Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Amex Rule 900-ANTE to Provide a Revised Implementation Date for the ANTE System, and To Eliminate Commentary .01 to Amex Rule 935-ANTE, 76472-76474 [E5-7843]
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76472
Federal Register / Vol. 70, No. 247 / Tuesday, December 27, 2005 / Notices
PBGC Form 200, Notice of Failure to
Make Required Contributions, and
related filing instructions, implement
the statutory notification requirement.
Submission of Form 200 is required by
29 CFR 4043.81.
The collection of information under
the regulation has been approved
through January 31, 2006, by OMB
under control number 1212–0041. The
PBGC is requesting that OMB extend
approval for another three years. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid OMB control
number.
The PBGC estimates that it will
receive 78 Form 200 filings per year
under this collection of information.
The PBGC further estimates that the
average annual burden of this collection
of information is 160.5 hours and
$44,132.
Issued in Washington, DC, this 19th day of
December, 2005.
Rick Hartt,
Chief Technology Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. E5–7826 Filed 12–23–05; 8:45 am]
BILLING CODE 7708–01–P
PENSION BENEFIT GUARANTY
CORPORATION
Submission of Information Collection
for OMB Review; Comment Request;
Reportable Events
Pension Benefit Guaranty
Corporation.
ACTION: Notice of request for extension
of OMB approval.
AGENCY:
SUMMARY: The Pension Benefit Guaranty
Corporation (PBGC) is requesting that
the Office of Management and Budget
(OMB) extend approval, under the
Paperwork Reduction Act, of the
collection of information under part
4043 of its regulations relating to
Reportable Events (OMB control number
1212–0013; expires January 31, 2006).
This notice informs the public of the
PBGC’s request and solicits public
comment on the collection of
information.
Comments should be submitted
by January 26, 2006.
ADDRESSES: Comments may be mailed to
the Office of Information and Regulatory
Affairs of the Office of Management and
Budget, Attn: Desk Officer for Pension
Benefit Guaranty Corporation,
Washington, DC 20503.
Copies of the request for extension
may be obtained without charge by
bjneal on PROD1PC70 with NOTICES
DATES:
VerDate Aug<31>2005
14:54 Dec 23, 2005
Jkt 208001
writing to the PBGC’s Communications
and Public Affairs Department at Suite
11102 at the above address or by visiting
that office or calling 202–326–4040
during normal business hours. (TTY and
TDD users may call the Federal relay
service toll-free at 1–800–877–8339 and
ask to be connected to 202–326–4040.)
The reportable events regulations,
forms, and instructions may be accessed
on the PBGC’s Web site at https://
www.pbgc.gov.
FOR FURTHER INFORMATION CONTACT:
James L. Beller, Jr., Attorney, Legislative
and Regulatory Department, Pension
Benefit Guaranty Corporation, 1200 K
Street, NW., Washington, DC 20005–
4026, 202–326–4024. (For TTY/TDD
users, call the Federal relay service tollfree at 1–800–877–8339 and ask to be
connected to 202–326–4024.)
Section
4043 of the Employee Retirement
Income Security Act of 1974 (ERISA)
requires plan administrators and plan
sponsors to report certain plan and
corporate events to the PBGC. The
reporting requirements give the PBGC
timely notice of events that indicate
plan or employer financial problems.
The PBGC uses the information
provided in determining what, if any,
action it needs to take. For example, the
PBGC might need to institute
proceedings to terminate the plan
(placing it in trusteeship) under section
4042 of ERISA to ensure the continued
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and their beneficiaries or to prevent
unreasonable increases in its losses.
The collection of information under
the regulation has been approved
through January 31, 2006, by OMB
under control number 1212–0013. The
PBGC is requesting that OMB extend its
approval for another three years. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid OMB control
number.
The PBGC estimates that it will
receive 705 reportable events per year
under this collection of information.
The PBGC further estimates that the
average annual burden of this collection
of information is 2,974 hours and
$817,850.
SUPPLEMENTARY INFORMATION:
Issued in Washington, DC, this 19th day of
December, 2005.
Rick Hartt,
Chief Technology Officer, Pension Benefit
Guaranty Corporation.
[FR Doc. E5–7828 Filed 12–23–05; 8:45 am]
BILLING CODE 7708–01–P
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52984; File No. SR–Amex–
2005–123]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Amend
Amex Rule 900–ANTE to Provide a
Revised Implementation Date for the
ANTE System, and To Eliminate
Commentary .01 to Amex Rule 935–
ANTE
December 20, 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
29, 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 and II below, which Items have
been prepared by the Amex. The Amex
filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission.5 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Amex proposes to amend (i)
Amex Rule 900–ANTE to provide a
revised date for the completion of the
implementation of the ANTE System for
all options classes; and (ii) Amex Rule
935–ANTE, to eliminate Commentary
.01 because the implementation of
increased floor broker functionality in
the ANTE System has made this
provision obsolete. The text of the
proposed rule change is available on the
Amex’s Web site (https://
www.amex.com), at the Amex’s Office of
the Secretary, and at the Commission’s
Public Reference Room.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 The Amex has asked the Commission to waive
the five-day pre-filing notice requirement and the
30-day operative delay. See Rule 19b–4(f)(6)(iii), 17
CFR 240.19b–4(f)(6)(iii).
