[Federal Register: April 13, 2007 (Volume 72, Number 71)]
[Notices]
[Page 18698-18700]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13ap07-86]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-55602; File No. SR-Amex-2007-33]
Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Extension of the Allocation and Performance Evaluation
Procedures for Securities Admitted to Dealings on an Unlisted Basis
April 9, 2007.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on April 3, 2007, the American Stock Exchange LLC (the
``Amex'' or ``Exchange''), 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
Exchange. The Exchange has designated this proposal as non-
controversial under Section 19(b)(3)(A)(iii) of the Act \4\ and Rule
19b-4(f)(6) thereunder,\5\ which renders the proposed rule change
effective upon filing with the Commission. The Commission is publishing
this notice to solicit
[[Page 18699]]
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 15 U.S.C. 78s(b)(3)(A)(iii).
\5\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Amex seeks a one year extension of its allocations and performance
evaluation procedures for securities admitted to dealings on an
unlisted trading privileges (``UTP'') basis to permit these programs to
remain in effect while the Commission considers permanent approval of
these procedures.
The text of the proposed rule change is available on the Amex's Web
site at http://www.amex.com, the Exchange's Office of the Secretary,
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 changes 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 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to extend its allocations and performance
evaluation procedures for securities admitted to dealings on an
unlisted trading privileges basis (the ``Pilot Program'') from April 6,
2007 through and including April 6, 2008. The text of the rules shall
remain unchanged. The Commission previously approved, on a pilot basis,
the Exchange's allocation and performance evaluation procedures for
securities admitted to dealings on an unlisted trading privileges basis
through two independent approval orders.\6\ In 2003, the Pilot Program
was extended through October 5, 2003 \7\ and April 5, 2004.\8\ In 2004,
the Pilot Program was extended through April 6, 2005.\9\ In 2005, the
Pilot Program was extended through April 6, 2006.\10\ In 2006, the
Pilot Program was extended through April 6, 2007.\11\ The instant
proposed rule change makes no substantive change to the Pilot Program
other than to extend it through and including April 6, 2008.
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\6\ See Securities Exchange Act Release No. 45698 (April 5,
2002); 67 FR 18051 (April 12, 2002) (SR-Amex-2001-107) and 46750
(October 30, 2002), 67 FR 67880 (November 7, 2002) (SR-Amex-2002-
19).
\7\ See Securities Exchange Act Release No. 47779 (May 1, 2003),
68 FR 24777 (May 8, 2003).
\8\ See Securities Exchange Act Release No. 48657 (October 17,
2003), 68 FR 61025 (October 24, 2003).
\9\ See Securities Exchange Act Release No. 49613 (April 26,
2004); 69 FR 24204 (May 3, 2004).
\10\ See Securities Exchange Act Release No. 52004 (July 8,
2005); 70 FR 41061 (July 15, 2005) (retroactively reinstating the
Pilot Program to April 6, 2005, and extending it through and
including April 6, 2006).
\11\ See Securities Exchange Act Release No. 53649 (April 13,
2006); 71 FR 20425 (April 20, 2006).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act \12\ in general and furthers the objectives
of Section 6(b)(5) \13\ in 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 facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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\12\ 15 U.S.C. 78f.
\13\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule 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
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not: (1) Significantly affect
the protection of investors or the public interest; (2) impose any
significant burden on competition; and (3) become operative for 30 days
after the date of the filing, or such shorter time as the Commission
may designate if consistent with the protection of investors and the
public interest, the proposed rule change has become effective pursuant
to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6)
thereunder.\15\
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6).
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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.
A proposed rule change normally may not become operative prior to
30 days after the date of filing.\16\ However, Rule 19b-4(f)(6)(iii)
\17\ permits the Commission to designate a shorter time if such action
is consistent with the protection of investors and the public interest.
The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the 30 day
operative delay is consistent with the protection of investors and the
public interest because the proposed rule change would merely permit
the continuation of the Pilot Program in its current form on an
uninterrupted basis through and including April 6, 2008.\18\
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\16\ 17 CFR 240.19b-4(f)(6)(iii). Rule 19b-4(f)(6)(iii) requires
that a self-regulatory organization submit to the Commission 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. On
March 26, 2007, the Exchange provided such notice to the Commission
in the form of a draft version of the proposed rule change. Despite
providing such notice to the Commission, the Exchange subsequently
requested that the Commission waive the five-day prefiling
requirement. The Exchange's request to waive the five-day prefiling
requirement is moot given that the Exchange has satisfied it by
submitting the draft version of the proposed rule change.
\17\ 17 CFR 240.19b-4(f)(6)(iii).
\18\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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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. 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 e-mail to rule-comments@sec.gov. Please include File
Number SR-Amex-2007-33 on the subject line.
[[Page 18700]]
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-2007-33. 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. Copies of such
filing also will be available for inspection and copying at the
principal office of the Amex. 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-2007-33 and should be submitted by May 4, 2007.
For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-7054 Filed 4-12-07; 8:45 am]
BILLING CODE 8010-01-P