Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendments No. 1, 2, and 3 Thereto Relating to Increases in the Original Listing and Annual Fees, 6528-6530 [E6-1728]

Download as PDF rmajette on PROD1PC67 with NOTICES1 6528 Federal Register / Vol. 71, No. 26 / Wednesday, February 8, 2006 / Notices is anticipated that some voting may occur at one or both of these meetings. The Panel welcomes oral public comments at these meetings and has reserved one hour for this purpose at each meeting. Members of the public wishing to address the Panel during the meeting must contact Ms. Anne Terry, in writing, as soon as possible to reserve time (see contact information above). (b) Posting of Draft Reports and Preliminary Findings and Recommendations: Members of the public are encouraged to regularly visit the Panel’s Web site to view draft reports. Currently, the working groups are staggering the posting of various sections of their draft reports at https:// www.acqnet.gov/aap under ‘‘Working Group Reports.’’ Additionally, many of the preliminary findings and recommendations may be found in Power Point slides under ‘‘Meeting Materials’’ for the October, November, and December meetings. The Panel voted on some small business recommendations on January 31, 2006 as well. The results of the vote are available on the slides under ‘‘Meeting Materials’’ for that date. (c) Availability of Materials for the Meetings: Please see the Panel’s Web site for any available materials, including draft agendas and minutes (https://www.acqnet.gov/aap). Questions/issues of particular interest to the Panel are also available to the public on this Web site on its front page, including ‘‘Questions for Government Buying Agencies,’’ ‘‘Questions for Contractors that Sell Commercial Goods or Services to the Government,’’ ‘‘Questions for Commercial Organizations,’’ and an issue raised by one Panel member regarding the rules of interpretation and performance of contracts and liabilities of the parties entitled ‘‘Proposal for Public Comment.’’ The Panel encourages the public to address any of these questions/issues when presenting either oral public comments or written statements to the Panel. (d) Procedures for Providing Public Comments: It is the policy of the Panel to accept written public comments of any length, and to accommodate oral public comments whenever possible. The Panel Staff expects that public statements presented at Panel meetings will be focused on the Panel’s statutory charter and working group topics, and not be repetitive of previously submitted oral or written statements, and that comments will be relevant to the issues under discussion. Oral Comments: Speaking times will be confirmed by Panel staff on a ‘‘firstcome/first-served’’ basis. To VerDate Aug<31>2005 15:26 Feb 07, 2006 Jkt 208001 accommodate as many speakers as possible, oral public comments must be no longer than 10 minutes. Because Panel members may ask questions, reserved times will be approximate. Interested parties must contact Ms. Anne Terry, in writing (via mail, e-mail, or fax identified above for Ms. Terry) at least one week prior to the meeting in order to be placed on the public speaker list for the meeting. Oral requests for speaking time will not be taken. Speakers are requested to bring extra copies of their comments and presentation slides for distribution to the Panel at the meeting. Speakers wishing to use a Power Point presentation must e-mail the presentation to Ms. Terry one week in advance of the meeting. Written Comments: Although written comments are accepted until the date of the meeting (unless otherwise stated), written comments should be received by the Panel Staff at least one week prior to the meeting date so that the comments may be made available to the Panel for their consideration prior to the meeting. Written comments should be supplied to the DFO at the address/ contact information given in this Federal Register Notice in one of the following formats (Adobe Acrobat, WordPerfect, Word, or Rich Text files, in IBM-PC/Windows 98/2000/XP format). Please note: Since the Panel operates under the provisions of the Federal Advisory Committee Act, as amended, all public presentations will be treated as public documents and will be made available for public inspection, up to and including being posted on the Panel’s Web site. (e) Meeting Accommodations: Individuals requiring special accommodation to access the public meetings listed above should contact Ms. Auletta at least five business days prior to the meeting so that appropriate arrangements can be made. Laura Auletta, Designated Federal Officer (Executive Director), Acquisition Advisory Panel. [FR Doc. E6–1720 Filed 2–7–06; 8:45 am] Frm 00084 Fmt 4703 [Release No. 34–53205; File No. SR–Amex– 2005–124] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendments No. 1, 2, and 3 Thereto Relating to Increases in the Original Listing and Annual Fees February 1, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 6, 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 December 28, 2005, Amex filed Amendment No. 1 to the proposed rule change.3 On January 23, 2006, Amex filed Amendment No. 2 to the proposed rule change.4 On January 27, 2006, Amex filed Amendment No. 3 to the proposed rule change.5 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 Amex proposes to amend Sections 140 and 141 of the Amex Company Guide and the Amex Fee Schedule to increase the original listing and the annual issuer fees. The text of the proposed rule change is available on Amex’s Web site (https:// www.amex.com), at the principal office of Amex, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Amex included statements concerning the purpose of and basis for the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 explains the differences in the percentage increases in the original listing and annual fees for smaller and larger companies and also makes technical corrections to the rule text in Exhibit 5. 4 Amendment No. 2 was withdrawn on January 31, 2006. 5 Amendment No. 3 discusses the reasons why the original listing and annual issuer fees vary depending on the size of the company and corrects non-substantive typographical errors in the text of the Amex Fee Schedule submitted as Exhibit 5. 