[Federal Register: November 28, 2003 (Volume 68, Number 229)]
[Notices]
[Page 66906-66908]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28no03-127]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-48814; File No. SR-Amex-2003-96]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange
LLC To Revise Its Registration Fees
November 20, 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 November 13, 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
Exchange has designated this proposal as one establishing or changing a
due, fee or other charge imposed by the self-regulatory organization
under Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which 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.
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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).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The American Stock Exchange LLC proposes to revise its registration
fees. The text of the proposed rule change is set forth below. Proposed
new language is in italics; proposed deletions are in [brackets].
* * * * *
Floor Fees and Booth Rental Fees. No change.
Member Fees. No change.
Registration and IDC Fees
[[Page 66907]]
I. Registration
Initial Processing Fee \(1)\--$145
Disclosure Processing Fee \(2)\--95
Annual Renewal Processing Fee \(3)\--80 [77]
Fingerprint Card Processing Fee \(4)\--35
Fingerprint Results Processed thru other \(5)\--13
Transfer Processing Fee \(6)\--125
Web CRD System Transition Fee \(7)\--85 (one time)
Terminations Fee \(8)\--35 [30] (one time)
II. Options IDC No change
Notes
\(1)\ The Initial Processing Fee will be assessed for all
initial and dual registration Form U-4 filings. $85.00 of this fee
will be retained by NASD as its CRD Processing Fee and $60.00 will
be disbursed by NASD to Amex as its Initial Registration Fee.
\(2)\ The Disclosure Processing Fee will be assessed in
connection with Forms U-4 and U-5 for all filings that contain new
or amended disclosure information. The $95.00 fee will be retained
by NASD as its Disclosure Processing Fee.
\(3)\ The Annual System Processing Fee will be assessed during
the yearly renewal cycle. $30.00 of this fee will be retained by
NASD as its Annual System Processing Fee assessed during renewals
and $50.00 [$47.00] will be disbursed by NASD to Amex as its Annual
Maintenance Fee.
\(4)\ The Fingerprint Processing Fee will be assessed for
receiving hard copy fingerprint cards as part of the registration
function and submitting and processing the results of each card
received. The $35.00 fee will be retained by NASD as its Fingerprint
Card Processing Fee.
\(5)\ The Fee for Posting Fingerprint Results Processed through
Other SROs will be assessed for processing the results of
fingerprints processed by the FBI through an SRO other than NASD.
The $13.00 fee will be retained by NASD.
\(6)\ The Transfer Processing Fee will be assessed for all
transfer and re-license Form U-4 filings. $85.00 of this fee will be
retained by NASD as its CRD Processing Fee and $40.00 will be
disbursed by NASD to Amex as its Transfer Fee.
\(7)\ The Web CRD System Transition Fee is a one time fee that
will be assessed on all individuals whose U-4s will be refiled
electronically with Web CRD as part of the Exchange's migration to
Web CRD. The $85.00 fee will be retained by NASD as its CRD
Processing Fee.
\(8)\ The Termination Fee will be assessed in connection with
all Form U-5 filings. This $35.00 [$30.00] fee will be disbursed by
NASD to Amex as its Terminations Fee.
Amex Equity Fee Schedule through Other Fees. (No change)
* * * * *
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 Exchange requires persons who perform specified functions for
members and member organizations to be registered with the Exchange.
The Exchange also requires members and member organizations to report
terminations of registered persons. All registration filings currently
are made through the NASD's Central Registration Depository system. As
a result, Amex registration fees typically reflect a combination of
Amex and NASD charges. The Amex and other self-regulatory organizations
use the registration process (1) to ensure that qualified persons are
employed in the securities industry, and (2) to identify possible
regulatory issues associated with individuals who seek to become
associated with a member or member organization or whose registration
is terminated.
The Exchange is proposing to increase the Amex portion of the
annual registration renewal fee and the Exchange's termination fee.
These increases would amount to $3.00 for the renewal fee and $5.00 for
the termination fee.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \5\ in general and furthers the objectives
of Section 6(b)(4) \6\ in particular in that it is designed to provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members, issuers and other persons using its
facilities.
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\5\ 15 U.S.C. 78f.
\6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes that the proposed fee change will impose no
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 proposed rule change has become immediately effective pursuant
to Section 19(b)(3)(A)(ii) of the Act,\7\ and subparagraph (f)(2) of
Rule 19b-4 thereunder,\8\ in that it establishes or changes a due, fee,
or other charge imposed by the self-regulatory organization. At any
time within 60 days of the filing of such 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.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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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 proposed rule
change 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.
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. Copies of such filing will also be
available for inspection and copying at the principal office of the
Exchange. All submissions should refer to File No. SR-Amex-2003-96 and
should be submitted by December 19, 2003.
[[Page 66908]]
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-29661 Filed 11-26-03; 8:45 am]
BILLING CODE 8010-01-P