Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Technology Assessment Fee for the Use of Legacy Options Trading Systems, 9392-9394 [E6-2521]

Download as PDF 9392 Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / Notices 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 with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 11 and Rule 19b–4(f)(6) 12 thereunder because it (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) does not become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, provided that the self-regulatory organization has given the Commission written notice of its intent to file the proposed rule change at least five business days prior to the filing date of the proposed rule change, or such shorter time as the Commission may designate. The Exchange has requested that the Commission waive the five-day prefiling requirement and the 30-day operative delay of Rule 19b–4(f)(6)(iii) so that the proposed rule change may become effective immediately.13 The Commission believes that waiving the pre-filing requirement and the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission has determined to waive the pre-filing requirement and the operative delay and allow the proposed rule change to become operative immediately.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. 11 15 U.S.C. 78s(b)(3)(A). CFR 19b–4(f)(6). 13 The Exchange gave the Commission written notice of its intent to file the proposed rule change by notice on January 14, 2005. 14 For purposes only of waiving the operative delay of this proposal, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). rwilkins on PROD1PC63 with NOTICES 12 17 VerDate Aug<31>2005 16:15 Feb 22, 2006 Jkt 205001 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–Amex–2006–13 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Amex–2006–13. 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 Commissions Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Amex–2006–13 and should be submitted on or before March 16, 2006. PO 00000 For the Commission, by the Division of Market Regulation, pursuant to delegated authority.15 J. Lynn Taylor, Assistant Secretary. [FR Doc. 06–1653 Filed 2–22–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53318; File No. SR–Amex– 2006–12] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Technology Assessment Fee for the Use of Legacy Options Trading Systems February 15, 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 February 6, 2006, the American Stock Exchange LLC (‘‘Exchange’’ or ‘‘Amex’’) 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. Amex has designated this proposal as one establishing or changing a due, fee, or other charge imposed by Amex under section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposed rule change effective upon filing with the Commission. 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 Exchange proposes to adopt a Technology Assessment Fee to be assessed on its members for the continued use of legacy options trading systems. The text of the proposed rule change is available on Amex’s Web site (http://www.amex.com), at Amex’s principal office, and at the Commission’s Public Reference Room. 15 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 1 15 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\23FEN1.SGM 23FEN1 Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / 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 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. 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 rwilkins on PROD1PC63 with NOTICES 1. Purpose 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 (the ‘‘ANTE System’’ or ‘‘ANTE’’).5 ANTE is intended to replace the following legacy options trading systems: the Amex Options Display Book (AODB), Amex’s theoretical price calculator (XTOPS), and Auto-Ex. 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 it was anticipated the roll-out would be completed by the end of the second quarter of 2005. The implementation date for the full roll-out of the ANTE System was subsequently extended to June 30, 2006.6 Amex has rolled out the ANTE System to all its option classes except one—the Nasdaq 100 Index options (‘‘NDX’’). NDX has the largest notional value of any option class, with average premiums of $40. The specialist for this product is concerned that the theoretical price calculator provided by the ANTE System may not accurately price the options on this index. The specialist has installed its own theoretical index price calculator, which currently calculates prices for the firm’s other options products, including the Mini Nasdaq 5 See Securities Exchange Act Release No. 49747, 69 FR 30344 (May 27, 2004) (File No. SR–Amex– 2003–89). 6 In a separate filing submitted February 6, 2006, for immediate effectiveness pursuant to Section 19(b)(3)(A)(iii) of the Act, 15 U.S.C. 78s(b)(3)(A)(iii), the Exchange proposed to extend the deadline for implementation of ANTE System for all option classes from December 31, 2005, to June 30, 2006. See File No. SR–Amex–2006–13, notice of which the Commission is separately publishing for comment today (Securities Exchange Act Release No. 53319). VerDate Aug<31>2005 16:15 Feb 22, 2006 Jkt 205001 Index (MNX), an index valued at onetenth the value of NDX. The specialist firm continues to resist moving NDX off the legacy options trading systems and onto the ANTE System as it seeks to gain experience using its proprietary price calculator. The NDX specialist is concerned about the magnitude of errors that could occur using a theoretical price calculator with NDX, given its large notional value and the size of the underlying index. Although the Exchange is mindful of the specialist’s concerns, maintaining two platforms for the trading of options—the legacy options trading systems and ANTE—is costly for the Exchange. Therefore, the Exchange is proposing to assess the specialist firm a fee to cover the Exchange’s costs for maintaining its legacy options trading systems at the Securities Industry Automation Corporation (‘‘SIAC’’). The Exchange currently pays a monthly maintenance fee to SIAC of $12,000. The proposal will require the specialist firm to reimburse the Exchange for these maintenance costs until it transitions all of its options classes to the ANTE System.7 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act 8 in general and furthers the objectives of section 6(b)(4) 9 in particular in that it is intended to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. Specifically, the Exchange is proposing to assess the one member organization continuing to use its legacy options trading systems in order to recover its costs for maintaining these systems. