Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Program for the Allocation and Performance Evaluation Procedures for Securities Admitted to Dealings on an Unlisted Basis, 19121-19122 [E8-7311]
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Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57604; File No. SR–Amex–
2008–27]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change to Extend
the Pilot Program for the Allocation
and Performance Evaluation
Procedures for Securities Admitted to
Dealings on an Unlisted Basis
April 2, 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 20,
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 Exchange.
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 Exchange seeks a one-year
extension of its allocations and
performance evaluation procedures for
securities admitted to dealings on an
unlisted trading privileges (‘‘UTP’’)
basis to permit these pilot programs to
remain in effect.
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.amex.com), at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
pwalker on PROD1PC71 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
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.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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16:09 Apr 07, 2008
Jkt 214001
19121
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
1. Purpose
No written comments were solicited
or received with respect to the proposed
rule change.
The Exchange is proposing to extend
the pilot program for its allocations and
performance evaluation procedures for
securities admitted to dealings on a UTP
basis (the ‘‘Pilot Program’’) from April 6,
2008 through and including April 6,
2009. The text of the rules would
remain unchanged.
The Commission originally approved
the Exchange’s Pilot Program through
two independent approval orders.3 In
2003, the Pilot Program was
subsequently extended through October
5, 20034 and April 5, 2004.5 In 2004, the
Pilot Program was extended through
April 6, 2005.6 In 2005, the program was
extended through April 6, 2006.7 In
2006, the Pilot Program was extended
through April 6, 2007.8 In 2007, the
pilot was extended through April 6,
2008.9
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6 of the Act10 in general and
furthers the objectives of Section
6(b)(5)11 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 engaged in
facilitating transactions in securities,
and to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system.
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.
3 See Securities Exchange Act Release Nos. 45698
(April 5, 2002), 67 FR 18051 (April 12, 2002) (SR–
Amex–2001–107) and 46750 (October 30, 2002), 67
FR 67880 (November 7, 2002) (SR–Amex–2002–19).
4 See Securities Exchange Act Release No. 47779
(May 1, 2003), 68 FR 24777 (May 8, 2003).
5 See Securities Exchange Act Release No. 48657
(October 17, 2003), 68 FR 61025 (October 24, 2003).
6 See Securities Exchange Act Release No. 49613
(April 26, 2004), 69 FR 24204 (May 3, 2004).
7 See Securities Exchange Act Release No. 52004
(July 8, 2005), 70 FR 41061 (July 15, 2005).
8 See Securities Exchange Act Release No. 53649
(April 13, 2006), 71 FR 20425 (April 20, 2006).
9 See Securities Exchange Act Release No. 55602
(April 9, 2007), 72 FR 18698 (April 13, 2007).
10 15 U.S.C. 78f.
11 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective immediately pursuant to
Section 19(b)(3)(A)(iii) of the Act12 and
Rule 19b–4(f)(6) thereunder13 because it
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; or (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate.14
Amex has requested that the
Commission waive the 30-day operative
delay pursuant to Rule 19b–4(f)(6)(iii).15
The Commission believes that waiving
the 30-day operative delay is consistent
with the protection of investors and the
public interest because it will allow the
benefits of the Pilot Program to continue
without interruption. Therefore, the
Commission designates the proposal to
be operative upon filing with the
Commission.16
At any time within 60 days of the
filing of such proposed rule change, the
Commission may summarily abrogate
the 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 the 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:
12 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
14 Rule 19b–4(f)(6) also requires the selfregulatory organization to give the Commission
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 designed by the
Commission. The Exchange has satisfied this
requirement.
15 17 CFR 240.19b–4(f)(6)(iii).
16 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
13 17
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19122
Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
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–2008–27 on the subject
line.
Paper Comments
pwalker on PROD1PC71 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.
All submissions should refer to File
Number SR–Amex–2008–27. 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 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–2008–27 and should
be submitted on or before April 29,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7311 Filed 4–7–08; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
the most significant parts of such
statements.
[Release No. 34–57602; File No. SR–CBOE–
2008–35]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Increase the Class
Quoting Limit in One Option Class
April 2, 2008.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on March 28, 2008, the Chicago Board
Options Exchange, Incorporated
(‘‘CBOE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared by the CBOE. The Exchange
has designated this proposal as one
constituting a stated policy, practice, or
interpretation with respect to the
meaning, administration, or
enforcement of an existing rule under
Section 19(b)(3)(A)(i) of the Act,3 and
Rule 19b–4(f)(1) 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 Exchange proposes to increase
the class quoting limit in one option
class. The text of the proposed rule
change is available on CBOE’s Web site
(https://www.cboe.org/legal), at the
CBOE’s Office of the Secretary, 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(i).
4 17 CFR 240.19b–4(f)(1).
BILLING CODE 8011–01–P
2 17
17 17
CFR 200.30–3(a)(12).
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Fmt 4703
Sfmt 4703
1. Purpose
CBOE Rule 8.3A, Maximum Number
of Market Participants Quoting
Electronically per Product, establishes
class quoting limits (‘‘CQLs’’) for each
class traded on the Hybrid Trading
System or Hybrid 2.0 Platform.5 A CQL
is the maximum number of quoters that
may quote electronically in a given
product and Rule 8.3A, Interpretation
.01(a) provides that the current levels
are generally established at 50.
