Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change Relating to an Amendment to Amex Rule 27, 37627-37629 [06-5906]
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Federal Register / Vol. 71, No. 126 / Friday, June 30, 2006 / Notices
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
section 6(b) of the Act,10 in general, and
furthers the objectives of section 6(b)(4)
of the Act,11 in particular, in that it is
designed to provide for the equitable
allocation of reasonable dues, fees, and
other charges among Amex members
and other persons using Amex 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 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
The Exchange neither solicited nor
received comments 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 been designated as a fee change
pursuant to section 19(b)(3)(A)(ii) of the
Act 12 and Rule 19b–4(f)(2) 13
thereunder, because it establishes or
changes a due, fee, or other charge
imposed by the Exchange. Accordingly,
the proposal will take effect upon filing
with the Commission. 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:
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Amex–2006–59 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–2006–59. 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 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–2006–59 and should
be submitted on or before July 21, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.14
Nancy M. Morris,
Secretary.
[FR Doc. 06–5904 Filed 6–29–06; 8:45 am]
BILLING CODE 8010–01–P
Electronic Comments
rwilkins on PROD1PC63 with NOTICES_1
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
and other persons using its facilities. See 15 U.S.C.
78f(b)(4).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4).
12 15 U.S.C. 78s(b)(3)(A)(ii).
13 17 CFR 240.19b–4(f)(2).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54039; File No. SR–Amex–
2006–58]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change
Relating to an Amendment to Amex
Rule 27
June 23, 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 June 9,
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, II and III
below, which Items have been prepared
by Amex. 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 amend
Amex Rule 27 to revise the number and
composition of the Allocation
Committee (the ‘‘Allocations
Committee’’ or the ‘‘Committee’’).
The text of the proposed rule change
is available on the Amex’s Web site
(https://www.amex.com), the Office of
the Secretary, Amex, and at the
Commission’s Public Reference Room.
The text of the proposed rule change
also appears below. Proposed new
language is italicized; proposed
deletions are in [brackets].
Rule 27. Allocations Committee
(a) The Allocations Committee
allocates equity securities of operating
companies, equity options admitted to
dealings on the Exchange and all other
securities to be admitted for trading on
the Exchange. It consists of [six] eight
persons drawn from a roster of
approximately 75 persons and is
comprised as follows: the Chief
Executive Officer (or his or her
designee), a representative of an upstairs
member firm and either (i) [four (4)] six
(6) brokers for equities and other
securities admitted to trading on the
Exchange except for Exchange Traded
Funds and options; (ii) [two (2)] three
(3) brokers and [two (2)] three (3)
Registered Traders for Exchange Traded
Funds; or (iii) [two (2)] three (3) brokers
and [two (2)] three (3) Registered
1 15
14 17
PO 00000
CFR 200.30–3(a)(12).
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Fmt 4703
Sfmt 4703
37627
2 17
E:\FR\FM\30JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
30JNN1
37628
Federal Register / Vol. 71, No. 126 / Friday, June 30, 2006 / Notices
Options Traders for options. The
Allocations Committee is chaired by the
Chief Executive Officer (or his or her
designee) who does not vote except to
make or break a tie. In the absence of the
Chief Executive Officer (or his or her
designee), a Floor Governor or a Senior
Floor Official may chair the Committee.
The minimum quorum for the
transaction of business by the
Allocations Committee shall be four
persons. The upstairs member firm
representative may attend meetings by
telephone.
(b) through (i) No Change.
Commentary * * *
.01 through .05 No Change.
