[Federal Register: March 13, 2008 (Volume 73, Number 50)]
[Notices]
[Page 13591-13595]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13mr08-91]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57451; File No. SR-Amex-2007-131]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto
Relating to Generic Listing Standards for Index Multiple Fund Shares
and Index Inverse Fund Shares
March 7, 2008.
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 20, 2007, 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 substantially prepared by the
Exchange. On February 29, 2008, the Exchange filed Amendment No. 1 to
the proposed rule change. The Commission is publishing this notice to
solicit comments on the proposed rule change, as amended, from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Amex proposes to revise Rule 1000A-AEMI and add new Commentary .01
to Rule 1002A to include generic listing standards for series of Index
Multiple Exchange Traded Fund Shares (``Multiple Fund Shares'') and
Index Inverse Exchange Traded Fund Shares (``Inverse Fund Shares'')
(collectively, the ``Fund Shares'').
The text of the rule proposal is available at Amex, the
Commission's Public Reference Room, and http://www.amex.com.
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.
[[Page 13592]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the definition of ``Index Fund
Share'' set forth in Amex Rule 1000A-AEMI(b)(2) for the purpose of
properly reflecting the fact that domestic equity, international or
global equity, or fixed income securities indexes or a combination
thereof may be used as the underlying performance benchmark for
Multiple Fund Shares and Inverse Fund Shares. In addition, the Exchange
proposes to revise Commentaries .02, .03 and .04 to Amex Rule 1000A-
AEMI and add new Commentary .01 to Amex Rule 1002A to permit the
listing and trading of Multiple Fund Shares and certain Inverse Fund
Shares pursuant to the Exchange's generic listing standards for Index
Fund Shares (``IFSs'').\3\ Specifically, the investment objective
associated with the Fund Shares must be expected to achieve investment
results, before fees and expenses, by a specified multiple (Multiple
Fund Shares) or inversely up to -200% (Inverse Fund Shares) of the
underlying performance benchmark domestic equity, international or
global equity and/or fixed income indexes, as applicable.
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\3\ Accordingly, this proposal will enable the Exchange to list
and trade Multiple Fund Shares and Inverse Fund Shares pursuant to
Rule 19b-4(e) of the Act, 17 CFR 240.19b-4(e), if each of the
conditions set forth in Commentaries .02, .03, .04 and .05 to Amex
Rule 1000A-AEMI, as applicable, are satisfied. See Commentaries
.02(a)(A) to Amex Rule 1000A-AEMI (Domestic Equity); .02(a)(B) to
Amex Rule 1000A-AEMI (International Equity); .02(a)(C) to Amex Rule
1000A-AEMI (Prior Approved Indexes); .03 to Amex Rule 1000A-AEMI
(Fixed Income); and .04 to Amex Rule 1000A-AEMI (Combination Indexes
of Domestic Equity, International Equity and/or Fixed Income).
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Background
Multiple Fund Shares seek to provide investment results, before
fees and expenses, that correspond to a specified multiple of the
percentage performance on a given day of a particular foreign, domestic
or fixed income securities index. Inverse Fund Shares seek to provide
investment results, before fees and expenses, that correspond to the
inverse (opposite) of the percentage performance on a given day of a
particular foreign, domestic or fixed income securities index by a
specified multiple. Multiple Fund Shares and Index Fund Shares differ
from traditional exchange-traded fund (``ETF'') shares in that they do
not merely correspond to the performance of a given securities index,
but rather attempt to match a multiple or inverse of such underlying
index performance. Current Multiple Fund Shares trading on the Exchange
include the ProShares Ultra Funds and Rydex Leveraged Funds while the
Inverse Fund Shares include the ProShares Short Funds, ProShares
UltraShort Funds, Rydex Inverse Funds and Rydex Leveraged Inverse
Funds.\4\
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\4\ See Securities Exchange Act Release Nos. 56713 (October 29,
2007), 72 FR 61915 (November 1, 2007) (SR-Amex-2007-74) (approving
the listing and trading of Rydex Leveraged Funds, Inverse Funds and
Leveraged Inverse Funds); 52553 (October 3, 2005), 70 FR 59100
(October 11, 2005) (SR-Amex-2004-62) (approving the listing and
trading of the ProShares Ultra Funds and Short Funds); 54040 (June
23, 2006), 71 FR 37629 (June 30, 2006) (SR-Amex-2006-41) (approving
the listing and trading of the ProShares UltraShort Funds); 55117
(January 17, 2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101)
(approving the listing and trading of Ultra, Short and UltraShort
Funds based on various indexes); 56592 (October 1, 2007), 72 FR
57364 (October 9, 2007) (SR-Amex-2007-60) (approving the listing and
trading of ProShares Ultra, Short and UltraShort Funds based on
various international indexes); and 56998 (December 19, 2007), 72 FR
73404 (December 27, 2007) (SR-Amex-2007-104) (approving the listing
and trading of ProShares Ultra, Short and UltraShort Funds based on
several fixed income indexes, among others). The ProShares Ultra
Funds and Rydex Leveraged Funds are expected to gain, on a
percentage basis, approximately twice (200%) as much as the
underlying benchmark index and should lose approximately twice
(200%) as much as the underlying benchmark index when such prices
decline. The ProShares Short Funds and Rydex Inverse Funds are
expected to achieve investment results, before fees and expenses,
that correspond to the inverse or opposite of the daily performance
(-100%) of an underlying benchmark index. Lastly, the ProShares
UltraShort Funds and Rydex Leveraged Inverse Funds are expected to
achieve investment results, before fees and expenses that correspond
to twice the inverse or opposite of the daily performance (-200%) of
the underlying benchmark index.
