Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to the Retroactive Application of the Options Fee Cap Pilot Program for Dividend Strategies, Merger Spreads, and Short Stock Interest Spreads, 15229-15230 [E8-5694]
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Federal Register / Vol. 73, No. 56 / Friday, March 21, 2008 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57506; File No. SR–Amex–
2008–19]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Order Granting
Accelerated Approval of Proposed
Rule Change Relating to the
Retroactive Application of the Options
Fee Cap Pilot Program for Dividend
Strategies, Merger Spreads, and Short
Stock Interest Spreads
March 14, 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 March 7,
2008, 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 Amex.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons and to approve the proposal on
an accelerated basis.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to
retroactively apply the Fee Cap Pilot
Program (the ‘‘Fee Cap Program’’) for
dividend strategies, merger spreads, and
short stock interest spreads from
February 2, 2008 through February 18,
2008.
mstockstill on PROD1PC66 with NOTICES
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
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 III below. The Exchange has
prepared summaries, set forth in
sections A, B, and C below, of the most
significant aspects of such statements.
1 15
2 17
18:33 Mar 20, 2008
1. Purpose
The purpose of the proposed rule
change is to retroactively apply the
current Fee Cap Program from February
2, 2008 through February 18, 2008. The
current Fee Cap Program expired on
February 1, 2008. The Exchange
inadvertently failed to extend the Fee
Cap Program at that time. Subsequently,
the Exchange filed to extend the lapsed
Fee Cap Program from February 19,
2008 through February 1, 2009.3 This
filing would permit the Fee Cap
Program effectively to be in effect
without interruption.
The Fee Cap Program provides that
specialists, registered options traders,
non-member market makers, firms, and
member and non-member broker-dealers
option transaction, comparison and
floor brokerage fees are limited to an
aggregate fee of $100 for all dividend
strategies, merger spreads, and short
stock interest spreads executed on the
same trading day in the same option
class.4 Additionally, such fees are also
limited to $12,500 per month per
initiating firm.
To date, the Exchange believes that
the current Fee Cap Program has been
beneficial, and submits that the
retroactive application from February 2,
2008 through February 18, 2008 is
warranted so that the Fee Cap Program
effectively operates without
interruption.
Accordingly, the proposal seeks to
retroactively apply the Fee Cap Program
from February 2, 2008 through February
18, 2008.
2. Statutory Basis
The Exchange submits that the
proposed fee change is consistent with
Section 6(b)(4) of the Act 5 regarding the
equitable allocation of reasonable dues,
fees, and other charges among exchange
members and other persons using
exchange facilities. The Exchange
believes that the proposed retroactive
application of the current Fee Cap
Program is beneficial to market
participants by providing an
uninterrupted Fee Cap Program.
3 See Securities Exchange Act Release No. 57401
(February 29, 2008), 73 FR 12233 (March 6, 2008)
(SR–Amex–2008–12).
4 These fees are charged only to Exchange
members.
5 15 U.S.C. 78f(b)(4).
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Aug<31>2005
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Jkt 214001
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
15229
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 with respect to the proposed
rule change.
III. 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 at https://www.sec.gov/
rules/sro.shtml; or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–Amex–2008–19 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 No.
SR–Amex–2008–19. 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 at 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 office of the Exchange. All
E:\FR\FM\21MRN1.SGM
21MRN1
15230
Federal Register / Vol. 73, No. 56 / Friday, March 21, 2008 / Notices
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 No.
SR–Amex–2008–19 and should be
submitted on or before April 11, 2008.
IV. Commission’s Findings and Order
Granting Accelerated Approval of
Proposed Rule Change.
After careful consideration, the
Commission finds that the Exchange’s
proposal to retroactively apply the Fee
Cap Program from February 2, 2008
through February 18, 2008 is consistent
with the requirements of the Section 6
of the Act 6 and the rules and
regulations thereunder applicable to a
national securities exchange.7 In
particular, the Commission believes that
the proposed rule change is consistent
with Section 6(b)(4) of the Act, which
requires, among other things, that the
rules of a national securities exchange
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities.8
The Amex has requested that the
Commission find good cause for
approving the proposed rule change
prior to the thirtieth day after
publication of the notice thereof in the
Federal Register. The Commission
believes that granting accelerated
approval of the proposal will allow the
Amex to continue to operate the Fee
Cap Program on an uninterrupted basis
and thus, should benefit market
participants by ensuring continuity of
the Exchange’s rules. The Commission
notes that no comments were received
in connection with the approval of the
Fee Cap Program and no comments have
been received during the operation of
the Fee Cap Program. Accordingly, the
Commission finds good cause, pursuant
to Section 19(b)(2) of the Act,9 for
approving the proposed rule change
prior to the thirtieth day after
publication of the notice thereof in the
Federal Register.
