Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change Related to Index Dissemination Requirements for Index-Linked Securities, 9375-9377 [E8-3088]

Download as PDF Federal Register / Vol. 73, No. 34 / Wednesday, February 20, 2008 / Notices 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 Number SR–Amex–2008–11 on the subject line. Paper Comments rwilkins on PROD1PC63 with NOTICES • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–3060 Filed 2–19–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57325; File No. SR–Amex– 2008–04] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing of Proposed Rule Change Related to Index Dissemination Requirements for Index-Linked Securities February 13, 2008. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 All submissions should refer to File notice is hereby given that on January Number SR–Amex–2008–11. This file 30, 2008, the American Stock Exchange number should be included on the LLC (‘‘Amex’’ or the ‘‘Exchange’’) filed subject line if e-mail is used. To help the with the Securities and Exchange Commission process and review your Commission (‘‘Commission’’) the comments more efficiently, please use proposed rule change as described in only one method. The Commission will Items I, II, and III below, which Items post all comments on the Commission’s have been substantially prepared by the Internet Web site (https://www.sec.gov/ Exchange. The Commission is rules/sro.shtml). Copies of the publishing this notice to solicit submission, all subsequent comments on the proposed rule change amendments, all written statements from interested persons. with respect to the proposed rule I. Self-Regulatory Organization’s change that are filed with the Statement of the Terms of Substance of Commission, and all written the Proposed Rule Change communications relating to the proposed rule change between the The Exchange proposes to amend Commission and any person, other than sections 107D(i) and 107D(h)(3)(ii) of those that may be withheld from the the Amex Company Guide (‘‘Company public in accordance with the Guide’’) to provide that the value of an provisions of 5 U.S.C. 552, will be index or composite value of the indexes available for inspection and copying in underlying an issuance of Index-Linked the Commission’s Public Reference Securities must be widely disseminated Room, 100 F Street, NE., Washington, on at least a 15-second basis with DC 20549, on official business days respect to an index or indexes between the hours of 10 a.m. and 3 p.m. containing only securities listed on a Copies of such filing also will be national securities exchange, or on at available for inspection and copying at least a 60-second basis with respect to the principal office of the Amex. All an index or indexes containing foreign comments received will be posted country securities. without change; the Commission does The text of the proposed rule change not edit personal identifying is available at https://www.amex.com, at information from submissions. You the Exchange, and at the Commission’s should submit only information that you wish to make publicly available. All Public Reference Room. submissions should refer to File Number SR–Amex–2008–11 and should 12 17 CFR 200.30–3(a)(12). be submitted on or before March 12, 1 15 U.S.C. 78s(b)(1). 2008. 2 17 VerDate Aug<31>2005 16:47 Feb 19, 2008 Jkt 214001 PO 00000 CFR 240.19b–4. Frm 00103 Fmt 4703 Sfmt 4703 9375 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 Exchange proposes to amend sections 107D(i) and section 107D(h)(3)(ii) of the Company Guide for the purpose of conforming the index dissemination requirements relating to Index-Linked Securities to that of Index Fund Shares (‘‘IFSs’’) and Portfolio Depository Receipts (‘‘PDRs’’) (collectively, exchange-traded funds or ‘‘ETFs’’). Section 107D(i)(iii) of the Company Guide provides that the current value of an index will be widely disseminated at least every 15 seconds. Similarly, section 107D(i)(iv) provides that if the value of an Index-Linked Security is based on more than one index, then the composite value of such indexes must be widely disseminated at least every 15 seconds. As proposed, section 107D(i) of the Company Guide would be revised as follows: (iii) The current value of an index or composite value of more than one (1) index will be widely disseminated at least every 15 seconds with respect to indexes containing only securities listed on a national securities exchange, or on at least a 60-second basis with respect to indexes containing foreign country securities, provided, however, that if the official index value does not change during some or all of the period when trading is occurring on the Exchange (for example, for indexes of foreign country securities because of time zone differences or holidays in countries where such indexes’ component stocks trade) then the last calculated official index value must remain available throughout Exchange trading hours. Accordingly current subparagraph (iv) to section 107D(i) of the Company Guide would be eliminated. In addition, the delisting requirements set forth in section 107D(h)(3)(ii) of the Company Guide relating to Index-Linked Securities would similarly need revision due to E:\FR\FM\20FEN1.SGM 20FEN1 9376 Federal Register / Vol. 73, No. 34 / Wednesday, February 20, 2008 / Notices the proposed change to the index dissemination requirement. The Exchange proposes to amend section 107D(h)(3)(ii) of the Company Guide to distinguish the dissemination requirements of an index consisting solely of securities listed on a national securities exchange and those indexes that may contain components that are foreign country securities. Section 107D(h)(3)(ii) of the Company Guide reads: ‘‘(3) The Exchange will also commence delisting or removal proceedings (unless the Commission has approved the continued trading of the subject index-linked security), under any of the following circumstances: * * * (ii) if the value of the index or composite value of the indexes is no longer calculated or widely disseminated on at least a 15-second basis; * * * ’’ As proposed, section 107D(h)(3)(ii) of the Company Guide would be revised as follows: rwilkins on PROD1PC63 with NOTICES (ii) if the value of the index or composite value of the indexes is no longer calculated or widely disseminated on at least a 15second basis with respect to indexes containing only securities listed on a national securities exchange, or on at least a 60second basis with respect to indexes containing foreign country securities, provided, however, that if the official index value does not change during some or all of the period when trading is occurring on the Exchange (for example, for indexes of foreign country securities because of time zone differences or holidays in countries where such indexes’ component stocks trade) then the last calculated official index value must remain available throughout Exchange trading hours;* * * This proposal would conform the index dissemination requirements for Index-Linked Securities to those for ETFs as set forth in Commentary .03(b)(ii) to Rule 1000—AEMI (PDRs) and Commentary .02(b)(ii) to Rule 1000A—AEMI (IFSs). Both ETF Commentaries noted above provide that an index value for an ETF based on an underlying international or global index be widely disseminated by one or more major market data vendors at least every 60 seconds during the time such ETFs are traded on the Exchange. This contrasts with the requirement for an index underlying an ETF based on a domestic index where the underlying index must be updated at least every 15 seconds. If the index value does not change during some or all of the period when trading is occurring on the Exchange, the last official calculated index value must remain available through Exchange trading hours. This 60-second standard reflects limitations, in some instances, on the frequency of intra-day trading information with VerDate Aug<31>2005 16:47 Feb 19, 2008 Jkt 214001 respect to foreign country securities and the fact that in many cases, trading hours for overseas markets overly only in part, or not at all, with Exchange trading hours. 