Federal Register / Vol. 66, No. 104 / Wednesday, May 30, 2001 / Notices 29369

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

3See Securities Exchange Act Release No. 44166

(April 6, 2001), 66 FR 19591.

4 In approving this proposed rule change, the

Commission notes that it has considered the

proposed rule’s impact on efficiency, competition,

and capital formation. 15 U.S.C. 78c(f).

5 15 U.S.C. 78f.

6 15 U.S.C. 78f(b)(4).

7 15 U.S.C. 78s(b)(2).

8 17 CFR 200.30–3(a)(12).

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

3 17 CFR 240.19b–4(f)(6).

4See Securities Exchange Act Release No. 40969

(January 22, 1999), 64 FR 49111 (February 1, 1999)

(approving SR–CBOE–99–23). (‘‘Approval Order’’)

5See Securities Exchange Act Release No. 43867

(January 22, 2001), 66 FR 8250 (January 30, 2001)

(approving SR–CBOE–01–01).

6By separate filing (SR–CBOE–2001–22), CBOE

requests permanent approval of the Pilot Program.

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44256A; File No. SR–

Amex–2001–24]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of a Proposed Rule Change by the

American Stock Exchange LLC

Relating to Independent Director and

Audit Committee Requirements

May 23, 2001.

Correction

In FR Document 01–11801 beginning

on page 23955 for Thursday, May 10,

2001, the date for File No. SR–2001–24

should read May 4, 2001.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–13474 Filed 5–29–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44337; File No. SR–Amex–

2001–15]

Self-Regulatory Organizations; Order

Granting Approval to Proposed Rule

Change by the American Stock

Exchange LLC Relating to Its Annual

Electronic Access Fee

May 22, 2001.

On March 9, 2001, the American

Stock Exchange LLC (‘‘Exchange’’) filed

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to section 19(b)(1) of the Securities

Exchange Act of 1934 (‘‘Act’’) 1 and Rule

19b–4 thereunder,2 the proposed rule

change to (i) amend Article VII of the

Exchange Constitution by deleting the

requirement that the annual electronic

access fee be fixed by the Board of

Governors based on a given formula;

and (ii) set the year 2001 electronic

access fee at $61,363.00.

The proposed rule change was

published for comment in the Federal

Register on April 16, 2001.3 The

Commission received no comments on

the proposal.

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder

applicable to a national securities

exchange 4 and, in particular, the

requirements of section 6 of the Act 5

and the rules and regulations

thereunder. The Commission finds

specifically that the proposed rule

change is consistent with section 6(b)(4)

of the Act 6 because it is designed to

provide for the equitable allocation of

reasonable dues, fees and other charges

among Exchange members and issuers

and other persons using Exchange

facilities.

It Is Therefore Ordered, pursuant to

section 19(b)(2) of the Act,7 that the

proposed ruled change (File No. SR–

Amex–2001–15) be, and it hereby is,

approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–13531 Filed 5–29–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44335; File No. SR–CBOE–

2001–26]

Self-Regulatory Organizations; Notice

Filing and Immediate Effectiveness of

Proposed Rule Change by the Chicago

Board Options Exchange, Incorporated

Relating to a Four Month Extension of

the Pilot Program To Eliminate

Position and Exercise Limits for FLEX

Equity Options

May 22, 2001.

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 May 21,

2001, the Chicago Board Options

Exchange, Incorporated (‘‘CBOE’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission (‘‘SEC’’ or

‘‘Commission’’) the proposed rule

change as described in Items I, II, and

III below, which Items have been

prepared by the CBOE. The proposed

rule change has been filed by the CBOE

as a ‘‘non-controversial’’ rule change

under Rule 19–4(f)(6).3 The Commission

is publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Exchange seeks a four month

extension of the pilot program that

provides for the elimination of position

and exercise limits for S&P 100 Index

(‘‘OEX’’), S&P 500 Index (‘‘SPX’’), and

Dow Jones Industrial Average (‘‘DJX’’)

index options as well as for FLEX

options overlying these indexes. The

text of the proposed rule change is

available at the Office of the Secretary,

CBOE 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

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 parts of such

statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

On January 22, 1999, the Commission

approved a two-year pilot program

(‘‘Pilot Program’’) that allowed for the

elimination of position and exercise

limits for options on the SPX, OEX, and

DJX as well as for FLEX options

overlying these indexes.4 By order dated

January 30, 2001, the Commission

extended the Pilot Program until May

22, 2001.5 The purpose of this proposed

rule change is to request a four-month

extension of the Pilot Program until

September 22, 2001 to allow the

Commission additional time to consider

the Exchange’s separate application for

permanent approval of the Pilot

Program.6

The Approval Order required the

Exchange to submit a report to the

Commission on the status of the Pilot

Program so that the Commission could

use this information to evaluate any

consequences of the program and to