Document ID: SEC-2008-0684-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: American Stock Exchange LLC
Posted Date: 2008-05-09T04:00Z

[Federal Register: May 9, 2008 (Volume 73, Number 91)]
[Notices]               
[Page 26452-26453]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09my08-115]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57770; File No. SR-Amex-2008-37]

 
Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Extending the Roll-Out of the Amex Book Clerk Program

May 2, 2008.
    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 1, 2008, the American Stock Exchange LLC (``Exchange'' or 
``Amex'') 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 the Exchange. 
The Exchange has designated this proposal as non-controversial under 
section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) 
thereunder,\4\ which renders the proposed rule change effective upon 
filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 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

    The Exchange seeks to extend the implementation period of the Amex 
Book Clerk (``ABC'') program from May 2, 2008 through December 31, 
2008. The text of the proposed rule change is available on the 
Exchange's Web site (http://www.amex.com), at the Exchange's principal 
office, 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 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 Commission recently approved the Exchange's proposed rule 
change (1) to eliminate the obligation and ability of an Exchange 
options specialist to act as an agent in connection with orders in his 
or her assigned options classes; and (2) to amend certain Exchange 
rules relating to the operation of the ABC program.\5\
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    \5\ See Securities Exchange Act Release No. 56804 (November 16, 
2007), 72 FR 66002 (November 26, 2007) (SR-Amex-2006-107) (``ABC 
Proposal'').
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    Exchange Rule 995-ANTE originally provided that the roll-out of the 
ABC Proposal would occur over a six-month period ending on May 1, 2008. 
The Exchange herein proposes an extension of the roll-out period 
commencing on May 2, 2008 and ending on December 31, 2008. The Exchange 
submits that complexities associated with a proposed transaction with 
NYSE Euronext, Inc. have caused a delay in the original ABC Proposal 
roll-out schedule. The Exchange believes that an extension of the roll-
out of the ABC Proposal through December 31, 2008 will allow the 
Exchange to complete the implementation and roll-out of the ABC 
Proposal in a reasonable and measured manner.
    As set forth in the ABC Proposal and the Exchange's Regulatory 
Circular 2008-03 (January 23, 2008), during the roll-out period, 
options specialists who continue to operate the customer limit order 
book will continue to be subject to the same agency obligations as are 
currently provided under Amex Rules 950-ANTE(l) and 958-ANTE(e).
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with section 6(b) \6\ of the Act in general and section 6(b)(5) \7\ 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 regulating, clearing, settling, and processing of 
information with respect to facilitating transactions in securities, to 
remove impediments to and perfect the mechanisms of a free and open 
market and a national market system, and, in general, to protect 
investors and the public interest. Additionally, the proposed rule 
change is not designed to

[[Page 26453]]

permit unfair discrimination between customers, issuers, brokers and 
dealers.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any 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 with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has designated the proposed rule change as one that: 
(1) Does not significantly affect the protection of investors or the 
public interest; (2) does not impose any significant burden on 
competition; and (3) does not become operative for 30 days from the 
date of filing, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest.\8\ 
Therefore, the foregoing rule change has become effective pursuant to 
section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b-
4 thereunder.\10\ The Exchange has asked the Commission to waive the 
operative delay to permit the extension of the implementation period of 
the ABC program to become operative prior to the 30th day after filing, 
in order to allow the implementation period to continue without 
interruption.
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    \8\ In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to provide the Commission with 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. 17 CFR 
240.19b-4(f)(6)(iii). The Exchange has fulfilled this requirement.
    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
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    The Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest and 
will allow the Exchange to extend the roll-out of the ABC program, 
which expired on May 1, 2008, without interruption.\11\ Therefore, the 
Commission designates the proposal operative upon filing.
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    \11\ For purposes only of waiving the 30-day operative delay, 
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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    At any time within 60 days of the filing of the proposed rule 
change, the Commission may summarily abrogate the 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.

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 No. SR-Amex-2008-37 on the subject line.

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-2008-37. 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 Commissions 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, 100 F Street, NE., Washington, DC 
20549, on official business days between the hours of 10 a.m. and 3 
p.m. Copies of such filing also will be available for inspection and 
copying at the principal office of the Exchange. 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-2008-37 and should be submitted on 
or before May 30, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-10340 Filed 5-8-08; 8:45 am]

BILLING CODE 8010-01-P