In addition, Rule 8.3A, Interpretation
.01(b) provides a procedure by which
the President of the Exchange may
increase the CQL for an existing or new
product. In this regard, the President of
the Exchange may increase the CQL in
exceptional circumstances, which are
defined in the rule as ‘‘substantial
trading volume, whether actual or
expected.’’ 6 The effect of an increase in
the CQL is procompetitive in that it
increases the number of market
participants that may quote
electronically in a product. The purpose
of this filing is to increase the CQL in
the option class Visa, Inc. (V) from its
current limit of 60 to 70.7
CBOE anticipates that there will be
substantial trading volume in this class.
In addition, increasing the CQL to 70
will accommodate Market-Makers that
are currently on the wait-list to be
appointed to the option class. Increasing
the CQL in this option will enable the
Exchange to enhance the liquidity
offered, thereby offering deeper and
more liquid markets. Lastly, CBOE
represents that it has the systems
capacity to support this increase in the
CQL.
2. Statutory Basis
Accordingly, CBOE believes the
proposed rule change is consistent with
the Act and the rules and regulations
under the Act applicable to a national
securities exchange and, in particular,
the requirements of Section 6(b) of the
Act.8 Specifically, the Exchange
believes the proposed rule change is
5 See
Rule 8.3A.01.
actions taken by the President of the
Exchange pursuant to this paragraph will be
submitted to the SEC in a rule filing pursuant to
Section 19(b)(3)(A) of the Exchange Act.’’ Rule
8.3A.01(b).
7 CBOE recently increased the CQL in V from 50
to 60. See Securities Exchange Act Release No.
57582 (March 31, 2008) (SR–CBOE–2008–34).
8 15 U.S.C. 78(f)(b).
6 ‘‘Any
E:\FR\FM\08APN1.SGM
08APN1
]]>Agencies
[Federal Register Volume 73, Number 68 (Tuesday, April 8, 2008)]
[Notices]
[Pages 19121-19122]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7311]
[[Page 19121]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57604; File No. SR-Amex-2008-27]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Extend the Pilot Program for the Allocation and Performance Evaluation
Procedures for Securities Admitted to Dealings on an Unlisted Basis
April 2, 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 20, 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 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 seeks a one-year extension of its allocations and
performance evaluation procedures for securities admitted to dealings
on an unlisted trading privileges (``UTP'') basis to permit these pilot
programs to remain in effect.
The text of the proposed rule change is available on the Exchange's
Web site (https://www.amex.com), at the Exchange's principal office, 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 is proposing to extend the pilot program for its
allocations and performance evaluation procedures for securities
admitted to dealings on a UTP basis (the ``Pilot Program'') from April
6, 2008 through and including April 6, 2009. The text of the rules
would remain unchanged.
The Commission originally approved the Exchange's Pilot Program
through two independent approval orders.\3\ In 2003, the Pilot Program
was subsequently extended through October 5, 2003\4\ and April 5,
2004.\5\ In 2004, the Pilot Program was extended through April 6,
2005.\6\ In 2005, the program was extended through April 6, 2006.\7\ In
2006, the Pilot Program was extended through April 6, 2007.\8\ In 2007,
the pilot was extended through April 6, 2008.\9\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release Nos. 45698 (April 5,
2002), 67 FR 18051 (April 12, 2002) (SR-Amex-2001-107) and 46750
(October 30, 2002), 67 FR 67880 (November 7, 2002) (SR-Amex-2002-
19).
\4\ See Securities Exchange Act Release No. 47779 (May 1, 2003),
68 FR 24777 (May 8, 2003).
\5\ See Securities Exchange Act Release No. 48657 (October 17,
2003), 68 FR 61025 (October 24, 2003).
\6\ See Securities Exchange Act Release No. 49613 (April 26,
2004), 69 FR 24204 (May 3, 2004).
\7\ See Securities Exchange Act Release No. 52004 (July 8,
2005), 70 FR 41061 (July 15, 2005).
\8\ See Securities Exchange Act Release No. 53649 (April 13,
2006), 71 FR 20425 (April 20, 2006).
\9\ See Securities Exchange Act Release No. 55602 (April 9,
2007), 72 FR 18698 (April 13, 2007).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act\10\ in general and furthers the objectives of
Section 6(b)(5)\11\ 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 engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f.
\11\ 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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective immediately pursuant
to Section 19(b)(3)(A)(iii) of the Act\12\ and Rule 19b-4(f)(6)
thereunder\13\ because it does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate.\14\
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ Rule 19b-4(f)(6) also requires the self-regulatory
organization to give the Commission 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
designed by the Commission. The Exchange has satisfied this
requirement.
---------------------------------------------------------------------------
Amex has requested that the Commission waive the 30-day operative
delay pursuant to Rule 19b-4(f)(6)(iii).\15\ The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because it will allow
the benefits of the Pilot Program to continue without interruption.
Therefore, the Commission designates the proposal to be operative upon
filing with the Commission.\16\
---------------------------------------------------------------------------
\15\ 17 CFR 240.19b-4(f)(6)(iii).
\16\ For purposes only of waiving the 30-day operative delay of
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 such proposed rule
change, the Commission may summarily abrogate the 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 the 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:
[[Page 19122]]
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-2008-27 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2008-27. 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 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-2008-27 and should be
submitted on or before April 29, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Florence E. Harmon,
Deputy Secretary.
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-7311 Filed 4-7-08; 8:45 am]
BILLING CODE 8011-01-P
