Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 520 in Order To Clarify Reporting Requirements, 45836-45837 [E7-15934]
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Federal Register / Vol. 72, No. 157 / Wednesday, August 15, 2007 / Notices
PROCEDURAL SCHEDULE—Continued
August 31, 2007 ..................................................
September 20, 2007 ...........................................
October 5, 2007 ..................................................
October 12, 2007 ................................................
November 26, 2007 .............................................
Dated: August 9, 2007.
By the Commission.
Steven W. Williams,
Secretary.
[FR Doc. E7–15953 Filed 8–14–07; 8:45 am]
BILLING CODE 7710–FW–P
UNITED STATES POSTAL SERVICE
BOARD OF GOVERNORS
Sunshine Act Meeting; Notification of
Item Added to Meeting Agenda
DATE OF MEETING:
STATUS:
August 7, 2007.
Closed.
71 FR 42445,
August 2, 2007.
ADDITION: Filing with the Postal
Regulatory Commission for a Negotiated
Service Agreement.
At its closed meeting on August 7,
2007, the Board of Governors of the
United States Postal Service voted
unanimously to add this item to the
agenda of its closed meeting and that no
earlier announcement was possible. The
General Counsel of the United States
Postal Service certified that in her
opinion discussion of this item could be
properly closed to public observation.
CONTACT PERSON FOR MORE INFORMATION:
Wendy A. Hocking, Secretary of the
Board, U.S. Postal Service, 475 L’Enfant
Plaza, SW., Washington, DC 20260–
1000.
PREVIOUS ANNOUNCEMENT:
Wendy A. Hocking,
Secretary.
[FR Doc. 07–4002 Filed 8–10–07; 3:18 pm]
BILLING CODE 7710–12–M
SECURITIES AND EXCHANGE
COMMISSION
ebenthall on PROD1PC69 with NOTICES
[Release No. 34–56219; File No. SR–Amex–
2007–78]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change To Amend
Rule 520 in Order To Clarify Reporting
Requirements
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
15:00 Aug 14, 2007
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on August 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 and II
below, which Items have been
substantially prepared by Amex. The
Exchange has filed the proposal
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 520 (Options and Selling
Agreements) in order to clarify reporting
requirements. The text of the proposed
rule change is available at Amex, the
Commission’s Public Reference Room,
and https://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. Amex has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to clarify the reporting
requirements of Rule 520. The proposal
1 15
August 8, 2007.
VerDate Aug<31>2005
Petitioner’s Participant Statement or Initial Brief due [see 39 CFR 3001.115(a) and (b)].
Postal Service’s Answering Brief due [see 39 CFR 3001.115(c)].
Petitioner’s Reply Brief due should petitioner choose to file one [see 39 CFR 3001.115(d)].
Deadline for motions by any party requesting oral argument. The Commission will schedule
oral argument only when it is a necessary addition to the written filings [see 39 CFR
3001.116].
Expiration of the Commission’s 120-day decisional schedule [see 39 U.S.C. 404(d)(5)].
Jkt 211001
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
seeks to amend Rule 520 to make clear
that it does not apply to standardized
options and corporate stock options.5
Rule 520 is designed to facilitate the
Exchange’s surveillance for and
enforcement of rules against
manipulation in connection with
private or over-the-counter options.
Because standardized options and
corporate stock options are already
subject to similar reporting
requirements, via a prospectus or a
registration statement, the Exchange
believes it is redundant and needlessly
burdensome to also require each
member and member organization to
submit reports to the Exchange under
Rule 520 for standardized options and
corporate stock options.
The Exchange submits that the
proposed amendment to Rule 520 will
provide additional transparency and
clarity to the Rule. Furthermore, the
Exchange believes that the proposed
amendment to Rule 520 will enable
Amex standards to be more consistent
with those of the New York Stock
Exchange LLC (‘‘NYSE’’) 6 and the
Philadelphia Stock Exchange, Inc.
(‘‘Phlx’’),7 and therefore facilitate
uniform application of the reporting
requirements.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with Section
6(b) of the Act,8 in general, and furthers
the objectives of Section 6(b)(5) of the
Act,9 in particular, in that it is designed
to promote just and equitable principles
of trade, to remove impediments to and
perfect the mechanism of a free and
5 The Commission notes that revised Rule 520
requires each member and member organization to
report to the Exchange such information as may be
required with respect to any substantial option
relating to listed securities, or securities admitted
to unlisted trading privileges on the Exchange,
acquired over-the-counter, in which such member,
member organization, or allied member therein is
directly or indirectly interested or of which such
member, member organization, or allied member
has knowledge by reason of transactions executed
by or through such member or organization.
6 See NYSE Rule 424.
7 See Phlx Rule 784.
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\15AUN1.SGM
15AUN1
Federal Register / Vol. 72, No. 157 / Wednesday, August 15, 2007 / Notices
open market and in general to protect
investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does
not: (1) Significantly affect the
protection of investors or the public
interest; (2) impose any significant
burden on competition; and (3) become
operative for 30 days after the date of
this filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 10 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
19b–4(f)(6) normally may not become
operative prior to 30 days after the date
of filing.12 However, Rule 19b–
4(f)(6)(iii) 13 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because the proposal raises no new
regulatory issues and is consistent with
similar rules of the NYSE and Phlx. For
this reason, the Commission designates
the proposed rule change to be operative
upon filing with the Commission.14
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii). In addition, Rule
19b–4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and text of the
proposed rule change, at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has requested the
Commission to waive this five-day pre-filing notice
requirement. The Commission hereby grants this
request.