2 17 BILLING CODE 3110–01–P PO 00000 SECURITIES AND EXCHANGE COMMISSION Sfmt 4703 E:\FR\FM\08FEN1.SGM 08FEN1 Federal Register / Vol. 71, No. 26 / Wednesday, February 8, 2006 / Notices proposed rule change. The text of these statements may be examined at the places specified in Item IV below. 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 Amex proposes to amend Sections 140 and 141 of the Amex Company Guide and the Amex Fee Schedule to increase the original listing and the annual issuer fees. The Exchange believes these fee increases are necessary to cover increased costs it has incurred in the enhancement and development of its trading technology and improvements in the overall level of services provided to its members and listed companies. The Exchange’s original and annual listing fees have not increased since 2002. Should the Commission approve the proposed rule change, the Exchange proposes to Number of shares implement the increased annual fees retroactively to January 2006 and the increased original listing fees prospectively upon the Commission’s approval of this proposal.6 Currently the original listing fees pursuant to Section 140 of the Amex Company Guide for stock issues range from $35,000 to $65,000 (which includes a non-refundable application processing fee of $5,000) depending on the number of shares to be listed. Amex proposes that the original listing fees be increased as follows: Current fee* Less than 5,000,000 shares ........................................................................................................ 5,000,000 to 10,000,000 shares .................................................................................................. 10,000,001 to 15,000,000 shares ................................................................................................ In excess of 15,000,000 shares .................................................................................................. 6529 $35,000 45,000 55,000 65,000 Proposed fee* Percentage increase $45,000 55,000 60,000 70,000 28 22 9 8 * Includes the non-refundable application-processing fee of $5,000. As indicated in the chart above, the percentage increase in the original listing fees varies depending upon the number of shares to be listed. Rather than increase each level the same percentage, the Exchange chose to vary the percentage increases in order to remain competitive with the original listing fees charged by other market places. Based upon original listing fees in place at its competitors, the Exchange determined to increase the fees by a larger percentage for smaller companies than for larger companies. The proposed increases in the original listing fees will not change the manner in which these fees are applied—companies with a fewer number of shares will be charged less than companies with a greater number of shares. The Exchange’s purpose for differentiating its original listing fees is based on the Amex’s business objective of attracting small to mid-size companies and the recognition that the costs associated with listing can be significant to a small or mid-size company. In addition, as a general matter, companies with fewer shares tend to have less complex structures, which may result in less staff time spent reviewing the company’s listing application. In addition, the original listing fee for non-U.S. companies listed on a foreign stock exchange is currently 50% of the fees charged to U.S. companies. Amex proposes that the original listing fee for non-U.S. companies be a flat fee of $40,000, which will include the onetime, non-refundable applicationprocessing fee of $5,000. The original listing fees currently paid by non-U.S. Number of shares Current fee 5,000,000 shares or less ............................................................................................................. 5,000,001 to 10,000,000 shares .................................................................................................. 10,000,001 to 25,000,000 shares ................................................................................................ 25,000,001 to 50,000,000 shares ................................................................................................ 50,000,001 to 75,000,000 shares ................................................................................................ In excess of 75,000,000 shares .................................................................................................. rmajette on PROD1PC67 with NOTICES1 companies are significantly lower than the rates paid by U.S. companies due to the additional costs non-U.S. companies incur when listing in the United States. In order to continue to recognize the costs faced by non-U.S. companies, the Exchange chose to set a single rate that is below the lowest rate it charges to U.S. companies, but is still competitive with rates charged by other markets. Finally, the original listing fees for issues listed pursuant to Sections 106 (currency and index warrants) and 107 (other securities) of the Amex Company Guide will remain at the current rates. The annual fees set forth in Section 141 of the Amex Company Guide currently range from $15,000 to $30,000 depending on the number of shares outstanding. Amex proposes that the annual fees be increased as follows: $15,000 17,500 20,000 22,500 30,000 30,000 Proposed fee Percentage increase $16,500 19,000 21,500 24,500 32,500 34,000 10 9 8 9 8 13 As indicated in the chart above, the percentage increase in the annual fees varies depending upon the number of shares outstanding. Rather than increase each level the same percentage, the Exchange chose to vary the percentage increases in order to remain competitive with the annual fees charged by other market places. Based upon annual fees in place at its competitors, the Exchange determined to increase the fees by a larger percentage for its largest companies. The Exchange’s purpose for having lower annual fees for companies with fewer shares outstanding is similarly based on its objective to retain the listings of small to mid-size companies and a