Federal Register / Vol. 65, No. 209 / Friday, October 27, 2000 / Notices 64463

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 43146

(Aug. 10, 2000), 65 FR 50253. 4 15 U.S.C. 78f(b).

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

6 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).

7 15 U.S.C. 78s(b)(2).

8 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

Inc. (‘‘GPUI’’), located at One Upper

Pond Road, Parsippany, New Jersey

07054, have filed with this Commission

a post-effective amendment under

sections 6(a), 7, and 12(b) of the Act and

rules 45 and 54 under the Act to an

application-declaration previously filed

under the Act.

By orders dated April 10, 1997 (HCAR

No. 26702) and March 26, 1997 (HCAR

No. 26694) (‘‘Orders’’), the Commission

authorized, among other things, GPU,

through December 31, 2000, to

guarantee the debt of each of their direct

and indirect subsidiaries that engage in

bordering and marketing of electricity,

natural gas and other energy

commodities throughout the United

States (‘‘Energy Subsidiaries’’) under

rule 58 under the Act. The maximum

amount of guarantee debt and other

obligations authorized at any one time

is $150 million. The Orders also

authorize GPU and GPUI to invest,

through December 31, 2000, in the

aggregate no more than $20 million in

the energy commodities business either

by the acquisition of securities or by

making capital contributions to existing

subsidiaries of GPU and/or GPUI.

GPU and GPUI now request an

extension of time during which GPU

may guarantee the debt of the Energy

Subsidiaries and GPU and GPUI may

invest in the energy commodities

business until December 31, 2003. In all

other respects, the terms and conditions

of the transactions authorized by the

Commission in this file would remain

unchanged.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–27614 Filed 10–26–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43463; File No. SR–Amex–

00–31]

Self-Regulatory Organizations; Order

Approving a Proposed Rule Change by

the American Stock Exchange LLC

Amending the Alternative Listing

Criteria of Section 101(b) of the Amex

Company Guide

October 19, 2000.

I. Introduction

On May 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

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

proposed rule change amending certain

provisions of the Amex’s alternative

listing criteria. The proposed rule

change was published for comment in

the Federal Register on August 17,

2000.3 The Commission received no

comments on the proposal. This order

approves the proposal.

II. Description of the Proposal

Section 101(b) of the Amex Company

Guide sets forth alternative numerical

guidelines applied by the Exchange in

considering the eligibility of issuers to

list on the Exchange. These alternate

criteria currently include a three-year

history of operations, stockholders’

equity of at least $4 million, the

distribution criteria of Section 102(a) of

the Amex Company Guide (which

includes, among other criteria, a

minimum of 800 public shareholders

together with a minimum public

distribution of 500,000 shares, or a

minimum of 400 public shareholders

together with a minimum public

distribution of 1,000,000 shares), and a

$15 million aggregate market value of

publicly held shares. The Exchange

proposes to reduce the operating history

timeframe from three to two years.

The Exchange believes that certain

relatively new companies, particularly

in high growth industries such as

technology, biotechnology, and the

Internet, may be attractive candidates

for Exchange listing and trading when

assessed under the provisions of Section

101(b) but may lack a three-year

operating history. The Exchange

believes a reduced minimum timeframe

will provide the Exchange with greater

flexibility in considering companies for

listing, particularly in high growth

industries where the Exchange believes

it is possible for a company to

demonstrate promising and attractive

prospects over a relatively short time

period.

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.4 Specifically, the Commission finds

that the proposed rule change is

consistent with Section 6(b)(5) of the

Act,5 in that it is designed to remove

impediments to and perfect the

mechanism of a free and open market.6

The Commission believes that the

development and enforcement of

transparent standards governing the

listing of securities on an exchange is of

critical importance to exchange markets

and to the investing public. The

Commission believes that a reduced

minimum required operating history of

two years should provide the Exchange

with greater flexibility in considering

companies for listing on the Exchange.

In addition, the Commission notes that

companies seeking to have their

securities listed on the Exchange must

also satisfy the remaining requirements

of Section 101(b) of the Amex Company

Guide, which include stockholders’

equity of at least $4 million, a $15

million aggregate market value of

publicly held shares, and either a

minimum of 800 public shareholders

together with a minimum public

distribution of 500,000 shares, or a

minimum of 400 public shareholders

together with a minimum public

distribution of 1,000,000 shares.

IV. Conclusion

It Is Therefore Ordered, pursuant to

Section 19(b)(2) of the Act,7 that the

proposed rule change (SR–Amex–00–

31) is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–27616 Filed 10–26–00; 8:45 am]

BILLING CODE 2010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43471; File No. SR–CSE–

00–08]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

The Cincinnati Stock Exchange,

Incorporated To Add CSE Rule 11.9(u)

and Interpretation .01 Under the Rule

to the Minor Rule Violation Program

October 20, 2000.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 and Rule 19b–4 there under,2

notice is hereby given that on October

13, 2000, The Cincinnati Stock