[Federal Register Volume 59, Number 40 (Tuesday, March 1, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4582]


[[Page Unknown]]

[Federal Register: March 1, 1994]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-33658; File No. SR-PSE-93-29]

 

Self Regulatory Organizations; Order Approving Proposed Rule 
Change by the Pacific Stock Exchange, Inc. Relating to the Time Within 
Which Members Must Notify the Exchange of Changes of Address

February 23, 1994.
    On November 1, 1993, the Pacific Stock Exchange, Inc. (``PSE'' or 
``Exchange'') submitted to the Securities and Exchange Commission 
(``Commission''), 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 the time within which a member or member 
firm must notify the Exchange of a change to the address at which 
notices may be served upon such member or member firm, from 60 calendar 
days to 15 business days.
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    \1\15 U.S.C. 78s(b)(1) (1982).
    \2\17 CFR 240.19b-4 (1993).
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    The proposed rule change was published for comment in the Federal 
Register on December 23, 1993.\3\ No comments were received on the 
proposed rule change. This order approves the proposal.
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    \3\Securities Exchange Act Release No. 33349 (December 15, 
1993), 58 FR 68184 (December 23, 1993).
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    PSE Rule 1.13 currently provides that Exchange members and member 
firms must submit to the Exchange any changes to their address where 
notices may be served within sixty (60) calendar days of such 
change.\4\ The Exchange believes that a shorter period of time for 
notifying the Exchange of such changes of address is appropriate due to 
the need for the Exchange to contact members and member firms promptly 
regarding membership requirements, requests for information in 
regulatory investigations, the commencement of disciplinary actions, 
and other such matters. Accordingly, the current proposal amends PSE 
Rule 1.13 to require that members and member firms notify the Exchange 
within fifteen (15) business days of any change to the address at which 
such notices may be served.
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    \4\See also PSE Constitution, Art. VIII, Sec. 1(g), which 
provides that ``[e]very member and member firm shall register with 
the Exchange addresses and subsequent changes thereof where notice 
may be served.''
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    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, the requirements of section 6(b)(5).\5\ Specifically, the 
proposed change will ensure that the PSE is notified on a timely basis 
of member or member firm address changes, which should help the PSE in 
its regulatory responsibilities under the Act. Further, the Commission 
believes that 15 business day notification is not an unreasonable time 
period to notify the PSE of an address change, and will serve to foster 
more efficient communications between the Exchange and its members and 
member firms.
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    \5\15 U.S.C. 78f(b)(5) (1982).
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    It is therefore ordered, Pursuant to section 19(b)(2) of the 
Act,\6\ that the proposed rule change (File No. SR-PSE-93-29) is 
approved.

    \6\15 U.S.C. 78s(b)(2) (1982).
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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) (1993).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-4582 Filed 2-28-94; 8:45 am]
BILLING CODE 8010-01-M