[Federal Register Volume 66, Number 121 (Friday, June 22, 2001)]
[Notices]
[Pages 33597-33598]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-15678]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-44432; File No. SR-PCX-2001-22]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc.
Relating to Fees for Application for Approved Status Despite Grounds
for Statutory Disqualification Fee
June 15, 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 June 1, 2001, 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 PCX proposes to change its schedule of Fees and Charges for
Exchange Services by adding a fee for an Application for Approved
Status Despite Grounds for Statutory Disqualification.\3\ The text of
the proposed rule change is below. New text is in italics.
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\3\ See PCX Rule 1.7(a)--Denial of and Conditions to Membership.
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Text of the Proposed Rule Change
SCHEDULE OF FEES AND CHARGES FOR EXCHANGE SERVICES
* * * * *
PCX General Membership Fees
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Application for Approved Status Despite $250.00 per application.
Ground for Statutory Disqualification.
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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 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 purpose of the proposed new fee is to cover the expenses of
handling the Application for Approved Status Despite Grounds for
Statutory Disqualification.
This fee is payable whenever a person or entity is subject to a
statutory disqualification under the Act and (1) is an applicant for
Exchange membership, (2) is seeking to be an associated person of an
Exchange Member (except where the Exchange is merely asked to concur in
an SEC Rule 19h-1 filing by another self-regulatory organization), or
(3) is an existing Exchange member or associated person who submits an
Application for Approved Status Despite Grounds for Statutory
Disqualification. This fee is in addition to any other membership fees
that might be applicable.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\4\ in general, and Section 6(b)(4) of the Act,\5\ in
particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its members.\6\
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
\6\ The proposed fee will be applied to the expenses of Exchange
staff review, investigation and evaluation of Applications for
Approved Status Despite Grounds for Statutory Disqualification.
Telephone discussion between Cindy L. Sink, Senior Staff Attorney,
Regulatory Policy, PCX, Karl Varner, Senior Counsel, Division of
Market Regulation (``Division''), Commission, and Frank N. Genco,
Attorney Advisor, Division, Commission (June 11, 2001).
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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)(A) \7\ of the Act and subparagraph (f)(2) of Rule 19b-4 \8\
thereunder, because it establishes or changes a due, fee, or other
charge. 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.\9\
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 U.S.C. 240.19b-4.
\9\ See 15 U.S.C. 78(b)(3)(C).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, view 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 No.
[[Page 33598]]
SR-PCX-2001-22 and should be submitted by July 13, 2001.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-15678 Filed 6-21-01; 8:45 am]
BILLING CODE 8010-01-M