Self-Regulatory Organizations; America Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Extension of the Pilot Period Applicable to the Listing and Trading of Options on the iShares MSCI Emerging Markets Index, 38911-38913 [E6-10684]
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Federal Register / Vol. 71, No. 131 / Monday, July 10, 2006 / Notices
Plan’’) with respect to CTA Plan
Securities. Satisfaction of the condition
would continue to be a prerequisite to
the Nasdaq Exchange trading CTA Plan
Securities.
sroberts on PROD1PC70 with NOTICES
II. Discussion
As discussed in the Nasdaq Exchange
Order,6 the NASD plans to remain a
member of the Intermarket Trading
System (‘‘ITS Plan’’) for the purpose of
providing access to over-the-counter
(‘‘OTC’’) quotes in CTA Plan Securities
communicated by its members through
NASD facilities and to provide its
members access to exchanges’ quotes in
such securities. The Control Share
Condition is necessary because the
NASD and its members currently
comply with their obligations under the
ITS Plan through the NASD’s Nasdaq
Market Center facility.
In addition, with respect to CTA Plan
Securities, NASD facilities owned by
Nasdaq currently are the NASD’s only
means available to fulfill its obligations
under Exchange Act Rules 602 and
603,7 the CTA Plan, CQ Plan, and
Section 15A(b)(11) of the Exchange
Act.8 Therefore, the NASD must have
the means to satisfy these obligations
prior to relinquishing control of Nasdaq.
The Nasdaq Exchange represented
that the technology solutions to allow
the NASD to fulfill its obligations with
respect to CTA Plan Securities through
means that would not involve a
delegation of regulatory authority to
Nasdaq are not completed.9 In addition,
the Nasdaq Exchange represented that
many of its prospective members have
indicated that a phased-in approach to
the Nasdaq Exchange’s operation would
be preferable. Specifically, according to
the Nasdaq Exchange, these firms
believe that a single-day transition
would entail unnecessary costs and
administrative burdens and pose
transition risks that could be mitigated
through a phased approach.
The Commission believes that a
phased-in implementation of the
operation of the Nasdaq Exchange is
consistent with the Exchange Act and
may allow for a more smooth transition.
Accordingly, the Commission believes
that it is necessary or appropriate in the
public interest, consistent with the
protection of investors and consistent
with the requirements of Exchange Act,
and the rules and regulations
thereunder applicable to Nasdaq
6 See
Nasdaq Exchange Order, supra note 1.
CFR 242.602 and 603.
8 15 U.S.C. 78o–3(b)(11).
9 The Commission notes that the NASD operates
the Alternative Display Facility (‘‘ADF’’), which
currently collects quotes and trades for Nasdaq UTP
Plan Securities, but not for CTA Plan Securities.
7 17
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17:10 Jul 07, 2006
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38911
Exchange to modify the Control Share
Condition to the Nasdaq Exchange
Order as follows:
First, the requirement that the NASD
represent that ‘‘control of Nasdaq
through the Preferred D share is no
longer necessary because the NASD can
fulfill through other means its
obligations with respect to [CTA Plan
Securities] under Section 15A(b)(11) of
the Exchange Act,10 Rules 602 and 603
of Regulation NMS,11 and the national
market system plans in which the NASD
participates’’ is modified so as to be a
condition only with respect to the
Nasdaq Exchange commencing to trade
CTA Plan Securities. This will allow the
Nasdaq Exchange to begin operations as
a national securities exchange solely for
Nasdaq UTP Plan securities before the
Control Share Condition is satisfied.
Second, the Control Share Condition
is modified to permit the Nasdaq
Exchange to commence trading Nasdaq
UTP Plan Securities once Nasdaq is no
longer delegated regulatory authority
under the Delegation Plan with respect
to such securities. The modification of
the Control Share Condition described
above means that the Nasdaq Exchange
would commence trading in Nasdaq
UTP Plan Securities while the NASD
controls Nasdaq. The Commission
believes, however, that it would be
inappropriate for the Nasdaq Exchange
to commence trading in Nasdaq UTP
Plan Securities while its parent
company continued to be delegated
regulatory authority by the NASD with
respect to the same activities.
Accordingly, the Commission would
have to approve an amendment to the
NASD’s Delegation Plan to reflect that
Nasdaq would no longer be delegated
regulatory authority with regard to
Nasdaq UTP Securities prior to the
Nasdaq Exchange commencing to trade
Nasdaq UTP Plan Securities.
Nasdaq UTP Plan, the NASD’s
Delegation Plan is amended to eliminate
Nasdaq’s exercise of regulatory
authority with respect to such
securities.
