Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Deletion of Certain Rules That the Amex has Determined Are Obsolete, Outdated, or Unnecessary, 55845-55847 [E7-19272]
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Federal Register / Vol. 72, No. 189 / Monday, October 1, 2007 / Notices
other information used or considered to
be reasonable by such member or
registered representative in making
recommendations to the customer. In
addition, the Information Circular will
disclose that the procedures for
purchases and redemptions of Shares
are described in each Fund’s prospectus
and that Shares are not individually
redeemable, but are redeemable only in
prescribed aggregations or multiples
thereof.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the
Act,13 in general, and furthers the
objectives of Section 6(b)(5) of the Act,14
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, 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes the proposed
rule change will impose no 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.
mstockstill on PROD1PC66 with 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 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.
13 15
14 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Aug<31>2005
18:31 Sep 28, 2007
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:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.15
Nancy M. Morris,
Secretary.
[FR Doc. E7–19270 Filed 9–28–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–2007–97 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.
[Release No. 34–56506; File No. SR–Amex–
2007–99]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
the Deletion of Certain Rules That the
Amex has Determined Are Obsolete,
Outdated, or Unnecessary
September 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
All submissions should refer to File
September 14, 2007, the American Stock
Number SR–Amex–2007–97. This file
Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’)
number should be included on the
filed with the Securities and Exchange
subject line if e-mail is used. To help the Commission (‘‘Commission’’) the
Commission process and review your
proposed rule change as described in
comments more efficiently, please use
Items I and II below, which Items have
only one method. The Commission will been prepared substantially by the
post all comments on the Commission’s Amex. The Amex has submitted the
Internet Web site (https://www.sec.gov/
proposed rule change under Section
rules/sro.shtml). Copies of the
19(b)(3)(A) of the Act 3 and Rule 19b–
submission, all subsequent
4(f)(6) thereunder,4 which renders the
amendments, all written statements
proposal effective upon filing with the
with respect to the proposed rule
Commission. The Commission is
change that are filed with the
publishing this notice to solicit
Commission, and all written
comments on the proposed rule change
communications relating to the
from interested persons.
proposed rule change between the
I. Self-Regulatory Organization’s
Commission and any person, other than
Statement of the Terms of Substance of
those that may be withheld from the
the Proposed Rule Change
public in accordance with the
The Amex proposes to delete certain
provisions of 5 U.S.C. 552, will be
rules that it has determined are obsolete,
available for inspection and copying in
outdated, and/or unnecessary.
the Commission’s Public Reference
The text of the proposed rule change
Room, 100 F Street, NE., Washington,
is available at https://www.amex.com,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m. the principal offices of the Amex, and
Copies of the filing also will be available the Commission’s Public Reference
Room.
for inspection and copying at the
principal office of the Exchange. All
II. Self-Regulatory Organization’s
comments received will be posted
Statement of the Purpose of, and
without change; the Commission does
Statutory Basis for, the Proposed Rule
not edit personal identifying
Change
information from submissions. You
In its filing with the Commission, the
should submit only information that
Amex included statements concerning
you wish to make available publicly. All
the purpose of and basis for the
submissions should refer to File
proposed rule change and discussed any
Number SR–Amex–2007–97 and should
be submitted on or before October 22,
1 15 U.S.C. 78s(b)(1).
2007.
2 17 CFR 240.19b–4.
3 15
15 17
Jkt 214001
55845
PO 00000
CFR 200.30–3(a)(12).
Frm 00110
Fmt 4703
Sfmt 4703
4 17
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
E:\FR\FM\01OCN1.SGM
01OCN1
55846
Federal Register / Vol. 72, No. 189 / Monday, October 1, 2007 / Notices
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 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
mstockstill on PROD1PC66 with NOTICES
1. Purpose
The purpose of the proposed rule
change is to delete certain rules that the
Exchange has determined to be obsolete,
outdated, and/or unnecessary.
Specifically, the Exchange proposes to
delete the following rules:
Rule 3(e)—AEMI. This rule provides
that no member or member organization
shall quote a nominal market for a
security dealt in on the Exchange. A
nominal market is quoted for the
purpose of establishing a valuation and
not as an invitation to trade. Because the
firm quote rule 5 provides that no
broker-dealer may place an order to buy
or sell unless he is willing to purchase
or sell at the stated price and
conditions, the Exchange no longer
permits quoting a nominal market.
Therefore, this rule is obsolete and
superseded by the firm quote rule and
Amex Rule 958A, both of which relate
to the obligation to maintain firm
quotes.
