Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Establish a Fee on a Listed Company That Changes Its Corporate Name or Ticker Symbol, 57616 [E7-19907]

Download as PDF 57616 Federal Register / Vol. 72, No. 195 / Wednesday, October 10, 2007 / Notices national securities exchange and meet Amex’s continued listing standards for equity options. On August 21, 2007, Amex amended the proposed rule change. The proposed rule change, as amended, was published for comment in the Federal Register on August 31, 2007.3 The Commission received no comment letters on the proposal. The Commission finds that the proposed rule change is consistent with the requirements of the Act and the regulations thereunder applicable to a national securities exchange.4 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,5 which requires that the rules of an exchange be 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 proposal is narrowly tailored to address the circumstances where an equity option class is currently ineligible for initial listing on the Exchange even though it meets the Exchange’s continued listing standards and is trading on another options exchange. Allowing Amex to list and trade options on such underlying securities should help promote competition among the exchanges that list and trade options. The Commission notes that the Exchange represented that the procedures that the Exchange currently employs to determine whether a particular underlying security meets the initial equity option listing criteria for the Exchange will similarly be applied when determining whether an underlying security meets the Exchange’s continued listing criteria. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,6 that the proposed rule change (SR–Amex–2007– 48) be, and hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7 Nancy M. Morris, Secretary. [FR Doc. E7–19870 Filed 10–9–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56597; File No. SR–Amex– 2007–90] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Establish a Fee on a Listed Company That Changes Its Corporate Name or Ticker Symbol October 2, 2007. On August 16, 2007, the American Stock Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend Section 142 of the Amex Company Guide in order to impose a fee on a listed company that changes its name or ticker symbol. The Exchange filed Amendment No. 1 to the proposed rule change on August 27, 2007. The proposed rule change, as amended, was published for comment in the Federal Register on August 31, 2007.3 The Commission received no comment letters on the proposal. This order approves the proposed rule change as modified by Amendment No. 1. Currently, Amex does not impose a fee on a listed company that changes its corporate name or ticker symbol. Amex represents, however, that significant staff resources are needed to effectuate such a change when one occurs. This process includes, among other things, contacting the issuer’s outside counsel, updating internal Amex files, tracking the name change through the issuer’s shareholder approval process, updating daily list records, and notifying the floor. In light of the staff resources required to effectuate these changes, the Exchange proposes a $2,000 fee for a name and/or ticker symbol change.4 Amex notes that Nasdaq currently charges $2,500 for the same type of change.5 The Commission has reviewed carefully the Amex’s proposed rule change and finds that the proposal is 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 56325 (August 27, 2007), 72 FR 50421. 4 Amex has represented that the proposed fee would not apply to changes to par value, title, or security designation, as these types of changes occur infrequently, and in virtually all cases constitute a substitution listing which is already subject to a fee of at least $5,000. 5 See Nasdaq Rules 4510 and 4520. rwilkins on PROD1PC63 with NOTICES 2 17 3 See Securities Exchange Act Release No. 56328 (August 24, 2007), 72 FR 50423. 4 In approving this rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). 6 15 U.S.C. 78f(b)(5). 7 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 17:08 Oct 09, 2007 Jkt 214001 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.6 In particular, the Commission finds that the proposal is consistent with Sections 6(b)(4) of the Act,7 which requires, among other things, that the rules of the Exchange provide for the equitable allocation of reasonable dues, fees, and other charges among members and issuers and other persons using the Exchange’s facilities. The Commission also finds that the proposal is consistent with Section 6(b)(5) of the Act,8 which requires, inter alia, that the rules of the Exchange be designed to remove impediments to and perfect the mechanism of a free and open market and a national market system, and not designed to permit unfair discrimination between issuers. No comments were received on the proposed fee, which is substantially similar to a fee imposed by another selfregulatory organization that has been approved by the Commission.9 It is therefore ordered, pursuant to Section 19(b)(2) of the Act,10 that the proposed rule change (SR–Amex–2007– 90), as modified by Amendment No. 1, be, and hereby is, approved. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.11 Nancy M. Morris, Secretary. [FR Doc. E7–19907 Filed 10–9–07; 8:45 am] BILLING CODE 8011–01–P 6 In approving this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 7 15 U.S.C. 78f(b)(4). 8 15 U.S.C. 78f(b)(5). 9 See Securities Exchange Act Release No. 48631 (October 15, 2003), 68 FR 60426 (October 22, 2003) (SR–NASD–2003–127) (approving amendments to Nasdaq Rules 4510 and 4520 to institute a $2,500 record-keeping fee for certain changes made by issuers, including a change of name or voluntary change in trading symbol). 10 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(12). E:\FR\FM\10OCN1.SGM 10OCN1

