[Federal Register Volume 62, Number 141 (Wednesday, July 23, 1997)]
[Notices]
[Page 39560]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19261]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-38841; File No. SR-AMEX-97-25]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange,
Inc. Relating to the Observation of Martin Luther King, Jr. Day as an
Exchange Holiday
July 16, 1997.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on July 9, 1997, the American
Stock Exchange, Inc. (``Amex'' 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 proposes to amend Commentary .01 to Exchange Rule 1.
The text of the proposed rule change is as follows. (additions are
italicized; deletions are bracketed):
Commentary .01 Holidays.--The Board has determined that the
Exchange will not be open for business on New Year's Day, Martin Luther
King, Jr. Day, President's Day, [Washington's Birthday], Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving Day or
Christmas Day. Martin Luther King, Jr. Day, President's Day,
[Washington's Birthday] and Memorial Day will be observed on the third
Monday in January, the third Monday in February and the last Monday in
May, respectively, in accordance with Federal legislation.
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 maybe 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 purpose of this proposed rule change is to modify the
Exchange's practice with respect to Exchange holidays so as to include
Martin Luther King, Jr. Day among those holidays on which the Exchange
is not open for business.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the Act
\2\ in general and furthers the objectives of Section 6(b)(5) \3\ in
particular in that it promotes just and equitable principles of trade,
removes impediments to and perfects the mechanism of a free and open
market and a national market system and, in general, protects investors
and the public interest.
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\2\ 15 U.S.C. 78f(b).
\3\ 15 U.S.C. 78f(b)(5)3.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
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 \4\ and subparagraph (e)(3)
of Rule 19b-4 thereunder.\5\
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\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(e)(3).
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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 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, 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. 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 American
Stock Exchange. All submissions should refer to File No. SR-AMEX-97-25
and should be submitted by August 13, 1997.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
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\6\ 17 C.F.R. 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-19261 Filed 7-22-97; 8:45 am]
BILLING CODE 8010-01-M