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]
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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).
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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).
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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.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Nancy M. Morris,
Secretary.
[FR Doc. E7-19907 Filed 10-9-07; 8:45 am]
BILLING CODE 8011-01-P