Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE Amex Rule 476 To Add a Provision for Violations Relating To Failing to Observe High Standards of Commercial Honor and Just and Equitable Principles of Trade, 10858-10860 [2010-4911]
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10858
Federal Register / Vol. 75, No. 45 / Tuesday, March 9, 2010 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change: (i) Does not significantly affect
the protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 16 and Rule 19b–
4(f)(6) thereunder.17
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–Phlx–2010–22 on the
subject line.
sroberts on DSKD5P82C1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–Phlx–2010–22. This file
16 15
U.S.C. 78s(b)(3)(A).
17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit to the Commission written notice of its
intent to file the proposed rule change, along with
a brief description and text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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19:04 Mar 08, 2010
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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 Web site viewing and
printing in the Commission’s Public
Reference Room 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–Phlx–2010–22 and should
be submitted on or before March 30,
2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4913 Filed 3–8–10; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61627; File No. SR–
NYSEAMEX–2010–11]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC Amending NYSE Amex Rule
476 To Add a Provision for Violations
Relating To Failing to Observe High
Standards of Commercial Honor and
Just and Equitable Principles of Trade
March 2, 2010.
Pursuant to Section 19(b)(1)1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on February
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
9, 2010, NYSE Amex LLC (the
‘‘Exchange’’ or ‘‘NYSE Amex’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. 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 amend
NYSE Amex Rule 476 to add a provision
for violations relating to failing to
observe high standards of commercial
honor and just and equitable principles
of trade. The text of the proposed rule
change is available at the Exchange, the
Commission’s Public Reference Room,
and https://www.nyse.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In this filing, NYSE Amex LLC
(‘‘NYSE Amex’’ or the ‘‘Exchange’’)
proposes to amend NYSE Amex Rule
476 to add a provision for violations
relating to failing to observe high
standards of commercial honor and just
and equitable principles of trade. The
Commission previously approved an
amendment to NYSE Amex Rule 476 to
delete subsection (a)(6), which
concerned just and equitable principles
of trade.4 The rationale for that deletion
was because NYSE Amex adopted an
equities rule—NYSE Amex Equities
Rule 2010—that provided for the same
content as the prior version of Rule
476(a)(6) and that harmonized the
Exchange rule with the New York Stock
18 17
1 15
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
4 See Securities Exchange [sic] Release No. 59975
(May 27, 2009) [sic], 74 FR 26449 (June 2, 2009)
(SR–NYSEAmex–2009–26) [sic].
E:\FR\FM\09MRN1.SGM
09MRN1
sroberts on DSKD5P82C1PROD with NOTICES
Federal Register / Vol. 75, No. 45 / Tuesday, March 9, 2010 / Notices
Exchange LLC (‘‘NYSE’’) and Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’) standards for just and
equitable principles of trade.
However, in deleting Rule 476(a)(6) as
part of the NYSE Amex equities
harmonization process, the Exchange
inadvertently deleted this standard for
its options trading platform.
Accordingly, the Exchange proposes to
amend Rule 476 to add subsection (a)(6)
to cover the same content that was
previously deleted. To ensure that the
standards for just and equitable
principles of trade are consistent across
the Exchange, NYSE, and FINRA, the
Exchange proposes to adopt rule text
that mirrors the standard set forth in
NYSE Amex Equities Rule 2010, which
is virtually identical to NYSE Rule 2010
and FINRA Rule 2010. As proposed,
NYSE Amex Rule 476(a)(6) would read
as follows: ‘‘failing to observe high
standards of commercial honor and just
and equitable principles of trade.’’
In adopting this revised rule text for
Rule 476(a)(6), the Exchange would also
be able to bring a charge relating to
failing to observe high standards of
commercial honor and just and
equitable principles of trade against not
only members and member
organizations, but also against principal
executives, approved persons, and
employees of member organizations.
This proposal is consistent with FINRA
Rule 2010 because under FINRA Rule
0140, persons associated with a FINRA
member have the same duties and
obligations as a member under FINRA
rules. Accordingly, FINRA has the
authority to charge an associated person
with a violation of Rule 2010. By adding
this standard to Rule 476(a)(6), the
Exchange will similarly have the
authority to charge an employee of a
member organization with a violation
relating to failing to observe high
standards of commercial honor and just
and equitable principles of trade.
To ensure full harmonization, the
Exchange also proposes amending Rule
476(a)(5) and deleting the phrase ‘‘fraud
or fraudulent acts’’ and replacing it with
the rule text from NYSE Amex Equities
Rule 2020 to provide that the Exchange
can bring charges against an employee
of a member organization for effecting
any transaction in, or inducing the
purchase or sale of, any security by
means of any manipulative, deceptive or
other fraudulent device or contrivance.
