Document ID: SEC-2008-0536-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: American Stock Exchange LLC
Posted Date: 2008-04-08T04:00Z

[Federal Register: April 8, 2008 (Volume 73, Number 68)]
[Notices]               
[Page 19121-19122]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08ap08-96]                         

[[Page 19121]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57604; File No. SR-Amex-2008-27]

 
Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to 
Extend the Pilot Program for the Allocation and Performance Evaluation 
Procedures for Securities Admitted to Dealings on an Unlisted Basis

April 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 March 20, 2008, 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 substantially 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 Exchange 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 pilot 
programs to remain in effect.
    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 Exchange is proposing to extend the pilot program for its 
allocations and performance evaluation procedures for securities 
admitted to dealings on a UTP basis (the ``Pilot Program'') from April 
6, 2008 through and including April 6, 2009. The text of the rules 
would remain unchanged.
    The Commission originally approved the Exchange's Pilot Program 
through two independent approval orders.\3\ In 2003, the Pilot Program 
was subsequently extended through October 5, 2003\4\ and April 5, 
2004.\5\ In 2004, the Pilot Program was extended through April 6, 
2005.\6\ In 2005, the program was extended through April 6, 2006.\7\ In 
2006, the Pilot Program was extended through April 6, 2007.\8\ In 2007, 
the pilot was extended through April 6, 2008.\9\
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    \3\ See Securities Exchange Act Release Nos. 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).
    \5\ See Securities Exchange Act Release No. 48657 (October 17, 
2003), 68 FR 61025 (October 24, 2003).
    \6\ See Securities Exchange Act Release No. 49613 (April 26, 
2004), 69 FR 24204 (May 3, 2004).
    \7\ See Securities Exchange Act Release No. 52004 (July 8, 
2005), 70 FR 41061 (July 15, 2005).
    \8\ See Securities Exchange Act Release No. 53649 (April 13, 
2006), 71 FR 20425 (April 20, 2006).
    \9\ See Securities Exchange Act Release No. 55602 (April 9, 
2007), 72 FR 18698 (April 13, 2007).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6 of the Act\10\ in general and furthers the objectives of 
Section 6(b)(5)\11\ 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 facilitating transactions in securities, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not 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 foregoing rule change has become effective immediately pursuant 
to Section 19(b)(3)(A)(iii) of the Act\12\ and Rule 19b-4(f)(6) 
thereunder\13\ because it does not: (i) Significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; or (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate.\14\
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    \12\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ Rule 19b-4(f)(6) also requires the self-regulatory 
organization to give the Commission 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 
designed by the Commission. The Exchange has satisfied this 
requirement.
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    Amex has requested that the Commission waive the 30-day operative 
delay pursuant to Rule 19b-4(f)(6)(iii).\15\ The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because it will allow 
the benefits of the Pilot Program to continue without interruption. 
Therefore, the Commission designates the proposal to be operative upon 
filing with the Commission.\16\
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    \15\ 17 CFR 240.19b-4(f)(6)(iii).
    \16\ For purposes only of waiving the 30-day 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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    At any time within 60 days of the filing of such 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 the 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:

[[Page 19122]]

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-2008-27 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-2008-27. 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 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-2008-27 and should be 
submitted on or before April 29, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
Florence E. Harmon,
Deputy Secretary.
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    \17\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E8-7311 Filed 4-7-08; 8:45 am]

BILLING CODE 8011-01-P