Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Floor Participant Technology Fee, 25256-25257 [E6-6415]

Download as PDF 25256 Federal Register / Vol. 71, No. 82 / Friday, April 28, 2006 / Notices 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 the 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–2005–116 and should be submitted on or before May 19, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.6 Nancy M. Morris, Secretary. [FR Doc. E6–6412 Filed 4–27–06; 8:45 am] BILLING CODE 8010–01–P [Release No. 34–53704; File No. SR–Amex– 2006–37] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Floor Participant Technology Fee April 21, 2006. jlentini on PROD1PC65 with NOTICES 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 20, 2006, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) submitted to 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 filed the proposed rule change pursuant to section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–4(f)(2) thereunder,4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 7 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 17:14 Apr 27, 2006 1. Purpose The purpose of this proposal is to amend the Amex’s Floor Fee Schedule to increase the technology fee and to remove any obsolete items. Since the technology fee has not been increased since December 2001,5 the Exchange believes that an increase in the technology fee is appropriate at this time to cover increased costs resulting from the enhancement and development of trading technology, including new data centers, the Auction and Electronic Market Integration (‘‘AEMI’’), and improvements to the Amex New Trading Environment (‘‘ANTE’’), as well as other technology costs. The current technology fee is $3,000 per year or $250 per month. The Exchange proposes to increase the fee to $6,000 per year or $500 per month. The Exchange also proposes to remove references to fees that are no longer applicable due to their expiration so that the Floor Fee Schedule reflects the fees for current service levels. The Exchange asserts that the proposal is equitable as required by section 6(b)(4) of the Act.6 In connection 5 See Securities Exchange Act Release No. 45163 (December 18, 2001), 66 FR 66958 (December 27, 2001) (SR–Amex–2001–101). 6 Section 6(b)(4) states that the rules of a national securities exchange provide for the equitable 1 15 VerDate Aug<31>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, 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. 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 SECURITIES AND EXCHANGE COMMISSION 6 17 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to increase the technology fee charged to the floor participants from its current rate of $3,000 per year ($250 per month) to $6,000 per year ($500 per month). The text of the proposed rule change is available on Amex’s Web site at http://www.amex.com, at the principal office of Amex, and at the Commission’s Public Reference Room. Jkt 208001 PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 with an increase to the technology fee from $3,000 per year (or $250 per month) to $6,000 per year (or $500 per month), the Exchange believes that said increase is reasonable and appropriate to cover the Exchange’s rising costs associated with a number of technology initiatives benefiting floor members. 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 exchange facilities. 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. 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 rule change establishes or changes a due, fee, or other charge applicable only to a member imposed by the Exchange, and, therefore, has become effective pursuant to section 19(b)(3)(A)(ii) of the Act 9 and subparagraph (f)(2) of Rule 19b–4 thereunder.10 At any time within 60 days of the filing of such 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: allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. 15 U.S.C. 78f(b)(4). 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4). 9 15 U.S.C. 78s(b)(3)(A)(ii). 10 17 CFR 240.19b–4(f)(2). E:\FR\FM\28APN1.SGM 28APN1 Federal Register / Vol. 71, No. 82 / Friday, April 28, 2006 / Notices 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 Number SR–Amex–2006–37 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–2006–37. 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 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–2006–37 and should be submitted on or before May 19, 2006. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Nancy M. Morris, Secretary. [FR Doc. E6–6415 Filed 4–27–06; 8:45 am] jlentini on PROD1PC65 with NOTICES BILLING CODE 8010–01–P 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 17:14 Apr 27, 2006 Jkt 208001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53700; File No. SR–BSE– 2005–46] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Order Granting Accelerated Approval of Proposed Rule Change and Amendment Nos. 1 and 2 Thereto and Notice of Filing and Order Granting Accelerated Approval to Amendment No. 3 to the Proposed Rule Change To Amend Exchange Delisting Rules To Conform to Recent Amendments to Commission Rules Regarding Removal From Listing and Withdrawal From Registration April 21, 2006. I. Introduction On October 24, 2005, the Boston Stock Exchange, Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Exchange delisting rules to conform to recent amendments to Commission rules regarding removal from listing and withdrawal from registration. On March 16, 2006, BSE filed Amendment No. 1 to the proposed rule change.3 On March 21, 2006, BSE filed Amendment No. 2 to the proposed rule change.4 The proposed rule change, as amended, was published for comment in the Federal Register on March 28, 2006.5 On April 17, 2006, BSE filed Amendment No. 3 to the proposed rule change.6 No comments 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 In Amendment No. 1, BSE amended its rule text to clarify that an issuer that is below the continued listing policies and standards of the Exchange and seeks to voluntarily apply to withdraw a class of securities from listing must disclose that it is no longer eligible for continued listing in its statement of material facts relating to the reason for withdrawal from listing, its public press release, and its Web site notice. In addition, BSE revised its rule text to clarify which provisions in its appeal procedures were based on calendar or business days and to cross-reference its rules regarding the Exchange’s basis for involuntary delisting of a class of securities by the Exchange. 4 Amendment No. 2 replaced and superseded the Exchange’s original proposed rule change and Amendment No. 1. 5 See Securities Exchange Act Release No. 53544 (March 23, 2006), 71 FR 15499. 6 Amendment No. 3 replaced and superseded the proposed rule change and Amendment Nos. 1 and 2. While Amendment No. 3 replaced and superseded the proposed rule change in its entirety, only certain changes were made to the proposal as published. The changes made in Amendment No. 3 are as follows: (1) Charging issuers a $3,000 fee (instead of the previously proposed $5,000 fee) when issuers appeal the Exchange’s delisting 2 17 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 25257 were received regarding the proposal. This order approves the proposed rule change, as amended by Amendment Nos. 1 and 2, on an accelerated basis, publishes notice of Amendment No. 3 to the proposed rule change, and grants accelerated approval to Amendment No. 3. II. Description of the Proposed Rule Change, As Amended Section 12 of the Act 7 and Rule 12d2–2 thereunder 8 (‘‘SEC Rule 12d2– 2’’) govern the process for the delisting and deregistration of securities listed on national securities exchanges. Recent amendments to SEC Rule 12d2–2 (‘‘amended SEC Rule 12d2–2’’) and other Commission rules require the electronic filing of revised Form 25 9 on the Commission’s Electronic Data Gathering, Analysis, and Retrieval (‘‘EDGAR’’) system by exchanges and issuers for all delistings, other than delistings of standardized options and securities futures, which are exempted.10 In the case of exchange-initiated delistings, amended SEC Rule 12d2–2(b) states that a national securities exchange may file an application on Form 25 to strike a class of securities from listing and/or withdraw the registration of such securities, in accordance with its rules, if the rules of such exchange, at a minimum, provide for: (i) Notice to the issuer of the exchange’s decision to delist its securities; (ii) An opportunity for appeal to the exchange’s board of directors, or to a committee designated by the board; and (iii) Public notice of the national securities exchange’s final determination to remove the security from listing and/or registration, by issuing a press release and posting notice on its Web site. Public notice must be disseminated no fewer than 10 days before the delisting becomes determinations; (2) modifying the appeal procedures so that the issuer is entitled to a hearing before the Stock List Committee and deleting proposed language that issuers must first request a hearing and the hearing is at the option of the Exchange; (3) providing that the decision of the Stock List Committee shall be issued within 15 business days of the hearing or final request for documentation or information; (4) referencing amended SEC Rule 12d2–2 in the commentary; and (5) specifying the time period the Exchange must publicize its final determination to remove a security from listing by issuing a press release and posting on Web site as no fewer than ten days before the delisting becomes effective. 7 15 U.S.C. 78l. 8 17 CFR 240.12d2–2. 9 17 CFR 249.25. 10 See Securities Exchange Act Release No. 52029 (July 14, 2005), 70 FR 42456 (July 22, 2005) (‘‘SEC Rule 12d2–2 Approval Order’’). E:\FR\FM\28APN1.SGM 28APN1

