[Federal Register Volume 65, Number 230 (Wednesday, November 29, 2000)]
[Notices]
[Pages 71193-71194]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-30383]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43585; File No. SR-Phlx-00-98]


Self-Regulatory Organizations; Notice of Filing of Proposed By-
Law Change by the Philadelphia Stock Exchange, Inc., Relating to 
Allocation, Evaluation and Securities Committee

November 17, 2000.
    Pursuant to Section 10(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on November 7, 2000, the Philadelphia Stock Exchange, Inc. 
(``Phlx'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed by-law 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 by-law change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 U.S.C. 240.19b-4.

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[[Page 71194]]

I. Self-Regulatory Organization's Statement of the Terms of 
Substance of the Proposed Rule Change

    The Phlx proposes to amend its By-Law, Article X, Section 10-7--
Options Allocation, Evaluation and Securities Committee and Equity 
Allocation, Evaluation and Securities Committee. The proposed amendment 
would clarify that references to the ``Allocation, Evaluation and 
Securities Committee'' in the Exchange By-Laws and Rules may mean 
either the Options Allocation, Evaluation and Securities Committee or 
the Equity Allocation, Evaluation and Securities Committee, as the 
context requires. The text of the proposed by-law change is set forth 
below. New language is in italics.
Article X, Section 10-7(e)
    For purposes of these By-Laws, and Exchange Rules, references to 
the ``Allocation, Evaluation and Securities Committee'' shall mean 
either the Options Allocation, Evaluation and Securities Committee or 
the Equity Allocation, Evaluation and Securities Committee, as the 
context requires.

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 Phlx included statements 
concerning the purpose of and basis for the proposed by-law change and 
discussed any comments it received on the proposed by-law change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Phlx 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 July 5, 2000, the Commission approved changes to Phlx By-Law 
Article X, Section 10-7, which divided the Allocation, Evaluation and 
Securities Committee into two separate committees: The Options 
Allocation, Evaluation and Securities Committee and the Equity 
Allocation, Evaluation and Securities Committee.\3\ Currently, various 
sections of the Exchange's by-laws and rules simply refer to the 
``Allocation, Evaluation and Securities Committee.'' The proposed 
amendment to Article X, Section 10-7(e) of the Phlx's by-laws would 
provide that any reference to the ``Allocation, Evaluation and 
Securities Committee'' would mean either the Options Allocation, 
Evaluation and Securities Committee or the Equity Allocation, 
Evaluation and Securities Committee, as the context requires.
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    \3\ See Securities Exchange Act Release No. 43011 (July 5, 
2000), 65 FR 43069 (July 12, 2000) (File No. SR-Phlx-00-28).
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    The purpose of the proposed by-law amendment is to clarify that 
references to the ``Allocation, Evaluation and Securities Committee'' 
in the Exchange's by-laws and rules may mean either the Options 
Allocation, Evaluation and Securities Committee or the Equity 
Allocation, Evaluation and Securities Committee, as the context 
requires, and to ensure that the by-laws and rules pertaining to each 
committee remain consistent.
2. Statutory Basis
    The Phlx believes the proposed rule change is consistent with 
Section 6 of the Act \4\ in general and with Section 6(b)(5) \5\ in 
particular, in that it is designed to promote just and equitable 
principles of trade and to protect investors and the public interest by 
enabling the Exchange to provide a responsive administrative process 
with respect to the operation of the Options Allocation, Evaluation and 
Securities Committee and the Equity Allocation, Evaluation and 
Securities Committee, consistent with the Exchange's by-laws and rules.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Phlx does not believe that the proposed by-law change would 
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.

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 with 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 Exchange 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, including whether the proposed by-
law change is consistent with the Act. Persons making written 
submissions should file six copies thereof with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street NW., Washington, 
DC 20549-0609. Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed by-law change that are 
filed with the Commission, and all written communications relating to 
the proposed by-law 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 in the Commission's Public Reference Room. Copies of such 
filings will also be available for inspection and copying at the 
principal office of the Phlx. All submissions should refer to File No. 
SR-Phlx-00-98 and should be submitted by December 20, 2000.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-30383 Filed 11-28-00; 8:45 am]
BILLING CODE 8010-01-M