V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,10 that the
proposed rule change, (SR–Amex–2008–
19), is hereby approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5694 Filed 3–20–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57514; File No. SR–Amex–
2008–02]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Amendment No. 2 to
Proposed Rule Change and Order
Granting Accelerated Approval of Such
Proposed Rule Change, as Modified by
Amendment Nos. 1 and 2 Thereto,
Relating to Rules Permitting the
Listing and Trading of Managed Fund
Shares, Fees Applicable to Such
Managed Fund Shares, and the Listing
and Trading of Shares of the Bear
Stearns Current Yield Fund
March 17, 2008.
I. Introduction
On February 7, 2008, the American
Stock Exchange, LLC (‘‘Amex’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’)1 and Rule 19b–4
thereunder,2 a proposed rule change
seeking to: (1) Adopt new Amex Rules
1000B, 1001B, 1002B, and 1003B to
permit the listing and trading of
securities (‘‘Managed Fund Shares’’)
issued by an actively managed, openend investment management company;
(2) list and trade the shares (‘‘Shares’’)
of the Bear Stearns Current Yield Fund
(‘‘Fund’’), an investment portfolio of the
Bear Stearns Active ETF Trust (‘‘Trust’’),
pursuant to those rules; and (3) amend
its original listing and annual listing
fees to include Managed Fund Shares
and make certain other changes. The
proposed rule change was published for
comment in the Federal Register on
February 14, 2008.3 On February 20,
2008, the Exchange filed Amendment
No. 1 to the proposed rule change.4 On
mstockstill on PROD1PC66 with NOTICES
11 17
6 15
U.S.C. 78f.
7 In approving this proposed rule change, the
Commission has considered its impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78s(b)(2).
10 15 U.S.C. 78s(b)(2).
VerDate Aug<31>2005
18:33 Mar 20, 2008
Jkt 214001
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 57297
(February 8, 2008), 73 FR 8723 (‘‘Notice’’).
4 In Amendment No. 1, Amex made several
clarifying corrections to the definitions of
‘‘Disclosed Portfolio’’ and ‘‘Portfolio Indicative
Value’’ and conforming changes to Form 19b–4 and
1 15
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
March 14, 2008, the Exchange filed
Amendment No. 2 to the proposed rule
change.5 The Commission received no
comments regarding the proposal. This
order provides notice and solicits
comments from interested persons
regarding Amendment No. 2 to the
proposed rule change and approves the
proposed rule change, as modified by
Amendment Nos. 1 and 2 thereto, on an
accelerated basis.
II. Description of the Proposal
The Exchange proposes to add new
Amex Rules 1000B, 1001B, 1002B, and
1003B to permit the listing and trading
of Managed Fund Shares. Pursuant to
these new rules, the Exchange proposes
to list and trade the Shares. Amex states
that the Shares will conform to the
initial and continued listing criteria
under proposed Amex Rules 1000B,
1001B, and 1002B. The Exchange also
proposes to amend its original listing
and annual listing fees in Sections 140
and 141 of the Amex Company Guide to
include Managed Fund Shares and
make certain other technical and
conforming changes in the Amex rules
to incorporate references to the new
Amex rules proposed herein.
Proposed Listing Rules
Proposed new Amex Rules 1000B,
1001B (for initial listing), and 1002B (for
continued listing) define and establish
listing standards for Managed Fund
Shares. Proposed Amex Rule 1000B(b)
sets forth the relevant definitions. In
particular, proposed Amex Rule
1000B(b)(1) defines ‘‘Managed Fund
Share’’ as a security that: (a) Represents
an interest in a registered investment
company (‘‘Investment Company’’),
organized as an open-end management
investment company or similar entity,
that invests in a portfolio of securities
selected by the Investment Company’s
investment adviser consistent with the
Exhibit 1 thereto to account for such corrections.
Because Amendment No. 1 to the proposed rule
change is technical in nature, it is not subject to
notice and comment.
5 In Amendment No. 2, Amex added Commentary
.06 to proposed Amex Rule 1000B which would
require: (1) the investment adviser to the
Investment Company (as defined herein) issuing
Managed Fund Shares to erect a ‘‘firewall’’ around
personnel who have access to information
concerning the composition and/or changes to the
Investment Company portfolio; and (2) personnel
who make decisions on the Investment Company’s
portfolio composition to be subject to procedures
designed to prevent the use and dissemination of
material non-public information regarding the
applicable Investment Company portfolio. In
addition, Amex provided a representation
describing the ethical and fiduciary requirements
under the Investment Advisers Act of 1940
(‘‘Advisers Act’’), as they apply to Bear Stearns
Asset Management, Inc., the investment adviser of
the Fund.