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received with respect to the proposed rule change. 7 The Exchange expects that the NDX specialist will move NDX onto the ANTE System by June 30, 2006, the new deadline for implementation of the ANTE System. See supra note 6. 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 9393 III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to section 19(b)(3)(A) of the Act 10 and Rule 19b– 4(f)(2) 11 thereunder because it establishes or changes a due, fee, or other charge imposed by the Exchange. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–Amex–2006–12 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Amex–2006–12. 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 (http://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 10 15 11 17 E:\FR\FM\23FEN1.SGM U.S.C. 78s(b)(3)(A). CFR 19b–4(f)(2). 23FEN1 9394 Federal Register / Vol. 71, No. 36 / Thursday, February 23, 2006 / Notices Room. Copies of such filing also will be available for inspection and copying at the principal office of the 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–2006–12 and should be submitted on or before March 16, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.12 J. Lynn Taylor, Assistant Secretary. [FR Doc. E6–2521 Filed 2–22–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53321; File No. SR–NASD– 2006–024] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change To Modify Pricing for Non-Members Using Nasdaq’s Brut and Inet Facilities February 15, 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 February 13, 2006, the National Association of Securities Dealers, Inc. (‘‘NASD’’), through its subsidiary, The Nasdaq Stock Market, Inc. (‘‘Nasdaq’’), 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 Nasdaq. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. In addition, the Commission is granting accelerated approval of the proposed rule change. rwilkins on PROD1PC63 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to modify the pricing for non-members using Nasdaq’s Brut and Inet Facilities to trade securities priced under $1.00. The filing will apply to these non-members the CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. same pricing change that Nasdaq is instituting for members.3 Nasdaq seeks approval to implement the proposed rule change retroactively as of February 13, 2006. The text of the proposed rule change is available on NASD’s Web site (http://www.nasd.com), at NASD’s principal office, 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, Nasdaq included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it had received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. Nasdaq 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 Since the beginning of February, Nasdaq has observed an increase in the extent to which market participants are posting limit orders in certain securities priced under $1.00 in circumstances where the price of the posted order locks or crosses prices available on other markets or improves upon the NBBO by an extremely small amount. The alteration in market participant behavior appears to be a result of both Nasdaq’s introduction of subpenny pricing in Nasdaq-listed securities priced under $1.00, as well as the dissemination of said pricing via the Securities Information Processor, and a recent Nasdaq pricing change that eliminated caps on liquidity provider rebates for these securities. As a result, it appears that certain participants are submitting orders in these low-priced securities in a manner calculated to earn liquidity provider rebates. Because Nasdaq considers this behavior detrimental to market quality, Nasdaq proposes to modify its pricing for securities priced under $1.00 to eliminate the liquidity provider credit. To offset the effect of this change on market participants engaged in legitimate trading of these securities, Nasdaq also proposes to reduce the fee to access liquidity in these stocks from the current fee of $0.0028 or $0.003 per share to a charge equal to 0.1% of the total transaction cost. Thus, in a transaction to buy 1,000 shares at $0.50, the charge to access liquidity would be $0.50. Nasdaq believes this change will also ensure that Nasdaq’s pricing for low-priced securities is consistent with Rule 610(c)(2) of Regulation NMS when it takes effect later this year. Rule 610(c)(2) will limit fees for access to quotations under $1.00 to no more than 0.3% of the quotation price per share. In SR–NASD–2006–023, Nasdaq made this change applicable to NASD members on an immediately effective basis. Nasdaq is submitting this filing to apply the changes to non-members using the Brut and Inet facilities, and also plans to submit a filing to make both the member and non-member changes retroactive to February 1, 2006. 2. Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of section 15A of the Act,4 in general, and with section 15A(b)(5) of the Act,5 in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which the NASD operates or controls. The proposed rule change applies to non-members that use Brut and Inet a fee change that is being implemented for NASD members that use the Nasdaq Facilities. Accordingly, Nasdaq believes that the proposed rule change promotes an equitable allocation of fees between members and non-members using Nasdaq’s order execution facilities. B. Self-Regulatory Organization’s Statement on Burden on Competition Nasdaq does not believe that the proposed rule change will result in 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 Written comments were neither solicited nor received. III. 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: 12 17 1 15 VerDate Aug<31>2005 16:15 Feb 22, 2006 3 See Securities Exchange Act Release No. 53321 (February 15, 2006) (File No. SR–NASD–2006–023). Jkt 205001 PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 4 15 5 15 E:\FR\FM\23FEN1.SGM U.S.C. 78o–3. U.S.C. 78o–3(b)(5). 23FEN1

