NYSE Rulemaking:
Notice of Extension of the Comment Period for the Proposed Rule Change by the New York Stock Exchange, Inc. Relating to Shareholder Approval of Stock Option Plans

SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-40847; File No. SR-NYSE-98-32)

December 28, 1998

Self-Regulatory Organizations; Notice of Extension of the Comment Period for the Proposed Rule Change by the New York Stock Exchange, Inc. Relating to Shareholder Approval of Stock Option Plans

On October 13, 1998, the New York Stock Exchange, Inc. ("NYSE" or "Exchange") filed with the Securities and Exchange Commission ("SEC" or "Commission"), a proposed rule change, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ¹ and Rule 19b-4 thereunder, ² to amend the Listed Company Manual (the "Manual") regarding the Exchange's shareholder approval policy (the "Policy") with respect to stock option and similar plans ("Plans"). A complete description of the proposed rule change is found in the notice of filing which was published in the Federal Register on November 16, 1998. ³

In response to the solicitation of comments, the Commission received a request to extend the comment period. ⁴ Given the public's interest in the proposed rule change and the Commission's desire to give the public sufficient time to consider the proposal, the Commission has decided to extend the comment period pursuant to Section 19(b)(2) of the Act. ⁵ Accordingly, the comment period shall be extended until January 25, 1999.

Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. 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 in the Commission's Public Reference Room. Copies of such filing will also be available for inspection and copying at the principal office of the NYSE. All submissions should refer to File No. SR-NYSE-98-32 and should be submitted by January 25, 1999.

For the Commission, by the Division of Market Regulation, pursuant to delegated authority. ⁶

Jonathan G. Katz
Secretary

Footnotes

¹ 15 U.S.C. 78s(b)(1).

² 17 CFR 240.19b-4.

³ Securities Exchange Act Release No. 40679 (November 13, 1998) 63 FR 64304 (November 19, 1998)("Release") The notice also solicited comment on several specific issues. See Section IV of the Release.

⁴ See Letter from Sarah Teslik, Council of Institutional Investors, to Jonathan G. Katz, Secretary, SEC, dated November 20, 1998. As originally noticed, the comment period expired on December 10, 1998.

⁵ 15 U.S.C. 78s(b)(2).

⁶ 17 CFR 200.30-3(a)(12).

http://www.sec.gov/rules/sro/ny9832n2.htm