[Federal Register Volume 59, Number 180 (Monday, September 19, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-23047]
[[Page Unknown]]
[Federal Register: September 19, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34654; File No. SR-CSE-94-08]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change by Cincinnati Stock Exchange, Inc. Relating to Exchange
Membership Application Fees
September 12, 1994.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), 15 U.S.C. 78s(b)(1), notice is hereby given that on August
16, 1994, the Cincinnati Stock Exchange, Inc. (``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 proposed to amend the membership application fees
imposed by the Exchange as follows:
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Item Currentfee Proposedfee
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Yearly Membership Dues: (Quarterly Charge $625) $2,500 \1\$2,500
New Member Application Fee..................... 100 1,000
Transfers:
Responsible Party Change..................... 75 350
Firm Registration/Name Change................ 75 350
CBOE Exercise Application...................... 75 350
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\1\No Change.
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 Purposed Rule Change
1. Purpose
The Exchange has determined to increase the fees associated with
applications for membership to more accurately reflect the costs
associated with the processing of applications and to place them more
in line with the fees existing on other markets. The increases apply to
the initial application fee as well as the fee to exercise a Chicago
Board Options Exchange (``CBOE'') membership. The exercise process is
part of the agreement for access between the two markets.\1\
Additionally, intra-firm transfers of individuals assigned to a
membership are being raised to reflect the cost of processing the
transfers.
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\1\Pursuant to an agreement signed in November 1986, a CBOE
member may be eligible to become a proprietary member of the CSE
without having to purchase and own a certificate of proprietary
membership (i.e., a seat on the Exchange), provided that the CBOE
member meets all of the other requirements of eligibility set forth
in the CSE's By-Laws. See Article II, Section 5.2 of the CSE's Code
of Regulations (By-Laws).
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2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the Act
in general and furthers the objectives of Section 6(b)(5) in particular
in that it is not designed to permit unfair discrimination between
customers, issuers, brokers or dealers, and in general is designed to
protect investors and the public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The CSE 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 either 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 publication of this notice in the Federal
Register or within such other 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 organization consents, the Commission will:
(A) By order approve the 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, 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. Sec. 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 will also be available for
inspection and copying at the principal office of CSE. All submissions
should refer to File No. SR-CSE-94-08 and should be submitted by
October 11, 1994.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-23047 Filed 9-16-94; 8:45 am]
BILLING CODE 8010-01-M
