times on the Floor, including in
the booth or behind the post.
[Proper] Appropriate hosiery, i.e., socks for men and socks or
stockings [for women] of appropriate length for women, [ARE] IS TO BE
WORN AT ALL TIMES.
Summer Attire: The standards of dress outlined above will apply
throughout the year. If conditions warrant, the Market Performance
Committee may waive certain of the requirements for a specified period
of time.
Grooming: Beards, Mustaches, and Sideburns should be neatly
trimmed. Hair should be neatly maintained.
* * * * *
Runners: [must be properly attired. Tie and acceptable jackets are
required. Failure to adhere to these provisions will result in the
following penalties.] May not wear hats (unless required for religious
reasons). No headphones, jeans or other sport slacks are permitted. An
acceptable work jacket is required. A tie is not required.
* * * * *
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 NYSE 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 NYSE 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 Guidelines is to ensure that the behavior and
practices of individuals on the Floor of the Exchange contribute to the
efficient, undisrupted conduct of business on the Floor and do not
jeopardize the safety and welfare of others. Included in the
[[Page 46091]]
Guidelines is a Code of Personal Appearance (the ``Code'') which was
last revised in 1990, along with other parts of the Guidelines.\3\
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\3\ Securities Exchange Act Rel. No. 28365 (August 23, 1990), 55
FR 35490 (August 30, 1990).
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The Exchange is proposing to revise the Code. The revisions to the
Code do not affect the existing structure of fines, penalties and
disciplinary actions contained in the Guidelines. Furthermore, these
revisions do not affect the rights of members, Floor clerical employees
of members, and member organizations to appeal, pursuant to existing
Exchange rules and procedures, any penalties that are imposed.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the requirements of Section 6(b)(5)\4\ of the Act which requires that
the rules of the exchange be designed to facilitate transactions in
securities and remove impediments to and perfect the mechanism of a
free and open market. The revisions to the Code comply with the Act by
promoting the efficient, undisrupted conduct of business on the Trading
Floor.
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\4\ 15 U.S.C. 78f(b)(5).
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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
Written comments were neither solicited nor received with respect
to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing
for Commission Action
The proposed rule change will become effective upon filing pursuant
to Section 19(b)(3)(A)(i) of the Act,\5\ and Rule 19b-4(e)(1) \6\
thereunder, in that it is designated by the Exchange as constituting a
``stated policy, practice, or interpretation'' concerned with the
administration of Exchange Rule 35. At any time within 60 days of the
filing of such 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.
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\5\ 15 U.S.C. 78s(b)(3)(A)(i).
\6\ 17 CFR 240.19b-4(e)(1).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. 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 in the
Commission's Public Reference Room. Copies of such filing will also be
available for inspection and copying at the principal office of the
Exchange. All submissions should refer to the File No. SR-NYSE-98-24
and should be submitted by September 18, 1998.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-23239 Filed 8-27-98; 8:45 am]
BILLING CODE 8010-01-M
