[Federal Register Volume 62, Number 145 (Tuesday, July 29, 1997)]
[Notices]
[Pages 40560-40561]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19835]


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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.
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    \1\ 15 U.S.C. Sec. 78s(b)(1).
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 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.
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    \2\ This examination was previously referred to as the Put and 
Call Option Questionnaire for Listed Personnel.
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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 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.
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    \3\ This examination was previously referred to as the Put and 
Call Option Questionnaire for Listed Personnel.
    \4\ The Series 7 began covering the subject of standardized 
options in 1977.
    \5\ See Exchange Rule 920.
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    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

[[Page 40561]]

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