2 17
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Federal Register / Vol. 70, No. 247 / Tuesday, December 27, 2005 / Notices
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, and discussed
any comments it received on the
proposal. 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
bjneal on PROD1PC70 with NOTICES
1. Purpose—Revised Implementation
Date—Amex Rule 900–ANTE
On May 20, 2004, the Commission
approved the Amex’s proposal to
implement a new options trading
platform known as the Amex New
Trading Environment (‘‘ANTE’’).6 On
May 25, 2004, the Amex began rolling
out the ANTE System on its trading
floor on a specialist’s post-byspecialist’s post basis. At that time, the
Amex anticipated that the roll out
would be completed by the end of the
second quarter of 2005. The Amex
subsequently extended the
implementation date for the full roll-out
of the ANTE System to November 30,
2005.7 The Amex has rolled out the
ANTE System to all its option classes
except two: The Nasdaq 100 Index
(‘‘NDX’’) and the Mini Nasdaq Index
(‘‘MNX’’). There are specific reasons
why these products have not been rolled
out on the ANTE System. The specialist
in these products is concerned that the
theoretical price calculator provided by
the ANTE System may not accurately
price the options on these indexes. The
specialist is waiting for its own
theoretical index price calculator, which
has been installed and is currently being
tested, to successfully calculate prices
for these indexes and options. The
Amex expects that the MNX/NDX
specialist will have the proprietary
calculator in place by December 31,
2005.
The Amex is now proposing to further
revise its implementation schedule to
provide that the remaining two option
classes will be on the ANTE System by
December 31, 2005. Maintaining two
6 See Securities Exchange Act Release No. 49747
(May 20, 2004), 69 FR 30344 (May 27, 2004) (SR–
Amex–2003–89).
7 See Securities Exchange Act Release No. 52740
(November 4, 2005), 70 FR 69170 (November 14,
2005), (SR–Amex–2005–109).
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14:54 Dec 23, 2005
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systems for the trading of options—the
legacy system (XTOPS, AODB and
Auto-Ex) and ANTE—is costly. As a
result, the Exchange is working
diligently to have all option classes on
the ANTE System by December 31,
2005, so that it can retire its legacy
systems.
Increased Floor Broker Functionality—
Amex Rule 935–ANTE
Amex Rule 935–ANTE (b) provides
for the post trade allocation of contracts
executed as the result of the submission
of orders to trade with orders in the
ANTE Central Book. If more than one
ANTE Participant 8 and/or a floor broker
representing a customer order submits
an order to trade with an order in the
ANTE Central book within a period not
to exceed five seconds after the initial
ANTE Participant has submitted its
order, all those ANTE Participants and
the floor broker’s customer will be
entitled to participate in the allocation
of any executed contracts. The ANTE
System was initially unable to provide
the functionality necessary for floor
brokers representing customer orders in
the trading crowd to directly participate
in the post trade allocation of orders
taken off the Central Book. Commentary
.01 to Amex Rule 935–ANTE provides a
temporary methodology for the
specialist to disengage the post trading
allocation system in a specific series,
which allows the floor broker to alert
the specialist within the five-second
timeframe whenever the specialist’s
customer wants to participate in post
trade allocation, and allows the
specialist to provide for the customer’s
participation in post trade allocation
when appropriate. The Commission
approved the procedures set forth in
Commentary .01 to Amex Rule 935–
ANTE as a ‘‘reasonable, temporary
solution.’’ 9 Effective November 18,
2005, the ANTE System gave floor
brokers greater functionality to access
the Central Book, and the Exchange now
proposes to eliminate Commentary .01
because the implementation of greater
floor broker functionality has made the
procedures set forth in Commentary .01
unnecessary.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of section 6(b) of the
Act 10 in general, and furthers the
8 Amex Rule 900–ANTE (b)(45) defines ANTE
Participant as the specialist and/or registered
options trader(s) assigned to trade a specific options
class on the ANTE System.
9 See footnote 6, supra.
10 15 U.S.C. 78f(b).
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76473
objectives of section 6(b)(5) of the Act 11
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 is
designed to prohibit unfair
discrimination between customers,
issuers, brokers and dealers.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change will not 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 has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (1) Does not significantly affect
the protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) by its terms does not become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, the proposed rule
change has become effective pursuant to
section 19(b)(3)(A) of the Act and Rule
19b–4(f)(6) thereunder. The Exchange
has requested that the Commission
waive the five-day pre-filing
requirement and the 30-day operative
delay period for ‘‘non-controversial’’
proposals.
