[Federal Register Volume 64, Number 178 (Wednesday, September 15, 1999)]
[Notices]
[Pages 50128-50129]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23993]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-41840; File No. SR-Amex-99-31]


Self-Regulatory Organizations; Notice of Filing and Order 
Granting Accelerated Approval of Proposed Rule Change by the American 
Stock Exchange LLC Relating to Publication of Certain Membership, 
Corporate Governance, and Disciplinary Information in the Amex Weekly 
Bulletin

September 7, 1999.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on August 13, 1999, the 
American Stock Exchange LLC (``Amex or ``Exchange'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I and II 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 and to grant accelerated approval to the 
proposed rule change.
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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 text of the proposed rule change is available at the Office of 
the Secretary, the Amex 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 III 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 Exchange proposes to eliminate references in its Constitution 
and Rules to the requirement that certain

[[Page 50129]]

membership, corporate governance, and disciplinary information be 
published in the Weekly Bulletin. The Weekly Bulletin contains 
information which includes the offering price of a membership sold by 
the Board, the list of meetings of stockholders after proxy material 
has been reviewed by the Exchange, notice of proposed admission to 
membership of proposed members and member organizations, and 
publication of Exchange disciplinary decisions. Such information is now 
posted on the Nasdaq Trader web site, thereby reaching a wider 
audience. Existing references in the Constitution and Rules to the 
Exchange's bulletin board, located on the trading floor of the 
Exchange, will remain unchanged. All information contained in the 
Weekly Bulletin will be available to Amex members and others involved 
in trading on the Exchange trading floor, and will become available to 
the general public through the Nasdaq Trader web site. Moreover, 
information posted on the Nasdaq Trader web site will be available by 
mail for individuals who do not frequent the trading floor or who do 
not have access to a computer.
2. Statutory Basis
    The proposed rule change is consistent with section 6(b) \2\ of the 
Act in general and furthers the objectives of section 6(b)(5) \3\ in 
particular in that it is designed to prevent fraudulent and 
manipulative acts and practices, 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 investor and the public interest, and are not 
designed to permit unfair discrimination between customers, issuers, 
brokers and dealers.
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    \2\ 15 U.S.C. 78f(b).
    \3\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change will impose no 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

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. 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-
0609. 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 in Washington, DC. Copies of such 
filing will also be available for inspection and copying at the 
principal office of the Amex. All submissions should refer to the file 
number in the caption above and should be submitted by October 8, 1999.

IV. Commission's Findings and Order Granting Accelerated Approval 
of Rule Change

    The Commission has reviewed carefully the Amex's proposed rule 
change and believes, for the reasons set forth below, finds that the 
proposal is consistent with the requirements of Section 6 of the Act 
\4\ and the rules and regulations thereunder applicable to a national 
securities exchange. Specifically, the Commission finds the proposal is 
consistent with Section 6(b)(5) of the Act \5\ because it will reduce 
duplication in the circulation of information and will facilitate the 
dissemination of information to a wider audience.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
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    The Commission finds good cause for approving the proposed rule 
change prior to the thirtieth day after the date of publication of 
notice thereof in the Federal Register. The Commission notes that such 
information is available on the Internet and on the trading floor, so 
changing the content of the Weekly Bulletin should have no adverse 
impact on exchange members. In addition, information posted on the 
Internet will be available by mail for those individuals without access 
to a computer. By approving the proposed rule change prior to the 
thirtieth day after the date of publication in the Federal Register, 
the Exchange will immediately reduce the costs associated with making 
such information available in the Weekly Bulletin. The Commission 
believes, therefore, that granting accelerated approval of the proposed 
rule change is appropriate and consistent with Section 6 of the Act.\6\
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    \6\ 15 U.S.C. 78f.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act 
\7\ that the proposed rule change (SR-Amex-99-31) is hereby approved on 
an accelerated basis.
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    \7\ 15 U.S.C. 78s(b)(2).

    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. 99-23993 Filed 9-14-99; 8:45 am]
BILLING CODE 8010-01-M