Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Operation of Its Pilot Program Regarding Minimum Value Sizes for Flexible Exchange Options, 17178-17180 [2011-7167]

Download as PDF 17178 Federal Register / Vol. 76, No. 59 / Monday, March 28, 2011 / Notices Number SR–NYSEArca–2011–10 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–NYSEArca–2011–10. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing 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 No. SR–NYSEArca– 2011–10 and should be submitted on or before April 18, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–7231 Filed 3–25–11; 8:45 am] Emcdonald on DSK2BSOYB1PROD with NOTICES BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64107; File No. SR– NYSEAmex–2011–15] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Operation of Its Pilot Program Regarding Minimum Value Sizes for Flexible Exchange Options March 22, 2011. 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 March 11, 2011, 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 its option trading rules to extend the operation of its pilot program (‘‘Pilot Program’’) regarding minimum value sizes for flexible exchange options (‘‘FLEX Options’’), currently scheduled to expire on March 28, 2011, until March 30, 2012. The text of the proposed rule change is available at the Exchange; on the Exchange’s Web site (http://www.nyse.com); on the Commission’s Web site at http:// www.sec.gov; and the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of 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. U.S.C. 78s(b)(1). 2 15 U.S.C. 78a. 3 17 CFR 240.19b–4. CFR 200.30–3(a)(12). VerDate Mar<15>2010 17:14 Mar 25, 2011 Jkt 223001 PO 00000 Frm 00076 Fmt 4703 1. Purpose The Exchange hereby proposes to amend its option trading rules to extend the operation of its Pilot Program regarding minimum value sizes for FLEX Options, currently scheduled to expire on March 28, 2011,4 until March 30, 2012. This filing does not propose any substantive changes to the Pilot Program and contemplates that all other terms of FLEX Options will remain the same. The Exchange believes that extending the Pilot Program will benefit public customers and other market participants who will be able to use FLEX Options to manage risk for smaller portfolios. In support of the proposed extension of the Pilot Program, and as required by the terms of the Pilot Program’s implementation,5 the Exchange has submitted to the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) a Pilot Program Report that provides an analysis of the Pilot Program covering the period during which the Pilot Program has been in effect. This Pilot Program Report includes (i) data and analysis on the open interest and trading volume in (a) FLEX Equity Options that have opening transactions with a minimum size of 0 to 249 contracts and less than $1 million in underlying value; (b) FLEX Index Options that have opening transactions with a minimum opening size of less than $10 million in underlying equivalent value; and (ii) analysis on the types of investors that initiated opening FLEX Equity and Index Options transactions (i.e., institutional, high net worth, or retail). The report has been submitted to the Commission on a confidential basis. The Exchange believes that there is sufficient investor interest and demand in the Pilot Program to warrant extension for an additional year. The Exchange believes that the Pilot Program has provided investors with additional means of managing their risk exposures and carrying out their investment objectives. The Exchange has not experienced any adverse market effects with respect to the Pilot Program. If, in the future, the Exchange proposes an additional extension of the Pilot Program, or should the Exchange propose to make the Pilot Program 4 See Securities Exchange Act Release No. 62084 (May 12, 2010), 75 FR 28091 (May 19, 2010) (SR– NYSEAmex–2010–40). 5 Id. 1 15 14 17 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change Sfmt 4703 E:\FR\FM\28MRN1.SGM 28MRN1 Federal Register / Vol. 76, No. 59 / Monday, March 28, 2011 / Notices permanent, the Exchange will submit, along with any filing proposing such amendments to the Pilot Program, an additional Pilot Program Report covering the period during which the Pilot Program was in effect and including the details referenced above, along with the nominal dollar value of the underlying security of each trade. The Pilot Program Report would be submitted to the Commission at least two months prior to the expiration date of the Pilot Program and would be provided on a confidential basis. The Exchange notes that any positions established under this Pilot Program would not be impacted by the expiration of the Pilot Program. For example, a 10-contract FLEX Equity Option opening position that overlies less than $1 million in the underlying security and expires in January 2015 could be established during the Pilot Program. If the Pilot Program were not extended, the position would continue to exist and any further trading in the series would be subject to the minimum value size requirements for continued trading in that series. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ‘‘Act’’),6 in general, and furthers the objectives of Section 6(b)(5),7 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. Specifically, the Exchange believes that the proposed extension of the Pilot Program, which eliminates the minimum value size applicable to FLEX Options, would provide greater opportunities for investors to manage risk through the use of FLEX Options. Further, the Exchange notes that it has not experienced any adverse effects from the operation of the Pilot Program. Emcdonald on DSK2BSOYB1PROD with NOTICES 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 8 and Rule 19b–4(f)(6) thereunder.9 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. The Exchange provided the Commission with 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 the proposed rule change. The Exchange has requested that the Commission waive the 30-day operative delay to permit the current pilot to continue uninterrupted. The Commission finds that waiver of the operative delay is consistent with the protection of investors and the public interest. The Commission notes in waiving the 30 day operative delay that NYSE Amex’s original pilot was published for comment in the Federal Register and the Commission did not receive any comments on the proposed rule change.10 Further, NYSE Amex is proposing to extend the existing pilot on the same terms and conditions as they were originally approved by the Commission. This includes, as described in more detail above, a representation that NYSE Amex will continue to monitor the pilot and submit certain interim reports during the extended pilot period, as well as a final report covering the pilot period should the Exchange decide to extend or file for permanent approval of the pilot. Finally, the Commission notes that the Exchange has represented that it has not experienced any adverse 8 15 6 15 7 15 U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b–4(f)(6). 