Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Extension of the Allocation and Performance Evaluation Procedures for Securities Admitted to Dealings on an Unlisted Basis, 20425-20426 [E6-5919]
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Federal Register / Vol. 71, No. 76 / Thursday, April 20, 2006 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53649; File No. SR–Amex–
2006–29]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change Relating to
the Extension of the Allocation and
Performance Evaluation Procedures
for Securities Admitted to Dealings on
an Unlisted Basis
April 13, 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 April 6,
2006, 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 Exchange. 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 seeks a one year extension
of its allocations and performance
evaluation procedures for securities
admitted to dealings on an unlisted
trading privileges (‘‘UTP’’) basis to
permit these programs to remain in
effect while the Commission considers
permanent approval of these
procedures.
The text of the proposed rule change
is available on the Amex’s Web site at
https://www.amex.com, the Amex’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
hsrobinson on PROD1PC61 with 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 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.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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14:56 Apr 19, 2006
Jkt 208001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to extend
its allocations and performance
evaluation procedures for securities
admitted to dealings on a UTP basis
from April 6, 2006 through and
including April 6, 2007. The text of the
rules shall remain unchanged.
The Commission previously approved
the Exchange’s allocation and
performance evaluation procedures on a
pilot basis through two independent
approval orders (‘‘Pilots’’).3 In 2003, the
Pilots were extended until October 5,
2003,4 and April 5, 2004.5 In 2004, the
Pilots were extended through April 6,
2005.6 In 2005, the Pilots were extended
through April 6, 2006.7 The instant
proposed rule change makes no
substantive change to the Pilots other
than to extend them through April 6,
2007.8
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6 of the Act 9 in general, and
furthers the objectives of section
6(b)(5) 10 in particular, in that it is
designed to promote just and equitable
principles of trade, 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.11
3 See Securities Exchange Act Release No. 45698
(April 5, 2002), 67 FR 18051 (April 12, 2002) (SR–
Amex–2001–107); and 46750 (October 30, 2002), 67
FR 67880 (November 7, 2002) (SR–Amex–2002–19).
4 See Securities Exchange Act Release No. 47779
(May 1, 2003), 68 FR 24777 (May 8, 2003) (SR–
Amex–2003–23).
5 See Securities Exchange Act Release No. 48657
(October 17, 2003), 68 FR 61025 (October 24, 2003)
(SR–Amex–2003–87).
6 See Securities Exchange Act Release No. 49613
(April 26, 2004), 69 FR 24204 (May 3, 2004) (SR–
Amex–2004–22).
7 See Securities Exchange Act Release No. 52004
(July 8, 2005), 70 FR 41061 (July 15, 2005) (SR–
Amex–2005–043).
8 See e-mail from Nyieri Nazarian, Assistant
General Counsel, Amex, to Terri Evans, Special
Counsel, Division of Market Regulation
(‘‘Division’’), Commission, dated April 10, 2006
(clarifying the establishment of two Pilots, as well
as the dates and citations of prior extensions of the
Pilots). The Amex also clarified that it was not
seeking retroactive approval of the proposed rule
change. Telephone conversation between Nyieri
Nazarian, Assistant General Counsel, Amex, and
Terri Evans, Special Counsel, Division,
Commission, on April 10, 2006.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
11 Telephone conversation between Nyieri
Nazarian, Assistant General Counsel, Amex, and
PO 00000
Frm 00044
Fmt 4703
Sfmt 4703
20425
B. Self-Regulatory Organization’s
Statement on Burden on Competition
According to the Exchange, the
proposed rule change will impose no
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received by the Exchange on this
proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (1) Significantly affect
the protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
the filing or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, it has become effective
pursuant to section 19(b)(3)(A) of the
Act 12 and subparagraph (f)(6) of Rule
19b–4 thereunder.13
The Amex has requested that the
Commission waive the 5-day pre-filing
notice requirement and the 30-day
operative delay. The Commission is
exercising its authority to waive the 5day prefiling requirement and believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest since
it will allow the Pilots to continue
without interruption in service to
investors. For these reasons, the
Commission designates the proposal to
be effective and operative upon filing
with the Commission.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.
