Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Enable Settlements of Disciplinary Matters To Be Considered for Approval or Rejection by Exchange Hearing Officers Without the Need To Convene a Formal Hearing, 62500-62502 [E7-21632]

Download as PDF 62500 Federal Register / Vol. 72, No. 213 / Monday, November 5, 2007 / Notices products and if so, that it satisfies the statutory conditions for notice registration. The total annual burden imposed by Rule 15b11–1 and Form BD–N is approximately 8 hours, based on approximately 16 responses (16 initial filings + 0 amendments). Each initial filing requires approximately 30 minutes to complete and each amendment requires approximately 15 minutes to complete. There is no annual cost burden. The Commission will use the information collected pursuant to Rule 15b11–1 to elicit basic identification information as well as information that will allow the Commission to ensure that the futures commission merchants and introducing brokers meet the statutory conditions to register by notice pursuant to section 15(b)(11) of the Exchange Act. This information will assist the Commission in fulfilling its regulatory obligations. Completing and filing Form BD–N is mandatory in order for an eligible futures commission merchant or introducing broker to engage in noticeregistered broker-dealer activity. Compliance with Rule 15b11–1 does not involve the collection of confidential information. Please note that an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Comments should be directed to (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: Alexander_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. October 29, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–21664 Filed 11–2–07; 8:45 am] ycherry on PRODPC74 with NOTICES BILLING CODE 8011–01–P Sunshine Act, Pub. L. 94–409, that the Securities and Exchange Commission will hold the following meeting during the week of November 5, 2007: A Closed Meeting will be held on Thursday, November 8, 2007 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), (9)(B), and (10) and 17 CFR 200.402(a)(3), (5), (6), (7), (8), 9(ii) and (10), permit consideration of the scheduled matters at the closed meeting. Commissioner Casey, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the closed meeting scheduled for Thursday, November 8, 2007 will be: Formal orders of investigation; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; Adjudicatory matters; Resolution of litigation claims; Collection matter; Regulatory matter regarding a financial institution; and Other matters related to enforcement actions. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551–5400. Dated: October 30, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–21638 Filed 11–2–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [File No. 500–1] SECURITIES AND EXCHANGE COMMISSION In the Matter of: BIMS Renewable Energy, Inc. (n/k/a Tung Ding Resources, Inc.); Order of Suspension of Trading Sunshine Act Meeting November 1, 2007. Notice is hereby given, pursuant to the provisions of the Government in the VerDate Aug<31>2005 15:04 Nov 02, 2007 Jkt 214001 Frm 00073 Fmt 4703 By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 07–5519 Filed 11–1–07; 10:37 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56707; File No. SR–Amex– 2007–111] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Enable Settlements of Disciplinary Matters To Be Considered for Approval or Rejection by Exchange Hearing Officers Without the Need To Convene a Formal Hearing October 26, 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 October 19, 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 filed the proposal as a ‘‘non-controversial’’ rule change pursuant to section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders the proposal effective upon receipt of this filing by the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 It appears to the Securities and Exchange Commission that there is a PO 00000 lack of current and accurate information concerning the securities of BIMS Renewable Energy, Inc. (n/k/a Tung Ding Resources, Inc.), because it has not filed a periodic report since the period ended June 30, 2004. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed company is suspended for the period from 9:30 a.m. EDT on November 1, 2007 through 11:59 p.m. EST on November 14, 2007. Sfmt 4703 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b–4(f)(6). 2 17 E:\FR\FM\05NON1.SGM 05NON1 Federal Register / Vol. 72, No. 213 / Monday, November 5, 2007 / Notices I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt changes to sections 1 and 2 of Article V of the Exchange’s Constitution; Rule 345 of the Exchange’s ‘‘Office Rules’’; and Rules 2(a), 2(b) and 8 of the Exchange’s ‘‘Rules of Procedure in Disciplinary Matters’’ in order to enable settlements of disciplinary matters to be considered for approval or rejection by Exchange hearing officers without the need to convene a formal hearing. The text of the proposed rule change is available on the Amex’s Web site at http://www.amex.com, the Office of the Secretary, the Amex 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, 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. ycherry on PRODPC74 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing amendments to sections 1 and 2 of Article V of the Exchange’s Constitution; Rule 345 of the Exchange’s Office Rules; and Rules 2(a), 2(b) and 8 of the Exchange’s Rules of Procedure in Disciplinary Matters in order to streamline the handling of settlements of disciplinary matters by permitting such matters to be addressed by a single Exchange hearing officer, who shall either approve or reject the settlement, without being required to convene a formal hearing. Under current Amex rules, settlements of disciplinary proceedings are handled as follows: Should a member, member organization, approved person, or a registered or nonregistered employee or prospective employee of a member or member organization (each a ‘‘respondent’’), on one side, and enforcement staff of the Exchange, on the other side, enter into a stipulation of facts and consent to a specified penalty (a ‘‘Stipulation’’), a formal hearing before an Exchange VerDate Aug<31>2005 15:04 Nov 02, 2007 Jkt 214001 Disciplinary Panel (‘‘Panel’’), which may act solely through its Chair, must be convened to consider the Stipulation. Prior to that hearing, the Chair is provided with an enforcement staff memorandum outlining the Stipulation and analyzing how the agreed upon sanctions in the Stipulation are consistent with the Exchange Sanctions Guidelines and relevant precedent.5 The subsequent hearings generally are conducted by telephone and consist of the respondent’s counsel and enforcement staff affirming support for the Stipulation. After considering the presentation, the Chair issues a written decision either (i) approving the Stipulation, (ii) rejecting the Stipulation, if the Chair considers the penalty too lenient, or (iii) imposing a lesser penalty than that contained in the Stipulation, if