Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change and Amendment Nos. 1 and 2 Thereto Relating to Amendments to Amex Rules 26 and 27, 52146-52150 [E5-4772]
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52146
Federal Register / Vol. 70, No. 169 / Thursday, September 1, 2005 / Notices
with the Investing Fund’s investment
restrictions and will be consistent with
the Investing Fund’s investment
objectives and policies as set forth in its
prospectus and statement of additional
information.
5. So long as its shares are held by an
Investing Fund, a Money Market Fund
will not acquire securities of any other
investment company or company
relying on section 3(c)(1) or 3(c)(7) of
the Act in excess of the limits contained
in section 12(d)(1)(A) of the Act.
6. Each Investing Fund and each
Money Market Fund that may rely on
the order shall be advised by an
Adviser. Each Investing Fund and
Money Market Fund will be in the same
group of investment companies as
defined in section 12(d)(1)(G) of the Act.
7. Before the Investing Funds may
participate in a Securities Lending
Program, a majority of the Board,
including a majority of the Independent
Trustees, will have approved the
Investing Fund’s participation in the
Securities Lending Program. The Board
also will evaluate the securities lending
arrangement and its results no less
frequently than annually and determine
that any investment of Cash Collateral
in the Money Market Funds is in the
best interests of the Investing Fund.
8. The Board of each Investing Fund
will satisfy the fund governance
standards as defined in rule 0–1(a)(7)
under the Act by the compliance date
for the rule.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4788 Filed 8–31–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52334; File No. SR–Amex–
2005–068]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change
and Amendment Nos. 1 and 2 Thereto
Relating to Amendments to Amex
Rules 26 and 27
August 25, 2005.
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 June 17,
2005, the American Stock Exchange LLC
(‘‘Amex’’ or ‘‘Exchange’’) filed with the
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by Amex. On June 30, 2005, Amex filed
Amendment No. 1 to the proposed rule
change.3 On August 19, 2005, Amex
filed Amendment No. 2 to the proposed
rule change.4 The Commission is
publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Amex Rules 26 and 27 for the purpose
of: (i) Combining the Equities, Options
and Special Allocations Committees; (ii)
changing the composition of the new
Allocations Committee; and (iii)
providing the Performance Committee
with the authority to reallocate
securities in connection with specialist
transfers.
The text of the proposed rule change
is available on the Amex’s Web site
(https://www.amex.com), at the principal
office of the Amex, and at the
Commission’s Public Reference Room.
The text of the proposed rule change
also appears below. Proposed new
language is italicized; proposed
deletions are in [brackets].
Rule 26. Performance Committee
(a) No Change.
(b) The Performance Committee shall
review, and approve, disapprove or
conditionally approve, mergers and
acquisitions of specialist units, transfers
of one or more specialist registrations,
specialist joint accounts, and changes in
control or composition of specialist
units. The Performance Committee shall
approve a proposed transaction
involving a specialist unit unless it
determines that a countervailing
institutional interest indicates that the
transaction should be disapproved or
conditionally approved. In determining
whether there is a countervailing
institutional interest, the Performance
Committee shall consider the
maintenance or enhancement of the
3 In Amendment No. 1, the Exchange made a nonsubstantive correction to the proposed rule text of
Amex Rule 26 and made a correction to the
proposed rule text of Amex Rule 27 to reflect that,
in the case of an equity security, the list of qualified
specialists shall consist of five specialists.
4 In Amendment No. 2, the Exchange made
corrections to the proposed rule text of Amex Rule
27 to clarify that: (1) The Allocations Committee
may consist of, among others, four brokers for
equities and all other securities admitted for trading
on the Exchange except Exchange Traded Funds
and options; and (2) the Allocations Committee may
be chaired by the Chief Executive Officer’s
designee.
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quality of the Exchange’s market, taking
into account the criteria that the
Allocations Committee may consider in
making an initial allocation
determination (Rule 27(b)) and other
considerations as may be relevant in the
particular circumstances. The
Performance Committee shall be
convened to reallocate securities when
there is a business transaction that
results in the transfer of one or more
specialist registrations. The
Performance Committee shall allocate
the securities in accordance with the
agreement of the parties unless the
Committee determines that a
countervailing institutional interest
indicates that there should be some
other allocation.
The Performance Committee shall
evaluate specialists, individually and/or
collectively as units, to determine
whether they have fulfilled performance
standards relating to, among other
things: (1) Quality of markets, (2)
competition with other markets, (3)
observance of ethical standards, and (4)
administrative factors. The Performance
Committee may consider any relevant
information, including but not limited
to the results of the Specialist Floor
Broker Questionnaire, trading data, a
member’s regulatory history, order flow
statistics, and such other factors and
data as may be pertinent in the
circumstances. The Performance
Committee also may review specialists,
individually and/or collectively as
units, with respect to capital
requirements and the ‘‘early warning
level’’ set forth in Commentary .06 to
Rule 171. The Performance Committee
may take one or more of the following
actions if it finds that a specialist or unit
has failed to properly perform as a
specialist: (1) Send admonitory letters,
(2) refer matters to the Exchange’s
Enforcement Department for
investigation and possible disciplinary
proceedings, (3) counsel specialists on
how to improve their performance, (4)
require specialists to adopt a
performance improvement plan, (5)
reorganize specialist units, (6) require
the reallocation of securities, (7)
suspend a specialist’s or unit’s
registration as a specialist for a specific
period of time, or (8) prohibit a
specialist or unit from receiving
allocations in a particular situation or
for a specified period of time. In
appropriate circumstances, the
Performance Committee may confine a
prohibition on new allocations to one of
the three classes of securities traded on
the Exchange (i.e., equities, Exchange
Traded Funds or options), or otherwise
target a remedial action to a particular
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class of security traded by a specialist or
unit.
