[Federal Register Volume 59, Number 173 (Thursday, September 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-22057]
[[Page Unknown]]
[Federal Register: September 8, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34619; File No. SR-BSE-94-6]
Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Order
Approving Proposed Rule Change Relating to Technical Amendments to
Chapter XV (``Specialists'')
August 31, 1994.
On June 20, 1994, the Boston Stock Exchange, Inc. (``BSE'' or
``Exchange'') submitted to the Securities and Exchange Commission
(``Commission'' or ``SEC''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend Chapter XV of its rules
regarding Dealer-Specialists. On June 23, 1994, the BSE submitted to
the Commission Amendment No. 1 to the proposed rule change.\3\
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\1\15 U.S.C. 78s(b)(1) (1988).
\2\17 CFR 240.19b-4 (1994).
\3\See letter from Karen A. Aluise, Assistant Vice President,
BSE, to Sandra Sciole, Special Counsel, SEC, dated June 22, 1994.
Amendment No. 1 made certain clarifying changes to the proposal.
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The proposed rule change was noticed in Securities Exchange Act
Release No. 34312 (July 5, 1994), 59 FR 35550 (July 12, 1994). No
comments were received on the proposal. This order approves the
proposed rule change as amended.
The BSE is making certain structural and technical changes to
Chapter XV (``Dealer-Specialists''). Specifically, the Exchange is
adopting paragraph numbering for Chapter XV, and removing outdated and
repetitive language. For example, the Exchange is deleting the
reference to the Business Conduct Committee which was changed to the
Market Performance Committee. In addition, certain paragraphs have been
relocated to other sections of Chapter XV, and clarifying language has
been added to certain other sections.
The Exchange believes that the proposed rule change is consistent
with Section 6(b)(5) of the Act in that the rule is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, to remove impediments to and to perfect the mechanism of a
free and open market and a national market system, and in general, to
protect investors and the public interest; and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange, and, in
particular, with the requirements of Section 6(b).\4\ In particular,
the Commission believes the proposal is consistent with the Section
6(b)(5)\5\ requirements that the rules of an exchange be designed to
promote just and equitable principles of trade, to prevent fraudulent
and manipulative acts and, in general, to protect investors and the
public interest.
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\4\15 U.S.C. 78f (1988).
\5\15 U.S.C. 78f(b)(5) (1988).
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The Commission believes that the structural and technical changes
to Chapter XV, which among other things, adopts paragraph numbering for
Chapter XV, deletes the reference to the Business Conduct Committee,
and relocates various sections of Chapter XV should remove outdated and
repetitive language, and help the public to locate or refer to the
rules within Chapter XV.
The Commission also believes that the amendments to Chapter XV
should benefit investors by helping to ensure that the rules relating
to specialists are current and not outdated, while at the same time,
maintaining the quality of the rule. For example, while the amendment
deletes the term ``Dealer'' from the references to the term ``Dealer-
Specialists,'' and removes unnecessary language within Chapter XV, the
substantive language to Chapter XV remains unchanged.
It is therefore ordered, pursuant to Section 19(b)(2)\6\ that the
proposed rule change (SR-BSE-94-6) is hereby approved.
\6\15 U.S.C. 78s(b)(2) (1988).
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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) (1994).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-22057 Filed 9-7-94; 8:45 am]
BILLING CODE 8010-01-M