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 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
rwilkins on PROD1PC63 with NOTICES_1
1. Purpose
The Exchange proposes to change the
number and composition of the
Allocation Committee from six (6) to
eight (8) members. Currently, the
Committee consists of the Chief
Executive Officer (or his or her
designee), a representative of an upstairs
member firm and either: (i) Four (4)
brokers for equities and other securities
admitted to trading on the Exchange
except for Exchange Traded Funds and
options; (ii) two (2) brokers and two (2)
Registered Traders for Exchange Traded
Funds; or (iii) two (2) brokers and two
(2) Registered Options Traders for
options. The Exchange proposes an
amendment to Amex Rule 27 to revise
the number and composition of the
Allocations Committee so that the
Committee consists of the Chief
Executive Officer of the Exchange (or
his or her designee), a representative of
an upstairs member firm and either: (i)
Six (6) brokers for equities and other
securities admitted to trading on the
Exchange except for Exchange Traded
Funds and options; (ii) three (3) brokers
and three (3) Registered Traders for
Exchange Traded Funds; or (iii) three (3)
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brokers and three (3) Registered Options
Traders for options. The minimum
quorum requirement would remain at
four (4) persons.3
Article II, Section 3 of the Amex
Constitution provides the Board of
Governors (‘‘Board’’) with the authority
to allocate and reallocate the equity
securities of operating companies
(‘‘equities’’), options and other
securities listed on the Exchange. The
Board, in connection with the allocation
and reallocation of equities, Exchange
Traded Funds, options and other
securities admitted to trading on the
Exchange, has delegated this authority
to the Allocations Committee.4 In
October 2005, the Commission
approved an Exchange proposal to
combine the separate Equities
Allocation Committee, Options
Allocation Committee and Special
Allocation Committee into one (1)
Allocations Committee.5 Pursuant to the
Approval Order, the number and
composition of the Allocations
Committee was changed from eleven
(11) to the current six (6) members.
The Exchange states that the
experience of the Exchange to date has
revealed that due to the smaller number
of members of the Allocations
Committee, the minimum quorum
requirement of four (4) persons to
conduct business has become overly
burdensome. In many cases, the
Allocations Committee fails to meet the
minimum quorum requirement to
transact business. Accordingly, the
Exchange believes that this proposal to
increase the number of Allocations
Committee Members from the current
six (6) to eight (8) will provide greater
flexibility and efficiency in the
securities allocation process.
The Exchange believes that this
proposal is necessary because of the
difficulty in meeting the minimum
quorum requirement with a reduced
number of Committee members adopted
in October 2005. Accordingly, the
Exchange believes that the proposed
change to the number and composition
of the Allocations Committee is needed
to ensure that the Allocations
Committee is better able to meet the
minimum quorum requirement.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
3 The Commission notes that the Allocations
Committee is chaired by the Chief Executive Officer
(or his or her designee) who does not vote except
to make or break a tie. See Amex Rule 27(a).
4 See Amex Rule 27(a).
5 See Securities Exchange Act Release No. 52646
(October 20, 2005), 70 FR 61854 (October 26, 2005)
(‘‘Approval Order’’).
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
the provisions of section 6(b) of the
Act,6 in general, and with section 6(b)(5)
of the Act,7 in particular, in that it is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
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
The Exchange did not receive any
written comments on the proposed rule
change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
A. By order approve such proposed
rule change; or
B. Institute proceedings to determine
whether the proposed rule change
should be disapproved.
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 rulecomments@sec.gov. Please include File
Number SR–Amex–2006–58 on the
subject line.
6 15
7 15
E:\FR\FM\30JNN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
30JNN1
Federal Register / Vol. 71, No. 126 / Friday, June 30, 2006 / Notices
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–2006–58. 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 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–2006–58 and should
be submitted on or before July 21, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.8
Nancy M. Morris,
Secretary.
[FR Doc. 06–5906 Filed 6–29–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54040; File No. SR–Amex–
2006–41]
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Approval to Proposed Rule
Change and Amendment No. 1 and
Notice of Filing and Order Granting
Accelerated Approval to Amendment
No. 2 Relating to the Listing and
Trading of Shares of the ProShares
Trust
June 23, 2006.
I. Introduction
On April 28, 2006, the American
Stock Exchange LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to section
19(b)(1) 1 of the Securities Exchange Act
of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) a
proposed rule change to list and trade
of shares (‘‘Index Fund Shares’’) based
on the following four (4) new funds of
the ProShares Trust (the ‘‘Trust’’): Ultra
Short 500 Fund; Ultra Short 100 Fund;
Ultra Short 30 Fund; and the Ultra Short
Mid-Cap 400 Fund (the ‘‘Funds’’). On
May 5, 2006, the Amex submitted
Amendment No. 1 to the proposed rule
change.2 The proposed rule change, as
amended by Amendment No. 1 thereto,
was published for comment in the
Federal Register on May 17, 2006.3 The
Commission received no comments on
the proposal. On June 23, 2006, the
Amex submitted Amendment No. 2 to
the proposed rule change.4 This order
approves the proposed rule change, as
amended. Simultaneously, the
Commission provides notice of
Amendment No. 2, grants accelerated
approval of Amendment No. 2, and
solicits comments from interested
persons on Amendment No. 2.
1 15
U.S.C. 78s(b)(1).