(c) through (h)—No Change.
Commentary
.01 through .08—No Change.
Rule 27. Allocations Committee
(a)[(i)] The [Options] Allocations
Committee allocates equity securities of
operating companies, equity options
admitted to dealings on the Exchange
and all other securities to be admitted
for trading on the Exchange. [It consists
of 11 persons drawn from a roster of
approximately 75 persons and is
comprised as follows: Eight Floor
members (six Floor brokers and two
Registered Options Traders) and three
representatives of upstairs member
firms. The Options Allocations
Committee is chaired by a Floor
Governor who does not vote except to
make or break a tie. In the event that no
Floor Governor is able to chair the
Committee, a Senior Floor Official may
chair the Committee. The minimum
quorum for the transaction of business
by the Options Allocations Committee
shall be six persons including at least
one representative of an upstairs
member firm. Upstairs member firm
representatives may attend meetings by
telephone.] It consists of six persons
drawn from a roster of approximately 75
persons and is comprised as follows: the
Chief Executive Officer (or his or her
designee), a representative of an
upstairs member firm and either (i) four
(4) brokers for equities and other
securities admitted to trading on the
Exchange except for Exchange Traded
Funds and options; (ii) two (2) brokers
and two (2) Registered Traders for
Exchange Traded Funds; or (iii) two (2)
brokers and two (2) Registered Options
Traders for options. The Allocations
Committee is chaired by the Chief
Executive Officer (or his or her designee)
who does not vote except to make or
break a tie. In the absence of the Chief
Executive Officer (or his or her
designee), a Floor Governor or a Senior
Floor Official may chair the Committee.
The minimum quorum for the
transaction of business by the
Allocations Committee shall be four
persons. The upstairs member firm
representative may attend meetings by
telephone.
[(ii) The Equities Allocations
Committee allocates the equity
securities of operating companies
admitted to dealings on the Exchange. It
consists of ten persons drawn from a
roster of approximately 70 persons and
is comprised as follows: six Floor
brokers, one specialist, and three
representatives of upstairs member
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firms. The Equities Allocations
Committee is chaired by a Floor
Governor who does not vote except to
make or break a tie. In the event that no
Floor Governor is able to chair the
Committee, a Senior Floor Official may
chair the Committee. The minimum
quorum for the transaction of business
by the Equities Allocations Committee
shall be six persons. Upstairs member
firm representatives may attend
meetings by telephone.
(iii) The Special Allocations
Committee allocates securities that are
not allocated by the Options or Equities
Allocations Committees and securities
with special characteristics as may be
determined by the Chief Executive
Officer or his or her designee. It consists
of six persons drawn from a roster of
approximately 30 persons and is
comprised as follows: the Chief
Executive Officer (or his or her
designee), two brokers, two Registered
Options Traders, and a representative of
an upstairs member firm. The Special
Allocations Committee is chaired by the
Chief Executive Officer who does not
vote except to make or break a tie. In the
Chief Executive Officer’s absence, a
Floor Governor or a Senior Floor
Official may chair the Committee. The
minimum quorum for the transaction of
business by the Special Allocations
Committee shall be four persons. The
upstairs member firm representative
may attend meetings by telephone.
The Options, Special, and Equities
Allocations Committees are hereinafter
referred to as the Allocations
Committee.]
(b) No Change.
(c) No Change.
(d) At regular intervals, the [Options]
Allocations Committee shall prepare a
list (the ‘‘pre-allocation list’’) of the
most qualified option specialists on the
Exchange based upon criteria
enumerated in paragraph (b) of this Rule
and interviews of all interested
specialists conducted by the persons on
the roster of the [Options] Allocations
Committee. In the event that the
Exchange determines to list an option
following its designation by another
exchange, that option shall be allocated
to the next specialist on the preallocation list unless, in the opinion of
a majority of available Floor Governors,
a material performance situation or
another relevant matter has developed
with respect to that specialist since the
preparation of the pre-allocation list in
which case the specialist shall be
bypassed and the [Options] Allocations
Committee shall be convened as soon as
possible to determine if the specialist
should be removed from the preallocation list.
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52147
(e) If the issuer of a listed equity
security chooses to participate in the
allocation process, the Allocations
Committee shall prepare a list of
qualified specialists based on the
criteria set forth in paragraph (b). In the
case of an equity security, the list shall
consist of five specialists. In the case of
an Exchange Traded Fund or Structured
Product, the list shall consist of five
specialists. The issuer may request that
one or more specialists be placed on the
list of eligible specialists. The
Allocations Committee, however, is not
obligated to honor such requests.
Specialists that are subject to a
preclusion on new allocations as a
result of a disciplinary proceeding or
action by the Performance Committee
only are eligible for allocations of
‘‘related securities’’ as described in
Commentary .05 of this Rule. The issuer
may ask to meet with representatives of
the specialists units on the list.
The issuer shall select its specialist
from the list within five business days
of receiving the list by providing the
Exchange with a letter signed by person
of Secretary rank or higher indicating
the issuer’s choice of specialist. In the
case of an Exchange Traded Fund or
Structured Product, the selection may
be made by a senior officer of the
sponsor or issuer who has been
authorized to make such selection. If the
issuer does not make its selection in a
timely manner, the Allocations
Committee may select the specialist as
provided in paragraph (b) of this Rule.
The security shall remain with its
initial specialist for at least 120 days.
After that time, but during the first 12
months after listing, the issuer or
sponsor may request that the security be
reallocated should it become
dissatisfied with its specialist. This is
the case whether or not the issuer or
sponsor has participated in the selection
process. The issuer or sponsor is
expected to furnish an explanation for
the basis for its dissatisfaction, and if
after counseling the issuer or sponsor
and the specialist such change is still
desired, the Exchange shall reallocate
the security within 30 days. In any such
reallocation, the Exchange shall follow
the allocation procedures described in
this paragraph (e) unless the issuer or
sponsor requests the Allocations
Committee to select the specialist
without any issuer or sponsor input
under the procedures described in
paragraph (b) of this Rule.
