7016 Federal Register / Vol. 73, No. 25 / Wednesday, February 6, 2008 / Notices 

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

2 17 CFR 240.19b–4. 

3Amendment No. 1 supersedes and replaces the 

original filing in its entirety. 

4See Securities Exchange Act Release No. 57011 

(December 20, 2007), 72 FR 73910. 

5See Amex Rule 958–ANTE, Commentary .01(c). 

Under the proposal, quoting and submitting orders 

from off the trading floor for less than an entire day 

would qualify as one day. 

6See Amex Rule 958–ANTE, Commentary .01(c). 

7 In approving the proposed rule change, the 

Commission has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

8 15 U.S.C. 78f(b)(5). 

9 15 U.S.C. 78s(b)(2). 

10 17 CFR 200.30–3(a)(12). 

the waiver will be passed through to the 

Portfolio. 

11. With respect to Registered 

Separate Accounts that invest in a 

Portfolio, no sales load will be charged 

at the Portfolio level or at the 

Underlying Fund level. Other sales 

charges and service fees, as defined in 

NASD Conduct Rule 2830, if any, will 

only be charged at the Portfolio level or 

at the Underlying Fund level, not both. 

With respect to other investment in a 

Portfolio, any sales charges and/or 

service fees charged with respect to 

shares of the Portfolio will not exceed 

the limits applicable to a funds of funds 

set forth in NASD Conduct Rule 2830. 

12. No Underlying Fund will acquire 

securities of any other investment 

company or company relying on section 

3(c)(1) or 3(c)(7) of the Act in excess of 

the limits contained in section 

12(d)(1)(A) of the Act, except to the 

extent that such Underlying Fund: (a) 

Receives securities of another 

investment company as a dividend or as 

a result of a plan of reorganization of a 

company (other than a plan devised for 

the purpose of evading section 12(d)(1) 

of the Act); or (b) acquires (or is deemed 

to have acquired) securities of another 

investment company pursuant to 

exemptive relief from the Commission 

permitting such Underlying Fund to: (i) 

Acquire securities of one or more 

affiliated investment companies for 

short-term cash management purposes, 

or (ii) engage in interfund borrowing 

and lending transactions. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–2120 Filed 2–5–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–57248; File No. SR–Amex–

2007–25] 

Self-Regulatory Organizations; 

American Stock Exchange, LLC; Order 

Approving a Proposed Rule Change, 

as Modified by Amendment No. 1, to 

Allow Register Options Traders to 

Submit Electronic Quotations and 

Orders From Off the Amex’s Trading 

Floor on a Limited Basis 

January 31, 2008. 

I. Introduction 

On February 27, 2007, the American 

Stock Exchange LLC (‘‘Amex’’ or 

‘‘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 a proposal to amend its 

rules to allow registered options traders 

to submit electronic quotations and 

orders from off the Amex’s trading floor 

on a limited basis. The Amex filed 

Amendment No. 1 to the proposal on 

December 13, 2007.3 The proposed rule 

change, as modified by Amendment No. 

1, was published for comment in the 

Federal Register on December 28, 

2007.4 The Commission received no 

comments regarding the proposed rule 

change, as amended. This order 

approves the proposed rule change, as 

modified by Amendment No. 1. 

II. Description of the Proposal 

The Amex proposes to amend Amex 

Rule 958–ANTE, ‘‘Options Transactions 

of Registered Options Traders and 

Supplemental Registered Options 

Traders and Remote Registered Options 

Traders,’’ to allow registered options 

traders to submit electronic quotations 

and orders from off the Amex’s trading 

floor on a temporary basis for a 

maximum of 20 days during a calendar 

year.5 According to the Amex, the 

proposal is designed to accommodate 

registered options traders when they are 

temporarily unable to be present on the 

Amex’s physical trading floor. For 

purposes of the ‘‘in-person’’

requirements set forth in Amex Rule 

958–ANTE, a registered options trader’s 

transactions through this limited remote 

quoting program will be deemed to 

occur on the floor. 

A registered options trader must 

notify the Amex’s Division of 

Regulation and Compliance 

immediately following the day or days 

during which he or she submits quotes 

from off the floor.6 The Amex notes that 

it has an independent means to monitor 

when a register options trader is off the 

floor because all members must scan in. 

The Amex states that it will use its 

existing surveillance procedures to 

monitor registered options traders’

temporary off-floor trading. In addition, 

the Amex represents that it will be able 

to monitor for compliance with the 

Amex’s trading rules and the federal 

securities laws and the rules and 

regulations thereunder. 

III. Discussion 

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.7 In particular, the 

Commission finds that the proposal is 

consistent with section 6(b)(5) of the 

Act,8 which requires, among other 

things, that the rules of a national 

securities exchange be designed to 

prevent fraudulent and manipulative 

acts and practices, 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. 

The Commission believes that the 

proposal is designed to provide 

registered options traders with the 

flexibility to trade from off the Amex’s 

floor on a limited basis when they are 

temporarily unable to be present on the 

floor. The Commission notes that the 

Amex has stated that it will use its 

existing surveillance procedures to 

monitor the off-floor trading permitted 

under the proposal, and that the Amex 

has represented that it will be able to 

monitor for compliance with the Amex’s 

trading rules and the federal securities 

laws and the rules and regulations 

thereunder. 

IV. Conclusion 

It is therefore ordered, pursuant to 

section 19(b)(2) of the Act,9 that the 

proposed rule change (SR–Amex–2007–

25), as modified by Amendment No. 1, 

is approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E8–2139 Filed 2–5–08; 8:45 am] 

BILLING CODE 8011–01–P 


pwalker on PROD1PC71 with NOTICES