Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change To Amend Rule 777 Regarding Depository Eligibility, 55229-55230 [06-7840]
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Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Notices
recommend Subadvisers to manage all
or a part of the Fund’s assets, (c) when
appropriate, allocate and reallocate the
Fund’s assets among multiple
Subadvisers; (d) monitor and evaluate
the performance of Subadvisers, and (e)
implement procedures reasonably
designed to ensure that the Subadvisers
comply with each Fund’s investment
objective, policies and restrictions.
8. No trustee or officer of the
Companies, or director or officer of the
Adviser, will own directly or indirectly
(other than through a pooled investment
vehicle that is not controlled by such
person), any interest in a Subadviser,
except for: (a) Ownership of interests in
the Adviser or any entity that controls,
is controlled by, or is under common
control with the Adviser, or (b)
ownership of less than 1% of the
outstanding securities of any class of
equity or debt of a publicly traded
company that is either a Subadviser or
an entity that controls, is controlled by,
or is under common control with a
Subadviser.
9. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06–7897 Filed 9–20–06; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–54442; File No. SR–Amex–
2006–80]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Proposed Rule Change To
Amend Rule 777 Regarding Depository
Eligibility
jlentini on PROD1PC65 with NOTICES
September 14, 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 August
21, 2006, the American Stock Exchange
LLC (‘‘Amex’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II, and III
below, which items have been prepared
primarily by Amex. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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16:30 Sep 20, 2006
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The proposed rule change seeks to
amend Amex Rule 777 by deleting the
references to ‘‘domestic’’ and ‘‘foreign’’
in paragraph (a) as well as additional
requirements imposed by paragraph (b)
of the rule in order for a security to be
depository eligible. The proposed rule
also seeks to add new sections 136 and
137 to the Amex Company Guide to
cross-reference Rules 776 and 777.
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 these statements.3
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
BILLING CODE 8010–01–P
1 15
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
On June 1, 1995, Amex adopted Rule
777 for the purpose of facilitating
implementation of Rule 15c6–1 of the
Act that established a three-day
settlement period for most securities
transactions.4 Rule 777 requires
domestic issuers’ securities be
depository eligible prior to listing and
sets forth specific requirements for
issuers’ depository eligibility.
Currently, before an issue of securities
can be listed, Rule 777(a) requires a
domestic issuer to represent to Amex
that a CUSIP number identifying the
securities had been included in the file
of eligible issues maintained by a
securities depository registered with the
Commission as a clearing agency under
section 17A of the Act.5 Amex proposes
to delete the exception for foreign
issuers in Rule 777(a). Exclusion of
foreign issuers is no longer necessary
because they have the capacity to
comply with Rule 777 and have been
doing so voluntarily for years. The
3 The Commission has modified the text of the
summaries prepared by Amex.
4 Securities Exchange Act Release No. 35798
(June 1, 1995) 60 FR 30909 (June 12, 1995) [File No.
SR–Amex–95–17].
5 15 U.S.C. 78q–1.
PO 00000
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Fmt 4703
Sfmt 4703
55229
proposed rule change is consistent with
clarifying changes adopted by NYSE.6
Amex also proposes to delete the
exception in Rule 777(a) for securities
whose terms cannot be reasonably
modified to meet the criteria for
depository eligibility at all securities
depositories. The exception was
originally included in Rule 777(a)
because various States and countries
precluded the book-entry issuance of
securities. Following implementation of
Rule 777(a), however, States have
amended their corporate statutes to
allow for book-entry issuance and, as
mentioned above, foreign issuers have
voluntarily complied with book-entry
issuance requirements. As a result, the
expectation is no longer needed to
accommodate such issuers. Further, in
light of the direct registration eligibility
requirements recently approved by the
Commission 7 that require new and
current listings on the Amex to be
eligible for a direct registration system
operated by a securities depository,
Amex is concerned that the exception
will confuse issuers.
Rule 777(b) currently sets forth
additional requirements that must be
met before a security will be deemed
‘‘depository eligible’’ within the
meaning of Rule 776.8 The applicability
of the requirement set forth in Rule
777(b) to an issuer depended upon
whether a new issue is distributed by an
underwriting syndicate before or after
the date an electronic securities
depository system is available for
monitoring repurchases of the
distributed shares by syndicate
members. Prior to the availability of
such a system, a managing underwriter
may delay the date a security is deemed
depository eligible for up to three
months after commencement of trading
on Amex.