(f) The Allocations Committee shall
be convened to reallocate securities
when (1) the Committee on Floor
Member Performance directs
reallocation, (2) a specialist requests to
be relieved of a particular security for
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good cause, or (3) a specialist’s
registration in a security is canceled due
to disciplinary action. Whenever the
Allocations Committee reallocates a
security for the reasons stated in (1)
through (3) of this paragraph, the
Allocations Committee shall follow the
procedures described in paragraph (b) of
this Rule. The Allocations Committee
also shall be convened to reallocate
securities when (4) [there is a business
transaction that results in the transfer of
one or more specialist registrations, (5)]
a specialist dissolves or recombines,
[(6)] (5) a specialist has been determined
to be in such financial or operating
condition that it cannot be permitted to
continue to specialize in one or more of
its specialty securities with safety to
investors, its creditors or other
members, or [(7)] (6) a specialist has
become subject to the pre-borrowing
requirement of Rule 203(b)(3) of
Regulation SHO under the Securities
Exchange Act of 1934 with respect to
one of its specialty securities or, in the
case of an options specialist, with
respect to the underlying security. The
Allocations Committee shall follow the
procedures described in paragraphs (g)
or (h) of this Rule, as appropriate,
whenever it reallocates securities for the
reasons stated in (4) through [(7)] (6) of
this paragraph.
(g) In the event that the participants
in a specialist unit have previously
entered into a written agreement as to
how the ‘‘book’’ will be divided in the
event of a dissolution or recombination,
[or there is a transfer of specialist
registrations as a result of a business
transaction,] the Allocations Committee
shall allocate the securities in
accordance with the agreement of the
parties, unless the Performance
Committee determines that a
countervailing institutional interest
indicates that there should be some
other allocation, in which case the
Allocations Committee shall reallocate
the securities according to instructions
received from the Performance
Committee or, if there are no
instructions, as provided in paragraph
(b) of this Rule. In the event that a
specialist unit dissolves and the
participants in the unit are unable to
enter into a written agreement as to how
the ‘‘book’’ will be divided, reallocation
shall be deferred until the dispute is
resolved through arbitration unless the
Performance Committee determines that
a countervailing institutional interest
suggests that the securities should be
reallocated prior to the conclusion of
the arbitration in which case the
Allocations Committee shall reallocate
the securities according to instructions
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received from the Performance
Committee or, if there are no
instructions, as provided in paragraph
(b) of this Rule. The Allocations
Committee shall reallocate the securities
in accordance with the decision of the
arbitration panel unless the Performance
Committee determines that a
countervailing institutional interest
indicates that there should be some
other allocation, in which case the
Allocations Committee shall reallocate
the securities as provided in paragraph
(b) of this Rule.
(h) through (i)—No Change.
Commentary
.01 through .05—No Change.
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
Amex included statements concerning
the purpose of, and basis for, the
proposed rule change, as amended, and
discussed any comments it received on
the proposed rule change, as amended.
The text of these statements may be
examined at the places specified in Item
IV below. The Amex 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 Exchange proposes to combine
the existing Equity, Options and Special
Allocations Committees into a single
‘‘Allocations Committee.’’ In addition,
the Exchange proposes to change the
composition of the Allocations
Committee and to permit the
Performance Committee to reallocate
securities in connection with specialist
transfers without approval from the
Allocations Committee.
Article II, Section 3 of the Amex
Constitution provides the Board of
Governors (‘‘Board’’) with the authority
to allocate and reallocate the equity
securities of operating companies
(‘‘equities’’), options and other
securities listed on the Exchange. The
Board in connection with the allocation
and reallocation of equities and options
classes has delegated this authority to
the Equities Allocations Committee and
the Options Allocations Committee,
respectively.5 The Board, in connection
with securities that are not allocated by
the Equities Allocations Committee or
5 See
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Options Allocations Committee and
securities with special characteristics,
has delegated authority to the Special
Allocations Committee.6 In addition, the
Performance Committee has limited
input in connection with the
reallocation of securities resulting from
a transfer of specialist units.
The Exchange states that combining
the Equities, Options and Special
Allocations Committees into a single
‘‘Allocations Committee’’ and changing
the composition of the Allocations
Committee would streamline and
provide greater efficiency to the process
for allocating and reallocating equities
and options classes.
Current Amex Rule 27 provides that
the Equities Allocations Committee
consists of six (6) floor brokers, one (1)
specialist and three (3) representatives
of upstairs member firms. The
Committee is chaired by a Floor
Governor who does not vote except to
make or break a tie. The minimum
quorum requirement is six persons. The
Options Allocations Committee consists
of eight (8) floor members, which
include six (6) floor brokers and two (2)
Registered Options Traders, and three
(3) representatives of upstairs member
firms. The Committee is chaired by a
Floor Governor who does not vote
except to make or break a tie. The
minimum quorum requirement is six
persons, including at least one
representative of an upstairs member
firm. The Special Allocations
Committee consists of the Chief
Executive Officer (or his or her
designee), two (2) brokers, two (2)
Registered Options Traders and a
representative of an upstairs member
firm. The Commission notes that the
minimum quorum requirement is four
persons. The Special Allocations
Committee is chaired by the Chief
Executive Officer who does not vote
except to make or break a tie.