E:\FR\FM\21MRN1.SGM
21MRN1
]]>Agencies
[Federal Register Volume 73, Number 56 (Friday, March 21, 2008)]
[Notices]
[Pages 15229-15230]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5694]
[[Page 15229]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57506; File No. SR-Amex-2008-19]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change Relating to the Retroactive Application of the Options Fee
Cap Pilot Program for Dividend Strategies, Merger Spreads, and Short
Stock Interest Spreads
March 14, 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 March 7, 2008, 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 Amex. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons and to approve the
proposal on an accelerated basis.
---------------------------------------------------------------------------
\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 retroactively apply the Fee Cap Pilot
Program (the ``Fee Cap Program'') for dividend strategies, merger
spreads, and short stock interest spreads from February 2, 2008 through
February 18, 2008.
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 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 III 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 purpose of the proposed rule change is to retroactively apply
the current Fee Cap Program from February 2, 2008 through February 18,
2008. The current Fee Cap Program expired on February 1, 2008. The
Exchange inadvertently failed to extend the Fee Cap Program at that
time. Subsequently, the Exchange filed to extend the lapsed Fee Cap
Program from February 19, 2008 through February 1, 2009.\3\ This filing
would permit the Fee Cap Program effectively to be in effect without
interruption.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 57401 (February 29,
2008), 73 FR 12233 (March 6, 2008) (SR-Amex-2008-12).
---------------------------------------------------------------------------
The Fee Cap Program provides that specialists, registered options
traders, non-member market makers, firms, and member and non-member
broker-dealers option transaction, comparison and floor brokerage fees
are limited to an aggregate fee of $100 for all dividend strategies,
merger spreads, and short stock interest spreads executed on the same
trading day in the same option class.\4\ Additionally, such fees are
also limited to $12,500 per month per initiating firm.
---------------------------------------------------------------------------
\4\ These fees are charged only to Exchange members.
---------------------------------------------------------------------------
To date, the Exchange believes that the current Fee Cap Program has
been beneficial, and submits that the retroactive application from
February 2, 2008 through February 18, 2008 is warranted so that the Fee
Cap Program effectively operates without interruption.
Accordingly, the proposal seeks to retroactively apply the Fee Cap
Program from February 2, 2008 through February 18, 2008.
2. Statutory Basis
The Exchange submits that the proposed fee change is consistent
with Section 6(b)(4) of the Act \5\ regarding the equitable allocation
of reasonable dues, fees, and other charges among exchange members and
other persons using exchange facilities. The Exchange believes that the
proposed retroactive application of the current Fee Cap Program is
beneficial to market participants by providing an uninterrupted Fee Cap
Program.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
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 with respect to the
proposed rule change.
III. 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 at https://
www.sec.gov/rules/sro.shtml; or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-Amex-2008-19 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 No. SR-Amex-2008-19. 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 at 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 office of the Exchange. All
[[Page 15230]]
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 No. SR-Amex-2008-19 and should be
submitted on or before April 11, 2008.
IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change.
After careful consideration, the Commission finds that the
Exchange's proposal to retroactively apply the Fee Cap Program from
February 2, 2008 through February 18, 2008 is consistent with the
requirements of the Section 6 of the Act \6\ and the rules and
regulations thereunder applicable to a national securities exchange.\7\
In particular, the Commission believes that the proposed rule change is
consistent with Section 6(b)(4) of the Act, which requires, among other
things, that the rules of a national securities exchange provide for
the equitable allocation of reasonable dues, fees, and other charges
among its members and issuers and other persons using its
facilities.\8\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f.
\7\ In approving this proposed rule change, the Commission has
considered its impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
\8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Amex has requested that the Commission find good cause for
approving the proposed rule change prior to the thirtieth day after
publication of the notice thereof in the Federal Register. The
Commission believes that granting accelerated approval of the proposal
will allow the Amex to continue to operate the Fee Cap Program on an
uninterrupted basis and thus, should benefit market participants by
ensuring continuity of the Exchange's rules. The Commission notes that
no comments were received in connection with the approval of the Fee
Cap Program and no comments have been received during the operation of
the Fee Cap Program. Accordingly, the Commission finds good cause,
pursuant to Section 19(b)(2) of the Act,\9\ for approving the proposed
rule change prior to the thirtieth day after publication of the notice
thereof in the Federal Register.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change, (SR-Amex-2008-19), is hereby
approved on an accelerated basis.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(2).
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. E8-5694 Filed 3-20-08; 8:45 am]
BILLING CODE 8011-01-P
