[Federal Register Volume 68, Number 231 (Tuesday, December 2, 2003)]
[Notices]
[Pages 67494-67495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29936]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application of the Preferred Income 
Opportunity Fund Incorporated To Withdraw From Listing and Registration 
Its Common Stock, $.01 Par Value, From Listing and Registration on the 
Pacific Exchange, Inc. File No. 1-06495

November 25, 2003.
    The Preferred Income Opportunity Fund Incorporated, a Maryland 
corporation (``Issuer''), has filed an application with the Securities 
and Exchange Commission (``Commission''), pursuant to section 12(d) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) 
thereunder,\2\ to withdraw its common stock, $.01 par value, 
(``Security''), from listing and registration on the Pacific Exchange, 
Inc. (``PCX'' or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Board of Directors (``Board'') of the Issuer approved a 
resolution on April 25, 2003, to withdraw its Security from listing on 
the Exchange. In making its decision to delist its Security from the 
PCX the Issuer states that: (i) At the time the Security was listed on 
the PCX on March 10, 1995, the expectation was that competition from a 
second trading venue would benefit shareholders by narrowing bid/offer 
spreads, and provide shareholders additional liquidity during the time 
period the PCX remained opened following the New York Stock Exchange 
close; (ii) since the PCX was purchased by Archipelago Exchange and 
converted to a fully electronic format, bid/offer spreads on the PCX 
have widened dramatically, adversely impacting shareholders' 
executions; and (iii) the Issuer has been unable to obtain statistics 
from the PCX, making it impossible to track historic trading volume and 
determine the efficiency of executions.
    The Issuer stated in its application that it has complied with PCX 
Rule 5.4(b) that governs the removal of securities from listing and 
registration on the Exchange. The Issuer's application relates solely 
to the withdrawal of the Security from listing and registration on the 
PCX and from registration under section 12(b) \3\ of the Act and shall 
not affect its obligation to be registered under section 12(g) of the 
Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before December 19, 2003, submit 
by letter to the Secretary of the Securities

[[Page 67495]]

and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-
0609, facts bearing upon whether the application has been made in 
accordance with the rules of the PCX and what terms, if any, should be 
imposed by the Commission for the protection of investors. The 
Commission, based on the information submitted to it, will issue an 
order granting the application after the date mentioned above, unless 
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the Commission determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 03-29936 Filed 12-1-03; 8:45 am]
BILLING CODE 8010-01-P