40560 Federal Register / Vol. 62, No. 145 / Tuesday, July 29, 1997 / Notices

1 15 U.S.C. § 78s(b)(1).

2This examination was previously referred to as

the Put and Call Option Questionnaire for Listed

Personnel.

3This examination was previously referred to as

the Put and Call Option Questionnaire for Listed

Personnel.

4The Series 7 began covering the subject of

standardized options in 1977.

5See Exchange Rule 920.

shares for each of its five portfolios. The

registration statement became effective

on December 1, 1995, and applicant

commenced a public offering of its

shares on January 2, 1996. Applicant’s

shares were offered only to separate

accounts funding variable annuity

contracts issued by Anchor National

Life Insurance Company.

2. At a meeting of applicant’s board of

trustees on August 15, 1996, the board

unanimously approved the

deregistration and dissolution of

applicant. Applicant states it did not

seek securityholder authorization for its

deregistration and dissolution because

the sole shareholder of each of its series

voluntarily redeemed its shares.

3. On September 26, 1996, applicant’s

liquidation date, applicant’s sole

shareholder of each of applicant’s series

voluntarily redeemed its shares at net

asset value. The number of securities

redeemed and the aggregate net asset

value attributable to each portfolio were

as follows: (a) The Balanced Portfolio

redeemed 259,699.737 shares with an

aggregate net asset value of

$2,708,148.86; (b) the Emerging Growth

Portfolio redeemed 262,809.167 shares

with an aggregate net asset value of

$2,763,438.40; (c) the Equity Value

Portfolio redeemed 261,410.613 shares

with an aggregate net asset value of

$2,821,404.74; (d) the Intermediate

Bond Portfolio redeemed 258,378.579

shares with an aggregate net asset value

of $2,487,152.20; and (e) the Money

Market Portfolio redeemed 2,587,773.76

shares with an aggregate net asset value

of $2,587,773.76. There are no

securityholders of applicant to whom

distributions in complete liquidation of

their interests have not been made.

4. The expenses incurred in

connection with applicant’s liquidation

were approximately $14,344.59. The

expenses were assumed by Wells Fargo

Bank, the parent company of applicant’s

investment adviser. Prior to applicant’s

liquidation date, all of applicant’s

portfolio securities and other assets

were disposed of in arm’s length

transactions at fair market value.

Applicant paid ordinary and reasonable

brokerage commissions in connection

with such transactions.

5. Applicant has no securityholders or

assets. Applicant has no outstanding

debts or liabilities. Applicant is not a

party to any litigation or administrative

proceeding.

6. Applicant is not now engaged, nor

does it propose to engage, in any

business activities other than those

necessary for the winding up of its

affairs. Applicant will file a certificate of

cancellation with the State of Delaware

to effect its dissolution.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–19905 Filed 7–28–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38861; File No. SR–Amex–

97–23]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

American Stock Exchange, Inc.

Relating to Updates to a Qualification

Examination Administered by the

Exchange

July 22, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934,1 notice

is hereby given that on June 20, 1997,

the American Stock Exchange, Inc.

(‘‘Amex’’ 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 self-regulatory

organization. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange is proposing an

updated version of the contents of the

Listed Put and Call Option

Questionnaire for Registered Personnel.2

The text of the proposed rule change is

available at the Office of the Secretary,

the Amex 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

self-regulatory organization 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 self-regulatory organization 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 the

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange is proposing an

updated version of the contents of the

Listed Put and Call Option

Questionnaire for Registered Personnel.3

This examination must be successfully

completed by a member or registered

employee who was registered and

approved by the Exchange prior to

1977,4 and now wishes to engage in a

public options business.5 The

examination is administered by the

broker-dealer member organization with

which the individual is associated,

which then certifies to the Exchange

that the applicant has satisfactorily

completed the examination.