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: 2. Statutory Basis Electronic Comments The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange and, in particular, the requirements of section 6(b) of the Act.3 Specifically, the Exchange believes the proposed rule change is consistent with the requirements of section 6(b)(5) Act 4 that the rules of an exchange be designed to prevent fraudulent and manipulative acts, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. • 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 Number SR–Amex–2008–04 on the subject line. 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 The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding, or (ii) as to which Amex consents, the Commission will: A. By order approve such proposed rule change; or B. Institute proceedings to determine whether the proposed rule change should be disapproved. The Exchange has requested accelerated approval of this proposed rule change prior to the 30th day after the date of publication of the notice of the filing thereof. The Commission has determined that a 15-day comment period is appropriate in this case. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and 3 15 4 15 PO 00000 U.S.C. 78f(b). U.S.C. 78f(b)(5). Frm 00104 Fmt 4703 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–2008–04. 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 (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 the principal offices 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–2008–04 and should be submitted on or before March 6, 2008. 5 17 Sfmt 4703 E:\FR\FM\20FEN1.SGM CFR 200.30–3(a)(12). 20FEN1 Federal Register / Vol. 73, No. 34 / Wednesday, February 20, 2008 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–3088 Filed 2–19–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57314; File No. SR–CBOE– 2007–143] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving Proposed Rule Change Relating to the Imposition of Fines for Minor Rule Violations February 12, 2008. On December 27, 2007, the Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend CBOE Rule 17.50 (Imposition of Fines for Minor Rule Violations) and to revise CBOE 17.50(g)(8) (Violations of Exercise and Exercise Advice Rules for Non-Cash-Settled Equity Options). The proposed rule change was published for comment in the Federal Register on January 10, 2008.3 The Commission received no comments regarding the proposal. This order approves the proposed rule change. The Exchange proposes to increase and strengthen the sanctions imposed under its Minor Rule Violation Plan (‘‘MRVP’’) on any member who fails to submit to the Exchange in a timely manner pursuant to CBOE Rule 11.1 (or a Regulatory Circular issued pursuant to CBOE Rule 11.1) ‘‘Advice Cancel’’ or exercise instruction relating to the exercise or nonexercise of a noncashsettled equity option. The Exchange believes that increasing the fine levels specified with respect to both individual members and member organizations and lengthening the surveillance period from a 12-month period to a rolling 24-month period will serve as an effective deterrent to such violative conduct.4 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 57089 (January 3, 2008), 73 FR 1900. 4 In addition, as a member of the Intermarket Surveillance Group, the Exchange, as well as certain other self-regulatory organizations (‘‘SROs’’) executed and filed on October 29, 2007 with the Commission, a final version of an Agreement rwilkins on PROD1PC63 with NOTICES 2 17 VerDate Aug<31>2005 16:47 Feb 19, 2008 Jkt 214001 The Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.5 In particular, the Commission believes that the proposal is consistent with Section 6(b)(5) of the Act,6 which requires that the rules of an exchange be designed to promote just and equitable principles of trade, to facilitate 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. The Commission further believes that CBOE’s proposal to increase the fine levels imposed on individuals and member organizations who fail to submit Advice Cancel or exercise instructions in a timely manner is consistent with Sections 6(b)(1) and 6(b)(6) of the Act,7 which require that the rules of an exchange enforce compliance with, and provide appropriate discipline for, violations of Commission and Exchange rules. In addition, the Commission finds that the proposal is consistent with the public interest, the protection of investors, or otherwise in furtherance of the purposes of the Act, as required by Rule 19d– 1(c)(2) under the Act,8 which governs minor rule violation plans. The Commission believes that the proposed rule change should strengthen the Exchange’s ability to carry out its oversight and enforcement responsibilities as an SRO in cases where full disciplinary proceedings are unsuitable in view of the minor nature of the particular violation. In approving this proposed rule change, the Commission in no way minimizes the importance of compliance with CBOE rules and all other rules subject to the imposition of fines under the MRVP. The Commission believes that the violation of any SRO rules, as well as Commission rules, is a serious matter. However, the MRVP provides a reasonable means of addressing rule violations that do not pursuant to Section 17(d) of the Act (the ‘‘17d–2 Agreement’’). As set forth in the 17d–2 Agreement, the SROs have agreed that their respective rules concerning the filing of Expiring Exercise Declarations, also referred to as Contrary Exercise Advices, of options contracts, are common rules. As a result, the proposal to amend CBOE’s MRVP will result in further consistency in sanctions among the SROs that are signatories to the 17d–2 Agreement concerning Contrary Exercise Advice violations. 5 In approving this proposed rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 6 15 U.S.C. 78f(b)(5). 7 15 U.S.C. 78f(b)(1) and 78f(b)(6). 8 17 CFR 240.19d–1(c)(2). PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 9377 rise to the level of requiring formal disciplinary proceedings, while providing greater flexibility in handling certain violations. The Commission expects that CBOE would continue to conduct surveillance with due diligence and make a determination based on its findings, on a case-by-case basis, whether a fine of more or less than the recommended amount is appropriate for a violation under the CBOE MRVP or whether a violation requires formal disciplinary action under CBOE Chapter XVII. It is therefore ordered, pursuant to Section 19(b)(2) of the Act 9 and Rule 19d–1(c)(2) under the Act,10 that the proposed rule change (SR–CBOE–2007– 143) be, and hereby is, approved and declared effective. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E8–3038 Filed 2–19–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57317; File No. SR–CBOE– 2007–151] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving Proposed Rule Change Relating to Linkage Fees I. Introduction On December 20, 2007, Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to amend its Options Intermarket Linkage (‘‘Linkage’’) fees. The proposed rule change was published for comment in the Federal Register on January 9, 2008.3 The Commission received no comments on the proposal. This order approves the proposal. 9 15 U.S.C. 78s(b)(2). CFR 240.19d–1(c)(2). 11 17 CFR 200.30–3(a)(12); 17 CFR 200.30– 3(a)(44). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 57083 (January 2, 2008), 73 FR 1651. 10 17 E:\FR\FM\20FEN1.SGM 20FEN1