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In order to achieve investment results that provide either a
positive multiple or inverse of the benchmark index, Multiple Fund
Shares or Inverse Fund Shares may hold a combination of financial
instruments, including, but not limited to: stock index futures
contracts; options on futures; options on securities and indices;
equity caps, collars and floors; swap agreements; forward contracts;
repurchase agreements; and reverse repurchase agreements (the
``Financial Instruments''). Normally, 100% of the value of the
underlying portfolios for the Inverse Fund Shares will be devoted to
Financial Instruments and money market instruments, including U.S.
government securities and repurchase agreements (the ``Money Market
Instruments''). The underlying portfolios for Multiple Fund Shares may
consist of a combination of securities, Financial Instruments and Money
Market Instruments.
Generic Listing Standards
Amex Rules 1000A-AEMI and Rules 1001A through 1005A provide
standards for listing IFSs which are securities issued by an open-end
management investment company (open-end mutual fund) based on a
portfolio of securities that seeks to provide investment results that
correspond generally to the price and yield performance or total return
performance of a specified foreign or domestic securities index or
fixed income index. Pursuant to Amex Rule 1000A-AEMI and Amex Rules
1001A through 1005A, IFSs must be issued in a specified aggregate
minimum number in return for a deposit of specified securities and/or a
cash amount, with a value equal to the next determined net asset value
(``NAV''). When aggregated in the same specified minimum number, IFSs
must be redeemed by the issuer for the securities and/or cash, with a
value equal to the next determined NAV. Consistent with Amex Rule
1002A, the NAV is calculated once a day after the close of the regular
trading day.
Recent amendments adopting Amex Rule 1000A-AEMI(b)(2) contemplate
the listing and trading of Multiple Fund Shares and Inverse Fund
Shares, subject to Commission approval.\5\ The proposed revisions to
Commentaries .02, .03 and .04 to Amex Rule 1000A-AEMI would allow the
listing and trading of Multiple Fund Shares and Inverse Fund Shares
that sought to provide investment results, before fees and expenses, in
an amount not exceeding -200% of the underlying benchmark index
pursuant to Rule 19b-4(e) under the Act,\6\ where the other applicable
generic listing standards for IFSs are satisfied. In connection with
Inverse Funds that seek to provide investment results, before fees and
expenses, in an amount that exceeds -200% of the underlying benchmark
index, the Exchange's proposal would continue to require specific
Commission approval pursuant to Section 19(b)(2) of the Act.\7\ In
particular, Amex Rule 1000A-AEMI(b)(2)(iii) would expressly prohibit
Inverse Funds that seek to provide investment results, before fees and
expenses, in an amount that exceeds -200% of the underlying benchmark
index, from being approved by the Exchange for listing and trading
[[Page 13593]]
pursuant to Rule 19b-4(e) under the Act.\8\
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\5\ Commentaries .02, .03 and .04 to Amex Rule 1000A-AEMI, as
applicable, specifically require the Exchange to obtain Commission
approval to list and trade Multiple Funds and Inverse Funds based on
domestic equity, international or global equity and fixed income
securities indexes.
\6\ 17 CFR 240.19b-4(e).
\7\ 15 U.S.C. 78s(b)(2).
\8\ 17 CFR 240.19b-4(e).
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Current Amex Rule 1000A-AEMI(b)(2)(i), in pertinent part, defines
the term ``Index Fund Share'' as based on a specified foreign or
domestic stock index. In conjunction with the current proposal, the
Exchange proposes to amend this definition to include domestic equity,
international or global equity, or fixed income securities indexes and
combinations thereof as permissible underlying performance benchmarks.
