Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Amending Existing Rules for Portfolio Depositary Receipts and Index Fund Shares, 6624-6626 [E7-2252]

Download as PDF 6624 Federal Register / Vol. 72, No. 28 / Monday, February 12, 2007 / Notices APPENDIX—Continued Registration number 84–5755 84–5756 84–5773 84–5812 84–5816 84–5826 84–5847 84–5872 84–5873 84–5885 84–5897 84–5899 84–5912 84–6019 84–6032 84–6034 84–6039 84–6045 84–6059 84–6077 84–6092 84–6097 84–6101 84–6126 84–6131 84–6157 Name ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ [FR Doc. E7–2245 Filed 2–9–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting sroberts on PROD1PC70 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 February 12, 2007: A Closed Meeting will be held on Thursday, February 15, 2007 at 10 a.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)(3), (4), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (4), (5), (7), 9(ii) and (10) permit consideration of the scheduled matters at the Closed Meeting. Commissioner Atkins, as duty officer, voted to consider the items listed for the closed meeting in a closed session. The subject matter of the Closed Meeting scheduled for Thursday, February 15, 2007 will be: VerDate Aug<31>2005 19:52 Feb 09, 2007 Jkt 211001 River Oaks Partnership Services, Inc. IDM Corporation. RVM Industries, Inc. Stock Transfer of America, Inc. Wasatch Stock Transfer, Inc. Lewis, Corey L. Financial Strategies, LLC. D-Lanz Development Group, Inc. CBIZ Retirement Services, Inc. Sovereign Depository Corporation. Newport Stock Transfer Agency, Inc. U.S. Corporate Support Services, Inc. Femis Kerger & Company Transfer Agent & Registrar. Touch America. Merge Media, Inc. Chapman Capital Management, Inc. First Financial Escrow & Transfer, Inc. Pharmacy Buying Association, Inc. Street Transfer & Registrar Agency. Brown Brothers Harriman & Co. Brookhill Stock Transfer Business Trust. Certified Water Systems, Inc. Lauries Happy Thoughts, Inc. Fidelity Custodian Services, Inc. Carolyn Plant. Encompass Corporate Services. Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; Resolution of a litigation claim; Adjudicatory matters; Amicus consideration; and Other matters relating to enforcement proceedings. 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: February 7, 2007. Nancy M. Morris, Secretary. [FR Doc. 07–629 Filed 2–8–07; 10:47 am] BILLING CODE 8010–01–P PO 00000 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55240; File No. SR–Amex– 2007–07] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto Amending Existing Rules for Portfolio Depositary Receipts and Index Fund Shares February 5, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 2 thereunder, notice is hereby given that on January 11, 2007, 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 substantially prepared by the Exchange. On January 25, 2007, the Amex submitted Amendment No. 1 to the proposed rule change. The Commission is publishing this notice to solicit comments on the proposed rule change, as amended, from interested persons. 1 15 2 17 Frm 00108 Fmt 4703 Sfmt 4703 E:\FR\FM\12FEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 12FEN1 Federal Register / Vol. 72, No. 28 / Monday, February 12, 2007 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its existing rules for portfolio depositary receipts (Rule 1000) and index fund shares (Rule 1000A) to eliminate the methodology standards for eligible indexes. The text of the proposed rule change is available at the Amex, the Commission’s Public Reference Room, and http://www.amex.com. 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. The text of these statements may be examined at the places specified in Item IV below. The Amex has substantially 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 sroberts on PROD1PC70 with NOTICES The purpose of this proposed rule change is to amend Amex’s existing generic listing standards pursuant to Rule 19b–4(e) under the Act 3 for portfolio depositary receipts (‘‘PDRs’’) and index fund shares 4 to eliminate the requirement that an eligible index be calculated following a specified methodology. The Exchange currently has generic listing standards (within the meaning of Rule 19b–4(e) under the Act 5), which permit the listing and trading of various qualifying ETFs subject to the procedures contained in Rule 19b–4(e). The existence of generic listing standards allows qualifying ETFs to list or trade without the need to file a rule change for each security under Rule 19b–4 under the Act.6 By amending its generic listing standards pursuant to Rule 19b–4(e), the Exchange intends to reduce the time frame for listing ETFs that rely on indexes that utilize methodologies not currently identified in the generic listing standards and 3 17 CFR 240.19b–4(e). and index fund shares are registered investment companies under the Investment Company Act of 1940 and are referred to in this filing as exchange traded funds (‘‘ETFs’’). 5 17 CFR 240.19b–4(e). 6 17 CFR 240.19b–4. 4 PDRs VerDate Aug<31>2005 19:52 Feb 09, 2007 Jkt 211001 thereby reduce the burdens on issuers and other market participants. The generic listing standards for ETFs presently provide that eligible indexes be calculated based on the market capitalization, modified market capitalization, price, equal-dollar, or modified equal-dollar weighting methodology.7 The proposed rule change will eliminate this standard and, as a result, the Exchange will no longer consider index methodology in its review of an ETF’s eligibility for listing and trading pursuant to Rule 19b–4(e) under the Act.8 The Exchange states that as the market for ETFs has grown and the ETF product line matured, the Exchange has witnessed an increase in the number of methodologies used to calculate indexes. In order for an index that employs a novel methodology to satisfy the current generic listing standards, either a traditional methodology must be substituted for the intended methodology, or the Exchange must submit a proposed rule change to the Commission amending the generic listing standards to include the additional methodology. In this regard, the Exchange notes that, recently, both The NASDAQ Stock Market LLC and NYSE Arca, Inc. filed rule changes with the Commission in order to permit eligible indexes to be calculated based on a methodology weighting components based on their particular financial attributes.9 The Exchange believes that the proposed elimination of index methodology from its generic listing standards for ETFs would potentially reduce the time frame for bringing ETFs based on indexes with nontraditional weighting techniques to the market, thereby reducing the burdens on issuers and other market participants and promoting competition. The Exchange notes that indexes underlying ETFs would continue to be subject to the other requirements of the generic listing standards pursuant to Rule 19b–4(e) under the Act.10 For example, the generic listing standards for domestic indexes require, without limitation, that the most heavily weighted component 7 See Commentary .03(b)(i) to Amex Rule 1000 and Commentary .02(b)(i) to Amex Rule 1000A. 8 17 CFR 240.19b–4(e). 