Finally, the Exchange proposes fixing
a typographical error and replacing the
term ‘‘principle’’ with ‘‘principal’’ in
connection with the rule text relating to
‘‘principal executives.’’
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19:04 Mar 08, 2010
Jkt 220001
2. Statutory Basis
The statutory basis for the proposed
rule change is Section 6(b)(5) of the
Act 5 which requires the rules of an
exchange to promote just and equitable
principles of trade, 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 proposed rule
change also is designed to support the
principles of Section 11A(a)(1) 6 of the
Act in that it seeks to assure fair
competition among brokers and dealers
and among exchange markets. The
Exchange believes this rule proposal
ensures that it will be enabled to charge,
as necessary, when a member, member
organization, principal executive,
approved person, or employee of a
member organization fails to observe
high standards of commercial honor and
just and equitable principles of trade, as
contemplated by the Act, or effects any
transaction in, or induces the purchase
or sale of, any security by means of any
manipulative, deceptive or other
fraudulent device or contrivance.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will 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 Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(6) thereunder.8 Because the
proposed rule change does not: (i)
significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
5 15
U.S.C. 78f(b)(5).
U.S.C. 78k–1(a)(1).
7 15 U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6).
6 15
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
10859
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6)9 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),10 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The
Commission notes that the proposed
rule change is restoring rule text that
was inadvertently deleted and is
providing the Exchange with the
authority to bring charges against an
employee of a member organization
under paragraphs (a)(5) and (a)(6) of
NYSEAmex Rule 476. The proposed
rule change does not raise any new
substantive issues and will harmonize
NYSE, NYSEAmex and Finra’s rules in
this regard. For these reasons, the
Commission believes that the waiver of
the 30-day operative date is consistent
with the protection of investors and the
public interest.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written
notice of its intent to file the proposed rule change,
along with a brief description and test of the
proposed rule change, at least 5 business days prior
to the date of filing of the proposed rule change, or
such shorter time as designated by the Commission.
The Commission notes that the Exchange has
satisfied the five-day pre-filing notice requirement.
10 17 CFR 240.19b–4(f)(6)(iii).
11 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. 15
U.S.C. 78c(f).
E:\FR\FM\09MRN1.SGM
09MRN1
10860
Federal Register / Vol. 75, No. 45 / Tuesday, March 9, 2010 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEAMEX–2010–11 on
the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEAMEX–2010–11. 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,12 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 Web site viewing and
printing in the Commission’s Public
Reference Section, 100 F Street, NE.,
Washington, DC 20549–1090. Copies of
the filing will also be available for
inspection and copying at the NYSE’s
principal office and on its Internet Web
site at https://www.nyse.com. 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–NYSEAMEX–2010–11 and
should be submitted on or before March
30, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–4911 Filed 3–8–10; 8:45 am]
sroberts on DSKD5P82C1PROD with NOTICES
BILLING CODE 8011–01–P
12 The
text of the proposed rule change is
available on the Commission’s Web site at https://
www.sec.gov/.
13 17 CFR 200.30–3(a)(12).
VerDate Nov<24>2008
19:04 Mar 08, 2010
Jkt 220001
DEPARTMENT OF STATE
[Public Notice 6437]
Announcement of a Meeting of the
International Telecommunication
Advisory Committee
SUMMARY: This notice announces a
meeting of the International
Telecommunication Advisory
Committee (ITAC) to prepare for an
April 19–30 meeting of International
Telecommunication Union (ITU)
Telecommunication Standardization
Sector (ITU–T) Study Group 13 (Future
networks including mobile and Next
Generation Networks).
The ITAC will meet by conference
call to prepare advice for the U.S.
government for the meeting of ITU–T
Study Group 13 (Future networks
including mobile and Next Generation
Networks) on March 26, 10 a.m.—noon
Eastern Time. Access to the conference
bridge may be obtained on request to the
ITAC Secretariat, minardje@state.gov or
at (202) 647–3234. This meeting is open
to the public and the public will have
an opportunity to provide comments at
this meeting. Any requests for
reasonable accommodation should be
made at least seven days before the
meeting. All such requests will be
considered; however, requests made
after that date might not be possible to
fulfill. Those desiring further
information on this meeting may contact
the Secretariat at minardje@state.gov or
at (202) 647–3234.
Dated: March 3, 2010.
James G. Ennis,
International Communications & Information
Policy, U.S. Department of State.
