13492 Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Notices

1See letter from David Rusoff, Foley & Lardner,

to Jennifer Choi, SEC, dated February 27, 1995. The

original filing incorrectly references Rule 3 of

Article IV of the Exchange Rules as the rule to be

amended. Amendment No. 1 alters the proposed

rule change to reference Rule 3 of Article XII as the

correct rule to be amended.

2The Exchange does not specifically define the

term ‘‘associated person’’ in its Rules. For purposes

of Rule 3, Article XII, the Exchange refers to an

associated person as defined in Section 3(a)(18) of

the Securities Exchange Act of 1934. Conversation

with David Rusoff, Foley & Lardner, and Jennifer

Choi, Attorney, SEC, dated February 27, 1995.

Section 3(a)(18) defines an ‘‘associated person of a

broker or dealer’’ as any ‘‘partner, officer, director,

or branch manager of such broker or dealer (or any

person occupying a similar status or performing

similar functions), any person directly or indirectly

controlling, controlled by, or under common

control with such broker or dealer, or any employee

of such broker or dealer * * *.’’

3Class B violations involve minor offenses such

as dress code and smoking violations.

4Class A represents more serious violations than

Class B and includes such conduct as fighting,

threatening speech, and other conduct that is

detrimental to the interest or welfare of the

Exchange.

5A member summarily excluded has the right to

petition for reinstatement after a sufficient ‘‘coolingoff’’ period has elapsed.

persons will be given a reasonable

opportunity to be present, to produce

evidence and to be heard.

NOTICE OF PUBLIC HEARINGS: Pursuant to

section 125(f) of the Trade Act of 1974

(19 U.S.C. 2135), the Trade Policy Staff

Committee (TPSC), chaired by the Office

of the United States Trade

Representative, has scheduled a public

hearing beginning at 10:00 a.m., on

Tuesday, April 4, 1995, at the White

House Conference Center, 726 Jackson

Place, Washington, DC.

REQUESTS TO PRESENT ORAL TESTIMONY:

Parties wishing to testify orally at the

hearings must provide written

notification of their intention by noon,

March 24, 1995 to Carolyn Frank,

Executive Secretary, Trade Policy Staff

Committee, Office of the United States

Trade Representative, Room 501, 600

17th Street N.W., Washington, D.C. The

notification should include (1) the name

of the person presenting the testimony,

their address and telephone number; (2)

the organization or company they are

representing, if appropriate; and (3) a

brief summary of their presentation,

including the product(s), with HTSUS

numbers. Those parties presenting oral

testimony must also submit a written

brief, in 20 copies by noon, March 24,

1995. Remarks at the hearing should be

limited to no more than five minutes to

allow for possible questions from the

Chairman and the interagency panel.

Participants should provide 30 typed

copies of their oral statement at the time

of the hearings. Any confidential

material must be clearly marked as such

on the cover page (or letter) and

succeeding pages. Such submissions

must be accompanied by a

nonconfidential summary thereof.

WRITTEN BRIEFS: Those persons not

wishing to participate in the hearing

may submit written comments, in

twenty typed copies, no later than noon,

March 29, 1995 to Carolyn Frank,

Executive Secretary, Trade Policy Staff

Committee, Office of the United States

Trade Representative, Room 501, 600

17th Street, N.W., Washington, D.C.

Comments should state clearly the

position taken and describe with

particularity the evidence supporting

that position. Any business confidential

material must be clearly marked as such

on the cover page (or letter) and

succeeding pages. Such submissions

must be accompanied by a

nonconfidential summary thereof.

Nonconfidential submissions will be

available for public inspection at the

USTR Reading Room. An appointment

to review the file may be made by

calling Brenda Webb (202–395–6186).

Frederick L. Montgomery,

Chairman, Trade Policy Staff Committee.

[FR Doc. 95–6055 Filed 3–10–95; 8:45 am]

BILLING CODE 3190–01–M

POSTAL RATE COMMISSION

Notice of Commission Visit

Members of the Commission staff will

attend a meeting in the Arlington

Ballroom in the Crystal Gateway

Marriott Hotel, 1700 Jefferson Davis

Highway, Arlington, Virginia on March

13, 1995. At the meeting,

representatives of the United States

Postal Service will discuss potential

proposals to amend the Domestic Mail

Classification Schedule with mailers

interested in reclassification. The

meeting is scheduled to begin at 1:00

pm and conclude at approximately 4:00

pm.

Margaret P. Crenshaw,

Secretary.