The Exchange states that the proposed revision is consistent with
Commentary .04 to Amex Rule 1000A-AEMI reflecting the fact that
domestic equity, international or global equity, or fixed income
securities indexes or a combination thereof may be used as the
underlying performance benchmark for IFSs, including Multiple Fund
Shares and Inverse Fund Shares.
The Exchange believes that adopting generic listing and trading
standards for Multiple Fund Shares and Inverse Fund Shares based on
domestic equity, international or global equity and/or fixed income
securities indexes and applying Rule 19b-4(e) should fulfill the
intended objective of that Rule by allowing those IFSs that satisfy the
proposed standards to commence trading, without the need for
individualized Commission approval. The proposed rules have the
potential to reduce the time frame for bringing Multiple Fund Shares
and Inverse Fund Shares to market, thereby reducing the burdens on
issuers and other market participants.\9\
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\9\ The Exchange submits that the failure of a particular
Multiple Fund Share or Inverse Fund Share portfolio to comply with
the proposed generic listing and trading standards under Rule 19b-
4(e) would not, however, preclude the Exchange from submitting a
separate filing pursuant to Section 19(b)(2) requesting Commission
approval to list and trade a particular Multiple Fund Share or
Inverse Fund Share.
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The Commission has approved generic standards providing for the
listing and trading of derivative products pursuant to Rule 19b-4(e)
based on indexes previously approved by the Commission under Section
19(b)(2) of the Act.\10\ The Exchange notes that the generic listing
standards in Commentaries .02, .03 and .04 to Amex Rule 1000A-AEMI,
provide for indexes that have been approved by the Commission in
connection with the listing of options, Portfolio Depository Receipts,
Index Fund Shares, Index-Linked Exchangeable Notes or Index-Linked
Securities. The Exchange believes that the application of that standard
to Multiple Fund Shares and Inverse Fund Shares is appropriate because
the underlying securities index will have been subject to detailed and
specific Commission review in the context of the approval of listing of
other derivatives.\11\
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\10\ 15 U.S.C. 78s(b)(2). See Securities Exchange Act Release
Nos. 51563 (April 15, 2005), 70 FR 21257 (April 25, 2005) (SR-Amex-
2005-001) (Index-Linked Securities) and 55794 (May 22, 2007), 72 FR
29558 (May 29, 2007) (SR-Amex-2007-45) (Commodity-Linked and
Currency-Linked Securities).
\11\ See Securities Exchange Act Release Nos. 54739 (November 9,
2006), 71 FR 66993 (November 17, 2006) (SR-Amex-2006-78)
(International Generic Listing Standards); 42787 (May 15, 2000), 65
FR 33598 (May 24, 2000) (SR-Amex-2000-14) (US Generic Listing
Standards) and 55437 (March 9, 2007), 72 FR 12233 (March 15, 2007)
(SR-Amex-2006-118) (Fixed Income Generic Listing Standards).
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The Exchange notes that existing Amex Rule 1002A provides continued
listing standards for all IFSs. For example, where the value of the
underlying index or portfolio of securities on which the IFS is based
is no longer calculated or available, or in the event that the IFS
chooses to substitute a new index or portfolio for the existing index
or portfolio, the Exchange would commence delisting proceedings if the
new index or portfolio does not meet the requirements of and listing
standards set forth in Rule 1000A-AEMI. If an IFS chose to substitute
an index that did not meet any of the generic listing standards for
listing of IFSs pursuant to Rule 19b-4(e) of the Act,\12\ then for
continued listing and trading, approval by the Commission of a separate
filing pursuant to Section 19(b)(2) of the Act \13\ to list and trade
that IFS is required. In addition, the Exchange further notes that
existing Amex Rule 1002A(a)(ii) provides that, prior to approving an
IFS for listing, the Exchange will obtain a representation from the
issuer that the NAV per share will be calculated daily and made
available to all market participants at the same time.
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\12\ 17 CFR 240.19b-4(e).
\13\ 15 U.S.C. 78s(b)(2).
