Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto Relating to the Amex Initial Listing Standards, 71342-71344 [E5-6537]
Download as PDF
<![CDATA[
71342
Federal Register / Vol. 70, No. 227 / Monday, November 28, 2005 / Notices
Hilliard, W.L. Lyons, Inc., of which
Hilliard Lyons Research Advisors,
applicant’s investment adviser, is a
division.
Filing Dates: The application was
filed on September 27, 2005, and
amended on November 7, 2005.
Applicant’s Address: Hilliard Lyons
Center, 501 South Fourth St., Louisville,
KY 40202.
Centurion Counsel Market Neutral [File
No. 811–3257]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On September 15,
2005, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Applicant incurred
approximately $7,000 in expenses in
connection with the liquidation.
Filing Dates: The application was
filed on September 19, 2005, and
amended on November 4, 2005.
Applicant’s Address: 365 South
Rancho Santa Fe Rd., Suite 300, San
Marcos, CA 92078.
Hillier Funds Trust [File No. 811–
21568]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 18,
2005, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Applicant incurred
no expenses in connection with the
liquidation.
Filing Dates: The application was
filed on September 30, 2005, and
amended on November 7, 2005.
Applicant’s Address: 36 West 8th St.,
Suite 210, Holland, MI 49423.
Special Money Market Fund, Inc. [File
No. 811–5951]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 11,
2005, applicant transferred its assets to
MoneyMart Assets, Inc., based on net
asset value. Expenses of $148,000
incurred in connection with the
reorganization were paid by applicant
and the acquiring fund.
Filing Dates: The application was
filed on September 2, 2005, and
amended on November 7, 2005.
Applicant’s Address: Gateway Center
Three, 100 Mulberry St., Newark, NJ
07102–4077.
Davis Park Series Trust [File No. 811–
10141]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On January 14,
2005, applicant made a liquidating
distribution to its shareholders, based
VerDate Aug<31>2005
15:28 Nov 25, 2005
Jkt 208001
on net asset value. Expenses of $13,044
incurred in connection with the
liquidation were paid by Ameristock
Corporation, applicant’s investment
adviser.
Filing Dates: The application was
filed on July 29, 2005, and amended on
October 27, 2005.
Applicant’s Address: 1320 Harbor Bay
Parkway, Suite 145, Alameda, CA
94502.
Adhia Funds, Inc. [File No. 811–8775]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On October 3,
2005, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $10,798
incurred in connection with the
liquidation were paid by applicant and
its investment adviser, Adhia
Investment Advisors, Inc.
Filing Dates: The application was
filed on October 11, 2005, and amended
on October 28, 2005.
Applicant’s Address: 1408 N
Westshore Blvd., Suite 611, Tampa, FL
33607.
Combined Penny Stock Fund, Inc. [File
No. 811–3888]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On July 28, 2005,
applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $57,906
incurred in connection with the
liquidation were paid by applicant.
Applicant has retained $31,462 in cash
to cover certain remaining liquidation
expenses.
Filing Dates: The application was
filed on August 1, 2005, and amended
on September 29, 2005.
Applicant’s Address: 5373 N. Union
Blvd., #100, Colorado Springs, CO
80918.
Investors Mark Series Fund, Inc. [File
No. 811–8321]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On July 13, 2005,
applicant made a liquidating
distribution to its shareholders, based
on net asset value. Investors Mark
Advisor, LLC, applicant’s investment
adviser, paid all expenses incurred in
connection with the liquidation.
Filing Date: The application was filed
on September 20, 2005.
Applicant’s Address: 100 South Fifth
Street, Suite 2300, Minneapolis, MN
55402.
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
Gateway Variable Insurance Trust [File
No. 811–10375]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On August 12,
2005, applicant made a liquidating
distribution to all shareholders, based
on net asset value. Gateway Investment
Advisers, L.P., applicant’s investment
adviser, paid all expenses incurred in
connection with the liquidation.
Filing Dates: The application was
filed on June 28, 2005 and amended on
October 21, 2005.