the Chair considers the agreed upon penalty too severe. The above process has proven more time consuming than the Exchange believes necessary. It typically takes several months to schedule the hearing as a result of various scheduling conflicts among the parties involved, yet the hearing itself only takes a few minutes and is more formal than substantive, given the negotiated settlement and submission of the detailed enforcement staff memorandum in advance of the hearing. Therefore, in order to streamline the process, the Exchange is proposing to modify its rules to allow a Stipulation to be accepted or rejected by a hearing officer without conducting a formal hearing. Further, the Exchange is also proposing that the Chair’s power to impose a lesser penalty than that contained in a Stipulation be eliminated as unnecessary, in view of the fact that the Amex Adjudicatory Counsel, in any event, still retains the right to impose a lower sanction if it exercises its right to call the Chair’s acceptance or rejection of the Stipulation for review. In summary, the new proposed Stipulation consideration procedure will differ from current practice in only two substantive respects: (i) No formal hearing will now take place before the Chair, as a single hearing officer can consider the Stipulation without a formal hearing; and (ii) if a hearing officer deems a penalty in a Stipulation to be too severe, he will now reject the Stipulation, rather than propose a lesser penalty. The Exchange anticipates that these changes will provide a more efficient and expedient process for resolution of Exchange disciplinary 5 The respondent’s counsel (or the respondent, in the event he is not represented) is also concurrently provided with a copy of the memorandum. PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 62501 matters, without compromising the quality of the process. In addition, Amex proposes certain non-substantive ‘‘housekeeping’’ changes, including elimination of repetitive or unnecessary phrasing; creation of certain defined terms for ease of reference (i.e., ‘‘Stipulation’’); and addition of rule cross-references. 2. Statutory Basis The proposed rule change is consistent with sections 6(b)(6), 6(b)(7) and 6(d) of the Act 6 in that it is designed to ensure that members and persons associated with members of the Exchange shall be appropriately disciplined for violation of the securities laws, the rules or regulations thereunder, or the rules of the Exchange; provide a fair procedure for imposition of such discipline; and ensure that a record is kept of such proceedings. B. Self-Regulatory Organization’s Statement on Burden on Competition 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 Because the foregoing proposed rule change does not: (A) Significantly affect the protection of investors or the public interest; (B) impose any significant burden on competition; and (C) by its terms, become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, it has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b–4(f)(6) thereunder.8 A proposed rule change filed under Rule 19b–4(f)(6) normally may not become operative prior to 30 days after 6 15 U.S.C. 78f(b)(6), 78f(b)(7), and 78f(d). U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(6). 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 Commission notes that Amex has satisfied the five-day pre-filing notice requirement. 7 15 E:\FR\FM\05NON1.SGM 05NON1 62502 Federal Register / Vol. 72, No. 213 / Monday, November 5, 2007 / Notices the date of filing. However, Rule 19b– 4(f)(6)(iii) 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 the proposed amendments should allow the Exchange to settle disciplinary matters more efficiently, without affecting the rights of respondents in any significant manner. In addition, the Exchange’s non-substantive changes should help make Amex rules clearer and easier for readers to understand. The Commission believes that for these reasons, waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission designates the proposed rule change to be operative upon filing with the Commission.9 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. 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, 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 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–2007–111 and should be submitted on or before November 26, 2007. IV. Solicitation of Comments For the Commission, by the Division of Market Regulation, pursuant to delegated authority.10 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–21632 Filed 11–2–07; 8:45 am] 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 rulecomments@sec.gov. Please include File Number SR–Amex–2007–111 on the subject line. ycherry on PRODPC74 with NOTICES 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–2007–111. 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 9 For 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). VerDate Aug<31>2005 15:04 Nov 02, 2007 Jkt 214001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56721; File No. SR–ISE– 2007–91] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1, Relating to API Fees October 30, 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 October 1, 2007, the International Securities Exchange, LLC (‘‘ISE’’ 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 10 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 have been substantially prepared by the Exchange. On October 29, 2007, the Exchange filed Amendment No. 1 to the proposed rule change.3 ISE has designated this proposal as one establishing or changing a due, fee, or other charge imposed by the Exchange under section 19(b)(3)(A),4 and Rule 19b–4(f)(2) thereunder,5 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change ISE proposes to amend its Schedule of Fees regarding the Exchange’s API or login fees. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http://www.ise.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, ISE included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposal. The text of these statements may be examined at the places specified in Item IV below. ISE 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 ISE charges its market makers a fee for each login that a member utilizes for quoting or order entry, with a lesser charge for logins used for the limited purpose of ‘‘listening’’ to system broadcasts.6 ISE currently has the following categories of authorized logins: (1) Quoting, order entry and listening (allowing the user to enter quotes, orders, and perform all other miscellaneous functions, such as setting 3 Amendment No. 1 made clarifying changes to the original filing and attached a revised Exhibit 5, to reflect intervening changes to the Exchange’s Schedule of Fees that were made between the filing of the original proposed rule change and the submission of Amendment No. 1. 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(2). 6 See Securities Exchange Act Release No. 53522 (March 20, 2006), 71 FR 14975 (March 24, 2006) (SR–ISE–2006–09). E:\FR\FM\05NON1.SGM 05NON1

