Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto Relating to the Listing and Trading of Notes Linked to the Performance of the Dow Jones-AIG Commodity Index Total Return, 23862-23866 [E7-8224]
Agencies
[Federal Register Volume 72, Number 83 (Tuesday, May 1, 2007)]
[Notices]
[Pages 23862-23866]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-8224]
[[Page 23862]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55661; File No. SR-Amex-2007-29]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto
Relating to the Listing and Trading of Notes Linked to the Performance
of the Dow Jones-AIG Commodity Index Total Return
April 24, 2007.
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 March 2, 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 prepared substantially by Amex. On
April 5, 2007, Amex filed 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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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to list and trade notes linked to the
performance of the Dow Jones-AIG Commodity Index Total Return (the
``Index''). The text of the proposal is available at 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, 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, and the most significant aspects of such statements are
set forth in sections A, B, and C below.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Under section 107(A) of the Amex Company Guide (the ``Company
Guide''), the Exchange may approve for listing and trading securities
which cannot be readily categorized under the listing criteria for
common and preferred stocks, bonds, debentures, or warrants, including
index and currency warrants. Amex proposes to list for trading under
section 107(A) of the Company Guide floating rate notes (the ``Notes'')
linked to the performance of the Index.\3\ The Exchange submits that it
recently received approval to list and trade notes linked to the
performance of the Dow Jones-AIG ExEnergy Sub-Index, which is a subset
of the Index.\4\ The Notes will provide for participation in the
positive performance of the Index during their term.
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\3\ Lehman Brothers Holdings Inc. (``Lehman''), Dow Jones &
Company, Inc. (``Dow Jones'') and AIG International, Inc. (``AIGI'')
have entered into a non-exclusive license agreement providing for
the use of the Index by Lehman and certain affiliates and
subsidiaries thereof in connection with certain securities including
the Notes.
\4\ See Securities Exchange Act Release No. 54790 (November 20,
2006), 71 FR 68645 (November 27, 2006) (SR-Amex-2006-01).
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The Exchange states that the Notes will conform to the initial
listing guidelines under section 107(A) of the Company Guide and the
continued listing guidelines under sections 1001-1003 of the Company
Guide. The Notes are senior, non-convertible debt securities of Lehman
and have a term of thirteen months. The Notes are cash-settled in U.S.
dollars and do not give the holder any right or other ownership
interest in the Index or commodities comprising the Index. The Notes
are designed for investors who desire to participate in, or gain
exposure to, an index composed of a basket of actively-traded
commodities and receive monthly coupon interest payments, and who are
willing to forego principal protection on the Notes during such term.
Lehman will issue the Notes in denominations of whole units, with each
unit representing a single Note. The original public offering price
will be $1,000 per Note.
Unless the Notes have been redeemed earlier, at maturity, a holder
would receive per each $1,000 Note, a cash amount equal to the Daily
Value (as defined herein) per $1,000 Note as of the Valuation Date,\5\
plus accrued and unpaid coupon payments, to, but excluding, the stated
maturity date. The ``Daily Value'' as of any Index Business Day \6\ is
calculated as follows: $1,000 + ($1,000 x 3 x (Index Return \7\ -
(Treasury Bill Return \8\ + Adjustment Rate \9\))). The sum of the
Treasury Bill Return and the Adjustment Rate reflects a combination of
(1) The cost of Lehman providing investors with exposure to the Index
through the Notes, and (2) the fee to investors purchasing the Notes.
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\5\ The ``Valuation Date'' will generally be the third business
day before the stated maturity date.