9 See Securities Exchange Act Release Nos. 54459 (September 15, 2006), 71 FR 55533 (September 22, 2006) (SR–NASDAQ–2006–035); 54490 (September 22, 2006), 71 FR 58034 (October 2, 2006) (SR– NYSEArca-2006–61). Telephone conference among Courtney McBride, Assistant General Counsel, Amex, Brian Trackman, Special Counsel, and Michou Nguyen, Special Counsel, Division of Market Regulation, Commission on February 2, 2007. 10 17 CFR 240.19b–4(e). PO 00000 Frm 00109 Fmt 4703 Sfmt 4703 6625 stock of an index not exceed 30% of the weight of the index, and the five most heavily weighted component stocks of an index not exceed 65% of the weight of the index,11 and that an index include a minimum of 13 component stocks.12 Similarly, the generic listing standards for international or global indexes require, without limitation, that the most heavily weighted component stock of an index not exceed 25% of the weight of the index, and the five most heavily weighted component stocks of an index not exceed 60% of the weight of the index,13 and that an index include a minimum of 20 component stocks.14 The Exchange believes that such requirements will ensure that underlying indexes are sufficiently diversified, and that their components are sufficiently liquid to serve as the basis for an ETF. 2. Statutory Basis The Amex believes that the proposed rule change is consistent with the requirements of Section 6(b) of the Act 15 in general, and furthers the objectives of Section 6(b)(5),16 of the Act in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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. The Exchange believes that the proposed rule change will facilitate the listing and trading of ETFs, thereby reducing the burdens on issuers and other market participants. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change would not 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 states that no written comments were solicited or received with respect to the proposed rule change. 11 See Commentary .03(a)(A)(3) to Amex Rule 1000 and Commentary .02(a)(A)(3). 12 See Commentary .03(a)(A)(4) to Amex Rule 1000 and Commentary .02(a)(A)(4). 13 See Commentary .03(a)(B)(3) to Amex Rule 1000 and Commentary .02(a)(B)(3). 14 See Commentary .03(a)(B)(4) to Amex Rule 1000 and Commentary .02(a)(B)(4). 15 15 U.S.C. 78f(b). 16 15 U.S.C. 78f(b)(5). E:\FR\FM\12FEN1.SGM 12FEN1 6626 Federal Register / Vol. 72, No. 28 / Monday, February 12, 2007 / Notices 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. The Amex has requested accelerated approval of this proposed rule change prior to the 30th day after the date of publication of the notice of the filing thereof. The Commission has determined that a 15-day comment period is appropriate in this case. 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 the 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–2007–07 and should be submitted on or before February 27, 2007. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.17 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–2252 Filed 2–9–07; 8:45 am] BILLING CODE 8010–01–P 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 Exchange Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Amex–2007–07 on the subject line. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55233; File No. SR–BSE– 2006–56] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To Add to the Boston Options Exchange a New Functionality Called an Automatic Auction Order February 2, 2007. sroberts on PROD1PC70 with NOTICES Paper Comments Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 to Nancy M. Morris, Secretary, notice is hereby given that on December Securities and Exchange Commission, 15, 2006, the Boston Stock Exchange, 100 F Street, NE., Washington, DC Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with 20549–1090. the Securities and Exchange All submissions should refer to File Commission (‘‘Commission’’) the Number SR–Amex–2007–07. This file proposed rule change as described in number should be included on the subject line if e-mail is used. To help the Items I, II, and III below, which Items have been substantially prepared by the Commission process and review your BSE. On February 1, 2007, BSE filed comments more efficiently, please use only one method. The Commission will Amendment No. 1 to the proposed rule 3 post all comments on the Commission’s change. The Commission is publishing this notice to solicit comments on the Internet Web site (http://www.sec.gov/ proposed rule change, as amended, from rules/sro.shtml). Copies of the interested persons. submission, all subsequent amendments, all written statements 17 17 CFR 200.30–3(a)(12). with respect to the proposed rule 1 15 U.S.C. 78s(b)(1). change that are filed with the 2 17 CFR 240.19b–4. Commission, and all written 3 In Amendment No. 1, BSE granted the communications relating to the Commission an extension of the time period proposed rule change between the specified in Section 19(b)(2) of the Act for Commission and any person, other than Commission action. VerDate Aug<31>2005 19:52 Feb 09, 2007 Jkt 211001 PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Boston Options Exchange (‘‘BOX’’) Rules to add a new functionality referred to as an Automatic Auction Order (‘‘AAO’’) in order to make it easier for non-professional customers to participate in a price improvement auction (‘‘Improvement Auction’’). The text of the proposed rule change is available at BSE, the Commission’s Public Reference Room, and http:// www.bostonstock.com/legal/ pending_rule_filings.html. 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 BSE seeks to amend the BOX Rules 4 to add a new order functionality called an AAO in order to make it easier for all Customers, including nonprofessional customers, to participate in Improvement Auctions (e.g., the PIP). BOX believes that the AAOs will increase the number of Improvement Orders that are submitted to an Improvement Auction, thereby creating increased competition and overall liquidity while also improving execution prices for trades that are executed on BOX. This AAO functionality automates a process that is currently available to the non-professional customer via the Customer PIP Order (‘‘CPO’’). Currently, however, it is difficult for nonprofessional customers to participate in Improvement Auctions because of the limited offering of the CPO by Order Flow Providers (‘‘OFPs’’). Only a few OFPs have made CPOs available to nonprofessional customers due, in large part, to the constraints that are generally 4 Capitalized terms not otherwise defined herein shall have the meanings prescribed under the BOX Rules. E:\FR\FM\12FEN1.SGM 12FEN1

