28432 Federal Register / Vol. 60, No. 104 / Wednesday, May 31, 1995 / Notices

1Position limits impose a ceiling on the number

of option contracts in each class on the same side

of the market i.e., aggregating long calls and short

puts or long puts and short calls) that can be held

or written by an investor or group of investors

acting in concern. Exercise limits prohibit an

investor or group of investors acting in concert from

exercising more than a specified number of puts or

calls in a particular class within five consecutive

business days.

2See Securities Exchange Act Release No. 33283

(December 3, 1993), 58 FR 65204 (December 13,

1993) (order approving File No. SR–CBOE–93–43)

(‘‘Position Limit Approval Order’’).

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the above specified security

(‘‘Security’’) from listing and

registration on the Boston Stock

Exchange, Inc. (‘‘BSE’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, it is

voluntarily requesting that the Security

be delisted from the BSE due to low

trading volumes.

Any interested person may, on or

before June 15, 1995 submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the exchanges and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 95–13216 Filed 5–30–95; 8:45 am]

BILLING CODE 8010–01–M

[Release Nos. 33–7172; 34–37560; File No.

265–20]

Advisory Committee on the Capital

Formation and Regulatory Processes

AGENCY: Securities and Exchange

Commission.

ACTION: Notice of meeting.

SUMMARY: This is to give notice that the

Securities and Exchange Commission

Advisory Committee on the Capital

Formation and Regulatory Processes

will meet on June 15, 1995 in room

1C30 at the Commission’s main offices,

450 Fifth Street, N.W., Washington,

D.C., beginning at 2:00 p.m. The

meeting will be open to the public, and

the public is invited to submit written

comments to the Committee.

ADDRESSES: Written comments should

be submitted in triplicate and should

refer to File No. 265–20. Comments

should be submitted to Jonathan G.

Katz, Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549.

FOR FURTHER INFORMATION CONTACT:

David A. Sirignano, Committee Staff

Director, at 202–942–2870; Securities

and Exchange Commission, 450 Fifth

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

SUPPLEMENTARY INFORMATION: In

accordance with section 10(a) of the

Federal Advisory Committee Act, 5

U.S.C. App. 10a, notice is hereby given

that the Committee will meet on June

15, 1995 in room 1C30 at the

Commission’s main offices, 450 Fifth

Street, N.W., Washington, D.C.,

beginning at 2:00 p.m. The meeting will

be open to the public.

The Committee was formed in

February 1995, and its responsibilities

include advising the Commission

regarding the informational needs of

investors and the regulatory costs

imposed on the U.S. securities markets.

The purpose of this meeting will be to

discuss the progress of the Committee’s

work, begin evaluation of possible

alternative approaches to the capital

formation and regulatory processes, as

well as to discuss general organizational

matters.

Dated: May 24, 1995.

Jonathan G. Katz,

Secretary.

[FR Doc. 95–13217 Filed 5–30–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35759; File No. SR–CBOE–

95–22]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Board Options Exchange,

Inc., Relating to Members’ Compliance

With Position and Exercise Limits for

Non-CBOE Listed Options

May 24, 1995.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on April 20, 1995, the

Chicago Board Options Exchange, Inc.

(‘‘CBOE’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) 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 CBOE proposes to amend CBOE

Rules 4.11, ‘‘Position Limits,’’ and 4.12,

‘‘Exercise Limits,’’ to require CBOE

members who trade on-CBOE listed

option contracts and who are not

members of the exchange where the

options are traded to comply with the

option position and exercise limits set

by the exchange where the transactions

are effected.1 In addition, the CBOE

proposes to amend the text of CBOE

Rule 4.12 to replace references to the

Exchange’s previous equity option

position limits with references to the

Exchange’s current equity position

limits, which were excluded

inadvertently from the text of CBOE

Rule 4.12 when the equity option

position limits were increased in

December 1993.2 Finally, the CBOE

proposes to amend CBOE Rules 4.11

and 4.12 to indicate that the Exchange’s

position and exercise limits are now

established by the staff of the CBOE,

rather than by the CBOE’s Board of

Directors (‘‘Board’’).

The text of the proposal is available

at the Office of the Secretary, 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

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

According to the CBOE, one purpose

of the proposal is to eliminate a

jurisdictional loophole whereby a CBOE

member, who exceeds position or

exercise limits on another options

exchange in an option class not listed

on the CBOE and who is not a member

of the other exchange, falls outside of

both the CBOE’s and the other options
Federal Register / Vol. 60, No. 104 / Wednesday, May 31, 1995 / Notices 28433

3See Position Limit Approval Order, Supra note

2.

4The Commission notes that any proposal to

revise the Exchange’s position and exercise limits

must be filed with the Commission pursuant to

Section 19(b)(2) under the Act. 5 17 CFR 200.30–3(a)(12) (1994).

exchange’s jurisdiction for position and

exercise limit purposes. The CBOE

notes that while CBOE Rules 4.11 and

4.12 prohibit excessive positions or

exercises in CBOE listed option

contracts, the CBOE’s rules do not

currently prohibit a CBOE member from

exceed applicable limits set by another

exchange for non-CBOE listed option

contracts. If the CBOE member is not a

member of the other exchange which

lists the option contracts, then the other

exchange cannot enforce its position

and exercise requirements against the

CBOE member either.

The proposed amendments will

extend CBOE Rules 4.11 and 4.12 to

apply to option contracts dealt in on any

exchange (rather than only to option

contracts dealt in on the CBOE) by

requiring a CBOE member who is

effecting transactions in non-CBOE

listed option contracts on another

exchange, of which he or she is not a

member, to comply with the position

and exercise limits set by the exchange

on which the transaction is effected.

Thus, a CBOE members’s customer

transactions in non-Exchange listed

options will be brought within the

CBOE’s jurisdiction for position and

exercise limit purposes, if and when the

other exchange on which the excessive

transactions are effected does not have

member jurisdiction over the CBOE

member.

According to the CBOE, other national

securities exchange have noted a similar

jurisdictional shortfall. The CBOE

anticipates that other exchanges will

propose similar options position and

exercise limit rule changes so that

jurisdiction will be expanded uniformly

and coherently among the exchanges.

In addition, the CBOE proposes to

amend CBOE Rule 4.12 exercise limits

to correlate to current CBOE position

limits. Accordingly, the exercise limits

will be increased to 4,500, 7,500, or

10,500 option contracts. Inadvertently,

the CBOE’s exercise limits were not

increased when the equity option

position limits were increased in

December 1993.3

Finally, the CBOE proposes to amend

CBOE Rules 4.11 and 4.12 to reflect that

position and exercise limits are not

fixed by the staff of the Exchange, rather

than by the Board.4

The CBOE believes that the proposed

rule change is consistent with Section

6(b) of the Act, in general, and furthers

the objectives of section 6(b)(5), in

particular, in that it is designed to

remove impediments to a free and open

market and to protect investors and the

public interest.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

The 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 after the 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 reason 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.

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 at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principal office of the

above-mentioned self-regulatory

organization. All submissions should

refer to the file number in the caption

above and should be submitted by June

21, 1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–13219 Filed 5–30–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35757; File No. SR–PSE–

95–15

Self Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Stock Exchange, Inc. Relating

to Administrative ‘‘Late’’ Charges

May 24, 1995.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on May 16, 1995, the

Pacific Stock Exchange, Inc. (‘‘PSE’’ 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 PSE is proposing to amend its

Schedule of Rates to establish a late

charge, applicable to members and

member organizations, for the failure to

pay Exchange dues, fees, fines or

charges that are past due.

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.