[Federal Register Volume 61, Number 180 (Monday, September 16, 1996)]
[Notices]
[Pages 48724-48725]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-23561]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37657; File No. SR-CHX-96-25]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange,
Incorporated Relating to Investment Company Units
September 6, 1996.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), \1\ notice is hereby given that on August 28, 1996 the
Chicago Stock Exchange, Incorporated (``CHX'' 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.
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\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 CHX proposes to renumber Rule 23, Article XXVIII of the
Exchange's rules relating to investment company units to Rule 24,
Article XXVIII.
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
On July 25, 1996, the Commission approved a proposed overhaul of
Article XXVIII of the Exchange's rules. Rule 23 of Article XXVIII
currently relates to public disclosure requirements for Tier I and Tier
II issues.\2\ On August 21, 1996, the Commission approved another
proposed change relating to investment company units, also numbered
Rule 23, Article XXVIII of the Exchange's rules.\3\
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\2\ Securities Exchange Act Release No. 37481 (July 25, 1996),
61 FR 40270 (approving File No. SR-CHX-95-26).
\3\ Securities Exchange Act Release No. 37589 (Aug. 21, 1996),
61 FR 44370 (approving File No. SR-CHX-96-12).
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The primary purpose of this proposed rule change is to renumber the
investment company units rule as Rule 24 of Article XXVIII.
Specifically, because the Exchange recently overhauled Article XXVIII
when it created the Tier I and Tier II securities listing standards,
the investment company units rule should be renumbered and placed
appropriately within the new listing requirements.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b)(5) of the
Act \4\ in that it is designed to prevent fraudulent and manipulative
acts and practices and to perfect the mechanism of a free and open
market.
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\4\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule change does not 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
The Exchange has neither solicited nor received written 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 or changes 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 effective pursuant to Section 19(b)(3)(A) of the Act \5\ and
subparagraph (e) of Rule 19b-4 thereunder.\6\
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4.
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At any time within sixty 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 purpose 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. Sec. 552, will be available for inspection and copying at
the Commission's Public Reference Section, 450 Fifth Street, N.W.,
Washington, D.C. 20549. Copies of such filing also will be available
for inspection and copying at the principal office of the CHX. All
submissions should refer to File No. SR-CHX-96-25 and should be
submitted by October 7, 1996.
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).
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[[Page 48725]]
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-23561 Filed 9-13-96; 8:45 am]
BILLING CODE 8010-01-M