[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