[Federal Register Volume 59, Number 12 (Wednesday, January 19, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-1167]


[[Page Unknown]]

[Federal Register: January 19, 1994]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-33456; File No. SR-Amex-93-44]
January 11, 1994.

 

Self-Regulatory Organizations; Filing and Immediate Effectiveness 
of Proposed Rule Change by the American Stock Exchange, Inc. Relating 
to Exchange Fee Increases

    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 
23, 1993, the American Stock Exchange, Inc. (``Amex'' 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 Exchange is increasing its equity regulatory fee and CRD\1\ 
fees, as well as adopting a new options floor brokerage fee.
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    \1\The CRD system is a computer data base that provides current 
registration information for every registered representative that is 
associated with a member of the National Association of Securities 
Dealers, Inc. and/or is licensed in a state that participates in the 
CRD system.
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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 Proposed Rule Change

1. Purpose
    The Exchange is increasing several charges imposed on members and 
member organizations. The equity regulatory fee charged to clearing 
firms (based on cleared dollar value) is being raised from $.000045 per 
side to $.000050 per side, an increase of $.000005 per side. The fee 
charged to member firms for registering sales personnel through the CRD 
System is being raised $5.00 in each category as listed below. Both the 
equity regulatory fee and the CRD fees were last increased in 1991.\2\
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    \2\See Securities Exchange Act Release No. 28794 (January 17, 
1991). 56 FR 2964 (January 25, 1991).

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                       Category                        Current  Proposed
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Initial registration.................................      $40      $45 
Renewals.............................................       20       25 
Transfers............................................       25       30 
Terminations.........................................       15       20 
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    The Exchange is also adopting a new options floor brokerage fee 
that will be payable by clearing firms of $.015 per contract side for 
all customer and non-market making member firm principal activity. The 
Chicago Board Options Exchange and the Philadelphia Stock Exchange both 
impose similar charges at higher levels.
    The Exchange is revising the fees it charges to members and member 
firms as outlined above in order to remain competitive with other 
equity and options exchanges offering similar services.
2. Statutory Basis
    The Exchange fee revisions are consistent with Section 6(b) of the 
Act in general and furthers the objectives of Section 6(b)(4) in 
particular in that they are intended to assure the equitable allocation 
of reasonable dues, fees, and other charges among members, issuers, and 
other persons using the Exchange's facilities.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange fee revisions will impose no 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 
Exchange fee revisions.

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

    The foregoing rule change establishes or changes a due, fee, or 
other charge imposed by the Exchange and therefore has become effective 
pursuant to section 19(b)(3)(A) of the Act and subparagraph (e) of Rule 
19b-4 thereunder. At any time within 60 days of the filing of such 
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 Amex. All 
submissions should refer to File No. SR-Amex-93-44 and should be 
submitted by February 9, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-1167 Filed 1-18-94; 8:45 am]
BILLING CODE 8010-01-M