(2) With respect only to the Nasdaq
Exchange commencing to trade
securities reported pursuant to the CTA
Plan, the NASD must represent to the
Commission that control of Nasdaq
through the Preferred D share is no
longer necessary because the NASD can
fulfill through other means its
obligations with respect to securities
reported to the CTA Plan under Section
15A(b)(11) of the Exchange Act, Rules
602 and 603 of Regulation NMS, and the
national market system plans in which
the NASD participates.
III. Modification of Conditions to
Operation
The Commission notes that all of the
other conditions set forth in the Nasdaq
Exchange Order remain and must be
satisfied before the Nasdaq Exchange
can begin operations as an exchange.
The Commission hereby replaces the
Control Share Condition to operation of
the Nasdaq Exchange as a national
securities exchange as follows:
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 20,
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 Amex has filed
the proposed rule change, pursuant to
section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposal effective upon
B. The NASD’s Ability To Fulfill Its
Statutory and Regulatory Obligations
(1) With respect to the Nasdaq
Exchange commencing to trade
securities reported pursuant to the
PO 00000
IV. Conclusion
It is ordered that the Control Share
Condition to operation for the Nasdaq
Exchange is modified as described
herein.
By the Commission.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. E6–10712 Filed 7–7–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54081; File No. SR–Amex–
2006–60]
Self-Regulatory Organizations;
America Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
the Extension of the Pilot Period
Applicable to the Listing and Trading
of Options on the iShares MSCI
Emerging Markets Index
June 30, 2006.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
10 15
11 17
U.S.C. 78o–3(b)(11).
CFR 242.602 and 603.
Frm 00070
Fmt 4703
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E:\FR\FM\10JYN1.SGM
10JYN1
38912
Federal Register / Vol. 71, No. 131 / Monday, July 10, 2006 / Notices
filing with the Commission.5 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 extend the
pilot period applicable to Amex’s the
listing and trading of options on the
iShares MSCI Emerging Markets Index
Fund (‘‘Fund Options’’). The Amex is
not proposing any textual changes to the
rules of Amex. The text of the proposed
rule change is available on the Amex’s
Web site at https://www.amex.com, the
Office of the Secretary, 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. 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 the
Statutory Basis for, the Proposed Rule
Change
sroberts on PROD1PC70 with NOTICES
1. Purpose
On May 17, 2006, the Commission
approved the Amex’s proposal to list
and trade the Fund Options.6 SR–
Amex–2006–43 was approved for a
sixty-day pilot period that is due to
expire on July 2, 2006 (‘‘Pilot’’). The
Fund Options will continue to meet
substantially all of the listing and
maintenance standards in Commentary
.06 to Amex Rule 915 and Commentary
.07 to Amex Rule 916. For the
requirements that are not met, the Amex
continues to represent that sufficient
mechanisms exist that would provide
the Amex with adequate surveillance
and regulatory information with respect
to the Fund Options. Continuation of
the Pilot would permit the Amex to
continue to work with the Bolsa
Mexicana de Valores (‘‘Bolsa’’) to
5 The Exchange requested the Commission to
waive the five-day pre-filing notice requirement and
the 30-day operative delay, as specified in Rule
19b(f)(6)(iii). 17 CFR 240.19b–4(f)(6)(iii).
6 See Securities Exchange Act Release No. 53824
(May 17, 2006), 71 FR 30003 (May 24, 2006) (SR–
Amex–2006–43).
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17:10 Jul 07, 2006
Jkt 208001
develop a surveillance sharing
agreement.
Accordingly, the Exchange proposes
to extend the Pilot for an additional
ninety-days, until October 1, 2006.
2. Statutory Basis
The Amex believes the proposed rule
change is consistent with section 6(b) of
the Act 7 in general, and furthers the
objectives of section 6(b)(5) of the Act,8
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 regulating, clearing,
settling, processing information with
respect to, and facilitating transactions
in securities, 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; and is
not designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers, or to
regulate by virtue of any authority
conferred by the Act matters not related
to the purpose of the Act or the
administration of the Amex.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Amex 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
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 has become
effective pursuant to section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6) 10
thereunder because the proposed rule
change: (i) Does not significantly affect
the protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days from the date of the filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
PO 00000
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b–4(f)(6).
