Federal Register / Vol. 65, No. 188 / Wednesday, September 27, 2000 / Notices 58135

As of March 31, 2000, PECO has $110

million in outstanding guarantees or

commitments, including a $100 million

obligation in favor of AmerGen, an EWG, an

$10 million in favor of its Exelon

Infrastructure Services subsidiaries.

For the Commission by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–24732 Filed 9–26–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43313; File No. 265–22]

Advisory Committee on Market

Information; Establishment; Meeting

AGENCY: Securities and Exchange

Commission.

ACTION: Notice.

SUMMARY: The Chairman of the

Securities and Exchange Commission

(‘‘Commission’’), with the concurrence

of the other members of the

Commission, intends to establish the

Securities and Exchange Commission

Advisory Committee on Market

Information (‘‘Committee’’), which will

advise the Commission regarding issues

relating to the public availability of

market information in the equities and

options markets. The first meeting of the

Committee will be held on October 10,

2000, in the William O. Douglas Room,

at the Commission’s main offices, 450

Fifth Street, N.W., Washington, D.C.,

beginning at 1 p.m. The meeting will be

open to the public, and the public is

invited to submit written comments to

the Committee.

ADDRESSES: Written comments should

be submitted in triplicate and should

refer to File No. 265–22. Comments

should be submitted to Jonathan G.

Katz, Secretary, Securities and Exchange

Commissions, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609.

FOR FURTHER INFORMATION CONTACT:

Anitra Cassas, Attorney, Division of

Market Regulation, at 202–942–0089;

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549–1001.

SUPPLEMENTARY INFORMATION: In

accordance with the requirements of the

Federal Advisory Committee Act, 5

U.S.C. App., the Securities and

Exchange Commission has directed

publication of this notice that Chairman

Arthur Levitt, with the concurrence of

the other members of the Commission,

intends to establish the ‘‘Securities and

Exchange Commission Advisory

Committee on Market Information.’’

Chairman Levitt certifies that he has

determined that the creation of the

Committee is necessary and in the

public interest.

The Committee’s charter directs the

Committee to assist the Commission in

evaluating issues relating to the public

availability of market information in the

equities and options markets, including:

(1) The value of transparency to the

markets; (2) the ramifications of

electronic quote generation and

decimalization for market transparency;

(3) the merits of providing consolidated

market information to intermediaries

and customers; (4) alternative models

for consolidating and disseminating

information from multiple markets; (5)

how market information fees should be

determined, including the role of public

disclosure of market information costs,

fees, revenues, and other matters, and

how the fairness and reasonableness of

fees should be evaluated; and (6)

appropriate governance structures for

joint market information plans, as well

as issues relating to plan administration

and oversight.

To achieve the Committee’s goals,

members will be appointed that can

effectively represent the varied interests

affected by the range of issues to be

considered. The Committee’s

membership may include, among other,

persons who can represent investors,

markets, broker-dealers, vendors, and

other market participants, as well as the

public at large. The Commission expects

that the Committee’s members will

represent a variety of viewpoints and

have varying experience, and that the

Committee will fairly balanced in terms

of points of view, backgrounds and

tasks. The Chairman of the Committee

will be Joel Seligman, Dean of the

Washington University School of Law.

The Committee will conduct its

operations in accordance with the

provisions of the Federal Advisory

Committee Act. The duties of

Committee will be solely advisory.

Determinations of action to be taken and

policy to be expressed with respect to

matters upon which the Advisory

Committee provides advice or

recommendations shall be made solely

by the Commission.

The Committee will meet at such

intervals as are necessary to carry out its

functions. It is expected that meetings of

the full Committee generally will occur

no more frequently than six (6) times;

meetings of subgroups of the full

Advisory Committee will likely occur

more frequently. The Commission will

provide necessary support services to

the Committee.

The Committee will terminate on

September 15, 2001 unless, prior to

such time, its charter is renewed in

accordance with the Federal Advisory

Committee Act, or unless the Chairman,

with the concurrence of the other

members of the Commission,

determines that continuance of the

Committee is no longer in the public

interest.

Fifteen days after publication of this

notice in the Federal Register, a copy of

the charter of the Committee will be

filed with the Chairman of the

Commission, the Senate Committee on

Banking, Housing, and Urban Affairs,

and the House Committee on

Commerce. A copy of the charter will

also be furnished to the Library of

Congress and placed in the

Commission’s Public Reference Room

for public inspection.

Furthermore, upon establishment of

the Committee, and in accordance with

section 10(a) of the Federal Advisory

Committee Act, 5 U.S.C. App. 10a,

notice is hereby given that the first

meeting of the Committee will be held

on October 10, 2000 in the Willian O.

Douglas Room at the Commission’s

main offices, 450 Fifth Street, NW.,

Washington, DC, beginning at 1 p.m.

The meeting will be open to the public.

The purpose of this meeting will be to

discuss general organizational matters,

to plan the progression of the

Committee’s work, and to begin

discussion of the issues relating to the

public availability of market

information in the equities and options

markets.

Dated: September 20, 2000.

Jonathan G. Katz,

Secretary.

[FR Doc. 00–24798 Filed 9–26–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43305; File No. SR–Amex–

00–36]

Self-Regulatory Organizations; Order

Approving a Proposed Rule Change by

the American Stock Exchange LLC

Creating an Options Principal

Membership Seat Upgrade Program

September 19, 2000.

I. Introduction

On June 30, 2000, the American Stock

Exchange LLC (‘‘Exchange’’ or ‘‘Amex’’),

submitted to the Securities and

Exchange Commission (‘‘Commission’’),

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

Securities Exchange Act of 1934

58136 Federal Register / Vol. 65, No. 188 / Wednesday, September 27, 2000 / Notices

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 42803 (July

31, 2000), 65 FR 48262.

