[Federal Register: December 24, 2003 (Volume 68, Number 247)]
[Notices]
[Page 74663-74664]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24de03-140]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-48937; File No. SR-Amex-2003-109]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange
LLC To Correct a Numerical Error on a Previously Approved Proposed Rule
Change
December 17, 2003.
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 December 11, 2003, 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, II
and III below, which Items have been prepared by the Exchange. The Amex
has designated this proposal as one concerned solely with the
administration of the Amex pursuant to section 19(b)(3)(A)(iii) of the
Act,\3\ and Rule 19b-4(f)(3) \4\ thereunder, 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.
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\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)(3).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Amex proposes to change the rule number originally assigned to
Amex Rule 359 (Mandatory Continuing Education for all Floor Members and
Mandatory Continuing Education and Initial Test Requirements for Floor
Clerks of Members and Member Firms) to Amex Rule 359A. The Amex
proposes no substantive changes to the rule. The text of the proposed
rule change is available at the Amex and at the Commission.
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 its proposal and discussed any
comments it received regarding the proposal. The text of these
statements may be examined at the places specified in Item IV below.
The Amex 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 proposes to replace the rule number originally
assigned to Amex Rule 359 (Mandatory Continuing Education for all Floor
Members and Mandatory Continuing Education and Initial Test
Requirements for Floor Clerks of Members and Member Firms) in SR-Amex-
2003-06,\5\ and replace it with Amex Rule 359A. The same rule number
was chosen inadvertently in a subsequent proposed rule change after SR-
Amex-2003-06 was filed on January 31, 2003, and Amendment No. 1 was
filed on May 20, 2003. The other proposed rule change bearing a similar
rule number was approved ahead of SR-Amex-2003-06.
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\5\ Securities Exchange Act Release No. 48258 (July 30, 2003),
68 FR 46674 (August 6, 2003).
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2. Statutory Basis
The Exchange believes that the proposal is consistent with section
6(b) of the Act \6\ in general and furthers the objectives of section
6(b)(1) of the Act \7\ in particular in that it is designed to enforce
compliance by its members and persons associated with its members, with
the rules of the Exchange.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(1).
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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.
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 proposed rule change has become effective pursuant to section
19(b)(3)(A)(iii) of the Act \8\ and subparagraph (f)(3) of Rule 19b-4
thereunder,\9\ because it is concerned solely with the administration
of the Amex.\10\ 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.
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(3).
\10\ The Commission notes that the Amex referenced section
19(b)(3)(A)(ii) of the Act as the rationale for the instant proposed
rule change being effective upon filing with the Commission. 15
U.S.C. 78f(b)(3)(A)(ii). See SR-Amex-2003-109, page 6 of 7. The
Amex's reference to this section of the Act is improper. The
Commission assumes, however, that the error is a typographical
error, and did not, in this instance, require the Amex to amend the
proposed rule change to correct its mistake.
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposal is
consistent with the Act. Persons making written submissions should file
six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street, NW., Washington, DC 20549-0609. Comments
may also be submitted electronically at the following e-mail address:
rule-comments@sec.gov. All comment letters should refer to File No. SR-
Amex-2003-109. This file number should be included on the subject line
if e-mail is used. To help the Commission process and review comments
more efficiently, comments should be sent in hardcopy or by e-mail but
not by both methods. Copies of the
[[Page 74664]]
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. Copies of such filing will also be available for
inspection and copying at the principal office of the Amex. All
submissions should refer to file number SR-Amex-2003-109 and should be
submitted by January 14, 2004.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-31644 Filed 12-23-03; 8:45 am]
BILLING CODE 8010-01-P