[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