The proposed rule change would
establish a single Allocations Committee
for equities, options and other listed
securities. Similar to the current Special
Allocations Committee, the Allocations
Committee would consist of the Chief
Executive Officer (or his or her
designee), a representative of an upstairs
member firm and either: (i) Four (4)
brokers for equities and other securities
admitted to trading on the Exchange
except for Exchange Traded Funds and
options; (ii) two (2) brokers and two (2)
Registered Traders for Exchange Traded
Funds; or (iii) two (2) brokers and two
(2) Registered Options Traders for
options. The Allocations Committee
would be chaired by the Chief Executive
6 See
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Officer who does not vote except to
make or break a tie. The minimum
quorum requirement would be four
persons.7
The Exchange also seeks to provide
the current Performance Committee 8
with sole authority to reallocate
securities in connection with specialist
unit transfers resulting from business
transactions. The current procedure in
Amex Rule 27 provides that the
Allocations Committee will reallocate
the securities resulting from a specialist
unit transfer in accordance with the
agreement of the parties unless the
Performance Committee determines that
a countervailing institutional interest
dictates that there should be some other
allocation. In such a case, the
Allocations Committee will reallocate
the securities according to instructions
received by the Performance Committee
or as it deems appropriate if no
instructions are received. The proposal
would amend Amex Rule 26 by
providing the sole authority and power
for the reallocation of securities in
connection with the transfer of
specialist units in the Performance
Committee rather than the Allocations
Committee. The Exchange believes that
this change will establish a better
process for reallocations due to
specialist unit transfers.
The Exchange believes that the
proposed combination of the Equities,
Options and Special Allocations
Committees and the change in the
composition of the Allocations
Committee would better serve the
interests of the Exchange and its
members by reducing potential
inefficiencies in connection with the
allocation process. The Exchange’s
experience to date has shown that the
process of allocating and reallocating
equities and options classes may be
overly and unnecessarily bureaucratic.
The Exchange believes that this is
largely due to the number of Equities,
Options and Special Allocations
Committee members and the
composition of the Equities, Options
and Special Allocations Committees.
Accordingly, the Exchange proposes to
7 The Exchange has represented that, for the
purposes of determining a quorum, the Chief
Executive Officer shall count as one of the six
persons, whereby four of the six persons would
constitute a quorum. However, the Chief Executive
Officer would not vote except to make or break a
tie. Telephone conversation of August 10, 2005,
between Jeffery Burns, Associate General Counsel,
Amex and David Michehl, Attorney, Division of
Market Regulation, Commission.
8 The Board pursuant to Article II, Section 3 of
the Constitution has delegated to the Performance
Committee the authority to evaluate specialist,
registered traders and floor broker performance and
to take specified action in response to particular
performance deficiencies.
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change the number and composition of
the Allocations Committee to
implement an improved process for
allocating and reallocating equities,
options and other securities traded on
the Exchange to specialist units. The
Exchange further states that providing
the Performance Committee with the
sole authority to reallocate securities in
connection with specialist unit transfers
would enhance the process of
reallocation in these special
circumstances.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,9
in general, and with Section 6(b)(5) of
the Act,10 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
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change, as amended,
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
The Exchange did not receive any
written comments on the proposed rule
change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
A. by order approve such proposed
rule change, as amended; or
B. institute proceedings to determine
whether the proposed rule change, as
amended, should be disapproved.
9 15
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Amex–2005–068 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE,
Washington, DC 20549–9303.
All submissions should refer to File
Number SR–Amex–2005–068. This file
number should be included on the
subject line if e-mail 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 Commission’s
Internet Web site (https://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. 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 SR–Amex–2005–068 and
should be submitted on or before
September 22, 2005.
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
10 15
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Federal Register / Vol. 70, No. 169 / Thursday, September 1, 2005 / Notices
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4772 Filed 8–31–05; 8:45 am]
Notice of availability and
request for public comment.
ACTION:
BILLING CODE 8010–01–P
DEPARTMENT OF TRANSPORTATION
Office of the Secretary
Notice of Applications for Certificates
of Public Convenience and Necessity
and Foreign Air Carrier Permits Filed
Under Subpart B (Formerly Subpart Q)
During the Week Ending August 19,
2005
The following Applications for
Certificates of Public Convenience and
Necessity and Foreign Air Carrier
Permits were filed under Subpart B
(formerly Subpart Q) of the Department
of Transportation’s Procedural
Regulations (See 14 CFR 301.201 et
seq.). The due date for Answers,
Conforming Applications, or Motions to
Modify Scope are set forth below for
each application. Following the Answer
period DOT may process the application
by expedited procedures. Such
procedures may consist of the adoption
of a show-cause order, a tentative order,
or in appropriate cases a final order
without further proceedings.
Docket Number: OST–2005–22152.
Date Filed: August 16, 2005.
Due Date for Answers, Conforming
Applications, or Motion to Modify
Scope: September 6, 2005.
Description: Joint Application of
SkyWest Airlines, Inc. (‘‘SkyWest’’) and
Atlantic Southeast Airlines, Inc.
(‘‘ASA’’), requesting a disclaimer of
jurisdiction, or, in alternative, approval
of the de facto transfer of certain
international certificate and other
authorities held by ASA to SkyWest.
Renee V. Wright,
Program Manager, Docket Operations,
Federal Register Liaison.
[FR Doc. 05–17425 Filed 8–31–05; 8:45 am]
BILLING CODE 4910–62–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Proposed Advisory Circular (AC) 20–
DATABUS, Aviation Databus
Assurance
Federal Aviation
Administration, DOT.
AGENCY:
11 17
CFR 200.30–3(a)(12).
VerDate Aug<18>2005
16:30 Aug 31, 2005
Jkt 205001
SUMMARY: This notice announces the
availably of and requests comments on
a proposed Advisory Circular (AC) 20–
DATABUS, Aviation Databus
Assurance. This proposed AC provides
guidance for manufacturers of aircraft,
aircraft engine, and avionics
incorporating databuses and databus
technology in the design of their
aircraft, aircraft engine, or avionics
systems. In the proposed AC, we
recommend how you as the
manufacturer, may get design and
airworthiness approval for your databus.
