[Federal Register Volume 70, Number 180 (Monday, September 19, 2005)]
[Notices]
[Pages 54971-54972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-18550]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52408; File No. SR-Amex-2005-024]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving Proposed Rule Change and Amendment No. 1 Thereto To Establish 
a Process for the Waiver, Deferral, or Rebate of Listing Fees for 
Certain Closed-End Funds

September 12, 2005.

I. Introduction

    On February 17, 2005, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change, pursuant to Section 19(b)(1) 
of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ to provide a process for the waiver, deferral, or rebate 
of listing fees for certain closed-end funds. On July 27, 2005, Amex 
amended the proposed rule change. The proposed rule change, as modified 
by Amendment No. 1, was published for comment in the Federal Register 
on August 11, 2005.\3\ The Commission received no comments on the 
proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 52216 (August 5, 
2005), 70 FR 46896.
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II. Description of the Proposal

    The Exchange is proposing to amend Section 140 of the Amex Company 
Guide to provide that the Amex Board of Governors or its designee may, 
in its discretion, waive, defer, or rebate all or any part of the 
initial listing fee applicable to a closed-end fund that transfers to 
Amex from another marketplace. The Exchange currently has the authority 
to waive, defer, or rebate initial listing fees applicable to stocks, 
bonds, and warrants. To enable it to respond to specific competitive 
situations, the Exchange believes it is appropriate to have the 
authority to waive, defer, or rebate all or any part of the listing 
fees applicable to closed-end funds that transfer to Amex from another 
marketplace. Such authority could be exercised only by the Amex Board 
of Governors or its designee. The Amex Board of Governors has delegated 
this authority to a staff committee, comprised of management 
representatives from the Office of the Chairman and the ETF 
Marketplace, Finance and Listing Qualifications Departments. In 
addition, an attorney from the Office of the General Counsel would 
provide legal counsel to the committee.

III. Discussion

    After careful consideration, the Commission finds that the proposed 
rule change, as amended, is consistent with the requirements of the Act 
and the rules and regulations thereunder applicable to a national 
securities exchange.\4\ In particular, the Commission believes that the 
proposal is consistent with Section 6(b)(4) of the Act,\5\ which 
requires, among other things, that the Exchange's rules provide for the 
equitable allocation of reasonable dues, fees, and other charges among 
issuers and other persons using its facilities. This proposal gives 
Amex similar authority with respect to listing fees for closed-end 
funds as it already possesses with respect to listing fees for stocks, 
bonds, and warrants.\6\ In addition, the Commission notes that it

[[Page 54972]]

has previously approved a similar proposal by another self-regulatory 
organization.\7\
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    \4\ In approving the proposed rule change, the Commission has 
considered its impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(4).
    \6\ See Securities Exchange Act Release No. 50270 (August 26, 
2004), 69 FR 53750 (September 2, 2004) (SR-Amex-2004-70).
    \7\ See Securities Exchange Act Release No. 28731 (January 2, 
1991), 56 FR 906 (January 9, 1991) (SR-NASD-90-61).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-Amex-2005-024) be, and it 
hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    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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Jonathan G. Katz,
Secretary.
[FR Doc. 05-18550 Filed 9-16-05; 8:45 am]
BILLING CODE 8010-01-P