\6\ An ``Index Business Day'' means a business day or, but for
the occurrence of a Market Disruption Event (as defined herein), a
day that would have been a business day, on which the Index is
calculated by the Sponsors and published by Dow Jones, or if
applicable, on which any successor Index is calculated. A ``Market
Disruption Event'' means any of the following events, as determined
in its sole discretion by Lehman Brothers Inc. (the ``Calculation
Agent''): (1) The Index value is not calculated by the Sponsors and
published by Dow Jones (or any successor Index is not calculated and
published by the sponsors thereof); (2) the termination or
suspension of, or material limitation or disruption in, the trading
on a relevant exchange of any futures contract included in the Index
(or any successor Index); (3) the settlement price on a relevant
exchange of any futures contract included in the Index (or any
successor Index) has increased or decreased by an amount equal to
the maximum permitted price change from the previous day's
settlement price; or (4) the settlement price of any futures
contract included in the Index (or any successor Index) is not
published by the relevant exchange.
\7\ The ``Index Return'' is equal to the difference between the
Closing Index Level (the closing level of the Index on any Index
Business Day) and the Initial Index Level (the Closing Index Level
on the date of the prospectus supplement), divided by the Initial
Index Level. If the third business day before the stated maturity
date is not an Index Business Day or the Calculation Agent
determines that one or more Market Disruption Events has occurred on
that day, the Calculation Agent will, subject to certain
limitations, calculate the Index Return by determining the Closing
Index Level on the next Index Business Day on which there is not a
Market Disruption Event (the ``Final Index Level''). If such
postponement causes the Valuation Date to occur within three
business days prior to the scheduled stated maturity date, the
stated maturity date will be postponed until three business days
after the date that the Final Index Level is determined.
\8\ The daily ``Treasury Bill Return'' on any calendar day is
the one-day return calculated using the weekly auction high rate for
the 91-day Treasury Bill. The Treasury Bill Return as of any Index
Business Day means a rate determined by the Calculation Agent by
compounding the daily Treasury Bill Return on each calendar day
during the term of the Notes.
\9\ The ``Adjustment Rate'' means a rate, as determined by the
Calculation Agent, which will equal the quotient of (1) The product
of 0.30% times the number of calendar days from and including the
date of the prospectus supplement to and including the Index
Business Day, and (2) 365.
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Lehman may redeem the Notes early if, on any Index Business Day
prior to the Valuation Date, the Daily Value per $1,000 Note falls
below a certain pre-determined amount. This day is known as the ``Early
Redemption Determination Date.'' This pre-determined amount will be
determined at the time of issuance of the Notes. In the event of
redemption, Lehman will pay an amount per $1,000
[[Page 23863]]
Note equal to the Daily Value per $1,000 Note calculated as of the
first Index Business Day following the Early Redemption Determination
Date, plus accrued and unpaid coupon payments to, but excluding, the
Early Redemption Determination Date.
If an event of default occurs and the maturity of the Notes are
accelerated, Lehman will pay holders an amount equal to the amount that
would have been payable at maturity, calculated as though the date of
acceleration was the stated maturity date, and the date three Index
Business Days before the date of acceleration was the Valuation Date.
If a bankruptcy proceeding is commenced, the claims of a holder of a
Note may be limited.
Index Description
The Index, developed by AIGI, is a proprietary index that is
calculated by Dow Jones, AIGI, and AIG Financial Products Corp. (``AIG-
FP'' and, together with AIGI and Dow Jones, the ``Sponsors'') and
published by Dow Jones.\10\ The methodology for determining the
composition and weighting of the Index and for calculating its level is
subject to modification by the Sponsors at any time. Dow Jones
disseminates the Index level at least every 15 seconds from 8 a.m. to 3
p.m. Eastern Time (``ET''),\11\ and publishes a daily Index level at
approximately 4 p.m. ET on each DJ-AIG Business Day \12\ on its Web
site at http://www.djindexes.com and on Bloomberg's Web site.
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\10\ AIG-FP is not a broker-dealer or futures commission
merchant; however, AIG-FP may have such affiliates. Therefore, AIG-
FP (1) Maintains and agrees to continue to maintain procedures
reasonably designed to prevent the use and dissemination by relevant
employees of AIG-FP, in violation of applicable laws, rules and
regulations, of material non-public information relating to changes
in the composition or method of computation or calculation of the
Index or the Dow Jones-AIG Commodity Index and (2) agrees to
periodically check the application of such procedures as they relate
to personnel of AIG-FP responsible for such changes. Dow Jones has
informed the Exchange that it does not have any affiliates engaged
in the securities or commodities trading businesses and, as such, do
not believe that such firewall procedures are necessary in its case.