Applicant’s Address: Rookwood
Tower, Suite 600, 3805 Edwards Road,
Cincinnati, OH 45209.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–6555 Filed 11–25–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52804; File No. SR–Amex–
2005–114]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change
and Amendment No. 1 Thereto
Relating to the Amex Initial Listing
Standards
November 18, 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 November
2, 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 the Exchange.
On November 10, 2005, the Amex
submitted Amendment No. 1 to the
proposed rule change.3 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 Amex proposes to amend Section
102(b) of the Amex Company Guide
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 (‘‘Amendment No. 1’’) makes
a clarification to the purpose section of the filing
and makes changes to Section 101 of the Guide, to
reference Section 102(b) of the Guide in the listing
provisions.
2 17
E:\FR\FM\28NON1.SGM
28NON1
Federal Register / Vol. 70, No. 227 / Monday, November 28, 2005 / Notices
(‘‘Guide’’) to require a minimum market
price of $2 per share for issuers seeking
to qualify for initial listing pursuant to
Initial Listing Standard 3 (Section
101(c)). The Amex also proposes to
amend Section 101 of the Guide to
include a reference to Section 102(b) in
each of the four initial listing standards
to clarify that Section 102(b) applies to
each initial listing standard listed in
Section 101 of the Guide.4
Below is the text of the proposed rule
change. Proposed new language is in
italics; proposed deletions are in
[brackets].
American Stock Exchange Company
Guide Criteria for Original Listing
Sec. 101. GENERAL
The approval of an application for the
listing of securities is a matter solely
within the discretion of the Exchange.
The Exchange has established certain
minimum numerical standards, set forth
below. The fact that an applicant may
meet the Exchange’s numerical
standards does not necessarily mean
that its application will be approved.
Other factors which will also be
considered include the nature of a
company’s business, the market for its
products, the reputation of its
management, its historical record and
pattern of growth, its financial integrity,
its demonstrated earning power and its
future outlook.
See § 110 for special criteria relating
to foreign issuers and Rules 1000,
1000A, and 1200 for rules relating to
Portfolio Depositary Receipts, Index
Fund Shares, and Trust Issued Receipts.
(a) INITIAL LISTING STANDARD 1
(1)–(3) No change.
(4) Stock Price/Market Value of
Shares Publicly Held—See Section
102(b).
(b) INITIAL LISTING STANDARD 2
(1)–(4) No change.
(5) Stock Price/Market Value of
Shares Publicly Held—See Section
102(b).
(c) INITIAL LISTING STANDARD 3
(1)–(4) No change.
(5) Stock Price/Market Value of
Shares Publicly Held—See Section
102(b).
(d) INITIAL LISTING STANDARD 4
(1)–(3) No change.
(4) Stock Price/Market Value of
Shares Publicly Held—See Section
102(b).
(e)–(g) No change.
*
*
*
*
*
Sec. 102. EQUITY ISSUES
(a) No change.
4 See
Amendment No. 1, Id.
VerDate Aug<31>2005
15:28 Nov 25, 2005
Jkt 208001
(b) Stock Price/Market Value of
Shares Publicly Held—The Exchange
requires a minimum market price of $3
per share for applicants seeking to
qualify for listing pursuant to Section
101 (a), (b) or (d), a minimum market
price of $2 per share for applicants
seeking to qualify for listing pursuant to
Section 101(c), and $3,000,000 aggregate
market value of publicly held shares for
applicants seeking to qualify for listing
pursuant to Section 101(a). [In certain
instances, however, the Exchange may
favorably consider listing an issue
selling for less than $3 per share after
considering all pertinent factors,
including market conditions in general,
whether historically the issue has sold
above $3 per share, the applicant’s
capitalization and the number of
outstanding and publicly-held shares of
the issue.]
(c) 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
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, as amended. 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. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Amex states that an approval of
an application for the listing of
securities on the Exchange is based on
an applicant’s ability to satisfy a series
of quantitative and qualitative listing
standards as evaluated by the Listing
Qualifications Department. The Amex
represents that the quantitative
standards currently provide four
alternative approaches for a company to
satisfy the Amex’s initial listing
standards.
