Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make Certain Conforming Changes to Amex Rules Relating to the Amex Book Clerk Program, 68909-68911 [E7-23589]
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Federal Register / Vol. 72, No. 234 / Thursday, December 6, 2007 / Notices
9. Whenever a Subadviser is hired or
terminated, the Adviser will provide the
Board with information showing the
expected impact on the Adviser’s
profitability.
10. The Adviser will provide general
management services to each Fund,
including overall supervisory
responsibility for the general
management and investment of the
Fund’s assets, and subject to review and
approval of the Board, will: (a) Set each
Fund’s overall investment strategies; (b)
evaluate, select and recommend
Subadvisers to manage all or a part of
a Fund’s assets; (c) where appropriate,
allocate and reallocate a Fund’s assets
among multiple Subadvisers; (d)
monitor and evaluate the performance
of Subadvisers; and (e) implement
procedures reasonably designed to
ensure that the Subadvisers comply
with each Fund’s investment objective,
policies, and restrictions.
11. No trustee or officer of the Trust
or a Fund or director or officer of the
Adviser will own any interest in a
Subadviser, directly or indirectly (other
than through a pooled investment
vehicle that is not controlled by such
person), except for: (a) Ownership of
interests in the Adviser or any entity
that controls, is controlled by, or is
under common control with the
Adviser; or (b) ownership of less than
1% of the outstanding securities of any
class of equity or debt of a publicly
traded company that is either a
Subadviser or an entity that controls, is
controlled by, or is under common
control with a Subadviser.
12. Each Fund will disclose in its
registration statement the Aggregate Fee
Disclosure.
13. The requested order will expire on
the effective date of rule 15a–5 under
the Act, if adopted.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–23722 Filed 12–5–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
mstockstill on PROD1PC66 with NOTICES
Notice of Sunshine Act Meeting
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT:
STATUS:
PLACE:
100 F Street, NW., Washington,
DC.
VerDate Aug<31>2005
18:57 Dec 05, 2007
2 p.m.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHANGE IN THE MEETING:
Deletion of an
Item.
The following item will not be
considered during the Closed Meeting
on Thursday, December 6, 2007:
A matter involving enforcement
techniques
The Exchange proposes to make
certain non-substantive housekeeping
changes to Amex rules, to conform to
the recent approval of the Amex Book
Clerks program. The text of the
proposed rule change is available at
Amex, the Commission’s Public
Reference Room, and https://amex.com.
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.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
DATE AND TIME OF PREVIOUSLY ANNOUNCED
MEETING: Thursday, December 6, 2007 at
Dated: December 4, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7–23789 Filed 12–4–07; 12:58 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56861; File No. SR–Amex–
2007–127]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change To Make
Certain Conforming Changes to Amex
Rules Relating to the Amex Book Clerk
Program
November 29, 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 November
28, 2007, the American Stock Exchange
LLC (‘‘Exchange’’ or ‘‘Amex’’) 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 Exchange has designated
this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
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
Closed Meeting.
Jkt 214001
68909
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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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 IV below. The
Exchange 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 Commission recently approved
the Exchange’s proposal (the ‘‘ABC
Proposal’’) to eliminate the agency
obligations of specialists and establish
Amex Book Clerks (‘‘ABCs’’).5 In
connection with the ABC Proposal, the
Exchange submitted a related filing
limiting the liability of the Exchange for
the actions of ABCs, which was also
recently approved.6
The Exchange proposes to make
certain non-substantive housekeeping
changes to Amex rules, including Rule
995–ANTE, governing ABCs, and Rule
996–ANTE, governing the liability of the
Exchange in connection with ABCs.
Specifically, the Exchange proposes to
delete paragraph (d) in Rule 995–ANTE,
governing the liability of the Exchange
for the actions of ABCs, since this text
is included in new Rule 996–ANTE.
Given the date of the approval order, the
Exchange also proposes to extend the
date by which the Exchange shall assign
an ABC to each applicable trading
station from November 30, 2007 to May
5 See Securities Exchange Act Release No. 56804
(November 16, 2007), 72 FR 66002 (November 26,
2007) (SR–Amex–2006–107).
6 See Securities Exchange Act Release No. 56805
(November 16, 2007), 72 FR 65773 (November 23,
2007) (SR–Amex–2007–122).
