Document ID: SEC-2007-1413-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: American Stock Exchange LLC
Posted Date: 2007-10-10T04:00Z

[Federal Register: October 10, 2007 (Volume 72, Number 195)]
[Notices]               
[Page 57616]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10oc07-125]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56597; File No. SR-Amex-2007-90]

 
Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving a Proposed Rule Change, as Modified by Amendment No. 1, To 
Establish a Fee on a Listed Company That Changes Its Corporate Name or 
Ticker Symbol

October 2, 2007.
    On August 16, 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 
proposed rule change to amend Section 142 of the Amex Company Guide in 
order to impose a fee on a listed company that changes its name or 
ticker symbol. The Exchange filed Amendment No. 1 to the proposed rule 
change on August 27, 2007. The proposed rule change, as amended, was 
published for comment in the Federal Register on August 31, 2007.\3\ 
The Commission received no comment letters on the proposal. This order 
approves the proposed rule change as modified by Amendment No. 1.
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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. 56325 (August 27, 
2007), 72 FR 50421.
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    Currently, Amex does not impose a fee on a listed company that 
changes its corporate name or ticker symbol. Amex represents, however, 
that significant staff resources are needed to effectuate such a change 
when one occurs. This process includes, among other things, contacting 
the issuer's outside counsel, updating internal Amex files, tracking 
the name change through the issuer's shareholder approval process, 
updating daily list records, and notifying the floor.
    In light of the staff resources required to effectuate these 
changes, the Exchange proposes a $2,000 fee for a name and/or ticker 
symbol change.\4\ Amex notes that Nasdaq currently charges $2,500 for 
the same type of change.\5\
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    \4\ Amex has represented that the proposed fee would not apply 
to changes to par value, title, or security designation, as these 
types of changes occur infrequently, and in virtually all cases 
constitute a substitution listing which is already subject to a fee 
of at least $5,000.
    \5\ See Nasdaq Rules 4510 and 4520.
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    The Commission has reviewed carefully the Amex's proposed rule 
change and finds that the proposal is consistent with the requirements 
of the Act and the rules and regulations thereunder applicable to a 
national securities exchange.\6\ In particular, the Commission finds 
that the proposal is consistent with Sections 6(b)(4) of the Act,\7\ 
which requires, among other things, that the rules of the Exchange 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among members and issuers and other persons using the 
Exchange's facilities. The Commission also finds that the proposal is 
consistent with Section 6(b)(5) of the Act,\8\ which requires, inter 
alia, that the rules of the Exchange be designed to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and not designed to permit unfair discrimination between 
issuers. No comments were received on the proposed fee, which is 
substantially similar to a fee imposed by another self-regulatory 
organization that has been approved by the Commission.\9\
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    \6\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \7\ 15 U.S.C. 78f(b)(4).
    \8 \ 15 U.S.C. 78f(b)(5).
    \9\ See Securities Exchange Act Release No. 48631 (October 15, 
2003), 68 FR 60426 (October 22, 2003) (SR-NASD-2003-127) (approving 
amendments to Nasdaq Rules 4510 and 4520 to institute a $2,500 
record-keeping fee for certain changes made by issuers, including a 
change of name or voluntary change in trading symbol).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\10\ that the proposed rule change (SR-Amex-2007-90), as modified 
by Amendment No. 1, be, and hereby is, approved.
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E7-19907 Filed 10-9-07; 8:45 am]

BILLING CODE 8011-01-P