[Federal Register Volume 61, Number 71 (Thursday, April 11, 1996)]
[Notices]
[Pages 16152-16156]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-9019]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37076; File No. SR-PSE-96-07]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the Pacific Stock Exchange Incorporated Relating to the 
General Reorganization and Revision of the Exchange's Membership Rules

April 5, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on March 5, 1996, the Pacific 
Stock Exchange Incorporated (``PSE'' or ``Exchange'') filed with the 
Securities and Exchange Commission (``SEC'' or ``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.

    \1\ 15 U.S.C. 78s(b) (1).
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I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The PSE proposes to reorganize and revise PSE Rule 1, Membership, 
and to revise PSE rules 2, 4, 5, and 9.
    Exhibit A contains the text of Revised PSE Rule 1, Chart I (which 
depicts the sources of Revised Rule 1), and Chart II (which depicts 
where the current rules appear in Revised Rule 1). Exhibit B contains 
the text of the proposed revisions to PSE rules 2, 4, 5, and 9. 
Although the exhibits are not being published with this notice, they 
are available for copying at the 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 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 proposing these revisions to Rule 1 because much of 
its language is outdated, inapplicable, or both. Revised Rule 1 more 
accurately reflects the current procedures and requirements of the 
Exchange's membership department. While many of the provisions of 
existing Rule 1 have been kept, they have been reorganized so that the 
provisions concerning Exchange membership are presented in a more 
logical and chronological order. In addition, much of Rule 1's language 
has been rephrased for ease of comprehension. The Exchange has made 
these changes in order to enable readers to quickly identify the 
provisions related to a particular membership issue.
    As part of its review of the existing provisions of Rule 1, the 
Exchange's staff also reviewed the membership rules of other exchanges. 
As described more particularly below, certain provisions from the New 
York Stock Exchange, Inc. (``NYSE''), the Chicago Board Options 
Exchange, Incorporated (``CBOE''), and the Chicago Stock Exchange, 
Incorporated (``CHX'') are incorporated in Revised Rule 1.
    The Exchange also is proposing to make conforming changes to 
certain provisions in PSE rules 2, 4, 5, and 9, as well as retitling 
Rule 9. A summary of the changes, organized by reference to the 
proposed section numbers, is set forth below.

Rules 1.1(a)-(o); Definitions

    A ``Definitions'' section was added to Revised Rule 1 to provide an 
explanation of the terms used by the PSE in relation to membership. 
Many of the definitions already were contained in the PSE Constitution 
and PSE Rule 4, but the Exchange determined that it would be more 
practical to place these definitions in alphabetical order at the 
beginning of Revised Rule 1. The sources for the definitions contained 
in the proposal are listed in Chart I. The discussion below notes any 
significant additions or changes to these defined terms.
    The definition for ``Affiliate'' is based on the same definition in 
SEC Rule 405.\2\ The proposed definition of an ``Allied Member'' 
utilizes language from Article V, Section 6, of the PSE Constitution 
and adds language to cover

[[Page 16153]]
employees and principal executive officers of limited liability 
companies. The definition for ``Approved Person'' is based on language 
from PSE Rule 4.1(n), which was rephrased and includes language to 
cover persons who contribute 5% or more of a partnership's capital. The 
definition for ``Associated Person,'' which is based on Article V, 
Section 7 of the PSE Constitution, adds ``member of a limited liability 
company'' and ``trustee of a business trust.'' The definition for 
``Control,'' combines language from PSE Rule 4.1(s) and Form BD, 
Uniform Application for Broker-Dealer Registration. The definition for 
``Floor Member'' is based on existing PSE Rule 1.1(a). The definition 
of ``Good Standing'' is based on the definition in Article II, Section 
2.2, of the CBOE Constitution.

    \2\ 17 CFR 230.405 (setting forth the definitions applicable to 
the registration of securities).
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    The definition for ``Inactive Lessor'' is based on the ``inactive 
member'' language currently in the ``Member'' definition in Article V, 
Section 3, of the PSE Constitution. The definition for ``Inactive 
Lessor'' was further amended by the Board of Governors on January 25, 
1996 to eliminate the broker-dealer registration requirement for firms 
(partnerships, corporations, limited liability companies) acting solely 
as lessors and who are not conducting business for which broker-dealer 
registration is required. Under the existing definition for ``Inactive 
Member,'' broker-dealer registration is not required for individual 
seat owners, but is required for all others. A review of other 
exchanges' rules disclosed that the CBOE and the American Stock 
Exchange, Inc. (``Amex'') do not require broker-dealer registration for 
inactive lessors, regardless of whether they were individuals, 
partnerships, corporations, or other entities.\3\