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Federal Register / Vol. 72, No. 234 / Thursday, December 6, 2007 / Notices
1, 2008.7 The Exchange also proposes to
amend Rule 996–ANTE to replace the
references to Amex Rule 960 with the
correct reference to Amex Rule 970.
While the ABC Proposal was pending
with the Commission, the Exchange
filed an unrelated proposal to establish
the Exchange’s Directed Order Program,
which was separately codified as Rule
996–ANTE.8 The Exchange proposes to
correct this duplicate designation by
renumbering the version of Rule 996–
ANTE that governs the Exchange’s
Directed Order Program as Rule 997–
ANTE. The Exchange also proposes a
conforming change to correct a crossreference in Rule 935–ANTE.
Finally, the Exchange proposes to
renumber Commentary .03 to Rule
958A–ANTE regarding timing of firm
quote obligations for orders received by
the ABC as Commentary .04, also to
correct an erroneous duplicate
designation.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act 9 in general, and
furthers the objectives of Section 6(b)(5)
of the Act 10 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 engage in
regulating, clearing, settling, processing
information with respect to and
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; and is not designed to
permit unfair discrimination between
customers, issuers, brokers and dealers.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes that the
proposed rule change will 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 by the Exchange with
respect to the proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A) of the Act 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12 Because the foregoing
proposed rule change: (i) Does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.13
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of filing. However, Rule 19b–
4(f)(6)(iii) permits the Commission to
waive the operative delay if such action
is consistent with the protection of
investors and the public interest. The
Exchange has asked the Commission to
waive the operative delay to permit the
proposed rule change to become
effective prior to the 30th day after
filing.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest. Waiver
of the 30-day pre-operative waiting
period will allow immediate
clarification of Amex rules regarding
ABCs, by deleting duplicative text,
fixing duplicative numbering, and
clarifying the date by which the
Exchange shall assign an ABC to each
applicable trading station under the
ABC proposal. Therefore, the
Commission has determined to waive
the 30-day delay and allow the
11 15
mstockstill on PROD1PC66 with NOTICES
7 As
noted in the ABC Proposal, the Exchange
proposes to implement this rule change to all
applicable trading posts over a 180-day period.
8 See Securities Exchange Act Release No. 56269
(August 15, 2007), 72 FR 47086 (August 22, 2007)
(approving SR–Amex–2007–75).
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
18:57 Dec 05, 2007
Jkt 214001
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
13 Rule 19b–4(f)(6) also requires the Exchange to
give 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 satisfied the five-day pre-filing requirement.
12 17
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proposed rule change to become
operative upon filing.14
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
No. SR–Amex–2007–127 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–2007–127. 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 Commissions
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
14 For purposes only of waiving the operative
delay of this proposal, the Commission notes that
it has considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
E:\FR\FM\06DEN1.SGM
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Federal Register / Vol. 72, No. 234 / Thursday, December 6, 2007 / Notices
BILLING CODE 8011–01–P
Customers’ Orders,’’ 151—AEMI,
‘‘Purchases and Sales While Holding
Unexecuted Market Order,’’ and 152—
AEMI, ‘‘Taking or Supplying Stock to
Fill Customer’s Order,’’ to: (i) provide
for a ‘‘riskless principal’’ and other
exceptions to the Amex’s general rules
against members entering proprietary
orders while in possession of a customer
order that could trade at the same price;
and (ii) make various ‘‘housekeeping’’
changes to eliminate duplicative or
unnecessary portions of the AEMI rules.
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.
SECURITIES AND EXCHANGE
COMMISSION
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
the principal office of the Exchange. 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–2007–127 and
should be submitted on or before
December 27, 2007.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–23589 Filed 12–5–07; 8:45 am]
[Release No. 34–56868; File No. SR–Amex–
2007–125]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change To
Establish a Riskless Principal and
Other Exceptions to Amex Rules
Prohibiting Members’ Proprietary
Trading While in Possession of Like or
Better-Priced Customer Orders
November 29, 2007.
mstockstill on PROD1PC66 with NOTICES
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 November
16, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Amex proposes to adopt changes
to Rules 24—AEMI, ‘‘Limitations on
Members’ Trading Because of
CFR 200.30–3(a)(12).
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).
