Federal Register / Vol. 65, No. 236 / Thursday, December 7, 2000 / Notices 76687

6See File No. SR–Amex–00–49, available for

inspection at the Commission’s Public Reference

Room.

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

8 15 U.S.C. 78f(b).

9 15 U.S.C. 78f(b)(5).

10 In approving this proposal, the Commission has

considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

U.S.C. 78c(f).

11See supra, note 3.

12 15 U.S.C. 78f(b)(5) and (b)(8).

13See, e.g., Securities Exchange Act Release Nos.

42835 (May 26, 2000), 65 FR 35683 (June 5, 2000),

and 42848 (May 26, 2000), 65 FR 36206 (June 7,

2000).

14 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

program for an additional 90 days,

pending consideration of a related

proposed rule change it has filed with

Commission 6 concerning revisions to

the program that the Amex believes will

provide further incentive for price

improvement by using different

procedures to determine specialist and

registered option trader participation.

The related proposal would also make

the program permanent.

Because the pilot program is due to

expire on November 29, 2000, the Amex

has requested that the Commission

expedite review of, and grant

accelerated approval to, the proposal to

extend it, pursuant to Section 19(b)(2) of

the Act.7

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) of the Act 8 in general and

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

of the Act 9 in particular in that it is

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, and is not designed to permit

unfair discrimination between

customers, issuers, brokers or dealers.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange believes 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. 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

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 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 in

the Commission’s Public Reference

Room. Copies of the filing will also be

available for inspection and copying at

the principal offices of the Exchange.

All submissions should refer to File No.

SR–Amex–00–59 and should be

submitted by December 28, 2000.

IV. Commission Findings and Order

Granting Accelerated Approval of

Proposed Rule Change

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange.10 In its original approval of

the pilot program,11 the Commission

detailed its reasons for finding its

substantive features consistent with the

Act, and, in particular, the requirements

of Sections 6(b)(5) and 6(b)(8) of the

Act.12 The Commission has previously

approved rules on other exchanges that

establish substantially similar programs

on a permanent basis,13 and the

extension of the pilot program on the

Amex—pending review of its related

proposal to revise the program and

make it permanent—raises no new

regulatory issues for consideration by

the Commission.

The Commission finds good cause,

consistent with Sections 6(b) and

19(b)(2) of the Act, for approving the

proposed rule change prior to the

thirtieth day after the date of

publication of the notice of filing thereof

in the Federal Register. The proposal

will allow the pilot program, otherwise

due to expire on November 29, 2000, to

remain effective and in place

uninterrupted while revisions are being

considered, and does not raise any new

regulatory issues.

It Is Therefore Ordered, pursuant to

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

proposed rule change be, and hereby is,

approved on an accelerated basis as a

pilot program through February 27,

2001.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.14

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31138 Filed 12–6–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43639; File No. SR–CBOE–

00–54]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Inc., Relating to Membership Fees

November 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 November

8, 2000, the Chicago Board Options

Exchange, Inc. (‘‘CBOE’’ 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 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 CBOE proposes to amend the

New Member Orientation fee imposed

by the Exchange, which is currently set

forth in the Exchange’s Membership Fee

Circular. The Exchange further proposes

to add certain clarifying language to the

Membership Fee Circular with respect

to the application of the Corporation/

Partnership/LLC fee. The text of the

proposed rule change is available at the

Office of the Secretary of the CBOE and

at the Commission.

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

CBOE 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

76688 Federal Register / Vol. 65, No. 236 / Thursday, December 7, 2000 / Notices

3 15 U.S.C. 78f(b).

4 15 U.S.C. 78f(b)(4).

5 15 U.S.C. 78s(b)(3)(A).

6 17 CFR 240.19b–4(f)(2).

7 17 CFR 200.30–3(a)(12).

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

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

The Exchange proposes to increase

from $200 to $500 the fee that it charges

applicants seeking membership as a

Market-Maker or Floor Broker for the

three-day Orientation Program provided

to applicants by the Exchange. The

Exchange states that the purpose of this

proposed fee increase is to cover the

costs of the Orientation Program, which

are no longer adequately covered by the

current $200 fee. The change to the New

Member Orientation Fee is proposed to

take effect on January 1, 2001.

The Exchange further proposes to

amend its Membership Fee Circular to

clarify the application of the

Corporation/Partnership/LLC fee. This

fee is imposed by the Exchange on each

new firm applicant for membership on

the Exchange. It is also applicable to a

member organization that changes its

legal structure (e.g., from partnership to

corporation or the reverse, from

partnership to LLC or the reverse, or

from corporation to LLC or the reverse).

The clarification concerns the

applicability, when a member

organization changes its legal structure,

of certain other membership and

membership application fees generally

imposed by the Exchange. These

include a General Partner fee, and

Executive Officer fee, an LLC Manager

fee, a Principal Shareholder fee, a

Limited Partner fee, and an LLC

Member fee.

The Exchange proposes to amend the

Membership Fee Circular to clarify that

if a member organization changes its

legal structure or in the event of a

merger between current CBOE member

organizations, General Partners,

Executive Officers, LLC Managers,

Principal Shareholders, Limited

Partners and LLC Members listed on the

Uniform Application for Broker-Dealer

Registration Form (‘‘Form BD’’) of the

member organization(s) prior to the

change will not be assessed any fees in

connection with the change. This

proposed revision to the Membership

Fee Circular codifies the current

practice of the Exchange in addressing

this situation.

2. Statutory Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) 3 of the Act, in general, and

furthers the objectives of Section

6(b)(4) 4 of the Act in particular, in that

it is designed to provide for the

equitable allocation of reasonable dues,

fees, and other changes among CBOE

members.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition not

necessary or appropriate in furtherance

of the purpose of the Act.

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 rule change, which

establishes or changes a due, fee, or

other charge applicable to members of

the Exchange, has become effective

pursuant to Section 19(b)(3)(A) 5 of the

Act and subparagraph (f)(2) of Rule 19b–

4 thereunder.6 At any time within 60

days of the filing of the 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 furtherance of the

purposes of the Act.

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

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 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 in

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the CBOE. All

submissions should refer to File No.

SR–CBOE–00–54, and should be

submitted by December 28, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.7

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31137 Filed 12–6–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43640; File No. SR–DTC–

00–19]

Self Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of a Proposed Rule Change by the

Depository Trust Company Relating to

a New Tax Service Called DALI

November 29, 2000.

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

Securities Exchange Act of 1934,1 notice

is hereby given that on November 20,

2000, The Depository Trust Company

(‘‘DTC’’) 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 DTC. 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

DTC has filed a proposed rule change

to implement a new tax service called

‘‘DALI’’ (an acronym for data link for

intermediaries). DALI is a

communications hub to be used by U.S.

payors such as banks, broker-dealers

and foreign customers to exchange data

in order to determine the proper

withholding amount and to report U.S.

withholding tax on payments such as

dividends and interest made to a foreign

payee.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

DTC included statements concerning

the purpose of and basis for the