Agencies

[Federal Register Volume 73, Number 34 (Wednesday, February 20, 2008)]
[Notices]
[Pages 9375-9377]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-3088]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57325; File No. SR-Amex-2008-04]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing of Proposed Rule Change Related to Index Dissemination 
Requirements for Index-Linked Securities

February 13, 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 30, 2008, the American Stock Exchange LLC (``Amex'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been substantially prepared by the 
Exchange. 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 107D(i) and 107D(h)(3)(ii) 
of the Amex Company Guide (``Company Guide'') to provide that the value 
of an index or composite value of the indexes underlying an issuance of 
Index-Linked Securities must be widely disseminated on at least a 15-
second basis with respect to an index or indexes containing only 
securities listed on a national securities exchange, or on at least a 
60-second basis with respect to an index or indexes containing foreign 
country securities.
    The text of the proposed rule change is available at https://
www.amex.com, at the Exchange, 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 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 Exchange proposes to amend sections 107D(i) and section 
107D(h)(3)(ii) of the Company Guide for the purpose of conforming the 
index dissemination requirements relating to Index-Linked Securities to 
that of Index Fund Shares (``IFSs'') and Portfolio Depository Receipts 
(``PDRs'') (collectively, exchange-traded funds or ``ETFs''). Section 
107D(i)(iii) of the Company Guide provides that the current value of an 
index will be widely disseminated at least every 15 seconds. Similarly, 
section 107D(i)(iv) provides that if the value of an Index-Linked 
Security is based on more than one index, then the composite value of 
such indexes must be widely disseminated at least every 15 seconds.
    As proposed, section 107D(i) of the Company Guide would be revised 
as follows:

