[Federal Register Volume 64, Number 208 (Thursday, October 28, 1999)]
[Notices]
[Page 58119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-28201]
[[Page 58119]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-42048; File No. SR-PCX-99-42]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc.
Relating to Registration Fee Change ($8 to $25)
October 21, 1999.
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 October 13, 1999, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'' or ``SEC'') 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 proposes to modify its Schedule of Rates and Charges
for Exchange Services by increasing the annual Registration Fee from
eight dollars to twenty-five dollars, for new applications,
maintenance, and transfer of registration status for each Registered
Representative (``RR'') and each Registered Options Principal
(``ROP'').
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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on 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 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
Background. Currently, the PCX Schedule of Rates and Charges
provides for an eight dollar Registration Fee to be paid by Member
Organizations for new applications, maintenance, or transfer of
registration status for each Registered Representative (``RR'') and
each Registered Options Principal (``ROP'').\3\
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\3\ See Exchange Act Release No. 37860 (October 23, 1996), 61 FR
56079 (October 30, 1996) (order approving File No. SR-PSE-96-37).
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Proposal. The Exchange is now proposing to increase the annual
Registration Fee for new applications, maintenance, and transfer of
registration status for each RR or ROP. Specifically, the Exchange
proposes to increase the annual Registration Fee from eight dollars to
twenty-five dollars in order to offset the Exchange's costs relating to
its market surveillance programs, regulatory responsibilities and
routine Designated Examining Authority (DEA) activity.
2. Statutory Basis
The Exchange believes that the proposal is consistent with section
6(b) of the Act, in general, and Section 6(b)(4) of the Act, in
particular, in that it provides for the equitable allocation of
reasonable charges among its members.
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)(A) of the Act and paragraph (f)(2) of 19b-4 thereunder in that
it establishes or changes a due, fee or other charge.\4\
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\4\ In reviewing this proposal, the Commission has considered
its impact on efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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At any time within 60 days of the filing of each 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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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 in copying in the Commission's
Public Reference Room, 450 Fifth Street, NW., Washington, DC 20549.
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 No. SR-PCX-99-42 and should be submitted by November 18, 1999.
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)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-28201 Filed 10-27-99; 8:45 am]
BILLING CODE 8010-01-M