Agencies

[Federal Register Volume 71, Number 82 (Friday, April 28, 2006)]
[Notices]
[Pages 25256-25257]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6415]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53704; File No. SR-Amex-2006-37]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Floor Participant Technology Fee

April 21, 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 20, 2006, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') submitted to 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 
filed the proposed rule change pursuant to section 19(b)(3)(A)(ii) of 
the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the 
proposal 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\ 7 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 increase the technology fee charged to the 
floor participants from its current rate of $3,000 per year ($250 per 
month) to $6,000 per year ($500 per month). The text of the proposed 
rule change is available on Amex's Web site at http://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 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. 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
    The purpose of this proposal is to amend the Amex's Floor Fee 
Schedule to increase the technology fee and to remove any obsolete 
items. Since the technology fee has not been increased since December 
2001,\5\ the Exchange believes that an increase in the technology fee 
is appropriate at this time to cover increased costs resulting from the 
enhancement and development of trading technology, including new data 
centers, the Auction and Electronic Market Integration (``AEMI''), and 
improvements to the Amex New Trading Environment (``ANTE''), as well as 
other technology costs. The current technology fee is $3,000 per year 
or $250 per month. The Exchange proposes to increase the fee to $6,000 
per year or $500 per month. The Exchange also proposes to remove 
references to fees that are no longer applicable due to their 
expiration so that the Floor Fee Schedule reflects the fees for current 
service levels.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 45163 (December 18, 
2001), 66 FR 66958 (December 27, 2001) (SR-Amex-2001-101).
---------------------------------------------------------------------------

    The Exchange asserts that the proposal is equitable as required by 
section 6(b)(4) of the Act.\6\ In connection with an increase to the 
technology fee from $3,000 per year (or $250 per month) to $6,000 per 
year (or $500 per month), the Exchange believes that said increase is 
reasonable and appropriate to cover the Exchange's rising costs 
associated with a number of technology initiatives benefiting floor 
members.
---------------------------------------------------------------------------

    \6\ Section 6(b)(4) states that the rules of a national 
securities exchange provide for the equitable allocation of 
reasonable dues, fees, and other charges among its members and 
issuers and other persons using its facilities. 15 U.S.C. 78f(b)(4).
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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 
exchange facilities.
---------------------------------------------------------------------------

    \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

    The Exchange 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

    The foregoing rule change establishes or changes a due, fee, or 
other charge applicable only to a member imposed by the Exchange, and, 
therefore, has become effective pursuant to section 19(b)(3)(A)(ii) of 
the Act \9\ and subparagraph (f)(2) of Rule 19b-4 thereunder.\10\ At 
any time within 60 days of the filing of such 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.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \10\ 17 CFR 240.19b-4(f)(2).
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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:

[[Page 25257]]

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 Number SR-Amex-2006-37 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-2006-37. 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 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-2006-37 and should be submitted on or before May 19, 2006.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-6415 Filed 4-27-06; 8:45 am]
BILLING CODE 8010-01-P