For applicants to meet Initial Listing
Standards 1, 2 and 4 (Guide Section 101
(a), (b), and (d), respectively), in
addition to specified minimum
numerical standards, the Exchange
requires a minimum market price of $3
per share. Listing Standard 3 currently
requires an applicant to meet minimum
specified numerical standards but does
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
71343
not require the applicant to meet a
minimum market price per share.
The Exchange is proposing to enhance
its initial listing quantitative standards
to require applicants seeking to qualify
under Initial Listing Standard 3
pursuant to Section 101(c) of the Guide
to have a minimum market price of $2
per share. Accordingly, the Exchange is
proposing to amend Section 102(b) to
incorporate this requirement. The
Exchange also proposes to amend
Section 101 of the Guide to include a
reference to Section 102(b) in each of
the four initial listing standards to
clarify that Section 102(b) applies to
each standard listed in Section 101 of
the Guide.5
In addition, the Exchange proposes to
delete the last sentence of Section
102(b) of the Guide. The Exchange states
that this provision, which has been in
place for many years, gives the
Exchange the discretion under certain
circumstances to consider listing an
issue that qualified under Initial Listing
Standards 1, 2 or 4 even if the issue’s
share price is less than $3. The
Exchange represents that this provision
was meant to cover the situation in
which an applicant issuer meets all of
the initial listing standards but
experiences a decline in share price to
below $3 per share just before listing. In
light of the current and proposed
configuration of the initial listing
standards, the Exchange believes that
this provision is no longer necessary or
appropriate.6
2. Statutory Basis
The Exchange believes the proposal,
as amended, is consistent with Section
6(b) of the Act 7, in general, and furthers
the objectives of Section 6(b)(5) of the
Act,8 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, 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 a national market
system, and, in general, to protect
investors and the public interest; and
the proposal is not designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers,
or to regulate by virtue of any authority
conferred by the Act matters not related
5 See
Amendment No. 1, supra note 3.
6 Id.
7 15
8 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
E:\FR\FM\28NON1.SGM
28NON1
71344
Federal Register / Vol. 70, No. 227 / Monday, November 28, 2005 / Notices
to the purpose of the Act or the
administration of the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes the proposed
rule change, as amended, will impose
no 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 solicited
or received by the Exchange on this
proposal, as amended.
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 Exchange consents,
the Commission will:
A. By order approve the proposed rule
change, as amended, or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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 the 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–2005–114 and
should be submitted on or before
December 19, 2005.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Jonathan G. Katz,
Secretary.
[FR Doc. E5–6537 Filed 11–25–05; 8:45 am]
thereunder,2 a proposed rule change to
amend its rules relating to Designated
Primary Market-Makers (‘‘DPMs’’) to
eliminate the DPM’s responsibility to
act as agent in the options in which it
is registered as the DPM on the
Exchange. Instead, the Exchange has
proposed to designate a CBOE employee
or independent contractor (‘‘PAR
Official’’) to be responsible for assuming
the responsibility for handling certain
orders currently undertaken by the
DPMs in their allocated options classes,
including the operation of the PAR
workstation. The Exchange filed
Amendment No. 1 with the Commission
on July 1, 2005.3 The amended proposal
was published for comment in the
Federal Register on July 19, 2005.4 The
Commission received one comment
letter regarding the proposal.5 The
Exchange filed Amendment No. 2 with
the Commission on October 6, 2005.6
The Exchange filed Amendment No. 3
with the Commission on November 17,
2005, and withdrew Amendment No. 3
on November 18, 2005. The Exchange
filed Amendment No. 4 with the
Commission on November 18, 2005.7
This order approves the proposed rule
change, as amended. In addition, the
Commission seeks comment from
interested persons on Amendments No.
2 and 4.
BILLING CODE 8010–01–P
II. Description of Proposed Rule
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–2005–114 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303.
All submissions should refer to File
Number SR–Amex–2005–114. 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
VerDate Aug<31>2005
15:28 Nov 25, 2005
Jkt 208001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52798; File No. SR–CBOE–
2005–46]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Order Approving a
Proposed Rule Change and
Amendment No. 1 Thereto and Notice
of Filing and Order Granting
Accelerated Approval to Amendments
No. 2 and 4 Thereto Relating to the
Removal of Agency Responsibilities
From Designated Primary MarketMakers and the Establishment of PAR
Officials
November 18, 2005.
