Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving Proposed Rule Change Relating to the Amex Listing Agreement, 73317 [E5-7102]
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Federal Register / Vol. 70, No. 236 / Friday, December 9, 2005 / Notices
by the shareholders of the applicable
Fund.
5. Each Fund will comply with the
fund governance standards set forth in
rule 0–1(a)(7) under the Act by the
compliance date for the rule
(‘‘Compliance Date’’). Prior to the
Compliance Date, a majority of the
Board will be Independent Trustees,
and the nomination of new or additional
Independent Trustees will be at the
discretion of the then existing
Independent Trustees.
6. When a Subadviser change is
proposed for a Fund with an Affiliated
Subadviser, the Board, including a
majority of the Independent Trustees,
will make a separate finding, reflected
in the applicable Board minutes, that
such change is in the best interests of
the Fund and its shareholders and does
not involve a conflict of interest from
which the Adviser or the Affiliated
Subadviser derives an inappropriate
advantage.
7. Independent counsel, as defined in
rule 0–1(a)(6) under the Act, will be
engaged to represent the Independent
Trustees. The selection of such counsel
will be within the discretion of the then
existing Independent Trustees.
8. The Adviser will provide the
Board, no less frequently than quarterly,
with information about the profitability
of the Adviser on a per-Fund basis. The
information will reflect the impact on
profitability of the hiring or termination
of any Subadviser during the applicable
quarter.
9. Whenever a Subadviser is hired or
terminated, the Adviser will provide the
Board with information showing the
expected impact on the profitability of
the Adviser.
10. The Adviser will provide general
management services to each Fund,
including overall supervisory
responsibility for the general
management and investment of the
Fund’s assets, and, subject to review
and approval of the Board, will: (a) Set
each Fund’s overall investment
strategies, (b) evaluate, select and
recommend Subadvisers to manage all
or a part of a Fund’s assets, (c) when
appropriate, allocate and reallocate a
Fund’s assets among multiple
Subadvisers; (d) monitor and evaluate
the performance of Subadvisers, and (e)
implement procedures reasonably
designed to ensure that the Subadvisers
comply with each Fund’s investment
objective, policies and restrictions.
11. No trustee or officer of the Trust,
or director or officer of the Adviser, will
own directly or indirectly (other than
through a pooled investment vehicle
that is not controlled by such person)
any interest in a Subadviser, except for:
VerDate Aug<31>2005
14:22 Dec 08, 2005
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(a) Ownership of interests in the
Adviser or any entity that controls, is
controlled by, or is under common
control with the Adviser, or (b)
ownership of less than 1% of the
outstanding securities of any class of
equity or debt of a publicly traded
company that is either a Subadviser or
an entity that controls, is controlled by,
or is under common control with a
Subadviser.
12. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
13. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 05–23844 Filed 12–8–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52874; File No. SR–Amex–
2005–097]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Approving Proposed Rule Change
Relating to the Amex Listing
Agreement
December 1, 2005.
I. Introduction
On September 29, 2005, the American
Stock Exchange LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) a proposed rule
change, pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934
(‘‘Act’’)1 and Rule 19b–4 thereunder,2 to
adopt a modified Amex Listing
Agreement. The proposed rule change
was published for comment in the
Federal Register on October 25, 2005.3
The Commission received no comments
on the proposal. This order approves the
proposed rule change.
II. Description of the Proposal
The Exchange proposes to adopt a
modified Amex Listing Agreement for
the purpose of (i) combining the two
forms of Amex Listing Agreements
presently available into one form of
Amex Listing Agreement to be
submitted to the Exchange by all issuers
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 52630
(October 18, 2005), 70 FR 61670.
2 17
PO 00000
Frm 00124
Fmt 4703
Sfmt 4703
73317
in connection with a listing application;
(ii) eliminating a representation by
issuers of structured products,
exchange-traded funds, trust issued
receipts and other novel securities
products regarding third party claims;
and (iii) making certain minor, nonsubstantive changes to the Amex Listing
Agreement.
III. Discussion
After careful consideration, the
Commission finds that the proposed
rule change, as amended, is consistent
with the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.4 In particular, the
Commission believes that the proposal
is consistent with Section 6(b)(5)5 in
particular, in that it is designed to
promote just and equitable principles of
trade and is not designed to permit
unfair discrimination between issuers or
to regulate by virtue of any authority
conferred by the Act matters not related
to the purposes of the Act or the
administration of the Exchange.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,6 that the
proposed rule change (SR–Amex–2005–
097) be, and it hereby is, approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7102 Filed 12–8–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52855; File No. SR–CBOE–
2005–96]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Extend a Pilot Program
Relating to the Retail Automatic
Execution System
November 30, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
4 In approving the proposed rule change, the
Commission has considered its impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(5).
6 15 U.S.C. 78s(b)(2).
7 17 CFR 200.30–3(a)(12).
E:\FR\FM\09DEN1.SGM
09DEN1
]]>Agencies
[Federal Register Volume 70, Number 236 (Friday, December 9, 2005)]
[Notices]
[Page 73317]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7102]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52874; File No. SR-Amex-2005-097]
Self-Regulatory Organizations; American Stock Exchange LLC; Order
Approving Proposed Rule Change Relating to the Amex Listing Agreement
December 1, 2005.
I. Introduction
On September 29, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change, pursuant to Section 19(b)(1)
of the Securities Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4
thereunder,\2\ to adopt a modified Amex Listing Agreement. The proposed
rule change was published for comment in the Federal Register on
October 25, 2005.\3\ The Commission received no comments on the
proposal. This order approves the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 52630 (October 18,
2005), 70 FR 61670.
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II. Description of the Proposal
The Exchange proposes to adopt a modified Amex Listing Agreement
for the purpose of (i) combining the two forms of Amex Listing
Agreements presently available into one form of Amex Listing Agreement
to be submitted to the Exchange by all issuers in connection with a
listing application; (ii) eliminating a representation by issuers of
structured products, exchange-traded funds, trust issued receipts and
other novel securities products regarding third party claims; and (iii)
making certain minor, non-substantive changes to the Amex Listing
Agreement.
III. Discussion
After careful consideration, the Commission finds that the proposed
rule change, as amended, is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to a national
securities exchange.\4\ In particular, the Commission believes that the
proposal is consistent with Section 6(b)(5)\5\ in particular, in that
it is designed to promote just and equitable principles of trade and is
not designed to permit unfair discrimination between issuers or to
regulate by virtue of any authority conferred by the Act matters not
related to the purposes of the Act or the administration of the
Exchange.
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\4\ In approving the proposed rule change, the Commission has
considered its impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
\5\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\6\ that the proposed rule change (SR-Amex-2005-097) be, and it
hereby is, approved.
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\6\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jonathan G. Katz,
Secretary.
[FR Doc. E5-7102 Filed 12-8-05; 8:45 am]
BILLING CODE 8010-01-P
