73 FR 91 pgs. 26452-26453 - Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Roll-Out of the Amex Book Clerk Program
Type: NOTICEVolume: 73Number: 91Pages: 26452 - 26453
Docket number: [Release No. 34-57770; File No. SR-Amex-2008-37]
FR document: [FR Doc. E8-10340 Filed 5-8-08; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57770; File No. SR-Amex-2008-37]
Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Roll-Out of the Amex Book Clerk Program
May 2, 2008.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1and Rule 19b-4 thereunder,2notice is hereby given that on May 1, 2008, the American Stock Exchange LLC ("Exchange" or "Amex") 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 Exchange has designated this proposal as non-controversial under section 19(b)(3)(A)(iii) of the Act3and Rule 19b-4(f)(6) thereunder,4which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b-4(f)(6).
I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange seeks to extend the implementation period of the Amex Book Clerk ("ABC") program from May 2, 2008 through December 31, 2008. The text of the proposed rule change is available on the Exchange's Web site ( http://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 Commission recently approved the Exchange's proposed rule change (1) to eliminate the obligation and ability of an Exchange options specialist to act as an agent in connection with orders in his or her assigned options classes; and (2) to amend certain Exchange rules relating to the operation of the ABC program.5
Footnotes:
5 See Securities Exchange Act Release No. 56804 (November 16, 2007), 72 FR 66002 (November 26, 2007) (SR-Amex-2006-107) ("ABC Proposal").
Exchange Rule 995-ANTE originally provided that the roll-out of the ABC Proposal would occur over a six-month period ending on May 1, 2008. The Exchange herein proposes an extension of the roll-out period commencing on May 2, 2008 and ending on December 31, 2008. The Exchange submits that complexities associated with a proposed transaction with NYSE Euronext, Inc. have caused a delay in the original ABC Proposal roll-out schedule. The Exchange believes that an extension of the roll-out of the ABC Proposal through December 31, 2008 will allow the Exchange to complete the implementation and roll-out of the ABC Proposal in a reasonable and measured manner.
As set forth in the ABC Proposal and the Exchange's Regulatory Circular 2008-03 (January 23, 2008), during the roll-out period, options specialists who continue to operate the customer limit order book will continue to be subject to the same agency obligations as are currently provided under Amex Rules 950-ANTE(l) and 958-ANTE(e).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent with section 6(b)6of the Act in general and section 6(b)(5)7in 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 regulating, clearing, settling, and processing of information with respect to facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the proposed rule change is not designed to permit unfair discrimination between customers, issuers, brokers and dealers.
Footnotes:
6 15 U.S.C. 78f.
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 designated the proposed rule change as one that: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest.8Therefore, the foregoing rule change has become effective pursuant to section 19(b)(3)(A) of the Act9and subparagraph (f)(6) of Rule 19b-4 thereunder.10The Exchange has asked the Commission to waive the operative delay to permit the extension of the implementation period of the ABC program to become operative prior to the 30th day after filing, in order to allow the implementation period to continue without interruption.
Footnotes:
8 In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to provide 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 of the proposed rule change, or such shorter time as designated by the Commission. 17 CFR 240.19b-4(f)(6)(iii). The Exchange has fulfilled this requirement.
9 15 U.S.C. 78s(b)(3)(A).
10 17 CFR 240.19b-4(f)(6).
The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest and will allow the Exchange to extend the roll-out of the ABC program, which expired on May 1, 2008, without interruption.11Therefore, the Commission designates the proposal operative upon filing.
Footnotes:
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 the 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 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 No. SR-Amex-2008-37 on the subject line.
Paper Comments
• Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2008-37. 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 Commissions 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 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-2008-37 and should be submitted on or before May 30, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12
Footnotes:
12 17 CFR 200.30-3(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-10340 Filed 5-8-08; 8:45 am]
BILLING CODE 8010-01-P