10 See note 4, supra. U.S.C. 78f(b). U.S.C. 78f(b)(5). VerDate Mar<15>2010 17:14 Mar 25, 2011 Jkt 223001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 17179 market effects with respect to the pilot program. Based on the above, the Commission finds that it is consistent with investor protection and the public interest to waive the 30 day operative delay in accordance with Rule 19b–4(f)(6)(iii) so that the pilot can continue on an uninterrupted basis, and therefore designates the proposal operative upon filing.11 At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–NYSEAmex–2011–15 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–2011–15. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the 11 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). E:\FR\FM\28MRN1.SGM 28MRN1 17180 Federal Register / Vol. 76, No. 59 / Monday, March 28, 2011 / Notices 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, 100 F Street, NE., Washington, DC 20549–1090 on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing will also 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– NYSEAmex–2011–15 and should be submitted on or before April 18, 2011. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–7167 Filed 3–25–11; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [License No. 07/07–0113] Emcdonald on DSK2BSOYB1PROD with NOTICES C3 Capital Partners II, L.P.; Notice Seeking Exemption Under 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that C3 Capital Partners IT, L.P., 4520 Main Street, Suite 1600, Kansas City, Missouri, 64111–7700, a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under section 312 of the Act and section 107.730, Financings Which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) rules and regulations (13 CFR 107.730 (2006)). C3 Capital Partners IL, L.P., proposes to provide financing to Findett LLC, P.O. Box 0960, St. Charles, MO 63302–0960. The financing is contemplated to provide growth capital. The financing is brought within the purview of Sec. 107.730(a)(1) of the Regulations because C3 Capital Partners, L.P., an Associate of C3 Capital Partners II, L.P., currently owns greater than 10 percent of Findett LLC, and therefore, Findett LLC, is considered an Associate of C3 Capital Partners II, L.P. as defined in Sec. 105.50 of the regulations. Notice is hereby given that any interested person may submit written comments on the transaction, within 15 days, to the Associate Administrator for Investment, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416. Dated: March 14, 2011. Sean J. Greene, Associate Administrator for Investment. [FR Doc. 2011–7065 Filed 3–25–11; 8:45 am] BILLING CODE 8025–01–M SMALL BUSINESS ADMINISTRATION [License No. 04/04–0296] KLH Capital II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest Notice is hereby given that KLH Capital, L.P., 101 East Kennedy Boulevard, Suite 3925, Tampa, FL, 33602 a Federal Licensee under the Small Business Investment Act of 1958, as amended (‘‘the Act’’), in connection with the financing of a small concern, has sought an exemption under Section 312 of the Act and Section 107.730, Financings which Constitute Conflicts of Interest of the Small Business Administration (‘‘SBA’’) Rules and Regulations (13 CFR 107.730). KLH Capital, L.P., proposes to purchase securities of Energy Hardware Holdings, LLC, 2730 E. Phillips Road, Greer, SC 29650 from EH Holdings Associates, LLC. The financing is contemplated for growth and general corporate purposes. The financing is brought within the purview of § 107.730(a)(1) of the Regulations because EH Holdings Associates, LLC, is an Associate of KLH Capital, L.P., due to common ownership and control, and owns more than ten percent of Energy Hardware Holdings, LLC. Therefore, Energy Hardware Holdings, LLC and EH Holdings Associates, LLC, are considered Associates of KLH Capital, L.P., as defined in Sec. 105.50 of the regulations. Notice is hereby given that any interested person may submit written comments on the transaction to the Associate Administrator for Investment and Innovation, U.S. Small Business Administration, 409 Third Street, SW., Washington, DC 20416. Dated: March 7, 2011. Sean J. Greene, Associate Administrator for Investment and Innovation. [FR Doc. 2011–7066 Filed 3–25–11; 8:45 am] 12 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 17:14 Mar 25, 2011 BILLING CODE 8025–01–M Jkt 223001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 DEPARTMENT OF STATE [Public Notice 7327] Advisory Committee on International Economic Policy; Notice of Committee Renewal Renewal of an Advisory Committee. The Department of State has renewed the Charter of the Advisory Committee on International Economic Policy. The Committee serves in a solely advisory capacity concerning major issues and problems in international economic policy. The Committee provides information and advice on the effective integration of economic interests into overall foreign policy and on the Department of State’s role in advancing American economic and commercial interests in a competitive global economy. The Committee also appraises the role and limits of international economic institutions and advises on the formulation of U.S. economic policy and positions. This Committee includes representatives of American organizations and institutions having an interest in international economic policy, including representatives of American business, state and local government, labor unions, public interest groups, and trade and professional associations. The Committee meets at least annually to advise the Department on the full range of international economic policies and issues. For further information, please call Tiffany Enoch, Deputy Outreach Coordinator, Office of Economic Policy Analysis and Public Diplomacy, Bureau of Economic, Energy and Business Affairs, U.S. Department of State, at (202) 647–2231. Dated: March 1, 2011. Maryruth Coleman, Director, Office of Economic Policy Analysis and Public Diplomacy, Bureau of Economic, Energy and Business Affairs, U.S. Department of State. [FR Doc. 2011–7232 Filed 3–25–11; 8:45 am] BILLING CODE 4710–07–P TENNESSEE VALLEY AUTHORITY Meeting of the Regional Resource Stewardship Council Tennessee Valley Authority (TVA). ACTION: Notice of meeting. AGENCY: The TVA Regional Resource Stewardship Council (RRSC) will hold a meeting on Wednesday, April 27 and SUMMARY: E:\FR\FM\28MRN1.SGM 28MRN1