Agencies

[Federal Register Volume 72, Number 213 (Monday, November 5, 2007)]
[Notices]
[Pages 62500-62502]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-21632]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56707; File No. SR-Amex-2007-111]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Enable Settlements of Disciplinary Matters To Be Considered for 
Approval or Rejection by Exchange Hearing Officers Without the Need To 
Convene a Formal Hearing

October 26, 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 October 19, 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 filed the proposal as a ``non-controversial'' rule change 
pursuant to section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders the proposal effective upon 
receipt of this filing by 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)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).

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[[Page 62501]]

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to adopt changes to sections 1 and 2 of 
Article V of the Exchange's Constitution; Rule 345 of the Exchange's 
``Office Rules''; and Rules 2(a), 2(b) and 8 of the Exchange's ``Rules 
of Procedure in Disciplinary Matters'' in order to enable settlements 
of disciplinary matters to be considered for approval or rejection by 
Exchange hearing officers without the need to convene a formal hearing.
    The text of the proposed rule change is available on the Amex's Web 
site at http://www.amex.com, the Office of the Secretary, the Amex 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, 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 Exchange is proposing amendments to sections 1 and 2 of Article 
V of the Exchange's Constitution; Rule 345 of the Exchange's Office 
Rules; and Rules 2(a), 2(b) and 8 of the Exchange's Rules of Procedure 
in Disciplinary Matters in order to streamline the handling of 
settlements of disciplinary matters by permitting such matters to be 
addressed by a single Exchange hearing officer, who shall either 
approve or reject the settlement, without being required to convene a 
formal hearing.
    Under current Amex rules, settlements of disciplinary proceedings 
are handled as follows: Should a member, member organization, approved 
person, or a registered or non-registered employee or prospective 
employee of a member or member organization (each a ``respondent''), on 
one side, and enforcement staff of the Exchange, on the other side, 
enter into a stipulation of facts and consent to a specified penalty (a 
``Stipulation''), a formal hearing before an Exchange Disciplinary 
Panel (``Panel''), which may act solely through its Chair, must be 
convened to consider the Stipulation. Prior to that hearing, the Chair 
is provided with an enforcement staff memorandum outlining the 
Stipulation and analyzing how the agreed upon sanctions in the 
Stipulation are consistent with the Exchange Sanctions Guidelines and 
relevant precedent.\5\ The subsequent hearings generally are conducted 
by telephone and consist of the respondent's counsel and enforcement 
staff affirming support for the Stipulation. After considering the 
presentation, the Chair issues a written decision either (i) approving 
the Stipulation, (ii) rejecting the Stipulation, if the Chair considers 
the penalty too lenient, or (iii) imposing a lesser penalty than that 
contained in the Stipulation, if the Chair considers the agreed upon 
penalty too severe.
---------------------------------------------------------------------------

