20130 Federal Register / Vol. 60, No. 78 / Monday, April 24, 1995 / Notices

1 15 U.S.C. 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1994).

3 15 U.S.C. 78f(b)(5), 78f(b)(8), and 78k-1(a)(1)

(1988 & Supp. V 1993).

4See Securities Exchange Act Release No. 34231

(June 17, 1994), 59 FR 32722 (approving File No.

SR–NYSE–90–10).

August 1, 1995: Expiration of the

Commission’s 120-day decisional schedule

[see 39 U.S.C. 404(b)(5)]

[FR Doc. 95–10035 Filed 4–21–95; 8:45 am]

BILLING CODE 7710–FW–P

SECURITIES AND EXCHANGE

COMMISSION

Under Review by Office of

Management and Budget

Acting Agency Clearance Officer: David

T. Copenhafer, (202) 942–8800

Upon Written Request, Copy Available

From: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549

Extension:

Form U–6B–2—File No. 270–81

Rule 52—File No. 270–326

Notice is hereby given that pursuant

to the Paperwork Reduction Act of 1980

(44 U.S.C. 3501 et seq.), the Securities

and Exchange Commission has

submitted for extension of OMB

approval Form U–6B–2 (17 CFR

250.20(d), 250.47(b) and 250.52(b)) and

Rule 52 (17 CFR 250.52), and proposed

amendments thereto, under the Public

Utility Holding Company Act of 1935

(15 U.S.C. 79 et seq.).

Form U–6B–2 generally is necessary

to provide basic information relating to

securities issued, sold, reissued or

guaranteed pursuant to an exemption

from section 6(a) of the Act. Exemption

from section 6(a) eliminates the

requirement of filing a declaration of

Form U–1.

Rule 52 permits public-utility

subsidiary companies of registered

holding companies to issue and sell

certain securities without filing a

declaration if certain conditions are met.

Within ten days after the issue or sale

of any security exempt under rule 52

(or, in some cases, on a quarterly basis),

the issuer or seller must file with the

Commission a certificate of notification

on Form U–6B–2 containing the

information prescribed by that form.

Amendments to rule 52 have been

proposed but not adopted. The

proposed amendments would exempt

additional public-utility financing, as

well as certain nonutility financings.

The current reporting requirement

would not change as a result of these

amendments.

The Commission estimates that the

compliance time for Form U–6B–2 is

one hour per filing, compared to 142

hours per filing for Form U–1. The

Commission estimates the filing of 36

certificates of notification on Form U–

6B–2 per year, having an annual burden

of 36 hours.

General comments regarding the

estimated burden hours should be

directed to the OMB Clearance Officer

for the Securities and Exchange

Commission at the address below. Any

comments concerning the accuracy of

the estimated average burden hours for

compliance with Commission rules and

forms should be directed to David T.

Copenhafer, Acting Director, Office of

Information Technology, Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, and SEC

Clearance Officer, Office of Management

and Budget, Paperwork Reduction Act

Project Nos. 3235–0163 (Form U–6B–2)

and 3235–0369 (Rule 52), Room 3208,

New Executive Office Building,

Washington, DC 20503.

Dated: April 12, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10045 Filed 4–21–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35620; File No. SR–Amex–

95–10]

Self-Regulatory Organizations;

American Stock Exchange, Inc.; Order

Granting Approval to Proposed Rule

Change Relating to Amendments

Updating Various Exchange Rules

April 18, 1995.

On February 22, 1995, the American

Stock Exchange, Inc. (‘‘Amex’’ or

‘‘Exchange’’) submitted to the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘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 to

amend several of its rules to reflect

current practices and to update various

rules that have become obsolete.

The proposed rule change was

published for comment in Securities

Exchange Act Release No. 35451 (Mar.

7, 1995), 60 FR 13742 (Mar. 14, 1995).

No comments were received on the

proposal.

As described more fully below, the

Exchange has proposed amendments to

several of its rules to conform an Amex

rule to recent changes to a comparable

New York Stock Exchange (‘‘NYSE’’)

rule, to update certain rules that contain

provisions that are no longer applicable,

and to reflect current practices.

The Commission has reviewed

carefully the Amex’s proposed rule

changes and concludes that the

proposed changes are consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange and, in particular, with

Sections 6(b)(5), 6(b)(8), and 11A(a)(1)

of the Act.3 The Commission supports

the Amex’s efforts to continue to review

the form and substance of its market

trading regulations in response to

changes in market structure and

eliminate requirements that no longer

serve a meaningful regulatory purpose.

The Commission believes that it is

important to market quality that the

Exchange have a regulatory program

that is tailored to the current market

structure. The Commission believes that

the proposed rule changes will be

helpful in updating the Amex market

structure and trading rules and will

further the purposes of the Act.

Specifically, the Exchange proposes a

rule change that would amend

Commentary .01 to Rule 155

(Precedence Accorded to Orders

Entrusted to Specialists) to delete the

prohibition that a specialist may not

disclose the amount of stock that the

specialist and the book would be buying

or selling in cleaning up the block. The

Commission agrees that the proposed

amendment to Rule 155 is substantially

similar to recent revisions to NYSE Rule

104.10(7) 4 and, therefore, should be

approved. In the Commission’s order

approving the NYSE’s amendment to

Rule 104.10(7), the Commission stated

that the changes to the rule increase

fairness in execution of block orders in

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

Act, which requires that the rules of an

exchange be designed to promote just

and equitable principles of trade. The

Commission also stated that the rule

change would help to assure that

investors’ orders are executed at the best

possible market in accordance with

section 11A(a)(1)(c)(iv) of the Act,

which provides that it is in the public

interest and appropriate for the

protection of investors and the

maintenance of fair and orderly markets

to assure the practicability of brokers

executing investors’ orders in the best

market. The Commission believes that

the Exchange’s proposed rule change

similarly would further the purposes of

the Act.

Moreover, the Exchange is updating

other rules to eliminate obsolete

references and reflect current Exchange

practices. The Exchange proposes to