DATES: Comments must be received on
or before September 16, 2005.
ADDRESSES: Send all comments on the
proposed AC to: Federal Aviation
Administration (FAA), Aircraft
Certification Service, Aircraft
Engineering Division, Technical
Programs and Continued Airworthiness
Branch, AIR–120, 800 Independence
Avenue, SW., Washington, DC 20591.
ATTN: Mr. John Lewis, or deliver
comments to: Federal Aviation
Administration, Room 825, 800
Independence Avenue, SW.,
Washington, DC 20591.
FOR FURTHER INFORMATION CONTACT: Mr.
John Lewis, AIR–120, Room 835,
Federal Aviation Administration,
Aircraft Certification Service, Aircraft
Engineering Division, 800 Independence
Avenue, SW., Washington, DC 20591.
Telephone (202) 493–4841, FAX: (202)
267–5340. Or, via e-mail at:
john.lewis@faa.gov.
SUPPLEMENTARY INFORMATION:
Interested persons are invited to
comment on the proposed AC listed in
this notice by submitting such written
data, views, or arguments as they desire
to the above specified address.
Comments received on the proposed AC
may be examined, before and after the
comment closing date, in Room 825,
FAA Headquarters Building, 800
Independence Avenue, SW.,
Washington, DC 20591, weekdays
except Federal holidays, between 8:30
a.m. and 4:30 p.m. All communications
received on or before the closing date
will be considered by the Director,
Aircraft Certification Service, before
issuing the final Advisory Circular.
Background
Aircraft, aircraft engine, and avionics
manufacturers may choose from several
databus configurations for use on
aircraft. The function of a databus is to
transfer information between avionics
Frm 00085
Fmt 4703
How To Obtain Copies
You may get a copy of the proposed
AC from the Internet at:
www.airweb.faa.gov/rgl. Once on the
RGL Web site, select ‘‘Draft Advisory
Circular’’, then select the document by
number. See section entitled FOR
FURTHER INFORMATION CONTACT for the
complete address if requesting a copy by
mail.
Issued in Washington, DC, on August 25,
2005.
Susan J.M. Cabler,
Assistant Manager, Aircraft Engineering
Division, Aircraft Certification Service.
[FR Doc. 05–17383 Filed 8–31–05; 8:45 am]
BILLING CODE 4910–13–M
Comments Invited
PO 00000
modules, components, or line
replaceable units (LRU) installed in an
aircraft. As such, these databuses are
becoming more complex as aircraft,
aircraft engine, and avionics
manufacturers integrate more avionics
components into the aircraft and aircraft
engine data sources, resulting in large
data transfers between data buses.
System design engineers have
considerable flexibility when designing
a databus because of the many physical
and logical configurations for airborne
systems architecture, data units or
packets, protocols, message traffic, and
so on, thereby providing manufacturers,
vendors, and integrators more latitude
when configuring databuses. This
proposed AC contains the criteria
applicants must address when
developing, selecting, or integrating
databus technology they will use to
show compliance with the appropriate
certification requirements for their
aircraft or aircraft engine.
Sfmt 4703
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Public Notice for Waiver of
Aeronautical Land-Use Assurance;
Jackson County-Reynolds Field;
Jackson, MI
Federal Aviation
Administration, DOT.
ACTION: Notice of intent of waiver with
respect to land.
AGENCY:
SUMMARY: The Federal Aviation
Administration (FAA) is considering a
proposal to change a portion of the
airport from aeronautical use to nonaeronautical use and to authorize the
lease of the airport property. The
proposal consists of two (2) parcels of
land totaling approximately 68 acres.
Current use and present condition is
vacant grassland with intermittent
E:\FR\FM\01SEN1.SGM
01SEN1
]]>Agencies
[Federal Register Volume 70, Number 169 (Thursday, September 1, 2005)]
[Notices]
[Pages 52146-52150]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4772]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52334; File No. SR-Amex-2005-068]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change and Amendment Nos. 1 and 2
Thereto Relating to Amendments to Amex Rules 26 and 27
August 25, 2005.
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 June 17, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by Amex. On June 30,
2005, Amex filed Amendment No. 1 to the proposed rule change.\3\ On
August 19, 2005, Amex filed Amendment No. 2 to the proposed rule
change.\4\ The Commission is publishing this notice to solicit comments
on the proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ In Amendment No. 1, the Exchange made a non-substantive
correction to the proposed rule text of Amex Rule 26 and made a
correction to the proposed rule text of Amex Rule 27 to reflect
that, in the case of an equity security, the list of qualified
specialists shall consist of five specialists.
\4\ In Amendment No. 2, the Exchange made corrections to the
proposed rule text of Amex Rule 27 to clarify that: (1) The
Allocations Committee may consist of, among others, four brokers for
equities and all other securities admitted for trading on the
Exchange except Exchange Traded Funds and options; and (2) the
Allocations Committee may be chaired by the Chief Executive
Officer's designee.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Amex Rules 26 and 27 for the purpose
of: (i) Combining the Equities, Options and Special Allocations
Committees; (ii) changing the composition of the new Allocations
Committee; and (iii) providing the Performance Committee with the
authority to reallocate securities in connection with specialist
transfers.
The text of the proposed rule change is available on the Amex's Web
site (https://www.amex.com), at the principal office of the Amex, and at
the Commission's Public Reference Room. The text of the proposed rule
change also appears below. Proposed new language is italicized;
proposed deletions are in [brackets].
Rule 26. Performance Committee
(a) No Change.