8 15
Frm 00071
Fmt 4703
Sfmt 4703
interest pursuant to section
19(b)(3)(A)(iii) of the Act 11 and Rule
19b–4(f)(6) thereunder.12
Amex has requested that the
Commission waive both the five-day
pre-filing requirement and the 30-day
delayed operative delay.13 The
Commission is exercising its authority
to waive the five-day pre-filing notice
requirement and believes that the
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest. Waiver
of the five-day pre-filing and 30-day
operative periods will extend the Pilot,
which would otherwise expire on July
1, 2006, and allow the Amex to continue
in its efforts to obtain a surveillance
agreement with Bolsa. Accordingly, the
Commission designates the proposal to
be effective and operative upon filing
with the Commission.14
At any time within sixty (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.15
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–2006–60 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–2006–60. This file
number should be included on the
subject line if e-mail is used. To help the
11 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
14 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
15 See Section 19(b)(3)(C) of the Act, 15 U.S.C.
78s(b)(3)(C).
12 17
E:\FR\FM\10JYN1.SGM
10JYN1
Federal Register / Vol. 71, No. 131 / Monday, July 10, 2006 / Notices
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, 100 F Street, NE., Washington,
DC 20549. 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–2006–60 and should
be submitted on or before July 31, 2006.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.16
Nancy M. Morris,
Secretary.
[FR Doc. E6–10684 Filed 7–7–06; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54082; File No. SR–BSE–
2006–29]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change and
Amendment No. 1 Thereto to Extend
the Effective Date of a Previous Rule
Change Relating to Information
Contained in a Directed Order on the
Boston Options Exchange
sroberts on PROD1PC70 with NOTICES
June 30, 2006.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 20,
2006, the Boston Stock Exchange, Inc.
(‘‘BSE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
16 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
15
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17:10 Jul 07, 2006
Jkt 208001
change as described in Items I and II
below, which Items have been prepared
by the BSE. The BSE filed the proposed
rule change pursuant to section
19(b)(3)(A) of the Act 3 and Rule 19b–
4(f)(6) thereunder,4 which renders the
proposed rule change effective upon
filing with the Commission. On June 29,
2006, the BSE filed Amendment No. 1
to the proposed rule change.5 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
On March 17, 2006, the Exchange
filed a proposed rule change to amend
its rules governing its Directed Order
process on Boston Stock Exchange, Inc.
(‘‘BOX’’) pursuant to section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)
thereunder, which rendered the
proposal immediately effective upon
filing with the Commission.6 The rules
were amended to clearly state that the
BOX Trading Host identifies to an
Executing Participant (‘‘EP’’) the
identity of the firm entering a Directed
Order. The amended rule was to be
effective until June 30, 2006, while the
Commission considered a
corresponding Exchange proposal, SR–
BSE–2005–52,7 to amend the BOX rules
on a permanent basis to permit EPs to
choose the firms from whom they will
accept Directed Orders, while providing
complete anonymity of the firm entering
a Directed Order.8
The Exchange now proposes to extend
the effective date of the amended rule
governing the anonymity of its Directed
U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
5 In Amendment No. 1, BSE submitted rule text
that indicates that the proposed rule change will
expire on September 30, 2006.
6 See Securities Exchange Act Release No. 53516
(March 20, 2006), 71 FR 15232 (March 27, 2006)
(SR–BSE–2006–14). At the Exchange’s request, the
Commission edited language in this filing to clarify
that the Commission did not approve SR–BSE–
2006–14, but that SR–BSE–2006–14 became
immediately effective upon filing with the
Commission pursuant to Section 19(b)(3)(A) of the
Act and Rule 19b–4(f)(6) thereunder. Telephone
conference between Jan Woo, Attorney, Division of
Market Regulation, Commission, and Brian
Donnelly, Assistant Vice President of Regulation
and Compliance, BSE, on June 27, 2006
(‘‘Telephone conference’’).
7 See Securities Exchange Act Release No. 53357
(February 23, 2006), 71 FR 10730 (March 2, 2006)
(Notice of filing of Amendments No. 2, 3, and 4 to
proposed rule change to modify the information
contained in a Directed Order on the BOX).
8 In the event that the issue of anonymity in the
Directed Order process is not resolved by
September 30, 2006, the Exchange intends to
submit another filing under Rule 19b–4(f)(6) under
the Act extending this rule and system process.
PO 00000
3 15
Frm 00072
Fmt 4703
Sfmt 4703
38913
Order process on the BOX from June 30,
2006 to September 30, 2006 while the
Commission continues to consider SR–
BSE–2005–52 which would amend the
BOX rules on a permanent basis to
permit EPs to choose the firms from
whom they will accept Directed Orders,
while providing complete anonymity of
the firm entering a Directed Order. In
the event the Commission reaches a
decision with respect to SR–BSE–2005–
52 to amend the BOX rules before
September 30, 2006, the amended rule
governing the Exchange’s Directed
Order process on the BOX will cease to
be effective at the time of that decision.
This rule filing proposes to extend the
effective date of the amended rule
governing the Exchange’s Directed
Order process on the BOX from June 30,
2006 to September 30, 2006.