In addition, the Supervisory and Advisory Committees (as defined
herein) are subject to written policies that acknowledge their
obligations with respect to material non-public information.
\11\ Any disseminated Index value after 3 p.m. ET is static due
to the close of auction trading of various commodities futures
contracts.
\12\ ``DJ-AIG Business Day'' is a day on which the weighting of
the Index commodities that are open for trading, in the aggregate,
is greater than 50% of the overall weight of the commodities
comprising the Index. For example, based on the weighting of the
Index commodities for 2007, if the Chicago Board of Trade (``CBOT'')
and the New York Mercantile Exchange (``NYMEX'') are closed for
trading on the same day, such day would not constitute a DJ-AIG
Business Day.
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The Index is re-weighted and re-balanced each year in January on a
price-percentage basis. The annual weightings for the Index are
determined each year in June or July by AIG-FP under the supervision of
the Index Supervisory Committee,\13\ announced after approval by such
Committee and implemented the following January.
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\13\ On February 21, 2007, Dow Jones announced a change to the
Dow Jones-AIG Commodity Index Oversight Committee structure
providing for a two-tier committee structure consisting of a
``Supervisory Committee'' and an ``Advisory Committee.'' The
Supervisory Committee makes all final decisions relating to the
Index with the advice and recommendation from the Advisory
Committee.
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The Index is designed to track rolling futures positions in a
diversified basket of 19 exchange-traded futures contracts on physical
commodities. The 19 physical commodities selected for 2007 are
aluminum, coffee, copper, corn, cotton, crude oil, gold, heating oil,
lean hogs, live cattle, natural gas, nickel, silver, soybeans, soybean
oil, sugar, unleaded gasoline, wheat, and zinc. Unlike equities, which
typically entitle the holder to a continuing stake in a corporation,
commodity futures contracts normally specify a certain date for the
delivery of the underlying physical commodity. The Index tracks what is
known as a rolling futures position, which is a position where, on a
periodic basis, futures contracts on physical commodities specifying
delivery on a nearby date must be sold and futures contracts on
physical commodities that have not yet reached the delivery period must
be purchased. An investor with a rolling futures position is able to
avoid delivering underlying physical commodities while maintaining
exposure to those commodities. The rollover for each Index component
occurs over a period of five DJ-AIG Business Days each month according
to a pre-determined schedule.
The 19 physical commodities selected for inclusion in the Index for
2007, and their respective weightings, are as follows:
------------------------------------------------------------------------
Weighting
Commodity (percent)
------------------------------------------------------------------------
crude oil............................................... 12.723561
natural gas............................................. 12.546191
soybeans................................................ 7.747790
gold.................................................... 6.825901
aluminum................................................ 6.803820
copper.................................................. 6.187758
live cattle............................................. 6.141286
corn.................................................... 5.627129
wheat................................................... 4.715495
unleaded gasoline....................................... 3.940958
heating oil............................................. 3.789289
cotton.................................................. 3.146094
sugar................................................... 3.122271
coffee.................................................. 3.021718
lean hogs............................................... 3.013524
soybean oil............................................. 2.845646
zinc.................................................... 2.798069
nickel.................................................. 2.715318
silver.................................................. 2.288179
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Total (rounded)..................................... 100.000000
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Futures contracts on the Index are currently listed for trading on
CBOT. The Index commodities currently trade on United States (``U.S.'')
exchanges, with the exception of aluminum, nickel and zinc, which trade
on the London Metal Exchange (``LME'').