The proposed rule change is

consistent with Section 6(b) of the Act,

in general, and Section 6(b)(5), in

particular, in that it is designed to

protect investors and the public interest

by helping to assure member

competence. In addition, the proposed

rule change is consistent with Section

6(c)(3)(A) in that it is designed to

examine the training, experience and

competence of applicants for both

AMEX membership and verify such

applicant qualifications for Exchange

membership.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate burden on

competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the self-regulatory
Federal Register / Vol. 62, No. 145 / Tuesday, July 29, 1997 / Notices 40561

1 15 U.S.C. 78s(b)(1).

2According to the Amex, the retroactive

application of the proposed fee schedule will allow

the Exchange to apply a single fee schedule to

transactions effected in June, thereby allowing the

Exchange to avoid the administrative billing burden

inherent in applying one fee schedule to the first

half of the month of June and another fee schedule

to the latter half of the month. Telephone

conversation between J. Bruce Ferguson, Associate

General Counsel, Legal & Regulatory Policy, and

George A. Villasana, Division of Market Regulation

(‘‘Division’’), SEC, on July 16, 1997. See also letter

from J. Bruce Ferguson, Associate General Counsel,

Legal & Regulatory Policy, to George A. Villasana,

Attorney, Division, SEC, dated July 17, 1997. The

Amex stated that members were notified of the

proposed fee change via Amex Information Circular

97–0535 and that the proposal would not result in

increased fees for any members. Id.

3 15 U.S.C. 78f(b).

4 15 U.S.C. 78f(b)(4).

organization consents, the Commission

will:

(A) by order approve such proposed

rule change, or

(B) institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. 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 the

Commission’s Public Reference Room in

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principal office of the

Amex. All submissions should refer to

the file number in the caption above and

should be submitted by August 19,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–19835 Filed 7–28–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38859; File No. SR–Amex–

97–22]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange, Inc.

Relating to Revised Options Fee

Schedule

July 22, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

June 18, 1997, the American Stock

Exchange, Inc. (‘‘Amex’’ 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 selfregulatory organization. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The American Stock Exchange has

revised its schedule of charges imposed

on trades in options executed on the

Exchange. The text of the fee change is

available at the Office of the Secretary,

the Amex 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

self-regulatory organization 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 self-regulatory organization 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 currently imposes a

transaction charge on options trades

executed on the Exchange, with the

charge varying depending on whether it

is an equity or index option and then on

whether it was executed for a specialist

or market maker, for a member firm’s

proprietary account, or for a customer.

The Exchange also imposes a charge for

clearance of options trades, as well as an

options floor brokerage charge which

again varies like the above transaction

charge depending on whom the trade

was executed for.

The Exchange has revised its schedule

of options charges to impose caps on the

number of options contracts subject to

Exchange option charges. Options

charges will be imposed on customer

trades for the first 2,000 contracts and

on member firm proprietary, specialist,

and market maker trades for the first

3,000 contracts. The caps will apply to

all three options charges—transaction,

options clearance, and options floor

brokerage and will apply to one day’s

trades of 100 or more contracts per

execution on one side of any series

executed by one specialist/trader/broker

(for one member firm) and cleared by

one clearing firm. Trades of less than

100 contracts that are multiple contra

parties to trades of 100 or more

contracts will also be added to the total

number of contracts subject to the cap.

The same fee schedule and cap

provision will apply to standardized

and FLEX options. The special fee

schedule on box transactions is also

being repealed in the expectation that

the proposed caps will be more

attractive to the users of boxes than the

special box schedule. The Exchange

believes that the changes are necessary

in order to make the Exchange’s option

fee schedule more competitive with

costs of trading other financial

instruments and to increase the number

of options orders that are routed to the

Exchange.

The Exchange’s schedule of options

charges, as revised above, has been

submitted as Exhibit A to the submitted

filing. The revised options fee schedule

has been implemented starting with

transactions effected on and after June 2,

1997.2

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b) of the Act 3

in general and furthers the objectives of

Section 6(b)(4) 4 in particular in that it

provides for the equitable allocation of

reasonable dues, fees, and other charges

among the Exchange’s members and

other persons using its facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The proposed rule change does not

impose any burden on competition that

is not necessary or appropriate in

furtherance of the purposes of the Act.