[Federal Register Volume 64, Number 178 (Wednesday, September 15, 1999)]
[Notices]
[Pages 50128-50129]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23993]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-41840; File No. SR-Amex-99-31]
Self-Regulatory Organizations; Notice of Filing and Order
Granting Accelerated Approval of Proposed Rule Change by the American
Stock Exchange LLC Relating to Publication of Certain Membership,
Corporate Governance, and Disciplinary Information in the Amex Weekly
Bulletin
September 7, 1999.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 13, 1999, the
American Stock Exchange LLC (``Amex or ``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I and II 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 and to grant accelerated approval to the
proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of
Substance of the Proposed Rule Change
The text of the proposed rule change is available at the Office of
the Secretary, the Amex 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 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 III 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
The Exchange proposes to eliminate references in its Constitution
and Rules to the requirement that certain
[[Page 50129]]
membership, corporate governance, and disciplinary information be
published in the Weekly Bulletin. The Weekly Bulletin contains
information which includes the offering price of a membership sold by
the Board, the list of meetings of stockholders after proxy material
has been reviewed by the Exchange, notice of proposed admission to
membership of proposed members and member organizations, and
publication of Exchange disciplinary decisions. Such information is now
posted on the Nasdaq Trader web site, thereby reaching a wider
audience. Existing references in the Constitution and Rules to the
Exchange's bulletin board, located on the trading floor of the
Exchange, will remain unchanged. All information contained in the
Weekly Bulletin will be available to Amex members and others involved
in trading on the Exchange trading floor, and will become available to
the general public through the Nasdaq Trader web site. Moreover,
information posted on the Nasdaq Trader web site will be available by
mail for individuals who do not frequent the trading floor or who do
not have access to a computer.
2. Statutory Basis
The proposed rule change is consistent with section 6(b) \2\ of the
Act in general and furthers the objectives of section 6(b)(5) \3\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investor and the public interest, and are not
designed to permit unfair discrimination between customers, issuers,
brokers and dealers.
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\2\ 15 U.S.C. 78f(b).
\3\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change will impose no burden on competition 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
No written comments were solicited or received with respect to the
proposed rule change.
III. 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-
0609. 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 in Washington, DC. 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 October 8, 1999.
IV. Commission's Findings and Order Granting Accelerated Approval
of Rule Change
The Commission has reviewed carefully the Amex's proposed rule
change and believes, for the reasons set forth below, finds that the
proposal is consistent with the requirements of Section 6 of the Act
\4\ and the rules and regulations thereunder applicable to a national
securities exchange. Specifically, the Commission finds the proposal is
consistent with Section 6(b)(5) of the Act \5\ because it will reduce
duplication in the circulation of information and will facilitate the
dissemination of information to a wider audience.
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\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
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The Commission finds good cause for approving the proposed rule
change prior to the thirtieth day after the date of publication of
notice thereof in the Federal Register. The Commission notes that such
information is available on the Internet and on the trading floor, so
changing the content of the Weekly Bulletin should have no adverse
impact on exchange members. In addition, information posted on the
Internet will be available by mail for those individuals without access
to a computer. By approving the proposed rule change prior to the
thirtieth day after the date of publication in the Federal Register,
the Exchange will immediately reduce the costs associated with making
such information available in the Weekly Bulletin. The Commission
believes, therefore, that granting accelerated approval of the proposed
rule change is appropriate and consistent with Section 6 of the Act.\6\
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\6\ 15 U.S.C. 78f.
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It is therefore ordered, pursuant to Section 19(b)(2) of the Act
\7\ that the proposed rule change (SR-Amex-99-31) is hereby approved on
an accelerated basis.
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\7\ 15 U.S.C. 78s(b)(2).
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-23993 Filed 9-14-99; 8:45 am]
BILLING CODE 8010-01-M