recognition that the on-going costs associated with being a listed company have a greater impact on the small to mid-size company. It should be noted that the Amex’s competitors also use a sliding scale 6 Amex clarified that the annual fees will be applied retroactively to January 2006 and the original listing fees will be applied prospectively. Telephone conversation between Claire McGrath, Senior Vice President and General Counsel, Amex and Jan Woo, Attorney, Division of Market Regulation, Commission, on February 1, 2006. VerDate Aug<31>2005 15:26 Feb 07, 2006 Jkt 208001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\08FEN1.SGM 08FEN1 6530 Federal Register / Vol. 71, No. 26 / Wednesday, February 8, 2006 / Notices when applying original listing and annual issuer fees. In addition, the annual fees for issues listed pursuant to Sections 106 (currency and index warrants) and 107 (other securities) of the Amex Company Guide will remain at their current rates. Finally, the Exchange is also proposing other minor technical changes to Sections 140 and 141 of the Amex Company Guide, which will not further alter the fees but will clarify the text of these Sections. 2. Statutory Basis Amex believes that the proposed rule change is consistent with Section 6(b) of the Act 7 in general and furthers the objectives of Section 6(b)(4) of the Act 8 in particular in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. In addition, increasing original listing and annual fees will provide the Exchange with the ability to cover increased expenses related to enhancements in its trading technology, business services, and regulatory programs. B. Self-Regulatory Organization’s Statement on Burden on Competition Amex does not believe that the proposed rule change will impose any burden on competition. 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 with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action rmajette on PROD1PC67 with NOTICES1 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 such proposed rule change, 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: SECURITIES AND EXCHANGE COMMISSION Electronic Comments Self-Regulatory Organizations; Pacific Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Certificate of Incorporation of PCX Holdings, Inc. • 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 No. SR–Amex–2005–124 on the subject line. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Nancy M. Morris, Secretary. [FR Doc. E6–1728 Filed 2–7–06; 8:45 am] 7 15 VerDate Aug<31>2005 15:26 Feb 07, 2006 9 17 Jkt 208001 January 31, 2006. 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 January Paper Comments 27, 2006, the Pacific Exchange, Inc. (‘‘PCX’’ or ‘‘Exchange’’) filed with the • Send paper comments in triplicate Securities and Exchange Commission to Nancy M. Morris, Secretary, (‘‘Commission’’) the proposed rule Securities and Exchange Commission, change as described in Items I and II Station Place, 100 F Street, NE, below, which Items have been prepared Washington, DC 20549–1090. by PCX. PCX filed the proposed rule All submissions should refer to File change pursuant to Section 19(b)(3)(A) Number SR–Amex–2005–124. This file of the Act,3 and Rule 19b–4(f)(6) number should be included on the thereunder,4 which renders the proposal subject line if e-mail is used. To help the effective upon filing with the Commission process and review your Commission. The Commission is comments more efficiently, please use publishing this notice to solicit only one method. The Commission will comments on the proposed rule change post all comments on the Commission’s from interested persons. Internet Web site (https://www.sec.gov/ I. Self-Regulatory Organization’s rules/sro.shtml). Copies of the Statement of the Terms of Substance of submission, all subsequent the Proposed Rule Change amendments, all written statements PCX proposes to submit to the with respect to the proposed rule Commission a proposed rule change to change that are filed with the further extend certain temporary Commission, and all written exceptions from the voting and communications relating to the ownership limitations in the certificate proposed rule change between the Commission and any person, other than of incorporation of PCX Holdings, Inc. (‘‘PCXH’’), a Delaware corporation and a those that may be withheld from the parent company of PCX, originally public in accordance with the approved by the Commission in an provisions of 5 U.S.C. 552, will be order issued on September 22, 2005 (the available for inspection and copying in ‘‘SEC Order’’) 5 and extended pursuant the Commission’s Public Reference Room. Copies of such filing also will be to a proposed rule change filed with the Commission on December 19, 2005 (the available for inspection and copying at ‘‘Original Extension Rule Filing’’) 6 and the principal office of Amex. All amended on December 23, 2005,7 so as comments received will be posted to allow: (a) Archipelago Holdings, Inc. without change; the Commission does (‘‘Archipelago’’), a Delaware corporation not edit personal identifying and the ultimate parent company of information from submissions. You PCXH and PCX, to continue to (i) own should submit only information that you wish to make available publicly. All Wave Securities, L.L.C. (‘‘Wave’’) and (ii) own and operate the ATS Inbound submissions should refer to File Router Function (as defined below) of Number SR–Amex–2005–124 and should be submitted on or before March 1 15 U.S.C. 78s(b)(1). 1, 2006. 2 BILLING CODE 8010–01–P U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4). [Release No. 34–53202; File No. SR–PCX– 2006–04] PO 00000 CFR 200.30–3(a)(12). Frm 00086 Fmt 4703 Sfmt 4703 17 CFR 240.19b–4. U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 5 See Securities Exchange Act Release No. 52497 (September 22, 2005), 70 FR 56949 (September 29, 2005) (SR–PCX–2005–90) (the ‘‘SEC Order’’). 6 See Pacific Exchange, Inc., Proposed Rule Change Relating to the Certificate of Incorporation of PCX Holdings, Inc., File No. SR–PCX–2005–139 (December 19, 2005). 7 See Amendment No. 1 to the Original Extension Rule Filing (December 23, 2005). 3 15 E:\FR\FM\08FEN1.SGM 08FEN1