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The Exchange proposes to add new Commentary .01 to Amex Rule 1002A
to provide for the halt of trading for Multiple Fund Shares and Inverse
Fund Shares if the Exchange becomes aware that the open-end investment
company fails to properly disseminate the appropriate NAV to market
participants at the same time. In addition, the proposed Commentary
would also require a halt to trading if the open-end investment company
issuing the Fund Shares failed to provide daily public Web site
disclosure of its portfolio holdings. In particular, proposed
Commentary .01 to Amex Rule 1002A provides that the Exchange will halt
trading in a series of Multiple Fund Shares and/or Inverse Fund Shares
if the Exchange becomes aware that the open-end investment company
issuing the Fund Shares fails to disseminate the appropriate NAV to all
market participants at the same time and/or fails to provide daily
public Web site disclosure of its portfolio holdings.
Limitation on Leverage
Proposed Commentary .01 to Amex Rule 1002A provides that Multiple
Fund Shares and Inverse Fund Shares may be listed pursuant to the
generic listing standards set forth in Amex Rule 1000A-AEMI and the
related Commentaries with the limitation that for Inverse Fund Shares,
the underlying registered management investment company or fund must
seek to provide investment results, before fees and expenses, that
correspond inversely up to -200% of the percentage performance on given
day of a particular domestic equity, international equity or global or
fixed income securities indexes or a combination thereof. In connection
with Multiple Fund Shares, proposed Commentary .01 to Amex Rule 1002A
does not provide a similar limitation on leverage. Instead, the
proposal would permit the underlying registered management investment
company or fund to seek to provide investment results, before fees and
expenses, that correspond to any multiple, without limitation, of the
percentage performance on given day of a particular domestic equity,
international or global equity, or fixed income securities indexes or a
combination thereof.
Availability of Information about Fund Shares and Underlying Indexes
Proposed new Commentary .01 to Amex Rule 1002A provides that the
portfolio composition of a Fund will be disclosed on a public Web site.
Web site disclosure of portfolio holdings that will form the basis for
the calculation of the net asset value by the issuer of a series of
Multiple Fund Shares or Inverse Fund Shares will be made daily and will
include, as applicable, the identity and number of shares held of each
specific equity security, the identity and amount held of each fixed
income security, the specific types of Financial Instruments and
characteristics of such instruments, cash equivalents and amount of
cash held in the portfolio of a Fund. This public Web site disclosure
of the portfolio composition of a Fund, that will form the basis for
the calculation of the net asset value, will coincide with the
disclosure of the ``IIV
[[Page 13594]]
File'' \14\ and the ``PCF File.'' \15\ Therefore, the same portfolio
information (including accrued expenses and dividends) will be provided
on the public Web site as well as in the IIV File and PCF File provided
to ``Authorized Participants.'' \16\ The format of the public Web site
disclosure and the IIV File and PCF File may differ because the public
Web site will list all portfolio holdings that will form the basis for
the calculation of the net asset value while the IIV File and PCF File
will similarly provide the portfolio holdings but in a format
appropriate for Authorized Participants, i.e., the exact components of
a Creation Unit. Accordingly, investors will have access to the current
portfolio composition of a Fund through the Fund's Web site and/or at
the Exchange's Web site at http://www.amex.com.
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\14\ Because the NSCC's system for the receipt and dissemination
to its participants of the portfolio composition file ``PCF'' is not
currently capable of processing information with respect to
Financial Instruments, an ``IIV File'' has been developed which is
used to disclose a Funds' holdings of Financial Instruments. The IIV
File is posted to a password-protected Web site before the opening
of business on each business day, and all NSCC participants and the
Exchange have access to a password and the Web site containing the
IIV File.
\15\ The portfolio composition file or ``PCF'' for a Fund
includes the list of names and the required number of shares of each
deposit security as well as any cash information to be included in
the next trading day's Creation Unit. The information in the PCF
will be available to all participants in the NSCC system.
\16\ Authorized Participants are the only persons that may place
orders to create and redeem Creation Units. Authorized Participants
must be registered broker-dealers or other securities market
participants, such as banks and other financial institutions that
are exempt from registration as broker-dealers to engage in
securities transactions, who are participants in DTC.
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Trading Halts
Existing trading halt requirements for IFSs will apply to Multiple
Fund Shares and Inverse Fund Shares. In particular, Amex Rule
1002A(b)(ii) provides if the Intraday Indicative Value or the index
value applicable to that series of IFSs is not being disseminated as
required, the Exchange may halt trading during the day in which the
interruption to the dissemination of the Intraday Indicative Value or
the index value occurs. If the interruption to the dissemination of the
Intraday Indicative Value or the index value persists past the trading
day in which it occurred, the Exchange will halt trading no later than
the beginning of the trading day following the interruption.\17\
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\17\ If an IFS is traded on the Exchange pursuant to unlisted
trading privileges, the Exchange will halt trading if the primary
listing market halts trading in such IFS because the Intraday
Indicative Value and/or the index value is not being disseminated.
