[Federal Register Volume 62, Number 108 (Thursday, June 5, 1997)]
[Notices]
[Pages 30922-30923]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14619]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-38690; File No. SR-PCX-97-17]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Exchange, 
Incorporated Relating to a Correction to its Rules on Listing 
Requirements

 May 28, 1997.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on May 13, 1997, the Pacific 
Exchange, Inc. (``PCX'' 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 Exchange is proposing to modify its Rule 3.2(b) in order to 
correct a cross-reference in its rules on listing requirements. The 
text of the proposed rule change is available at the office of the 
Secretary, PCX 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
    On July 22, 1994, the Commission approved an Exchange proposal to 
modify its listing and maintenance standards.\2\ Under the rule change, 
a new Rule 3.2(b) was added, stating in part that ``Any security listed 
pursuant to this Rule 3.2, paragraphs (c) through (i) . . . Shall be 
designated as a Tier I security.'' Subsequently, on December 16, 1994, 
the Commission approved an Exchange proposal to adopt listing standards 
for Limited Partnership Rollups.\3\ In that filing, the Exchange added 
a new Rule 3.2(i) (``Limited Partnerships''), and changed the numbering 
of existing Rule 3.2(i) (``Other Securities'') to Rule 3.2(j). However, 
the cross-reference in Rule 3.2(b) was not also changed at that time. 
Accordingly, the Exchange is now proposing to make this technical 
correction by modifying Rule 3.2(b) to state, in part, that ``Any 
security listed pursuant to this Rule 3.2, paragraphs (c) through (j) . 
. . shall be designated as a Tier I security.''
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    \2\ See Securities Exchange Act Release No. 34429 (Jul. 22, 
1994), 59 FR 38998 (Aug. 1, 1994) (order approving SR-PSE-93-12).
    \3\ See Securities Exchange Act Release No. 35111 (Dec. 16, 
1994), 59 FR 66388 (Dec. 23, 1994) (order approving SR-PSE-94-36).
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2. Statutory Basis
    The Exchange represents that the proposed rule change is consistent 
with section 6(b) of the Act,\4\ in general, and furthers the 
objectives of Section 6 (b)(4) \5\ in particular, in that it is 
designed to promote just and equitable principles of trade.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange represents that the proposed rule change will not 
impose any inappropriate 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 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 is concerned solely with the 
administration of the Exchange and, therefore, has become effective 
pursuant to Section 19(b)(3)(A) of the Act \6\ and subparagraph (e) of 
Rule 19b-4 thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is

[[Page 30923]]

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 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 Room. Copies of such filing also will be 
available for inspection and copying at the principal office of the 
Pacific Exchange. All submissions should refer to File No. SR-PCX-97-17 
and should be submitted by June 26, 1997.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-14619 Filed 6-4-97; 8:45 am]
BILLING CODE 8010-01-M