Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Sections 132(e), 211, and 1003(d) of the Company Guide To Clarify That the Exchange May Delist or Deny Initial Listing to an Issuer for Misrepresenting, or Omitting To Provide, Material Information to the Exchange or for Failing To Provide Requested Information Within a Reasonable Period of Time, 2960-2961 [E8-627]

Download as PDF 2960 Federal Register / Vol. 73, No. 11 / Wednesday, January 16, 2008 / Notices 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 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, Virginia 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: January 11, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–652 Filed 1–15–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57121; File No. SR–Amex– 2007–89] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Sections 132(e), 211, and 1003(d) of the Company Guide To Clarify That the Exchange May Delist or Deny Initial Listing to an Issuer for Misrepresenting, or Omitting To Provide, Material Information to the Exchange or for Failing To Provide Requested Information Within a Reasonable Period of Time January 10, 2008. 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 December 18, 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 the selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. jlentini on PROD1PC65 with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend sections 132(e), 211 and 1003(d) of the Amex Company Guide in order to clarify that the Amex may delist or deny 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Aug<31>2005 17:55 Jan 15, 2008 Jkt 214001 initial listing to an issuer for misrepresenting material information or omitting to provide material information to the Amex or for failing to provide the Amex with requested information within a reasonable period of time. 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, the self-regulatory organization 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 self-regulatory organization 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend sections 132(e), 211 and 1003(d) (collectively, the ‘‘sections’’) of the Company Guide. The Exchange is proposing to amend the Sections in order to clarify that the Amex may delist or deny initial listing to an issuer if it fails to provide information 3 within a reasonable period of time or if any communication (including communications made in connection with an initial listing application) to the Exchange contains a material misrepresentation or omits material information necessary to make the communication to the Exchange not misleading. Sections 132(e) and 211 of the Company Guide currently require listed companies to furnish to the Exchange such information concerning the company as the Exchange may reasonably request. Section 1003(f)(iii) of the Company Guide provides the Exchange with authority to prohibit initial or continued listing of a security 3 The proposed rule change will specify that the Exchange may request any additional information or documentation, public or non-public, deemed necessary to make a determination regarding a security’s initial listing eligibility or continued listing, including but not limited to, any material provided to or received from the Commission or other appropriate regulatory authority. PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 if the issuer or its management engages in operations which, in the opinion of the Exchange, are contrary to the public interest. However, the Company Guide does not explicitly state that the Amex may delist or deny initial listing to a company that (1) makes a material misrepresentation to the Amex or omits material information, in a communication that would be necessary to make the communication to the Amex not misleading or (2) fails to provide the Amex with requested information within a reasonable period of time. The Exchange submits that the proposed amendments will provide greater certainty and transparency in connection with the sections of the Company Guide. Further, the proposed rule change will provide greater uniformity among markets because it is identical to Rule 4330 of the Nasdaq Stock Market LLC (‘‘Nasdaq’’). Although the Amex believes that the existing listing standards allow for delisting or denial of listing in these situations, the Exchange proposes to modify the existing listing standards in order to codify its current existing practice. 2. Statutory Basis The proposed rule change is consistent with section 6(b) of the Act 4 in general and furthers the objectives of section 6(b)(5) of the Act,5 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanisms of a free and open market, and, in general, to protect investors and the public interest. B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change will impose no burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received by the Exchange on this proposal. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to section 19(b)(3)(A) 4 15 5 15 E:\FR\FM\16JAN1.SGM U.S.C. 78f(b). U.S.C. 78f(b)(5). 16JAN1 Federal Register / Vol. 73, No. 11 / Wednesday, January 16, 2008 / Notices of the Act 6 and Rule 19b–4(f)(6) 7 thereunder because the proposal does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) 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. A proposed rule change filed under Rule 19b–4(f)(6) normally may not become operative prior to 30 days after the date of filing. However, Rule 19b– 4(f)(6)(iii) 8 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 period. The Commission believes that waiver of the 30-day operative delay period is consistent with the protection of investors and the public interest. Specifically, the Commission believes that the proposal would clarify to issuers the Exchange’s existing interpretation of the Sections and codify the interpretation in the Exchange’s rules. Further, the Commission notes that the proposed rule change is identical to Nasdaq Rule 4330.9 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such proposed 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.10 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 rulecomments@sec.gov. Please include File U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 8 17 CFR 240.19b–4(f)(6)(iii). 9 For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 10 15 U.S.C. 78s(b)(3)(C). Number SR–Amex–2007–89 on the subject line. SECURITIES AND EXCHANGE COMMISSION Paper Comments Release No. 34–57114; File No. SR-BSE– 2008–01] • 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–2007–89. 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 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–2007–89 and should be submitted on or before February 6, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–627 Filed 1–15–08; 8:45 am] BILLING CODE 8011–01–P 6 15 jlentini on PROD1PC65 with NOTICES 7 17 VerDate Aug<31>2005 17:55 Jan 15, 2008 Jkt 214001 2961 Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to BOX’s Licensing Fees January 8, 2008. 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 January 2, 2008, the Boston Stock Exchange, Inc. (‘‘BSE’’ 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 the Exchange. The Exchange has designated this proposal as one establishing or changing a due, fee, or other charge applicable only to a member, pursuant to section 19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 4(f)(2) 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 BSE is proposing to amend the Fee Schedule of the Boston Options Exchange (‘‘BOX’’). The proposed amendment will increase the fees for transactions in options on certain indices effected by a broker-dealer through its proprietary accounts. The text of the proposed rule change is available at the Exchange, on the Exchange’s Web site at http:// www.bostonstock.com/Regulatory/ effective.aspx, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for the proposed rule change, and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A)(ii). 4 17 CFR 240.19b–4(f)(2). 2 17 11 17 PO 00000 CFR 200.30–3(a)(12). Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\16JAN1.SGM 16JAN1

