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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-57770; File No. SR-Amex-2008-37]
NOTICE: NOTICES
ACTION: Self-Regulatory Organizations; Proposed Rule Changes:
SUBJECT CATEGORY: Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Roll-Out of the Amex Book Clerk Program
DOCUMENT SUMMARY: May 2, 2008.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on May 1, 2008, the American Stock Exchange LLC (``Exchange'' or
``Amex'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
The Exchange has designated this proposal as noncontroversial under
section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b4(f)(6)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. 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 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b4(f)(6).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange seeks to extend the implementation period of the Amex
Book Clerk (``ABC'') program from May 2, 2008 through December 31,
2008. The text of the proposed rule change is available on the
Exchange's Web site (http://www.amex.com), at the Exchange's principal office, and at the Commission's Public Reference Room.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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 Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission recently approved the Exchange's proposed rule
change (1) to eliminate the obligation and ability of an Exchange
options specialist to act as an agent in connection with orders in his
or her assigned options classes; and (2) to amend certain Exchange rules relating to the operation of the ABC program.\5\
\5\ See Securities Exchange Act Release No. 56804 (November 16,
2007), 72 FR 66002 (November 26, 2007) (SRAmex2006107) (``ABC Proposal'').
Exchange Rule 995ANTE originally provided that the rollout of the ABC Proposal would occur over a sixmonth period ending on May 1, 2008. The Exchange herein proposes an extension of the rollout period commencing on May 2, 2008 and ending on December 31, 2008. The Exchange submits that complexities associated with a proposed transaction with NYSE Euronext, Inc. have caused a delay in the original ABC Proposal rollout schedule. The Exchange believes that an extension of the roll out of the ABC Proposal through December 31, 2008 will allow the Exchange to complete the implementation and rollout of the ABC Proposal in a reasonable and measured manner.
As set forth in the ABC Proposal and the Exchange's Regulatory Circular 200803 (January 23, 2008), during the rollout period, options specialists who continue to operate the customer limit order book will continue to be subject to the same agency obligations as are currently provided under Amex Rules 950ANTE(l) and 958ANTE(e). 2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) \6\ of the Act in general and section 6(b)(5) \7\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, and processing of
information with respect to facilitating transactions in securities, to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. Additionally, the proposed rule change is not designed to
[[Page 26453]]
permit unfair discrimination between customers, issuers, brokers and dealers.
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange 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. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has designated the proposed rule change as one that:
(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 the
date of filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest.\8\
Therefore, the foregoing rule change has become effective pursuant to
section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b
4 thereunder.\10\ The Exchange has asked the Commission to waive the
operative delay to permit the extension of the implementation period of
the ABC program to become operative prior to the 30th day after filing,
in order to allow the implementation period to continue without interruption.
\8\ In addition, Rule 19b4(f)(6)(iii) requires a self
regulatory organization to provide the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. 17 CFR
240.19b4(f)(6)(iii). The Exchange has fulfilled this requirement. \9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b4(f)(6).
The Commission believes that waiving the 30day operative delay is
consistent with the protection of investors and the public interest and
will allow the Exchange to extend the rollout of the ABC program,
which expired on May 1, 2008, without interruption.\11\ Therefore, the Commission designates the proposal operative upon filing.
\11\ For purposes only of waiving the 30day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the 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. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRAmex200837. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml). 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRAmex200837 and should be submitted on or before May 30, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\
\12\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E810340 Filed 5808; 8:45 am]
BILLING CODE 801001P
SUMMARY: American Stock Exchange LLC,
DOCUMENT BODY 2: May 2, 2008.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b4 thereunder,\2\ notice is hereby given that
on May 1, 2008, the American Stock Exchange LLC (``Exchange'' or
``Amex'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been substantially prepared by the Exchange.
The Exchange has designated this proposal as noncontroversial under
section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b4(f)(6)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. 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 240.19b4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b4(f)(6).
I. SelfRegulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange seeks to extend the implementation period of the Amex
Book Clerk (``ABC'') program from May 2, 2008 through December 31,
2008. The text of the proposed rule change is available on the
Exchange's Web site (http://www.amex.com), at the Exchange's principal office, and at the Commission's Public Reference Room.
II. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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 Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such statements.
A. SelfRegulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission recently approved the Exchange's proposed rule
change (1) to eliminate the obligation and ability of an Exchange
options specialist to act as an agent in connection with orders in his
or her assigned options classes; and (2) to amend certain Exchange rules relating to the operation of the ABC program.\5\
\5\ See Securities Exchange Act Release No. 56804 (November 16,
2007), 72 FR 66002 (November 26, 2007) (SRAmex2006107) (``ABC Proposal'').
Exchange Rule 995ANTE originally provided that the rollout of the ABC Proposal would occur over a sixmonth period ending on May 1, 2008. The Exchange herein proposes an extension of the rollout period commencing on May 2, 2008 and ending on December 31, 2008. The Exchange submits that complexities associated with a proposed transaction with NYSE Euronext, Inc. have caused a delay in the original ABC Proposal rollout schedule. The Exchange believes that an extension of the roll out of the ABC Proposal through December 31, 2008 will allow the Exchange to complete the implementation and rollout of the ABC Proposal in a reasonable and measured manner.
As set forth in the ABC Proposal and the Exchange's Regulatory Circular 200803 (January 23, 2008), during the rollout period, options specialists who continue to operate the customer limit order book will continue to be subject to the same agency obligations as are currently provided under Amex Rules 950ANTE(l) and 958ANTE(e). 2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6(b) \6\ of the Act in general and section 6(b)(5) \7\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, and processing of
information with respect to facilitating transactions in securities, to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. Additionally, the proposed rule change is not designed to
[[Page 26453]]
permit unfair discrimination between customers, issuers, brokers and dealers.
\6\ 15 U.S.C. 78f.
\7\ 15 U.S.C. 78f(b)(5).
B. SelfRegulatory Organization's Statement on Burden on Competition
The Exchange 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. SelfRegulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has designated the proposed rule change as one that:
(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 the
date of filing, or such shorter time as the Commission may designate if
consistent with the protection of investors and the public interest.\8\
Therefore, the foregoing rule change has become effective pursuant to
section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b
4 thereunder.\10\ The Exchange has asked the Commission to waive the
operative delay to permit the extension of the implementation period of
the ABC program to become operative prior to the 30th day after filing,
in order to allow the implementation period to continue without interruption.
\8\ In addition, Rule 19b4(f)(6)(iii) requires a self
regulatory organization to provide the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. 17 CFR
240.19b4(f)(6)(iii). The Exchange has fulfilled this requirement. \9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b4(f)(6).
The Commission believes that waiving the 30day operative delay is
consistent with the protection of investors and the public interest and
will allow the Exchange to extend the rollout of the ABC program,
which expired on May 1, 2008, without interruption.\11\ Therefore, the Commission designates the proposal operative upon filing.
\11\ For purposes only of waiving the 30day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the 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. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRAmex200837. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions Internet Web site (http://www.sec.gov/rules/sro.shtml). 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, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SRAmex200837 and should be submitted on or before May 30, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\
\12\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E810340 Filed 5808; 8:45 am]
BILLING CODE 801001P
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