[Federal Register Volume 68, Number 141 (Wednesday, July 23, 2003)]
[Notices]
[Pages 43564-43565]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-18735]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48193; File No. SR-PCX-2003-33]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc. 
Relating to Minor Rule Plan Housekeeping Changes

July 17, 2003.
    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 July 8, 2003, the Pacific Exchange, Inc. (``PCX'' 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 Exchange. 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).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is proposing to amend the Exchange's Minor Rule Plan 
(``MRP'') and Recommended Fine Schedule (``RFS'') (PCX Rule 10.13) in 
order to make a number of non-substantive and technical changes. The 
text of the proposed rule changes is available at the PCX 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 PCX 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 Exchange 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 is proposing to amend its MRP and RFS (PCX Rule 10.13) 
in order to make a number of non-substantive and technical changes. The 
Exchange also proposes to make minor conforming changes to various 
other rules where appropriate.
    First, the Exchange proposes to amend PCX Rule 6.37(d) to correct a 
minor technical error. PCX Rule 6.37(d) states that formal disciplinary 
action may be taken if aggravating circumstances are found, pursuant to 
PCX Rule 10.3. The Exchange proposes to amend the text to reflect the 
correct rule number, which is ``10.4''. Second, the Exchange proposes 
to amend PCX Rule 6.37(h)(6) so that the first sentence in the rule 
will read ``action and suspension'' instead of ``action or 
suspension.'' This was a technical error that the Exchange wishes to 
correct at this time.
    Third, the Exchange proposes to correct a technical error in PCX 
Rules 10.13(h)(34) and 10.13(k)(i)(34). The text incorrectly references 
that PCX Rule 10.13(h)(34) is a violation of ``Rule 6.87(d)(3)''. The 
Exchange wishes to amend the text to reflect the correct rule number, 
which is ``Rule 6.87(e)(3)''. Fourth, the Exchange proposes to amend 
PCX Rule 6.89(b)(7), where the Exchange inadvertently used the acronym 
``PSE'' instead of ``PCX'' in the rule text. Thus, the Exchange 
proposes to correct the technical error and replace the acronym PSE 
with the current acronym, PCX.
    Fifth, the Exchange proposes to amend PCX Rules 10.13(h)(2) and 
10.13(k)(i)(2) of the MRP and RFS. The purpose of this change is to 
replace the term ``floor broker'' with the term ``member'' in the text 
as the underlying rule violation (PCX Rule 6.67) is not limited to 
floor brokers and applies to all members. Sixth, the Exchange proposes 
to amend PCX Rule 10.13(e) in order to correct a technical error. Under 
the proposed amendment, the term ``Compliance Department'' will be 
replaced with the term ``Corporate Secretary'' as the latter is the 
correct office for this process at the Exchange.
    Seventh, the Exchange proposes to amend PCX Rules 10.13(j)(1) and 
10.13(k)(iii)(1) of the MRP and RFS. Under the proposed amendment, the 
rule referenced in the text, ``Rule 10.2(c),'' will be amended to 
reflect the correct corresponding rule number, which is ``Rule 
10.2(e).'' Finally, the

[[Page 43565]]

Exchange proposes to amend PCX Rules 10.13(j)(6) and 10.13(k)(iii)(6) 
of the MRP and RFS. Under the proposed rule change, the rule referenced 
in the text, ``Rule 10.2(b),'' will be amended to reflect the correct 
corresponding rule number, which is ``Rule 10.2(d).''
2. Statutory Basis
    The Exchange believes that the proposal is consistent with section 
6(b) of the Act,\3\ in general, and section 6(b)(5) of the Act,\4\ in 
particular, in that it will promote just and equitable principles of 
trade; facilitate transactions in securities, remove impediments to and 
perfect the mechanisms of a free and open market and a national market 
system; and protect investors and the public interest. The proposal is 
also consistent with section 6(b)(6) of the Act,\5\ which requires that 
members and persons associated with members be appropriately 
disciplined for violations of Exchange rules.
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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
    \5\ 15 U.S.C. 78f(b)(6).
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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 burden on competition that is 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

    Written comments on the proposed rule change were neither solicited 
nor received.

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

    The foregoing rule change has become effective pursuant to section 
19(b)(3)(iii) of the Act \6\ and subparagraph (f) Rule 19b-4 
thereunder,\7\ because it is concerned solely with the administration 
of the Exchange. At any time within 60 days of the filing of such 
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.
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    \6\ 15 U.S.C 78s(3)(a).
    \7\ 17 CFR 240.19b-4.
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IV. 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, 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 
PCX. All submissions should refer to file number SR-PCX-2003-33 and 
should be submitted by August 13, 2003.

    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. 03-18735 Filed 7-22-03; 8:45 am]
BILLING CODE 8010-01-P