I. Introduction
On June 10, 2005, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
9 17
1 15
PO 00000
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
Frm 00083
Fmt 4703
Sfmt 4703
Under its current rules, a DPM is
defined as a ‘‘member organization that
is approved by the Exchange to function
in allocated securities as a MarketMaker * * *, as a Floor Broker * * *,
and as an Order Book Official * * *.8
CBOE Rule 8.85 further sets out the
DPM’s obligations regarding agency
transactions. According to the CBOE, its
uniform practice has been to require
DPMs to act as Floor Brokers for the
classes of options assigned to them.
Accordingly, all DPMs on CBOE
presently act as both agent and principal
2 17
CFR 240.19b–4.
No. 1 replaced and superceded the
original rule filing in its entirety.
4 See Securities Exchange Act Release No. 52017
(July 12, 2005), 70 FR 41453 (‘‘Notice’’).
5 See e-mail from Margaret Wiermanski, Chief
Operations and Compliance Officer, CTC, LLC,
dated July 29, 2005 (‘‘CTC Letter’’).
6 See Partial Amendment, submitted by James
Flynn, Assistant Secretary, CBOE (‘‘Amendment
No. 2’’). In Amendment No. 2, CBOE proposed an
additional change to CBOE Rule 6.8 to conform the
text of this rule with the proposal.
7 See Partial Amendment, submitted by James
Flynn, Assistant Secretary, CBOE (‘‘Amendment
No. 4’’). In Amendment No. 4, CBOE proposed
additional changes to CBOE Rules 6.45, 6.45A,
6.45B, 8.94, and 17.50 to conform the text of these
rules with the proposal.
8 See CBOE Rule 8.80.
3 Amendment
E:\FR\FM\28NON1.SGM
28NON1
]]>Agencies
[Federal Register Volume 70, Number 227 (Monday, November 28, 2005)]
[Notices]
[Pages 71342-71344]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-6537]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52804; File No. SR-Amex-2005-114]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto
Relating to the Amex Initial Listing Standards
November 18, 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 November 2, 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 the Exchange. On
November 10, 2005, the Amex submitted Amendment No. 1 to the proposed
rule change.\3\ 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\ Amendment No. 1 (``Amendment No. 1'') makes a clarification
to the purpose section of the filing and makes changes to Section
101 of the Guide, to reference Section 102(b) of the Guide in the
listing provisions.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to amend Section 102(b) of the Amex Company Guide
[[Page 71343]]
(``Guide'') to require a minimum market price of $2 per share for
issuers seeking to qualify for initial listing pursuant to Initial
Listing Standard 3 (Section 101(c)). The Amex also proposes to amend
Section 101 of the Guide to include a reference to Section 102(b) in
each of the four initial listing standards to clarify that Section
102(b) applies to each initial listing standard listed in Section 101
of the Guide.\4\
---------------------------------------------------------------------------
\4\ See Amendment No. 1, Id.
---------------------------------------------------------------------------
Below is the text of the proposed rule change. Proposed new
language is in italics; proposed deletions are in [brackets].
American Stock Exchange Company Guide Criteria for Original Listing
Sec. 101. GENERAL
The approval of an application for the listing of securities is a
matter solely within the discretion of the Exchange. The Exchange has
established certain minimum numerical standards, set forth below. The
fact that an applicant may meet the Exchange's numerical standards does
not necessarily mean that its application will be approved. Other
factors which will also be considered include the nature of a company's
business, the market for its products, the reputation of its
management, its historical record and pattern of growth, its financial
integrity, its demonstrated earning power and its future outlook.
See Sec. 110 for special criteria relating to foreign issuers and
Rules 1000, 1000A, and 1200 for rules relating to Portfolio Depositary
Receipts, Index Fund Shares, and Trust Issued Receipts.
(a) INITIAL LISTING STANDARD 1
(1)-(3) No change.
(4) Stock Price/Market Value of Shares Publicly Held--See Section
102(b).
(b) INITIAL LISTING STANDARD 2
(1)-(4) No change.