See Securities Exchange Act Release No. 55018 (December 28, 2006),
72 FR 1040 (January 9, 2007) (SR-Amex-2006-109).
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As set forth above, the Exchange is also proposing to adopt
Commentary .01 to Amex Rule 1002A to provide additional circumstances
for a halt in trading of the Fund Shares. Proposed Commentary .01 to
Amex Rule 1002A would require the Exchange to halt trading in a series
of Multiple Fund Shares and/or Inverse Fund Shares if the Exchange
becomes aware that the open-end investment company issuing the Fund
Shares fails to disseminate the NAV to all market participants at the
same time. Similarly, the proposed Commentary also provides for the
halt of trading in the Fund Shares if the Exchange becomes aware that
daily public Web site disclosure of portfolio holdings by the open-end
investment company issuing the Fund Shares does not occur. Pursuant to
the proposed Commentary, the Exchange may resume trading in the Fund
Shares only when the NAV is disseminated to all market participants at
the same time or daily public Web site disclosure of portfolio holding
is properly resumed, as appropriate.
In addition to other factors that may be relevant, the Exchange may
consider factors such as those set forth in Amex Rule 918C(b) in
exercising its discretion to halt or suspend trading in Multiple and/or
Inverse Fund Shares. These factors would include, but are not limited
to, (1) the extent to which trading is not occurring in securities
comprising an Underlying Index and/or the Financial Instruments of a
Multiple or Inverse Fund, or (2) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. In the case of the Financial Instruments held by a
Multiple or Inverse Fund, the Exchange represents that a notification
procedure will be implemented so that timely notice from the investment
adviser of such Multiple or Inverse Fund is received by the Exchange
when a particular Financial Instrument is in default or shortly to be
in default. Notification from the investment adviser will be made by
phone, facsimile or e-mail. The Exchange would then determine on a
case-by-case basis whether a default of a particular Financial
Instrument justifies a trading halt of the Multiple and/or Inverse Fund
Shares. Trading in Multiple and/or Inverse Fund Shares will also be
halted if the circuit breaker parameters under Amex Rule 117 have been
reached.
Suitability
Prior to commencement of trading, the Exchange will issue an
Information Circular to its members and member organizations providing
guidance with regard to member firm compliance responsibilities
(including suitability obligations) when effecting transactions in the
Fund Shares and highlighting the special risks and characteristics of
Multiple and Inverse Funds Shares as well as applicable Exchange rules.
This Information Circular will set forth the requirements relating
to Commentary .05 to Amex Rule 411 (Duty to Know and Approve
Customers). Specifically, the Information Circular will remind members
of their obligations in recommending transactions in the Shares so that
members have a reasonable basis to believe that (1) the recommendation
is suitable for a customer given reasonable inquiry concerning the
customer's investment objectives, financial situation, needs, and any
other information known by such member, and (2) the customer can
evaluate the special characteristics, and is able to bear the financial
risks, of such investment. In connection with the suitability
obligation, the Information Circular will also provide that members
make reasonable efforts to obtain the following information: (1) The
customer's financial status; (2) the customer's tax status; (3) the
customer's investment objectives; and (4) such other information used
or considered to be reasonable by such member or registered
representative in making recommendations to the customer.
2. Statutory Basis
The Exchange believes the rule proposal is consistent with the Act
and the rules and regulations thereunder applicable to a national
securities exchange and, in particular, the requirements of Section
6(b) of the Act.\18\ Specifically, the Exchange believes that the
proposed rule change is consistent with the requirements under Section
6(b)(5) of the Act \19\ that the rules of an exchange be 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,
processing information with respect to, and facilitating transaction in
securities, and, in general to protect investors and the public
interest. The Exchange believes that the ability to list and trade
Multiple and Inverse Fund
[[Page 13595]]
Shares pursuant to the existing generic listing standards applicable to
IFSs that do not have a multiple or inverse component would promote and
facilitate transactions in these securities, while at the same time
protecting investors and the public interest. In addition, the Exchange
submits that the proposal further seeks to facilitate transactions in
securities by easing unnecessary administrative and regulatory burdens
that do not exist for ETFs based on the same underlying indexes or
portfolios.
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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78f(b)(5).
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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 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
The Exchange neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which Amex consents, the Commission will:
A. By order approve such proposed rule change, or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
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-Amex-2007-131 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-2007-131. 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 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 the 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-2007-131 and should be
submitted on or before April 3, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-4983 Filed 3-12-08; 8:45 am]
BILLING CODE 8011-01-P