[Federal Register Volume 61, Number 211 (Wednesday, October 30, 1996)]
[Notices]
[Page 56079]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-27810]



[[Page 56079]]

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

SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-37860; File No. SR-PSE-96-37]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Stock Exchange 
Incorporated Relating to Its Annual Fee for Registered Representatives 
and Registered Options Principals

October 23, 1996.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on October 17, 1996, 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, II and III below, which Items have been prepared by the self-
regulatory organization.\3\ 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) (1982).
    \2\ 17 CFR 240.19b-4 (1991).
    \3\ The proposal was submitted to the Commission on October 2, 
1996, however it was not complete. The PSE subsequently submitted 
Amendment No. 1 to the filing to include the missing information. 
This document provides notice of the filing as amended. Letter from 
Michael D. Pierson, Senior Attorney, Regulatory Policy, PSE, to Karl 
Varner, Staff Attorney, Division of Market Regulation, SEC, dated 
October 16, 1996.
---------------------------------------------------------------------------

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

    The PSE is proposing to modify its Schedule of Rates for Exchange 
Services by increasing from $5 to $8 its annual fee for new 
applications, maintenance, and transfer of registration status for each 
Registered Representative (``RR'') and each Registered Options 
Principal (``ROP'') who is required to register with and be approved by 
the Exchange pursuant to PSE Rules 9.26 and 9.27. Below is the text of 
the proposed rule change. Proposed new language is italicized; proposed 
deletions are in brackets.
Schedule of Fees and Charges for Exchange Services
* * * * *
PSE General Membership Fees
* * * * *
Regulatory Fees
    Focus Filing Fee--No change.
    Registration Fee--$8 [$5] annual fee for new applications, 
maintenance, or transfer of registration status for each Registered 
Representative and each Registered Options Principal (collected by the 
NASD).

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

    The PSE Schedule of Rates currently provides for a $5 fee to be 
paid by member organizations to maintain, apply for, and transfer RR or 
ROP registrations.\4\ The Exchange is now proposing to raise this fee 
from $5 to $8 in order to offset the Exchange's costs relating to its 
market surveillance programs and routine Designated Examining Authority 
(DEA, activity. The proposal is consistent with Section 6(b) of the 
Act, the general, and Section 6(b)(4), in particular, in that it 
provides for the equitable allocation of reasonable dues, fees and 
other charges among its members.
---------------------------------------------------------------------------

    \4\ See Exchange Act Release No. 29954 (November 18, 1991), 56 
FR 59315 (November 25, 1991) (notice of filing and immediate 
effectiveness of SR-PSE-91-37); see also Exchange Act Release No. 
31425 (November 9, 1992), 57 FR 54271 (November 17, 1992) (notice of 
filing and immediate effectiveness of File No. SR-PSE-92-31).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's 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 foregoing rule change has become effective pursuant to Section 
19(b)(3) of the Act and subparagraph (e) or Rule 19b-4 thereunder. 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.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing. Persons making submissions should 
file six copies thereof with the Secretary, Securities and Exchange 
Commission, 450 Fifth Street, N.W., 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 in the Commission's 
Public Reference Room. 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-96-37 and should be 
submitted by November 20, 1996.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority, 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-27810 Filed 10-29-96; 8:45 am]
BILLING CODE 8010-01-M