    \3\ See American Stock Exchange Guide (CCH) para. 9174 
(excepting applicants desiring only to own a membership from the 
broker-dealer registration requirement); CBOE Rule 1.1 (ff) 
(prohibiting lessors from conducting a public securities business); 
CBOE Rule 3.2 (excluding lessors from the broker-dealer registration 
requirement).
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    The definitions for ``Member,'' ``Member Firm,'' and ``Member 
Organization'' are from the PSE Constitution, Article V, Sections 3, 4, 
and 5, respectively. The definition for ``Nominee'' simply refers the 
reader to Article VIII, Section 2(d), of the PSE Constitution. The 
definition for ``Non-Resident Member Organization'' was included 
because of the new provision in Revised Rule 1.16, Responsibilities of 
Non-Resident Member Organizations. The definition is based on the 
definition of Non-Resident Broker Dealers in SEC Rule 17a-7.\4\ The 
definition for ``Parent'' is new and is based on the same definition in 
SEC Rule 405.\5\ Finally, the definition for ``Person,'' based on PSE 
Rule 4.1(t), adds ``limited liability company'' and ``trustee of a 
trust fund'' to the definition.

    \4\ 17 CFR 240.17a-7 (setting forth additional recordkeeping 
requirements that are applicable to nonresident brokers and 
dealers).
    \5\ 17 CFR 230.405 (setting forth the definitions applicable to 
the registration of securities).
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Rules 1.2 and 1.3: Public Securities Business

    Revised Rule 1.2, Public Securities Business, is new to the PSE. 
This new language was included to require members to use their 
memberships for trading, either directly or indirectly through the 
execution of a lease agreement. This provision, which is based on CBOE 
Rule 3.1, is designed to assist the Exchange in addressing problems 
associated with unassigned memberships. The proposal reserves Rule 1.3 
for future use.

Rules 1.4 to 1.9: Qualifications and Application for Membership

    The existing provisions relating to qualification and application 
for membership were completely reorganized to set forth the Membership 
Department's requirements in a more orderly and chronological manner. 
The reorganization is designed to make the provisions easier to follow 
and understand. In addition to the PSE's current membership 
requirements, the proposal also adds proposed rules 1.4, 1.5, 1.7, and 
1.8.
    Revised Rule 1.4, Qualifications of Individual Members, which is 
based on CBOE Rule 3.2 and Article VI, Section 1 of the PSE 
Constitution, and Revised Rule 1.5, Qualifications of Member 
Organizations, which is based on CBOE Rule 3.3, establish some of the 
basic requirements necessary for Exchange membership. They require that 
all members and member organizations, except ``Inactive Lessors,'' must 
be registered pursuant to Section 15 \6\ of the Act.\7\ In addition, 
Revised Rule 1.5(b) requires member firms who own or lease a membership 
to designate a natural person as its member. When a member confers the 
privileges of membership on a member firm, Revised Rule 1.5(c) requires 
that member to be the firm's designated representative and prohibits 
members from representing more than one member organization.

    \6\ 15 U.S.C. 78o.
    \7\ See discussion supra concerning the new definition of 
``Inactive Lessor.''
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    In addition to the authority contained in Current Rule 1.4, Revised 
Rule 1.7, Denial of and Conditions to Membership, which is based on PSE 
Rule 1.4 and CBOE Rule 3.4, grants the Membership Committee greater 
discretion when reviewing applications. The proposal contains two new 
grounds for denying or conditioning membership--an applicant, either 
directly or indirectly, has engaged in conduct that would bring the 
Exchange into disrepute or any other reasonable cause the Membership 
Committee may decide. In addition, the Membership Committee may toll 
the approval process while an applicant is the subject of an 
investigation by any self-regulatory organization or government agency 
and may take action against a member if any of the reasons for denying 
or conditioning membership comes into existence after a member has been 
approved and has become effective.
    Revised Rule 1.8, Effectiveness of Membership Applications, which 
is based on CBOE rules 3.10 and 3.11, requires all approved 
applications to be activated by the applicant within six months \8\ and 
requires the Exchange to provide all members with notice of all newly 
effective memberships.