1 15
18:57 Dec 05, 2007
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
To provide greater flexibility in
trading methods available on the Amex,
while still sufficiently protecting
customer orders, the Amex proposes to
adopt a ‘‘riskless principal’’ and other
exceptions detailed below to its general
rules against a member entering a
proprietary order while in possession of
a customer order that could trade at the
same price. These new exceptions,
which are the same as those adopted by
the New York Stock Exchange LLC
(‘‘NYSE’’) in July 2007,5 will be added
to Rule 24—AEMI (which is the Amex
equivalent of NYSE Rule 92,
‘‘Limitations on Members’ Trading
Because of Customers’ Orders’’) and will
promote regulatory consistency.
Additionally, the Amex proposes to
make certain housekeeping changes
occasioned by the changes to Rule 24—
AEMI. Among other things, the Amex
5 See Securities Exchange Act Release Nos. 56017
(July 5, 2007), 72 FR 38110 (July 12, 2007) (order
approving File No. SR–NYSE–2007–21); and 56088
(July 18, 2007), 72 FR 40351 (July 24, 2007) (notice
of filing and immediate effectiveness of File No.
SR–NYSE–2007–63).
15 17
VerDate Aug<31>2005
In its filing with the Commission, the
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. The Amex has
prepared summaries, set forth in
sections A, B, and C below, of the most
significant aspects of such statements.
Jkt 214001
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68911
proposes to: (i) Eliminate Rule 150—
AEMI, which substantially overlaps
with and is being folded into Rule 24—
AEMI; and (ii) add a riskless principal
exception to the general restrictions in
Rule 152—AEMI against a member
supplying/taking stock to fill a
customer’s order.
Riskless Principal Exception and Other
Changes to Rule 24—AEMI
Rule 24—AEMI is substantially and
structurally similar to the version of
NYSE Rule 92 that existed until the
NYSE amended its rule in July 2007.6 In
relevant part, the Amex intends to adopt
the substance of those NYSE
amendments to:
• Add a ‘‘riskless principal’’
exception that would allow a member to
trade a security as principal while
holding one or more customer orders in
the security to permit the member to
pass on to its customer(s) the prices
received on the Exchange; 7
• Amend certain customer consent
requirements to allow a customer to give
affirmative prior blanket—rather than
order-by-order—consent to a member
trading while in possession of a
customer order, as permitted by the
rule, provided that the requisite
disclosures to the customer regarding
potential trading-along, opt-out rights,
and allocation methodology are
periodically made 8 and such informed
6 See
note 5, supra.
member would be permitted to aggregate only
those customer orders where the order types and
instructions (including tick restrictions) permit
such aggregation. Such aggregating meets the
standards set forth in the July 18, 2005, no-action
letter from the Division of Trading and Markets
(‘‘Division’’) (f/k/a the Division of Market
Regulation) to the Securities Industry Association
(‘‘SIA’’), in which the Division granted a riskless
principal exemption from Rule 10a–1 under the Act
to permit a broker-dealer to fill a customer order
without complying with the ‘‘tick’’ provisions of
Rule 10a–1, in certain situations and subject to
certain conditions. See letter from James
Brigagliano, Assistant Director, Division,
Commission, to Ira Hammerman, Senior Vice
President and General Counsel, SIA, dated July 18,
2005.
8 The required periodic disclosures would
include affirmative notice of: (i) the fact that the
member may trade along with the customer’s order,
subject to the customer’s right to affirmatively optout of such trading-along on an order-by-order basis
or to modify the instructions obtained under the
blanket consent; and (ii) the method by which the
member organization will allocate shares to the
customer’s order (including the allocation
methodology for riskless principal transactions that
include Rule 24—AEMI(b) proprietary orders and
orders from customers that have and/or have not
consented to trade along with such proprietary
orders). The Exchange would not require a specific
allocation methodology (e.g., strict time priority,
precedence based on size, etc.), but would require
it to be fair and reasonable, consistently applied,
consistent with the rules governing parity of orders,
and not unfairly discriminatory against any
particular class of accounts or types of orders.
7A
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]]>Agencies
[Federal Register Volume 72, Number 234 (Thursday, December 6, 2007)]
[Notices]
[Pages 68909-68911]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23589]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56861; File No. SR-Amex-2007-127]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make Certain Conforming Changes to Amex Rules Relating to the Amex Book
Clerk Program
November 29, 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 November 28, 2007, the American Stock Exchange LLC (``Exchange'' or
``Amex'') 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 Exchange has designated this proposal as non-controversial under
Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)
thereunder,\4\ which renders the proposed rule change 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)(iii).