    (iii) The current value of an index or composite value of more 
than one (1) index will be widely disseminated at least every 15 
seconds with respect to indexes containing only securities listed on 
a national securities exchange, or on at least a 60-second basis 
with respect to indexes containing foreign country securities, 
provided, however, that if the official index value does not change 
during some or all of the period when trading is occurring on the 
Exchange (for example, for indexes of foreign country securities 
because of time zone differences or holidays in countries where such 
indexes' component stocks trade) then the last calculated official 
index value must remain available throughout Exchange trading hours.

    Accordingly current subparagraph (iv) to section 107D(i) of the 
Company Guide would be eliminated.
    In addition, the delisting requirements set forth in section 
107D(h)(3)(ii) of the Company Guide relating to Index-Linked Securities 
would similarly need revision due to

[[Page 9376]]

the proposed change to the index dissemination requirement. The 
Exchange proposes to amend section 107D(h)(3)(ii) of the Company Guide 
to distinguish the dissemination requirements of an index consisting 
solely of securities listed on a national securities exchange and those 
indexes that may contain components that are foreign country 
securities. Section 107D(h)(3)(ii) of the Company Guide reads: ``(3) 
The Exchange will also commence delisting or removal proceedings 
(unless the Commission has approved the continued trading of the 
subject index-linked security), under any of the following 
circumstances: * * * (ii) if the value of the index or composite value 
of the indexes is no longer calculated or widely disseminated on at 
least a 15-second basis; * * * ''
    As proposed, section 107D(h)(3)(ii) of the Company Guide would be 
revised as follows:

    (ii) if the value of the index or composite value of the indexes 
is no longer calculated or widely disseminated on at least a 15-
second basis with respect to indexes containing only securities 
listed on a national securities exchange, or on at least a 60-second 
basis with respect to indexes containing foreign country securities, 
provided, however, that if the official index value does not change 
during some or all of the period when trading is occurring on the 
Exchange (for example, for indexes of foreign country securities 
because of time zone differences or holidays in countries where such 
indexes' component stocks trade) then the last calculated official 
index value must remain available throughout Exchange trading 
hours;* * *

    This proposal would conform the index dissemination requirements 
for Index-Linked Securities to those for ETFs as set forth in 
Commentary .03(b)(ii) to Rule 1000--AEMI (PDRs) and Commentary 
.02(b)(ii) to Rule 1000A--AEMI (IFSs). Both ETF Commentaries noted 
above provide that an index value for an ETF based on an underlying 
international or global index be widely disseminated by one or more 
major market data vendors at least every 60 seconds during the time 
such ETFs are traded on the Exchange. This contrasts with the 
requirement for an index underlying an ETF based on a domestic index 
where the underlying index must be updated at least every 15 seconds. 
If the index value does not change during some or all of the period 
when trading is occurring on the Exchange, the last official calculated 
index value must remain available through Exchange trading hours. This 
60-second standard reflects limitations, in some instances, on the 
frequency of intra-day trading information with respect to foreign 
country securities and the fact that in many cases, trading hours for 
overseas markets overly only in part, or not at all, with Exchange 
trading hours.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to a 
national securities exchange and, in particular, the requirements of 
section 6(b) of the Act.\3\ Specifically, the Exchange believes the 
proposed rule change is consistent with the requirements of section 
6(b)(5) Act \4\ that the rules of an exchange be designed to prevent 
fraudulent and manipulative acts, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding, or (ii) as to 
which Amex consents, the Commission will:
    A. By order approve such proposed rule change; or
    B. Institute proceedings to determine whether the proposed rule 
change should be disapproved.
    The Exchange has requested accelerated approval of this proposed 
rule change prior to the 30th day after the date of publication of the 
notice of the filing thereof. The Commission has determined that a 15-
day comment period is appropriate in this case.

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 Number SR-Amex-2008-04 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-2008-04. 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 (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 the principal offices 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-2008-04 and should be 
submitted on or before March 6, 2008.
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(12).


[[Page 9377]]


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

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-3088 Filed 2-19-08; 8:45 am]
BILLING CODE 8011-01-P
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