Federal Register / Vol. 60, No. 54 / Tuesday, March 21, 1995 / Notices 14995

10See Securities Exchange Act Release Nos.

33468 (January 13, 1994), 59 FR 3387 (January 21,

1994) (order originally approving the listing of

ELNs on the NYSE); 33841 (March 31, 1994), 59 FR

16671 (April 7, 1994) (order approving revised

market capitalization and trading volume

requirements for the listing of ELNs on the NYSE);

34545 (August 18, 1994), 59 FR 43877 (August 25,

1994) (order approving the listing of ELNs on the

NYSE linked to securities issued by non-U.S.

companies).

11See Secruities Exchange Act Release Nos. 32343

(May 20, 1993), 58 FR 30833 (May 27, 1993) (order

originally approving the listing of ELNs on the

Amex); 33328 (December 13, 1993), 58 FR 66041

(December 17, 1993) (order approving revised

market capitalization and trading volume

requirements for the listing of ELNs on the Amex);

34549 (August 18, 1994), 59 FR 43873 (August 25,

1994) (order approving the listing of ELNs on the

Amex linked to securities issued by non-U.S.

companies).

12See Securities Exchange Act Release No. 34759

(September 30, 1994), 59 FR 50939 (October 6,

1994).

13See Securities Exchange Act Release No. 34758

(September 30, 1994), 59 FR 50943 (October 6,

1994).

14The Commission notes that prior to listing any

ELNs, the Exchange will be required to obtain

approval from the staff of the Commission

concerning the Exchange’s surveillance procedures

applicable to the trading ELNs. 15 17 CFR 200.30–3 (a)(12) (1994).

(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

Because the foregoing proposed rule

change: (1) Does not significantly affect

the protection of investors or the public

interest; (2) does not impose any

significant burden on competition; and

(3) does not become operative for 30

days from February 22, 1995, it has

become effective pursuant to Section

19(b) (3) (A) of the Act and Rule 19b–

4 (e) (6) thereunder. The proposed ELN

listing standards are virtually identical

to the listing standards for equity linked

notes previously approved by the

Commission for NYSE,10 the Amex,11

the CBOE,12 and the NASD.13

Accordingly, because the Commission

has already approved similar rules for

other exchanges, the Phlx believes that

summary effectiveness of the proposed

rule change will not significantly affect

the protection of investors or the public

interest and will not impose any

significant burden on competition.14 At

any time within 60 days of the filing of

the proposed 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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street NW.,

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 NW.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Phlx. All submissions

should refer to File No. SR–Phlx–95–09

and should be submitted by April 11,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.15

Johathan G. Katz,

Secretary.

[FR Doc. 95–6842 Filed 3–20–95; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

to Withdraw From Listing and

Registration; (Conversion Industries,

Inc., Common Stock, No Par Value) File

No. 1–10249

March 15, 1995

Conversion Industries, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

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 American Stock

Exchange, Inc. (‘‘Amex’’ or

‘‘Exchange’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, the

Company received a letter dated

October 11, 1994, from the Exchange

stating that it was considering delisting

the Security because it believed that the

Company had violated the Exchange’s

listing agreement and disclosure

policies. The Company responded to the

letter in writing to the Exchange dated

November 3, 1994. In addition, the

Company attended on November 3,

1994, a conference at the Exchange in

which it made an extensive oral

submission for the Exchange’s

consideration. Thereafter, the Company

submitted voluminous documents in

response to requests by the Exchange.

According to the Company, on

November 23, 1994, the Company

received a letter from the Exchange

stating that the Exchange had made a

determination to delist the Security.

Although the Company initially

elected to appeal the Exchange’s

decision to delist the Security to the

Exchange’s Board of Governors, the

Company has decided to settle matters

by removing the Security from the

Exchange. The Company believes that

due to the impasses between the

Exchange and the Company and the

anticipated large expenditures of money

and management time which would be

required before a final resolution of the

matters at issue could be obtained, it is

in the best interest of the Company and

its shareholders that matters be settled

by delisting the Security from the

Exchange.

The Exchange has also agreed that it

would be in the best interest of the

Exchange and the investing public to

resolve this issue between the Company

and the Exchange in this manner.

Any interested person may, on or

before April 6, 1995, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street

NW., Washington, D.C. 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. 95–6941 Filed 3–20–95; 8:45 am]

BILLING CODE 8010–01–M