Federal Register / Vol. 63, No. 83 /Thursday, April 30, 1998 / Notices 23821

4 17 CFR 200.30–3(a)(12).

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

(Rule 24.16(e)), to require marketmakers of the trading crowd to log onto

RAES if there is inadequate

participation (Rule 24.16(f)), and to take

other remedial action as appropriate

(Rule 24.16(g)).

2. Statutory Basis

By moving the authority for the

governance of RAES eligibility issues in

SPX from a Floor Procedure Committee

to a Market Performance Committee,

thus, making SPX RAES consistent with

RAES for the other option classes traded

on the Exchange, the proposed rule

change is consistent with Section 6 of

the Act in general and Section 6(b)(5) in

particular in that it is designed to

promote just and equitable principles of

trade and to protect investors and the

public interest.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

CBOE does not believe that the

proposed rule change will impose any

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

Within 35 days of the date of

publication of this notice in the Federal

Register or within 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 self-regulatory

organization 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 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, N.W.,

Washington, D.C. 20549. 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, 450 Fifth Street, N.W.,

Washington, D.C. 20549. 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–98–

07 and should be submitted by May 21,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–11515 Filed 4–29–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39906; File No. SR–CHX–

98–7]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Stock Exchange, Inc.

Regarding Maintenance Standards and

Listing Requirements

April 23, 1998.

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

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

March 18, 1998, the Chicago Stock

Exchange, Incorporated (‘‘CHX’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change, as described in Items I, II,

and III below, which Items have been

prepared by the self-regulatory

organization. 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

Rules 14, 15, 16, 17 and 22 of Article

XXVIII and the interpretation and policy

.01 of Rule 2 of Article XXVIII. The

Exchange further proposes to add

interpretation and policy .03 to Rule 2

of Article XXVIII. The proposed rule

amendments would clarify the

requirements for listing and/or

maintenance on the CHX a security that

is also listed on another primary market

and modify the maintenance and

delisting standards regarding securities

listed on Tier II of the Exchange.

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

self-regulatory organization 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 self-regulatory organization 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

The proposed rule change relates to

four listing issues: (i) Tier II listing

standards for stock warrants, (ii) listing

application requirements for securities

that are listed or approved for listing on

certain other markets, (iii) delisting of a

security for lack of sufficient trading

volume, and (iv) the elimination of

certain maintenance listing standards

for securities currently listed on certain

other markets.

Tier II Stock Warrants. The exchange

does not currently have maintenance

standards for stock warrants listed on

Tier II of the Exchange. The proposed

rule change would require that, in the

case of Tier II stock warrants, the

common stock of the company or other

security underlying the stock warrants

meet the applicable Tier II maintenance

requirements. The proposed rule change

would allow the Exchange to delist

stock warrants that did not have

adequate ‘‘backing’’ of an underlying

security.

Listing Application Requirements For

Certain Securities Listed on Other

Markets. Currently, the Exchange may

list a security of an issuer that is listed

or has been approved for listing on

another primary market. The proposed

rule change would clarify that if the

Exchange chooses to list, under either

Tier I or Tier II, a security listed or

approved for listing, within the past

twelve months, on the New York Stock

Exchange (‘‘NYSE’’), the American

Stock Exchange (‘‘Amex’’), except for

Emerging Company Marketplace
23822 Federal Register / Vol. 63, No. 83 /Thursday, April 30, 1998 / Notices

2The proposal would exempt from the

Exchange’s quantitative maintenance standards

securities that are also listed on the NYSE, Amex,

or Nasdaq National Market. The quantitative

maintenance standards govern, for example, net

tangible assets, the number of public beneficial

shareholders, and the market value of an issuer’s

shares publicly held. The Commission notes that

the proposed rule change would not provide an

exemption from the Exchange’s corporate

governance and disclosure requirements for

securities that maintain a listing on the CHX and

are otherwise listed on the NYSE, Amex, or Nasdaq

National Market.