    \8\ The Commission notes that Revised Rule 1.8(a) conflicts with 
Article VI, Section 3, of the PSE Constitution. The proposal states 
that approved applications must be activated by the applicant within 
six months, while the PSE Constitution provides that admission to 
membership automatically becomes effective after an approved 
application has been posted for 10 days.
    In addition, Revised Rule 1.6(b) conflicts with Article VI, 
Section 2, of the PSE Constitution. The PSE Constitution requires 
that the name of the applicant be posted after it has been approved. 
The proposal, however, requires the name of all applicants to be 
posted within a reasonable time after receipt and before being 
approved.
    The Exchange anticipates rectifying this situation in September 
of 1996. Telephone conversation between Rosemary A. MacGuinness, 
Senior Counsel, PSE, and Anthony P. Pecora, Attorney, SEC (Mar. 22, 
1996).
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    The proposal reserves 1.9 for future use.

Rules 1.10 to 1.20: Requirements of Membership

    This new section pulls together the obligations of members and 
member organizations from different locations and describes particular 
requirements for sole proprietors, corporations, partnerships, and 
limited liability companies. New to the PSE are proposed rules 1.10(a), 
1.10(b), 1.11(a)-(c), 1.16, and 1.17(a). The proposal reserves 1.13, 
1.15, and 1.20 for future use.
    Revised Rule 1.10(a), which is based on CHX Article I, Rule 1(b), 
prohibits sole proprietors from carrying public customer accounts, and 
Revised Rule

[[Page 16154]]
1.10(b) prohibits sole proprietors from registering a membership in the 
name of a nominee.
    Revised rules 1.11(a)-(c), which are based on NYSE rules 311(a) and 
312(a), are designed to give the Exchange greater oversight of allied 
members and approved persons. Revised Rule 1.11(a) provides that allied 
members and approved persons are subject to Exchange approval and that 
the Exchange must receive written notice, all applicable fees, and all 
necessary information before an allied member or approved person will 
be admitted. Revised Rule 1.11(b) prohibits a firm from remaining a 
member firm unless all persons required to be approved are in fact 
approved, and the member firm continues to meet all of the prescribed 
membership requirements. Revised 1.11(c) requires that the Exchange 
promptly receive written notice of the dissolution of a member firm, as 
well as written notice of the death, retirement, or other termination 
of any member, allied member, or approved person.
    Revised Rule 1.16, Responsibilities of Non-Resident Member 
Organizations, is based on CHX Article I, Rule 1(g) and, in accordance 
with SEC Rule 17a-7,\9\ places additional requirements on members that 
do not maintain an office in the United States that is responsible for 
preparing and maintaining financial and other reports required to be 
filed with the SEC.

    \9\ 17 CFR 240.17a-7 (requiring nonresident brokers and dealers 
to maintain books and records in the United States that comply with 
all of the Commission's rules and regulations or to grant the 
Commission an irrevocable power of attorney to demand such books and 
records be provided within 14 days after the Commission's written 
request).
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    Revised Rule 1.17(a), which is based on CHX Article III, Rule 4, 
codifies and clarifies the continuing obligation of member firms to 
file copies of amendments to their formation documents with the 
Exchange.

Rules 1.21 to 1.25: Purchase, Sale, Transfer, and Lease of Membership

    The provisions relating to the purchase and sale of memberships are 
essentially unchanged in substance. Of particular note, however, are 
proposed rules 1.21(b), 1.22(a), and 1.23 because they either are new 
to the PSE or modify existing responsibilities.
    Revised Rule 1.21(b), which is based on CBOE Rule 3.13(b), requires 
the Exchange to post the highest bid with the earliest submission date 
on the Exchange bulletin board for six months. Likewise, Revised Rule 
1.22(a), which is based on CBOE Rule 3.14(a), requires the Exchange to 
post the lowest offer with the earliest submission date on the Exchange 
bulletin board for six months. When a bid filed in accordance with the 
provisions of Revised Rule 1.21, Purchase of Membership, is matched 
with an offer filed in accordance with the provisions of Revised Rule 
1.22, Sale of Membership, neither can be changed or withdrawn.
    In addition to the types of transfers already defined in the PSE 
rules, Revised Rule 1.23, Transfer of Membership, adds ``Succession of 
member organization'' to the list of permissible interfirm transfers. 
This rule, which is based on CBOE Rule 3.14(c) and PSE Rule 1.10(a), 
allows a membership to be transferred from a member organization to an 
organization that succeeds through statutory merger, exchange of stock, 
or acquisition of assets to the business of the transferring membership 
organization.
    The proposal reserves 1.25 for future use.

