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 or Stock Option Plans

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-40847; File No. SR-NYSE-98-32]

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 or Stock Option Plans

December 28, 1998.

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\

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\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.

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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

[[Page 562]]

comment period shall be extended until January 25, 1999.

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\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).

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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 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

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\

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\6\ 17 CFR 200.30-3(a)(12).

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Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 99-21 Filed 1-4-99; 8:45 am]

BILLING CODE 8010-01-M