Agencies

[Federal Register Volume 71, Number 36 (Thursday, February 23, 2006)]
[Notices]
[Pages 9392-9394]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-2521]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53318; File No. SR-Amex-2006-12]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Establish a Technology Assessment Fee for the Use of Legacy Options 
Trading Systems

February 15, 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 February 6, 2006, the American Stock Exchange LLC (``Exchange'' or 
``Amex'') 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. Amex has 
designated this proposal as one establishing or changing a due, fee, or 
other charge imposed by Amex under section 19(b)(3)(A)(ii) of the Act 
\3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule 
change effective upon filing with the Commission. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to adopt a Technology Assessment Fee to be 
assessed on its members for the continued use of legacy options trading 
systems. The text of the proposed rule change is available on Amex's 
Web site (http://www.amex.com), at Amex's principal office, and at the 
Commission's Public Reference Room.

[[Page 9393]]

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. 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
    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 (the ``ANTE System'' or ``ANTE'').\5\ ANTE is intended to 
replace the following legacy options trading systems: the Amex Options 
Display Book (AODB), Amex's theoretical price calculator (XTOPS), and 
Auto-Ex. 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 it was anticipated the roll-out would be completed by the end 
of the second quarter of 2005. The implementation date for the full 
roll-out of the ANTE System was subsequently extended to June 30, 
2006.\6\ Amex has rolled out the ANTE System to all its option classes 
except one--the Nasdaq 100 Index options (``NDX''). NDX has the largest 
notional value of any option class, with average premiums of $40. The 
specialist for this product is concerned that the theoretical price 
calculator provided by the ANTE System may not accurately price the 
options on this index. The specialist has installed its own theoretical 
index price calculator, which currently calculates prices for the 
firm's other options products, including the Mini Nasdaq Index (MNX), 
an index valued at one-tenth the value of NDX.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 49747, 69 FR 30344 
(May 27, 2004) (File No. SR-Amex-2003-89).
    \6\ In a separate filing submitted February 6, 2006, for 
immediate effectiveness pursuant to Section 19(b)(3)(A)(iii) of the 
Act, 15 U.S.C. 78s(b)(3)(A)(iii), the Exchange proposed to extend 
the deadline for implementation of ANTE System for all option 
classes from December 31, 2005, to June 30, 2006. See File No. SR-
Amex-2006-13, notice of which the Commission is separately 
publishing for comment today (Securities Exchange Act Release No. 
53319).
---------------------------------------------------------------------------

    The specialist firm continues to resist moving NDX off the legacy 
options trading systems and onto the ANTE System as it seeks to gain 
experience using its proprietary price calculator. The NDX specialist 
is concerned about the magnitude of errors that could occur using a 
theoretical price calculator with NDX, given its large notional value 
and the size of the underlying index.
    Although the Exchange is mindful of the specialist's concerns, 
maintaining two platforms for the trading of options--the legacy 
options trading systems and ANTE--is costly for the Exchange. 
Therefore, the Exchange is proposing to assess the specialist firm a 
fee to cover the Exchange's costs for maintaining its legacy options 
trading systems at the Securities Industry Automation Corporation 
(``SIAC''). The Exchange currently pays a monthly maintenance fee to 
SIAC of $12,000. The proposal will require the specialist firm to 
reimburse the Exchange for these maintenance costs until it transitions 
all of its options classes to the ANTE System.\7\
---------------------------------------------------------------------------

    \7\ The Exchange expects that the NDX specialist will move NDX 
onto the ANTE System by June 30, 2006, the new deadline for 
implementation of the ANTE System. See supra note 6.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) of the Act \8\ in general and furthers the objectives 
of section 6(b)(4) \9\ in particular in that it is intended to provide 
for the equitable allocation of reasonable dues, fees, and other 
charges among its members and issuers and other persons using its 
facilities. Specifically, the Exchange is proposing to assess the one 
member organization continuing to use its legacy options trading 
systems in order to recover its costs for maintaining these systems.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    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

    The foregoing proposed rule change has become effective pursuant to 
section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(2) \11\ 
thereunder because it establishes or changes a due, fee, or other 
charge imposed by the Exchange. 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File No. SR-Amex-2006-12 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Amex-2006-12. 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 (http://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

[[Page 9394]]

Room. Copies of such filing also will be available for inspection and 
copying at the principal office of the 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-2006-12 and should be submitted on 
or before March 16, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-2521 Filed 2-22-06; 8:45 am]
BILLING CODE 8010-01-P