On May 13, 1996, approximately one
year after the approval of Rule 777, the
Commission approved a rule change
filed by The Depository Trust Company
6 Securities Exchange Act Release No. 45987 (May
28, 2002), 67 FR 38538 (June 4, 2002) (SR–NYSE–
2001–30).
7 Securities Exchange Act Release No. 54290
(August 8, 2006), 71 FR 47262 (August 16, 2006)
(SR–Amex–2006–40).
8 Rule 776 requires Amex members to use the
facilities of a security depository for the book-entry
settlement of all transactions in depository-eligible
securities with another financial intermediary or
institutional customer. Securities Exchange Act
Release No. 32455 (June 11, 1993), 58 FR 33679
(June 18, 1993) [File Nos. SR–Amex–93–07; SR–
BSE–93–08; SR–MSE–93–03; SR–NASD–93–11;
SR–NYSE–93–13; SR–PSE–93–04; and SR–PHLX–
93–09].
E:\FR\FM\21SEN1.SGM
21SEN1
55230
Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Notices
(‘‘DTC’’)9 allowing DTC to implement
its Initial Public Offering (‘‘IPO’’)
Tracking System.10 The IPO Tracking
System enables lead managers and
syndicate members of equity
underwritings to monitor repurchases of
distributed shares in an automated
book-entry environment.
Amex proposes deleting Rule 777(b)
in its entirety as it is no longer relevant
since DTC has implemented its IPO
Tracking System, which is monitoring
repurchases of distributed shares. The
proposed rule change is consistent with
clarifying changes adopted by NYSE.11
Finally, Amex proposes crossreferencing rules 776 and 777 in Part 1
of the Amex Company Guide to clarify
that Rules 776 and 777 are initial and
continued listing standards applicable
to companies listed on Amex.
Amex believes the proposed rule
change is consistent with the
requirements of Sections 6(b)(5) and
17A of the Act 12 and the rules and
regulations thereunder requiring the
rules of Amex be designed to remove
impediments to and perfect the
mechanism of a free and open market
and to perfect a national market system
which provides, among other things, for
the prompt and accurate clearance and
settlement of securities transactions.
(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.
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.
jlentini on PROD1PC65 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within thirty-five 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 ninety 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
9 DTC is a securities depository registered with
the Commission under section 17A and 19 of the
Act as a clearing agency.
10 Securities Exchange Act Release No. 37208
(May 13, 1996), 61 FR 25253 (May 20, 1996) [File
No. SR–DTC–95–27].
11 Supra, note 5.
12 15 U.S.C. 78f(b)(5) and 78q–1.
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16:30 Sep 20, 2006
Jkt 208001
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
2006–80 and should be submitted on or
before October 12, 2006.
For the Commission by the Division of
Market Regulation, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06–7840 Filed 9–20–06; 8:45 am]
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:
BILLING CODE 8010–01–P
Electronic Comments
Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Granting Accelerated Approval of a
Proposed Rule Change and
Amendments No. 1 and 2 Thereto
Relating to the Listing and Trading of
the DB Currency Index Value Fund
• 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-2006–80 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–54450; File No. SR–Amex–
2006–44]
September 14, 2006.
I. Introduction
On May 2, 2006, the American Stock
• Send paper comments in triplicate
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
to Nancy M. Morris, Secretary,
filed with the Securities and Exchange
Securities and Exchange Commission,
Commission (‘‘Commission’’), pursuant
100 F Street, NE., Washington, DC
to section 19(b)(1) of the Securities
20549–1090.
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
All submissions should refer to File
19b–4 thereunder,2 a proposed rule
Number SR–Amex–2006–80. This file
change to list and trade the DB Currency
number should be included on the
subject line if e-mail is used. To help the Index Value Fund under Commentary
.07 to Amex Rule 1202. On July 31,
Commission process and review your
2006, Amex filed Amendment No. 1 to
comments more efficiently, please use
only one method. The Commission will the proposed rule change. On August
post all comments on the Commission’s 18, 2006, Amex filed Amendment No. 2
to the proposed rule change. The
Internet Web site (https://www.sec.gov/
proposed rule change, as amended, was
rules/sro.shtml). Copies of the
published for comment in the Federal
submission, all subsequent
Register on August 29, 2006 for a 15-day
amendments, all written statements
comment period, which ended on
with respect to the proposed rule
September 13, 2006.3 The Commission
change that are filed with the
received no comments on the proposal.