    \5\ The respondent's counsel (or the respondent, in the event he 
is not represented) is also concurrently provided with a copy of the 
memorandum.
---------------------------------------------------------------------------

    The above process has proven more time consuming than the Exchange 
believes necessary. It typically takes several months to schedule the 
hearing as a result of various scheduling conflicts among the parties 
involved, yet the hearing itself only takes a few minutes and is more 
formal than substantive, given the negotiated settlement and submission 
of the detailed enforcement staff memorandum in advance of the hearing. 
Therefore, in order to streamline the process, the Exchange is 
proposing to modify its rules to allow a Stipulation to be accepted or 
rejected by a hearing officer without conducting a formal hearing. 
Further, the Exchange is also proposing that the Chair's power to 
impose a lesser penalty than that contained in a Stipulation be 
eliminated as unnecessary, in view of the fact that the Amex 
Adjudicatory Counsel, in any event, still retains the right to impose a 
lower sanction if it exercises its right to call the Chair's acceptance 
or rejection of the Stipulation for review.
    In summary, the new proposed Stipulation consideration procedure 
will differ from current practice in only two substantive respects: (i) 
No formal hearing will now take place before the Chair, as a single 
hearing officer can consider the Stipulation without a formal hearing; 
and (ii) if a hearing officer deems a penalty in a Stipulation to be 
too severe, he will now reject the Stipulation, rather than propose a 
lesser penalty. The Exchange anticipates that these changes will 
provide a more efficient and expedient process for resolution of 
Exchange disciplinary matters, without compromising the quality of the 
process.
    In addition, Amex proposes certain non-substantive ``housekeeping'' 
changes, including elimination of repetitive or unnecessary phrasing; 
creation of certain defined terms for ease of reference (i.e., 
``Stipulation''); and addition of rule cross-references.
2. Statutory Basis
    The proposed rule change is consistent with sections 6(b)(6), 
6(b)(7) and 6(d) of the Act \6\ in that it is designed to ensure that 
members and persons associated with members of the Exchange shall be 
appropriately disciplined for violation of the securities laws, the 
rules or regulations thereunder, or the rules of the Exchange; provide 
a fair procedure for imposition of such discipline; and ensure that a 
record is kept of such proceedings.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b)(6), 78f(b)(7), and 78f(d).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    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

    Because the foregoing proposed rule change does not: (A) 
Significantly affect the protection of investors or the public 
interest; (B) impose any significant burden on competition; and (C) by 
its terms, become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate, if 
consistent with the protection of investors and the public interest, it 
has become effective pursuant to Section 19(b)(3)(A) of the Act \7\ and 
Rule 19b-4(f)(6) thereunder.\8\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). 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 Commission notes that Amex has satisfied the five-
day pre-filing notice requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to 30 days after

[[Page 62502]]

the date of filing. However, Rule 19b-4(f)(6)(iii) 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 the proposed amendments should allow 
the Exchange to settle disciplinary matters more efficiently, without 
affecting the rights of respondents in any significant manner. In 
addition, the Exchange's non-substantive changes should help make Amex 
rules clearer and easier for readers to understand. The Commission 
believes that for these reasons, waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
Therefore, the Commission designates the proposed rule change to be 
operative upon filing with the Commission.\9\
---------------------------------------------------------------------------

    \9\ For 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Amex-2007-111 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-2007-111. 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, 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 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-2007-111 and should be 
submitted on or before November 26, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-21632 Filed 11-2-07; 8:45 am]
BILLING CODE 8011-01-P