60704 Federal Register / Vol. 65, No. 198 / Thursday, October 12, 2000 / Notices

5 17 CFR 240.11Aa3–2(c)(2).

6 17 CFR 240.11Aa3–2.

7 17 CFR 200.30–3(a)(29).

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 43191

(August 22, 2000), 65 FR 52456 (August 29, 2000).

4Securities Exchange Act Release No. 42947, 65

FR 39211 (June 23, 2000).

5 15 U.S.C. 78f.

6 15 U.S.C. 78f(b)(5).

7 15 U.S.C. 78s(b)(3)(A).

8 17 CFR 240.19b–4(f)(3).

9 15 U.S.C. 78s(b)(3)(C).

11Aa3–2(c)(2),5 if it appears to the

Commission that such action is

necessary or appropriate in the public

interests, for the protection of investors

and the maintenance of fair and orderly

markets, to remove impediments to, and

perfect the mechanisms of, a national

market system, or otherwise in

furtherance of the purposes of the

Exchange Act.6

II. Solicitation of Comments

Interested person are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed Plan

amendment is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. Copies of

the Submission, all subsequent

amendments, and all written statements

with respect to the proposed Plan

amendment that are filed with the

Commission, and all written

communications relating to the

proposed Plan amendment between the

Commission and any person, other than

those 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 the filing also will be available

at the principal offices of OPRA. All

submissions should refer to File No.

SR–OPRA–00–09 and should be

submitted by November 2, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26185 Filed 10–11–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43405; File No. SR–AMEX–

00–54]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

American Stock Exchange LLC

Relating to Amex Rule 915

October 3, 2000.

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

September 27, 2000, the American Stock

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

filed with the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘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.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange proposes to amend the

numbering of Amex Rule 915,

Commentary .07, as filed with the

Commission in SR–Amex–00–45, to

Amex Rule 915, Commentary .08. This

commentary relates to liability

disclaimer and warranty with respect to

the FORTUNE Indexes.

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

On August 16, 2000, the Exchange

filed an amendment to Amex Rule 915

relating to the liability disclaimer and

warranty with respect to the FORTUNE

Indexes (SR–Amex–00–45). This

amendment became effective pursuant

to Section 19(b)(3) of the Act and

subparagraph (f)(6) of Rule 19b–4 under

the Act.3 In SR–Amex–00–45, proposed

new Commentary to Amex Rule 915 was

inadvertently numbered as Commentary

.07. The Exchange hereby amends

numbering of this Commentary .07 to

Commentary .08 to avoid conflict with

Amex Rule 915, Commentary .07

relating to options on Trust Issued

Receipts, previously approved by the

Commission on June 15, 2000.4

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with Section

6(b) 5 of the Act in general and furthers

the objectives of Section 6(b)(5) 6 in

particular in that is it designed to

prevent fraudulent and manipulative

acts and practices, to promote just and

equitable principles of trade, to remove

impediments to and perfect the

mechanism of a free and open market

and a national market system, and, in

general, to protect investors and the

public interest; and are not designed to

permit unfair discrimination between

customers, issuers, brokers and dealers.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange represents that the

proposed rule change will impose no

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

The foregoing proposed rule change

has become effective pursuant to

Section 19(b)(3)(A) of the Act 7 and Rule

19b–4(f)(1) thereunder 8 because the

proposed rule change constitutes a

stated policy, practice, or interpretation

with respect to the meaning,

administration, or enforcement of an

existing rule. At any time within 60

days of the filing of the 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 the furtherance of the

purposes of the Act.9

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views, and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

Federal Register / Vol. 65, No. 198 / Thursday, October 12, 2000 / Notices 60705

10 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 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 at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Exchange. All

submissions should refer to File No.

SR–AMEX–00–54 and should be

submitted by November 2, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.10

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26110 Filed 10–11–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43394; File No. SR–BSE–

00–13]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Boston Stock Exchange, Inc.

Relating to Electronic Trading Permits

for BEACON Remote Units

September 29, 2000.

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

September 21, 2000, the Boston Stock

Exchange, Inc. (‘‘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.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange seeks to add a

paragraph to its rules regarding

BEACON Remote specialists relating to

Electronic Trading Permits (‘‘ETP’’)

which will provide remote access to the

BEACON trading system from remote

locations using authorized terminals

and related equipment. The text of the

proposed rule change follows.

Chapter XXXIII

Boston Exchange Automated

Communication Order-routing Network

(BEACON)

BEACON Remote

Sec. 9. * * *

Electronic Trading Permits (‘‘ETP’’)

(o) Each remote BEACON terminal

assigned and registered by the Exchange

will require an ETP, and will be subject

to the following:

(1) Each approved Specialist unit may

be authorized to trade up to 200 issues.

(2) Each Specialist unit must have at

least one registered Exchange seat

assigned to the approved specialist.

a. A specialist may be authorized to

obtain additional ETP’s for qualified

registered clerks to access BEACON in

support of the Specialist unit.

b. All specialists and registered clerk

ETP holders must be approved by the

Market Performance Committee and

must meet the following:

i. file an ETP application form with

the BSE Surveillance Department;

ii. completion of the required floor

training program*;

iii. successful completion of the BSE

floor examination with 90 days of

application (unless waived by the

Exchange);

iv. successful completion of the Series

63 (NASAA Uniform State Law Exam),

and registration with the

Commonwealth of Massachusetts, and;

v. submission of fingerprint records to

the BSE.

(3) Each Specialist unit identified by

the member firm will be assigned an

account (‘‘give up’’) and will be

evaluated under the Exchange’s

Specialist Performance Evaluation

Program (‘‘SPEP’’) which currently

measures performance in several

separate categories comprising a

relative overall performance ranking.

*Training: On-site floor training for at

least two weeks unless other

arrangements are made with and

approved by the Exchange, and will

include, among other things:

(1) Questioned trade procedures

(2) Communication procedures with

Floor Brokers, Front Desk Operations,

Surveillance, Systems Support, and ITS

coordination with the Floor.

(3) Competing Specialist Initiative

(‘‘CSI’’) and Unlisted Trading Privilege

(‘‘UTP’’) applications and procedures

(4) Stock allocation procedures

(5) Book or symbol change procedures

(6) Trading Halt procedures

(7) Floor official rulings

(8) Authorizations required for billing,

withdrawals, and payment of fines

where applicable

(9) Minor Rule Plan Violations

policies and application

(10) Books and records/reports

available

(11) Explanation of the SPEP

categories and procedures

(12) Certain other rules and policies

deemed appropriate by the Exchange

(e.g. Limit Order Display Rule, autoexecutions, Price Improvement, etc.)

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 III below. The

Exchange has prepared summaries, set

forth in Section A, B, and C below, of

the most significant aspects of such

statments.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange proposes to add

paragraph (o) to Chapter XXXIII, Section

9, BEACON Remote, to require and

establish guidelines for Electronic

Trading Permits (‘‘ETP’’) for remote

specialist operations. Each BEACON

Remote terminal will be individually

identified and associated with (an)

authorized and qualified specialist(s)

and/or registered clerk(s). The Exchange

will specifically authorize and approve

each ETP based on certain

qualifications. Each ETP will provide

remote access to the BEACON system

from remote locations using authorized

terminals and related equipment.

The Exchange states that remote

specialists and associated registered

clerks with ETP’s, like current BSE floor

specialist units, will receive orders,

commitments over the Intermarket

Trading system (‘‘ITS’’) and

administrative messages through the

BEACON system. The existing Exchange

systems and rules will support remote

specialists as they currently support the

physical trading floor. All executions

occurring within BEACON, whether