Commission, and all written
This order grants accelerated approval
communications relating to the
of the proposed rule change, as
proposed rule change between the
Commission and any person, other than amended.
those that may be withheld from the
II. Description of the Proposal
public in accordance with the
The Exchange seeks to list and trade
provisions of 5 U.S.C. 552, will be
shares (‘‘Shares’’) of the DB Currency
available for inspection and copying in
Index Value Fund (‘‘Trust’’ or ‘‘Fund’’).4
the Commission’s Public Reference
Section, 100 F Street, NE., Washington,
13 17 CFR 200.30–3(a)(12).
DC 20549. Copies of such filings also
1 15 U.S.C. 78s(b)(1).
will be available for inspection and
2 17 CFR 240.19b–4.
copying at the principal office of Amex
3 See Securities Exchange Act Release No. 54351
and on Amex’s Web site at
(August 23, 2006), 71 FR 51245, as corrected by 71
www.amex.com. All comments received FR 53492 (September 11, 2006).
4 The Fund will be formed as a Delaware statutory
will be posted without change; the
trust pursuant to a Certificate of Trust and a
Commission does not edit personal
Declaration of Trust and Trust Agreement among
identifying information from
Wilmington Trust Company, as trustee, the DB
Commodity Services LLC as managing owner, and
submissions. You should submit only
the holders of the Shares. The Exchange states that
information that you wish to make
the Fund will not be subject to registration and
available publicly. All submissions
regulation under the Investment Company Act of
should refer to File Number SR–Amex–
1940 (‘‘1940 Act’’).
Paper Comments
PO 00000
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]]>Agencies
[Federal Register Volume 71, Number 183 (Thursday, September 21, 2006)]
[Notices]
[Pages 55229-55230]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-7840]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Release No. 34-54442; File No. SR-Amex-2006-80]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change To Amend Rule 777 Regarding
Depository Eligibility
September 14, 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 August 21, 2006, the American Stock Exchange LLC (``Amex'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change described in Items I, II, and III below, which
items have been prepared primarily by Amex. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested parties.
---------------------------------------------------------------------------
\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 proposed rule change seeks to amend Amex Rule 777 by deleting
the references to ``domestic'' and ``foreign'' in paragraph (a) as well
as additional requirements imposed by paragraph (b) of the rule in
order for a security to be depository eligible. The proposed rule also
seeks to add new sections 136 and 137 to the Amex Company Guide to
cross-reference Rules 776 and 777.
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 these
statements.\3\
---------------------------------------------------------------------------
\3\ The Commission has modified the text of the summaries
prepared by Amex.
---------------------------------------------------------------------------
(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
On June 1, 1995, Amex adopted Rule 777 for the purpose of
facilitating implementation of Rule 15c6-1 of the Act that established
a three-day settlement period for most securities transactions.\4\ Rule
777 requires domestic issuers' securities be depository eligible prior
to listing and sets forth specific requirements for issuers' depository
eligibility.
---------------------------------------------------------------------------
\4\ Securities Exchange Act Release No. 35798 (June 1, 1995) 60
FR 30909 (June 12, 1995) [File No. SR-Amex-95-17].
---------------------------------------------------------------------------
Currently, before an issue of securities can be listed, Rule 777(a)
requires a domestic issuer to represent to Amex that a CUSIP number
identifying the securities had been included in the file of eligible
issues maintained by a securities depository registered with the
Commission as a clearing agency under section 17A of the Act.\5\ Amex
proposes to delete the exception for foreign issuers in Rule 777(a).
Exclusion of foreign issuers is no longer necessary because they have
the capacity to comply with Rule 777 and have been doing so voluntarily
for years. The proposed rule change is consistent with clarifying
changes adopted by NYSE.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q-1.
\6\ Securities Exchange Act Release No. 45987 (May 28, 2002), 67
FR 38538 (June 4, 2002) (SR-NYSE-2001-30).