Rules 1.26-1.27: Employees of Member Organizations

    Revised rules 1.27 (a), (b), (c), and (d) represent language new to 
the Exchange. Revised Rule 1.27(a), which is based on PSE Rule 5.1(a) 
and NYSE Rule 35, clearly states that all employees of member 
organizations seeking admission to the Floor must first be approved by 
the Exchange. Revised Rule 1.27(c) is based on NYSE rules 35 and 346(f) 
and requires every member organization to take reasonable care to 
determine the existence of a statutory disqualification.\10\ To assist 
member organizations in fulfilling this duty, Revised Rule 1.27(b), 
which is based on CSE Article V, Rule 3, Interpretation .2 and NYSE 
Rule 35, supplementary material .60, requires all floor employees to 
submit fingerprints and to complete an application form that includes 
those questions from the Form U-4 that would aid member organizations 
in determining whether an individual is subject to a statutory 
disqualification. In addition, the application must be signed by the 
member firm. Revised Rule 1.27(d) codifies the Exchange's policy 
requiring a member firm with an employee on one of the PSE's trading 
floors to have at least one member present on the trading floors at all 
times. The Exchange believes these provisions will help member 
organizations and the PSE identify persons who are subject to a 
statutory disqualification and, in addition, enhance the overall 
security on the PSE's trading floors.\11\

    \10\ See 15 U.S.C. 78c(a)(39) (listing categories of people that 
are statutorily disqualified).
    \11\ See Securities Exchange Act Release No. 33045 (Oct. 14, 
1993), 58 FR 54179 (approving File No. SR-NYSE-93-28).
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Provisions Removed from Existing PSE Rule 1

    In updating the PSE's rules, Revised Rule 1 omits certain 
requirements that presently are contained in Rule 1. Specifically, the 
proposal is deleting provisions from 1.1(b), 1.1(c), 1.1(d), 1.1(f), 
1.6(a), 1.6(e), 1.10, 1.14, 1.16(e), and 1.17(f).
    Rule 1.1(b), Eligibility, requires, among other things, that a 
Floor Member have at least six months experience on the Floor of the 
Exchange, unless such experience requirement is waived by the Floor 
Trading Committee. Rule 1.1(c), Registration of Floor Members, provides 
for the possibility of a written exam for floor members; these 
requirements are not contained in Revised Rule 1 because they are 
beyond the scope of this rule. These requirements concern 
qualifications to act on the Floor and, therefore, should be covered by 
the Floor Trading Committee's rules.\12\

    \12\ Telephone conversation between Rosemary A. MacGuinness, 
Senior Counsel, PSE, and Glen Barrentine, Team Leader, SEC (Nov. 24, 
1995).
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    Rule 1.1(d), which requires Board approval of applications to 
become a Floor Member, and Rule 1.1(f), which requires member 
organizations to cancel approved Floor Member applications in writing, 
are both being deleted because the Exchange considers them unnecessary.
    Rule 1.6(a)(1) requires that a majority of a member's Board of 
Directors be either members or allied members. Rule 1.6(a)(2) requires 
that at least one director of a member firm be a member of the 
Exchange. The proposal deletes both of these requirements.\13\

    \13\ The Commission notes that the proposal would permit a 
majority of a member firm's directors to be approved persons, and a 
member firm's Board could be devoid of members.
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    The proposal omits Rule 1.6(e)'s prohibition on member firms acting 
as floor brokers from having any freely transferable security 
outstanding. The Exchange believes this requirement is unnecessary 
because it does not anticipate being the Designated Examining Authority 
for these types of firms.
    In order to avoid the confusion caused by having some of the PSE's 
fees listed in both its rules and in its fee schedule, the proposal 
omits all references to the fees currently enumerated in Rule 1.10.\14\ 
Also, the fee reductions in Rule

[[Page 16155]]
1.10 that pertain to the Options Funding Plan of 1975 are being deleted 
because they are no longer relevant.\15\

    \14\ Telephone conversation between Rosemary A. MacGuinness, 
Senior Counsel, PSE, and Anthony P. Pecora, Attorney, SEC (Mar. 22, 
1996). The Commission notes that numerous discrepancies between the 
PSE's rules and its fee schedule currently exist. For example, the 
initial membership fee in PSE Rule 1.10(a)(i)(A) is ``5 percent of 
the average purchase price plus the two preceding seat sales,'' 
while the fee schedule sets the initial membership fee at ``5 
percent of the average price of the last three membership sales, 
with a minimum of $1,000 and a maximum of $4,000.'' (Emphasis 
added). See also PSE Rule 1.10(c)(i) (no minimum or maximum); PSE 
Rule 1.10(c), cmt. 01 ($350 minimum and $3,500 maximum).
    \15\ Telephone conversation between Rosemary A. MacGuinness, 
Senior Counsel, PSE, and Glen Barrentine, Team Leader, SEC (Nov. 24, 
1995).
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    The rules pertaining to ``Special Memberships,'' rules 1.14 (a)-
(c), are being deleted because they are no longer necessary.\16\

