[Federal Register: January 12, 1999 (Volume 64, Number 7)] [Notices] [Page 1841-1842] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr12ja99-108] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-40879; File No. SR-BSE-98-13] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by the Boston Stock Exchange, Inc. Relating to Portfolio Depositary Receipts January 4, 1999. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on December 8, 1998, the Boston Stock Exchange, Inc. (``BSE'' 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 BSE.\3\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ The BSE submitted Amendment No. 1 to the proposed rule change, which made certain non-substantive textual changes and redesignated the proposal as immediately effective pursuant to section 19(b)(3)(A) of the Act and Rule 19b-4(e)(6) thereunder. See letter from Karen A. Aluise, Vice President, BSE, to Anitra Cassas, Attorney, Division of Market Regulation, Commission, dated December 18, 1998. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The BSE seeks to amend section 5 of Chapter XXIV of its rules regarding Portfolio Depositary Receipts to insert trademark information concerning Standard & Poor's products. The text of the proposed rule change is available at the Office of the Secretary, the BSE 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 BSE 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 BSE 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 purpose of the proposed rule change is to amend Section 5 of Chapter XXIV of BSE rules regarding Portfolio Depositary Receipts to insert a footnote regarding Standard & Poor's standard trademark information and the Exchange's right to limited use of those marks pursuant to a license agreement with Standard & Poor's. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with section 6(b) \4\ of the Act, in general, and furthers the objectives of section 6(b)(5),\5\ in particular, in that it is designed to promote just and equitable principles of trade; to foster cooperation and coordination with persons engaged in regulating, clearing, settling, and processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and, in general, to protect inverstors and the public interest. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The BSE 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 No written comments were either solicited or received on 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 December 8, 1998, the date on which it was filed, the proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act \6\ and subparagraph (e)(6) of Rule 19b-4 thereunder.\7\ Although Rule 19b- 4(e)(6) requires that an Exchange submit a notice of its intent to file at least five days prior to the filing date, the Commission waived this period for the proposed rule change at the Exchange's request. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 17 CFR 240.19b-4(e)(6). --------------------------------------------------------------------------- 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, 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, 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 [[Page 1842]] 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 with also be available for inspection and copying at the principal office of the BSE. All submissions should refer to File No. SR-BSE-98-13 and should be submitted by February 2, 1999. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Margaret H. McFarland, Deputy Secretary. [FR Doc. 99-598 Filed 1-11-99; 8:45 am] BILLING CODE 8010-01-M