[Federal Register: April 20, 2006 (Volume 71, Number 76)]
[Notices]
[Page 20425-20426]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20ap06-64]
[[Page 20425]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-53649; File No. SR-Amex-2006-29]
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 13, 2006.
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 April 6, 2006, 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 and
II below, which Items have been prepared by the Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The 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 Amex'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 Amex 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 is proposing to extend its allocations and performance
evaluation procedures for securities admitted to dealings on a UTP
basis from April 6, 2006 through and including April 6, 2007. The text
of the rules shall remain unchanged.
The Commission previously approved the Exchange's allocation and
performance evaluation procedures on a pilot basis through two
independent approval orders (``Pilots'').\3\ In 2003, the Pilots were
extended until October 5, 2003,\4\ and April 5, 2004.\5\ In 2004, the
Pilots were extended through April 6, 2005.\6\ In 2005, the Pilots were
extended through April 6, 2006.\7\ The instant proposed rule change
makes no substantive change to the Pilots other than to extend them
through April 6, 2007.\8\
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\3\ 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).
\4\ See Securities Exchange Act Release No. 47779 (May 1, 2003),
68 FR 24777 (May 8, 2003) (SR-Amex-2003-23).
\5\ See Securities Exchange Act Release No. 48657 (October 17,
2003), 68 FR 61025 (October 24, 2003) (SR-Amex-2003-87).
\6\ See Securities Exchange Act Release No. 49613 (April 26,
2004), 69 FR 24204 (May 3, 2004) (SR-Amex-2004-22).
\7\ See Securities Exchange Act Release No. 52004 (July 8,
2005), 70 FR 41061 (July 15, 2005) (SR-Amex-2005-043).
\8\ See e-mail from Nyieri Nazarian, Assistant General Counsel,
Amex, to Terri Evans, Special Counsel, Division of Market Regulation
(``Division''), Commission, dated April 10, 2006 (clarifying the
establishment of two Pilots, as well as the dates and citations of
prior extensions of the Pilots). The Amex also clarified that it was
not seeking retroactive approval of the proposed rule change.
Telephone conversation between Nyieri Nazarian, Assistant General
Counsel, Amex, and Terri Evans, Special Counsel, Division,
Commission, on April 10, 2006.
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with section 6 of the Act \9\ in general, and furthers the objectives
of section 6(b)(5) \10\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect investors and the public
interest.\11\
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Telephone conversation between Nyieri Nazarian, Assistant
General Counsel, Amex, and Terri Evans, Special Counsel, Division,
Commission, on April 10, 2006 (clarifying the statutory basis for
the proposed rule change).
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B. Self-Regulatory Organization's Statement on Burden on Competition
According to the Exchange, 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
No written comments were solicited or received by the Exchange on
this proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing 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, it has become
effective pursuant to section 19(b)(3)(A) of the Act \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
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The Amex has requested that the Commission waive the 5-day pre-
filing notice requirement and the 30-day operative delay. The
Commission is exercising its authority to waive the 5-day prefiling
requirement and believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest
since it will allow the Pilots to continue without interruption in
service to investors. For these reasons, the Commission designates the
proposal to be effective and operative upon filing with the
Commission.\14\ 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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\14\ For purposes only of waiving the operative delay of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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[[Page 20426]]
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-2006-29 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-Amex-2006-29. 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. 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-2006-29 and should be submitted on or before May 11, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-5919 Filed 4-19-06; 8:45 am]
BILLING CODE 8010-01-P