---------------------------------------------------------------------------
Amex also proposes to delete the exception in Rule 777(a) for
securities whose terms cannot be reasonably modified to meet the
criteria for depository eligibility at all securities depositories. The
exception was originally included in Rule 777(a) because various States
and countries precluded the book-entry issuance of securities.
Following implementation of Rule 777(a), however, States have amended
their corporate statutes to allow for book-entry issuance and, as
mentioned above, foreign issuers have voluntarily complied with book-
entry issuance requirements. As a result, the expectation is no longer
needed to accommodate such issuers. Further, in light of the direct
registration eligibility requirements recently approved by the
Commission \7\ that require new and current listings on the Amex to be
eligible for a direct registration system operated by a securities
depository, Amex is concerned that the exception will confuse issuers.
---------------------------------------------------------------------------
\7\ Securities Exchange Act Release No. 54290 (August 8, 2006),
71 FR 47262 (August 16, 2006) (SR-Amex-2006-40).
---------------------------------------------------------------------------
Rule 777(b) currently sets forth additional requirements that must
be met before a security will be deemed ``depository eligible'' within
the meaning of Rule 776.\8\ The applicability of the requirement set
forth in Rule 777(b) to an issuer depended upon whether a new issue is
distributed by an underwriting syndicate before or after the date an
electronic securities depository system is available for monitoring
repurchases of the distributed shares by syndicate members. Prior to
the availability of such a system, a managing underwriter may delay the
date a security is deemed depository eligible for up to three months
after commencement of trading on Amex.
---------------------------------------------------------------------------
\8\ Rule 776 requires Amex members to use the facilities of a
security depository for the book-entry settlement of all
transactions in depository-eligible securities with another
financial intermediary or institutional customer. Securities
Exchange Act Release No. 32455 (June 11, 1993), 58 FR 33679 (June
18, 1993) [File Nos. SR-Amex-93-07; SR-BSE-93-08; SR-MSE-93-03; SR-
NASD-93-11; SR-NYSE-93-13; SR-PSE-93-04; and SR-PHLX-93-09].
---------------------------------------------------------------------------
On May 13, 1996, approximately one year after the approval of Rule
777, the Commission approved a rule change filed by The Depository
Trust Company
[[Page 55230]]
(``DTC'')\9\ allowing DTC to implement its Initial Public Offering
(``IPO'') Tracking System.\10\ The IPO Tracking System enables lead
managers and syndicate members of equity underwritings to monitor
repurchases of distributed shares in an automated book-entry
environment.
---------------------------------------------------------------------------
\9\ DTC is a securities depository registered with the
Commission under section 17A and 19 of the Act as a clearing agency.
\10\ Securities Exchange Act Release No. 37208 (May 13, 1996),
61 FR 25253 (May 20, 1996) [File No. SR-DTC-95-27].
---------------------------------------------------------------------------
Amex proposes deleting Rule 777(b) in its entirety as it is no
longer relevant since DTC has implemented its IPO Tracking System,
which is monitoring repurchases of distributed shares. The proposed
rule change is consistent with clarifying changes adopted by NYSE.\11\
---------------------------------------------------------------------------
\11\ Supra, note 5.
---------------------------------------------------------------------------
Finally, Amex proposes cross-referencing rules 776 and 777 in Part
1 of the Amex Company Guide to clarify that Rules 776 and 777 are
initial and continued listing standards applicable to companies listed
on Amex.
Amex believes the proposed rule change is consistent with the
requirements of Sections 6(b)(5) and 17A of the Act \12\ and the rules
and regulations thereunder requiring the rules of Amex be designed to
remove impediments to and perfect the mechanism of a free and open
market and to perfect a national market system which provides, among
other things, for the prompt and accurate clearance and settlement of
securities transactions.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b)(5) and 78q-1.
---------------------------------------------------------------------------
(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.
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
Within thirty-five 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 ninety 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-2006-80 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-2006-80. 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, 100 F Street,
NE., Washington, DC 20549. Copies of such filings also will be
available for inspection and copying at the principal office of Amex
and on Amex's Web site at www.amex.com. 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-2006-80 and should be submitted on
or before October 12, 2006.
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\13\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 06-7840 Filed 9-20-06; 8:45 am]
BILLING CODE 8010-01-P