No. 1 (‘‘Amendment No. 1’’)
replaced the original filing in its entirety.
3 See Securities Exchange Act Release No. 53784
(May 10, 2006), 71 FR 28721 (‘‘Notice’’).
4 In Amendment No. 2 (‘‘Amendment No. 2’’), the
Exchange states that the Advisor (as defined below)
has informed the Exchange that: (1) The net asset
value (‘‘NAV’’) for the Funds will be made available
to all market participants at the same time; (2) if the
NAV is not disseminated to all market participants
at the same time, the Exchange will halt trading in
the shares of the Funds; and (3) if the Fund
temporarily does not disseminate the NAV to all
market participants at the same time, the Exchange
will immediately contact the Commission staff to
discuss measures that may be appropriate under the
circumstances.
rwilkins on PROD1PC63 with NOTICES_1
2 Amendment
8 17
CFR 200.30–3(a)(12).
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16:30 Jun 29, 2006
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37629
II. Description of the Proposed Rule
Change
The Exchange, pursuant to Amex Rule
1000A(b)(2), proposes to list and trade
the Funds that seek to provide
investment results that correspond to
twice (or two times) the inverse or
opposite (¥200%) of the index’s
performance.
Amex Rules 1000A et seq. provide
standards for the listing of Index Fund
Shares, which are securities issued by
an open-end management investment
company for exchange trading. These
securities are registered under the
Investment Company Act of 1940
(‘‘1940 Act’’), as well as under the Act.
Index Fund Shares are defined in Amex
Rule 1000A(b)(1) as securities based on
a portfolio of stocks or fixed income
securities that seek to provide
investment results that correspond
generally to the price and yield of a
specified foreign or domestic stock
index or fixed income securities index.
Recent amendments adopting Amex
Rule 1000A(b)(2) now permit the
Exchange to list and trade, upon
Commission approval, Index Fund
Shares that seek to provide investment
results that exceed the performance of
an underlying securities index by a
specified multiple or that seek to
provide investment results that
correspond to a specified multiple of the
inverse or opposite of the index’s
performance, if the Exchange files
separate proposals under section 19(b) 5
of the Act, before listing and trading.
Accordingly, consistent with Amex Rule
1000A(b)(2), the Exchange now
proposes to list and trade Index Fund
Shares seeking investment results that
correspond to twice the inverse of the
underlying index’s performance.
The Commission recently approved
the listing and trading on Amex of the
Bullish and Bearish Funds (Ultra500
Fund; Ultra100 Fund; Ultra30 Fund;
Ultra Mid-Cap 400 Fund;
Short500Fund; Short100 Fund; Short30
Fund; and Short Mid-Cap 400 Fund).6
In particular, the Original Order
provides that the Bearish Funds seek to
provide investment results that
correspond to the inverse of the relevant
underlying index’s performance. The
Exchange’s proposal seeks to expand the
Bearish Fund offerings by permitting
certain Index Fund Shares to such
investments results that are two (2)
times the inverse of the index.
The Exchange proposes to list under
Amex Rule 1000A, the shares of the
5 15
U.S.C. 78s(b).
Securities Exchange Act Release No. 52553
(October 3, 2005), 70 FR 59100 (October 11, 2005)
(‘‘Original Order’’).
6 See
E:\FR\FM\30JNN1.SGM
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]]>Agencies
[Federal Register Volume 71, Number 126 (Friday, June 30, 2006)]
[Notices]
[Pages 37627-37629]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-5906]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54039; File No. SR-Amex-2006-58]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change Relating to an Amendment to
Amex Rule 27
June 23, 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 June 9, 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, II
and III below, which Items have been prepared by Amex. 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 Exchange proposes to amend Amex Rule 27 to revise the number
and composition of the Allocation Committee (the ``Allocations
Committee'' or the ``Committee'').
The text of the proposed rule change is available on the Amex's Web
site (https://www.amex.com), the Office of the Secretary, Amex, and at
the Commission's Public Reference Room.
The text of the proposed rule change also appears below. Proposed
new language is italicized; proposed deletions are in [brackets].