Agencies

[Federal Register Volume 71, Number 26 (Wednesday, February 8, 2006)]
[Notices]
[Pages 6528-6530]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-1728]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53205; File No. SR-Amex-2005-124]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change and Amendments No. 1, 2, and 3 
Thereto Relating to Increases in the Original Listing and Annual Fees

February 1, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on December 6, 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 December 28, 
2005, Amex filed Amendment No. 1 to the proposed rule change.\3\ On 
January 23, 2006, Amex filed Amendment No. 2 to the proposed rule 
change.\4\ On January 27, 2006, Amex filed Amendment No. 3 to the 
proposed rule change.\5\ 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 explains the differences in the percentage 
increases in the original listing and annual fees for smaller and 
larger companies and also makes technical corrections to the rule 
text in Exhibit 5.
    \4\ Amendment No. 2 was withdrawn on January 31, 2006.
    \5\ Amendment No. 3 discusses the reasons why the original 
listing and annual issuer fees vary depending on the size of the 
company and corrects non-substantive typographical errors in the 
text of the Amex Fee Schedule submitted as Exhibit 5.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Amex proposes to amend Sections 140 and 141 of the Amex Company 
Guide and the Amex Fee Schedule to increase the original listing and 
the annual issuer fees. The text of the proposed rule change is 
available on Amex's Web site (https://www.amex.com), at the principal 
office of Amex, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, Amex included statements 
concerning the purpose of and basis for the

[[Page 6529]]

proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. 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
    Amex proposes to amend Sections 140 and 141 of the Amex Company 
Guide and the Amex Fee Schedule to increase the original listing and 
the annual issuer fees. The Exchange believes these fee increases are 
necessary to cover increased costs it has incurred in the enhancement 
and development of its trading technology and improvements in the 
overall level of services provided to its members and listed companies. 
The Exchange's original and annual listing fees have not increased 
since 2002. Should the Commission approve the proposed rule change, the 
Exchange proposes to implement the increased annual fees retroactively 
to January 2006 and the increased original listing fees prospectively 
upon the Commission's approval of this proposal.\6\
---------------------------------------------------------------------------

    \6\ Amex clarified that the annual fees will be applied 
retroactively to January 2006 and the original listing fees will be 
applied prospectively. Telephone conversation between Claire 
McGrath, Senior Vice President and General Counsel, Amex and Jan 
Woo, Attorney, Division of Market Regulation, Commission, on 
February 1, 2006.
---------------------------------------------------------------------------

    Currently the original listing fees pursuant to Section 140 of the 
Amex Company Guide for stock issues range from $35,000 to $65,000 
(which includes a non-refundable application processing fee of $5,000) 
depending on the number of shares to be listed. Amex proposes that the 
original listing fees be increased as follows:

----------------------------------------------------------------------------------------------------------------
                                                                                                    Percentage
                        Number of shares                           Current fee*    Proposed fee*     increase
----------------------------------------------------------------------------------------------------------------
Less than 5,000,000 shares......................................         $35,000         $45,000              28
5,000,000 to 10,000,000 shares..................................          45,000          55,000              22
10,000,001 to 15,000,000 shares.................................          55,000          60,000               9
In excess of 15,000,000 shares..................................          65,000          70,000               8
----------------------------------------------------------------------------------------------------------------
* Includes the non-refundable application-processing fee of $5,000.