Designated Contracts for Each Index Commodity
The Sponsors have established a two-tier committee structure to
assist them in connection with the operation of the Index.\14\ The two
committees are the ``Supervisory Committee'' and the ``Advisory
Committee.'' \15\ The Supervisory Committee provides final decisions
regarding the composition and maintenance of the Index with the advice
and recommendation of the Advisory Committee. The Supervisory Committee
is comprised of three members appointed by Dow Jones and AIG-FP from
their respective organizations. The Advisory Committee is comprised of
nine prominent members of the financial and academic communities
selected by AIG-FP. Both Committees meet annually to consider any
changes to be made to the Index for the coming year. The Committees may
also meet at such other times as may be necessary. A futures contract,
known as a ``Designated Contract,'' is selected by the Supervisory
Committee for each Index commodity.\16\ With the exception of several
LME contracts, the Supervisory Committee selects the futures contract
that is traded in the U.S. and denominated in U.S. dollars. If more
than one of those contracts exists, the Supervisory Committee will
select
[[Page 23864]]
the most actively traded contract. Data concerning this Designated
Contract will be used to calculate the Index value. If a Designated
Contract is terminated or replaced, a comparable futures contract would
be selected, if available, to replace that Designated Contract.
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\14\ See id.
\15\ Lehman has informed the Exchange that none of the members
of the Supervisory or Advisory Committees is an officer, director,
or employee of Lehman.
\16\ The Supervisory Committee may exclude any otherwise
eligible contract from the Index if it determines that it has
inadequate liquidity. The Index currently includes contracts traded
on LME, which is located in London. During the hours when the LME is
closed, Dow Jones uses the last price and the settlement price once
they are available in order to publish the Index value through the
end of the trading day. The Index value does not reflect any after-
hours or overnight trading in contracts traded on LME.
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The Designated Contracts for the Index commodities included in the
Index for 2007 are traded on LME, CBOT, the New York Board of Trade
(``NYBOT''),\17\ the Chicago Mercantile Exchange, Inc. (``CME''), and
NYMEX. The particular commodities futures exchanges for each commodity
futures contract are as follows: (1) Aluminum, nickel, and zinc--LME at
http://www.lme.com; (2) corn, soybeans, soybean oil, and wheat--CBOT at
http://www.cbot.com; (3) live cattle and lean hogs--CME at http://www.cme.com; (4) coffee, cotton, and sugar--NYBOT at http://www.nybot.com; and (5) copper, crude oil, gold, heating oil, natural
gas, silver, and unleaded gasoline--NYMEX at http://www.nymex.com. In
addition, various market data vendors and financial news publications
publish futures prices and data. The Exchange represents that futures
quotes and last sale information for the commodities underlying the
Index are widely disseminated through a variety of major market data
vendors worldwide, including Bloomberg and Reuters.
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\17\ NYBOT recently was purchased by the Intercontinental
Exchange (``ICE'') and is now a regulated subsidiary of ICE.
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Determination of Relative Weightings
The relative weightings of the component commodities included in
the Index are determined annually according to both liquidity and
dollar-adjusted production data in \2/3\ and \1/3\ shares,
respectively. Each June, for each commodity designated for potential
inclusion in the Index, liquidity is measured by the commodity
liquidity percentage (``CLP'') and production by the commodity
production percentage (``CPP''). The CLP for each commodity is
determined by taking a five-year average of the product of the trading
volume and the historic dollar value of the designated contract for
that commodity, and dividing the result by the sum of such products for
all commodities which were designated for potential inclusion in the
Index. The CPP is determined for each commodity by taking a five-year
average of annual world production figures, adjusted by the historic
dollar value of the designated contract, and dividing the result by the
sum of such production figures for all the commodities which were
designated for potential inclusion in the Index. The CLP and the CPP
are then combined (using a ratio of 2:1) to establish the commodity
index percentage (``CIP'') for each commodity. This CIP is then
adjusted in accordance with certain diversification rules in order to
determine the commodities which will be included in the Index and their
respective percentage weights.