\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 make certain non-substantive housekeeping
changes to Amex rules, to conform to the recent approval of the Amex
Book Clerks program. The text of the proposed rule change is available
at Amex, the Commission's Public Reference Room, and https://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, 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 IV below. The Exchange 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 Commission recently approved the Exchange's proposal (the ``ABC
Proposal'') to eliminate the agency obligations of specialists and
establish Amex Book Clerks (``ABCs'').\5\ In connection with the ABC
Proposal, the Exchange submitted a related filing limiting the
liability of the Exchange for the actions of ABCs, which was also
recently approved.\6 \
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 56804 (November 16,
2007), 72 FR 66002 (November 26, 2007) (SR-Amex-2006-107).
\6\ See Securities Exchange Act Release No. 56805 (November 16,
2007), 72 FR 65773 (November 23, 2007) (SR-Amex-2007-122).
---------------------------------------------------------------------------
The Exchange proposes to make certain non-substantive housekeeping
changes to Amex rules, including Rule 995-ANTE, governing ABCs, and
Rule 996-ANTE, governing the liability of the Exchange in connection
with ABCs.
Specifically, the Exchange proposes to delete paragraph (d) in Rule
995-ANTE, governing the liability of the Exchange for the actions of
ABCs, since this text is included in new Rule 996-ANTE. Given the date
of the approval order, the Exchange also proposes to extend the date by
which the Exchange shall assign an ABC to each applicable trading
station from November 30, 2007 to May
[[Page 68910]]
1, 2008.\7\ The Exchange also proposes to amend Rule 996-ANTE to
replace the references to Amex Rule 960 with the correct reference to
Amex Rule 970.
---------------------------------------------------------------------------
\7\ As noted in the ABC Proposal, the Exchange proposes to
implement this rule change to all applicable trading posts over a
180-day period.
---------------------------------------------------------------------------
While the ABC Proposal was pending with the Commission, the
Exchange filed an unrelated proposal to establish the Exchange's
Directed Order Program, which was separately codified as Rule 996-
ANTE.\8\ The Exchange proposes to correct this duplicate designation by
renumbering the version of Rule 996-ANTE that governs the Exchange's
Directed Order Program as Rule 997-ANTE. The Exchange also proposes a
conforming change to correct a cross-reference in Rule 935-ANTE.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 56269 (August 15,
2007), 72 FR 47086 (August 22, 2007) (approving SR-Amex-2007-75).
---------------------------------------------------------------------------
Finally, the Exchange proposes to renumber Commentary .03 to Rule
958A-ANTE regarding timing of firm quote obligations for orders
received by the ABC as Commentary .04, also to correct an erroneous
duplicate designation.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \9\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \10\ 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 engage in regulating,
clearing, settling, processing information with respect to and
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;
and is not designed to permit unfair discrimination between customers,
issuers, brokers and dealers.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed rule change will 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 by the Exchange with
respect to the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \11\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\12\ Because the foregoing proposed rule change: (i) Does
not significantly affect the protection of investors or the public
interest; (ii) does not impose any significant burden on competition;
and (iii) does not 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,
the proposed rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b-4(f)(6)(iii) thereunder.\13\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6).
\13\ Rule 19b-4(f)(6) also requires the Exchange to give 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 satisfied the five-day pre-filing
requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) permits the Commission to waive the operative
delay if such action is consistent with the protection of investors and
the public interest. The Exchange has asked the Commission to waive the
operative delay to permit the proposed rule change to become effective
prior to the 30th day after filing.
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
Waiver of the 30-day pre-operative waiting period will allow immediate
clarification of Amex rules regarding ABCs, by deleting duplicative
text, fixing duplicative numbering, and clarifying the date by which
the Exchange shall assign an ABC to each applicable trading station
under the ABC proposal. Therefore, the Commission has determined to
waive the 30-day delay and allow the proposed rule change to become
operative upon filing.\14\
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\14\ For purposes only of waiving the operative delay of this
proposal, the Commission notes that it has considered the proposed
rule's impact on efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
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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 No. SR-Amex-2007-127 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-2007-127. 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 Commissions 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
[[Page 68911]]
the principal office of the Exchange. 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-2007-127 and should be submitted on
or before December 27, 2007.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-23589 Filed 12-5-07; 8:45 am]
BILLING CODE 8011-01-P