    As indicated in the chart above, the percentage increase in the 
original listing fees varies depending upon the number of shares to be 
listed. Rather than increase each level the same percentage, the 
Exchange chose to vary the percentage increases in order to remain 
competitive with the original listing fees charged by other market 
places. Based upon original listing fees in place at its competitors, 
the Exchange determined to increase the fees by a larger percentage for 
smaller companies than for larger companies. The proposed increases in 
the original listing fees will not change the manner in which these 
fees are applied--companies with a fewer number of shares will be 
charged less than companies with a greater number of shares. The 
Exchange's purpose for differentiating its original listing fees is 
based on the Amex's business objective of attracting small to mid-size 
companies and the recognition that the costs associated with listing 
can be significant to a small or mid-size company. In addition, as a 
general matter, companies with fewer shares tend to have less complex 
structures, which may result in less staff time spent reviewing the 
company's listing application.
    In addition, the original listing fee for non-U.S. companies listed 
on a foreign stock exchange is currently 50% of the fees charged to 
U.S. companies. Amex proposes that the original listing fee for non-
U.S. companies be a flat fee of $40,000, which will include the one-
time, non-refundable application-processing fee of $5,000. The original 
listing fees currently paid by non-U.S. companies are significantly 
lower than the rates paid by U.S. companies due to the additional costs 
non-U.S. companies incur when listing in the United States. In order to 
continue to recognize the costs faced by non-U.S. companies, the 
Exchange chose to set a single rate that is below the lowest rate it 
charges to U.S. companies, but is still competitive with rates charged 
by other markets. Finally, the original listing fees for issues listed 
pursuant to Sections 106 (currency and index warrants) and 107 (other 
securities) of the Amex Company Guide will remain at the current rates.
    The annual fees set forth in Section 141 of the Amex Company Guide 
currently range from $15,000 to $30,000 depending on the number of 
shares outstanding. Amex proposes that the annual fees be increased as 
follows:

----------------------------------------------------------------------------------------------------------------
                                                                                                    Percentage
                        Number of shares                            Current fee    Proposed fee      increase
----------------------------------------------------------------------------------------------------------------
5,000,000 shares or less........................................         $15,000         $16,500              10
5,000,001 to 10,000,000 shares..................................          17,500          19,000               9
10,000,001 to 25,000,000 shares.................................          20,000          21,500               8
25,000,001 to 50,000,000 shares.................................          22,500          24,500               9
50,000,001 to 75,000,000 shares.................................          30,000          32,500               8
In excess of 75,000,000 shares..................................          30,000          34,000              13
----------------------------------------------------------------------------------------------------------------

    As indicated in the chart above, the percentage increase in the 
annual fees varies depending upon the number of shares outstanding. 
Rather than increase each level the same percentage, the Exchange chose 
to vary the percentage increases in order to remain competitive with 
the annual fees charged by other market places. Based upon annual fees 
in place at its competitors, the Exchange determined to increase the 
fees by a larger percentage for its largest companies. The Exchange's 
purpose for having lower annual fees for companies with fewer shares 
outstanding is similarly based on its objective to retain the listings 
of small to mid-size companies and a recognition that the on-going 
costs associated with being a listed company have a greater impact on 
the small to mid-size company. It should be noted that the Amex's 
competitors also use a sliding scale

[[Page 6530]]

when applying original listing and annual issuer fees.
    In addition, the annual fees for issues listed pursuant to Sections 
106 (currency and index warrants) and 107 (other securities) of the 
Amex Company Guide will remain at their current rates.
    Finally, the Exchange is also proposing other minor technical 
changes to Sections 140 and 141 of the Amex Company Guide, which will 
not further alter the fees but will clarify the text of these Sections.
2. Statutory Basis
    Amex believes that the proposed rule change is consistent with 
Section 6(b) of the Act \7\ in general and furthers the objectives of 
Section 6(b)(4) of the Act \8\ in particular in that it is designed to 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its members and issuers and other persons using its 
facilities. In addition, increasing original listing and annual fees 
will provide the Exchange with the ability to cover increased expenses 
related to enhancements in its trading technology, business services, 
and regulatory programs.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    Amex does not believe that the proposed rule change will impose any 
burden on competition.

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 with respect to 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 Exchange consents, the Commission will:
    (A) By order approve such proposed rule change, 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 No. SR-Amex-2005-124 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-Amex-2005-124. 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 Amex. 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-2005-124 and should be submitted on or before March 1, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
 [FR Doc. E6-1728 Filed 2-7-06; 8:45 am]
BILLING CODE 8010-01-P
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