Agencies

[Federal Register Volume 72, Number 195 (Wednesday, October 10, 2007)]
[Notices]
[Page 57616]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19907]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56597; File No. SR-Amex-2007-90]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving a Proposed Rule Change, as Modified by Amendment No. 1, To 
Establish a Fee on a Listed Company That Changes Its Corporate Name or 
Ticker Symbol

October 2, 2007.
    On August 16, 2007, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend Section 142 of the Amex Company Guide in 
order to impose a fee on a listed company that changes its name or 
ticker symbol. The Exchange filed Amendment No. 1 to the proposed rule 
change on August 27, 2007. The proposed rule change, as amended, was 
published for comment in the Federal Register on August 31, 2007.\3\ 
The Commission received no comment letters on the proposal. This order 
approves the proposed rule change as modified by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56325 (August 27, 
2007), 72 FR 50421.
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    Currently, Amex does not impose a fee on a listed company that 
changes its corporate name or ticker symbol. Amex represents, however, 
that significant staff resources are needed to effectuate such a change 
when one occurs. This process includes, among other things, contacting 
the issuer's outside counsel, updating internal Amex files, tracking 
the name change through the issuer's shareholder approval process, 
updating daily list records, and notifying the floor.
    In light of the staff resources required to effectuate these 
changes, the Exchange proposes a $2,000 fee for a name and/or ticker 
symbol change.\4\ Amex notes that Nasdaq currently charges $2,500 for 
the same type of change.\5\
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    \4\ Amex has represented that the proposed fee would not apply 
to changes to par value, title, or security designation, as these 
types of changes occur infrequently, and in virtually all cases 
constitute a substitution listing which is already subject to a fee 
of at least $5,000.
    \5\ See Nasdaq Rules 4510 and 4520.
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    The Commission has reviewed carefully the Amex's proposed rule 
change and finds that the proposal is consistent with the requirements 
of the Act and the rules and regulations thereunder applicable to a 
national securities exchange.\6\ In particular, the Commission finds 
that the proposal is consistent with Sections 6(b)(4) of the Act,\7\ 
which requires, among other things, that the rules of the Exchange 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among members and issuers and other persons using the 
Exchange's facilities. The Commission also finds that the proposal is 
consistent with Section 6(b)(5) of the Act,\8\ which requires, inter 
alia, that the rules of the Exchange be designed to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and not designed to permit unfair discrimination between 
issuers. No comments were received on the proposed fee, which is 
substantially similar to a fee imposed by another self-regulatory 
organization that has been approved by the Commission.\9\
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    \6\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(4).
    \8 \ 15 U.S.C. 78f(b)(5).
    \9\ See Securities Exchange Act Release No. 48631 (October 15, 
2003), 68 FR 60426 (October 22, 2003) (SR-NASD-2003-127) (approving 
amendments to Nasdaq Rules 4510 and 4520 to institute a $2,500 
record-keeping fee for certain changes made by issuers, including a 
change of name or voluntary change in trading symbol).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\10\ that the proposed rule change (SR-Amex-2007-90), as modified 
by Amendment No. 1, be, and hereby is, approved.
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    \10\ 15 U.S.C. 78s(b)(2).

    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. E7-19907 Filed 10-9-07; 8:45 am]
BILLING CODE 8011-01-P