The Commission waives the five-day
pre-filing requirement and the 30-day
operative delay.12 The Amex has
represented that the theoretical price
calculators for the final two options
classes are not installed. The
Commission believes that extending the
deadline for implementing Amex Rule
11 15
U.S.C. 78f(b)(5).
purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
12 For
E:\FR\FM\27DEN1.SGM
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76474
Federal Register / Vol. 70, No. 247 / Tuesday, December 27, 2005 / Notices
900–ANTE by one month should afford
the Amex the time needed to install
and/or fix the theoretical price
calculators. The Commission believes
that it is in the interest of investors and
the public to delay implementation of
the ANTE system until all of the
components are in place and
functioning properly, and to eliminate
Commentary .01 to Amex Rule 935,
which it is no longer necessary.
Therefore, the foregoing rule change has
become immediately effective and
operative upon filing pursuant to
Section 19(b)(3)(A)(iii) of the Act 13 and
Rule 19b–4(f)(6) thereunder.14
At any time within 60-days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
bjneal on PROD1PC70 with NOTICES
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–2005–123 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–2005–123. 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
Amex’s Office of the Secretary. 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–2005–123 and
should be submitted on or before
January 17, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Jonathan G. Katz,
Secretary.
[FR Doc. E5–7843 Filed 12–23–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52977; File No. SR–DTC–
2005–20]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Discontinue
Its Domestic Tax Reporting Service
December 19, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
November 21, 2005, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
and on November 23, 2005, amended
the proposed rule change described in
Items I, II, and III below, which items
have been prepared primarily by DTC.
DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 2 and Rule 19b–4(f)(4)
thereunder 3 so that the proposal was
effective upon filing with the
Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(iii).
3 17 CFR 240.19b–4(f)(4).
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The proposed rule allows DTC to
discontinue the Domestic Tax Reporting
Service (‘‘DTax’’). The termination of
this service took effect on December 1,
2005.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
DTC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. DTC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.4
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Although the Commission approved
DTC’s offering of DTax, DTC has
determined that it will not offer the
service in the future through DTC. The
purpose of the proposed rule change is
to terminate DTax as a DTC service
offering. DTC participants will be
informed of the termination of DTax at
DTC by Important Notice.
DTax is a tax reporting service that
accumulates and provides year-end tax
recharacterization information on
various securities types, including
mutual funds, real estate investment
trusts (REITs), Exchange Traded Funds
(ETFs), and common stock, to facilitate
accurate and timely Internal Revenue
Service Form 1099 tax reporting. DTC
began offering the service in 1998, and
it has grown to have a database of
13,000 securities, both DTC-eligible and
(predominantly) non-DTC-eligible
securities. The service is available
through the Web and other proprietary
computer-to-computer communications
systems.
For purposes of efficiency and
enhanced customer service, a whollyowned subsidiary of The Depository
Trust & Clearing Corporation, DTC’s
parent, will instead offer DTax. DTC
participants will be given information
regarding how to purchase the service
outside of DTC. It is anticipated that
DTax will be offered to customers at the
same cost as it has been provided
through DTC in the past.
1 15
13 15
14 17
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
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4 The Commission has modified the text of the
summaries prepared by DTC.
E:\FR\FM\27DEN1.SGM
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]]>Agencies
[Federal Register Volume 70, Number 247 (Tuesday, December 27, 2005)]
[Notices]
[Pages 76472-76474]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-7843]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52984; File No. SR-Amex-2005-123]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Amex Rule 900-ANTE to Provide a Revised Implementation Date for
the ANTE System, and To Eliminate Commentary .01 to Amex Rule 935-ANTE
December 20, 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 29, 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 and
II below, which Items have been prepared by the Amex. The Amex filed
the proposal as a ``non-controversial'' proposed rule change pursuant
to section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposal effective upon filing with
the Commission.\5\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The Amex has asked the Commission to waive the five-day pre-
filing notice requirement and the 30-day operative delay. See Rule
19b-4(f)(6)(iii), 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to amend (i) Amex Rule 900-ANTE to provide a
revised date for the completion of the implementation of the ANTE
System for all options classes; and (ii) Amex Rule 935-ANTE, to
eliminate Commentary .01 because the implementation of increased floor
broker functionality in the ANTE System has made this provision
obsolete. The text of the proposed rule change is available on the
Amex's Web site (https://www.amex.com), at the Amex's Office of the
Secretary, and at the Commission's Public Reference Room.