Agencies

[Federal Register Volume 76, Number 59 (Monday, March 28, 2011)]
[Notices]
[Pages 17178-17180]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-7167]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64107; File No. SR-NYSEAmex-2011-15]


Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Extend the 
Operation of Its Pilot Program Regarding Minimum Value Sizes for 
Flexible Exchange Options

March 22, 2011.
    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 March 11, 2011, 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 its option trading rules to extend 
the operation of its pilot program (``Pilot Program'') regarding 
minimum value sizes for flexible exchange options (``FLEX Options''), 
currently scheduled to expire on March 28, 2011, until March 30, 2012. 
The text of the proposed rule change is available at the Exchange; on 
the Exchange's Web site (http://www.nyse.com); on the Commission's Web 
site at http://www.sec.gov; and the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of 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
    The Exchange hereby proposes to amend its option trading rules to 
extend the operation of its Pilot Program regarding minimum value sizes 
for FLEX Options, currently scheduled to expire on March 28, 2011,\4\ 
until March 30, 2012. This filing does not propose any substantive 
changes to the Pilot Program and contemplates that all other terms of 
FLEX Options will remain the same. The Exchange believes that extending 
the Pilot Program will benefit public customers and other market 
participants who will be able to use FLEX Options to manage risk for 
smaller portfolios.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 62084 (May 12, 
2010), 75 FR 28091 (May 19, 2010) (SR-NYSEAmex-2010-40).
---------------------------------------------------------------------------