(5) Stock Price/Market Value of Shares Publicly Held--See Section
102(b).
(c) INITIAL LISTING STANDARD 3
(1)-(4) No change.
(5) Stock Price/Market Value of Shares Publicly Held--See Section
102(b).
(d) INITIAL LISTING STANDARD 4
(1)-(3) No change.
(4) Stock Price/Market Value of Shares Publicly Held--See Section
102(b).
(e)-(g) No change.
* * * * *
Sec. 102. EQUITY ISSUES
(a) No change.
(b) Stock Price/Market Value of Shares Publicly Held--The Exchange
requires a minimum market price of $3 per share for applicants seeking
to qualify for listing pursuant to Section 101 (a), (b) or (d), a
minimum market price of $2 per share for applicants seeking to qualify
for listing pursuant to Section 101(c), and $3,000,000 aggregate market
value of publicly held shares for applicants seeking to qualify for
listing pursuant to Section 101(a). [In certain instances, however, the
Exchange may favorably consider listing an issue selling for less than
$3 per share after considering all pertinent factors, including market
conditions in general, whether historically the issue has sold above $3
per share, the applicant's capitalization and the number of outstanding
and publicly-held shares of the issue.]
(c) 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 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, as
amended. 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. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Amex states that an approval of an application for the listing
of securities on the Exchange is based on an applicant's ability to
satisfy a series of quantitative and qualitative listing standards as
evaluated by the Listing Qualifications Department. The Amex represents
that the quantitative standards currently provide four alternative
approaches for a company to satisfy the Amex's initial listing
standards.
For applicants to meet Initial Listing Standards 1, 2 and 4 (Guide
Section 101 (a), (b), and (d), respectively), in addition to specified
minimum numerical standards, the Exchange requires a minimum market
price of $3 per share. Listing Standard 3 currently requires an
applicant to meet minimum specified numerical standards but does not
require the applicant to meet a minimum market price per share.
The Exchange is proposing to enhance its initial listing
quantitative standards to require applicants seeking to qualify under
Initial Listing Standard 3 pursuant to Section 101(c) of the Guide to
have a minimum market price of $2 per share. Accordingly, the Exchange
is proposing to amend Section 102(b) to incorporate this requirement.
The Exchange also proposes to amend Section 101 of the Guide to include
a reference to Section 102(b) in each of the four initial listing
standards to clarify that Section 102(b) applies to each standard
listed in Section 101 of the Guide.\5\
---------------------------------------------------------------------------
\5\ See Amendment No. 1, supra note 3.
---------------------------------------------------------------------------
In addition, the Exchange proposes to delete the last sentence of
Section 102(b) of the Guide. The Exchange states that this provision,
which has been in place for many years, gives the Exchange the
discretion under certain circumstances to consider listing an issue
that qualified under Initial Listing Standards 1, 2 or 4 even if the
issue's share price is less than $3. The Exchange represents that this
provision was meant to cover the situation in which an applicant issuer
meets all of the initial listing standards but experiences a decline in
share price to below $3 per share just before listing. In light of the
current and proposed configuration of the initial listing standards,
the Exchange believes that this provision is no longer necessary or
appropriate.\6\
---------------------------------------------------------------------------
\6\ Id.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposal, as amended, is consistent with
Section 6(b) of the Act \7\, in general, and furthers the objectives of
Section 6(b)(5) of the Act,\8\ 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,
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 a national market system, and, in general, to
protect investors and the public interest; and the proposal is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers, or to regulate by virtue of any authority
conferred by the Act matters not related
[[Page 71344]]
to the purpose of the Act or the administration of the Exchange.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposed rule change, as amended, will
impose no 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 solicited or received by the Exchange on
this proposal, as amended.
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 Exchange consents, the Commission will:
A. By order approve the proposed rule change, as amended, or
B. Institute proceedings to determine whether the proposed rule
change 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-2005-114 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
All submissions should refer to File Number SR-Amex-2005-114. 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 the
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-2005-114 and should be submitted on or before
December 19, 2005.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-6537 Filed 11-25-05; 8:45 am]
BILLING CODE 8010-01-P