13 Id.
14 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
ebenthall on PROD1PC69 with NOTICES
11 17
VerDate Aug<31>2005
15:00 Aug 14, 2007
Jkt 211001
At any time within 60 days of the
filing of such proposed rule change the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Amex–2007–78 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–2007–78. 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
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of the filing also will be available
for inspection and copying at the
principal office of 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
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
45837
should refer to File Number SR–Amex–
2007–78 and should be submitted on or
before September 5, 2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–15934 Filed 8–14–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56223; File No. SR–Amex–
2007–60]
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
Shares of Eight Funds of the
ProShares Trust Based on
International Equity Indexes
August 8, 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 June 15,
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
(‘‘Exchange Notice’’). On July 27, 2007,
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade the shares (‘‘Shares’’) of eight
funds of the ProShares Trust (‘‘Trust’’) 3
based on four international equity
indexes. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.amex.com.
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 The Trust is registered as a business trust under
the Delaware Corporate Code.
1 15
E:\FR\FM\15AUN1.SGM
15AUN1
]]>Agencies
[Federal Register Volume 72, Number 157 (Wednesday, August 15, 2007)]
[Notices]
[Pages 45836-45837]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15934]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56219; File No. SR-Amex-2007-78]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend Rule 520 in Order To Clarify Reporting Requirements
August 8, 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 August 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 and
II below, which Items have been substantially prepared by Amex. The
Exchange has filed the proposal pursuant to Section 19(b)(3)(A) of the
Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 520 (Options and Selling
Agreements) in order to clarify reporting requirements. The text of the
proposed rule change is available at Amex, the Commission's Public
Reference Room, and https://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. Amex has prepared summaries, set forth in Sections A, B,
and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to clarify the reporting
requirements of Rule 520. The proposal seeks to amend Rule 520 to make
clear that it does not apply to standardized options and corporate
stock options.\5\
---------------------------------------------------------------------------
\5\ The Commission notes that revised Rule 520 requires each
member and member organization to report to the Exchange such
information as may be required with respect to any substantial
option relating to listed securities, or securities admitted to
unlisted trading privileges on the Exchange, acquired over-the-
counter, in which such member, member organization, or allied member
therein is directly or indirectly interested or of which such
member, member organization, or allied member has knowledge by
reason of transactions executed by or through such member or
organization.
---------------------------------------------------------------------------
Rule 520 is designed to facilitate the Exchange's surveillance for
and enforcement of rules against manipulation in connection with
private or over-the-counter options. Because standardized options and
corporate stock options are already subject to similar reporting
requirements, via a prospectus or a registration statement, the
Exchange believes it is redundant and needlessly burdensome to also
require each member and member organization to submit reports to the
Exchange under Rule 520 for standardized options and corporate stock
options.
The Exchange submits that the proposed amendment to Rule 520 will
provide additional transparency and clarity to the Rule. Furthermore,
the Exchange believes that the proposed amendment to Rule 520 will
enable Amex standards to be more consistent with those of the New York
Stock Exchange LLC (``NYSE'') \6\ and the Philadelphia Stock Exchange,
Inc. (``Phlx''),\7\ and therefore facilitate uniform application of the
reporting requirements.
---------------------------------------------------------------------------
\6\ See NYSE Rule 424.
\7\ See Phlx Rule 784.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act,\8\ in general, and furthers the objectives of
Section 6(b)(5) of the Act,\9\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and
[[Page 45837]]
open market and in general to protect investors and the public
interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the forgoing rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of this filing, or such shorter time as the Commission
may designate, it has become effective pursuant to Section 19(b)(3)(A)
of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under 19b-4(f)(6) normally may not
become operative prior to 30 days after the date of filing.\12\
However, Rule 19b-4(f)(6)(iii) \13\ permits the Commission to designate
a shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because the proposal
raises no new regulatory issues and is consistent with similar rules of
the NYSE and Phlx. For this reason, the Commission designates the
proposed rule change to be operative upon filing with the
Commission.\14\
---------------------------------------------------------------------------
\12\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires that a self-regulatory organization submit to
the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of the proposed
rule change, at least five business days prior to the date of filing
of the proposed rule change, or such shorter time as designated by
the Commission. The Exchange has requested the Commission to waive
this five-day pre-filing notice requirement. The Commission hereby
grants this request.
\13\ Id.
\14\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such proposed rule
change the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors or otherwise in
furtherance of the purposes of the Act.
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-2007-78 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-2007-78. 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 Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of 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-2007-78 and should be
submitted on or before September 5, 2007.
---------------------------------------------------------------------------
\15\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-15934 Filed 8-14-07; 8:45 am]
BILLING CODE 8010-01-P
