Document ID: SEC-2007-0882-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: American Stock Exchange LLC
Posted Date: 2007-07-02T04:00Z

[Federal Register: July 2, 2007 (Volume 72, Number 126)]
[Notices]               
[Page 36079-36080]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02jy07-99]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55955; File No. SR-Amex-2007-57]

 
Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Relating to the Extension of the Pilot Period Applicable to the Listing 
and Trading of Options on the ishares MSCI Emerging Markets Index

June 25, 2007.
    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 June 5, 2007, 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, II, 
and III below, which Items have been substantially prepared by the 
Exchange. The Exchange filed the proposed rule change as a ``non-
controversial'' proposed rule change pursuant to Section 19(b)(3)(A) 
\3\ of the Act and Rule 19b-4(f)(6) thereunder,\4\ which renders the 
proposal 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).
    \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 proposes to extend the pilot period applicable to the 
listing and trading of options on the iShares MSCI Emerging Markets 
Index Fund (``Fund Options''). Amex is not proposing any textual 
changes to its rules.

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. Amex 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
    On May 17, 2006, the Commission approved an Amex proposal to list 
and trade the Fund Options for a 60-day pilot period that expired July 
2, 2006 (the ``Pilot'').\5\ The Commission approved 90-day extensions 
of the Pilot on June 30, 2006 \ 6\ and September 29, 2006,\7\ 
respectively. In addition, the Commission on January 3, 2007, approved 
a 180-day extension to the

[[Page 36080]]

Pilot from January 2, 2007 through June 30, 2007.\8\
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    \5\ See Securities Exchange Act Release No. 53824 (May 17, 
2006), 71 FR 30003 (May 24, 2006).
    \6\ See Securities Exchange Act Release No. 54081 (June 30, 
2006), 71 FR 38911 (July 10, 2006).
    \7\ See Securities Exchange Act Release No. 54553 (September 29, 
2006), 71 FR 59561 (October 10, 2006).
    \8\ See Securities Exchange Act Release No. 55040 (January 3, 
2007), 72 FR 1348 (January 11, 2007).
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    The Amex proposes to extend the Pilot for an additional six months, 
until December 31, 2007. The Exchange represents that the Fund Options 
will continue to meet substantially all of the listing and maintenance 
standards in Commentary .06 to Amex Rule 915 and Commentary .07 to Amex 
Rule 916. For the requirements that are not satisfied, the Exchange 
continues to represent that sufficient mechanisms exist that would 
provide the Exchange with adequate surveillance and regulatory 
information with respect to the Fund Options. Continuation of the Pilot 
would permit the Exchange to continue to work with the Bolsa Mexicana 
de Valores (``Bolsa'') to develop a surveillance sharing agreement. 
Accordingly, the Exchange proposes to extend the Pilot for an 
additional six months, until December 31, 2007.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\10\ in particular, because 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, processing information with respect to, and 
facilitating transactions in securities, 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.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 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

    Because the proposed rule change does not: (i) Significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days after the date of filing (or such shorter time as the Commission 
may designate if consistent with the protection of investors and the 
public interest), and the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change at least five 
days prior to the filing date, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally 
does not become operative prior to thirty days after the date of 
filing. However, pursuant to Rule 19b-4(f)(6)(iii), the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. Amex has requested 
that the Commission waive the 30-day delayed operative delay.\14\ The 
Commission believes that the waiver of the 30-day operative delay is 
consistent with the protection of investors and the public interest. 
Waiver of the 30-day operative period will extend the Pilot, which 
would otherwise expire on June 30, 2007, and allow the Amex to continue 
in its efforts to obtain a surveillance agreement with Bolsa. 
Accordingly, the Commission designates the proposal to be effective and 
operative upon filing with the Commission.\15\
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    \13\ Id.
    \14\ 17 CFR 240.19b-4(f)(6)(iii).
    \15\ 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. 15 U.S.C. 78c(f).
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    At any time within sixty (60) days of the filing of the proposed 
rule change, the Commission may summarily abrogate such 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 Number SR-Amex-2007-57 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-2007-57. 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 Amex. 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-2007-57 and should be 
submitted on or before July 23, 2007 in the Federal Register.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-12709 Filed 6-29-07; 8:45 am]

BILLING CODE 8010-01-P