Sunshine Act Meeting, 58455 [06-8473]
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Federal Register / Vol. 71, No. 191 / Tuesday, October 3, 2006 / Notices
SECURITIES AND EXCHANGE
COMMISSION
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
[Release No. 34–54509; File No. SR–Amex–
2006–70]
rwilkins on PROD1PC63 with NOTICES
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold the following
meeting during the week of October 2,
2006:
A Closed Meeting will be held on
Thursday, October 5, 2006 at 2:30 p.m.
Commissioners, Counsels to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters may also be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(4), (5), (7), (8), (9)(B) and
(10) and 17 CFR 200.402(a) (4), (5), (7),
(8), (9)(ii), and (10) permit consideration
of the scheduled matters at the Closed
Meeting.
Commissioner Casey, as duty officer,
voted to consider the items listed for the
closed meeting in closed session, and
determined that no earlier notice thereof
was possible.
The subject matters of the Closed
Meeting scheduled for Thursday,
October 5, 2006 will be:
Formal orders of investigation;
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings of an
enforcement nature;
Adjudicatory matters;
Regulatory matters regarding financial
institutions; and
Resolution of litigation matters.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact: The Office of the Secretary at
(202) 551–5400.
Dated: September 29, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06–8473 Filed 9–29–06; 11:16 am]
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Self-Regulatory Organizations;
American Stock Exchange LLC; Order
Approving Proposed Rule Change and
Amendment No. 1 Thereto To Apply
Certain Provisions of Its Minor Rule
Violation Plan to Registered Options
Traders, Supplemental Registered
Options Traders, and Remote
Registered Options Traders
September 26, 2006.
On July 31, 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 amend Amex Rule 590, which
applies certain provisions the
Exchange’s Minor Rule Violation Plan to
Registered Options Traders (‘‘ROTs’’),
Supplemental Registered Options
Traders (‘‘SROTs’’), and Remote
Registered Options Traders (‘‘RROTs’’).3
These provisions relate to quoting
obligations and restrictions on quoting
outside of assigned classes. On August
14, 2006, the Exchange filed
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
amended, was published for comment
in the Federal Register on August 21,
2006.4 The Commission received no
comments regarding the proposal.
The Commission finds that the
proposed rule change, as amended, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.5 In particular, the
Commission believes that the proposal
is consistent with section 6(b)(5) of the
Act 6 because a proposed rule change
that is reasonably designed to promote
compliance by ROTs, SROTs, and
RROTs with applicable quoting
obligations and restrictions should help
protect investors and the public interest.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amex recently created these new classes of
market participants. See Securities Exchange Act
Release Nos. 53635 (April 12, 2006), 71 FR 20144
(April 19, 2006) (creating the SROT class) and
53652 (April 13, 2006), 71 FR 20422 (April 20,
2006) (creating the RROT class).
4 See Securities Exchange Act Release No. 54317
(August 15, 2006), 71 FR 48566.
5 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
2 17
PO 00000
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58455
The Commission further believes that
handling violations of these quoting
rules pursuant to Amex’s Minor Rule
Violation Plan is consistent with
sections 6(b)(1) and 6(b)(6) of the Act,7
which require that the rules of an
exchange enforce compliance with, and
provide appropriate discipline for,
violations of Commission and Exchange
rules. In addition, because existing
Amex Rule 590 provides procedural
rights to a person fined for any violation
of an Exchange rule that is determined
to be minor in nature to contest the fine
and permits disciplinary proceedings on
the matter, the Commission believes
Amex Rule 590, as amended by this
proposal, provides a fair procedure for
the disciplining of members and
persons associated with members,
consistent with sections 6(b)(7) and
6(d)(1) of the Act.8
Finally, the Commission finds that the
proposal is consistent with the public
interest, the protection of investors, or
otherwise in furtherance of the purposes
of the Act, as required by Rule 19d–
1(c)(2) under the Act 9 which governs
minor rule violation plans. The
Commission believes that the proposed
change to Amex Rule 590 will
strengthen the Exchange’s ability to
carry out its oversight and enforcement
responsibilities as a self-regulatory
organization in cases where full
disciplinary proceedings are unsuitable
in view of the minor nature of the
particular violation.
In approving this proposed rule
change, the Commission in no way
minimizes the importance of
compliance with Amex rules and all
other rules subject to the imposition of
fines under the minor rule violation
plan of the Exchange. The Commission
believes that the violation of any selfregulatory organization’s rules, as well
as Commission rules, is a serious matter.
However, the Exchange’s minor rule
violation plan under Amex Rule 590
provides a reasonable means of
addressing rule violations that do not
rise to the level of requiring formal
disciplinary proceedings, while
providing greater flexibility in handling
certain violations. The Commission
expects that Amex will continue to
conduct surveillance with due diligence
and make a determination based on its
findings, on a case-by-case basis,
whether a fine of more or less than the
recommended amount is appropriate for
a violation under the minor rule
violation plan or whether a violation
requires formal disciplinary action
7 15
U.S.C. 78f(b)(1) and 78f(b)(6).
U.S.C. 78f(b)(7) and 78f(d)(1).
9 17 CFR 240.19d–1(c)(2).
8 15
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[Federal Register Volume 71, Number 191 (Tuesday, October 3, 2006)]
[Notices]
[Page 58455]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-8473]
[[Page 58455]]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold the following meeting during the week
of October 2, 2006:
A Closed Meeting will be held on Thursday, October 5, 2006 at 2:30
p.m.
Commissioners, Counsels to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters may also be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(4), (5), (7), (8), (9)(B) and (10) and 17 CFR
200.402(a) (4), (5), (7), (8), (9)(ii), and (10) permit consideration
of the scheduled matters at the Closed Meeting.
Commissioner Casey, as duty officer, voted to consider the items
listed for the closed meeting in closed session, and determined that no
earlier notice thereof was possible.
The subject matters of the Closed Meeting scheduled for Thursday,
October 5, 2006 will be:
Formal orders of investigation;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an
enforcement nature;
Adjudicatory matters;
Regulatory matters regarding financial institutions; and
Resolution of litigation matters.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact: The Office of the
Secretary at (202) 551-5400.
Dated: September 29, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06-8473 Filed 9-29-06; 11:16 am]
BILLING CODE 8010-01-P
