[Federal Register Volume 59, Number 7 (Tuesday, January 11, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-624]


[[Page Unknown]]

[Federal Register: January 11, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-33426; File No. SR-PSE-93-34]

 

Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange, 
Inc. Relating to Modifications of the Stock Price Maintenance 
Requirement for Equity Options

January 5, 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 December 
20, 1993, the Pacific Stock Exchange, Inc. (``PSE'' 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.\1\ The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \1\The Exchange previously submitted this proposal on December 
13, 1993, however, in response to Commission concerns, the PSE 
delayed effectiveness of the rule change pending amendment and 
resubmission to the Commission in its current form.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The PSE is proposing to amend Commentary .04 to Rule 3.7 in order 
to make technical corrections involving cross-referencing. The text of 
the proposed rule change is available at the Office of the Secretary, 
PSE, 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 PSE included statements 
concerning the purpose of and basis for the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Section (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

    On November 30, 1993, the Commission approved an Exchange proposal 
to add new Commentaries to PSE Rule 3.7.\2\ The Exchange is now 
proposing to amend one of those, Commentary .04, by changing two 
internal cross-references and adding the term ``this'' in two places. 
The exchange believes that the proposed changes are technical in nature 
and are consistent with the Commission's order approving File No. SR-
PSE-91-19.\3\
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    \2\See Exchange Act Release No. 33257 (November 30, 1993), 58 FR 
64416 (December 7, 1993).
    \3\Id.
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    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act, in general, and section 6(b)(5), in 
particular, in that it is designed to remove impediments to and perfect 
the mechanism of a free and open market.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange 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 solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing rule change constitutes a stated policy, 
practice, or interpretation with respect to the meaning, 
administration, or enforcement of an exiting rule, it has become 
effective pursuant to section 19(b)(3)(A) of the Act and subparagraph 
(e)(1) of Rule 19b-4 thereunder. At any time within 60 days of the 
filing of the 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 purposes of 
the Act.

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. 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 the PSE. All 
submissions should refer to File No. SR-PSE-93-34 and should be 
submitted by February 1, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\4\
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    \4\17 CFR 200.30-3(a)(12) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-624 Filed 1-10-94; 8:45 am]
BILLING CODE 8010-01-M