Amex Rule 8. This rule provides that
no member or member organization may
bear for his own account or relieve his
principal from stamp taxes. Stamp taxes
are no longer imposed and, therefore,
the Amex believes that the rule is no
longer necessary or applicable.
Amex Rule 102. This rule prohibits
members and member organizations
from bidding for, offering for sale,
purchasing, or selling on the Exchange
privileges to receive or deliver securities
or dividends. No member or member
organization on the Exchange deals in
privileges because it is an illegal, out-ofdate practice; therefore, the Amex
believes that the rule is no longer
necessary or applicable.
Amex Rule 116. This rule provides for
an Opening Automated Report Service
(‘‘OARS’’), which is a system designed
to facilitate the efficient and accurate
processing of eligible orders received by
the Exchange prior to the opening or
reopening of trading in designated
securities. The rule describes the
function the service will perform for
each designated security. The rule also
provides the order, execution, reporting,
and recordkeeping aspects of the
system. The rule is obsolete because
OARS is no longer in use due to the
automation of equity opening
procedures.
Amex Rule 322. This rule provides
that a member or member organization
maintaining customer offices must
display a certificate of membership in
the Exchange, which is prepared by the
Exchange and remains the property of
the Exchange. The Amex no longer
issues certificates of membership, so the
rule is obsolete.
Emerging Company Marketplace. The
Exchange also proposes to delete from
the Amex Company Guide the standards
relating to the Emerging Company
Marketplace (‘‘ECM’’). In May 1995, the
Exchange determined to discontinue the
listing of new companies on the ECM.
Companies listed on the ECM at that
time were permitted to continue to be
listed there, subject to all the rules that
applied to ECM issues. There are no
longer any companies listed pursuant to
the ECM rules, and, therefore, the
Exchange believes it is appropriate at
this time to remove the ECM rules from
the Amex Company Guide.
2. Statutory Basis
The Amex believes that the proposed
rule change is consistent with Section
6(b) of the Act,6 in general, and with
Section 6(b)(5) of the Act,7 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Amex believes that the proposed
rule change does 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
No written comments were solicited
or received with respect to the proposed
rule change.
6 15
5 17
CFR 242.602.
VerDate Aug<31>2005
18:31 Sep 28, 2007
7 15
Jkt 214001
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00111
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Amex has filed the proposed rule
change pursuant to Section 19(b)(3)(A)
of the Act 8 and subparagraph (f)(6) of
Rule 19b–4 thereunder.9 Because the
Amex has designated the foregoing
proposed rule change as one that: (1)
Does not significantly affect the
protection of investors or the public
interest; (2) does not impose any
significant burden on competition; and
(3) does not become operative for 30
days from the date of filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest, the proposed rule change has
become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b–
4(f)(6) thereunder.10 The proposal shall
become operative 30 days from the date
of filing.
At any time within 60 days of the
filing of the 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–2007–99 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
Station Place, 100 F Street, NE.,
Washington, DC 20549–1090.
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 Rule 19b–4(f)(6)(iii) also requires a selfregulatory organization to provide the Commission
with written notice of its intention to file the
proposed rule change at least five business days
prior to filing the proposal with the Commission or
such shorter period as designated by the
Commission. The Exchange requested the
Commission to waive the five-day pre-filing
requirement. The Commission hereby grants that
request.
9 17
E:\FR\FM\01OCN1.SGM
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Federal Register / Vol. 72, No. 189 / Monday, October 1, 2007 / Notices
All submissions should refer to File
Number SR–Amex–2007–99. 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 such 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 publicly available. All
submissions should refer to File
Number SR–Amex–2007–99 and should
be submitted on or before October 22,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.11
Nancy M. Morris,
Secretary.