Rule 27. Allocations Committee
(a) The Allocations Committee allocates equity securities of
operating companies, equity options admitted to dealings on the
Exchange and all other securities to be admitted for trading on the
Exchange. It consists of [six] eight persons drawn from a roster of
approximately 75 persons and is comprised as follows: the Chief
Executive Officer (or his or her designee), a representative of an
upstairs member firm and either (i) [four (4)] six (6) brokers for
equities and other securities admitted to trading on the Exchange
except for Exchange Traded Funds and options; (ii) [two (2)] three (3)
brokers and [two (2)] three (3) Registered Traders for Exchange Traded
Funds; or (iii) [two (2)] three (3) brokers and [two (2)] three (3)
Registered
[[Page 37628]]
Options Traders for options. The Allocations Committee is chaired by
the Chief Executive Officer (or his or her designee) who does not vote
except to make or break a tie. In the absence of the Chief Executive
Officer (or his or her designee), a Floor Governor or a Senior Floor
Official may chair the Committee. The minimum quorum for the
transaction of business by the Allocations Committee shall be four
persons. The upstairs member firm representative may attend meetings by
telephone.
(b) through (i) No Change.
Commentary * * *
.01 through .05 No Change.
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 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 Exchange proposes to change the number and composition of the
Allocation Committee from six (6) to eight (8) members. Currently, the
Committee consists of the Chief Executive Officer (or his or her
designee), a representative of an upstairs member firm and either: (i)
Four (4) brokers for equities and other securities admitted to trading
on the Exchange except for Exchange Traded Funds and options; (ii) two
(2) brokers and two (2) Registered Traders for Exchange Traded Funds;
or (iii) two (2) brokers and two (2) Registered Options Traders for
options. The Exchange proposes an amendment to Amex Rule 27 to revise
the number and composition of the Allocations Committee so that the
Committee consists of the Chief Executive Officer of the Exchange (or
his or her designee), a representative of an upstairs member firm and
either: (i) Six (6) brokers for equities and other securities admitted
to trading on the Exchange except for Exchange Traded Funds and
options; (ii) three (3) brokers and three (3) Registered Traders for
Exchange Traded Funds; or (iii) three (3) brokers and three (3)
Registered Options Traders for options. The minimum quorum requirement
would remain at four (4) persons.\3\
---------------------------------------------------------------------------
\3\ The Commission notes that the Allocations Committee is
chaired by the Chief Executive Officer (or his or her designee) who
does not vote except to make or break a tie. See Amex Rule 27(a).
---------------------------------------------------------------------------
Article II, Section 3 of the Amex Constitution provides the Board
of Governors (``Board'') with the authority to allocate and reallocate
the equity securities of operating companies (``equities''), options
and other securities listed on the Exchange. The Board, in connection
with the allocation and reallocation of equities, Exchange Traded
Funds, options and other securities admitted to trading on the
Exchange, has delegated this authority to the Allocations Committee.\4\
In October 2005, the Commission approved an Exchange proposal to
combine the separate Equities Allocation Committee, Options Allocation
Committee and Special Allocation Committee into one (1) Allocations
Committee.\5\ Pursuant to the Approval Order, the number and
composition of the Allocations Committee was changed from eleven (11)
to the current six (6) members.
---------------------------------------------------------------------------
\4\ See Amex Rule 27(a).
\5\ See Securities Exchange Act Release No. 52646 (October 20,
2005), 70 FR 61854 (October 26, 2005) (``Approval Order'').
---------------------------------------------------------------------------
The Exchange states that the experience of the Exchange to date has
revealed that due to the smaller number of members of the Allocations
Committee, the minimum quorum requirement of four (4) persons to
conduct business has become overly burdensome. In many cases, the
Allocations Committee fails to meet the minimum quorum requirement to
transact business. Accordingly, the Exchange believes that this
proposal to increase the number of Allocations Committee Members from
the current six (6) to eight (8) will provide greater flexibility and
efficiency in the securities allocation process.
The Exchange believes that this proposal is necessary because of
the difficulty in meeting the minimum quorum requirement with a reduced
number of Committee members adopted in October 2005. Accordingly, the
Exchange believes that the proposed change to the number and
composition of the Allocations Committee is needed to ensure that the
Allocations Committee is better able to meet the minimum quorum
requirement.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of section 6(b) of the Act,\6\ in general, and with
section 6(b)(5) of the Act,\7\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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
The Exchange did not receive any written comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
A. By order approve such proposed rule change; or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-2006-58 on the subject line.
[[Page 37629]]
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-2006-58. 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 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-2006-58 and should be submitted on or before July
21, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. 06-5906 Filed 6-29-06; 8:45 am]
BILLING CODE 8010-01-P