    In support of the proposed extension of the Pilot Program, and as 
required by the terms of the Pilot Program's implementation,\5\ the 
Exchange has submitted to the Securities and Exchange Commission 
(``SEC'' or ``Commission'') a Pilot Program Report that provides an 
analysis of the Pilot Program covering the period during which the 
Pilot Program has been in effect. This Pilot Program Report includes 
(i) data and analysis on the open interest and trading volume in (a) 
FLEX Equity Options that have opening transactions with a minimum size 
of 0 to 249 contracts and less than $1 million in underlying value; (b) 
FLEX Index Options that have opening transactions with a minimum 
opening size of less than $10 million in underlying equivalent value; 
and (ii) analysis on the types of investors that initiated opening FLEX 
Equity and Index Options transactions (i.e., institutional, high net 
worth, or retail). The report has been submitted to the Commission on a 
confidential basis.
---------------------------------------------------------------------------

    \5\ Id.
---------------------------------------------------------------------------

    The Exchange believes that there is sufficient investor interest 
and demand in the Pilot Program to warrant extension for an additional 
year. The Exchange believes that the Pilot Program has provided 
investors with additional means of managing their risk exposures and 
carrying out their investment objectives. The Exchange has not 
experienced any adverse market effects with respect to the Pilot 
Program.
    If, in the future, the Exchange proposes an additional extension of 
the Pilot Program, or should the Exchange propose to make the Pilot 
Program

[[Page 17179]]

permanent, the Exchange will submit, along with any filing proposing 
such amendments to the Pilot Program, an additional Pilot Program 
Report covering the period during which the Pilot Program was in effect 
and including the details referenced above, along with the nominal 
dollar value of the underlying security of each trade. The Pilot 
Program Report would be submitted to the Commission at least two months 
prior to the expiration date of the Pilot Program and would be provided 
on a confidential basis.
    The Exchange notes that any positions established under this Pilot 
Program would not be impacted by the expiration of the Pilot Program. 
For example, a 10-contract FLEX Equity Option opening position that 
overlies less than $1 million in the underlying security and expires in 
January 2015 could be established during the Pilot Program. If the 
Pilot Program were not extended, the position would continue to exist 
and any further trading in the series would be subject to the minimum 
value size requirements for continued trading in that series.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Securities Exchange Act of 1934 (the ``Act''),\6\ in general, and 
furthers the objectives of Section 6(b)(5),\7\ 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. 
Specifically, the Exchange believes that the proposed extension of the 
Pilot Program, which eliminates the minimum value size applicable to 
FLEX Options, would provide greater opportunities for investors to 
manage risk through the use of FLEX Options. Further, the Exchange 
notes that it has not experienced any adverse effects from the 
operation of the Pilot Program.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
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. The Exchange provided the Commission with 
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 the proposed rule 
change.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day 
operative delay to permit the current pilot to continue uninterrupted. 
The Commission finds that waiver of the operative delay is consistent 
with the protection of investors and the public interest. The 
Commission notes in waiving the 30 day operative delay that NYSE Amex's 
original pilot was published for comment in the Federal Register and 
the Commission did not receive any comments on the proposed rule 
change.\10\
---------------------------------------------------------------------------

    \10\ See note 4, supra.
---------------------------------------------------------------------------

    Further, NYSE Amex is proposing to extend the existing pilot on the 
same terms and conditions as they were originally approved by the 
Commission. This includes, as described in more detail above, a 
representation that NYSE Amex will continue to monitor the pilot and 
submit certain interim reports during the extended pilot period, as 
well as a final report covering the pilot period should the Exchange 
decide to extend or file for permanent approval of the pilot. Finally, 
the Commission notes that the Exchange has represented that it has not 
experienced any adverse market effects with respect to the pilot 
program.
    Based on the above, the Commission finds that it is consistent with 
investor protection and the public interest to waive the 30 day 
operative delay in accordance with Rule 19b-4(f)(6)(iii) so that the 
pilot can continue on an uninterrupted basis, and therefore designates 
the proposal operative upon filing.\11\
---------------------------------------------------------------------------

    \11\ For purposes only of waiving the 30-day operative delay, 
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 summarily may temporarily suspend 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSEAmex-2011-15 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-2011-15. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the

[[Page 17180]]

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, 100 F Street, NE., Washington, DC 20549-1090 on 
official business days between the hours of 10 a.m. and 3 p.m. Copies 
of the filing will also 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-NYSEAmex-2011-15 and should be submitted on or before 
April 18, 2011.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-7167 Filed 3-25-11; 8:45 am]
BILLING CODE 8011-01-P