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
BSE 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 BSE 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
On March 17, 2006 the BSE filed SR–
BSE–2006–14, a proposed rule change
seeking to amend the BOX rules to
clearly state that the BOX Trading Host
identifies to an EP the identity of the
firm entering a Directed Order. That
proposed rule change became
immediately effective upon filing with
the Commission pursuant to Rule 19b–
4(f)(6) under the Act.9 The rule change
was to be effective until June 30, 2006,
while the Commission considered a
corresponding Exchange proposal, SR–
BSE–2006–52, to amend the BOX rules
on a permanent basis to permit EPs to
choose the firms from whom they will
accept Directed Orders while providing
complete anonymity of the firm entering
a Directed Order. This proposed rule
filing seeks to extend the date of
effectiveness of the amended Directed
Order rule from June 30, 2006 to
September 30, 2006, while the
9 See
E:\FR\FM\10JYN1.SGM
footnote 5 supra. Telephone conference.
10JYN1
]]>Agencies
[Federal Register Volume 71, Number 131 (Monday, July 10, 2006)]
[Notices]
[Pages 38911-38913]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-10684]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-54081; File No. SR-Amex-2006-60]
Self-Regulatory Organizations; America Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Extension of the Pilot Period Applicable to the Listing
and Trading of Options on the iShares MSCI Emerging Markets Index
June 30, 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 20, 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 Amex has
filed the proposed rule change, pursuant to section 19(b)(3)(A)(iii) of
the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the
proposal effective upon
[[Page 38912]]
filing with the Commission.\5\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The Exchange requested the Commission to waive the five-day
pre-filing notice requirement and the 30-day operative delay, as
specified in Rule 19b(f)(6)(iii). 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to extend the pilot period applicable to
Amex's the listing and trading of options on the iShares MSCI Emerging
Markets Index Fund (``Fund Options''). The Amex is not proposing any
textual changes to the rules of Amex. The text of the proposed rule
change is available on the Amex's Web site at https://www.amex.com, the
Office of the Secretary, 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. 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On May 17, 2006, the Commission approved the Amex's proposal to
list and trade the Fund Options.\6\ SR-Amex-2006-43 was approved for a
sixty-day pilot period that is due to expire on July 2, 2006
(``Pilot''). The Fund Options will continue to meet substantially all
of the listing and maintenance standards in Commentary .06 to Amex Rule
915 and Commentary .07 to Amex Rule 916. For the requirements that are
not met, the Amex continues to represent that sufficient mechanisms
exist that would provide the Amex with adequate surveillance and
regulatory information with respect to the Fund Options. Continuation
of the Pilot would permit the Amex to continue to work with the Bolsa
Mexicana de Valores (``Bolsa'') to develop a surveillance sharing
agreement.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 53824 (May 17,
2006), 71 FR 30003 (May 24, 2006) (SR-Amex-2006-43).
---------------------------------------------------------------------------
Accordingly, the Exchange proposes to extend the Pilot for an
additional ninety-days, until October 1, 2006.
2. Statutory Basis
The Amex believes the proposed rule change is consistent with
section 6(b) of the Act \7\ in general, and furthers the objectives of
section 6(b)(5) of the Act,\8\ 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 regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, 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; and is not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers, or to regulate by virtue of any authority conferred by the Act
matters not related to the purpose of the Act or the administration of
the Amex.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Amex 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
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 has become effective pursuant to section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder because
the proposed rule change: (i) Does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) does not become
operative for 30 days from 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 pursuant to section 19(b)(3)(A)(iii)
of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 17 CFR 240.19b-4(f)(6).
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Amex has requested that the Commission waive both the five-day pre-
filing requirement and the 30-day delayed operative delay.\13\ The
Commission is exercising its authority to waive the five-day pre-filing
notice requirement and believes that the waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Waiver of the five-day pre-filing and 30-day operative
periods will extend the Pilot, which would otherwise expire on July 1,
2006, and allow the Amex to continue in its efforts to obtain a
surveillance agreement with Bolsa. Accordingly, the Commission
designates the proposal to be effective and operative upon filing with
the Commission.\14\
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\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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At any time within sixty (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.\15\
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\15\ See Section 19(b)(3)(C) of the Act, 15 U.S.C. 78s(b)(3)(C).
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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:
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-2006-60 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-2006-60. This file
number should be included on the subject line if e-mail is used. To
help the
[[Page 38913]]
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, 100 F Street, NE., Washington,
DC 20549. 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-2006-60 and should be submitted on
or before July 31, 2006.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\16\
Nancy M. Morris,
Secretary.
[FR Doc. E6-10684 Filed 7-7-06; 8:45 am]
BILLING CODE 8010-01-P