Terri Evans, Special Counsel, Division,
Commission, on April 10, 2006 (clarifying the
statutory basis for the proposed rule change).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
14 For purposes only of waiving the operative
delay of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\20APN1.SGM
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20426
Federal Register / Vol. 71, No. 76 / Thursday, April 20, 2006 / Notices
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:
hsrobinson on PROD1PC61 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–2006–29 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53640; File No. SR–Amex–
2005–096]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change
and Amendment No. 1 Thereto
Relating to the Relocation of
Registered Options Traders Assigned
Options Classes
April 12, 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
Paper Comments
September 22, 2005, the American Stock
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
• Send paper comments in triplicate
filed with the Securities and Exchange
to Nancy M. Morris, Secretary,
Commission (‘‘Commission’’) the
Securities and Exchange Commission,
proposed rule change as described in
Station Place, 100 F Street, NE.,
Items I, II, and III below, which Items
Washington, DC 20549–1090.
All submissions should refer to File
have been prepared by the Exchange.
Number SR–Amex–2006–29. This file
On April 5, 2006, the Amex submitted
number should be included on the
Amendment No. 1 to the proposed rule
subject line if e-mail is used. To help the change.3 The Commission is publishing
Commission process and review your
this notice to solicit comments on the
comments more efficiently, please use
proposed rule change, as amended, from
only one method. The Commission will interested persons.
post all comments on the Commission’s
I. Self-Regulatory Organization’s
Internet Web site (https://www.sec.gov/
Statement of the Terms of Substance of
rules/sro.shtml). Copies of the
the Proposed Rule Change
submission, all subsequent
The Exchange proposes to permit
amendments, all written statements
registered options traders (‘‘ROTs’’) to
with respect to the proposed rule
send proprietary electronic orders,
change that are filed with the
representing a bona fide hedge or
Commission, and all written
position liquidations, in an assigned
communications relating to the
option class for a period of up to three
proposed rule change between the
Commission and any person, other than (3) months following a relocation of
such option class when the ROT is no
those that may be withheld from the
longer physically present in such
public in accordance with the
trading crowd.
provisions of 5 U.S.C. 552, will be
Below is the text of the proposed rule
available for inspection and copying in
change. Proposed new language is in
the Commission’s Public Reference.
italics.
Copies of such filing also will be
available for inspection and copying at
Options Transactions of Registered
the principal office of the Amex. All
Options Traders
comments received will be posted
Rule 958–ANTE No registered
without change; the Commission does
options trader shall initiate an Exchange
not edit personal identifying
option transaction on the Floor and
information from submissions. You
through the facilities of the Exchange for
should submit only information that
you wish to make available publicly. All any account in which he has an interest
except in accordance with the following
submissions should refer to File
Number SR–Amex–2006–29 and should provisions:
(a) through (i) No Change
be submitted on or before May 11, 2006.
Commentary * * *
For the Commission, by the Division of
.01 through .09 No Change
Market Regulation, pursuant to delegated
.10 A Registered Options Trader may
authority.15
apply to the Exchange for the ability to
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6–5919 Filed 4–19–06; 8:45 am]
BILLING CODE 8010–01–P
15 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
14:56 Apr 19, 2006
Jkt 208001
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 (‘‘Amendment No. 1’’)
supersedes and replaces the original filing in its
entirety. The substance of Amendment No. 1 is
incorporated into this notice.
2 17
PO 00000
Frm 00045
Fmt 4703
Sfmt 4703
send electronic bona fide hedging and/
or liquidating orders in a formerly
assigned option class(es) that have been
relocated to a different location on the
trading floor, for up to a three (3) month
period from the date the application is
granted. The Registered Options Trader
will not be required to be physically
present in the new trading location for
the purpose of sending bona fide
hedging and/or liquidating orders to the
option class(es) that have been
relocated. Application is required to be
made in writing to the Exchange’s
Division of Regulation and Compliance.
The Exchange’s Division of Regulation
and Compliance is required to approve
each application before a Registered
Options Trader may send electronic
orders pursuant to this Commentary. An
extension of the three (3) month time
period is not permitted. Upon the
expiration of the three (3) month period,
Registered Options Traders will no
longer be permitted to electronically
send orders from the floor of the
Exchange for the purpose of bona fide
hedging and/or liquidating positions in
the formerly assigned options class.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change, as amended. The
text of these statements may be
examined at the places specified in Item
IV below. The Exchange has prepared
summaries, set forth in sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
According to the Amex, the purpose
of the proposed rule change is to
provide ROTs who are no longer
physically present in the trading crowd
of his or her formerly assigned option
class 4 with the ability to send electronic
4 The Exchange states that a ROT would no longer
be considered assigned to an option class once an
assigned option class has been relocated to a
different floor location and the ROT has not
communicated his intention to relocate with such
assigned options class. A ROT must communicate
his intention to relocate if he wants to keep the
assigned option class. This proposed rule change
proposes a three (3) month grace period in which
the ROT may electronically send orders to close-out
or hedge those assigned options class positions.