Agencies

[Federal Register Volume 72, Number 28 (Monday, February 12, 2007)]
[Notices]
[Pages 6624-6626]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-2252]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55240; File No. SR-Amex-2007-07]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto 
Amending Existing Rules for Portfolio Depositary Receipts and Index 
Fund Shares

 February 5, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 \2\ thereunder, notice is hereby given 
that on January 11, 2007, 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 substantially prepared by the 
Exchange. On January 25, 2007, the Amex submitted Amendment No. 1 to 
the proposed rule change. The Commission is publishing this notice to 
solicit comments on the proposed rule change, as amended, from 
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.

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[[Page 6625]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its existing rules for portfolio 
depositary receipts (Rule 1000) and index fund shares (Rule 1000A) to 
eliminate the methodology standards for eligible indexes.
    The text of the proposed rule change is available at the Amex, the 
Commission's Public Reference Room, and http://www.amex.com.

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. The 
text of these statements may be examined at the places specified in 
Item IV below. The Amex has substantially 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 purpose of this proposed rule change is to amend Amex's 
existing generic listing standards pursuant to Rule 19b-4(e) under the 
Act \3\ for portfolio depositary receipts (``PDRs'') and index fund 
shares \4\ to eliminate the requirement that an eligible index be 
calculated following a specified methodology.
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    \3\ 17 CFR 240.19b-4(e).
    \4\ PDRs and index fund shares are registered investment 
companies under the Investment Company Act of 1940 and are referred 
to in this filing as exchange traded funds (``ETFs'').
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    The Exchange currently has generic listing standards (within the 
meaning of Rule 19b-4(e) under the Act \5\), which permit the listing 
and trading of various qualifying ETFs subject to the procedures 
contained in Rule 19b-4(e). The existence of generic listing standards 
allows qualifying ETFs to list or trade without the need to file a rule 
change for each security under Rule 19b-4 under the Act.\6\ By amending 
its generic listing standards pursuant to Rule 19b-4(e), the Exchange 
intends to reduce the time frame for listing ETFs that rely on indexes 
that utilize methodologies not currently identified in the generic 
listing standards and thereby reduce the burdens on issuers and other 
market participants.
---------------------------------------------------------------------------