The Index is designed to provide diversified exposure to
commodities as an asset class. To ensure that no single commodity or
commodity sector dominates the Index, the following diversification
rules are applied to the annual re-weighting and re-balancing of the
Index as of January of the applicable year:
No related group of commodities designated as a commodity
group (e.g., energy, precious metals, livestock, or grains) may
constitute more than 33% of the Index.
No single commodity may constitute more than 15% of the
Index.
No single commodity, together with its derivatives (e.g.,
crude oil, together with heating oil and unleaded gasoline), may
constitute more than 25% of the Index.
Following the annual re-weighting and re-balancing of the Index in
January, the percentage of any single commodity or group of commodities
at any time prior to the next re-weighting or re-balancing will
fluctuate and may exceed or be less than the percentages set forth
above.
Following application of the diversification rules, CIPs are
incorporated into the Index by calculating the new unit weights for
each Index commodity. Near the beginning of each new calendar year, the
CIPs, along with the settlement prices on that date for designated
contracts included in the Index, are used to determine a commodity
index multiplier (``CIM'') for each Index commodity. This CIM is used
to achieve the percentage weightings of the Index commodities, in
dollar terms, indicated by their respective CIPs. After the CIMs are
calculated, they remain fixed throughout the year. As a result, the
observed price percentage of each Index commodity will float throughout
the year until the CIMs are reset the following year based on new CIPs.
The Index is calculated by the Sponsors by applying the impact of
the changes to the futures prices of commodities included in the Index
(based on their relative weightings). Once the CIMs are determined, the
calculation of the Index is a mathematical process whereby the CIMs for
the Index commodities are multiplied by the prices in U.S. dollars for
the applicable designated contracts. These products are then summed
(during the rollover period, the sum includes both nearby and deferred
contracts weighted according to the specified roll percentage). The
percentage change in this sum from the sum of the prior day is then
applied to the prior Index level to arrive at the current Index value.
Finally, the returns on cash collateral invested in Treasury Bills,
which are calculated using the most recent weekly auction high rate for
91-day Treasury Bills, are added to the current Index value to arrive
at the Index level.
Index Calculation Disruption Events
From time to time, disruptions can occur in trading futures
contracts on various commodity exchanges. The daily calculation of the
Index may be adjusted in the event that the Sponsors determine that any
of the following Index calculation disruption events exists:
The termination or suspension of, or material limitation
or disruption in, the trading of any futures contract used in the
calculation of the Index on that day;
The settlement price of any futures contract used in the
calculation of the Index reflects the maximum permitted price change
from the previous day's settlement price;
The failure of an exchange to publish settlement prices
for any futures contract used in the calculation of the Index; or
With respect to any futures contract used in the
calculation of the Index that trades on LME, a business day on which
LME is not open for trading.
The Exchange submits that for a temporary disruption in the trading of
a futures contract, AIGI will typically use the prior day's price for
an Index commodity or commodities. In exceptional cases, AIGI may
employ a ``fair value'' price. However, the Exchange represents that if
the use of a prior day's price or ``fair value'' pricing for an Index
commodity or commodities continues for more than one day, the Exchange
will commence delisting the Notes.
Exchange Rules Applicable to the Notes
Amex represents that the Notes will trade on the Exchange subject
to existing Amex trading rules applicable to the Notes \18\ including,
among others,
[[Page 23865]]
rules governing priority, parity, and precedence of orders, specialist
responsibilities, account opening, and customer suitability
requirements. In addition, the Notes will be subject to the equity
margin rules of the Exchange.\19\
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\18\ E-mail from Jeffrey P. Burns, Associate General Counsel,
Amex, to Edward Cho, Special Counsel, Division of Market Regulation
(``Division''), Commission, dated April 24, 2007 (clarifying the
scope of the trading rules governing the Notes traded on the
Exchange). See infra note 23.
\19\ See Amex Rule 462.
