[Federal Register Volume 61, Number 169 (Thursday, August 29, 1996)]
[Notices]
[Pages 45467-45468]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22053]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37586; File No. SR-CSE-96-04]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Cincinnati Stock Exchange
Relating to Transaction Fees
August 20, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on
August 14, 1996, the Cincinnati Stock Exchange (``CSE'' 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.
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The CSE hereby proposes to amend its trading fee rules to codify
its long-standing practice concerning the collection and payment of an
annual transaction fee required under Section 31 of the Act to be paid
to the
[[Page 45468]]
Commission. This fee currently equals \1/300\th of one percent of the
aggregate dollar amount of total annual securities sales on the
Exchange. The text of the proposed rule change is available at the
Office of the Secretary, CSE and at the Commission.
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 CSE 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 CSE 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 amend the Exchange's
trading fee rules to codify its long-standing practice concerning the
collection and payment of the annual transaction fee required under
Section 31 of the Act. The Exchange generates daily data concerning the
number of trades, share volume, trade value and SEC fee generated by
each member. This information is compiled monthly and furnished to
Exchange members with a monthly invoice. In addition, Exchange members
are required to complete and certify a monthly Report of Sales form
indicating the aggregate sales price and aggregate volume of securities
transacted on the Exchange, and the SEC transaction fees due. This form
is remitted with the payment of the required fee. New members are
provided with copies of the Report of Sales form.
2. Statutory Basis
Because the proposed rule change will help fund the Commission
oversight and regulatory activities, the Exchange believes that the
proposed rule change is consistent with Section 6 \1\ of the Act in
general and with Section 6(b)(5) \2\ in particular in that it is
designed to promote just and equitable principles of trade and to
protect investors and the public interest.
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\1\ 15 U.S.C. 78f.
\2\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The CSE does not believe that the proposed rule change will impose
any burden on competition that is unnecessary or inappropriate 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 foregoing rule change establishes or changes a due, fee, or
other charge imposed by the Exchange and, therefore, has become
effective pursuant to Section 19(b)(3)(a) of the Act and subparagraph
(e) of Rule 19b-4 thereunder.\3\ 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 purpose of
the Act.
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\3\15 U.S.C. 78s(b)(3)(A) and 17 CFR 19b-4(e).
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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, 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 at the
Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 20549. Copies of such filing will also be available
for inspection and copying at the principal office of the Exchange. All
submissions should refer to File No. SR-CSE-96-04 and should be
submitted by September 19, 1996.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-22053 Filed 8-28-96; 8:45 am]
BILLING CODE 8010-01-M