[FR Doc. E7–19272 Filed 9–28–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56515; File No. SR–Amex–
2007–101]
mstockstill on PROD1PC66 with NOTICES
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Order Granting
Accelerated Approval of Proposed
Rule Change To Trade Currency Trust
Shares of Seven Currency Trusts
Pursuant to Unlisted Trading
Privileges
September 24, 2007.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4
11 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Aug<31>2005
18:31 Sep 28, 2007
Jkt 214001
thereunder,2 notice is hereby given that,
on August 29, 2007, the American Stock
Exchange LLC (the ‘‘Amex’’ or the
‘‘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 the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons, and is granting accelerated
approval to the proposed rule change.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to trade
shares (the ‘‘Shares’’) of the following
trusts: (1) CurrencySharesSM Australian
Dollar Trust; (2) CurrencySharesSM
British Pound Sterling Trust; (3)
CurrencySharesSM Canadian Dollar
Trust; (4) CurrencySharesSM Japanese
Yen Trust; (5) CurrencySharesSM
Mexican Peso Trust; (6)
CurrencySharesSM Swedish Krona Trust;
and (7) CurrencySharesSM Swiss Franc
Trust (each a ‘‘Trust’’ and collectively,
the ‘‘Trusts’’) pursuant to unlisted
trading privileges (‘‘UTP’’).3
The text of the proposed rule change
is available on the Amex’s Web site at
https://www.amex.com, at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
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
Exchange 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 III below. The
Exchange has prepared summaries,
substantially 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 Exchange proposes to trade the
Shares of the Trusts under Amex Rule
1200B–AEMI pursuant to UTP. Amex
2 17
CFR 240.19b–4.
Investments, the Trusts’ Sponsor,
represents that the Trusts are not investment
companies registered under the Investment
Company Act of 1940.
3 Rydex
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
55847
Rule 1200B–AEMI defines a Currency
Trust Share as: ‘‘a security that (i) Is
issued by a trust that holds a specified
non-U.S. currency deposited with the
trust; (ii) when aggregated in some
specified minimum number may be
surrendered to the trust by the
beneficial owner to receive the specified
non-U.S. currency; and (iii) pays
beneficial owners interest and other
distributions on the deposited non-U.S.
currency, if any, declared and paid by
the trust.’’ Further, Commentary .01 to
Amex Rule 1200B–AEMI categorizes a
Currency Trust Share as a Trust Issued
Receipt that holds a specified non-U.S.
currency or currencies deposited with
the trust. Amex Rule 1201B entitled,
Designation of an Underlying Foreign
Currency, authorizes the Exchange to
trade Currency Trust Shares pursuant to
UTP.
The Commission previously approved
the listing and trading of the Shares on
the New York Stock Exchange
(‘‘NYSE’’) 4 and they are currently
trading on the NYSE Arca Marketplace
(‘‘NYSE Arca’’) pursuant to UTP.5 The
Commission also previously approved
the trading of the CurrencySharesSM
Euro Trust (f/k/a Euro Currency Trust)
on Amex, pursuant to UTP.6 Rydex
Specialized Products LLC, d/b/a/
‘‘Rydex Investments,’’ is the sponsor of
the Trusts (‘‘Sponsor’’) and is
responsible for, among other things,
overseeing the performance of The Bank
of New York (‘‘Trustee’’) and the
Trusts’’ principal service providers,
including those that prepare the
4 See Securities Exchange Act Release No. 52843
(November 28, 2005), 70 FR 72486 (December 5,
2005) (SR–NYSE 2005–65) (order granting
accelerated approval for NYSE to list and trade
shares of the CurrencySharesSM Euro Trust);
Securities Exchange Act Release No. 54020 (June
20, 2006), 71 FR 36579 (June 27, 2006) (SR–NYSE–
2006–35) (order granting accelerated approval for
the NYSE to list and trade shares of the
CurrencySharesSM Australian Dollar Trust, British
Pound Sterling Trust, Canadian Dollar Trust,
Mexican Peso Trust, Swedish Krona Trust, and
Swiss Franc Trust); Securities Exchange Act Release
No. 55268 (February 9, 2007), 72 FR 7793 (February
20, 2007) (SR–NYSE–2007–03) (order granting
accelerated approval for NYSE to list and trade
shares of the CurrencySharesSM Japanese Yen Trust)
(the ‘‘NYSE Listing Orders’’).
5 See Securities Exchange Act Release No. 54043
(June 26, 2006), 71 FR 37967 (July 3, 2006) (SR–
NYSEArca–2006–26) (order granting accelerated
approval for NYSEArca to UTP trade shares of the
CurrencySharesSM Australian Dollar Trust, British
Pound Sterling Trust, Canadian Dollar Trust,
Mexican Peso Trust, Swedish Krona Trust, and
Swiss Franc Trust); Securities Exchange Act Release
No. 55320 (February 21, 2007), 72 FR 8828
(February 27, 2007) (SR–NYSEArca–2007–15)
(order granting accelerated approval for NYSEArca
to UTP trade shares of the CurrencySharesSM
Japanese Yen Trust).
6 See Securities Exchange Act Release No. 53059
(January 5, 2006), 71 FR 2072 (January 12, 2006)
(SR–Amex–2005–128).
