[Federal Register Volume 66, Number 8 (Thursday, January 11, 2001)]
[Notices]
[Page 2472]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-794]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43792; File No. SR-Phlx-00-98]


Self-Regulatory Organizations; Order Granting Approval to 
Proposed By-Law Changes by the Philadelphia Stock Exchange, Inc. to 
Clarify References in the Exchange's By-Laws and Rules to the 
Allocation, Evaluation and Securities Committee

January 2, 2001.

I. Introduction

    On November 7, 2000, the Philadelphia Stock Exchange, Inc. 
(``Phlx'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission''), pursuant to section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 \2\ 
thereunder, a proposed by-law change to clarify references in Exchanges 
by-laws and rules to the Allocation, Evaluation and Securities 
Committee. On November 29, 2000, the Commission published the proposal 
in the Federal Register.\3\ The Commission received no comments on the 
proposal. This order approves the proposed by-law change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 43585 (November 17, 
2000), 65 FR 71193.
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II. Description of the Proposal

    On July 5, 2000, the Commission approved a proposal to amend Phlx 
By-Law Article X, Section 10-7, to divide the Exchange's Allocation, 
Evaluation and Securities Committee into two separate committees: the 
Options Allocation, Evaluation and Securities Committee and the Equity 
Allocation, Evaluation and Securities Committee.\4\ Currently, various 
sections of the Exchange's by-laws and rules refer simply to the 
``Allocation, Evaluation and Securities Committee.'' Phlx proposes to 
amend its by-laws to clarify that references to the ``Allocation, 
Evaluation and Securities Committee'' in the Exchange by-laws and rules 
may mean either the Options Allocation, Evaluation and Securities 
Committee or the Equity Allocation, Evaluation and Securities 
Committee, as the context requires, and thus to ensure that the by-laws 
and rules pertaining to each committee remain consistent.
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    \4\ See Securities Exchange Act Release No. 43011 (July 5, 
2000), 65 FR 43069 (July 12, 2000) (File No. SR-Phlx-00-28).
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III. Discussion

    The Commission has determined that the proposed rule change is 
consistent with the Act and the rules and regulations thereunder 
applicable to a national securities exchange.\5\ In particular, the 
Commission finds that the proposal is consistent with section 6(b)(5) 
of the Act which requires, among other things, that the rules of an 
exchange be designed to foster cooperation and coordination with 
persons engaged in regulating and facilitating transactions in 
securities, to remove impediments to and perfect the mechanisms of a 
free and open market, and to protect investors and the public 
interest.\6\ The Commission believes that in clarifying references to 
the Allocation, Evaluation and Securities Committee--which recently was 
split into two separate committees--the proposal will help ensure 
consistency in the Exchange's by-laws and rules which, therefore, 
furthers the purposes of the Act.
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    \5\ In approving this rule, the Commission has considered the 
proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion

    It Is Therefore Ordered, pursuant to section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-Phlx-00-98) is approved.
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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. 01-794 Filed 1-10-01; 8:45 am]
BILLING CODE 8010-01-M