66 FR 212 pgs. 55236-55237 - Self-Regulatory Organizations; Order Approving Proposed Rule Change by the Philadelphia Stock Exchange, Inc. To Amend Phlx By-Law Article XII, Section 12-4 and Article XV, Sections 15-1 and 15-2
Type: NOTICEVolume: 66Number: 212Pages: 55236 - 55237
Docket number: [Release No. 34-44991; File No. SR-PHLX-2001-74]
FR document: [FR Doc. 01-27442 Filed 10-31-01; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-44991; File No. SR-PHLX-2001-74]
Self-Regulatory Organizations; Order Approving Proposed Rule Change by the Philadelphia Stock Exchange, Inc. To Amend Phlx By-Law Article XII, Section 12-4 and Article XV, Sections 15-1 and 15-2
October 26, 2001.
On August 7, 2001, the Philadelphia Stock Exchange, Inc. ("Phlx" or "Exchange") submitted to the Securities and Exchange Commission ("Commission"), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 ("Act"),1and rule 19b-4 thereunder,2a proposed rule change that would: (i) Amend Phlx By-Law Article XII, section 12-4 and Article XV sections 15-1 and 15-2 to reduce the current 14-day posting period for membership and foreign currency options participation transfers to seven days,3(i) change the notice of posting from the Exchange bulletin board to the Phlx website while retaining publication in the Secretary's Weekly Bulletin; and (iii) allow the Chairman or his designate to reduce the posting period as deemed appropriate upon determination that such action is in the best interests of the Exchange. The Federal Register published the proposed rule change for comment on September 26, 2001.4The Commission received no comments on the propsoal.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
3 As required by Exchange By-Law Article, XXII, section 22-2, the Exchange issued notice of the proposed By-Law amendments to Articles XII and XV to its membership on April 11, 2001 and July 10, 2001, respectively. The Exchange represents that it did not receive a request from 17 or more members for a special meeting of the Exchange to consider the proposed amendment. As a result, the Board approved the proposed amendment to By-Law Article XII on May 16, 2001, and approved the proposed amendment to By-Law Article XV on August 1, 2001. Telephone conversation between Murray L. Ross, Vice President and Secretary, Phlx, Florence Harmon, Senior Special Counsel, Division of Market Regulation ("Division") Commission, and Sonia Patton, Special Counsel, Division, Commission (September 13, 2001).
4 Securities Exchange Act Release No. 44819 (September 19, 2001), 66 FR 49242.
The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange5and, in particular, the requirements of section 6 of the Act6and the rules and regulations thereunder. The Commission finds that the proposed rule change is consistent with section 6(b)(5) of the Act7and believes that the proposed rules should continue to provide members with sufficient notice of proposed transfers of memberships or foreign currency options participations to allow for the submission of information concerning an applicant's qualifications and fitness for membership. Therefore, the Commission finds the proposed rule change is designed to promote just and equitable principles of trade, to prevent fraudulent and manipulative acts and, in general, to protect investors and the public interest.
Footnotes:
5 In approving this proposed rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
6 15 U.S.C. 78f.
7 15 U.S.C. 78f(b)(5).
It Is Therefore Ordered, pursuant to section 19(b)(2) of the Act,8that the proposed rule change (SR-Phlx-2001-74) be, and it hereby is, approved.
Footnotes:
8 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9
Footnotes:
9 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-27442 Filed 10-31-01; 8:45 am]
BILLING CODE 8010-01-M