[Federal Register Volume 59, Number 132 (Tuesday, July 12, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16824]


[[Page Unknown]]

[Federal Register: July 12, 1994]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-34317; File No. SR-PSE-94-21]

 

Self-Regulatory Organizations; Notice of Filing and Order 
Granting Accelerated Approval of Proposed Rule Change by the Pacific 
Stock Exchange, Incorporated, Relating to a One Hundred Twenty (120) 
Day Extension of Municipal Bond Trading Pilot Program

July 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 July 1, 
1994, the Pacific Stock Exchange Incorporated (``PSE'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``Commission'' or 
``SEC'') the proposed rule change as described in Items I and II below, 
which Items have been prepared by the Exchange. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons, and simultaneously publishing an order 
granting accelerated approval of the proposed rule change.

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Pacific Stock Exchange Incorporated (``PSE'' or ``Exchange'') 
proposes to extend the municipal bond trading pilot program for an 
additional 120 days until November 2, 1994.

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

    On March 7, 1994, the Commission approved an Exchange proposal to 
establish new rules for the listing and trading of municipal securities 
on the Exchange.\1\ The Commission approved the pilot for an interim 
period of 120 days through July 5, 1994.\2\ The Exchange is now 
requesting a 120-day extension of the pilot in order to provide 
additional time for evaluation of the program.
---------------------------------------------------------------------------

    \1\See Exchange Act Release No. 33721 (March 7, 1994), 59 FR 
11636 (March 11, 1994) (granting temporary accelerated approval to 
File No. SR-PSE-94-05).
    \2\Id., 59 FR at 11638.
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act, in general, and furthers the objectives 
of section 6(b)(5), in particular, in that it will promote just and 
equitable principles of trade, foster cooperation and coordination with 
persons engaged in regulating, clearing, settling and processing 
information with respect to, and facilitating transactions in 
securities, and, in general will contribute to the protection of 
investors and the public interest.

B. Self-Regulatory Organizations Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    The Exchange requests that the Commission find good cause for 
approving the proposed rule change prior to the thirtieth day after 
publication of the notice in the Federal Register. PSE believes it 
appropriate to approve the proposed rule change so that it may have 
time to evaluate its program for listing qualified municipal 
securities. The Commission finds that the proposed rule change 
extending the PSE pilot program is consistent with the requirements of 
the Act and the rules and regulations thereunder applicable to the PSE 
and, in particular, the requirements of Section 6, and the rules and 
regulations thereunder.
    The Commission finds good cause for approving the proposed rule 
change on an accelerated basis prior to the thirtieth day after the 
date of publication of the notice of filing thereof in that PSE 
requires additional time to evaluate the pilot before it can file a 
request for permanent approval of the listing of municipal securities.

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 in the 
Commission's Public Reference Room, 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-94-21 and should be submitted by August 2, 
1994.
    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule change be, and hereby is, approved through 
November 2, 1994.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-16824 Filed 7-11-94; 8:45 am]
BILLING CODE 8010-01-M