3 15 U.S.C. 78f(b)(5). 4 17 CFR 200.30–3(a)(12).

securities, or the Nasdaq National

Market, the issuer shall not be required

to fulfill all the requirements for an

original listing application. Instead, the

issuer shall only be required to submit

to the Exchange (1) a copy of the

application for listing on the NYSE,

Amex or Nasdaq National Market,

together with all supporting materials,

(2) a board resolution of the issuer

authorizing listing on the Exchange, (3)

the issuer’s Form 10–K, most recent

three Form 10–Qs, and most recent

proxy statement (for non-IPOs), or the

issuer’s latest registration statement and

exhibits (for IPOs), (4) the required

listing fee, (5) an executed Exchange

listing agreement, (6) evidence of

approval for listing by the NYSE, Amex

or Nasdaq National Market, (7) a

specimen stock certificate, (8) the

issuer’s registration statement filed

under the Securities Exchange Act of

1934, and (9) a Letter of Reliance

authorizing the Exchange to process the

application and supporting materials as

if addressed to the Exchange in lieu of

an original listing application.

Delisting For Lack of Sufficient

Volume. Current Rule 22(c) of Article

XXVIII provides that Tier II listed issues

will normally be considered for

delisting if the company fails to

maintain a net worth which is the

greater of (i) 150% of the prior year’s

consolidated net loss or (ii) $500,000 or

when the volume of trading declines to

a level which will not support a listed

market in the judgment of the Exchange

and its Committee on Floor Procedure.

The proposed rule change would

eliminate the specific reference to

volume of trading as vague and

unnecessary in light of the authority

Rule 22(a) grants the Exchange to delist

Tier II securities.

Maintenance Listing Standards.

Currently, Rules 14, 15, 16, 17 and 22

of Article XXVIII provide for certain

maintenance standards that Tier I and

Tier II listed securities must meet in

order to continue to be listed on the

Exchange. The proposed rule change

would provide that if a security that is

listed on the Exchange is also listed on

the NYSE, Amex or Nasdaq National

Market, as long as the security continues

to be listed on such other market, it

shall not be required to meet certain of

the maintenance standards contained in

the Exchange’s rules.2 This provision

will avoid a situation where the

Exchange might be forced to delist a

security that fails certain maintenance

tests, when it continues to meet the

requirements of such other market.

2. Statutory Basis

The proposed rule change is

consistent with Section 6(b)(5) 3 of the

Act in that it is designed to promote just

and equitable principles of trade, to

foster cooperation and coordination

with persons regulating securities

transactions, 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.

(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.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

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 within 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 self-regulatory

organization 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 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, N.W.,

Washington, D.C. 20549. Copies of the

submissions, 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. 522, will be

available for inspection and copying at

the Commission’s Public Reference

Room, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the CHX. All submissions

should refer to File No. SR–CHX–98–7

and should be submitted May 21, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–11448 Filed 4–29–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Truck Size and Weight Impact

Methodology Review Conference

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of meeting.

SUMMARY: The FHWA is announcing an

informational meeting concerning the

analytical procedures used to estimate

the impact of potential changes to the

Nation’s truck size and weight (TS&W)

limits on:

1. Freight diversion and mode share;

2. Safety and traffic operations;

3. Highway agency costs (pavement, bridge

and roadway geometry);

4. Shipper costs and rail industry

profitability;

5. Roadway geometry requirements;

6. Traffic operations; and

7. Environmental quality and energy

consumption.

An understanding of these procedures is

required to evaluate the illustrative

TS&W scenarios which will be

presented in the U.S. Department of

Transportation’s (U.S. DOT’s) 1998

Comprehensive Truck Size & Weight

(CTS&W) Study.

DATES: The meeting will be held on July

7, 1998, from 8:30 a.m. to 5:00 p.m. and

on July 8, 1998, from 8:30 a.m. to noon.