E:\FR\FM\01OCN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 189 (Monday, October 1, 2007)]
[Notices]
[Pages 55845-55847]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19272]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56506; File No. SR-Amex-2007-99]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Deletion of Certain Rules That the Amex has Determined
Are Obsolete, Outdated, or Unnecessary
September 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 September 14, 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 prepared substantially by the Amex. The
Amex has submitted the proposed rule change under 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 Amex proposes to delete certain rules that it has determined
are obsolete, outdated, and/or unnecessary.
The text of the proposed rule change is available at https://
www.amex.com, the principal offices of the Amex, and the Commission's
Public Reference Room.
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 and
discussed any
[[Page 55846]]
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 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 delete certain rules
that the Exchange has determined to be obsolete, outdated, and/or
unnecessary. Specifically, the Exchange proposes to delete the
following rules:
Rule 3(e)--AEMI. This rule provides that no member or member
organization shall quote a nominal market for a security dealt in on
the Exchange. A nominal market is quoted for the purpose of
establishing a valuation and not as an invitation to trade. Because the
firm quote rule \5\ provides that no broker-dealer may place an order
to buy or sell unless he is willing to purchase or sell at the stated
price and conditions, the Exchange no longer permits quoting a nominal
market. Therefore, this rule is obsolete and superseded by the firm
quote rule and Amex Rule 958A, both of which relate to the obligation
to maintain firm quotes.
---------------------------------------------------------------------------
\5\ 17 CFR 242.602.
---------------------------------------------------------------------------
Amex Rule 8. This rule provides that no member or member
organization may bear for his own account or relieve his principal from
stamp taxes. Stamp taxes are no longer imposed and, therefore, the Amex
believes that the rule is no longer necessary or applicable.
Amex Rule 102. This rule prohibits members and member organizations
from bidding for, offering for sale, purchasing, or selling on the
Exchange privileges to receive or deliver securities or dividends. No
member or member organization on the Exchange deals in privileges
because it is an illegal, out-of-date practice; therefore, the Amex
believes that the rule is no longer necessary or applicable.
Amex Rule 116. This rule provides for an Opening Automated Report
Service (``OARS''), which is a system designed to facilitate the
efficient and accurate processing of eligible orders received by the
Exchange prior to the opening or reopening of trading in designated
securities. The rule describes the function the service will perform
for each designated security. The rule also provides the order,
execution, reporting, and recordkeeping aspects of the system. The rule
is obsolete because OARS is no longer in use due to the automation of
equity opening procedures.
Amex Rule 322. This rule provides that a member or member
organization maintaining customer offices must display a certificate of
membership in the Exchange, which is prepared by the Exchange and
remains the property of the Exchange. The Amex no longer issues
certificates of membership, so the rule is obsolete.
Emerging Company Marketplace. The Exchange also proposes to delete
from the Amex Company Guide the standards relating to the Emerging
Company Marketplace (``ECM''). In May 1995, the Exchange determined to
discontinue the listing of new companies on the ECM. Companies listed
on the ECM at that time were permitted to continue to be listed there,
subject to all the rules that applied to ECM issues. There are no
longer any companies listed pursuant to the ECM rules, and, therefore,
the Exchange believes it is appropriate at this time to remove the ECM
rules from the Amex Company Guide.
2. Statutory Basis
The Amex believes that the proposed rule change is consistent with
Section 6(b) of the Act,\6\ in general, and with Section 6(b)(5) of the
Act,\7\ 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Amex believes that the proposed rule change does 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
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
The Amex has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \8\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\9\ Because the Amex has designated the foregoing proposed
rule change as one that: (1) Does not significantly affect the
protection of investors or the public interest; (2) does not impose any
significant burden on competition; and (3) does not become operative
for 30 days from the date of filing, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6)
thereunder.\10\ The proposal shall become operative 30 days from the
date of filing.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
\10\ Rule 19b-4(f)(6)(iii) also requires a self-regulatory
organization to provide the Commission with written notice of its
intention to file the proposed rule change at least five business
days prior to filing the proposal with the Commission or such
shorter period as designated by the Commission. The Exchange
requested the Commission to waive the five-day pre-filing
requirement. The Commission hereby grants that request.
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At any time within 60 days of the filing of the 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-2007-99 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
[[Page 55847]]
All submissions should refer to File Number SR-Amex-2007-99. 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 such 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 publicly available. All
submissions should refer to File Number SR-Amex-2007-99 and should be
submitted on or before October 22, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-19272 Filed 9-28-07; 8:45 am]
BILLING CODE 8011-01-P