    \5\ 17 CFR 240.19b-4(e).
    \6\ 17 CFR 240.19b-4.
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    The generic listing standards for ETFs presently provide that 
eligible indexes be calculated based on the market capitalization, 
modified market capitalization, price, equal-dollar, or modified equal-
dollar weighting methodology.\7\ The proposed rule change will 
eliminate this standard and, as a result, the Exchange will no longer 
consider index methodology in its review of an ETF's eligibility for 
listing and trading pursuant to Rule 19b-4(e) under the Act.\8\
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    \7\ See Commentary .03(b)(i) to Amex Rule 1000 and Commentary 
.02(b)(i) to Amex Rule 1000A.
    \8\ 17 CFR 240.19b-4(e).
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    The Exchange states that as the market for ETFs has grown and the 
ETF product line matured, the Exchange has witnessed an increase in the 
number of methodologies used to calculate indexes. In order for an 
index that employs a novel methodology to satisfy the current generic 
listing standards, either a traditional methodology must be substituted 
for the intended methodology, or the Exchange must submit a proposed 
rule change to the Commission amending the generic listing standards to 
include the additional methodology. In this regard, the Exchange notes 
that, recently, both The NASDAQ Stock Market LLC and NYSE Arca, Inc. 
filed rule changes with the Commission in order to permit eligible 
indexes to be calculated based on a methodology weighting components 
based on their particular financial attributes.\9\
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release Nos. 54459 (September 
15, 2006), 71 FR 55533 (September 22, 2006) (SR-NASDAQ-2006-035); 
54490 (September 22, 2006), 71 FR 58034 (October 2, 2006) (SR-
NYSEArca-2006-61). Telephone conference among Courtney McBride, 
Assistant General Counsel, Amex, Brian Trackman, Special Counsel, 
and Michou Nguyen, Special Counsel, Division of Market Regulation, 
Commission on February 2, 2007.
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    The Exchange believes that the proposed elimination of index 
methodology from its generic listing standards for ETFs would 
potentially reduce the time frame for bringing ETFs based on indexes 
with nontraditional weighting techniques to the market, thereby 
reducing the burdens on issuers and other market participants and 
promoting competition. The Exchange notes that indexes underlying ETFs 
would continue to be subject to the other requirements of the generic 
listing standards pursuant to Rule 19b-4(e) under the Act.\10\ For 
example, the generic listing standards for domestic indexes require, 
without limitation, that the most heavily weighted component stock of 
an index not exceed 30% of the weight of the index, and the five most 
heavily weighted component stocks of an index not exceed 65% of the 
weight of the index,\11\ and that an index include a minimum of 13 
component stocks.\12\ Similarly, the generic listing standards for 
international or global indexes require, without limitation, that the 
most heavily weighted component stock of an index not exceed 25% of the 
weight of the index, and the five most heavily weighted component 
stocks of an index not exceed 60% of the weight of the index,\13\ and 
that an index include a minimum of 20 component stocks.\14\ The 
Exchange believes that such requirements will ensure that underlying 
indexes are sufficiently diversified, and that their components are 
sufficiently liquid to serve as the basis for an ETF.
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    \10\ 17 CFR 240.19b-4(e).
    \11\ See Commentary .03(a)(A)(3) to Amex Rule 1000 and 
Commentary .02(a)(A)(3).
    \12\ See Commentary .03(a)(A)(4) to Amex Rule 1000 and 
Commentary .02(a)(A)(4).
    \13\ See Commentary .03(a)(B)(3) to Amex Rule 1000 and 
Commentary .02(a)(B)(3).
    \14\ See Commentary .03(a)(B)(4) to Amex Rule 1000 and 
Commentary .02(a)(B)(4).
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2. Statutory Basis
    The Amex believes that the proposed rule change is consistent with 
the requirements of Section 6(b) of the Act \15\ in general, and 
furthers the objectives of Section 6(b)(5),\16\ of the Act in 
particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, 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. The Exchange 
believes that the proposed rule change will facilitate the listing and 
trading of ETFs, thereby reducing the burdens on issuers and other 
market participants.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change would not 
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 states that no written comments were solicited or 
received with respect to the proposed rule change.

[[Page 6626]]

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.
    The Amex has requested accelerated approval of this proposed rule 
change prior to the 30th day after the date of publication of the 
notice of the filing thereof. The Commission has determined that a 15-
day comment period is appropriate in this case.

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 Exchange Act. Comments may be submitted 
by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Amex-2007-07 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-2007-07. 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 (http://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 the 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-2007-07 and should be submitted on or before February 27, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-2252 Filed 2-9-07; 8:45 am]
BILLING CODE 8010-01-P