[Federal Register Volume 66, Number 81 (Thursday, April 26, 2001)]
[Notices]
[Pages 21035-21036]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-10393]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44198; File No. SR-PHLX-2001-47]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the Philadelphia Stock Exchange, Inc. To Adopt an Annual Fee 
of $200 for Members and Participants Retention and Renewal of the Print 
Loose Leaf Subscription to the Phlx Guide, Containing the Charter, By-
Laws and Rules of the Exchange

April 18, 2001.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 9, 2001, the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III, below, which Items have been prepared by the 
Phlx. The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Phlx proposes to adopt an annual fee of $200 for members and 
participants retention and renewal of the print loose leaf subscription 
to the Phlx Guide, containing the Charter, By-Laws and Rules of the 
Exchange.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
the Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Phlx 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 Phlx has prepared summaries, set forth in sections 
A, B, C below, of the most significant aspects of such statements 
periods.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The purpose of the proposed rule change is to adopt a fee of $200 
for retention and annual renewal of a print subscription to the Phlx 
Guide.\3\ The Exchange has had a policy to provide a subscription at no 
charge for each member requesting one for their member organization. 
The Exchange is in the process of offering the membership free internet 
access to the Phlx Guide by establishing a linkage to click upon the 
Exchange's website. The Exchange will continue to offer those members 
and participants that want to continue to receive the print loose-leaf 
subscription to the Phlx Guide for the charge of $200, a discount from 
the costs to the Exchange for this service. The expenditures to support 
the availability to provide free internet access to the Exchange's By-
Laws and Rules while maintaining a minimum number of print loose leaf 
subscription to the Phlx Guide requires this modest annual fee charge 
of $200 for those retaining a print subscription to Phlx Guide. The 
Exchange will continue to provide a Phlx Guide print subscription 
without charge to new members and member organizations for the balance 
of the year of initial admission to the Exchange.
---------------------------------------------------------------------------

    \3\ A conforming change to the description of the proposed rule 
change with the text of the proposal was made pursuant to a 
telephone conservation between Murray L. Ross, Vice President and 
Secretary, Phlx, and Marc McKayle, Special Counsel, Division of 
Market Regulation, Commission on April 18, 2001.
---------------------------------------------------------------------------

    This charge is intended to partially defray the costs associated 
with servicing and maintenance of the print subscription for the loose 
leaf subscription to the Phlx Guide.
    The Exchange has determined that its fee for retention and 
subscription maintenance services is appropriate and only reflects 
partial costs recovery. The charge of $200 per print subscription is a 
discounted price available through the Exchange to members and 
participants. This partial cost recovery will assist the Exchange in 
offering the investing public an opportunity to access the Phlx Guide 
at no cost via internet access linkage at the Phlx web site, 
Phlx.com.\4\
---------------------------------------------------------------------------

    \4\ This fee is not eligible for the monthly credit of up to 
$1000.00. See Securities Exchange Act Release No. 43567 (November 
15, 2000), 65 FR 71187 (November 29, 2000) (SR-Phlx-00-100).
---------------------------------------------------------------------------

    For these reasons, the Exchange believes that its proposal to amend 
its schedule of dues, fees and charges to include a fee of $200 to 
retain a print subscription to the Phlx Guide is consistent with 
section 6(b) of the Act,\5\ in general, and furthers the objectives of 
section 6(b)(4),\6\ in particular, in that it provides for the 
equitable allocation of reasonable dues, fees and other charges among 
its members and other persons using its facilities.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    No written comments were either solicited or received.

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

    The foregoing proposed rule change has been designated as a fee 
change pursuant to section 19(b)(3)(A) of the Act,\7\ and Rule 19b-
4(f)(2) thereunder.\8\ Accordingly, the proposal will take effect upon 
filing with the Commission. 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.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and

[[Page 21036]]

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, NW., Washington, DC 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. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
Phlx. All submission should refer to File No. SR-Phlx-2001-47 and 
should be submitted by May 17, 2001.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-10393 Filed 4-25-01; 8:45 am]
BILLING CODE 8010-01-M