[Federal Register Volume 62, Number 114 (Friday, June 13, 1997)]
[Notices]
[Page 32396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15467]



[[Page 32396]]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-38722; File No. SR-CHX-97-10]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Chicago Stock Exchange, 
Inc. Relating to Payment of Dues

June 6, 1997.
    On May 29, 1997,\1\ the Chicago Stock Exchange, Incorporated 
(``CHX'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission or ``SEC'') the proposed rule change (SR-CHX-
97-10), pursuant to Section 19(b)(1) of the Securities Exchange Act of 
1934 (``Act''),\2\ and Rule 19b-4 thereunder. The proposed rule change 
is described in Items I, II, and III below, which Items have been 
prepared by the Exchange. The Exchange has designated this proposal as 
constituting a state policy, practice, or interpretation with respect 
to the meaning, administration, or enforcement of an existing rule of 
the Exchange under Section 19(b)(3)(A)(i) of the Act, which renders the 
proposal effective upon receipt of this filing by the Commission. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ On June 6, 1997, the Exchange submitted Amendment No. 1 to 
SR-CHX-97-10. See letter from David T. Rusoff, Esq., Foley & 
Lardner, to Ms. Katherine A. England, Division of Market Regulation, 
SEC, dated June 6, 1997.
    \2\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Article XIV, Rule 1 of the its 
Rules, relating to payment of dues (hereafter referred to as ``the 
proposed rule change'').

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 Exchange 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 Exchange 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
    As currently written, Article XIV, Rule 1 of the Exchange's Rule 
states that dues are payable quarterly. In practice, dues are billed 
and paid according to the Exchange fee schedule, which states that dues 
are payable monthly in equal installments. The proposed rule change 
would bring the text of Rule 1 into line with Exchange practice.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
Section 6(b)(5) \3\ of the Act.
---------------------------------------------------------------------------

    \3\ Section 6(b)(5) requires the Commission to determine that a 
registered national securities exchange's rule is designed to 
promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanism of a free and open market 
and a national market system and, in general, to protect investors 
and the public interest.
---------------------------------------------------------------------------

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 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 were neither solicited nor received.

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

    The Exchange has designated this proposed rule change as 
constituting 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 upon receipt by the 
Commission, pursuant to Section 19(b)(3)(A)(i) of the Act and 
subparagraph (e) of Rule 19b-4 thereunder. At any time within sixty 
days of the filing of a proposed rule change pursuant to Section 
19(b)(3)(A) of the Act, the Commission may summarily abrogate the 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. 552, will be available for inspection and copying at the 
Commission's Public Reference Room. Copies of the filing will also be 
available for inspection and copying at the principal office of the 
Exchange. All submissions should refer to File No. SR-CHX-97-10 and 
should be submitted by July 7, 1997.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\4\
---------------------------------------------------------------------------

    \4\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-15467 Filed 6-12-97; 8:45 am]
BILLING CODE 8010-01-M