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Criteria for Initial and Continued Listing
The Exchange represents that it prohibits the initial and/or
continued listing of any security that is not in compliance with Rule
10A-3 under the Act.\20\ The Exchange further represents that the Notes
will meet the listing requirements set forth in Section 107(A) of the
Company Guide as well as the continued listing requirements set forth
in Sections 1001 through 1003 of the Company Guide. The Exchange also
has a general policy that prohibits the distribution of material, non-
public information by its employees.
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\20\ See 17 CFR 240.10A-3(c)(1).
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Trading Halts
The Exchange states that it will halt trading in the Notes if the
circuit breaker parameters of Amex Rule 117 have been reached. In
exercising its discretion to halt or suspend trading in the Notes, the
Exchange may consider factors such as those set forth in Amex Rule
918C(b), in addition to other factors that may be relevant. In
particular, if the Index value is not being disseminated as required,
the Exchange may halt trading during the day in which the interruption
to the dissemination of the Index value occurs. If the interruption to
the dissemination of the Index value persists past the trading day on
which it occurred, the Exchange will halt trading no later than the
beginning of the trading day following the interruption.
Surveillance
The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Notes. Specifically,
Amex will rely on its existing surveillance procedures governing index-
linked securities which are similar to its surveillance procedures
governing exchange-traded funds and trust-issued receipts. With regard
to the Index components, the Exchange currently has in place a
comprehensive surveillance sharing arrangement with ICE, LME, and
NYMEX, for the purpose of providing information in connection with
trading in or related to futures contracts comprising the Index and
traded on their respective exchanges. The Exchange also notes that
CBOT, CME, and NYBOT are members of the Intermarket Surveillance Group
(``ISG''). As a result, the Exchange asserts that it can obtain all
necessary market surveillance information,\21\ including customer
identity information, from CBOT, CME, ICE, LME, NYBOT, and NYMEX, if
necessary, due to regulatory concerns that may arise in connection with
the commodity futures contracts underlying the Index.
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\21\ E-mail from Jeffrey P. Burns, Associate General Counsel,
Amex, to Edward Cho, Special Counsel, Division, Commission, dated
April 16, 2007 (confirming the scope of ISG market surveillance
information).
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Information Circular
The Exchange will, prior to trading the Notes, distribute an
Information Circular to its membership providing guidance with regard
to member firm compliance responsibilities (including suitability
recommendations) \22\ when handling transactions in the Notes and
highlighting the special risks and characteristics of the Notes. In
addition, the Circular will disclose the applicable trading rules
governing the trading of the Notes on the Exchange \23\ and that Lehman
will deliver a prospectus in connection with the initial sales of the
Notes and will reference that the Commission has no jurisdiction over
the trading of the physical commodities or the futures contracts or on
the commodities upon which the value of the Notes is based.
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\22\ With respect to suitability recommendations and risks, the
Exchange will require members, member organizations, and employees
thereof recommending a transaction in the Notes: (1) To determine
that such transaction is suitable for the customer, and (2) to have
a reasonable basis for believing that the customer can evaluate the
special characteristics of, and is able to bear the financial risks
of, such transaction.
\23\ E-mail from Jeffrey P. Burns, Associate General Counsel,
Amex, to Edward Cho, Special Counsel, Division, Commission, dated
April 24, 2007 (specifying that information about the particular
trading rules governing the Notes traded on the Exchange would also
be identified in the Information Circular).
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2. Statutory Basis
The proposed rule change is consistent with Section 6 of the
Act,\24\ in general, and furthers the objectives of Section
6(b)(5),\25\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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\24\ 15 U.S.C. 78f.
\25\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange did not receive any written comments on the proposed
rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which Amex 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.
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 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-2007-29 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.
[[Page 23866]]
All submissions should refer to File Number SR-Amex-2007-29. 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 Exchange. All comments received will be posted without
change; the Commission does not edit personal identifying information
from submissions. You should submit only information that you wish to
make available publicly. All submissions should refer to File Number
SR-Amex-2007-29 and should be submitted on or before May 16, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-8224 Filed 4-30-07; 8:45 am]
BILLING CODE 8010-01-P