(b) The Performance Committee shall review, and approve, disapprove
or conditionally approve, mergers and acquisitions of specialist units,
transfers of one or more specialist registrations, specialist joint
accounts, and changes in control or composition of specialist units.
The Performance Committee shall approve a proposed transaction
involving a specialist unit unless it determines that a countervailing
institutional interest indicates that the transaction should be
disapproved or conditionally approved. In determining whether there is
a countervailing institutional interest, the Performance Committee
shall consider the maintenance or enhancement of the quality of the
Exchange's market, taking into account the criteria that the
Allocations Committee may consider in making an initial allocation
determination (Rule 27(b)) and other considerations as may be relevant
in the particular circumstances. The Performance Committee shall be
convened to reallocate securities when there is a business transaction
that results in the transfer of one or more specialist registrations.
The Performance Committee shall allocate the securities in accordance
with the agreement of the parties unless the Committee determines that
a countervailing institutional interest indicates that there should be
some other allocation.
The Performance Committee shall evaluate specialists, individually
and/or collectively as units, to determine whether they have fulfilled
performance standards relating to, among other things: (1) Quality of
markets, (2) competition with other markets, (3) observance of ethical
standards, and (4) administrative factors. The Performance Committee
may consider any relevant information, including but not limited to the
results of the Specialist Floor Broker Questionnaire, trading data, a
member's regulatory history, order flow statistics, and such other
factors and data as may be pertinent in the circumstances. The
Performance Committee also may review specialists, individually and/or
collectively as units, with respect to capital requirements and the
``early warning level'' set forth in Commentary .06 to Rule 171. The
Performance Committee may take one or more of the following actions if
it finds that a specialist or unit has failed to properly perform as a
specialist: (1) Send admonitory letters, (2) refer matters to the
Exchange's Enforcement Department for investigation and possible
disciplinary proceedings, (3) counsel specialists on how to improve
their performance, (4) require specialists to adopt a performance
improvement plan, (5) reorganize specialist units, (6) require the
reallocation of securities, (7) suspend a specialist's or unit's
registration as a specialist for a specific period of time, or (8)
prohibit a specialist or unit from receiving allocations in a
particular situation or for a specified period of time. In appropriate
circumstances, the Performance Committee may confine a prohibition on
new allocations to one of the three classes of securities traded on the
Exchange (i.e., equities, Exchange Traded Funds or options), or
otherwise target a remedial action to a particular
[[Page 52147]]
class of security traded by a specialist or unit.
(c) through (h)--No Change.
Commentary
.01 through .08--No Change.
Rule 27. Allocations Committee
(a)[(i)] The [Options] Allocations Committee allocates equity
securities of operating companies, equity options admitted to dealings
on the Exchange and all other securities to be admitted for trading on
the Exchange. [It consists of 11 persons drawn from a roster of
approximately 75 persons and is comprised as follows: Eight Floor
members (six Floor brokers and two Registered Options Traders) and
three representatives of upstairs member firms. The Options Allocations
Committee is chaired by a Floor Governor who does not vote except to
make or break a tie. In the event that no Floor Governor is able to
chair the Committee, a Senior Floor Official may chair the Committee.
The minimum quorum for the transaction of business by the Options
Allocations Committee shall be six persons including at least one
representative of an upstairs member firm. Upstairs member firm
representatives may attend meetings by telephone.] It consists of six
persons drawn from a roster of approximately 75 persons and is
comprised as follows: the Chief Executive Officer (or his or her
designee), a representative of an upstairs member firm and either (i)
four (4) brokers for equities and other securities admitted to trading
on the Exchange except for Exchange Traded Funds and options; (ii) two
(2) brokers and two (2) Registered Traders for Exchange Traded Funds;
or (iii) two (2) brokers and two (2) Registered Options Traders for
options. The Allocations Committee is chaired by the Chief Executive
Officer (or his or her designee) who does not vote except to make or
break a tie. In the absence of the Chief Executive Officer (or his or
her designee), a Floor Governor or a Senior Floor Official may chair
the Committee. The minimum quorum for the transaction of business by
the Allocations Committee shall be four persons. The upstairs member
firm representative may attend meetings by telephone.
[(ii) The Equities Allocations Committee allocates the equity
securities of operating companies admitted to dealings on the Exchange.
It consists of ten persons drawn from a roster of approximately 70
persons and is comprised as follows: six Floor brokers, one specialist,
and three representatives of upstairs member firms. The Equities
Allocations Committee is chaired by a Floor Governor who does not vote
except to make or break a tie. In the event that no Floor Governor is
able to chair the Committee, a Senior Floor Official may chair the
Committee. The minimum quorum for the transaction of business by the
Equities Allocations Committee shall be six persons. Upstairs member
firm representatives may attend meetings by telephone.
(iii) The Special Allocations Committee allocates securities that
are not allocated by the Options or Equities Allocations Committees and
securities with special characteristics as may be determined by the
Chief Executive Officer or his or her designee. It consists of six
persons drawn from a roster of approximately 30 persons and is
comprised as follows: the Chief Executive Officer (or his or her
designee), two brokers, two Registered Options Traders, and a
representative of an upstairs member firm. The Special Allocations
Committee is chaired by the Chief Executive Officer who does not vote
except to make or break a tie. In the Chief Executive Officer's
absence, a Floor Governor or a Senior Floor Official may chair the
Committee. The minimum quorum for the transaction of business by the
Special Allocations Committee shall be four persons. The upstairs
member firm representative may attend meetings by telephone.
The Options, Special, and Equities Allocations Committees are
hereinafter referred to as the Allocations Committee.]
(b) No Change.
(c) No Change.