4OPM owners that elect to upgrade to a regular

membership within 240 days would be entitled to

pay on a monthly basis for 12 months. Program

participants who are delinquent in their installment

payments by more than sixty days would forfeit all

payments made to date and their seats would revert

to OPM status. After 240 days from Program

effectiveness, an OPM owner would be required to

pay a lump sum payment of $36,000 at the time of

election.

5At that time, the Exchange could consider

changing the terms of the Program, including

raising the cost of upgrading an OPM seat. The

Commission notes and the Exchange acknowledges

that it would be required to file a proposed rule

change with the Commission pursuant to Section

19(b) of the Act if it decides to extend or make any

changes to the Program. Telephone call between

Ivonne Lugo, Assistant General Counsel, Amex, and

Sonia Patton, Attorney, Division of Market

Regulation (‘‘Division’’), Commission, on July 13,

2000.

6 15 U.S.C. 78f(b).

7 15 U.S.C. 78f(b)(5).

8 In approving this rule change, the Commission

has considered the proposal’s impact on efficiency,

competition, and capital formation. 15 U.S.C. 78c(f).

9 15 U.S.C. 78s(b)(2).

10 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 43013 (July

13, 2000), 65 FR 43386.

4The Commission believes these provisions

should be invoked by the Exchange only under

circumstances that would be consistent with the

public interest. Since investors rightfully presume

that the companies listed on the Amex meet the

quantitative and qualitative guidelines, these

provisions should not be used by the Exchange as

a way to permit issuers to bypass the numerical

requirements for listing. The Commission would be

concerned to find the Amex routinely approving

listing for issuers that have not met the quantitative

guidelines.

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a

proposed rule change creating an

options principal membership seat

upgrade program. The proposed rule

change was published for comment in

the Federal Register on August 7, 2000.3

The Commission received no comments

on the proposal. This order approves the

proposal.

II. Description of the Proposal

The Exchange believes that the recent

increase in the number of securities

listed on the Exchange, especially

options and Exchange-traded funds, has

led to a greater demand for specialists

and brokers to handle the increased

volume. Specialists and brokers are

required to be regular members of the

Exchange. To accommodate the growing

need for more specialists and brokers,

the Exchange has proposed a voluntary

Options Principal Membership (‘‘OPM’’)

Seat Upgrade Program (‘‘Program’’),

with the potential for upgrading 203

options principal memberships into

regular memberships.

The one-time fee to upgrade an OPM

membership to a regular membership

under the proposed Program will be

$30,000 or $36,000, depending on

whether the OPM owner elects to

participate in the Program within 120

days of the effective date of the

Program.4

The Program would be in effect for 18

months. At the end of the 18 month

period, the Program would terminate

unless the Exchange elects to continue

it.5 Fund proceeds, less administrative

costs to the Exchange, would be

distributed equally to regular seat

owners of record at the time of

distribution (excluding regular seat

owners who upgraded their OPM seats).

Interest on fund deposits would accrue

to the regular members.

III. Discussion

The Commission finds that the

proposed rule change is consistent with

the Act and the rules and regulations

under the Act applicable to a national

securities exchange and, in particular,

the requirements of Section 6(b) of the

Act.6 Specifically, the Commission finds

that the proposed rule change is

consistent with Section 6(b)(5),7 in that

it is designed to facilitate securities

transactions and to remove

impediments to and perfect the

mechanism of a free and open market.8

The Commission believes that the

proposed rule change will enable the

Exchange to respond to the growing

demand for more specialists and brokers

to handle increased volume on the

Exchange, which should help to

facilitate securities transactions and

remove impediments to a free and open

market. In addition, the Commission

believes the Program may help to

enhance the depth and liquidity of the

Amex market by bringing additional

capital and market participants to the

trading floor. Finally, the Commission

believes that the Program should assist

public customers in getting better

executions of their orders by providing

them with additional firms through

which orders to the Amex can be

routed.

IV. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,9 that the

proposed rule change (SR–Amex–00–

36) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–24733 Filed 9–26–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43308; File No. SR-Amex00–12]

Self-Regulatory Organizations; Order

Approving Proposed Rule Change by

the American Stock Exchange LLC

Relating to Procedures for the Review

of Initial Listing Decisions

September 20, 2000.

I. Introduction

On February 28, 2000, the American

Stock Exchange LLC (‘‘Amex’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’), pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’),1 and Rule 19b–4

thereunder,2 a proposed rule change

relating to procedures for the review of

initial listing determinations. The

proposed rule change was published for

comment in the Federal Register on July

13, 2000.3 This order approves the

proposed rule change.

II. Description of the Proposal

Amex original listing criteria, set forth

in Part 1 of the Amex Company Guide,

provide quantitative and qualitative

criteria for the original listing of

securities on the Exchange. Section 101

of the Amex Company Guide currently

provides that the approval of a listing

application is a matter solely within the

discretion of the Exchange. Thus, the

Exchange currently has the discretion to

list the securities of an applicant that

may not satisfy each of the listing

guidelines and to deny the listing of an

applicant’s securities that do satisfy

those guidelines.4

Proposed Part 12 codifies the

procedures for the review of Amex Staff

listing determinations by a

subcommittee of the Committee on

Securities (as defined in Section 1204)

and also sets forth the procedures with

respect to appeals from the

subcommittee to the Amex Adjudicatory

Council (as defined in Section 1205) or

the Amex Board of Governors. Under