    \16\ Telephone conversation between Rosemary A. MacGuinness, 
Senior Counsel, PSE, and Glen Barrentine, Team Leader, SEC (Nov. 24, 
1995). Special Memberships were special nonvoting memberships 
created by the PSE in 1987 that allowed the holder to trade only in 
options overlying the Financial News Composite Index, the PSE High 
Technology Index, and such other new products as may be determined 
by the Exchange's Board. These memberships were scheduled to expire 
on December 29, 1987. See Securities Exchange Act Release No. 24516 
(May 27, 1987), 52 FR 20659 (approving the issuance of the Special 
Memberships).
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    Rule 1.16(e) allows the Exchange to waive certain rules concerning 
officers and employees, as long as the member or member organization is 
a member of another national securities exchange having comparable 
requirements. The rules, however, do not permit the waiver of the 
requirement that members and member organizations promptly notify the 
Exchange of the employment or termination of employment of a registered 
employee in California. The proposal deletes this reporting obligation.
    Rules 1.17(f) and 1.17(g) pertain to the giving of gifts and 
gratuities by members to employees of other members and to employees of 
the Exchange. The rules currently require that the Exchange and, when 
relevant, the recipient's employer give their prior consent. The 
proposal modifies this policy by requiring prior Exchange consent only 
when a member wants to give a gift to an Exchange employee. The 
Exchange has not been requiring members to obtain the Exchange's prior 
consent when members were giving gifts to employees of other 
members.\17\ Therefore, the Exchange proposes to conform its rules to 
its current practice.

    \17\ Telephone conversation between Rosemary A. MacGuinness, 
Senior Counsel, PSE, and Anthony P. Pecora, Attorney, SEC (Mar. 22, 
1996).
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PSE Rules 2, 4, 5, and 9

    In order to accommodate the revisions to Rule 1, certain changes 
need to be made to other existing PSE rules. Rules 1.6(b), Owners of 5% 
or More Equity Securities, 1.6(d), Change in Stockholder Status, 
1.6(g), Trading in Firm's Securities, 1.6(h), Change in Capitalization, 
1.6(j), Conditions for Issuance of Freely Transferable Securities, 
1.6(k), Limitations on Issuance of Freely Transferable Securities, 
1.6(l), Voting Agreement, and 1.6(o), Participation in Member Firms, 
are being relocated to Rule 2.3. Rule 1.8, Fidelity Bonding 
Requirements, is being relocated to Rule 2.25.
    Because certain provisions already appear in Revised Rule 1, the 
following duplicative sections are being deleted from the current 
rules: 4.1(h), Member, 4.1(i), Member Firm, 4.1(j), Member 
Organization, 4.1(n), Approved Person, 4.1(s), Control, 4.1(t), Person, 
and 5.1(a), Floor Clerks.
    Rule 9 is being retitled from ``Conduct of Accounts'' to 
``Conducting Business with the Public.'' In addition, rules 1.15(a), 
Register with Exchange, 1.15(b), Joint Quarters, 1.15(c), Office 
Supervision, 1.15(d), Employee Supervision, 1.17(a), Guarantees, 
1.17(b), Sharing Profits--Losses, 1.17(c), Compensation Rebate, 
1.17(d), Member Compensation Only, are being relocated to Rule 9.1. 
Also, rules 9.1(a)-(c) are being renumbered 9.2(a)-(c). Finally, Rule 
9.2 is being renumbered to 9.3(a), and Rule 9.3 is being renumbered to 
9.3(b).
    Exhibit B depicts all of these changes along with the required 
renumbering changes.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b) \18\ of the Act in general and furthers the objectives of 
Section 6(b)(5) \19\ in particular in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, and, in general, to protect investors 
and the public interest.

    \18\ 15 U.S.C. 78f(b).
    \19\ 15 U.S.C. 78f(b)(5).
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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 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

    Revised Rule 1 was submitted to the Membership Committee for their 
review. Exchange Staff met with members of the Membership Committee to 
discuss their recommendations, many of which are incorporated into 
Revised Rule 1.

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

    Within 35 days of the publication of this notice in the Federal 
Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

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, D.C. 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, D.C. 20549. Also, copies of such filing will be available 
for inspection and copying at the principal office of the PSE. All 
submissions should refer to File No. SR-PSE-96-07 and should be 
submitted by May 2, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\20\

    \20\ 17 C.F.R. 200.30-3(a)(12).
    
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-9019 Filed 4-10-96; 8:45 am]
BILLING CODE 8010-01-M