[[Page 76473]]
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, and
discussed any comments it received on the proposal. 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--Revised Implementation Date--Amex Rule 900-ANTE
On May 20, 2004, the Commission approved the Amex's proposal to
implement a new options trading platform known as the Amex New Trading
Environment (``ANTE'').\6\ On May 25, 2004, the Amex began rolling out
the ANTE System on its trading floor on a specialist's post-by-
specialist's post basis. At that time, the Amex anticipated that the
roll out would be completed by the end of the second quarter of 2005.
The Amex subsequently extended the implementation date for the full
roll-out of the ANTE System to November 30, 2005.\7\ The Amex has
rolled out the ANTE System to all its option classes except two: The
Nasdaq 100 Index (``NDX'') and the Mini Nasdaq Index (``MNX''). There
are specific reasons why these products have not been rolled out on the
ANTE System. The specialist in these products is concerned that the
theoretical price calculator provided by the ANTE System may not
accurately price the options on these indexes. The specialist is
waiting for its own theoretical index price calculator, which has been
installed and is currently being tested, to successfully calculate
prices for these indexes and options. The Amex expects that the MNX/NDX
specialist will have the proprietary calculator in place by December
31, 2005.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 49747 (May 20,
2004), 69 FR 30344 (May 27, 2004) (SR-Amex-2003-89).
\7\ See Securities Exchange Act Release No. 52740 (November 4,
2005), 70 FR 69170 (November 14, 2005), (SR-Amex-2005-109).
---------------------------------------------------------------------------
The Amex is now proposing to further revise its implementation
schedule to provide that the remaining two option classes will be on
the ANTE System by December 31, 2005. Maintaining two systems for the
trading of options--the legacy system (XTOPS, AODB and Auto-Ex) and
ANTE--is costly. As a result, the Exchange is working diligently to
have all option classes on the ANTE System by December 31, 2005, so
that it can retire its legacy systems.
Increased Floor Broker Functionality--Amex Rule 935-ANTE
Amex Rule 935-ANTE (b) provides for the post trade allocation of
contracts executed as the result of the submission of orders to trade
with orders in the ANTE Central Book. If more than one ANTE Participant
\8\ and/or a floor broker representing a customer order submits an
order to trade with an order in the ANTE Central book within a period
not to exceed five seconds after the initial ANTE Participant has
submitted its order, all those ANTE Participants and the floor broker's
customer will be entitled to participate in the allocation of any
executed contracts. The ANTE System was initially unable to provide the
functionality necessary for floor brokers representing customer orders
in the trading crowd to directly participate in the post trade
allocation of orders taken off the Central Book. Commentary .01 to Amex
Rule 935-ANTE provides a temporary methodology for the specialist to
disengage the post trading allocation system in a specific series,
which allows the floor broker to alert the specialist within the five-
second timeframe whenever the specialist's customer wants to
participate in post trade allocation, and allows the specialist to
provide for the customer's participation in post trade allocation when
appropriate. The Commission approved the procedures set forth in
Commentary .01 to Amex Rule 935-ANTE as a ``reasonable, temporary
solution.'' \9\ Effective November 18, 2005, the ANTE System gave floor
brokers greater functionality to access the Central Book, and the
Exchange now proposes to eliminate Commentary .01 because the
implementation of greater floor broker functionality has made the
procedures set forth in Commentary .01 unnecessary.
---------------------------------------------------------------------------
\8\ Amex Rule 900-ANTE (b)(45) defines ANTE Participant as the
specialist and/or registered options trader(s) assigned to trade a
specific options class on the ANTE System.
\9\ See footnote 6, supra.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of section 6(b) of the Act \10\ in general, and
furthers the objectives of section 6(b)(5) of the Act \11\ 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 is designed to prohibit
unfair discrimination between customers, issuers, brokers and dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will not 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 has neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder. The
Exchange has requested that the Commission waive the five-day pre-
filing requirement and the 30-day operative delay period for ``non-
controversial'' proposals.
The Commission waives the five-day pre-filing requirement and the
30-day operative delay.\12\ The Amex has represented that the
theoretical price calculators for the final two options classes are not
installed. The Commission believes that extending the deadline for
implementing Amex Rule
[[Page 76474]]
900-ANTE by one month should afford the Amex the time needed to install
and/or fix the theoretical price calculators. The Commission believes
that it is in the interest of investors and the public to delay
implementation of the ANTE system until all of the components are in
place and functioning properly, and to eliminate Commentary .01 to Amex
Rule 935, which it is no longer necessary. Therefore, the foregoing
rule change has become immediately effective and operative upon filing
pursuant to Section 19(b)(3)(A)(iii) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
\13\ 15 U.S.C. 78s(b)(3)(A)(iii).
\14\ 17 CFR 240.19b-4(f)(6).
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At any time within 60-days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
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-2005-123 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-2005-123. 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 Amex's
Office of the Secretary. 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-2005-123 and should be submitted on or before January 17, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. E5-7843 Filed 12-23-05; 8:45 am]
BILLING CODE 8010-01-P