[FR Doc. 2010–4981 Filed 3–8–10; 8:45 am]
BILLING CODE 4710–07–P
DEPARTMENT OF TRANSPORTATION
Federal Transit Administration
Preparation of an Alternatives Analysis
and Environmental Impact Statement
for High Capacity Transit
Improvements for the Indianapolis
Northeast Corridor in the Indiana
Counties of Marion and Hamilton
AGENCY: Federal Transit Administration,
U.S. Department of Transportation.
ACTION: Notice of Intent to prepare an
Alternatives Analysis/Environmental
Impact Statement.
SUMMARY: The Federal Transit
Administration (FTA), the Central
Indiana Regional Transportation
Authority (CIRTA), the Indianapolis
Metropolitan Planning Organization
PO 00000
Frm 00107
Fmt 4703
Sfmt 4703
(Indianapolis MPO) and Indianapolis
Public Transportation Corporation
(IndyGo) intend to prepare an
Alternatives Analysis/Environmental
Impact Statement (AA/EIS) relating to
proposed high capacity transit
improvements in the Northeast Corridor
located in the Indiana counties of
Marion and Hamilton. The study area is
an approximately 23-mile long travel
corridor extending from downtown
Indianapolis to the northern parts of
Noblesville and includes the
communities of Carmel and Fishers.
Options to be considered include NoBuild, Transportation System
Management (TSM), Bus Rapid Transit
(BRT), and Commuter Rail. The AA/EIS
will be prepared in accordance with the
requirements of the National
Environmental Policy Act (NEPA) and
its implementing regulations. The AA/
EIS process provides opportunities for
the public to comment on the scope of
the EIS, including the project’s purpose
and need, the alternatives to be
considered, and the impacts to be
evaluated. The southern terminal of all
alternatives will be Union Station or an
adjacent transit center in downtown
Indianapolis.
The purpose of this notice is to alert
interested parties regarding the intent to
prepare the AA/EIS, to provide
information on the nature of the
proposed project and possible
alternatives, to invite public
participation in the AA/EIS process,
including comments on the scope of the
EIS as proposed in this notice, to
announce that public scoping meetings
will be conducted, and to identify
participating agency contacts. This
input will be used to assist
decisionmakers in determining a locally
preferred alternative (LPA) and Draft
Environmental Impact Statement (DEIS)
for the Northeast Corridor. Upon
selection of an LPA, the project
sponsors will request permission from
FTA to enter into preliminary
engineering per requirements of New
Starts regulations 49 CFR Part 611. The
Final Environmental Impact Statement
(FEIS) will be issued after FTA approves
entrance into preliminary engineering.
Dates, Times, and Locations:
Comment Due Date: Written comments
on the purpose and need for the
proposed improvements, and the scope
of alternatives and impacts to be
considered should be sent to the
Indianapolis MPO by April 30, 2010.
Public scoping meetings to accept
comments on the scope of the study will
be held on the following dates:
• Wednesday, March 17 from 7 p.m.
until 8:30 p.m. in the Julia Carson
Government Center located at 300 E Fall
E:\FR\FM\09MRN1.SGM
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]]>Agencies
[Federal Register Volume 75, Number 45 (Tuesday, March 9, 2010)]
[Notices]
[Pages 10858-10860]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4911]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61627; File No. SR-NYSEAMEX-2010-11]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Amending NYSE
Amex Rule 476 To Add a Provision for Violations Relating To Failing to
Observe High Standards of Commercial Honor and Just and Equitable
Principles of Trade
March 2, 2010.
Pursuant to Section 19(b)(1)\1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on February 9, 2010, NYSE Amex LLC (the ``Exchange'' or
``NYSE Amex'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been 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\ 15 U.S.C. 78a.
\3\ 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 NYSE Amex Rule 476 to add a
provision for violations relating to failing to observe high standards
of commercial honor and just and equitable principles of trade. The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, and https://www.nyse.com.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
In this filing, NYSE Amex LLC (``NYSE Amex'' or the ``Exchange'')
proposes to amend NYSE Amex Rule 476 to add a provision for violations
relating to failing to observe high standards of commercial honor and
just and equitable principles of trade. The Commission previously
approved an amendment to NYSE Amex Rule 476 to delete subsection
(a)(6), which concerned just and equitable principles of trade.\4\ The
rationale for that deletion was because NYSE Amex adopted an equities
rule--NYSE Amex Equities Rule 2010--that provided for the same content
as the prior version of Rule 476(a)(6) and that harmonized the Exchange
rule with the New York Stock
[[Page 10859]]
Exchange LLC (``NYSE'') and Financial Industry Regulatory Authority,
Inc. (``FINRA'') standards for just and equitable principles of trade.