(d) At regular intervals, the [Options] Allocations Committee shall
prepare a list (the ``pre-allocation list'') of the most qualified
option specialists on the Exchange based upon criteria enumerated in
paragraph (b) of this Rule and interviews of all interested specialists
conducted by the persons on the roster of the [Options] Allocations
Committee. In the event that the Exchange determines to list an option
following its designation by another exchange, that option shall be
allocated to the next specialist on the pre-allocation list unless, in
the opinion of a majority of available Floor Governors, a material
performance situation or another relevant matter has developed with
respect to that specialist since the preparation of the pre-allocation
list in which case the specialist shall be bypassed and the [Options]
Allocations Committee shall be convened as soon as possible to
determine if the specialist should be removed from the pre-allocation
list.
(e) If the issuer of a listed equity security chooses to
participate in the allocation process, the Allocations Committee shall
prepare a list of qualified specialists based on the criteria set forth
in paragraph (b). In the case of an equity security, the list shall
consist of five specialists. In the case of an Exchange Traded Fund or
Structured Product, the list shall consist of five specialists. The
issuer may request that one or more specialists be placed on the list
of eligible specialists. The Allocations Committee, however, is not
obligated to honor such requests. Specialists that are subject to a
preclusion on new allocations as a result of a disciplinary proceeding
or action by the Performance Committee only are eligible for
allocations of ``related securities'' as described in Commentary .05 of
this Rule. The issuer may ask to meet with representatives of the
specialists units on the list.
The issuer shall select its specialist from the list within five
business days of receiving the list by providing the Exchange with a
letter signed by person of Secretary rank or higher indicating the
issuer's choice of specialist. In the case of an Exchange Traded Fund
or Structured Product, the selection may be made by a senior officer of
the sponsor or issuer who has been authorized to make such selection.
If the issuer does not make its selection in a timely manner, the
Allocations Committee may select the specialist as provided in
paragraph (b) of this Rule.
The security shall remain with its initial specialist for at least
120 days. After that time, but during the first 12 months after
listing, the issuer or sponsor may request that the security be
reallocated should it become dissatisfied with its specialist. This is
the case whether or not the issuer or sponsor has participated in the
selection process. The issuer or sponsor is expected to furnish an
explanation for the basis for its dissatisfaction, and if after
counseling the issuer or sponsor and the specialist such change is
still desired, the Exchange shall reallocate the security within 30
days. In any such reallocation, the Exchange shall follow the
allocation procedures described in this paragraph (e) unless the issuer
or sponsor requests the Allocations Committee to select the specialist
without any issuer or sponsor input under the procedures described in
paragraph (b) of this Rule.
(f) The Allocations Committee shall be convened to reallocate
securities when (1) the Committee on Floor Member Performance directs
reallocation, (2) a specialist requests to be relieved of a particular
security for
[[Page 52148]]
good cause, or (3) a specialist's registration in a security is
canceled due to disciplinary action. Whenever the Allocations Committee
reallocates a security for the reasons stated in (1) through (3) of
this paragraph, the Allocations Committee shall follow the procedures
described in paragraph (b) of this Rule. The Allocations Committee also
shall be convened to reallocate securities when (4) [there is a
business transaction that results in the transfer of one or more
specialist registrations, (5)] a specialist dissolves or recombines,
[(6)] (5) a specialist has been determined to be in such financial or
operating condition that it cannot be permitted to continue to
specialize in one or more of its specialty securities with safety to
investors, its creditors or other members, or [(7)] (6) a specialist
has become subject to the pre-borrowing requirement of Rule 203(b)(3)
of Regulation SHO under the Securities Exchange Act of 1934 with
respect to one of its specialty securities or, in the case of an
options specialist, with respect to the underlying security. The
Allocations Committee shall follow the procedures described in
paragraphs (g) or (h) of this Rule, as appropriate, whenever it
reallocates securities for the reasons stated in (4) through [(7)] (6)
of this paragraph.
(g) In the event that the participants in a specialist unit have
previously entered into a written agreement as to how the ``book'' will
be divided in the event of a dissolution or recombination, [or there is
a transfer of specialist registrations as a result of a business
transaction,] the Allocations Committee shall allocate the securities
in accordance with the agreement of the parties, unless the Performance
Committee determines that a countervailing institutional interest
indicates that there should be some other allocation, in which case the
Allocations Committee shall reallocate the securities according to
instructions received from the Performance Committee or, if there are
no instructions, as provided in paragraph (b) of this Rule. In the
event that a specialist unit dissolves and the participants in the unit
are unable to enter into a written agreement as to how the ``book''
will be divided, reallocation shall be deferred until the dispute is
resolved through arbitration unless the Performance Committee
determines that a countervailing institutional interest suggests that
the securities should be reallocated prior to the conclusion of the
arbitration in which case the Allocations Committee shall reallocate
the securities according to instructions received from the Performance
Committee or, if there are no instructions, as provided in paragraph
(b) of this Rule. The Allocations Committee shall reallocate the
securities in accordance with the decision of the arbitration panel
unless the Performance Committee determines that a countervailing
institutional interest indicates that there should be some other
allocation, in which case the Allocations Committee shall reallocate
the securities as provided in paragraph (b) of this Rule.
(h) through (i)--No Change.
Commentary
.01 through .05--No Change.
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 Amex included statements
concerning the purpose of, and basis for, the proposed rule change, as
amended, and discussed any comments it received on the proposed rule
change, as amended. The text of these statements may be examined at the
places specified in Item IV below. The Amex 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 Exchange proposes to combine the existing Equity, Options and
Special Allocations Committees into a single ``Allocations Committee.''
In addition, the Exchange proposes to change the composition of the
Allocations Committee and to permit the Performance Committee to
reallocate securities in connection with specialist transfers without
approval from the Allocations Committee.
