Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto To Amend the Annual Fee for Certain Listed Bonds and Debentures, 34403 [06-5371]
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Federal Register / Vol. 71, No. 114 / Wednesday, June 14, 2006 / Notices
rwilkins on PROD1PC63 with NOTICES
All submissions should refer to File
Number SR–Amex–2006–54. 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
Section. 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 identifying personal
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to file No. SR–
Amex–2006–54 and should be
submitted on or before July 5, 2006.
IV. Commission Findings and Order
Granting Accelerated Approval of
Proposed Rule Change
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.10 In particular, the
Commission believes that the propose
rule change is consistent with the
requirements of section 6(b)(5) of the
Act,11 which requires, among other
things, that the rules of the Exchange be
designed to promote just and equitable
principales of trade and, in general, to
protect investors and the public interest.
The Commission believes that the
quote assist feature should help to
ensure that eligible customer limit
orders are displayed within the required
time period. The Commission notes that
the Exchange represents that it will
continue to conduct surveillance to
ensure that specialists comply with
their obligation to execute or book all
eligible limit order within the time
period prescribed by Exchange rules,
10 In approving the proposed rule, the
Commission has considered the rule’s impact on
efficiency, competition and capital formation 15
U.S.C. 78c(f).
11 15 U.S.C. 78f(b)(5).
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and that they do not reply excessively
on the quote assist feature. Given this
continuing surveillance, the
Commission believes that extending the
Pilot Program is consistent with the Act.
The Exchange has requested that the
Commission approve the proposed rule
change prior to the thirtieth day after
publication of notice of the filing in the
Federal Register. The commission
believes that accelerated approval is
appropriate because it will enable the
Pilot Program to continue immediately.
Accordingly, the Commission finds
good cause, consistent with section
19(b)(2) of the Act,12 to approve the
proposed rule change prior to the
thirtieth day after publication of the
notice of filing thereof in the Federal
Register.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 13 that the
proposed rule change (SR–Amex–2006–
54) is hereby approved on an
accelerated basis.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06–5369 Filed 6–13–06; 8:45 am]
BILLING CODE 8010–01–M
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–53945; File No. SR–Amex–
2006–20]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Approving Proposed Rule Change and
Amendment Nos. 1 and 2 Thereto To
Amend the Annual Fee for Certain
Listed Bonds and Debentures
June 6, 2006.
On March 22, 2006, the American
Stock Exchange LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘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
increase the annual fee for listed bonds
and debentures of companies whose
equity securities are not listed on the
Exchange from $3,500 to $5,000. On
April 5, 2006, the Exchange filed
Amendment No. 1 to the proposed rule
12 15
U.S.C. 78s(b)(2).
13 Id.
14 17
CFR 200.30–3(a)(12).
U.S.C. 78s(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
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34403
change. On April 24, 2006, the
Exchange filed Amendment No. 2 to the
proposed rule change. The proposed
rule change, as amended was published
for comment in the Federal Register on
May 5, 2006.3 The Commission received
no comments regarding the proposal.
The Commission finds that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder
applicable to a national securities
exchange.4 In particular the
Commission believes that the proposal
is consistent with section 6(b)(4) of the
Act,5 which requires that the rules of an
exchange provide for the equitable
allocation of reasonable dues, fees, and
other charges among its members and
issuers and other persons using it
facilities.
The bonds and debentures listed on
the Exchange are primarily structured
debt products (e.g., notes with returns
tied to the performance of an underlying
index, basket of commodities, etc.) The
Exchange has asserted that the proposal
would align the annual fees for listed
bonds and debentures in accordance
with the actual costs of delivering
services and facilitating the transactions
of such products, and that the annual
fee for such bonds and debentures will
be similar to the annual fees charged by
certain other self-regulatory
organizations in connection with listing
similar structured products. Based on
these assertions, the Commission
believes that the proposed rule change
is an equitable allocation of reasonable
fees among issuers of the Exchange. The
Commission notes that the increased
fees will be assessed commencing
January 2007.
It is therefore ordered, pursuant to
section 19(b)(2) of the Act,6 that the
proposed rule change (SR–Amex–2006–
20), as amended, be, and hereby is,
approved.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06–5371 Filed 6–13–06; 8:45 am]
BILLING CODE 8010–01–M
3 Securities Exchange Act Release No. 53735
(April 27, 2006), 71 FR 26574.
4 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficieincy, competition,
and capital formation. See 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(4).
6 15 U.S.C. 78s(b)(2).
7 17 CFR 200.30–3(a)(12).
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14JNN1
]]>Agencies
[Federal Register Volume 71, Number 114 (Wednesday, June 14, 2006)]
[Notices]
[Page 34403]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-5371]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53945; File No. SR-Amex-2006-20]
Self-Regulatory Organizations; American Stock Exchange LLC; Order
Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto To
Amend the Annual Fee for Certain Listed Bonds and Debentures
June 6, 2006.
On March 22, 2006, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``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 increase the annual fee for listed bonds and
debentures of companies whose equity securities are not listed on the
Exchange from $3,500 to $5,000. On April 5, 2006, the Exchange filed
Amendment No. 1 to the proposed rule change. On April 24, 2006, the
Exchange filed Amendment No. 2 to the proposed rule change. The
proposed rule change, as amended was published for comment in the
Federal Register on May 5, 2006.\3\ The Commission received no comments
regarding the proposal.
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\1\ 15 U.S.C. 78s(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 53735 (April 27, 2006),
71 FR 26574.
---------------------------------------------------------------------------
The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder applicable to a national securities exchange.\4\ In
particular the Commission believes that the proposal is consistent with
section 6(b)(4) of the Act,\5\ which requires that the rules of an
exchange provide for the equitable allocation of reasonable dues, fees,
and other charges among its members and issuers and other persons using
it facilities.
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\4\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficieincy,
competition, and capital formation. See 15 U.S.C. 78c(f).
\5\ 15 U.S.C. 78f(b)(4).
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The bonds and debentures listed on the Exchange are primarily
structured debt products (e.g., notes with returns tied to the
performance of an underlying index, basket of commodities, etc.) The
Exchange has asserted that the proposal would align the annual fees for
listed bonds and debentures in accordance with the actual costs of
delivering services and facilitating the transactions of such products,
and that the annual fee for such bonds and debentures will be similar
to the annual fees charged by certain other self-regulatory
organizations in connection with listing similar structured products.
Based on these assertions, the Commission believes that the proposed
rule change is an equitable allocation of reasonable fees among issuers
of the Exchange. The Commission notes that the increased fees will be
assessed commencing January 2007.
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\6\ that the proposed rule change (SR-Amex-2006-20), as amended,
be, and hereby is, approved.
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\6\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-5371 Filed 6-13-06; 8:45 am]
BILLING CODE 8010-01-M
