[Federal Register Volume 60, Number 38 (Monday, February 27, 1995)]
[Notices]
[Pages 10626-10627]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-4706]



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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-35395; File No. SR-PSE-95-03]


Self-Regulatory Organizations; Notice of Filing of Proposed Rule 
Change by the Pacific Stock Exchange, Inc. Relating To Establishing New 
Listing Fees Applicable to Small Corporate Offering Registration 
(``SCOR'') Securities

February 17, 1995.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') 15 U.S.C. Sec. 78s(b)(1), notice is hereby given that on 
February 13, `1995, the Pacific Stock Exchange, Inc. (``PSE'' 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 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 establish new fees applicable to Small 
Corporate Offering Registration (``SCOR'') securities.\1\

    \1\The PSE's proposal for the listing and trading of SCOR 
securities is currently pending Commission approval. The proposal 
was published for public comment in Securities Exchange Act Release 
No. 35140 (December 22, 1994), 60 FR 159 (January 3, 1995) (File No. 
SR-PSE-94-31).
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SCOR Marketplace--Listing Fee Schedule

Original Listings

    The Original Listing fees are fixed fees and issues are not 
charged by the number of shares being listed.
Common Stock
$5,000.00
Preferred Stock
5,000.00

Processing Fee

Per Original Listing Application*:
$500.00
Name change
250.00
Change in Par Value
250.00
________________
    *This is a fixed charge for the review of potential listings and 
is non-refundable. Issues approved for listing may have this charge 
credited toward the original listing fee.

Substitution of Original Listing

Per Application
Fixed charge of $750.00
    Substitution may occur as a result of a change in state of 
incorporation, reincorporation under laws of same state, a reverse 
stock split, recapitalizations, or similar events.

Listing of Additional Shares

    Per Application:
    $.0025 per share
    Minimum charge of $500.00
    Maximum charge of $2,500.00 [[Page 10627]] 
    Maximum charge of $5,000.00 per annum

Annual Maintenance Fee

For one issue
$1,000.00
For each additional issue
500.00
    Payable January of each year following listing.

Conversion Fee

    Conversion from the SCOR Market place to Tiers I or II.
Common Stock
$15,000.00

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 Exchange is proposing to add the following fees, relating to 
the Exchange's SCOR Marketplace program, to the exchange's Listing Fee 
Schedule. The Exchange is proposing to establish original listing fees 
of $5,000 for common stock and $5,000 for preferred stock. The Exchange 
is also proposing to adopt the following processing fees: $500 per 
original listing application; $250 per name change; and $250 per change 
in par value. In addition, the Exchange is proposing to set a fixed 
charge of $750 per application for a substitution of original listing 
which may occur as a result of a change in state of incorporation, 
reverse stock split, recapitalization, or similar events. With respect 
to the listing of additional shares, the Exchange is proposing to 
establish the following fees per application: $.0025 per share, with a 
minimum charge of $500, a maximum charge of $2,500, and in the case of 
multiple applications, a maximum charge of $5,000 per annum. The 
Exchange is also proposing to adopt an annual maintenance fee of $1,000 
per issue, plus $500 for each additional issue. Finally, the Exchange 
is proposing to establish a conversion fee (for conversion from listing 
within the SCOR Market place to the regular listing) of $15,000 for 
common stock.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act, in general, and Section 6(b)(4) of the Act in that it is intended 
to provide for the equitable allocation of reasonable fees and charges 
among persons using the Exchange's facilities.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The PSE does not believe that the proposed rule change will impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    Written comments on the proposed rule change were neither solicited 
nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the publication of this notice in the Federal 
Register or within such other 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 the 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 NW., Washington, DC 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. Sec. 552, will be available for inspection and copying at 
the Commission's Public Reference Section, 450 Fifth Street NW., 
Washington, DC 20549. Copies of such filing will also be available for 
inspection and copying at the principal office of the PSE. All 
submissions should refer to File No. SR-PSE-95-03 and should be 
submitted by [insert date 21 days from date of publication].

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-4706 Filed 2-24-95; 8:45 am]
BILLING CODE 8010-01-M