Article II, Section 3 of the Amex Constitution provides the Board
of Governors (``Board'') with the authority to allocate and reallocate
the equity securities of operating companies (``equities''), options
and other securities listed on the Exchange. The Board in connection
with the allocation and reallocation of equities and options classes
has delegated this authority to the Equities Allocations Committee and
the Options Allocations Committee, respectively.\5\ The Board, in
connection with securities that are not allocated by the Equities
Allocations Committee or Options Allocations Committee and securities
with special characteristics, has delegated authority to the Special
Allocations Committee.\6\ In addition, the Performance Committee has
limited input in connection with the reallocation of securities
resulting from a transfer of specialist units.
---------------------------------------------------------------------------
\5\ See Current Amex Rule 27(a)(i) and (ii).
\6\ See Current Amex Rule 27(a)(iii).
---------------------------------------------------------------------------
The Exchange states that combining the Equities, Options and
Special Allocations Committees into a single ``Allocations Committee''
and changing the composition of the Allocations Committee would
streamline and provide greater efficiency to the process for allocating
and reallocating equities and options classes.
Current Amex Rule 27 provides that the Equities Allocations
Committee consists of six (6) floor brokers, one (1) specialist and
three (3) representatives of upstairs member firms. The Committee is
chaired by a Floor Governor who does not vote except to make or break a
tie. The minimum quorum requirement is six persons. The Options
Allocations Committee consists of eight (8) floor members, which
include six (6) floor brokers and two (2) Registered Options Traders,
and three (3) representatives of upstairs member firms. The Committee
is chaired by a Floor Governor who does not vote except to make or
break a tie. The minimum quorum requirement is six persons, including
at least one representative of an upstairs member firm. The Special
Allocations Committee consists of the Chief Executive Officer (or his
or her designee), two (2) brokers, two (2) Registered Options Traders
and a representative of an upstairs member firm. The Commission notes
that the minimum quorum requirement is four persons. The Special
Allocations Committee is chaired by the Chief Executive Officer who
does not vote except to make or break a tie.
The proposed rule change would establish a single Allocations
Committee for equities, options and other listed securities. Similar to
the current Special Allocations Committee, the Allocations Committee
would consist of the Chief Executive Officer (or his or her designee),
a representative of an upstairs member firm and either: (i) Four (4)
brokers for equities and other securities admitted to trading on the
Exchange except for Exchange Traded Funds and options; (ii) two (2)
brokers and two (2) Registered Traders for Exchange Traded Funds; or
(iii) two (2) brokers and two (2) Registered Options Traders for
options. The Allocations Committee would be chaired by the Chief
Executive
[[Page 52149]]
Officer who does not vote except to make or break a tie. The minimum
quorum requirement would be four persons.\7\
---------------------------------------------------------------------------
\7\ The Exchange has represented that, for the purposes of
determining a quorum, the Chief Executive Officer shall count as one
of the six persons, whereby four of the six persons would constitute
a quorum. However, the Chief Executive Officer would not vote except
to make or break a tie. Telephone conversation of August 10, 2005,
between Jeffery Burns, Associate General Counsel, Amex and David
Michehl, Attorney, Division of Market Regulation, Commission.
---------------------------------------------------------------------------
The Exchange also seeks to provide the current Performance
Committee \8\ with sole authority to reallocate securities in
connection with specialist unit transfers resulting from business
transactions. The current procedure in Amex Rule 27 provides that the
Allocations Committee will reallocate the securities resulting from a
specialist unit transfer in accordance with the agreement of the
parties unless the Performance Committee determines that a
countervailing institutional interest dictates that there should be
some other allocation. In such a case, the Allocations Committee will
reallocate the securities according to instructions received by the
Performance Committee or as it deems appropriate if no instructions are
received. The proposal would amend Amex Rule 26 by providing the sole
authority and power for the reallocation of securities in connection
with the transfer of specialist units in the Performance Committee
rather than the Allocations Committee. The Exchange believes that this
change will establish a better process for reallocations due to
specialist unit transfers.
---------------------------------------------------------------------------
\8\ The Board pursuant to Article II, Section 3 of the
Constitution has delegated to the Performance Committee the
authority to evaluate specialist, registered traders and floor
broker performance and to take specified action in response to
particular performance deficiencies.
---------------------------------------------------------------------------
The Exchange believes that the proposed combination of the
Equities, Options and Special Allocations Committees and the change in
the composition of the Allocations Committee would better serve the
interests of the Exchange and its members by reducing potential
inefficiencies in connection with the allocation process. The
Exchange's experience to date has shown that the process of allocating
and reallocating equities and options classes may be overly and
unnecessarily bureaucratic. The Exchange believes that this is largely
due to the number of Equities, Options and Special Allocations
Committee members and the composition of the Equities, Options and
Special Allocations Committees. Accordingly, the Exchange proposes to
change the number and composition of the Allocations Committee to
implement an improved process for allocating and reallocating equities,
options and other securities traded on the Exchange to specialist
units. The Exchange further states that providing the Performance
Committee with the sole authority to reallocate securities in
connection with specialist unit transfers would enhance the process of
reallocation in these special circumstances.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\9\ in general, and with
Section 6(b)(5) of the Act,\10\ 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 facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change, as
amended, 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
The Exchange did not receive any written comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
A. by order approve such proposed rule change, as amended; or
B. institute proceedings to determine whether the proposed rule
change, as amended, should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as amended, is consistent with the Act. Comments may be
submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-Amex-2005-068 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE, Washington, DC 20549-9303.
All submissions should refer to File Number SR-Amex-2005-068. This
file number should be included on the subject line if e-mail 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 Commission's Internet Web site (https://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. 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 SR-Amex-2005-068 and should be submitted on or before
September 22, 2005.
[[Page 52150]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4772 Filed 8-31-05; 8:45 am]
BILLING CODE 8010-01-P