E:\FR\FM\20APN1.SGM
20APN1
]]>Agencies
[Federal Register Volume 71, Number 76 (Thursday, April 20, 2006)]
[Notices]
[Pages 20425-20426]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-5919]
[[Page 20425]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53649; File No. SR-Amex-2006-29]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Extension of the Allocation and Performance Evaluation
Procedures for Securities Admitted to Dealings on an Unlisted Basis
April 13, 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 April 6, 2006, 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 Exchange. 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex seeks a one year extension of its allocations and
performance evaluation procedures for securities admitted to dealings
on an unlisted trading privileges (``UTP'') basis to permit these
programs to remain in effect while the Commission considers permanent
approval of these procedures.
The text of the proposed rule change is available on the Amex's Web
site at https://www.amex.com, the Amex's Office of the Secretary, 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, the Amex 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
The Exchange is proposing to extend its allocations and performance
evaluation procedures for securities admitted to dealings on a UTP
basis from April 6, 2006 through and including April 6, 2007. The text
of the rules shall remain unchanged.
The Commission previously approved the Exchange's allocation and
performance evaluation procedures on a pilot basis through two
independent approval orders (``Pilots'').\3\ In 2003, the Pilots were
extended until October 5, 2003,\4\ and April 5, 2004.\5\ In 2004, the
Pilots were extended through April 6, 2005.\6\ In 2005, the Pilots were
extended through April 6, 2006.\7\ The instant proposed rule change
makes no substantive change to the Pilots other than to extend them
through April 6, 2007.\8\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 45698 (April 5,
2002), 67 FR 18051 (April 12, 2002) (SR-Amex-2001-107); and 46750
(October 30, 2002), 67 FR 67880 (November 7, 2002) (SR-Amex-2002-
19).
\4\ See Securities Exchange Act Release No. 47779 (May 1, 2003),
68 FR 24777 (May 8, 2003) (SR-Amex-2003-23).
\5\ See Securities Exchange Act Release No. 48657 (October 17,
2003), 68 FR 61025 (October 24, 2003) (SR-Amex-2003-87).
\6\ See Securities Exchange Act Release No. 49613 (April 26,
2004), 69 FR 24204 (May 3, 2004) (SR-Amex-2004-22).
\7\ See Securities Exchange Act Release No. 52004 (July 8,
2005), 70 FR 41061 (July 15, 2005) (SR-Amex-2005-043).
\8\ See e-mail from Nyieri Nazarian, Assistant General Counsel,
Amex, to Terri Evans, Special Counsel, Division of Market Regulation
(``Division''), Commission, dated April 10, 2006 (clarifying the
establishment of two Pilots, as well as the dates and citations of
prior extensions of the Pilots). The Amex also clarified that it was
not seeking retroactive approval of the proposed rule change.
Telephone conversation between Nyieri Nazarian, Assistant General
Counsel, Amex, and Terri Evans, Special Counsel, Division,
Commission, on April 10, 2006.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6 of the Act \9\ in general, and furthers the objectives
of section 6(b)(5) \10\ in particular, in that it is designed to
promote just and equitable principles of trade, 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.\11\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Telephone conversation between Nyieri Nazarian, Assistant
General Counsel, Amex, and Terri Evans, Special Counsel, Division,
Commission, on April 10, 2006 (clarifying the statutory basis for
the proposed rule change).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
According to the Exchange, the proposed rule change will impose no
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received by the Exchange on
this proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (1)
Significantly affect the protection of investors or the public
interest; (2) impose any significant burden on competition; and (3)
become operative for 30 days after the date of the filing or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest, it has become
effective pursuant to section 19(b)(3)(A) of the Act \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
The Amex has requested that the Commission waive the 5-day pre-
filing notice requirement and the 30-day operative delay. The
Commission is exercising its authority to waive the 5-day prefiling
requirement and believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest
since it will allow the Pilots to continue without interruption in
service to investors. For these reasons, the Commission designates the
proposal to be effective and operative upon filing with the
Commission.\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.
---------------------------------------------------------------------------
\14\ For purposes only of waiving the operative delay of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
[[Page 20426]]
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-2006-29 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-2006-29. 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. 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-2006-29 and should be submitted on or before May 11, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-5919 Filed 4-19-06; 8:45 am]
BILLING CODE 8010-01-P
