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OGC-99-28 1 (1999-01-06)

handle is hein.gao/gaobablxn0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-281761 January 6, 1999 The Honorable Phil Gramm Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Regulation of Exchanges and Alternative Trading Systems Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC), entitled Regulation of Exchanges and Alternative Trading Systems (RIN: 3235- AH41). We received the rule on December 10, 1998. It was published in the Federal Register as a final rule on December 22, 1998. 63 Fed. Reg. 70844. The final rule, consisting of new SEC rules and rule amendments, contains Rules 3al-i and 3b-16 which allow alternative trading systems to choose whether to register as national securities exchanges, or to register as broker-dealers, depending on their activities and trading volume. In addition, Regulation ATS will require alternative trading systems that trade a certain volume of securities to make their best prices known to the public and allow non-subscribers access to those prices. The final rule also amend Rules 6a-1, 6a-2, and 6a-3 regarding registration as a national securities exchange. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the SEC complied with the applicable requirements. GAO/OGC-99-28

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