71 FR 43 pg. 11250 - Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change Relating to Specialist Clerks
Type: NOTICEVolume: 71Number: 43Page: 11250
Docket number: [Release No. 34-53386; File No. SR-Amex-2005-110]
FR document: [FR Doc. E6-3112 Filed 3-3-06; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53386; File No. SR-Amex-2005-110]
Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change Relating to Specialist Clerks
February 28, 2006.
On October 31, 2005, the American Stock Exchange LLC ("Amex" or "Exchange") filed with the Securities and Exchange Commission ("Commission"), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1and Rule 19b-4 thereunder,2a proposal to amend Amex Rule 184 to require specialists and specialist units to employ an adequate number of clerks to enable the specialist unit to efficiently handle actual and reasonably anticipated trading volume in the specialist unit's registered securities. The proposed rule change was published for comment in the Federal Register on January 23, 2006.3The Commission received no comments regarding the proposal. This order approves the proposed rule change.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
3 See Securities Exchange Act Release No. 53123 (January 13, 2006), 71 FR 3567.
After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.4In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act,5which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, 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.
Footnotes:
4 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
5 15 U.S.C. 78f(b)(5).
The Commission believes that the proposed rule change, by requiring specialists and specialist units to employ an adequate number of clerks, is designed to help enable Exchange specialists and specialist units to handle efficiently the trading volume in the specialist unit's registered securities and to meet their regulatory responsibilities with respect to their specialist activities.
It is therefore ordered, pursuant to section 19(b)(2) of the Act,6that the proposed rule change (SR-Amex-2005-110) isapproved.
Footnotes:
6 15 U.S.C. 78s(b)(2).
7 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.7
Nancy M. Morris,
Secretary.
[FR Doc. E6-3112 Filed 3-3-06; 8:45 am]
BILLING CODE 8010-01-P