Agencies

[Federal Register Volume 73, Number 11 (Wednesday, January 16, 2008)]
[Notices]
[Pages 2960-2961]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-627]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57121; File No. SR-Amex-2007-89]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Amend Sections 132(e), 211, and 1003(d) of the Company Guide To 
Clarify That the Exchange May Delist or Deny Initial Listing to an 
Issuer for Misrepresenting, or Omitting To Provide, Material 
Information to the Exchange or for Failing To Provide Requested 
Information Within a Reasonable Period of Time

January 10, 2008.
    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 December 18, 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 the self-
regulatory organization. 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.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend sections 132(e), 211 and 1003(d) of 
the Amex Company Guide in order to clarify that the Amex may delist or 
deny initial listing to an issuer for misrepresenting material 
information or omitting to provide material information to the Amex or 
for failing to provide the Amex with requested information within a 
reasonable period of time. 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, the self-regulatory organization 
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 self-regulatory organization 
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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend sections 
132(e), 211 and 1003(d) (collectively, the ``sections'') of the Company 
Guide. The Exchange is proposing to amend the Sections in order to 
clarify that the Amex may delist or deny initial listing to an issuer 
if it fails to provide information \3\ within a reasonable period of 
time or if any communication (including communications made in 
connection with an initial listing application) to the Exchange 
contains a material misrepresentation or omits material information 
necessary to make the communication to the Exchange not misleading.
---------------------------------------------------------------------------

    \3\ The proposed rule change will specify that the Exchange may 
request any additional information or documentation, public or non-
public, deemed necessary to make a determination regarding a 
security's initial listing eligibility or continued listing, 
including but not limited to, any material provided to or received 
from the Commission or other appropriate regulatory authority.
---------------------------------------------------------------------------

    Sections 132(e) and 211 of the Company Guide currently require 
listed companies to furnish to the Exchange such information concerning 
the company as the Exchange may reasonably request. Section 
1003(f)(iii) of the Company Guide provides the Exchange with authority 
to prohibit initial or continued listing of a security if the issuer or 
its management engages in operations which, in the opinion of the 
Exchange, are contrary to the public interest. However, the Company 
Guide does not explicitly state that the Amex may delist or deny 
initial listing to a company that (1) makes a material 
misrepresentation to the Amex or omits material information, in a 
communication that would be necessary to make the communication to the 
Amex not misleading or (2) fails to provide the Amex with requested 
information within a reasonable period of time.
    The Exchange submits that the proposed amendments will provide 
greater certainty and transparency in connection with the sections of 
the Company Guide. Further, the proposed rule change will provide 
greater uniformity among markets because it is identical to Rule 4330 
of the Nasdaq Stock Market LLC (``Nasdaq''). Although the Amex believes 
that the existing listing standards allow for delisting or denial of 
listing in these situations, the Exchange proposes to modify the 
existing listing standards in order to codify its current existing 
practice.
2. Statutory Basis
    The proposed rule change is consistent with section 6(b) of the Act 
\4\ in general and furthers the objectives of section 6(b)(5) of the 
Act,\5\ in particular in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to remove impediments to and perfect the 
mechanisms of a free and open market, and, in general, to protect 
investors and the public interest.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The proposed rule change will impose no burden on competition that 
is not necessary or appropriate in furtherance of the purposes of the 
Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received by the Exchange on 
this proposal.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to section 
19(b)(3)(A)

[[Page 2961]]

of the Act \6\ and Rule 19b-4(f)(6) \7\ thereunder because the proposal 
does not: (i) Significantly affect the protection of investors or the 
public interest; (ii) impose any significant burden on competition; and 
(iii) 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.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally may 
not become operative prior to 30 days after the date of filing. 
However, Rule 19b-4(f)(6)(iii) \8\ 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 period. The Commission 
believes that waiver of the 30-day operative delay period is consistent 
with the protection of investors and the public interest. Specifically, 
the Commission believes that the proposal would clarify to issuers the 
Exchange's existing interpretation of the Sections and codify the 
interpretation in the Exchange's rules. Further, the Commission notes 
that the proposed rule change is identical to Nasdaq Rule 4330.\9\
---------------------------------------------------------------------------

    \8\ 17 CFR 240.19b-4(f)(6)(iii).
    \9\ For purposes only of waiving the operative delay for this 
proposal, 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 the proposed rule 
change, the Commission may summarily abrogate such proposed 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.\10\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------

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-2007-89 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-2007-89. 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 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-2007-89 and should be 
submitted on or before February 6, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-627 Filed 1-15-08; 8:45 am]
BILLING CODE 8011-01-P