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]
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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
https://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 (https://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 (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–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]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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 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 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).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(ii).
\10\ 17 CFR 240.19b-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:
[[Page 25257]]
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-2006-37 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 (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-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\
---------------------------------------------------------------------------
\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