[FR Doc. 95–6150 Filed 3–8–95; 4:20 pm]

BILLING CODE 7710–FW–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–35449; File No. SR–CHX–

95–5]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Chicago Stock Exchange,

Incorporated Relating to the Authority

of the Committee on Floor Procedure

March 7, 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 February 10, 1995,

the Chicago Stock Exchange,

Incorporated (‘‘CHX’’ 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 selfregulatory organization. On March 1,

1995, the Exchange submitted to the

Commission Amendment No. 1 to the

proposed rule change.1 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

At present, Rule 3 of Article XII

provides the Committee on Floor

Procedure with the authority to

summarily fine members and exclude

them from the Exchange premises under

certain circumstances. The Exchange

proposes to amend Rule 3 and

interpretation .02 thereunder to provide

the Committee on Floor Procedure with

the same authority over persons

associated with a member.2 Under the

current Rule 3, the Committee on Floor

Procedure or an appropriately

designated subcommittee has the

authority to summarily fine and exclude

from the Exchange a member whose

conduct is deemed to be improper and

to recommend investigations pursuant

to Rule 1 of Article XII regarding any

conduct on the floor of the Exchange.

Specifically, any member of the Floor

Committee or a member of its

appropriately designated subcommittee

may summarily fine any member for

conduct classified as Class B3 in an

amount not to exceed $100. For conduct

classified as Class A offenses,4 any

member of the Floor Committee or a

member of its appropriately designated

subcommittee with the concurrence of

two other floor officials (floor governors

if immediately available) may

summarily fine a member in an amount

not to exceed $2,500 and summarily

exclude a member from the Exchange

for no longer than the remainder of the

trading day.

For either class of offenses, a member,

who has been adversely affected by any

action taken under Rule 3, except for a

summary exclusion,5 by any person or
Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Notices 13493

1See, Securities Exchange Act Release Nos. 28866

(February 7, 1991), 56 FR 5854 (February 13, 1991);

29524 (August 5, 1991), 56 FR 38160 (August 12,

1991), 30353 (February 7, 1992), 57 FR 5918

(February 18, 1992); 31011 (August 7, 1992), 57 FR

38704 (August 26, 1992); 32280 (May 7, 1993), 58

FR 28424 (May 13, 1993); 33975 (April 28, 1994),

59 FR 23243 (May 5, 1994); 34493 (August 5, 1994),

59 41531 (August 12, 1994).

body, other than the full Floor

Procedure Committee, may appeal to the

full Floor Procedure Committee within

five days of receiving notice of the

action by making a written request.

Upon appeal, the full Floor Procedure

Committee may increase or decrease the

amount of a summary fine or the length

of an exclusion from the Exchange. The

Floor Procedure Committee, however,

may not fine a member in an amount in

excess of $2,500 or exclude a member

from the Exchange in excess of five full

business days. The decision of the Floor

Procedure Committee is deemed final

with respect to any action involving no

more than a $100 fine.

By written request, a member may

appeal a determination of the full Floor

Procedure Committee involving more

than a $100 fine to the Executive

Committee. The Executive Committee

will review the report of the action as

certified by the Secretary unless it

decides to open the record for

additional evidence. The Executive

Committee may increase or decrease the

amount of a summary fine or the length

of an exclusion after review. The

Executive Committee, however, may not

fine a member in an amount in excess

of $2,500 or exclude a member from the

Exchange in excess of five full business

days.

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

At present, CHX Rule 3 of Article XII

describes the ability of the Exchange’s

Committee on Floor Procedure to

summarily fine members and exclude

them from the Exchange premises. The

purpose of the proposed rule change is

to give the Committee on Floor

Procedure the same authority over

persons associated with a member.

2. Statutory Basis

The proposed rule change is

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

Act in that it is designed to prevent

fraudulent and manipulative acts and

practices and to perfect the mechanisms

of a free and open market.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any inappropriate 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 either

solicited or 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, 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. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the Exchange. All submissions

should refer to File No. SR–CHX–95–5

and should be submitted by April 3,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6086 Filed 3–10–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–35448; File No. SR–CSE–

95–03]

Self-Regulatory Organization; Notice of

Filing of Proposed Rule Change by the

Cincinnati Stock Exchange, Inc.

Relating to Preferencing of Agency

Orders by Approved Dealers

March 7, 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 March 1, 1995, the

Cincinnati Stock Exchange; Inc. (‘‘CSE’’

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 CSE hereby proposes to

permanently adopt Exchange Rule

11.9(u) and related portions of Rule

11.9(a) and (m). The rules were

approved by the Commission on a pilot

basis on February 7, 1991, and have

been in effect since then.1 The current

pilot expires May 18, 1995.

The Exchange is also requesting that,

in granting permanent approval, the

Commission not impose two restrictions

related to payment for order flow and

the number of securities in which an

Exchange specialist may preference.

These conditions appear only in the text

of certain Commission releases

approving and extending the pilot

program; they are not part of the text of

the Exchange’s rules. The text of the

proposed rule change is as follows