[Federal Register Volume 60, Number 143 (Wednesday, July 26, 1995)]
[Notices]
[Pages 38386-38387]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18339]



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SECURITIES AND EXCHANGE COMMISSION
[(Release No. 34-36000; File No. SR-CHX-95-16)]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange, 
Incorporated Relating to the Trading Floor Dress Code

July 20, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 6, 1995, the Chicago 
Stock Exchange, Incorporated (``CHX'' or ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change, and amended such proposed rule change on July 12, 1995,\2\ 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.

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ Amendment No. 1 corrected a citation in the original filing 
to one of the Exchange's rules and referenced Section 6(b)(6) of the 
Act as a statutory basis for the proposed rule change. See letter 
from David T. Rusoff, Esq., Foley & Lardner, to Glen Barrentine, 
Senior Counsel, Division of Market Regulation, SEC (July 11, 1995).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to add interpretation and policy .03 to Rule 
3 of Article XII of the Exchange's rules relating to the Exchange's 
dress code.

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
    Article XII, Rule 3, interpretation and policy .01, provides that 
violations of the Exchange's dress code are Class B violations of the 
exchange's decorum rules.\3\ The CHX dress code, which has been in 
existence for many years, is not codified in the Exchange's rules. The 
purpose of the proposed rule change is to incorporate the existing CHX 
dress code into the Exchange's rules as a formal interpretation and 
policy.

    \3\ Chicago Stock Ex. Guide (CCH) para.1613 (Sept. 1994). A 
member whose violative conduct is classified as a Class B offense 
may be fined summarily an amount not to exceed $100.
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b)(5) of the 
Act \4\ in that it is designed to promote just and equitable principles 
of trade, to remove impediments and to perfect the mechanism of a free 
and open market and a national market system, and, in general, to 
protect investors and the public interest. The proposed rule change 
also is consistent with Section 6(b)(6) of the Act \5\ in that it will 
assist the Exchange in appropriately disciplining its members and 
persons associated with its members for violations of the rules of the 
Exchange.

    \4\ 15 U.S.C. 78f(b)(5).
    \5\ 15 U.S.C.78f(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes the proposed rule change 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

    The Exchange has neither solicited nor received comments on the 
proposed rule change.

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

    The foregoing rule change constitutes a stated policy, practice, or 
interpretation with respect to the meaning, administration, or 
enforcement of an existing rule of the Exchange and, therefore, has 
become 

[[Page 38387]]
effective pursuant to Section 19(b)(3)(A) of the Act \6\ and 
subparagraph (e) of Rule 19b-4 thereunder.\7\ 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.

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4.
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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 also will be available for 
inspection and copying at the principal office of the Chicago Stock 
Exchange. All submissions should refer to File No. SR-CHX-95-16 and 
should be submitted by August 16, 1995.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\

    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-18339 Filed 7-25-95; 8:45 am]
BILLING CODE 8010-01-M