---------------------------------------------------------------------------
\4\ See Securities Exchange [sic] Release No. 59975 (May 27,
2009) [sic], 74 FR 26449 (June 2, 2009) (SR-NYSEAmex-2009-26) [sic].
---------------------------------------------------------------------------
However, in deleting Rule 476(a)(6) as part of the NYSE Amex
equities harmonization process, the Exchange inadvertently deleted this
standard for its options trading platform. Accordingly, the Exchange
proposes to amend Rule 476 to add subsection (a)(6) to cover the same
content that was previously deleted. To ensure that the standards for
just and equitable principles of trade are consistent across the
Exchange, NYSE, and FINRA, the Exchange proposes to adopt rule text
that mirrors the standard set forth in NYSE Amex Equities Rule 2010,
which is virtually identical to NYSE Rule 2010 and FINRA Rule 2010. As
proposed, NYSE Amex Rule 476(a)(6) would read as follows: ``failing to
observe high standards of commercial honor and just and equitable
principles of trade.''
In adopting this revised rule text for Rule 476(a)(6), the Exchange
would also be able to bring a charge relating to failing to observe
high standards of commercial honor and just and equitable principles of
trade against not only members and member organizations, but also
against principal executives, approved persons, and employees of member
organizations. This proposal is consistent with FINRA Rule 2010 because
under FINRA Rule 0140, persons associated with a FINRA member have the
same duties and obligations as a member under FINRA rules. Accordingly,
FINRA has the authority to charge an associated person with a violation
of Rule 2010. By adding this standard to Rule 476(a)(6), the Exchange
will similarly have the authority to charge an employee of a member
organization with a violation relating to failing to observe high
standards of commercial honor and just and equitable principles of
trade.
To ensure full harmonization, the Exchange also proposes amending
Rule 476(a)(5) and deleting the phrase ``fraud or fraudulent acts'' and
replacing it with the rule text from NYSE Amex Equities Rule 2020 to
provide that the Exchange can bring charges against an employee of a
member organization for effecting any transaction in, or inducing the
purchase or sale of, any security by means of any manipulative,
deceptive or other fraudulent device or contrivance.
Finally, the Exchange proposes fixing a typographical error and
replacing the term ``principle'' with ``principal'' in connection with
the rule text relating to ``principal executives.''
2. Statutory Basis
The statutory basis for the proposed rule change is Section 6(b)(5)
of the Act \5\ which requires the rules of an exchange to promote just
and equitable principles of trade, 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
proposed rule change also is designed to support the principles of
Section 11A(a)(1) \6\ of the Act in that it seeks to assure fair
competition among brokers and dealers and among exchange markets. The
Exchange believes this rule proposal ensures that it will be enabled to
charge, as necessary, when a member, member organization, principal
executive, approved person, or employee of a member organization fails
to observe high standards of commercial honor and just and equitable
principles of trade, as contemplated by the Act, or effects any
transaction in, or induces the purchase or sale of, any security by
means of any manipulative, deceptive or other fraudulent device or
contrivance.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b)(5).
\6\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6)\9\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\10\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission notes that
the proposed rule change is restoring rule text that was inadvertently
deleted and is providing the Exchange with the authority to bring
charges against an employee of a member organization under paragraphs
(a)(5) and (a)(6) of NYSEAmex Rule 476. The proposed rule change does
not raise any new substantive issues and will harmonize NYSE, NYSEAmex
and Finra's rules in this regard. For these reasons, the Commission
believes that the waiver of the 30-day operative date is consistent
with the protection of investors and the public interest.\11\
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\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires that a self-regulatory organization submit to the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and test of the proposed rule
change, at least 5 business days prior to the date of filing of the
proposed rule change, or such shorter time as designated by the
Commission. The Commission notes that the Exchange has satisfied the
five-day pre-filing notice requirement.
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ 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. 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
[[Page 10860]]
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEAMEX-2010-11 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEAMEX-2010-11.
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,\12\ 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 Web site viewing and printing in the Commission's Public
Reference Section, 100 F Street, NE., Washington, DC 20549-1090. Copies
of the filing will also be available for inspection and copying at the
NYSE's principal office and on its Internet Web site at https://www.nyse.com. 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-
NYSEAMEX-2010-11 and should be submitted on or before March 30, 2010.
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\12\ The text of the proposed rule change is available on the
Commission's Web site at https://www.sec.gov/.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Deputy Secretary.
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\13\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2010-4911 Filed 3-8-10; 8:45 am]
BILLING CODE 8011-01-P
